We are $2 Billion in Debt, Here’s What Banks Don’t Want You Know about Money | Big Money Investing Review
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so combined we’re over 2 billion in debt there’s a big misconception about debt that most people have we’re about ready to tell you about it if you do what money really is the US dollar and all fiat currency is debt so it’s a live debt free out say OPP as possible well all of that is money and so it’s just a matter of whose it is it’s is my money or is it your money and so the way the way the banks are set up is everybody in puts their money into the bank and the for a deposit and then that now that’s a problem for the bank it’s actually a liability for the bank it’s the expense of the bank because it’s not their money they owe you interest on your money so all you do is you go get it OPM other people’s money and what I was taught was that if you want to be a rich it took skills not a college education but skills and the number one skill not number one but one of the top skills is how is he use debt as money we saying another way is that I had to learn how of sell and sales equals income look at the financial statements people who can’t sell have no so I think my Rich Dad used teach me was that he said when you look at somebody you go excuse me excuse me is that my money in your pocket so our job as entrepreneurs and as Capal is how do we use debt and create assets that other people reach into their pocket and give it to our that’s what cap yeah like for example on this jet that we’re on there’s a you get 100% bonus appreciation at least when I bought it that’s what it was it’s changed a bit but that’s what it was you could buy a $10 million jet Finance it with 80% or 8 million put 2 million down and actually ride off 10 million using dead and you get tax breakes we get tax you get a$ million doll tax break but 8 million of it is OPM or other people’s money it’s debt so you do the same thing with real estate except in with real estate you actually have tennis paid off for you so one of the things we could have done with this jet is we could have put it into a charter and we could have had other people paying it off for us as they’re flying all over the place but I just I didn’t want to do that it’d be like buying a new car and handing it over to Uber so for this particular jet we’re not going to do that but in real estate that’s actually what you do and the Jet and real estate are very similar because you know as I hear so many poor people say I can’t afford it I don’t have the money I don’t have the cash that’s why they’re poor if the understood how to use debt and pay nothing in taxes they could afford in jet but instead because it been the program these experts who say live debt free they just say I can’t afford it because there’s always cut of two categories there’s good debt and bad debt we talk about this a lot so what a lot of people talk about is bad debt so unfortunately they believe debt is a bad word so bad debt is buying things that the shate over time but even after we bought this it’s gone up in value by over at least a million dollars since we bought it and so this asset has appreciated now there are reasons for that but most people buy assets that appreciate like new cars for example or they put bigs on their credit card as an example that’s bad debt but good debt is used for what people pay it off for you that’s the point of good debt that could be anything than that good debt makes you rich bad debt makes you poor some people say c credit card has not that advice oh and this guy Dave Rams say left that free that’s pretty good advice because they don’t know how to use debt to get rich CU I would say 92% of the people work in Black Earth Jesus debt didn’t get the for rather than Jesus debt you know buy a two I think what both people do is they buy a house and there’s nothing wrong with that but most people’s Financial net worth is tied up in in their own personal residence so that should tell you something but yet right in front of their eyes as they paid off their own de and they’ve grown their own Equity over time they just don’t do that a second time with a reter skull so essentially the other one’s paying it on but if they just use that exact same philosopy as started by a rental income property that produce cash flow if then they would actually be financially free it’s just a difference of investing in Main Street or Wall Street and even simp than that to get out like you don’t know I run MC companies we have over 300 employees own over 10,000 apartments and have transacted over $3 billion in real estate transactions over the next 12 months I plan on buying over a billion dollars of real estate I’m going to be doing a free webin are on June 25th going over exactly what we’re doing as a company you can click here to sign up your debt makes your rual and why most people don’t get there so we have so when I talk to Highly Educated people they always say I can’t afford it rather than how can I afford it cuz they went to school they’re very smart and all this think about what the bank lends against they’re lending we started with nothing too yeah he wasn’t born with a jet I wasn’t born with a like my jet was Southwest Airlines but though the truth is like a bank or a lender lends against something and that collateral is actually what they lend to gets so if you just got to think that way so this isn’t not going having a great credit score and going and get a bunch of a loads this is actually have finding an asset that somebody could L the against because ultimately if you default then they give this jet back and that’s how they pay back their debt so it’s that’s how de works it always starts with some kind of collateral and hopefully that’s s like a personal guarantee because a lot of people get real trouble like that’s what just happened with construction debt or or Bridge debt or floating debt or maybe just a like a some kind of a hard money loan those are typically personal so those are really risky what you want is a debt that is not a FAL guarantee and you want something that bank would take this back if I can’t pay for it let’s say and then they would sell it I would pay back their debt so it’s always based on the asset itself and and again it’s like all it deals with your attitude towards the whole thing that’s where it begins Dave Ramsey is quite accurately says left at free cuz if you ra if you’re not willing to study learn mean we’re we’re going to study you know with George G’s event and other we’re constantly studyed we’re constantly reading our friends are rich people because we’re always studying we’re always really our discussion on this point is microeconomics not who’s going to win the World Ser so it’s all your friends on and most for people I know was transs they’re poor but they’ll talk about basketball fo ball you know what’s on TV and that’s where they’re full so when I say by a j oh I can’t aort or start your business oh that’s too rispy you have a PR but it starts there po dad always said i d a b and my rich dad always said poor people said I can’t afford or that richer so you dis BL here my best friends why they Rich that was disine yourself to say how can I afford when how can I afford it you can open your mind up then go figure out how to do it you know when somebody’s teach me I often want to ask for a d house and show us your financial SPO to us you know what you’re talking about most people cannot they have a lot of theory they’ll tell you how to do tell you how do that chose it well I think you got to look at solving the problem for the bank so what would that be when when a bunch of people put money into a bank in the for deposit it’s a problem for the bank the bank has to lend it out in the form of debt to other people that’s how the whole system works that’s never going to change so by buying this jet I’m actually solving the bank’s problem but the biggest thing is we’re we’re Runing on this Jet and we’re good friends what do we talk about we hav talked about the World Series is that I believe have we talked about football no we actually pulled out all the books we’re reading we pulled out all the Articles we’re reading we’re talking about what beach force is studying right now and everybody’s studying something a little bit different and we’re just trying to get into everybody’s brains and and and so that we can sharpen our own so iford think this what are what are you imporing into your head that who your friend what did they do for motherWelcome to Big Money Investing – Your Ultimate Destination for In The Money Facts!
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