How Low Can You Go?
I was putting together a personal financial statement for a bank and I realized I have over $1.8 million of debt against my credit. [I've partnered with investors on some deals, so there's actually another $800,000 that I've agreed to share 50% of the burden without it being on my credit]. On top of that I have open credit card balances worth nearly 100k.
Competition time?? My debtload’s bigger than your debtload! [Of you need a positive networth to qualify].
If you found this post helpful, consider donating to my coffee fund!![[del.icio.us]](http://images.del.icio.us/static/img/delicious.small.gif){kind=small}
- What Is Jim Rogers Buying Now? A couple of days ago, legendary investor, commodity bull and one-time partner of George Soros, Jim Rogers, was interviewed by Betty Liu of Bloomberg's Singapore office. It seems that Jim Rogers is also of the opinion that Fannie Mae is going to lose a lot of money along with other......
- Damn usary laws I was about to lend another investor $15k at 3% interest per month with a 6 month ballon or an extension with a 6% penalty but the escrow company told me that its against texas's usary laws!I spoke to a broker and he said there are ways around it but......
- Corporate Credit Cards and how it helps the Real Estate Investor I recently applied for the American Express Small Business Rewards Credit Card in the name of my Corporation. I filled out an online form in 5 minutes.3 days later someone called me up and verified the information and told me I was approved for a $5k limit card. I already......
Related Websites
- Debt Repayment Methods Paying back all of the money that you owe to your credit card debt is not nearly as easy as it was for you to go into credit card debt in the first place. Still, it can be done. When you put together a good working plan coupled with discipline......
- The NCN Podcast edition is up! NCN has done it again with the special No Credit Needed Podcast edition of the Carnival of Debt Reduction!He was really impressed with the articles from this week. Especially impressive to NCN was David on Finance with an article about the joy that can be found with establishing frugal habits......
- Thinking about Dave Ramsey I've not thought too much about Dave Ramsey for some time, not since before I adopted this format and was writing a monthly article. In one article I discussed his Debt Snowball, and quote him as saying "Myth: I should pay off the debt with the highest interest rate first......
[All content is copyright of Living Off Dividends & Passive Income]
February 24th, 2006 at 6:00 am
Holy Moly! You have a much stronger stomach than I do! I just don’t know if I could psychologically handle that much debt. When it comes to debt I am a conservative wimp – so you win hands down with me
February 24th, 2006 at 7:25 am
Right now, i’m at $2,575,000 worth of debt in 5 different properties.
-SLO Money
February 24th, 2006 at 12:33 pm
Whoa! That’s a lot of debt. I wouldn’t consider it to be bad debt, though.
You take risks than the average PFBlogger. That’s entertainment.
February 24th, 2006 at 4:07 pm
funny, I thought I was the worst. One property(manhattan) owe 980k on primary mortgage, 295k on second. 2005 C4S with some customization 105k, sisters 2005 Tahoe, dads Toureg and tractor(best gift ever) combine for 110k and a combined 200k in CC’s. As far as the net worth…I would say somewhere between -50 to +50k, depending on what day of the month. Did i mention I got the g/f a Cherokee for Valentines day(lease)!
February 24th, 2006 at 5:41 pm
ahem, primary residences don’t count.
mainly because I don’t own one and coz I get to frame the rules.
hmm…if its a real competition, do I have to give away a prize?
February 24th, 2006 at 7:07 pm
mmm 0 hahahah