Cyprus-Forum.com

[miltiades]

I owe 7 figures.

You must obviously be richer than I !!
I owe NOTHING. I must be very ...poor !!

[Paphitis]

I owe 7 figures.

You must obviously be richer than I !!
I owe NOTHING. I must be very ...poor !!

I am younger than you and yes I borrow to make money and invest in projects.

All my debt is also tax deductible. I work very hard for my family and it's my goal that they have financially free lives. I don't do it for selfish reasons.

I have a lot of escape strategies and options as well. I can go debt free just by offloading 1 asset. So debt isn't a problem at all. In fact, I'm using the money to make other money and expand my balance sheet.

If you read books, you will know that residual income is important and I have a lot of residual income that makes me a low risk lending proposition for the banks and I am happy to take their money to reduce my tax bills.

If I don't borrow, I pay a lot more tax, but because of my borrowings I reduce that and rely on capital growth.

[miltiades]

Just take a little advice from an old timer.
Millionaires are not made by having 7 figure debts but by having 7 figure
..cash !!

[Paphitis]

Just take a little advice from an old timer.
Millionaires are not made by having 7 figure debts but by having 7 figure
..cash !!

I beg to differ.

without debt no one has any chance. All millionaires have utilized debt before and btw, you can owe hundreds of millions and be a Billionaire so I don't know what planet you are on.

The wealthiest people in Australia have businesses which leverage their holdings with debt. Most companies on the ASX Fortune 300 also have debt.

Rich people use debt as a tax write off as well.

Take it from a young timer. When you are in business you get yourself into a position where you got to keep borrowing for tax purposes, and you can even claim from your income tax as well when you distribute your profit and losses to family members.

[miltiades]

Obviously I wasted my time becoming an accountant !!
I wasn't aware that you can classify a debt as an expense I thought a debt was a liability!!

[B25]

Obviously I wasted my time becoming an accountant !!
I wasn't aware that you can classify a debt as an expense I thought a debt was a liability!!

Milti, I think you wasted your years a s an accountant.

I agree with Paphiti, getting the Capital structure right Debt to Asset increase your returns and yes you can use mortgage payments as a tax write off.

Even it you have money, you need to have debt so to free up more money for more investments.

For as long as your debt is serviceable you are doing ok.

[miltiades]

Obviously I wasted my time becoming an accountant !!
I wasn't aware that you can classify a debt as an expense I thought a debt was a liability!!

Milti, I think you wasted your years a s an accountant.

I agree with Paphiti, getting the Capital structure right Debt to Asset increase your returns and yes you can use mortgage payments as a tax write off.

Even it you have money, you need to have debt so to free up more money for more investments.

For as long as your debt is serviceable you are doing ok.

Look lets stop these NONSENSE. A debt can not be used an expense either on personal or business tax declarations.
Only the INTEREST on the debt.
Now don't argue for fs.

[Lordo]

I owe 7 figures.

You must obviously be richer than I !!
I owe NOTHING. I must be very ...poor !!

did bafidi mean own or owe? does he know the difference?

[Pyrpolizer]

Obviously I wasted my time becoming an accountant !!
I wasn't aware that you can classify a debt as an expense I thought a debt was a liability!!

Milti, I think you wasted your years a s an accountant.

I agree with Paphiti, getting the Capital structure right Debt to Asset increase your returns and yes you can use mortgage payments as a tax write off.

Even it you have money, you need to have debt so to free up more money for more investments.

For as long as your debt is serviceable you are doing ok.

Look lets stop these NONSENSE. A debt can not be used an expense either on personal or business tax declarations.
Only the INTEREST on the debt.
Now don't argue for fs.

Not only that but getting into debt to "invest" in the stock markets may one day end him up with just..... DEBT

[miltiades]

Paphitis is full of shit. To have stated that he has debts in 7 figure numbers ie. Over one MILLION and to have said " all of my debt is tax deductible " proves that he is a fucking liar and a pretentious arsehole. A debt isn't a PL entry but a Balance sheet one. Only the interest can by classed as a Profit and Loss entry.
He is talking shit as always.