Off Shore Banking

[riptides]

Debt IS about buying stuff on credit

The only debt that is unfortunate is emergency medical bills.

No not really. Don't equate life style with survival. A lot of people are trying to get by day-to-day.

Have you or you family had a job loss?
A business venture gone bad?
Lost customers in your business? Lost trade avenues, a/r or market?

Have you had a judgement or lein against your person or business?

As you noted, a medical bill can bankrupt, anyone. More than one? Who knows.....

My thoughts on debt are very different than most who equate it soley to credit cards and keeping up with the Jones.

 

[hitekcountry]

No not really. Don't equate life style with survival. A lot of people are trying to get by day-to-day..

Very true there are those who struggle and never get ahead and are good honest descent hard working people. But take a close look you'll also notice that way too many make really bad choices. I know a woman that got into a car accident (no insurance) and now can't get to work. We feel sorry for her of course, trying to get by day to day, but the rest of the story is that that happened right after she spent all her tax refund check (enough to buy a cheap car) on this nice big tattoo.

Have you or you family had a job loss?
A business venture gone bad?
Lost customers in your business? Lost trade avenues, a/r or market?.

Yes I have to all three of those questions. But I was always aware it could happen and was fully prepared. I always maintained enough savings/resources to cover expenses for a year or more. Again no debt and manageable mortgage it's not difficult.

Have you had a judgement or lein against your person or business?.

No

As you noted, a medical bill can bankrupt, anyone. More than one? Who knows......

Yes bad fortune could strike anyone.

My thoughts on debt are very different than most who equate it soley to credit cards and keeping up with the Jones.

Not all debt is bad; some can be sensible, necessary and even smart. It's just that the vast majority is unfortunately all about living a life style that is not sustainable, and unfortunately we're all going to pay a very heavy price.

 

[YanmarFever]

No not really. Don't equate life style with survival. A lot of people are trying to get by day-to-day.

Have you or you family had a job loss?
A business venture gone bad?
Lost customers in your business? Lost trade avenues, a/r or market?

Have you had a judgement or lein against your person or business?

As you noted, a medical bill can bankrupt, anyone. More than one? Who knows.....

My thoughts on debt are very different than most who equate it soley to credit cards and keeping up with the Jones.

Yes I have had a job loss before, but I picked myself up, held my head high and found a better job.

We have not lost any customers in our business, because we treat them like gold. However... there is a lack of new customers, its not like it used to be, that's for sure

Our Insurance usually takes care of any lawsuit, or injuries.

The majority of people that are in financial trouble today are there because of credit cards, the fancy car, or the overpriced castle they call their home.

The facts support the above statements, just pickup the newspaper.

 

[milkman]

When things start to get real tough around here, I'm buying some hogs. When I was a kid, we had hogs and never went hungry, nine of us kids and six of us were born at home. When I looked up and saw the DR. coming down the road on a horse he borrowed from a neighbor at the end of the road, I knew right then that we wouldn't be eating any ham from this years hog killing.Chickens in the summer, hog killing in the winter got us through.:licking:

 

[300UGUY]

Yes I have had a job loss before, but I picked myself up, held my head high and found a better job.

We have not lost any customers in our business, because we treat them like gold. However... there is a lack of new customers, its not like it used to be, that's for sure

Our Insurance usually takes care of any lawsuit, or injuries.

The majority of people that are in financial trouble today are there because of credit cards, the fancy car, or the overpriced castle they call their home.

The facts support the above statements, just pickup the newspaper.

A couple years ago, I read that slightly less than 1/2 of all personal bankruptcies were due to medical bills. I saw that happen to a family member. The company he worked for went out of business, he got a new job, but before the insurance kicked in, his infant son got pnemonia. 3 weeks later he had hospital bills of 50K. At age 23, it pretty much wiped him out financially. This was 20+ years ago.

 

[deereman64]

maintaining assets for an individual in external accounts is very difficult.

1) Your local tax preparer will have no clue as to how to proceed with your accounts. thats why many people who do this get into trouble. Their tax man will say just dont declare anything, because they dont understand it,only to find 5 -10 years down the line they have landed their client in deep trouble.
2) not many banks will provide this service. I know of only one bank that will give the individual the flexibility to manage overseas accounts.
3)Beware of transaction costs. You are retail and the professionals will make sure that you pay for their services.
4) foreign exchange seem to be the simplest of transactions ....you either buy it or sell it. Believe me, and i speak with over 40 years of trading experience it is very difficult and requires dedication 24/7
5)Be absolutely clear in want you are doing. If you generate a large number of transactions you will be noticed by the authorities and then it can get really complicated because they wont give up.

Are you right in what you are doing? is the dollar headed for a fall? if the US government wanted to solve unemployment tomorrow they would devalue the dollar so to 1.80 to the euro and 60 to the yen. But you know what Im sure that within 3 years it would be back to where it is now, because ultimately the US is the safest place to put your money and the summers are nice

 

[YanmarFever]

maintaining assets for an individual in external accounts is very difficult.

1) Your local tax preparer will have no clue as to how to proceed with your accounts. thats why many people who do this get into trouble. Their tax man will say just dont declare anything, because they dont understand it,only to find 5 -10 years down the line they have landed their client in deep trouble.
2) not many banks will provide this service. I know of only one bank that will give the individual the flexibility to manage overseas accounts.
3)Beware of transaction costs. You are retail and the professionals will make sure that you pay for their services.
4) foreign exchange seem to be the simplest of transactions ....you either buy it or sell it. Believe me, and i speak with over 40 years of trading experience it is very difficult and requires dedication 24/7


I just bought a container of Yanmars at 84 yen to the dollar
5)Be absolutely clear in want you are doing. If you generate a large number of transactions you will be noticed by the authorities and then it can get really complicated because they wont give up.

Are you right in what you are doing? is the dollar headed for a fall? if the US government wanted to solve unemployment tomorrow they would devalue the dollar so to 1.80 to the euro and 60 to the yen. But you know what Im sure that within 3 years it would be back to where it is now, because ultimately the US is the safest place to put your money and the summers are nice

Deereman,

You're killing me with the yen at 60 idea
I just bought a container of Yanmar's at 84 yen to the dollar.

I remember in the 90s when it was 124 to the dollar... those were the days!

 

[deereman64]

whats amazing is the fact that the yen was at about 360 to the dollar when I first started .They were making inroads then and they are still successful and exporting.... go figure. What drives this market at th moment is the carry trade and in some respects its the most common trade that individuals get involved in and it is very risky. Let me explain you are in a low yield (interest rate country).You sell your savings and you buy a high yield currency.Currently senior Japanese are selling their yen and buying Brazilian real. The danger is that the yen will appreciate more than the interest rate differential. can you imagine the pain when the yen went from 120 to 80 to the dollar.

 

[YanmarFever]

whats amazing is the fact that the yen was at about 360 to the dollar when I first started .They were making inroads then and they are still successful and exporting.... go figure. What drives this market at th moment is the carry trade and in some respects its the most common trade that individuals get involved in and it is very risky. Let me explain you are in a low yield (interest rate country).You sell your savings and you buy a high yield currency.Currently senior Japanese are selling their yen and buying Brazilian real. The danger is that the yen will appreciate more than the interest rate differential. can you imagine the pain when the yen went from 120 to 80 to the dollar.

Oh Yea, I feel the pain all right, so does my wallet

 

[bdeboer]

Very true there are those who struggle and never get ahead and are good honest descent hard working people. But take a close look you'll also notice that way too many make really bad choices. I know a woman that got into a car accident (no insurance) and now can't get to work. We feel sorry for her of course, trying to get by day to day, but the rest of the story is that that happened right after she spent all her tax refund check (enough to buy a cheap car) on this nice big tattoo.

.

hitekcountry this is not directed at you, these are just my general thoughts after the tattoo sidenote.

We have some rental properties, and one thing I have found is that a new tattoo means the rent will be short this month.

While I am sympathetic about medical debt and possibly IRS debt. There are also some good hard working individuals who lost their homes due to 120% equity and adjustable rates that never fully understood that combining their debt was just spreading it out over 30 years. However, when you clean out a rental and find unopened DVD's, the "Community Action" paid heat set at 80 degrees F, canned food in the cupboards, toys, strollers, and cribs left behind. You realize that the choices they have made (still making) have put them in this position.