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Oh Mittens....
http://thinkprogress.org/special/2012/04/27/473096/romney-borrow-money-parents/?mobile=nc
Want to start a business? Ask Daddy for 20K!
Re: Oh Mittens....
duh why didn't I think of that....
I'm going to call my dad now and ask him for $$$ to start my business.
Above Us Only Sky
Even better, that was back in the early 1980s, so with inflation it would be over $55k now.
The man is so freaking clueless. People whose parents have $55k lying around to loan them aren't the people who are going to have to take out student loans to go to college.
What school was he at?
Borrow money, EVEN if you have to ask dad....
...and some parents DO have money they would be willing to LEND to their children. There are a good many graduates who were provided with cars, nice vacations, had their college education's paid by their parents, wedding paid for etc. (I was not one of those in any category). Those are the parents who most likely have extra to lend.
I have a friend who was given 1M to start a business. It failed. He was given another 1M to start his next business which has been a booming success - he now has over 100 employees and growing - owns 3 buildings, his own jet, 4 homes .. and still wears old sweats when home on the weekends.
I once had a boss that promoted having parents take a home equity loan on their house as a better means of financing a college education
There are also a lot of parents that DO have 20k "lying around" but would not ever lend it to their kids to start a business. No matter how you slice it, its terrible advice.
Anything you can achieve through hard work, you could also just buy.
At first I thought he was a schmoozing politician, but I thought, well, they all are.
Now..... he just comes off so clueless that it is sad/funny/sad.
He was at Otterbein University in Ohio. It's not a place I know anything about.
This illustrates pretty well the difference between the opportunities granted the rich and the opportunities granted the middle class in this country. Could your friend have ever achieved that kind of success if no one had ever given him - or even lent him - money for those businesses? How many people in this country have access to $1M to start a business, have it fail, then be able to get another $1M? Unless you travel in wealthy circles, your chances of having that are virtually nil.
heh. I see what you did there!
You know how we do
1. How is that a better means of financing a college education? It puts the burden on the parents instead of the student to pay back the loan and if they can't for any reason they can lose their house. So any younger brothers and sisters not only don't get their college education, they don't get a roof over their heads!
2. I sure hope your friend paid his parents back that 2m, with interest. The point of the post though, was that Romney thinks this is reasonable advice to students who wish to succeed and it's not. Most not only do not have parents who can loan them start up costs, most also cannot possibly take on any more debt since they're paying on student loans. Romney is blissfully unaware of such realities.
I can't even begin to relate to any of this thread.
I gave my family a portion of my student loan money every year so they could eat and pay for their medication. I have NO concept of being able to ask anyone for money to start a business. What are you all even on about?
And before it comes up and Sisu lectures me, yes, I also worked through high school and college and since, and yes, I have since paid back the ridiculous sum of student loan debt I had. And I realize I am very lucky to have been able to do so this early.
Mitt just has no clue about what it is like to grow up poor. Like really poor. It has nothing to do with how hard you work because everyone I know worked like a fiend. You simply do not have access to that kind of wealth unless you get really lucky somehow. I would love for him to know what that is like. I don't mean that in a mean, punishing way. I think really understanding that would be good for him.
Actually if you listen to the clip, he lists a few things to take a chance/risk. One was getting a loan from your parents...another was start a business. Those two things aren't necessarily linked.
And a 21 second clip? Really? I wonder what the rest of that speech was about...you know maybe there was a bit more context?
thank you, TTT for providing some reason here. The likelihood of the average person have access to $1m is close to 0.
We've done well in real estate thanks to help from DH's parents, to the tune of about $100K, and honestly, we have very few friends who had access to that, if any.
$1M!? I don't know anyone that could just borrow that from their parents, and we run in a circle of wealthier people than most I think.
Anyone who thinks the average person can just 'borrow' 20K from parents is delusional. My parents would have laughed in my face had I asked for that.