Essential Economics for Politicians

espola said:
Not only that, if you declare to the IRS or a bankruptcy court that the house you own is not an asset, you will be subject to felony fraud indictment and prosecution.
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messy said:
Nah, that’s wrong. Go to richdad.com to learn the real shit.
Not counting on Iz or Lion to set the world on fire, financially speaking! LOL.
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Maybe these idiots are underwater on their homes . . . and a few other loans.
 
espola said:
Hey, izzy and like-minded idiots.-- Here is some help for you --

https://www.moneymanagement.org/cre...al-balance-sheet-and-determine-your-net-worth

...start developing your balance sheet by listing all of your assets (financial and tangible assets) with the values.
  • Cash (in the bank, money market accounts, or CDs)
  • All investments (mutual funds, college savings accounts, individual securities)
  • Home value (the resale value of your home)
  • Automobile value (the resale value of your car)
  • Personal Property Value (resale value of jewelry, household items, etc)
  • Other assets
The sum of all of those values is the total value of your assets. Your goal should be to continually increase your assets.

Next, you can look at your liabilities, which should be everything you owe. Here are some common liability categories:
  • Remaining mortgage balance
  • Car loans
  • Student loans
  • Any other personal loans
  • Credit card balances
The sum of all of the money you owe is your liabilities. As you start to pay down your debt, your total liabilities will decrease.
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There's your Net worth argument again! Lol!!
 
messy said:
Nah, that’s wrong. Go to richdad.com to learn the real shit.
Not counting on Iz or Lion to set the world on fire, financially speaking! LOL.
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Financial speak below:

Net Income from the home you live in/Total Avg. Assets = Return on Assets

In your case. The home that you live in.

So far, you've never disclosed your purchase price, the interest rate, and now the net income you receive from the house that you live in. Even though I've asked several times. Why is that? Are the equations to revealing for you people?
 
espola said:
Not only that, if you declare to the IRS or a bankruptcy court that the house you own is not an asset, you will be subject to felony fraud indictment and prosecution.
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Lets break this up because the IRS and Bankruptcy court are not the same thing.

The IRS only cares about income from your assets. Since you have no income from your "asset" the IRS is not an issue. The bankruptcy court only cares about working out issues with your creditors. But since you paid off your loan, I can't imagine that bankruptcy court would waste tax payer dollars on your debt scenario. Fraud is very hard to prove as you people know.
 
Bruddah IZ said:
Lets break this up because the IRS and Bankruptcy court are not the same thing.

The IRS only cares about income from your assets. Since you have no income from your "asset" the IRS is not an issue. The bankruptcy court only cares about working out issues with your creditors. But since you paid off your loan, I can't imagine that bankruptcy court would waste tax payer dollars on your debt scenario. Fraud is very hard to prove as you people know.
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Ignoramus.
 
There was the three-hour presentation which contended that the universe is a giant egg. There was the Manchester musician who posited that the Earth is the shape of a diamond. And another who believes that the moon is a projection.

Welcome to the Flat Earth UK Convention, a raucous departure from scientific norms where people are free to believe literally anything.

“When people ask me what I believe, I can’t say that I believe in anything 100%”, Gary John tells the audience during his opening address. “Apart from that we don’t live on a globe”

https://www.theguardian.com/science...-isnt-real-notes-from-a-flat-earth-conference
 
Hüsker Dü said:
There was the three-hour presentation which contended that the universe is a giant egg. There was the Manchester musician who posited that the Earth is the shape of a diamond. And another who believes that the moon is a projection.

Welcome to the Flat Earth UK Convention, a raucous departure from scientific norms where people are free to believe literally anything.

“When people ask me what I believe, I can’t say that I believe in anything 100%”, Gary John tells the audience during his opening address. “Apart from that we don’t live on a globe”

https://www.theguardian.com/science...-isnt-real-notes-from-a-flat-earth-conference
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Diamond shaped earth. No wonder you people think your home is an asset
 
Bruddah IZ said:
Financial speak below:

Net Income from the home you live in/Total Avg. Assets = Return on Assets

In your case. The home that you live in.

So far, you've never disclosed your purchase price, the interest rate, and now the net income you receive from the house that you live in. Even though I've asked several times. Why is that? Are the equations to revealing for you people?
Click to expand...

Dumbshit I’m sorry I’m still reeling from my tax bill yesterday.

More than half my net worth is tied up in non-income-producing residential real estate and yet I had to write a check to the feds alone of about half a mil in income tax. Add my state tax burden and a) feel my pain and b) remind me of how much you know and how little I know.

Now tell me about your real estate, Cubicle Boy.
 
Bruddah IZ said:
Lets break this up because the IRS and Bankruptcy court are not the same thing.

The IRS only cares about income from your assets. Since you have no income from your "asset" the IRS is not an issue. The bankruptcy court only cares about working out issues with your creditors. But since you paid off your loan, I can't imagine that bankruptcy court would waste tax payer dollars on your debt scenario. Fraud is very hard to prove as you people know.
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Espola is correct. In bankruptcy or tax proceedings, your home is considered an asset and subject to forfeiture (subject to certain bankruptcy chapter protections...) Liabilities aren’t subject to forfeiture. See how that works, Cubicle Boy?
 
messy said:
Espola is correct. In bankruptcy or tax proceedings, your home is considered an asset and subject to forfeiture (subject to certain bankruptcy chapter protections...) Liabilities aren’t subject to forfeiture. See how that works, Cubicle Boy?
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You're actually exactly right although you probably don't realize why. Lol! Your home, a current Liability is not subject to forfeiture because the bank has the first lien on your house via the DOT and promissary note. If the loan is paid off then you're shit out of luck with your beloved asset (Net Income/Total Average Asset = Return on Assets). Any questions?
 
messy said:
Dumbshit I’m sorry I’m still reeling from my tax bill yesterday.

More than half my net worth is tied up in non-income-producing residential real estate and yet I had to write a check to the feds alone of about half a mil in income tax. Add my state tax burden and a) feel my pain and b) remind me of how much you know and how little I know.

Now tell me about your real estate, Cubicle Boy.
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Lol!
 
messy said:
Dumbshit I’m sorry I’m still reeling from my tax bill yesterday.

More than half my net worth is tied up in non-income-producing residential real estate and yet I had to write a check to the feds alone of about half a mil in income tax. Add my state tax burden and a) feel my pain and b) remind me of how much you know and how little I know.

Now tell me about your real estate, Cubicle Boy.
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Net Income from the home you live in/Total Avg. Assets = Return on Assets

or given your rant above

Net Income from your non-income producing residential RE/Total Avg. Assets = Return on Assets

At this point you should notice that your pain is attributed to the cash flowing away from your account and in to the accounts of the real asset holders. I know very little. So don't try to flatter yourself by over complicating what is a simple process. I'm enjoying your convictions about why you think your RE is an asset and yet the source of so much pain given your inability to fill the Net income part of the Return on Assets equation.

Oh and my real estate is a liability. Just like yours. But not so painful.
 
messy said:
Dumbshit I’m sorry I’m still reeling from my tax bill yesterday.

More than half my net worth is tied up in non-income-producing residential real estate and yet I had to write a check to the feds alone of about half a mil in income tax. Add my state tax burden and a) feel my pain and b) remind me of how much you know and how little I know.

Now tell me about your real estate, Cubicle Boy.
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You sound like Trump.
You know what they say about braggarts.
 
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