are loans not in the plan?

Rob's vision of "honest and informed debate" doesn't include answering simple and straightforward questions put to him. The unanswered questions cataloged here are an important part of Rob Bennett's Passion Saving, Hocomania.

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are loans not in the plan?

Postby getrichordietryin » 07/07/08 at 20:41:48

Hello,

I'm 33 years old and have a business plan that I've spent five years perfecting. I've started implementing the beginning phases of executing this plan, but need some more funding. I'm trying to retire in 20 years with a net worth of at least 3 million, which should be possible, if not an undershot. I had planned on keeping my professional day job (lead of a popular IT company) until I had enough in the bank to pay cash to start my business, but I just can't handle it anymore. My question is this; would it be better to stick with where I'm at for another 7 or so years, when I should have enough of my own cash to cover everything? Or is a business loan really not such a bad idea? I know the overall principle is to stay out of debt, but I just don't know how much longer I can wait to get this plan in place. IF a business loan is an acceptable solution, what are some of the things I should look for? My credit is great and I'm 90% sure I can get approved for an SBA loan with little difficulty.

Your thoughts/ideas/experiences are appreciated.
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Re: are loans not in the plan?

Postby DRiP_Guy » 07/07/08 at 20:49:47

Based on the amount of Blog comment spam for the link you included, I'd say keep your IT job.


What is the nature of your own business venture?


http://blogsearch.google.com/blogsearch ... =N&start=0
Robert Michael "Hocus" Bennett, October 22, 2010: "I have been living off my savings for 10 years"
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Re: are loans not in the plan?

Postby getrichordietryin » 07/07/08 at 20:55:21

Well, it's not much different than what someone else pays me to do now. It's an IT support type-company; but also encompassing what could be considered a "placement" agency. As you and I and everyone else knows, technology and processes change every day. The "master plan" is to start somewhat of a training school; we'll train you in this or this or this or this, and then hire the students we've trained to go work for us. It could be server managing, graphic design, simple in-home IT, programming, coding, you name it. We've got about eight different focus/course-types stacked up right now, but that will definitely change with the technological "seasons." I have a few people willing to jump on board with me, but I'm going to need to find a couple more pro's before we get started.
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Re: are loans not in the plan?

Postby DRiP_Guy » 07/07/08 at 20:59:48

getrichordietryin wrote:Well, it's not much different than what someone else pays me to do now. It's an IT support type-company; but also encompassing what could be considered a "placement" agency. As you and I and everyone else knows, technology and processes change every day. The "master plan" is to start somewhat of a training school; we'll train you in this or this or this or this, and then hire the students we've trained to go work for us. It could be server managing, graphic design, simple in-home IT, programming, coding, you name it. We've got about eight different focus/course-types stacked up right now, but that will definitely change with the technological "seasons." I have a few people willing to jump on board with me, but I'm going to need to find a couple more pro's before we get started.



Sounds very non-specific & "blog for hire", "stuffing envelopes" ponzi-ish, IMHO:

We train, then hire the trainees for whatever.


?Let me guess, you charge the students for both the training and the placement services, correct? Maybe they get 'credits' for every 'friend' they bring in -- like four friends pays their 'tuition'.... then their friends can get four friends...?

Nouveau Riche University

http://en.wikipedia.org/wiki/Nouveau_Riche_University


Again, I'd stick with your day job, but others may have different advice.

Oh, and how is this a "Question that Rob Bennett doesn't answer?" ? :-?

You might be looking for a more "open minded" breed of experts; some that don't mind thinking way out of the box. I'd recommend you run your ideas by:

http://arichlife.passionsaving.com/
Robert Michael "Hocus" Bennett, October 22, 2010: "I have been living off my savings for 10 years"
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Re: are loans not in the plan?

Postby getrichordietryin » 07/07/08 at 21:07:06

DRiP Guy wrote:
getrichordietryin wrote:Well, it's not much different than what someone else pays me to do now. It's an IT support type-company; but also encompassing what could be considered a "placement" agency. As you and I and everyone else knows, technology and processes change every day. The "master plan" is to start somewhat of a training school; we'll train you in this or this or this or this, and then hire the students we've trained to go work for us. It could be server managing, graphic design, simple in-home IT, programming, coding, you name it. We've got about eight different focus/course-types stacked up right now, but that will definitely change with the technological "seasons." I have a few people willing to jump on board with me, but I'm going to need to find a couple more pro's before we get started.



Sounds very non-specific & "blog for hire", "stuffing envelopes" ponzi-ish, IMHO:

We train, then hire the trainees for whatever.


?Let me guess, you charge the students for both the training and the placement services, correct? Maybe they get 'credits' for every 'friend' they bring in -- like four friends pays their 'tuition'.... then their friends can get four friends...?

Nouveau Riche University

http://en.wikipedia.org/wiki/Nouveau_Riche_University


Again, I'd stick with your day job, but others may have different advice.


WOW! You're shedding a whole new light on this for me...

I had never heard of "Nouveau Riche" and my plan has nothing to do with "scheming."

Of course the students would be charged for the courses. That's the way it works everywhere; because they wouldn't be required to sign on with us after completing the courses. They could take that knowledge anywhere. But charging them to be placed? I had never even considered that. Of course the places that used our employees would be charged (you have to make money somewhere), but I'm not in any position to ruin my reputation or my finances or to put my skills and knowledge to waste. Nothing to do with envelope stuffing or any other scheme-type ideals. And of course, reccomending your friends is always welcomed; and I hadn't thought of any sort of "rewards program" for such until you mentioned it just now, and that may be a good idea.

I don't think I used the word "whatever" in my post, but you're right in that I could have been more specific. Like I said, this isn't a even a plan that has been implemented yet. It's in the planning stages still.

I appreciate your advice, though.
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Re: are loans not in the plan?

Postby DRiP_Guy » 07/07/08 at 21:11:22

"I don't think I used the word "whatever" in my post, but you're right in that I could have been more specific. Like I said, this isn't a even a plan that has been implemented yet. It's in the planning stages still."


Okay, point taken:

"...we'll train you in this or this or this or this, and then hire the students we've trained to go work for us. It could be server managing, graphic design, simple in-home IT, programming, coding, you name it."


I'm not sure what the lookup table conversion equivalent is for the number of "this's" to become a "whatever" but I figured four plus a "you name it" was plenty...

"I appreciate your advice, though. "

Nothing to it!
Robert Michael "Hocus" Bennett, October 22, 2010: "I have been living off my savings for 10 years"
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Re: are loans not in the plan?

Postby gw » 07/07/08 at 21:42:23

getrichordietryin,

May I make a suggestion?  Here are two people that are just the type you need to work with:

Rob Bennett http://www.passionsaving.com/contact.html.  He's just the type of personal finance guy you need.  He's currently trying to arrange the largest real estate deal of his lifetime in Virginia.  He's also known for his unique approach to financial planning and is well-known throughout the Financial Freedom Community.

John Walter Russell http://www.early-retirement-planning-insights.com/contact.html is Bennett's number 1 "numbers guy".  A former employee of the Executive Branch (credited with preserving our nation's defense capability during the Clinton years),  his personal claim to fame includes novel approaches to data analysis (e.g., development of ocular estimation techniques for regression analysis).  
Bennett's May '02 post: "I am deeply sorry for falsely criticizing the study"
http://boards.fool.com/the-differences-between-how-dory36s-online-17225279.aspx
Read about Rob; google "Narcisstic Personality Disorder".
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Re: are loans not in the plan?

Postby hocus2009 » 07/08/08 at 07:46:06

Oh, and how is this a "Question that Rob Bennett doesn't answer?"

I don't think that's fair.

This fellow is a bit off-topic, yes. But I think it would be fair to say that he's not nearly as off topic as the Goons. So he is bringing things up a notch. If we had 10 more like him, we could probably get a discussion on early retirement started at the Stinkhole.

Rob
If you cherish lying and ruining internet communities as much as I do, please support me by buying many copies of my vanity book. Your children will love budget sex and your purchase is tax deductible (Schedule A: casualty loss).

Luvya Boo! Please come back. I'm on TV now! A big star. Just like you wanted.
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Re: are loans not in the plan?

Postby hocus2009 » 07/08/08 at 07:47:19

Also, I have no intention of answering his question.

Strictly speaking, his post fits.

Rob
If you cherish lying and ruining internet communities as much as I do, please support me by buying many copies of my vanity book. Your children will love budget sex and your purchase is tax deductible (Schedule A: casualty loss).

Luvya Boo! Please come back. I'm on TV now! A big star. Just like you wanted.
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Re: are loans not in the plan?

Postby DRiP_Guy » 07/08/08 at 17:49:16

Leave it to Rob to blithely fall in love with a passing comment-spam artist, promoting links to shiesty sites.

Rob, you are missing some sort of gene, or chromosome, or training, or experience or SOMETHING that promotes a nominal level of just plain old horse sense. Maybe it's a vitamin deficiency. Or, being left out in the rain to rust when you were three. I dunno. But what I do know is you are a mix of naive, moronic, self-important, and unawares that is just fascinating (although cringe-worthy) to watch. Kinda like "The Office" on super-steroids... does Boo have to dress you in the mornings?

;)
Robert Michael "Hocus" Bennett, October 22, 2010: "I have been living off my savings for 10 years"
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Re: are loans not in the plan?

Postby DRiP_Guy » 07/31/08 at 07:07:32

Bump.


Given Rob's mood this AM, I figure post above is good as a rerun.

Saves typing.


Yawn.
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