this post was submitted on 11 Jun 2024
1120 points (96.2% liked)
memes
10472 readers
3569 users here now
Community rules
1. Be civil
No trolling, bigotry or other insulting / annoying behaviour
2. No politics
This is non-politics community. For political memes please go to [email protected]
3. No recent reposts
Check for reposts when posting a meme, you can only repost after 1 month
4. No bots
No bots without the express approval of the mods or the admins
5. No Spam/Ads
No advertisements or spam. This is an instance rule and the only way to live.
Sister communities
- [email protected] : Star Trek memes, chat and shitposts
- [email protected] : Lemmy Shitposts, anything and everything goes.
- [email protected] : Linux themed memes
- [email protected] : for those who love comic stories.
founded 1 year ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
“Anyone who had/has rich parents”.
Worked my ass off moving up through food industry - from retail to operations manager of a manufacturing plant.
Didn’t get rich until my folks gave me a 6-figure loan to start my own business, with an interest rate so low+generous it was basically free money. That enabled us to take risks in the first 2 years that we never would have attempted otherwise. Some of those paid off.
Hell I wouldn’t have been able to grind out 65+hr weeks in my mid-twenties getting experience if I didn’t have such a great support system, largely enabled due to not having to truly worry about bills or food until I “got on my own feet”.
Yeah, I put work in. But I could’ve done the exact same amount of effort and made many times less money, essentially guaranteed if not for randomly being born to the right situation.
Behind every early retired person is someone who gave them some kind of resource most others likely will never have access to.
Did you ever pay off that 6 figure loan? What would happen if you didn’t?
I assume the 6 figure loan is done that way to avoid paying taxes on a gift, so I wonder if there’s any repercussions for not paying the loan back. Or maybe your parents would claim that as a loss on their taxes and end up paying less taxes from it.
Paid it off the third year after we got some consistent business in the industry(food software and logistics). Paid about $400 in interest over that time.
Yep, it was so they could give me far more than the limit on gifts per year and not get taxed.
I sold my half of the business to my cofounder about 2 years ago. Been retired and just raising my kids while my wife is getting back into her field(she was stay at home while I built my business).