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mcallister3200
mcallister3200
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March 10th, 2018 at 5:10:28 PM permalink
I’ve heard 7 years is considered general BE point on a house. Anyways, I’m not big on RE but you can leverage in a way you can’t for other investments (obv potential for trouble like cc’s) and there’s obvious tax benefits.

So...if you have enough free capital to get 20-30% equity, and can get the cash for a cost considerably less than you would conservatively make in the market (boz’s 3.5% comment) there’s seems to be a clear path where it’s not stupid. I personally wouldn’t consider it if your full time cc’ing/AP unless you have 100k liquid that’s not for expenses that you’re not gonna dip into for that
PokerGrinder
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March 10th, 2018 at 7:42:37 PM permalink
Quote: Boz

Says the guy in his mid to late 20’s with a $50,000 net worth, lol. “But I have no debt and didn’t fall for the home ownership scam”.

Yea you know it all, have all the answers. Yea, you will show us, lol.

But I will give you credit for not having $100k in college debt.

So what is your future plan to double, triple or multiple it 10x?

Obviously real estate is out.

The WoV world is waiting for your wisdom.

PS not quoting your reply to Tiger, but Thank You for returning to where you started! “ You should not be able to sell a house after taking a mortgage out on it”. Maybe your best one ever.

And yes I see it as sad to think some legitimate posters like PG thought you changed your stripes.


I don’t know if he has actually changed his stripes but I am willing to give him the opportunity to prove that he has. I have been given 2nd chances in life so why shouldn’t I afford ZK the same opportunity? You make it seem like I’ve been fooled or played by ZK when in reality it seems like he wants to attempt to not sound crazy. I’m just an easy going person who thinks that everyone should have the chance to show self improvement without being judged.
You can shear a sheep a hundred times, but you can skin it only once. — Amarillo Slim Preston
Nathan
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March 10th, 2018 at 8:01:02 PM permalink
Zenking, in all honesty, buying a house is a very good investment, much better than an apartment. A paid off house is YOURS, and an apartment technically isn't yours. It's technically the landlord's and he just might kick you out at any given time. If you have a paid off house, no one is going to kick you out in MOST cases. Plus if you run into trouble, you can use your paid off house to secure a loan. And you can leave a paid off house to future generations to grow up in. :) Zenking with your recent uptick in winning more money than you lost at the casino if you continue tk play your cards right you could be able to pay for a house right off the bat.

There was a guy that won $500,000 in just one day at a casino. That's enough to buy a house right off the bat. But he was foolish with his humongous winnings and gave it all back to the casino in just a few hours playing stupid bets. If you're not foolish like him you can be the owner of a paid off house very soon.
In both The Hunger Games and in gambling, may the odds be ever in your favor. :D "Man Babes" #AxelFabulous "Olive oil is processed but it only has one ingredient, olive oil."-Even Bob, March 27/28th. :D The 2 year war is over! Woo-hoo! :D I sometimes speak in metaphors. ;) Remember this. ;) Crack the code. :D 8.9.13.25.14.1.13.5.9.19.14.1.20.8.1.14! :D "For about the 4096th time, let me offer a radical idea to those of you who don't like Nathan -- block her and don't visit Nathan's Corner. What is so complicated about it?" Wizard, August 21st. :D
beachbumbabs
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March 10th, 2018 at 8:30:27 PM permalink
Quote: Mission146

I'm glad to hear things are swinging back your way, just be prepared for when they swing back the other way again. Given an advantage, you're expected to come out ahead in the end, of course.

I believe the only reason anyone ever doubted you was the content of many of your rant-like posts. More of an attitude thing. I don't think that anyone here doubts your proficiency as a counter or your ability to do so successfully should you keep a level head. You've even said that you're just letting off steam here and are different in person, and that stance has some corroboration from people here who have met you.

In other words, I don't know that anyone really questions you in terms of ability.




Awwww. You're spoiling his fun. He needs adversaries. When he's losing, it's the casinos. When he's winning, it's the people he whined to while losing, and can then gloat to about how great he is.

I met him 5 weeks or so ago. He's an OK guy. The thing he was doing sounded interesting (that he mentioned above) . Too bad he's tossed it out.
If the House lost every hand, they wouldn't deal the game.
billryan
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March 10th, 2018 at 11:03:18 PM permalink
Quote: Nathan

Zenking, in all honesty, buying a house is a very good investment, much better than an apartment. A paid off house is YOURS, and an apartment technically isn't yours. It's technically the landlord's and he just might kick you out at any given time. If you have a paid off house, no one is going to kick you out in MOST cases. Plus if you run into trouble, you can use your paid off house to secure a loan. And you can leave a paid off house to future generations to grow up in. :) Zenking with your recent uptick in winning more money than you lost at the casino if you continue tk play your cards right you could be able to pay for a house right off the bat.

There was a guy that won $500,000 in just one day at a casino. That's enough to buy a house right off the bat. But he was foolish with his humongous winnings and gave it all back to the casino in just a few hours playing stupid bets. If you're not foolish like him you can be the owner of a paid off house very soon.



Many many houses in Las Vegas are underwater. My friends that moved here in 2007 are 11 years into a 25 year mortgage and are hopelessly upside down.
A sharp investor can do much better with his money than buying a single family house to live in. I did a very detailed look at dropping $200K to buy a house or investing it and renting and renting works better for me. 200K invested returns well over 15K a year, and my rent is just under $1,000 a month. Homes have upkeep, I can call the office and have someone come change a light bulb if I want. Two giant pools, a 24 hour gym and a great dog park.
The difference between fiction and reality is that fiction is supposed to make sense.
Nathan
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March 10th, 2018 at 11:18:26 PM permalink
^Bill, if your friends BOUGHT the house outright they wouldn't need a mortgage. They wouldn't be underwater metaphorically. This is what I am talking about in my house post. Get a very good win in a casino that nets you $500,000 cash like a guy did(Do not put it all back in just a few hours like he did by making stupid bets)and buy the house in one fell swoop. The maintenance and upkeep can be paid with the big win. $300,000 for the house, $100,000 for the maintenance, and $100,000 for the upkeep. :)
In both The Hunger Games and in gambling, may the odds be ever in your favor. :D "Man Babes" #AxelFabulous "Olive oil is processed but it only has one ingredient, olive oil."-Even Bob, March 27/28th. :D The 2 year war is over! Woo-hoo! :D I sometimes speak in metaphors. ;) Remember this. ;) Crack the code. :D 8.9.13.25.14.1.13.5.9.19.14.1.20.8.1.14! :D "For about the 4096th time, let me offer a radical idea to those of you who don't like Nathan -- block her and don't visit Nathan's Corner. What is so complicated about it?" Wizard, August 21st. :D
MaxPen
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March 10th, 2018 at 11:43:18 PM permalink
Quote: billryan

Many many houses in Las Vegas are underwater. My friends that moved here in 2007 are 11 years into a 25 year mortgage and are hopelessly upside down.
A sharp investor can do much better with his money than buying a single family house to live in. I did a very detailed look at dropping $200K to buy a house or investing it and renting and renting works better for me. 200K invested returns well over 15K a year, and my rent is just under $1,000 a month. Homes have upkeep, I can call the office and have someone come change a light bulb if I want. Two giant pools, a 24 hour gym and a great dog park.



A 200k mortgage is between 1000 and 1100 with principal, interest, taxes, and insurance. Fixed for 30 years subject to increased tax rates. Rent can and does go up about 3-5% a year. A lot of people in the valley were paying 700-1000 per month in rent 10 years ago and now they are paying 1000-1500 per month. What will they be paying in 2025?
billryan
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March 11th, 2018 at 12:02:55 AM permalink
Quote: MaxPen

A 200k mortgage is between 1000 and 1100 with principal, interest, taxes, and insurance. Fixed for 30 years subject to increased tax rates. Rent can and does go up about 3-5% a year. A lot of people in the valley were paying 700-1000 per month in rent 10 years ago and now they are paying 1000-1500 per month. What will they be paying in 2025?



How many ACs are you going to go thru in the next twenty years? Fridges, microwaves, stoves, washers, driers? If I keep renting, I'll never pay a dime for any of them. No painting, no landscaping.
What's a new roof run these days? My house in NY had a twenty year roof, I imagine those are common out here.
We can go back and forth on what it will cost to buy and maintain a house vs renting.
I believe my 200K invested will both grow and cover my housing costs. I've got friends in the Finance game who swear home ownership is the best thing since sliced beer and others who think it's not a good deal. In my case, with limited taxable income, it makes less sense for me than it does for someone like yourself who can use the interest deduction. If it lasts.
For some people, home ownership works great. Others, not so much.
The difference between fiction and reality is that fiction is supposed to make sense.
MaxPen
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March 11th, 2018 at 12:14:59 AM permalink
Quote: ZenKinG


I also laugh at all the people who say they just 'bought' a house and laugh even harder when they get 'congratulations' from their friends and family LOL. They didn't buy anything other than asking government to buy it for them and now are drowning in interest payments and they're being congratulated for it.

Yeah go ahead and tell me whats easier to do. Move out of an apartment or sell a house? Which is quicker as well? Ill wait. Fexibility is more important than purely momey when your in your 20s and early 30s. People buying houses amd getting married in their 20s is laughable and explains why everyone is broke their whole life. No one should be buying a house before 35 or getting married before 35 unless they're already set financially.

Also they should not let people sell their house after taking out a mortgage. Once again instant satisfaction bull$hit this society. No money to pay for a house and if you don't want to continue making payments, just find a buyer, so laughable. Yes I know you don't get the full profits of the house and only of what you paid for it and whatever difference is left over etc., but you shouldnt even be entitled to any of the profits either, nonetheless that's not even the point im trying to make. There's just too much fluff and instant satisfaction in today's society. No one understands the true essence of money in their pocket because it takes 2 seconds to get a loan at the tip of a finger or get something without any money in hand.

Depressing times indeed and explains why America has become the world's largest debtor when it once was the worlds strongest economy and world's largest creditor. Other countries are leaps and bounds ahead of us by now including China and Germany and they're laughing at us.



The people I hear promoting that rhetoric are usually lacking the resources to make a home purchase happen. You come across as someone that is very bitter towards anyone who holds different beliefs than yourself.
Not everyone wants to try and figure out how to survive on $1200 per month in today's America. Some would rather find a good job and be a wage slave their whole lives. Who cares? Let them do as they wish without criticism.
You crack me up. You continually talk about how money is irrelevant to happiness but then use it to measure everything. I don't care if a person is worth 5 or 5 billion. I know people who make every financial mistake in the book but are rich in life. They dedicate their life to their family and are the happiest of them all.
A measure of a persons value and worth is not in dollars.
Wealth cannot be measured using total amounts. One person may have expenses of 100k per month while another may have 1k per month. I measure my personal wealth based on how far I can carry myself and others that I care for into the future without any further production or return on investment without lifestyle change.
You despise the dollar but yet you seek it. You measure yourself and life results with it. You know what real money is but yet you cannot figure out what today's USDollar is.

Other countries are in the same mess as the US and even more so. Why don't you head to Hong Kong and see what opportunity is available there. You think your situation is bleak here...lol. You wouldn't last 3 months in Hong Kong. Germany is not laughing at anyone, they are to busy trying to figure out what to do with the invaders.
Last edited by: MaxPen on Mar 11, 2018
prozema
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March 11th, 2018 at 7:09:50 AM permalink
Considering ZKs situation, I don't think buying a house is a real option. Last time I got a mortgage the bank was very interested in where I worked, how long I've worked there, and how much I made. They even wanted proof of income. How would that work if you are a full time card counter?
AxelWolf
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March 11th, 2018 at 7:47:36 AM permalink
Quote: prozema

Considering ZKs situation, I don't think buying a house is a real option. Last time I got a mortgage the bank was very interested in where I worked, how long I've worked there, and how much I made. They even wanted proof of income. How would that work if you are a full time card counter?

I think Roger will let his place on Bonanza go cheap (-;

But seriously, there are ways to do it if one really wanted to.

I'm more concerned that he thinks its a bad idea in general, whether he has the ability to or not.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
GWAE
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March 11th, 2018 at 8:23:00 AM permalink
Quote: prozema

Considering ZKs situation, I don't think buying a house is a real option. Last time I got a mortgage the bank was very interested in where I worked, how long I've worked there, and how much I made. They even wanted proof of income. How would that work if you are a full time card counter?



Well if he is doing it legit then he should have 2 years of self employment tax returns. That would be good enough for a mortgage. However I don't recall him complaining about sending the IRS any money so I am not sure that is happening.
Expect the worst and you will never be disappointed. I AM NOT PART OF GWAE RADIO SHOW
prozema
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March 11th, 2018 at 8:36:09 AM permalink
Quote: AxelWolf


But seriously, there are ways to do it if one really wanted to.

I'm more concerned that he thinks its a bad idea in general, whether he has the ability to or not.



You are always so clear and detailed... Another trade secret? (Rhetorical question)

Anyway, I recommend anyone in their 20s understand compound interest and dollar cost averaging. These are very powerful tools...

Then again, if someone is rigging the market... ;-)
Dalex64
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March 11th, 2018 at 8:51:21 AM permalink
For me, owning a home isn't so much about making money as it is a lifestyle choice, and as a financial instrument to achieve those choices.

It is all about the equity you build by owning a home. You get a starter home, build up equity, start a family, you can then use the equity toward a larger home, one that you could not have afforded if you wanted to buy that one first.

Eventually it will be paid off and/or you can downsize, then be free and clear. You can borrow against your equity at better than personal loan rates if you need to.

My home now has some property, and more square footage than you can get for my payment if I had an apartment near here.
ZenKinG
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March 11th, 2018 at 10:27:29 AM permalink
Im done replying to this thread. Im just beyond my years, thats all and as time goes by more and more people get proven wrong and see I was right. Whether people can suck up their pride and admit it, is a differrent story.

I dont have all the answers and im not the smartest person in this forum, but what i do know is how poorly managed this world is and how poorly run the economy is and how the people in society today have no idea about the true value of money, which ends up biting them in the end as they end up broke and living paycheck to paycheck the rest of their lives.

If only America was a dictatorship for a year and I was President of this dictatorship, I would fix this country in a heartbeat, just like if i was head of any casino, id double their profit instantly. Problem is id probably be gunned down just like Kennedy. We all know what happened when he threatened to end the Federal Reserve system. Sick world.

Even if i couldnt end the Fed, first thing i would do is destroy every ounce of borrowing and lending. No more credit cards, no more loans, no more mortgages, no more anything. If you dont have the money for something you dont get it. We will go back to the farm system as well. It will set us back a while, but thats what it will take to move this country back to the powerhouse it once was. America is heading to another Great Depression anyway, they just keep prolonging the inevitable until it finally collapses. Who knows how long they will prolong it, could be hundreds of years or tomorrow. Regardless the country will have to reset to fix this mess.
Any private business open to the PUBLIC (ie. droned out casinos) cannot have a criminal trespass enforced against an individual without GOOD CAUSE (Disruptive or Disorderly conduct). You will never go to prison for being thrown out of a casino for legal advantage play and then returning because it's simply unconstitutional 'as applied' to the individual. 'As applied' constitutional issues must FIRST be raised in DISTRICT COURT (trial court) to have it thrown out. You CANNOT raise it on APPEAL This is the best kept secret in the world of casinos not just in Vegas but everywhere in the country. Thank me later.
billryan
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March 11th, 2018 at 11:04:03 AM permalink
Before you solve all the worlds problems, wouldn't you be better off by figuring out how to finance the plan you presented at the SB party?
The difference between fiction and reality is that fiction is supposed to make sense.
RonC
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March 11th, 2018 at 11:14:56 AM permalink
Quote: ZenKinG

Im done replying to this thread. Im just beyond my years, thats all and as time goes by more and more people get proven wrong and see I was right. Whether people can suck up their pride and admit it, is a differrent story.

I dont have all the answers and im not the smartest person in this forum, but what i do know is how poorly managed this world is and how poorly run the economy is and how the people in society today have no idea about the true value of money, which ends up biting them in the end as they end up broke and living paycheck to paycheck the rest of their lives.

If only America was a dictatorship for a year and I was President of this dictatorship, I would fix this country in a heartbeat, just like if i was head of any casino, id double their profit instantly. Problem is id probably be gunned down just like Kennedy. We all know what happened when he threatened to end the Federal Reserve system. Sick world.

Even if i couldnt end the Fed, first thing i would do is destroy every ounce of borrowing and lending. No more credit cards, no more loans, no more mortgages, no more anything. If you dont have the money for something you dont get it. We will go back to the farm system as well. It will set us back a while, but thats what it will take to move this country back to the powerhouse it once was. America is heading to another Great Depression anyway, they just keep prolonging the inevitable until it finally collapses. Who knows how long they will prolong it, could be hundreds of years or tomorrow. Regardless the country will have to reset to fix this mess.



Make America Greater Yet!

or...
ZenKinG
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March 11th, 2018 at 11:15:56 AM permalink
Quote: billryan

Before you solve all the worlds problems, wouldn't you be better off by figuring out how to finance the plan you presented at the SB party?



First of all i dont need to 'finance' anything. I can pay for the costs associated with it upfront, i just no longer want to proceed with the business. I dont need the extra headache.
Any private business open to the PUBLIC (ie. droned out casinos) cannot have a criminal trespass enforced against an individual without GOOD CAUSE (Disruptive or Disorderly conduct). You will never go to prison for being thrown out of a casino for legal advantage play and then returning because it's simply unconstitutional 'as applied' to the individual. 'As applied' constitutional issues must FIRST be raised in DISTRICT COURT (trial court) to have it thrown out. You CANNOT raise it on APPEAL This is the best kept secret in the world of casinos not just in Vegas but everywhere in the country. Thank me later.
ZenKinG
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March 11th, 2018 at 11:21:44 AM permalink
Quote: RonC

Make America Greater Yet!

or...



A president cannot make 'America great again' by himself under Americas legal structure. Ive spoken about this before and I laugh at all the drones that focus so much on the federal election when in fact the state elections in each respective state holds so much more weight than the federal election in terms of fixing the country. These state representatives will be the ones representing you in Congress and thus passing the laws, not some puppet president.

Thats why I said I could fix this countrys problem IF it was a dictatorship, not a democratic republic. Im not for dictatorships, but in my case for a year it will suffice. Im obviously in favor of everything our founding fathers created because what they created is pure genius, the problem is an uneducated public makes it irrelevant and i bet 9 out of 10 drone citizens walking the streets today think we live in a pure democracy and not a republic. Ill then bet you that 1 out of 50 know the difference between a democracy and a republic.

This is what happens when you get all of your misleading news through FOX news at night. The president and TV love to subconsciously throw the word 'democracy' around and that America is a 'democracy'.This is all cleverly done though. When kids are young have the schools not teach them anything about this country and drown them with useless math algorithms and geometry classes. Then by the time theyre in their mid 20s and mid 30s have them so deep in debt because redit is such a wonderful thing, that theyre working 50 hours a week with no time to themselves only to get to their couch at 5-6pm for their daily misleading TV news at night. Rinse and repeat.
Any private business open to the PUBLIC (ie. droned out casinos) cannot have a criminal trespass enforced against an individual without GOOD CAUSE (Disruptive or Disorderly conduct). You will never go to prison for being thrown out of a casino for legal advantage play and then returning because it's simply unconstitutional 'as applied' to the individual. 'As applied' constitutional issues must FIRST be raised in DISTRICT COURT (trial court) to have it thrown out. You CANNOT raise it on APPEAL This is the best kept secret in the world of casinos not just in Vegas but everywhere in the country. Thank me later.
TigerWu
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March 11th, 2018 at 11:35:43 AM permalink
Guys, guys, guys... renting vs. buying just depends on where you live. Where I live in Oklahoma, it's cheaper to buy than rent, even after factoring in taxes and maintenance costs. I've done the math; there's no comparison. Other places in the country it makes way more sense to just rent forever.
MrV
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ontariodealer
March 11th, 2018 at 11:42:36 AM permalink
Gee, what planet does this guy live on?

Not the one I inhabit.

When I went to school we studied American history in some detail, as well as politics.

Heck, we even glanced at Plato and his "Republic."

I used my education as a foundation to understand how the game of life is best played and hey, it worked.

By my thirties I owned real estate, had investments, and a good amount of cash: I was not "deep in debt;" having a balance on a mortgage is not a problem, so long as you keep it current, which is easy if you have a job and a spouse who is employed to help when and if needed.

My teachers seem to have taught me well.
"What, me worry?"
RonC
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March 11th, 2018 at 11:57:08 AM permalink
Quote: ZenKinG

A president cannot make 'America great again' by himself under Americas legal structure. Ive spoken about this before and I laugh at all the drones that focus so much on the federal election when in fact the state elections in each respective state holds so much more weight than the federal election in terms of fixing the country. These state representatives will be the ones representing you in Congress and thus passing the laws, not some puppet president.

Thats why I said I could fix this countrys problem IF it was a dictatorship, not a democratic republic. Im not for dictatorships, but in my case for a year it will suffice. Im obviously in favor of everything our founding fathers created because what they created is pure genius, the problem is an uneducated public makes it irrelevant and i bet 9 out of 10 drone citizens walking the streets today think we live in a pure democracy and not a republic. Ill then bet you that 1 out of 50 know the difference between a democracy and a republic.

This is what happens when you get all of your misleading news through FOX news at night. The president and TV love to subconsciously throw the word 'democracy' around and that America is a 'democracy'.This is all cleverly done though. When kids are young have the schools not teach them anything about this country and drown them with useless math algorithms and geometry classes. Then by the time theyre in their mid 20s and mid 30s have them so deep in debt because redit is such a wonderful thing, that theyre working 50 hours a week with no time to themselves only to get to their couch at 5-6pm for their daily misleading TV news at night. Rinse and repeat.



Yep. He missed it...
MaxPen
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March 11th, 2018 at 11:58:32 AM permalink
Keep in mind Zen would rather sleep in his car than fork over 40 bucks for a bed for the night. It is all about staying below 1500 in total expenses for the month.
He also has to guess what is eating him while he sleeps in his regular living quarters. He is a dedicated, driven, and disciplined young man.
RogerKint
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March 11th, 2018 at 12:24:14 PM permalink
Quote: AxelWolf

I think Roger will let his place on Bonanza go cheap (-;

But seriously, there are ways to do it if one really wanted to.

I'm more concerned that he thinks its a bad idea in general, whether he has the ability to or not.



I've had it on Airbnb for a month. Still no interest. I may rent the couch by the hour.
100% risk of ruin
prozema
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March 11th, 2018 at 1:45:27 PM permalink
I got some great advice from an Amway salesman once. It was part of his pitch... In case you are dying to know, I did NOT sign up.

Anyway, this guy said that if there is something you want in life you should connect with someone that already has that thing and ask them how they got it.

Not sure that'll work on this board, but it's still generally good advice.

Conclusion: I suspect everyone is assuming ZK wants the same things that they want. I'm starting to think that's a bad assumption.
MrV
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March 11th, 2018 at 1:52:26 PM permalink
Quote: prozema

I suspect everyone is assuming ZK wants the same things that they want. I'm starting to think that's a bad assumption.



Good point.

Not all animals belong with the herd; there will always be a few outliers, a few rogues.

No worries: that's what predators are for.
"What, me worry?"
1MatterToMotion
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March 11th, 2018 at 2:15:52 PM permalink
Quote: MrV

No worries: that's what predators are for.

The bloodsuckers are the ones with the blood.
Never make a bet that you wouldn't take, yourself.
AxelWolf
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March 11th, 2018 at 2:20:14 PM permalink
Quote: prozema

I got some great advice from an Amway salesman once. It was part of his pitch... In case you are dying to know, I did NOT sign up.

Anyway, this guy said that if there is something you want in life you should connect with someone that already has that thing and ask them how they got it.

Not sure that'll work on this board, but it's still generally good advice.

Conclusion: I suspect everyone is assuming ZK wants the same things that they want. I'm starting to think that's a bad assumption.

We all don't want a brand new house on an episode of cribs with a big bathroom we can play basketball in?

That's AP heresy.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
RS
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March 11th, 2018 at 3:56:29 PM permalink
Quote: billryan

How many ACs are you going to go thru in the next twenty years? Fridges, microwaves, stoves, washers, driers? If I keep renting, I'll never pay a dime for any of them. No painting, no landscaping.
What's a new roof run these days? My house in NY had a twenty year roof, I imagine those are common out here.
We can go back and forth on what it will cost to buy and maintain a house vs renting.
I believe my 200K invested will both grow and cover my housing costs. I've got friends in the Finance game who swear home ownership is the best thing since sliced beer and others who think it's not a good deal. In my case, with limited taxable income, it makes less sense for me than it does for someone like yourself who can use the interest deduction. If it lasts.
For some people, home ownership works great. Others, not so much.


There's a reason people buy homes and rent them out to people.

HINT: It's not so those people can get a better deal on the place than the home-owner.
billryan
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March 11th, 2018 at 5:36:32 PM permalink
Quote: RS

There's a reason people buy homes and rent them out to people.

HINT: It's not so those people can get a better deal on the place than the home-owner.



I imagine there is also a reason why people choose to work as coal miners or in slaughterhouses. Damned if I get them, either.
You are also mixing income producing property with a place to live.
Buying investment property is a better way to produce wealth than buying a residence, but it's certainly not the best way to go.
The difference between fiction and reality is that fiction is supposed to make sense.
sodawater
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March 11th, 2018 at 7:22:56 PM permalink
Quote: ZenKinG



Even if i couldnt end the Fed, first thing i would do is destroy every ounce of borrowing and lending. No more credit cards, no more loans, no more mortgages, no more anything. If you dont have the money for something you dont get it. We will go back to the farm system as well. It will set us back a while, but thats what it will take to move this country back to the powerhouse it once was.



I have read a lot of stupid ideas online but this one has to be the winner.

Money ITSELF is debt. A $100 bill is an IOU. It's what allows trade without worrying about the value of chickens vs firewood. Your proposal would put us back in the stone age economy. Outlawing borrowing/lending from the economy would crash it so hard and so instantly we would need martial law.

This is some high-level autism at work; I am actually kind of proud.
prozema
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March 11th, 2018 at 7:36:02 PM permalink
Quote: sodawater

I have read a lot of stupid ideas online but this one has to be the winner.

Money ITSELF is debt. A $100 bill is an IOU. It's what allows trade without worrying about the value of chickens vs firewood. Your proposal would put us back in the stone age economy. Outlawing borrowing/lending from the economy would crash it so hard and so instantly we would need martial law.

This is some high-level autism at work; I am actually kind of proud.



Could you image how blackjack would work without currency. You have a peacock farmer betting peacocks. You take your peacocks to the cage and get chips? But wait, you just converted your peacocks to a currency... I guess you just put the peacocks in the betting circle. Imagine getting blackjack betting 5 peacocks. The poor dealer would have to pay seven and a half peacocks.

I don't want to be the guy making half peacocks.
sodawater
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March 11th, 2018 at 7:43:29 PM permalink
Quote: prozema

I guess you just put the peacocks in the betting circle. Imagine getting blackjack betting 5 peacocks. The poor dealer would have to pay seven and a half peacocks.

I don't want to be the guy making half peacocks.



This is the real reason the rigged casinos are going to 6:5
RS
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March 12th, 2018 at 4:51:40 AM permalink
Quote: ZenKinG

Even if i couldnt end the Fed, first thing i would do is destroy every ounce of borrowing and lending. No more credit cards, no more loans, no more mortgages, no more anything. If you dont have the money for something you dont get it. We will go back to the farm system as well. It will set us back a while, but thats what it will take to move this country back to the powerhouse it once was. America is heading to another Great Depression anyway, they just keep prolonging the inevitable until it finally collapses. Who knows how long they will prolong it, could be hundreds of years or tomorrow. Regardless the country will have to reset to fix this mess.


The problem isn't borrowing, lending, credit cards, loans, mortgages, etc. Those are actually good things, because both sides (can) benefit. The problem is when the borrower can't make payments and/or when the borrower goes into the deal without having a reasonable expectation to pay it back.

With $200k I can buy a house, rent it out, and recoup my investment after 11 years (rent = $1,250/month increases by $50/month every 12 months).

Or I can use that $200k to buy 5-10 houses and make a 10-20% downpayment on each of them, take out a loan for each house, and make an assload more money with less risk.



On a kind-of related note, APs can do something similar. Say there are 10 APs who each have a $10k bankroll. Let's say those APs want to keep their ROR down and they find a game that is worth $10/hour. Just as an example and to keep the math. $10/hour is all fine and dandy, but certainly not good or great by any means.

Now on the other hand, they can all team up and pool their bankroll. They can now all play off of a shared bankroll, and staying at the same level of risk, they can play 10x higher than before, since they are now working out of a $100k BR not a $10k BR. Now each of them is making $100/hour instead of $10/hour.

Conversely, the team could play at a LOWER level of risk than if they had played individually and make $50/hour each. That lowers their risk but increases their profits.

The first solo-AP would make $10 * 1000 hours = $10,000 (in a year), whereas the teamed-up-AP would make $100 * 1000 hours = $100,000 (in a year) or $50*1000 = $50,000/year.

That also doesn't take into account the fact that they'd be able to be on plays that are exponentially better with a $100k than with a $10k BR....since many plays don't scale AND expenses are more constant (it costs the same to travel to LV for a weekend whether you have a $10k BR or a $100k BR [actually probably cheaper for the $100k BR guy b/c he may have comps]).
UP84
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March 12th, 2018 at 4:53:59 AM permalink
Quote: sodawater


Money ITSELF is debt. A $100 bill is an IOU.


Not since 1971.
prozema
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March 12th, 2018 at 5:36:41 AM permalink
Quote: UP84

Not since 1971.



It doesn't matter if currency is backed by a commodity or is fiat. The IOU is $100 in gold vs $100 in goods / services. Currency serves as a medium of exchange, a store of value, and a unit of measure.
OnceDear
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March 12th, 2018 at 5:55:32 AM permalink
Quote: ZenKinG

Im done replying to this thread.

Pants on Fire!

Quote:

people get proven wrong and see I was right.

Do they? Do they, really?

Quote:

Whether people can suck up their pride and admit it, is a differrent story.

We all need to learn humility. Not, I fear from you.
Incidentally, your posts about people feeling entitled and accepting handouts made me wonder whether you paid market rent for your accommodation, food etc from your parents for how many decades?
And your post about home ownership demonstrate you have some flawed misunderstandings about the REAL world of finance. You manage to make a few good points and then destroy your own credibility by spouting rubbish.
I guess you are NOT wise beyond your years.
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
WatchMeWin
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March 12th, 2018 at 6:18:54 AM permalink
Quote: prozema

Could you image how blackjack would work without currency. You have a peacock farmer betting peacocks. You take your peacocks to the cage and get chips? But wait, you just converted your peacocks to a currency... I guess you just put the peacocks in the betting circle. Imagine getting blackjack betting 5 peacocks. The poor dealer would have to pay seven and a half peacocks.

I don't want to be the guy making half peacocks.



Michael Vick might know a thing or two about this one...
'Winners hit n run... Losers stick around'
boymimbo
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March 12th, 2018 at 9:05:25 AM permalink
Many people feel the way that ZK does and it certainly isn't a unique point of view on millennials.

The problem is that he lives, participates, and takes advantage of a system he doesn't believe in. Worst, yet, his participation in the society (using money to travel, attempting to make more 'money' by counting cards, and attaching all of his value to 'money' by getting upset when he loses it and happy when he wins it) shows a disconnect between actions and beliefs.

If ZK truly felt frustrated, then he wouldn't worry about money since it's unreal anyway.
----- You want the truth! You can't handle the truth!
Incogsino
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March 12th, 2018 at 11:14:26 AM permalink
ZenKing I have been there and yes the odds are stacked against you. The question is are you really ready to quit and have you hit rock bottom. If you haven't hit rock bottom don't go there just slow down the gambling so you don't feel so bitter towards your losses. Find someone to hold your money if you feel you are getting out of control and remain positive cause if you in the gambling game losing streaks happen and then happen again for longer periods of time than we would like!
prozema
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March 12th, 2018 at 2:10:15 PM permalink
Quote: Incogsino

Find someone to hold your money



I was just reading the wizard of nothing thread... Sounds like he can help.
ZenKinG
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March 12th, 2018 at 4:04:31 PM permalink
Quote: sodawater

I have read a lot of stupid ideas online but this one has to be the winner.

Money ITSELF is debt. A $100 bill is an IOU. It's what allows trade without worrying about the value of chickens vs firewood. Your proposal would put us back in the stone age economy. Outlawing borrowing/lending from the economy would crash it so hard and so instantly we would need martial law.

This is some high-level autism at work; I am actually kind of proud.



Mods, where you at? Personal insult?

You're just another uneducated soul amongst the large masses in this society that doesn't understand how the current monetary system works. Yes, NOW it's an 'IOU' and that's the problem. It didn't used to be until the government stole everyone's gold from them. 'Money' used to actually be backed by 'something'. That 'something' was GOLD. Now we have a devastating system in place where the current paper in your wallet is backed by nothing and you and others live under the illusion that everything is fine until it all hits the fan. 2008 was the precursor to something even worse coming whether it's tomorrow or 20 years or 50 years, who knows, but it won't last.

Also all those promoting socialism are just utter idiots and really show the lack of education surrounding economics and the history of what makes a society great, because any student of history realize that socialism has never worked in any other country before(Venezuela anyone?), and will NEVER work. The same thing goes for a pure 'democracy'. Reasons why it doesn't work are pretty self-explanatory and anyone with half a brain cell would understand the destructive qualities of a socialist society.

Meanwhile we have a central bank in place printing more and more paper out of thin air destroying the economy to shreds depreciating the very 'dollar' in your pocket each day and no one is batting an eye. The current inflationary fiat system in place is not sustainable and you might as well be living in the 'stone age' that you laughed at foolishly. Everyone loves to talk about taxes, but no one ever mentions the killer silent tax known as inflation due to the destructive Federal Reserve in place.

Everyone is so distracted with ridiculous bull$hit propagated by the media to keep everyone distracted such as feminists, vegans, gender equality, people not knowing what gender they are, which woman trump is grabbing by the ..., which puppet they're electing every 4-8 years and not focusing on their state elections, gun control; the most ridiculous garbage, etc., but not one person ever mentions the destructive private central bank in place destroying everyone's lives each day without them even knowing or understanding. Of course, the media will never allow that to enter the TV airwaves or gain any traction either because we all know who controls the media and the major TV stations.

Now if you and others would actually pay attention to what I'm writing instead of staying brainwashed your whole life, maybe you'll learn something.
Any private business open to the PUBLIC (ie. droned out casinos) cannot have a criminal trespass enforced against an individual without GOOD CAUSE (Disruptive or Disorderly conduct). You will never go to prison for being thrown out of a casino for legal advantage play and then returning because it's simply unconstitutional 'as applied' to the individual. 'As applied' constitutional issues must FIRST be raised in DISTRICT COURT (trial court) to have it thrown out. You CANNOT raise it on APPEAL This is the best kept secret in the world of casinos not just in Vegas but everywhere in the country. Thank me later.
Mission146
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March 12th, 2018 at 4:08:34 PM permalink
Quote: ZenKinG

Mods, where you at? Personal insult?

You're just another uneducated soul amongst the large masses in this society that doesn't understand how the current monetary system works.



Like that one?

No harm, no foul. He shouldn't have said the autist line, which actually appears to be meant as a compliment, but everything else in his post addressed your post and the ideas espoused within. Everything else in your post, with exception to what I quoted above, addressed his post and the ideas espoused within.

Please do not insult one another, either of you. Please do not say anything that could be perceived to be an insult. Otherwise, carry on and have a wonderful remainder of the day.
https://wizardofvegas.com/forum/off-topic/gripes/11182-pet-peeves/120/#post815219
MrV
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March 12th, 2018 at 4:14:59 PM permalink
It's fine to attack your ideas.

Many would certainly agree with the point he made about your ideas being stupid.
"What, me worry?"
ZenKinG
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March 12th, 2018 at 4:17:01 PM permalink
Quote: MrV

It's fine to attack your ideas.

Many would certainly agree with the point he made about your ideas being stupid.



Yeah, sure it is. Keep backing anyone that goes against me. Your bias is showing. Disagreeing with an idea is one thing. Calling someone autistic is another, but it doesn't matter to me anyway. I realize I'm talking to a wall here and there's no consistency on this forum from the mods and they play favorites.

Go back to playing -EV games Mr. V. Some life you live. Don't forget to martingale. It works very well... in the 'short run'. Make sure not take the dealer's bust card as well.

Stay brainwashed everyone.
Any private business open to the PUBLIC (ie. droned out casinos) cannot have a criminal trespass enforced against an individual without GOOD CAUSE (Disruptive or Disorderly conduct). You will never go to prison for being thrown out of a casino for legal advantage play and then returning because it's simply unconstitutional 'as applied' to the individual. 'As applied' constitutional issues must FIRST be raised in DISTRICT COURT (trial court) to have it thrown out. You CANNOT raise it on APPEAL This is the best kept secret in the world of casinos not just in Vegas but everywhere in the country. Thank me later.
ZenKinG
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March 12th, 2018 at 4:21:51 PM permalink
Quote: prozema

Could you image how blackjack would work without currency. You have a peacock farmer betting peacocks. You take your peacocks to the cage and get chips? But wait, you just converted your peacocks to a currency... I guess you just put the peacocks in the betting circle. Imagine getting blackjack betting 5 peacocks. The poor dealer would have to pay seven and a half peacocks.

I don't want to be the guy making half peacocks.



Yeah go ahead and tell me that I was against having a 'currency' and a convenient medium of exchange? Then get back to me. Some serious reading comprehension issues around these parts.
Any private business open to the PUBLIC (ie. droned out casinos) cannot have a criminal trespass enforced against an individual without GOOD CAUSE (Disruptive or Disorderly conduct). You will never go to prison for being thrown out of a casino for legal advantage play and then returning because it's simply unconstitutional 'as applied' to the individual. 'As applied' constitutional issues must FIRST be raised in DISTRICT COURT (trial court) to have it thrown out. You CANNOT raise it on APPEAL This is the best kept secret in the world of casinos not just in Vegas but everywhere in the country. Thank me later.
OnceDear
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March 12th, 2018 at 4:28:38 PM permalink
Quote: ZenKinG

Disagreeing with an idea is one thing. Calling someone autistic is another,


and you called me and half my countrymen 'utter idiots'

Touche

You also said that there were no successful socialist countries. Wrong.

Oh... and pants on fire again.
You didn't quit Vegas and you didn't quit responding to this thread.
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
ZenKinG
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March 12th, 2018 at 4:32:46 PM permalink
Quote: OnceDear

and you called me and half my countrymen 'utter idiots'

Touche

You also said that there were no successful socialist countries. Wrong.

Oh... and pants on fire again.
You didn't quit Vegas and you didn't quit responding to this thread.



All pure socialist countries will eventually destroy itself and collapse.

Didn't call 'you' directly an 'utter idiot'. Was in a general sense.
Any private business open to the PUBLIC (ie. droned out casinos) cannot have a criminal trespass enforced against an individual without GOOD CAUSE (Disruptive or Disorderly conduct). You will never go to prison for being thrown out of a casino for legal advantage play and then returning because it's simply unconstitutional 'as applied' to the individual. 'As applied' constitutional issues must FIRST be raised in DISTRICT COURT (trial court) to have it thrown out. You CANNOT raise it on APPEAL This is the best kept secret in the world of casinos not just in Vegas but everywhere in the country. Thank me later.
OnceDear
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March 12th, 2018 at 4:35:56 PM permalink
Quote: ZenKinG

All pure socialist countries will eventually destroy itself and collapse.

And all purely capitalist countries?
Psalm 25:16 Turn to me and be gracious to me, for I am lonely and afflicted. Proverbs 18:2 A fool finds no satisfaction in trying to understand, for he would rather express his own opinion.
GWAE
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March 12th, 2018 at 4:44:49 PM permalink
O/u on a zk nuke. I will set the line at 20 days
Expect the worst and you will never be disappointed. I AM NOT PART OF GWAE RADIO SHOW
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