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If you have family money your probably not broke in the first place
someone has to gift you "family money" if you are going to be "not broke." it isnt like money just magically appears in your bank account just because there is a ton of money in your parents' bank account.
Unless your warren buffet, said non of his kids will get anything from him.. Smart man if you ask me. .But just having a name Buffet and knowing who your daddy was, is good enough for the banks to approve loans without any backings. Just wish today parents that is loaded, teach your kids how to earn a living instead of giving it to them.
Unless your warren buffet, said non of his kids will get anything from him.. Smart man if you ask me. .But just having a name Buffet and knowing who your daddy was, is good enough for the banks to approve loans without any backings. Just wish today parents that is loaded, teach your kids how to earn a living instead of giving it to them.
where do people get this stuff from? buffett's kids will inherit a lot of money from him. he may be giving a large % of it to charity but that still leaves billions for his kids. also, how exactly is a bank going to approve a loan simply based on your last name? if warren cosigns that is one thing but absent assets or income; the bank wouldnt approve a loan purely based on a last name.
where do people get this stuff from? buffett's kids will inherit a lot of money from him. he may be giving a large % of it to charity but that still leaves billions for his kids. also, how exactly is a bank going to approve a loan simply based on your last name? if warren cosigns that is one thing but absent assets or income; the bank wouldnt approve a loan purely based on a last name.
"People get this stuff from" Buffett's repeated statements over the years that he doesn't want to ruin his kids' lives by leaving them money.
His wife Susan left each of the children $10 million.
If you are broke, but come from a wealthy family. Would you ask your family for money to start a business?
If I had a business
- A Plan
- Partners
- A reasonable probability of making enough money to give investors a return on their investment
- An experience and skill set making execution probable
If I needed capital
- Because I had specific uses for the capital that were necessary to launch the business
- Because raising equity was best for the company
- Because I can leverage the contributed capital to leverage there remaining costs, and have a banker willing to work with me
- Because reasonable people other than my family would, and are investing in it
Then...yeah, no problem.
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