Wazua
»
Market
»
Pennywise
»
How did you make your first Kes million?
Rank: Veteran Joined: 7/3/2007 Posts: 1,635
|
Rollout wrote:
No one who is able to service their debt can file for personal bankruptcy, it just doesn't happen, even if you manage to fool the courts, it is not even worth, the flag of bankruptcy cost more than how much it would cost to service the debt.
This is true, but not the full story. Ali Baba has a point. Many American corporations exploit the bankruptcy route, not because they are broke but to avoid difficult choices. Two examples: 1. Obama's rescue of the car industry required GM to declare bankruptcy, largely to avoid paying legacy costs. 2. American airline companies have been filing for bankruptcy for a similar reason. To shed such costs in order to compete with newer or European carears that do not have the same challenges. In each case the tax payer picks up the bill. Capitalism is a very unfair system. "The opposite of a correct statement is a false statement. But the opposite of a profound truth may well be another profound truth." (Niels Bohr)
|
|
|
Rank: Member Joined: 8/29/2008 Posts: 573
|
ROLLOUT:I'm not talking from a hypothetical situation like you are doing.I'm saying of something which I did,and I'm proud of it,and I would do that again---if the need arises.
|
|
|
Rank: Member Joined: 8/29/2008 Posts: 573
|
ROLLOUT:the flag of bankruptcy never had an effect on me.It did not cost me an extra dime,like you are trying to say.You know,you are trying to explore a topic you have never lived through....I have.
|
|
|
Rank: Veteran Joined: 2/21/2012 Posts: 1,739
|
Kwanini wrote:Woyeee poor me... when shall i join the elite club of wazuwazi millis? Quite informative on how we value/view money! i learn something every day including that i could sell my kidney somewhere in mumbai and be an instant millionaire! @kwanini. hang on there dude and you will. Do not Just work hard, Play smart. And Pray hard.Believe. A Combination of all bring about success. But remember that satisfaction and happiness is the Most crucial thing. It is Paramount.Some of the Millionaires you see around have heavy Burdens you wud rather not carry yourself. Why be a millionaire and have Poor health? Why be a Millionaire and have ountless court cases? Do not be anxious about anything, but in everything, by prayer and petition, with thanksgiving, present your requests to God..
|
|
|
Rank: Elder Joined: 3/29/2011 Posts: 2,242
|
Wakanyugi wrote:mawinder wrote:
But Ole Mali cant afford airtime worth 100 bob despite owning 60 acres of land while someone else can afford airtime worth 1k,drive an 850k premio,eat pizza while Olemali sleeps hungry despite owning the land.
Maybe he does not need airtime. Otherwise if he sold a goat, he could buy enough airtime to last him a whole year. Very true. I have a Maasai friend with about 100 acres in Kiserian near the town. He has never sold an inch and he tells me his joy is to see his cows and goats graze on his land, once in a while he sells a bull at the local market and buys a small calf to replenish his stock. He keeps no money in the bank but is all tied in his stock. When diseases and drought strikes a number dies but the remaining regenerate the stock and life continues. "Things that matter most must never be at the mercy of things that matter least." Goethe
|
|
|
Rank: Elder Joined: 7/23/2008 Posts: 3,017
|
murchr wrote:Obi 1 Kanobi wrote:Personal cars and the house you live in (if you own it) are assets, but they are not investments. (A taxi/matatu/rental property is an investment and an asset). We need to differentiate the two. The fact that you spend money to maintain the personal car does not make it a liability, assets are expected to have maintenance/running costs.
You can review your class 6 business education notes if you are still contesting this. Please define an asset? my definition: A resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit. Like many here, you ar econfusing an asset with an investment. And I tried to distinguish the two. A house you live in must have some economic value; right? otherwise you pay rent, the forgone rent is the economic value. Using one's car eliminates Mat/taxi fare, plus other intrinsic gains like convinience and comfort. There's your economic value "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
|
|
|
Rank: Elder Joined: 4/30/2008 Posts: 6,029
|
Assets=capital+liabilities.If one takes a 1m loan he is a millionaire.
|
|
|
Rank: Chief Joined: 5/31/2011 Posts: 5,121
|
mawinder wrote:Assets=capital+liabilities.If one takes a 1m loan he is a millionaire.  millionaire is about networth, assets minus liabilities. So, if one takes a 1m loan he is NOT a millionaire.
|
|
|
Rank: Elder Joined: 3/18/2011 Posts: 12,069 Location: Kianjokoma
|
mwekez@ji wrote:mawinder wrote:Assets=capital+liabilities.If one takes a 1m loan he is a millionaire. millionaire is about networth, assets minus liabilities. So, if one takes a 1m loan he is NOT a millionaire. ditto! The issue should be what constitutes your asset list and liabilities. Also, how to value your assets.
|
|
|
Rank: Elder Joined: 2/26/2012 Posts: 15,980
|
Obi 1 Kanobi wrote:murchr wrote:Obi 1 Kanobi wrote:Personal cars and the house you live in (if you own it) are assets, but they are not investments. (A taxi/matatu/rental property is an investment and an asset). We need to differentiate the two. The fact that you spend money to maintain the personal car does not make it a liability, assets are expected to have maintenance/running costs.
You can review your class 6 business education notes if you are still contesting this. Please define an asset? my definition: A resource with economic value that an individual, corporation or country owns or controls with the expectation that it will provide future benefit. Like many here, you ar econfusing an asset with an investment. And I tried to distinguish the two. A house you live in must have some economic value; right? otherwise you pay rent, the forgone rent is the economic value. Using one's car eliminates Mat/taxi fare, plus other intrinsic gains like convinience and comfort. There's your economic value An Asset can be an investment. When I build a flat in kiambu, that investment is an asset as long as i dont have a loan on it. If I have a loan...the asset belongs to the bank up until when I complete my payments and get my title. My hse in runda is an investment which is also an asset..it will always gain value because land is one thing they dont produce anymore. And as you said the peace of mind it gives is immense. A car on the other hand doesnt pass the test of being an asset because at the end of it all it loses value...If its a taxi, cab, that will be another story because it gives...but if u use it for comfort, then its no different with your cloths. However if its the antique like the one @mawinder mentioned earlier, it an asset. "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
.
|
|
|
Wazua
»
Market
»
Pennywise
»
How did you make your first Kes million?
Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.
|