And you thought you had debt..

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I am not sure if it is poor management as much as it is some of the things he invested in are just so devalued now.
 
They were saying last night that now that he is no longer spending so much his estate should recover quickly. They said the iTunes and Amazon downloads last night would be a big boost.
 
how are you paying 7 trillion? i'm a taxpayer also and i'm not paying 7 trillion. MJ has his debts based on his lifestyle.high roller life will bring that to you all the time.
 
Cmwat,

If you are paying taxes you are paying for 7 trillion in debt. But that is subject to double in the next four years!
 
AlbanyAMS said:
The late Michael Jackson had debts of over $$$ 400 million...Poor management? We'll never know.

RIP Michael...
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I will never understand how you calculate debt.

You live in a fancy house..have all kinds of fancy items, not to mention all the services that you have hired to make your life easy..and you call this debt?

I consider debt..the poor man, trying to make an honest living on hard work, and trying to put some food on the table.

These idiot actors who claim bankruptcy can shove it if you ask me. Live within your means, not how you "THINK" you should be living.

BTW..I'm not saying in the least..Jacko never worked hard...but I'd think his life couldnt have been that bad..minus all the horrible moral things he did wrong.

He worked hard for his money...but not as hard as some people work their whole life for.
 
DJMN said:
I will never understand how you calculate debt.

You live in a fancy house..have all kinds of fancy items, not to mention all the services that you have hired to make your life easy..and you call this debt?

I consider debt..the poor man, trying to make an honest living on hard work, and trying to put some food on the table.
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Adam,

Debt is calculated rather simply. Just ask any accountant. ;)

Basically, debt is monies, goods or services owed. If one is making mortgage, bank loan or CC payments, one is in debt.

Show me a man who has never owed someone and I'll show you a man who has never had a damn thing. :)
 
I dont pay tax

I mean I dont pay taxes in the uSA cos I aint there

we have GST and is paye (pay as you go)
 
I will never understand how you calculate debt.
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"Debt" is not struggling to put food on the table - that is called "poverty."

Debt is an obligation. You are in debt when you are struggling to meet those obligations and bankrupt when you cannot fullfill them.

Time is an important element of debt. You typically do not just "owe" money - you have a very specific time lines regarding when and in what proprotion it is to be paid back.

Debt is also not a reflection of your NET WORTH. You can be worth billions and still be in debt. Debt is simply the condition of not having enough money at the right time.

Certain foreclosures can be perfect example: If you cannot make your mortgage payments you will lose your house - regardless of your NET WORTH. You may have plenty of money in EQUITY however, you simply cannot convert it in too cash fast enough to meet your obligations.
 
and there are the people who owe debt and just neglect paying it although they can afford it.what are those people called "deadbeats"?
 
CMWAT said:
and there are the people who owe debt and just neglect paying it although they can afford it.what are those people called "deadbeats"?
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In the case of individuals, I'd think so. Paying a debt schedule on time is good credit. Walking away from or ignoring debt is not.

In the case of corporates, debt can be a necessary evil. Sure, the debt could be eliminated overnight but there would go your credit. It's a two-edged sword. :)
 
and there are the people who owe debt and just neglect paying it although they can afford it.what are those people called "deadbeats"?
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Sometimes it's just "business."

How do you feel about people who breach contracts?

What would you do if breaching a contract would net you $70 million? If you choose to do the "honorable" thing - what will you say to the stockholders?

Debt is a contract. Someone gives you money and you agree to give them something in return (interest). You are both seeking enrichment. In business, when the value of breaching a contract outweighs the value of performing on it the business does what business is suppose to do - make money.

What would you do if you were significantly upside down on your home mortgage? When the home is worth far less than you owe will you do the "honorable" thing and continue to pay on that debt - or will you breach the contract and let the bank take it in exchange for the smaller tax debt?

A true "deadbeat" would never be in a position to make these decisions. Their biggest problem tends to be whether or not to give you back the cigarette they bumbed last week.
 
Or if you did Honor you debt or just burn down your house for the insurance


mmm did I just say that
I better watch out the irs maybe after me

lol yeah right I dont pay tax in the usa no matter what server i log in too :)

dont worry the Aussie Tax dept are after Paul Hogan in the usa for not paying tax on the last croc dundee film
paul said they can byte my azz

what a crazy mixed up world we have

should be like startrek - no money and you get anything you want when you want (to a point)
 
should be like startrek - no money and you get anything you want when you want (to a point)
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I can do without everyone walking around in those pajamas they call uniforms - and where's your exuse for being late when there's a transporter in your front hall?
 
MBM said:
They were saying last night that now that he is no longer spending so much his estate should recover quickly. They said the iTunes and Amazon downloads last night would be a big boost.
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Exactly, Mike. :thumbsup:

Dead celebrities tend to make more money dead than alive as their spending habits cease upon death and their estates are usually set up pretty well, in most cases.
 
Well this thread went pointless.

There was no debt. Looks like lots of people have their hand in the honey jar.

One minute they were talking about how broke he was...the next week we are talking who gets what. Debt...my A$$

Performance/Bob I kinda worded that wrong...I consider anyone have millions of dollars not in debt!!!! I used a few wrong terms...but my point is the same on these millionaires. If you have a $1 million dollar + house, and you have all kinds of cleaning services...personal doctors....etc etc..you name it...by no means are you in debt. It's a choice of lifestyle.
 
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