Poll of the Day > Would you take out a $50,000 loan w/o a steady Job/Income?

(+) Yeah! (+)

Would you, if you didn't have any stable Income coming in ATM?

no? how would i make payments to not default? pay with the loan money until i get a job?

Don't think you could. Bank won't approve a loan like that.

You could maybe get a credit card with a high limit if you have good credit, then run it up before you can default on payments

Nope. I hate loaning money and would be silly to get myself in debt.

I don't like taking out loans at all, needed to borrow 60 last week thanks to the fact that I had all my bills, a $950 shop bill for my car blowing up, and registration all on 1 check and felt bad needing to pay someone back. It's why I paid off my car loan in 9 months. I hate being in debt and avoid it as much as possible.

Almost certainly not, unless I had a specific, reliable idea for investing it (which I don't) and the repayment terms gave me enough time to collect that return before paying it back (which they probably wouldn't).

Muscles posted...

I don't like taking out loans at all, needed to borrow 60 last week thanks to the fact that I had all my bills, a $950 shop bill for my car blowing up, and registration all on 1 check and felt bad needing to pay someone back. It's why I paid off my car loan in 9 months. I hate being in debt and avoid it as much as possible.

Couldn't find no side gig to make that $60 quickly?

Sure, not like Im ever gonna have decent credit again, may as well visit Asia or Europe with that kind of money

No, taking out loans is what keeps poor people poor.

With 50k you instantly have a job. Buy low, sell high, and you will not only make your payments/interest but be able to pay off the loan (probably easily within a year).

Car auctions etc are gold, buy mobile homes and flip em etc.

If you have no income you never need to pay it back. It's literally free money. Why wouldn't you?

Hell no!

Is this about getting people to understand only relying on loans for affording a study is stupid?

It fully depends on the situation. If I need the money, my current income, apr, etc.

wolfy42 posted...

With 50k you instantly have a job. Buy low, sell high, and you will not only make your payments/interest but be able to pay off the loan (probably easily within a year).

Car auctions etc are gold, buy mobile homes and flip em etc.

Not a bad idea, but if it doesn't sell...

If it's interest free then obviously yes... money always has more value the sooner you get it

Id actually like to go ahead and take this loan 40 times today.

Never. I already have enough trouble spending my own interest-free money.

If I had $70,000, perhaps

pionear posted...

Not a bad idea, but if it doesn't sell...

The trick is to hunt for good deals etc, so you can sell it below value and still make a very large profit.

For cars, car auctions are the best bet, you compete with car dealerships/lots though, but they have overhead so you can usually beat them. You can only sell so many without a license/buisiness, but there are advantages to getting one anyway. For the first year though you can just do the min number.

Buy a 20-25k car at an auction for 5-10k (yeah it's that low), and then sell it for 15-20k and it'll go super fast. You still make 10k profit for each car you do this way (and with 50k you could even get multiple at the same auction).

That could jump your 50k to 70k right off the bat. Do another car auction and get the last 2 cars, aiming to make 15k profit each if you can to net you a cool 100k total. All of that can be done (possibly with some traveling) within a month or two.

Now you have 100k instead of 50, allowing you full range of mobile homes, but you REALLY want to get in on mobile home auctions.

They way they work is simple, a mobile home lot auctions off mobile homes that have not had their lot rent paid for 6 months. They are not allowed to sell them for more then the amount owed, but they can auction them off for more. So after selling the cars, you scope out where mobile home auctions are in a few states, and you hit them trying to buy one at a very low price (much like cars). Literally people have bought mobile homes worth 100k for $5000 lol. You have to get lucky, and you'll have to spend some time traveling, but the profit you can make is pretty rediculous (especially with mobile home prices so high right now).

Buy a 100k mobile home for 10k, another for 20k and a third for 30k with your 100k (saving money for expenses etc), and then sell them all for 80k each (20k under market value). They will sell like hotcakes right now, and again within a few more months you just made a huge profit. Now you have about $350k total within 6 months of getting the loan. Pay the loan back at this point (if it's got any interest on it at all) and even at a high interest rate of 20% (ugh), you still would have onlyl paid an extra 5k by that point.

After paying the loan back you have 300k and are free to do whatever you want. I would suggest getting a buisiness license at that point and finding a partner. Doing so allows you to put a TON of expenses (travel, living acomodations, food etc) as buisiness expenses, so it gets taken out before taxes.

For living expenses you need to be away from your home location, which you can be all the time. You don't need to work on the weekends (as long as you work in that area or another on Friday/Monday at least 4 hours), for the weekend days to count as well (lets you basically live at AB&B's nonstop and count it as a buisiness expense).

All travel to buisiness locations (Everywhere you go) also counts.

All food that is a meeting with your "partner" (hopefully of your prefered sex and you share living acomodations etc as well), also can be counted as a buisiness expenses.

This basically lets you include all of your living expenses in BEFORE you pay taxes. Most people pay taxes and then pay rent/travel/food etc with what is left. You do the opposite.

Now if you make say 200k a year just buying and selling, instead of paying taxes on that (about 60-80k), you actually pay all your living costs FIRST (say you live on 50k a year), and then pay taxes on the remaining 150k instead.

Anyway, a 50k loan can basically kick start all this easily, but you can just save up even with a min wage job and get there yourself, it just takes a bit longer. If your 18 and just out of HS (or graduated early like me), you can start with cheaper cars, which lots/car dealerships are not as interested in (due to the overhead cost it's not worth it to them to make a 1-2k profit on cheap cars). You can only do 4 a year legally (ways to get around this as it's per state etc), but even that can easily suppliment a base wage out of school. You could work at Mc D's at 16 after graduating early, save half of what you make and invest it in buying cars and even at min wage and only selling 4 cars still end up with an extra 12k or so by the end of the year. Next year you would have more money to invest so at 17 you could probably turn that into 50k, and by the time you turn 18 you have the 50k needed without taking out a loan. Then follow the above process and you will be a millionaire before you turn 21.