fact
Mark Twain made a substantial amount of money throughout his career but lost most of it. He lost the equivalent of $9,000,000 on a typesetting machine investment, his publishing company failed after selling only 200 copies of one of his books, & he was forced to sell his house in Connecticut.
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If it seems like there are two sets of rules in this world – one for the haves and one for everyone else, well, you’re not alone.
One of the places we see this discrepancy is when we lose everything, and are forced to file bankruptcy.
How is it that a rich person can go bankrupt multiple times and still receive loans and start new companies but if the average person declares bankruptcies they’re basically blacklisted for years and their credit is ruined? from NoStupidQuestions
A regular person is looking at 7-13 years of rebuilding their financial life.
A rich person is looking for a loan that will get them through to their next huge embarrassing failure.
If you’ve ever wondered why, this thread is for you!
It’s all in how s/he organizes their business. A corporation is fully separate from the owner (shareholder), and in court and for tax purposes, they are treated like a separate person, which is why you file a corporate tax return.
In other words, a corporation can go bankrupt, but that will have little bearing on the owner (shareholder). Corporations have the privilege of being able to file for Chapter 11 Bankruptcy which simply allows the corporation to reorganize the company, whereas individuals can only file Chapter 7 (liquidate all your assets to discharge all your debts) or Chapter 13 (3 to 5 year repayment plan that discharges your debts). Both have a negative impact on an individual’s credit score.
In other words, rich people are rich because they know tax and business law better and take full advantage.
The person didn’t declare bankruptcy, the corporation that the person owned declared bankruptcy.
This prevents the majority of the negative effects of bankruptcy from affecting the owner.
There are vanishingly few chapter 11s that aren’t the result of some form of major failure or another. People put a lot of spin on what a filing really means for PR purposes, but believe me, a company does not undertake the incredibly expensive, painful, and laborious step of actually filing unless catastrophe is imminent or has already occurred.
The end result in the vast majority of these cases is that the owners (shareholders) are wiped out. Either a bankruptcy sale will happen, the proceeds of which run out in the middle of the capital stack long before reaching the shareholders, or some class of creditors will receive all of the equity in the reorganized debtor as partial satisfaction of the debt.
It’s true that chapter 11 rarely means the end of the business, but almost always, someone is getting megaf**ked in a chapter 11; the shareholders, then the unsecured creditors, in that order.
Yes this. But there is also something in the credit scoring algorithms that puts people into different buckets. For example, when I worked in real estate had 2 applicants for a place with the same low credit score of around 600.
One was 20 years old, really had no significant debt and defaulted on like a $60 dollar credit card bill out of probably pure negligence (her mom would be cosigning for the place)
The other guy bought and flipped properties, fell under water (this was around 2009) and defaulted on over $1m in loans. Same credit score.
I would actually say it’s not true that bankruptcy gets you blacklisted quite the contrary because your debt gets locked in for 7 years because you can’t file again for 7 years.
A lot of times a few months after someone files they get a lot of offers from credit card companies
This is something that’s frustrated me my whole life.
My credit isn’t good. But I messed it up keeping a roof over my head in college and beyond.
But my score gets looked at the same as some kid who signed up for credit cards and blew all the money on booze and trips and clothes.
Mine was spent on cheap rent and utilities and healthcare. I’m working my a$s off to fix it, and I will, I just wish there were more to it.
Well, a lot of financing that rich people get is private investment, not bank loans.
So they’re not trying to convince a bank with a credit rating, they’re trying to convince investors with a value proposition.
This. Financial institutions are not the morality/personal choice police, all they care about is whether you pay or not and if you did that’s great and if you didn’t that’s bad.
If you defaulted on a debt because you had bad luck and had no choice but to do so to stay alive it’s the exact same result for them as someone that defaulted on a similar sized debt but for something else, like strippers, so you’ll be treated equally.
There’s nothing inherently “better” about someone that couldn’t pay out of desperation vs. someone that couldn’t pay out of mismanagement.
Rich/wealthy people use private banking when they use banks.
Credit scores don’t matter much in private banking.
If a rich person wants to finance a 10 million dollar mortgage and has a 100 million dollar investment account with the bank, they’re going to give him/her the loan without caring about anything other than the other outstanding debts that person has.
This only works for some businesses though, right?
A corporation (like Toys R Us) can easily claim bankruptcy without directly affecting the individuals who are a part of the corporation.
In the case of a proprietorship (like a locally owned and operated store), for example, since the liability of the business is directly tied to the individual owner, wouldn’t that affect their financial standing as well?
Or they are financed by Russian mafia who pay a fee to launder money through businesses.
When you have such a bad track record that no one will lend to you any more, you make deals that allow you to still make money on shitty businesses by laundering.
Or you get a “legit” loan through Deutschebank with ties to Russian mobsters.
Fun fact, this is why subcompanies exist too. most property companies will file each building as it’s own company eg. 123 Main St, LLC. and operate it as part of their business and just have that one declare bankruptcy if something drastic goes wrong.
The shadiest example of this is mining companies putting mines into separate companies when they go bust so that they don’t have to deal with the cleanup costs.
“That mine doesn’t belong to MegaCoal anymore, it is property of Toxic Pit, LLC! and Toxic Pit LLC would love to follow the legal steps and cleanup for the property, but they have approximately zero assets or money! Oh well, Toxic Pit is bust! I guess the government has to deal with it now!”
In college I knew a girl who worked for a millionaire. He told her he’d made money and lost it several times. His advice to her was you never use your own money to make money, you use someone else’s.
Hence, as others have pointed out, a corporation that has people buying into it as an investment can go under and there is a separation between the corporation and the individual. This is not talking about a mom and pop gas station but larger businesses.
Something I read a while ago on here…
“Take a thousand dollar loan, you worry.
Take a million dollar loan, both you and the bank worry.
Take a billion dollar loan, the bank worries.”
If I fail to repay the thousand dollar loan, the bank will come down heavy on me and I will either pay it or my wages get garnished until the entire loan (plus interest) is paid.
If I fail to pay back the billion dollar loan, the bank will work WITH me because they don’t want to take a massive hit.
It’s an old joke:
If you have $10,000 in debt, that’s your problem.
If you have $10,000,000,000 in debt, that’s the bank’s problem.
There was a lot of impact on World War 1 about supporting a country at war for the survival of the country because they owe you money.
If you owe the bank money, the bank controls you. But if you owe the bank enough money, you control the bank. At that point the bank has an interest if your survival
I’m in financial services and here is the basics on this. Most lenders yes would blacklist the individual. But it also depends on the lender and the type of lending being done. Some lenders charge more (higher interest rates) for the added risk and others specialize in Asset Based lending, in which they don’t care about the individual but just the assets.
In most cases, real estate being the most valuable. Many cookie cutter lenders like the big 4 would not touch someone with a 10ft pool that has a BK, but that doesn’t mean someone won’t. There is a lender for everyone out there. Just need to find one.
I don’t know why the world is the way it is, but sometimes I really want off.
Do you think this is fair? Is there any way to change it?
Drop your thoughts in the comments!
The post “How Can Rich People Go Bankrupt and Still Get Loans, but Average People Get Blacklisted for Years?” People Answer. appeared first on UberFacts.
Do what you love in life! Find your passion!
How many times did you hear that when you were growing up and going to school?
I know I heard it a lot. And while I think that’s good advice for certain people, it definitely isn’t for others. We’re all so different and that kind of “one size fits all” life advice just isn’t practical for everyone.
AskReddit users talked about whether they think it’s okay to do a job just because the money is good. Here’s what they had to say.
“I’m so sick of people telling me to not only want to go into IT for the money, and instead choose something I like to do. What I like to do is play video games, and make music, but that isn’t secure at all.
I feel like it shouldn’t be looked down upon, pursuing a career just for the money it brings, because some people just want financial freedom more than anything and thats ok to want.
Also, some successful people originally just went into it for the money.”
“I for one am a firm believer of the concept that working to support you hobby is a noble ambition.”
“I’ve been applying for insurance type jobs and its always, “Why do you want to be a claims specialist (for example).”
Seriously who the f*ck actually wants to do this?
I WANT MONEY!!!!!!!!!!!!!!!!!”
“I think the problem people see is that if you do it just for the money, and not because you like it, you won’t necessarily do a good job since you don’t have an actual interest in it.
It’s partially why so many Wall Street people get burned out real quick.
They make a stupid amount of money in a short time working 100+ hours but because a lot of them don’t necessarily like it they have to get out after like 2 or so years.”
“I don’t think any kid thinks growing up they’ll want to be an MBA in Supply Chain Management or Finance but they grow up and they see how important money is.
Most want to do something that they enjoy (or think they will enjoy) or something that has a lot of glamour like films, TV, sports, politics but then the success rate in those isn’t that great and you need something to pay the bills.”
“Nobody has a passion for sh*t like this.
I mean, why would someone want to be a tax attorney or a proctologist?
However, what you do need to have is the right set of skills and personality traits that will make you GOOD at a job.
Being good at something gives you satisfaction.
Maybe if you are really meticulous and like reading, you’ll be a good tax attorney.
If you are good with math, you’ll be a good actuary, etc.”
“Some people want big families.
Some people want flexible hour jobs.
Some people want money.
To each their own.”
“I quit a job once and my grandfather asked me why…Because I didn’t like it.
He shook his head and said “You think I like what I do? I do it because it pays good money.
It bought me a house, two cars, and a boat I can fish in on the weekends.
I work for money, because I like to fish.”
The man said maybe a few hundred words to me his whole life.
I remember most of them because when he spoke, it was meaningful.”
“I’m working a job that I just tolerate as a decent paying job with low stress.
It affords me enough to develop my programming skills while I make a video game.
But my ultimate goal is to be able to work full-time on my own projects.
Everyone’s got goals and that’s mine. “
“There’s nothing wrong with wanting to make money, and your 9-5 doesn’t have to be your passion.
I think it’s problematic to convince people they have to love every second of their job, because frankly very few people actually do.”
“Go for the money.
If you’re ever truly broke, like homeless broke, for a chunk of time your perspective on work(or at least mine) changes dramatically. Make your money my dude. If you ever are trying to bath yourself with the $.99 gallon of water and a five gallon bucket the importance of money seems pretty clear.
Do what you have to do and then if you get some free time do what you want to do. Real life is hard no matter how rich you get, but at least you don’t have to worry about an empty stomach and a bed.”
“If only all jobs were actually useful.
Some of the least important things make the most money. I’d be happy for people going for money, if the most important stuff were also incentivized the most with money.
Until then, it’s literally not the right thing to do. I understand it, but don’t sugar-coat bullsh*t either.”
“I have 2 teenage children and it seems that every adult at their schools says something to the effect of “find a job you love to do, and you never will work a day in your life”.
I used to love to fish until I worked as a 1st mate on a fishing boat over a summer.
Haven’t enjoyed fishing since the 2000s.
I tell my kids to get a job that makes enough money to afford a jet ski, because have you ever seen a sad person on a jet ski?”
“I honestly think it’s a sign of maturity and being realistic if you can simply find something you’re good at and qualified for and just be content.
The idea of a dream job just isn’t realistic for most people. I spent too long chasing a career I thought I wanted, and it just wasn’t anything I’d ever break into. I’m at a job now that isn’t the best job ever, but I’m getting by and I really like the company. I’m hoping to figure out a way to maybe move up or around within, whether I earn certifications for something or whatever.
I like it because I have a flexible schedule, we get more paid holidays than I’ve ever had anywhere, company culture is super chill, and I’m just not crazy stressed or unhappy like I was at my last job.
I don’t go home exhausted and mentally drained, and were it not for COVID I would certainly be enjoying more hobbies and socializing in my spare time.”
What do you think about this?
Share your thoughts with us in the comments.
We’d love to hear from you!
The post Is It Okay to Want a Job for Money and Not Passion? People Share Their Thoughts. appeared first on UberFacts.
I have a feeling this is going to get some people fired up.
I’m gonna go on the record about this and I only have one thing to say: I don’t think it would be the worst idea in the world if certain businesses decided they wanted to be kid-free zones.
I really don’t understand why people insist on bringing their kids to breweries or even bars. It’s just weird to me. And I don’t think that most customers who are there to have a few beers in what are supposed to be adult establishments really appreciate it, either.
So should there be more child-free businesses?
Are you ready to dive into the responses about this from AskReddit users? Let’s take a look.
“Do you know the feeling when you’re just sitting at the restaurant with your significant other and the two of you just want to enjoy your food and each other’s company, and out comes running a little kid screaming their head off?
Most of the time the parents don’t bother to properly even address their kids’ behaviors. They just laugh it off at the distance or say “Oh, so cute!” and start filming their lousy kid? Or when you’re visiting the spa at a hotel, just bubbling away in a jacuzzi and in jumps a little kid who starts splattering around?
Or when you’re at the cinema, focused on a really interesting scene and some kid starts talking all over the place “Daddy, look at that!” multiple times throughout the movie.
It should be more normalized for kids not to be taken everywhere. There should be more places for adults who specifically don’t have kids for a reason. The obsession around “kids are cute and should be with everyone 24/7″ is disgusting.”
“Its’ just a bad business model. Most people have kids so you’re missing out on like 80% of your potential customers by having a child-free business.
Maybe in a big city. But that especially would never be a good idea in middle America. I live in the south and there’s people who bring their kids to bars, I sh*t you not.”
“Midwest US. I once got scolded by an angry parent for language in front of their kid… at a dive bar… in a college town… on a game night Friday… while the parent had a beer in hand…
It wasn’t even like a food chain like BWW or anything, like can I not have a place where I can talk how I want?”
“A lot of people are just negative and want to be upset that 100% of the world doesn’t work exactly how they want.
And even if they haven’t experienced it they are upset that other people are living their lives in a way they don’t approve of.”
“My view may be skewed because I love kids, but I honestly don’t see this as a problem either.
I can’t recall a time when an experience was ruined by a wayward child.
Perhaps people who post stuff like this are just extraordinarily sensitive to the presence of small humans in their vicinity.
In which case, I would suggest that perhaps they are too fragile for this world.”
“The reason that there’s not more of these types of places is simply due to lack of support.
Childfree Apartments (I lived in one), beaches, resorts, restaurants exist but they aren’t cheap and you have to support them because they are cutting themselves out of a large money spending portion of consumers.
I see this type of opinion a lot on here and usually it boils down to someone having champagne taste with a tap water budget. If you think a family of four week-long trip to Disney world is expensive look up a few night stay at some of these adult only resorts.
If you aren’t willing to shell out for first class tickets then you wouldn’t be able to afford the price hike for a coach ticket on an adult only flight Malaysia airlines and others have proved people don’t want to deal with the reality of childfree accommodations.”
“The people moaning about other peoples kids were the annoying kids when some of us were their age. What goes around comes around.
That said I’d never take mine to a bar and they only go in pubs at lunchtime, if we’re eating, and rarely at that.
And unless you have a thing for Disney movies or matinee PG movies then you’ll never be in the same cinema as them. They ain’t watching Rambo 7 or terminator 15.
Adult only spaces are fine with me, but I have a feeling most people moaning are eating at Pizza Hut or McDonalds and then complaining, rather than being somewhere classy that’s actually aimed at adults.
If you don’t have to dress up to eat there then it’s casual and most likely aimed at families.”
“People ask for champagne but can barely afford beer.
These places would not be cheap. Most people have kids, families etc. so this business model would be removing a large demographic.
They could do it by being expensive but that would be out of reach for most people and this is why it isn’t that popular.”
“As a parent with kids….
I couldn’t agree more. My children shouldn’t be causing you stress, anxiety, or anger while you made plans to go out and enjoy your dinner/movie etc…
I totally get it.”
“I’m a parent that agrees and I know tons of parents that do too. When I get a night away from my kids I don’t want to have to listen to other kids.
When I say kids I mean anyone under 18 because a lot of times in public teenagers are louder or just as loud as toddlers and babies.”
“Before the pandemic I’ve worked with kids a lot, so I’ve seen my fair share of misbehaving but I can’t recall being at a restaurant, movie, concert or airport with overly misbehaving kids.
Loud adults tends to always be the more immediate problem. Like dude, stop screaming into your phone, it’s not that serious and move out of the middle of the aisle, for crying out loud.”
“I… don’t think so. Hear me out. How will the kid learn to behave if they are not taken everywhere? You literally have to teach the small human based on your own behavior.
When I was young we’d travel with family friends. A huge group of 15 adults and 20 to 25 kids. (Nieces, nephews and cousins were brought with us.)
We never caused a racket because we were always treated as adults and expected to behave well in public. We all learned how to act and would call out each other in case of sh*tty actions.”
“As a parent who likes to have dinner with my family this is annoying.
People constantly complain about kids making a ruckus in restaurant and hotels. To you and the billion other people that complain about this everyday go visit more upscale restaurants and hotels.
When I want to have a kid free romantic night with my wife I don’t go to Olive Garden or Applebee’s and complain about kids being disruptive. Kids are part of families don’t eat at family restaurants if you don’t want to be around kids being kids.”
How do you feel about this?
Share your thoughts with us in the comments.
Thanks in advance!
The post There Needs to Be More Child-Free Restaurants and Businesses. Here’s How People Responded to This Opinion. appeared first on UberFacts.
Do you ever wonder why people buy fresh cut flowers for their home? Have you noticed how cultivating potted plants has boomed in popularity since the start of the pandemic?
Interacting with nature makes us happier and healthier. But many of us spend the majority of our lives indoors, so it only makes sense that we would bring nature in along with us.
There’s a word for design dedicated to this practice. No, we’re not talking feng shui, we’re talking biophilic design.
Image Credit: iStock
The concept of biophilic design was introduced by E.O. Wilson, a renowned biologist and professor at Harvard, in his 1984 book Biophilia.
Biophilia means “love of life.”
Living Future describes biophilic design as “the practice of connecting people and nature within our built environments and communities.”
Image Credit: iStock
Constructing our homes and workspaces in a way that incorporates access to sunlight, plants, and views of the natural world isn’t just aesthetically pleasing. It’s better for our overall physical, emotional and mental well-being.
Studies show that interacting with nature is beneficial for human health, whether you’re taking a walk in the woods or feeding birds.
Image Credit: iStock
According to Terrapin Bright Green, by bringing nature into your home or work space, biophilic design can reduce stress, improve cognitive function, and enhance mood and creativity.
Healthier employees are happier employees, and happier employees are productive employees.
Image Credit: iStock
Biophilic design can also be incorporated at home.
One crucial element is sunlight. If you have windows in the home, open the blinds and pull back the curtains to let the sunshine in!
Remember to keep them clean and clear of obstructions.
Image Credit: iStock
Next, add some greenery: potted plants, hanging plants, herb gardens, the more the better. Fresh cut flowers work as well, and come with the added bonus of a pleasant aroma.
You can also incorporate Earth tones and patterns into your interior design, or hanging pictures of natural landscapes on the wall if you don’t have access to natural views.
Image Credit: iStock
You’d be surprised how the simple action of incorporating the elements of nature into your home or workplace can increase your quality of life.
Do you practice biophilic design? Let us know how in the comments!
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Nishiyama Onsen Keiunkan is a hotel in Japan, that has been running for over 1300 years, ever since it began in 705. It has been ran over 52 generations by the same family, which still operates it today.
The post Nishiyama Onsen Keiunkan is a hotel in Japan… appeared first on Crazy Facts.
In 2005, to protest against conditions in the cocoa industry, a Dutch reporter ate 17 chocolate bars then asked to be arrested and tried for child slavery. The judge wouldn’t convict him, and the reporter went on to found Tony’s Chocolonely company.
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When we think of bullies and how to survive them, our minds typically go to being young.
I think that’s because we’re – rightfully – extra concerned about the mental health of kiddos whose minds are still developing, and who typically don’t have the experience and life skills to cope.
Image Credit: iStock
Even if we do have that experience and those skills as adults, though, dealing with someone who is bullying us at work or in our personal life still really stinks.
If that’s something you’re dealing with now – or feel like you might in the future – here’s some advice from clinically-trained marriage and family therapist Roger S. Gil on how to handle it effectively (and with class).
Image Credit: iStock
You may not have the option of telling the “teacher” for one reason or another, but you can employ what Gil calls “avoidance strategies.”
“Avoidance strategies can be as simple as upping the privacy on your social media, ensuring you’re not alone around the bully, or devising an escape plan should the bully try to corner you.
While the passive approach may not be the most popular one, it may be the only course of action for some people who feel that they cannot address the bullying directly.”
If you’re comfortable, you could do something like ask your boss to reassign your workspace or to be switched to a different team or project.
Basically, if you have the chance to put physical space between the two of you, do it.
Image Credit: iStock
Bullies look for people who they think are vulnerable and weak, because the last thing they want to deal with is someone who fights back, says Gil.
“Bullies might go after the “short” girl, “fat” guy, “ugly” kid, etc. because they feel they can target the person in the area where they are the most insecure. Some bullies will target someone who they perceive to be an “alpha” (e.g. the popular girl, the good-looking guy, etc.) to boost their ego. This strategy serves a social purpose in that the bully is trying to establish power so nobody else will try to push them around.”
Basically the old, “act like it doesn’t bother you and they’ll probably stop” works with adults, too.
You can try laughing when they make jokes at your expense, thanking them for sarcastic compliments, pretending you don’t hear them when they’re being rude, and keeping your cool if you do something embarrassing.
All easier said than done, but if you can manage it, definitely an effective tool.
Image Credit: iStock
If the bully keeps pushing after you’ve tried some more indirect routes, you can try standing up to them. Gil recommends pointing out their bad behavior as a great way to get under their skin.
“Assuming the bully is nonviolent and unlikely to find some other way to harm you, confronting them by pointing out that their behavior is bullying is sometimes a good start.
Avoid provoking them but, at the same time, question their motives and what purpose going after someone who has done them no wrong serves them.
This shows that you’re not afraid to call them out and, if necessary, put them on the defensive.”
Some tips for getting the most out of the confrontation include:
Image Credit: iStock
If you’ve done everything you can think of on your own, or if things are going too far and you can feel yourself getting beaten down, don’t hesitate to ask for help. Your safety and mental health have to be a top priority, so Gil says not to let your pride prevent you from getting the help and protection you need.
“It goes without saying that any perceived physical threat should be handled with the assistance of local law enforcement or other community resource.
Some bullies are dangerous and may need legal interventions (e.g. restraining order, police report, etc.) to reduce the risk of harm.”
If this is happening at work, there are protections in place to help. Reach out to your HR department and ask about policies on bullying and a hostile work environment – most employers will act quickly to avoid being implicated.
There you go!
These are some great ideas on how to handle adult bullies, so though I hope you never have to deal with one, now you have ways out if you do.
The post Strategies That Can Help You Deal With Being Bullied as an Adult appeared first on UberFacts.
Cats are great pets. They’re cute and cuddly, don’t need to be taken outside to use the restroom, and as a bonus, they keep pesky mice out of the home.
However, they can also be a pain when it comes to keeping the furniture in good condition. Unless trained otherwise, cats will dig their claws into couches, carpets, blinds, and beds. In fact, they love destroying the underside of a bed or couch and turning in into their own private hideout.
That’s why this cat maze bed frame, by CatLife is SO exciting.
Image Credit: CatLife
This is the Gatrimonial bed.
With a bed frame like this one, you’ll never have to worry about your cats destroying the underside of your bed again! Along with the frame comes a bed base and a back.
Unfortunately, the Gatrimonial bed is priced at $2,120,000 – $2,650, 000. (Gulp)
Image Credit: CatLife
But just look at how cool it is!
With a bed frame like this, your cat (or dog) can both hide away when they need some privacy, and entertain themselves by weaving through this wooden maze.
Honestly, it’s about time someone invented this.
CatLife has a full line of products for cat owners and their cats.
Like the Gatrimonial bed, many of their other products help to create cat-friendly spaces in a sleek and modern home.
If you have the money to spare, why not live with your cat in style?
Avoid the cat-scratched furniture by investing in furniture made specifically for you and your cat.
Would you buy the Gatrimonial bed?
Let us know in the comments.
The post A Company Created a Hidden Cat Maze Bed Frame People Will Love appeared first on UberFacts.
Junior Bridgeman a former NBA player who was not a star in the league, took his earnings from the NBA and invested them into food franchises. He now has a net worth of $600 million only behind Michael Jordan as the richest NBA player in history.
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