Yep, $100-Notes Would Be Fine…

By
Real Estate Broker/Owner with Daytona Condo Realty, 386-405-4408

Just heard it on TV. Because of the national debt, average household owes over $140K in debt… Ouch…

Hmm… but if you think about it… maybe it is not bad at all and half of the country is right?

I once heard about the developer who was $38 Million in debt, that he was a rich guy.

Looks I am very quickly becoming a wealthy guy, too. Looks like trillions keep coming...

If my very average family owes so much, doesn’t it mean that we are well off family?

That’s a warming feeling… very much so.

But even though I know that we may become much "wealthier" in the next 4 years, Olga and me would gladly exchange it for even half of this debt in cash. It might even buy me health insurance…

Yep, $100 notes would be fine…

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Rainmaker
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Dianne Goode
Raleigh Cary Realty - Raleigh, NC
Realtor/Broker

Hi Jon.  If that $140K in debt includes the mortgage on the family home, that's not so bad.  To be realtively wealthy, all you have to do is have little or no debt.  That would put your ahead of most everyone you know!

Oct 27, 2012 11:25 AM #1
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William Johnson
Retired - La Jolla, CA
Retired Real Estate Professional
Hi Jon, Too funny. But you are right it does stagger the imagination to think that the more debt one has the wealthier they are. The changes in the death tax that is scheduled will be one of the ways that the debt will be collected.
Oct 27, 2012 11:27 AM #2
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William Johnson
Retired - La Jolla, CA
Retired Real Estate Professional
Don't foget the $147,000 we each have in the federal debt, that is what I was referring to, :-)
Oct 27, 2012 11:29 AM #3
Rainer
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John & Irma Nelson
San Antonio Real Estate Broker/Agent with Get It Sold Realty - San Antonio, TX
San Antonio Real Estate Agents - San Antonio Homes

i will take the $100 notes too.  Do you know who I should be calling to collect these great notes?  I am ready to collect

Oct 27, 2012 11:37 AM #4
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Dianne - you are so wrong. To be wealthy, you just need to have a lot of debt, way more than you can handle. If you do not trust me on that, ask the President  ;-)

And no, it does not include any mortgage.

Oct 27, 2012 12:32 PM #5
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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Iram - I know. His name is President Barak Obama. Don't ask trillions, just ask for small change  ;-)

Oct 27, 2012 12:34 PM #6
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
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William - your number is even higher, but I would agree to calculate the payoff on the debt based on my low number

Oct 27, 2012 12:35 PM #7
Rainer
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Jack Mossman - The Nines Team at Keller Williams in Lodi
The Nines Team at Keller Williams in Lodi - Lodi, CA
The Nines Team in Lodi

Jon - Your wry humor never ceases to amaze me and appreciate even more your continuing contributions to this network!  Thanks for yet another humor break!

Oct 27, 2012 02:59 PM #8
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

jack - good to see you hee, and ,as always, you are so kind... too kind :)

Oct 27, 2012 04:29 PM #9
Rainmaker
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Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Don't worry Jon.  The rich is going to be soaked to pay for it!  Don't worry!

By the way, I heard Biden say two days ago that the Reps want to vote in (or have voted in*) a $600 TRILLION tax cut, which they are going to distribute to 120,000 families.  Boy, I sure hope I'm one of them!

 

* He's so hard to understand, I'm not sure which it is.

Oct 27, 2012 09:37 PM #10
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

If I only had personal debt I would be a rich guy for it isn't the money it is my family and friends that make me wealthy

Oct 28, 2012 12:09 AM #11
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Jay - I want to join you and be on a receving part of a piece of $600 Trillion. Gosh, Chenese are going to work so hard to make it happen. It is a daunting task to create such huge debt, but we are confident in our President's ability to lead in this direction...and Biden to voice it.

Oct 28, 2012 12:35 AM #12
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

William - back in the days in the uSSR there was a very popular wonderful song with the line "My friends is my treasure"

Our President is tirelessly working on making it the only treasure in our lives. ;-)

Oct 28, 2012 12:38 AM #13
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Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

That debt is our (every American citizen including children) portion of the national debt. That does NOT count any personal debt we might have.

If the 0bama and Bush administrations had given the TARP, AUTO and Car company bail-out money to everyone over 18 each person would have received $140,000. No the debt wouldn't have been paid off, but think of all the stuff that would have bene bought, houses that would have been saved. Instead the money went to the wall street 'fat cats' (As the libs like to call them).

This doesn't count the 100s of billions of dollars 0bama has spent on his major donors 'green energy' companies.

Oct 28, 2012 12:54 AM #14
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Jon Zolsky, Daytona Beach, FL
Daytona Condo Realty, 386-405-4408 - Daytona Beach, FL
Buy Daytona condos for heavenly good prices

Than - this is mind boggling. How can half of the country be OK with it uis beyond me. But they do.

Oct 28, 2012 03:03 AM #15
Rainmaker
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Than Maynard
Coldwell Banker Heart of Oklahoma - Purcell, OK
Broker - Licensed to List & Sell - 405-990-8862

They are okay with it because they think they are getting something for nothing. They don't pay income taxes, so who cares if those rich folks pay more!

Oct 28, 2012 10:56 AM #16
Rainer
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Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Jon - great approach to this information, in a way many might understand.  I am not greedy, I would be happy to receive mine in $50s and $20s.  LOL

Oct 28, 2012 03:29 PM #17
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Mike Frazier
Carousel Realty of Dyer County - Dyersburg, TN
Northwest Tennessee Realtor

Jon, don't you love how Obama is helping you get wealthy?

Oct 29, 2012 12:38 AM #18
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