Quote:
Originally posted by Hell Puppy@Nov 13 2003, 12:11 AM
It amazes me that someone can make 5 figures per month or more, but yet live in a rented house and have piss poor credit.
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Well you know how credit can be trashed so easily and how long bad credit hangs around.
It's quite likely that the folks you're speaking of had bad credit before getting into the biz (probably the reason they *did* get into the biz) and in spite of the money they're making, they've still got that tarnished credit.
If you've got bad credit, it doesn't really matter how much money you can put down on a house. You're probably NOT going to get a loan. You could pay for the house outright, but that wouldn't make your credit rating any better and it would eat up all of your "liquifiable" money.
Plus there's some folks that don't believe in buying a house; they'd rather rent something and be able to move around when they want or not be ultimately responsible for repairs, etc.
And of course you always get those folks whose money burns a hole in their pocket. As soon as they get it, it's gone - into shiny cars, expensive clothes, expensive watches, partying all the time, $300 sunglasses, stuff like that. They end up with a lot of cool stuff and they look rich, but after spending all of it they're still struggling to pay the rent and utilities.
People and the way they view money... it's extremely fascinating and extremely frustrating at the same time.
