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Post by abbey1227 on Jul 1, 2021 14:09:43 GMT
......... end up going broke.....or worse.
Has there ever been the sentiment that they've mostly been victimized by predatory lenders?
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Post by Prometheus on Jul 2, 2021 3:30:19 GMT
I'm sure that some millionaires have been bankrupted by predatory lending practices but I'm guessing those instances would have been where the millionaire thought s/he was smarter than the average accountant or business lawyer and failed to engage the services of same.
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Post by abbey1227 on Jul 2, 2021 12:20:31 GMT
I'm sure that some millionaires have been bankrupted by predatory lending practices but I'm guessing those instances would have been where the millionaire thought s/he was smarter than the average accountant or business lawyer and failed to engage the services of same.
There are sketchy financial types around, too......... but I think it's more an example of conspicuous consumption.
People who were never trained the value of a $Dollar and how to handle money will blow thru it no matter how much they have. This is why the welfare state has been such a waste, imo.
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Post by Prometheus on Jul 2, 2021 13:08:16 GMT
I'm sure that some millionaires have been bankrupted by predatory lending practices but I'm guessing those instances would have been where the millionaire thought s/he was smarter than the average accountant or business lawyer and failed to engage the services of same.
There are sketchy financial types around, too......... but I think it's more an example of conspicuous consumption.
People who were never trained the value of a $Dollar and how to handle money will blow thru it no matter how much they have. This is why the welfare state has been such a waste, imo.
I think you need to look up "predatory lending." I think you're confusing it with something else. |
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Post by abbey1227 on Jul 2, 2021 14:14:21 GMT
There are sketchy financial types around, too......... but I think it's more an example of conspicuous consumption.
People who were never trained the value of a $Dollar and how to handle money will blow thru it no matter how much they have. This is why the welfare state has been such a waste, imo.
I think you need to look up "predatory lending." I think you're confusing it with something else.
Predatory Lending
Predatory lending refers to unethical practices conducted by lending organizations during a loan origination process that are unfair, deceptive, or fraudulent.
Ummmm, that could easily cover a lot of mortgages, car loans, personal loans..........and certainly student loans. Especially with the concept that the lender should always be taking into account how irrational, stupid or irresponsible the borrower might be in the future.
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Post by Prometheus on Jul 3, 2021 3:33:30 GMT
I think you need to look up "predatory lending." I think you're confusing it with something else.
Predatory Lending
Predatory lending refers to unethical practices conducted by lending organizations during a loan origination process that are unfair, deceptive, or fraudulent.
Ummmm, that could easily cover a lot of mortgages, car loans, personal loans..........and certainly student loans. Especially with the concept that the lender should always be taking into account how irrational, stupid or irresponsible the borrower might be in the future.
1. Hey! You learned how to use a dictionary. Our little boy is growing up!
2. Yes. So it stands to reason that some millionaires would have been bankrupted by predatory lending when they didn't ask for informed advice.
That's what I said in the beginning. ![[giveup]](//storage.proboards.com/7182076/images/FSYefibmKqtatIXMgHZg.gif) |
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Post by abbey1227 on Jul 3, 2021 11:59:38 GMT
1. Hey! You learned how to use a dictionary. Our little boy is growing up!
2. Yes. So it stands to reason that some millionaires would have been bankrupted by predatory lending when they didn't ask for informed advice.
That's what I said in the beginning.
I kinda don't accept that as an excuse for going broke when you're starting with more $Money than most Americans will ever see in a lifetime.
Ever read about Evander Holyfield?
How about Curt Schilling?
Then there's roughly +80% of all pro athletes and lottery winners.
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Post by Prometheus on Jul 4, 2021 1:18:03 GMT
1. Hey! You learned how to use a dictionary. Our little boy is growing up!
2. Yes. So it stands to reason that some millionaires would have been bankrupted by predatory lending when they didn't ask for informed advice.
That's what I said in the beginning.
I kinda don't accept that as an excuse for going broke when you're starting with more $Money than most Americans will ever see in a lifetime.
Ever read about Evander Holyfield?
How about Curt Schilling?
Then there's roughly +80% of all pro athletes and lottery winners.
And they didn't get - or they ignored - the right advice.
That's why we laugh at Nicholas Cage but scream bloody murder when it happens to us.
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Post by abbey1227 on Jul 4, 2021 12:42:39 GMT
And they didn't get - or they ignored - the right advice.
That's why we laugh at Nicholas Cage but scream bloody murder when it happens to us.
Ahh, shoot. Perfect example that I didn't think of!
How much advice do you really need? "Hey! Don't buy too many islands, castles or rare art." ?
I heard Kevin Hart the other nite talking about his first big paycheck and he bought his Dad a house and family members other things.........and then the taxes came due....... Dad had to sell the house. At least he kept at it, learned that lesson early enough and now I suspect he and his entire family is sitting pretty. (Just checked....yeah, $200 Million should be enough to keep the wolf from the door, right?)
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Post by Prometheus on Jul 5, 2021 2:57:40 GMT
And they didn't get - or they ignored - the right advice.
That's why we laugh at Nicholas Cage but scream bloody murder when it happens to us.
Ahh, shoot. Perfect example that I didn't think of!
How much advice do you really need? "Hey! Don't buy too many islands, castles or rare art." ?
I heard Kevin Hart the other nite talking about his first big paycheck and he bought his Dad a house and family members other things.........and then the taxes came due....... Dad had to sell the house. At least he kept at it, learned that lesson early enough and now I suspect he and his entire family is sitting pretty. (Just checked....yeah, $200 Million should be enough to keep the wolf from the door, right?)
Some people need more advice than others.
That's the way of the world.
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Post by abbey1227 on Jul 5, 2021 4:37:44 GMT
Some people need more advice than others.
That's the way of the world.
Some people need to be monitored their entire lives.
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Post by Prometheus on Jul 5, 2021 6:26:25 GMT
Some people need more advice than others.
That's the way of the world.
Some people need to be monitored their entire lives.
Stop breathing down my neck! |
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![[giveup]](http://storage.proboards.com/7182076/images/FSYefibmKqtatIXMgHZg.gif)
![[cheers]](http://storage.proboards.com/7182076/images/engyBVslEdpmpmdnBwZQ.gif)
Jun 1, 2022 23:27:03 GMT
Jun 1, 2022 23:27:03 GMT