Can I borrow 40k from you?

[h2co32]

That's exactly what financial advisors/investors do, or hedge fund managers...

 

[wirednuts]

I wonder if it would be legal for someone who knows lot of investment tricks to borrow tons of money from various people, invest it, then give them back the money + say, 10% and keep the rest.

Seems like it could be a nice money making scheme. Would have to really know what you're doing though. If you lose it all then that could royally suck. Probably get sued etc.

Ponzi schemes work excellent until the feds comes in.

 

[sixone]

Ponzi schemes work excellent until the feds comes in.

Unless, of course, the feds are running said Ponzi scheme. I'm forced to pay into one of those every month.

 

[LookBehindYou]

Oh I have plenty of those, but I don't really have the time. Really what I need the money for is to get rid of the stupid HE loan so I can actually refinance my mortgage and pay off my CCs.

I was thinking of starting an accelerated debt pay off group... where by lots of members contribute a small amount to pay off one member's high interest debt instantly, then that member increases contribution based on interest saved, and this rotates around until everyone's debt is paid.

That's actually an interesting concept. I'd really consider getting involved in something like that.

 

[Anonemous]

This for a kidney?

 

[ViviTheMage]

That's actually an interesting concept. I'd really consider getting involved in something like that.

Can I go first? hahaha

There would have to be some group, debt counseling first ... otherwise people will just wind up back in debt.

 

[SagaLore]

This for a kidney?

Then I could get 80k!

 

[darkxshade]

But I don't have any debt. Can't I just get on the line and get that 40k too? It makes more sense for those who made sound financial decisions to get the 40k too you know. I could do so much more with it. :\

 

[Cuda1447]

What do you need it for?

 

[MaxPayne63]

Unless, of course, the feds are running said Ponzi scheme. I'm forced to pay into one of those every month.

More often than that. They're looting your bank accounts as we speak.

 

[BUTCH1]

Oh I have plenty of those, but I don't really have the time. Really what I need the money for is to get rid of the stupid HE loan so I can actually refinance my mortgage and pay off my CCs.

I was thinking of starting an accelerated debt pay off group... where by lots of members contribute a small amount to pay off one member's high interest debt instantly, then that member increases contribution based on interest saved, and this rotates around until everyone's debt is paid.

Problem is with all the debt it might be a LONG time till everyone gets done. you can't get something for nothing and this is almost like a pyramid scheme..

 

[SagaLore]

But I don't have any debt. Can't I just get on the line and get that 40k too? It makes more sense for those who made sound financial decisions to get the 40k too you know. I could do so much more with it. :\

Lucky for you, do whatever you can to stay that way. If you ever have an emergency that savings can't cover, be sure to pay that off immediately even if it takes 3 jobs, before the CC co jacks up the interest rate so its almost impossible to pay off before the next emergency comes along.