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Romney’s Advice To Students: Borrow Money From Your P... - 4/30/2012 7:59:42 AM

Fightdirecto

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Romney’s Advice To Students: Borrow Money From Your Parents

quote:

If you’re young and you want to start your own business, Mitt Romney’s has some advice from you: Borrow money from your parents. At a “lecture” for students at Otterbein University in Ohio today, Mitt Romney told students that, his friend, Jimmy John, started a business by borrowing $20,000 from his parents at a low interest rate. Romney suggested anyone in the audience could do the same:

quote:

This kind of devisiveness, this attack of success, is very different than what we’ve seen in our country’s history. We’ve always encouraged young people: Take a shot, go for it, take a risk, get the education, borrow money if you have to from your parents, start a business.

The advice fits right into the characterization that Romney is ‘out of touch’ with regular people. Most students don’t have parents with $20,000 in disposable capital sitting around to give to their kids to start a business.

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< Message edited by Fightdirecto -- 4/30/2012 8:01:36 AM >

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RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 8:48:53 AM

subrob1967

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So your against good advice? Not surprised.

Just another FD throw crap and hope it sticks thread... Nothing to see here, move along.

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RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 8:51:35 AM

Hillwilliam

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quote:

ORIGINAL: subrob1967

So your against good advice? Not surprised.

Just another FD throw crap and hope it sticks thread... Nothing to see here, move along.

Gonna disagree with you rob. It's a lot healthier for the family for the budding entrepreneur to borrow from a bank.

More families get ripped apart over a 'loan' than about any other reason.

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RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 8:54:57 AM

Real0ne

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my thoughts precisely!

wtf, the lending cartel is the heart of the problems in this country and they do not lose a red cent on these mortgages, and loans. Its all on the investors shoulders. They are only the servicing agents taking huge profits off the top and insurance pays them for defaults, they write the rest off, sell the FULL debt to some debt collector who has attorneys on staff and they collect the FULL amount plus all interests fees and attorney costs.

Biggest rape job anyone could imagine.

Then they shoot that arizona judge who ruled against the banks, kennedy, lincoln, all quasi bank gubafia related murders.

< Message edited by Real0ne -- 4/30/2012 8:55:37 AM >

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RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 8:57:19 AM

Real0ne

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quote:

ORIGINAL: Hillwilliam

quote:

ORIGINAL: subrob1967

So your against good advice? Not surprised.

Just another FD throw crap and hope it sticks thread... Nothing to see here, move along.

Gonna disagree with you rob. It's a lot healthier for the family for the budding entrepreneur to borrow from a bank.

More families get ripped apart over a 'loan' than about any other reason.

pulled that one outcher butt,

cite data please

_____________________________

"We the Borg" of the us imperialists....resistance is futile

Democracy; The 'People' voted on 'which' amendment?

Yesterdays tinfoil is today's reality!

"No man's life, liberty, or property is safe while the legislature is in session

(in reply to Hillwilliam)

Post #: 5

RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 9:07:29 AM

Hillwilliam

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quote:

ORIGINAL: Real0ne

quote:

ORIGINAL: Hillwilliam

quote:

ORIGINAL: subrob1967

So your against good advice? Not surprised.

Just another FD throw crap and hope it sticks thread... Nothing to see here, move along.

Gonna disagree with you rob. It's a lot healthier for the family for the budding entrepreneur to borrow from a bank.

More families get ripped apart over a 'loan' than about any other reason.

pulled that one outcher butt,

cite data please

http://banking.about.com/od/loans/a/family_loan.htm
http://theadventurouswriter.com/blog/tips-for-lending-money-to-friends-or-family-members/
http://www.bessemertrust.com/portal/binary/com.epicentric.contentmanagement.servlet.ContentDeliveryServlet/Public/Published/Our%20Approach/Pdfs/BT_PWM_IssueIV_final_single.pdf
http://www.wisegeek.com/what-is-a-family-loan.htm
http://cpa-services.com/special_str.shtml
http://www.moneycrashers.com/why-you-should-not-lend-money-to-friends-and-family/
http://www.workforce50.com/Content/Articles/CY10-Loans-to-Family-Members.cfm
http://theadventurouswriter.com/blog/when-its-not-smart-to-loan-money-to-someone-youre-close-to/
http://www.christiancommoncents.com/2010/03/29/never-loan-money-to-friends-and-family/
http://www.mybanktracker.com/bank-news/2010/07/15/loan-money-family-member/
http://www.klontzcoaching.com/media/_arket_atch_33009.pdf

That oughta get you started.

The pitfalls are not only emotional but there are some nasty tax laws that most folks are unaware of.

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Kinkier than a cheap garden hose.

Whoever said "Religion is the opiate of the masses" never heard Right Wing talk radio.

Don't blame me, I voted for Gary Johnson.

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RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 9:20:48 AM

subspaceseven

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So if your family does not have an extra 20 grand they are not using, then college is not for you? The remark to me showed how out of touch Willard is. Most parents had their savings wiped out by Wall Street, most people not just parents. If not most than a hell of a lot of people.

My 401K has not recovered, even though the very people who caused it got theirs loses back.

The GOP mantra, privatize the profits, socialize the loses. Which is what they are doing still to this day

(in reply to subrob1967)

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RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 9:32:10 AM

fucktoyprincess

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If one's parents have an extra 20 grand laying around to lend one, it's not a terrible idea. BUT, certainly that is not the case for many young people. It's not the idea itself that is bad here - it is the notion that every American family somehow has extra cash laying around that they can afford to invest in a business. And given the failure rates for most start-up businesses, it has to be $20,000 that the parents really are okay with never seeing again. It can't be coming out of retirement funds, or rainy day funds, etc. Again, Romney's approach to life and politics can never really be separated from the fact that he grew up wealthy.

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RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 9:59:13 AM

Iamsemisweet

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Romney is out of touch on so many levels. Does anyone want this idiot to be president? Really?

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RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 10:01:32 AM

fucktoyprincess

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quote:

ORIGINAL: Iamsemisweet

Romney is out of touch on so many levels. Does anyone want this idiot to be president? Really?

What is truly frightening is that there are many people who do....

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RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 10:07:56 AM

DarkSteven

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ftp, I don't know of anyone who wants Mitt to be President. There are a lot who would prefer him to Obama, but that's based on dislike of Obama, not support of Romney.

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RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 10:22:30 AM

fucktoyprincess

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quote:

ORIGINAL: DarkSteven

ftp, I don't know of anyone who wants Mitt to be President. There are a lot who would prefer him to Obama, but that's based on dislike of Obama, not support of Romney.

This is a fair point, but staunch Republicans will still vote for Romney. I suppose this could be said about any President from our past. There are a certain percentage of voters who will vote their party's candidate regardless. And at the end of day, does it matter if people vote "for" someone, or "against" their opponent? The outcome is still the same. A vote for someone who is really not suited to the Presidency.

And besides, if someone says they prefer Romney to Obama, isn't that saying they still "prefer" Romney to be President? I mean realistically there are only really two options at this point??

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RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 11:18:41 AM

subrob1967

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quote:

ORIGINAL: Hillwilliam

quote:

ORIGINAL: subrob1967

So your against good advice? Not surprised.

Just another FD throw crap and hope it sticks thread... Nothing to see here, move along.

Gonna disagree with you rob. It's a lot healthier for the family for the budding entrepreneur to borrow from a bank.

More families get ripped apart over a 'loan' than about any other reason.

I disagree, if your relatives have the capitol to spare, and they're just sitting on it, why not put it to use? How could that possibly be worse than investing it with say, Bernie Madoff or Enron? It's common sense that if you can't afford to lose the money, not to loan it out, but FD doesn't have a lick of common sense in him.

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RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 11:21:19 AM

subrob1967

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quote:

ORIGINAL: Iamsemisweet

Romney is out of touch on so many levels. Does anyone want this idiot to be president? Really?

Compared to Obama? Hell fucking YES... I can't think of ANYONE who would be worse, ok maybe the OP or Owner, but that's about it.

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RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 11:25:13 AM

Hillwilliam

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quote:

ORIGINAL: subrob1967

quote:

ORIGINAL: Hillwilliam

quote:

ORIGINAL: subrob1967

So your against good advice? Not surprised.

Just another FD throw crap and hope it sticks thread... Nothing to see here, move along.

Gonna disagree with you rob. It's a lot healthier for the family for the budding entrepreneur to borrow from a bank.

More families get ripped apart over a 'loan' than about any other reason.

I disagree, if your relatives have the capitol to spare, and they're just sitting on it, why not put it to use? How could that possibly be worse than investing it with say, Bernie Madoff or Enron? It's common sense that if you can't afford to lose the money, not to loan it out, but FD doesn't have a lick of common sense in him.

People with relaitives that have capital to spare are kinda rare these days. I don't know very many myself. Do you?

_____________________________

Kinkier than a cheap garden hose.

Whoever said "Religion is the opiate of the masses" never heard Right Wing talk radio.

Don't blame me, I voted for Gary Johnson.

(in reply to subrob1967)

Post #: 15

RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 11:31:17 AM

Iamsemisweet

Posts: 3651
Joined: 4/9/2011
From: The Great Northwest, USA
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Hilly is right on this one, lending money to family members is a recipe for disaster, particularly given the failure rate of start up companies. The reason it could "possibly be worse" then Enron or Madoff is because not only is it very likely that the money will be gone, but it also likely to ruin Thanksgiving dinners and family reunions for years in the future.

quote:

ORIGINAL: subrob1967

I disagree, if your relatives have the capitol to spare, and they're just sitting on it, why not put it to use? How could that possibly be worse than investing it with say, Bernie Madoff or Enron? It's common sense that if you can't afford to lose the money, not to loan it out, but FD doesn't have a lick of common sense in him.

_____________________________

Alice: But I don't want to go among mad people.
The Cat: Oh, you can't help that. We're all mad here. I'm mad. You're mad.
Alice: How do you know I'm mad?
The Cat: You must be. Or you wouldn't have come here.

(in reply to subrob1967)

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RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 11:46:08 AM

subrob1967

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quote:

ORIGINAL: Hillwilliam
People with relaitives that have capital to spare are kinda rare these days. I don't know very many myself. Do you?

I do, but I personally wouldn't borrow from them to start a business.

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RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 11:51:01 AM

BKSir

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From: Salt Lake City, UT
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Yeah, sure. Borrow money from my parents to go to college. The amount my mom had at any given point wouldn't have gotten me TO the college, much less pay for anything there. Someone needs to explain to Mr. SilverSpoon that not everyone has a couple hundred grand just laying about.

quote:

ORIGINAL: subspaceseven

The GOP mantra, privatize the profits, socialize the loses. Which is what they are doing still to this day

They like to call that "Trickle Down Economics", and say that it works GREAT!

< Message edited by BKSir -- 4/30/2012 11:53:00 AM >

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RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 11:52:09 AM

Owner59

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Next, the Mrs. will be advising kids to cash in there stocks when they need money.......like the Romney`s did when they were 1st starting out.......

Doesn`t everyone have stocks to cash in?

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RE: Romney’s Advice To Students: Borrow Money From Yo... - 4/30/2012 11:57:27 AM

fucktoyprincess

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To put this figure into perspective - the median price for a home in the U.S. is around $200,000 and the average percentage across states for a downpayment roughly 12% - so the median downpayment is roughly $24,000. An amount that most people in the U.S. would have to struggle and scrape to put together. To get a HOUSE. A purchase still out of reach for almost a third of all American households. And for those who can afford to purchase a house, their savings rate tends to go down as they are paying off their mortgage (so not a lot of extra money just sitting there).

And another thing. Since Romney has so much extra cash hanging about maybe he can start his own loan company to young people who want to start businesses. Guess what - even if he had such a loan company, he would never lend to these young people because they are unlikely to meet loan qualifications. But he expects their parents to put up their retirement fund to fund something he wouldn't support from a business perspective. So very interesting.

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