The wealth gap & other ills.... Warning: long and could make you sick

[Big Daddy]

FC, I agree when it comes to an individual. Credit is death if you're not able to pay it back in the same billing period. It just snowballs. Small businesses exist on credit. When I say small business I'm talking a 2 million a year business. An avg small business nets 3 to 4% so that means the owner clears 80k a year. That was the reason for the bail out. The individuals that had money in those banks were covered by the FDIC. If anyone had more than the covered limit in one bank then that was poor planning on their part. Lets just hope it all comes together here eventually and we don't have to put on our 1930's costumes and all stand around in bread lines.

 

[reinbeau]

Small business depending on credit is as bad as individuals with multiple credit cards - it's a mindset that's been propagated by the money-lenders and the whole social attitude of buy now/pay later. I ran a small business for 25 years, it was a 3-5 million a year representative/distributorship, and we never, ever went on credit. We operated on a cash basis, accounts payable were collected, no one was allowed to go beyond 60 days - it was a lot of work, but it kept us in money for payroll and future stock purchases. It can be done, the way business used to be operated. This 'new' way of doing business is bad for everyone. Will your business growth be slower? Yes, but it will be built on solid foundations, not dependent on anyone else - sort of like personal self-sufficiency. When a business owner sees an opportunity to turn a quick buck, there are usually some pretty long and expensive strings attached.

 

[On Our own]

Reinbeau - you hiring?????

 

[FarmerChick]

when I say credit....I say "over extending" credit.

Some credit, when used to its fullest is fine. Small credit can be paid back by most people and small business.

It is when we dive in head first---CHARGE IT for everything. A small business in jeaopardy due to many business reasons, money on credit won't bail ya out all the time if management is not good.

We throw money at everything thinking it can "fix" it---when in reality it can't.


I am not for small business living on credit at all if that is their answer to survive. Business must be profitable. Business must be handled like "well, a business..."---LOL

you know what I mean. if you are a person that can run a successful business, then smart use of credit is fine and needed...if you aren't, and you think credit will save your company year after year until up to you eyeballs in debt, it won't save you.

alot of individuals fancy themselves businessman, but they are not...seen that alot of times haven't we out there in the big world.

 

[reinbeau]

Reinbeau - you hiring?????

Not anymore, sorry! I left that years ago, and I'm hoping I'll never go back to an office job again - but you know what they say, never is an awfully long time.....

 

[Big Daddy]

Well that would be great if we could all do that. If I could collect on my accounts payable instead of paying them I'd be in great shape. I agree that accounts receivable should be collected in a timely manner. I would be willing to bet that 98% of the businesses in the country operate on credit unless they have bad credit and nobody will extend credit to them. Even Little Joe used credit at the general store. Credit is a way of life and has been for many years. How you use it is the trick. I agree it is a loaded gun for a lot of people.

 

[mekasmom]

So he decides to complain bitterly about congress' moves to cap compensation, something that was essentially dropped apparently anyway, and he says very bitterly, "Just because of how it would look they dropped MY BONUS TO $98,000.00"

Sometimes you just have to believe that God rejects the proud and gives grace to the humble. Arrogance just twists your insides. But you chose to walk away, act humbly, and take the higher road.
I can't tell you how many snide remarks my MIL and her family have made over the years. And I would just grieve over them, feeling bereft because we had so little when our children were small. But in the end, we are healthy, together and happy. Her family has paid a dear price for their arrogance in health and loss of joy. You just have to believe that what they sow is what they will reap eventually.

 

[On Our own]

So he decides to complain bitterly about congress' moves to cap compensation, something that was essentially dropped apparently anyway, and he says very bitterly, "Just because of how it would look they dropped MY BONUS TO $98,000.00"

Sometimes you just have to believe that God rejects the proud and gives grace to the humble. Arrogance just twists your insides. But you chose to walk away, act humbly, and take the higher road.
I can't tell you how many snide remarks my MIL and her family have made over the years. And I would just grieve over them, feeling bereft because we had so little when our children were small. But in the end, we are healthy, together and happy. Her family has paid a dear price for their arrogance in health and loss of joy. You just have to believe that what they sow is what they will reap eventually.

Fortunately I believe in Karma. Even though it rarely seems to get people in this life, it will in the next. (No matter what you believe comes next! )

 

[FarmerChick]

very wealthy give alot to charity.

while I might be able to give $20 to a charity --they can give millions, and they do. so just cause some are fortunate and have alot of money, doesn't mean they are not humanitarian at all.

wealthy people are good people also.

seems like alot of the posts always refer to the wealthy in a bad way.

I don't see it like that at all.

Some of the nastiest people I met were poor, or middle income....some crappy wealthy ones also I met...LOL-----but there is good in all groups of income.

 

[Big Daddy]

Some of the very wealthy give a lot to charity. Bill Gates is a good example.