On 09/21/2010 09:48 AM, Pete Theisen wrote: > Leland Jackson wrote: >> On 09/21/2010 09:16 AM, Pete Theisen wrote: >>> Leland Jackson wrote: >>>> Yeah, the wealthiest American are all just as broke as you and I, but >>>> just on a different leave. Well, I've heard it all now. LOL >>> Hi Leland, >>> >>> Nothing new about this, actually. We had this one old babe out on >>> Longboat Key back in the Carter recession. Her husband was forced to cut >>> her monthly allowance to a mere $40,000 a month and she flat couldn't >>> handle it. She signed up for financial counseling, and it hit the papers. >>> >>> Remember, this was around 1980 or so. Couldn't possibly get by on $40K >>> per month! >> 40k had a lot more kick back around 1980, than it does today, but I'm >> sure the problem of people living beyond their means will persist >> forever. You know the old "keep up with the Joneses" adage. >> >> Personally, I'd love to have the problem of being broke on a 10 million >> annual income. LOL I could fix that problem in a hurry with a little >> common sense cut back on extravagant, lavish excesses. > Hi Leland, > > Yeah, walk away from your mortgage and credit cards. But with the 10 > million income everybody would sue so you would have to file bankruptcy > to have any living money if your payments exceeded 10 million.
I'm talking about a 10 million dollar personal income to handle personal expenses. Anyone that would go so far beyond their mean, given a 10 million personal annual income, (eg dividends and interest on investment, rent and royalties, unincorporated farms and ranches, unincorporated businesses, salaries, etc, is in serious need of counseling. If the individual was broke under these circumstances, he probably shouldn't be drawing a 10 million dollar income, especially if its coming form his personal businesses. LOL With that kind of income any bankruptcy should be chapter 11 re-organization. Regards, LelandJ _______________________________________________ Post Messages to: [email protected] Subscription Maintenance: http://leafe.com/mailman/listinfo/profox OT-free version of this list: http://leafe.com/mailman/listinfo/profoxtech Searchable Archive: http://leafe.com/archives/search/profox This message: http://leafe.com/archives/byMID/profox/[email protected] ** All postings, unless explicitly stated otherwise, are the opinions of the author, and do not constitute legal or medical advice. This statement is added to the messages for those lawyers who are too stupid to see the obvious.
