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If he were really poor, his ratios would not have qualified him for a mortgage unless he paid close to zero for the property. Possible, but unlikely in most areas.
Well, just keep coming up with the excuses. Let me know how that works out for you.
Not excuses, just reality...lenders go by the numbers. If your income is not sufficient, lenders don't lend.
Exactly, Neko is off her rocker, you can't be "dirt poor" and get a loan. I don't consider myself "dirt poor" and I couldn't get approved for the smallest loan imaginable.
I work in a high-volume convenience store. We have two dozen employees and our employer nets $3M per year, while paying $1M income tax. Only two employees have kids.
That works out to over $100K of production per employee. We're pulling our weight.
I very much doubt this to be true, if it is... I suggest you start another convenience store right across the street and take some of that profits.. I know, you'll have another excuse.. I'll wait.
Quote:
Originally Posted by freemkt
I'm proof my statement holds true.
Then why do you spend so much time complaining about being poor, if your statement holds true?
Wealth is derived from assets, therefore, the poor are inherently at a disadvantage in building wealth, because the non-poor - and especially the wealthy - can outbid the poor in acquiring assets.
When you work you earn an asset called money. If you spend that asset you have to work more to make more. If you increase your income, because of our progressive tax code the government gets to take a higher percentage of you assets. Kind of your damned if you do, damned if you don't.
Yep, the poor are at a disadvantage. If you make more, the government takes more making it harder for you to build wealth. But according to you liberals and democrats, taking your assets is a good thing. You don't stand a chance in hell or it will take a damn long time. So go ahead and support those money grabbing politicians and wonder why you can't get out of the rat race.
Now go to work, the government needs more of your assets.
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