Rich ‘Dad,’ Bankrupt Dad.....

mfi · Post by **mfi** » Sat Oct 13, 2012 1:53 am

http://www.nypost.com/f/print/pagesix/r ... W1TEAYYwXN

Dragline · Post by **Dragline** » Sat Oct 13, 2012 2:12 am

Hah! You know that guy talks a good talk and had a few good ideas and presented them well, but bottom line he's basically a sociopath when it comes to dealing with other people.

dot_com_vet · Post by **dot_com_vet** » Sat Oct 13, 2012 2:23 am

Financial self-helpers in the business to make a living can be summed up by this:
http://us8.memecdn.com/Dilbert-How-to-m ... _o_868.jpg

DutchGirl · Post by **DutchGirl** » Sat Oct 13, 2012 2:43 am

Seems like he took his money out of this business quickly and then let the ship sink. That's probably illegal, too?

dragoncar · Post by **dragoncar** » Sat Oct 13, 2012 6:41 am

And that's why you always use a shell corporation, kids.

Christopherjart · Post by **Christopherjart** » Sat Oct 13, 2012 3:24 pm

I'm not really surprised and yes +1 on why use a shell corporation. I reread part of cashflow quadrant in Spanish yesterday between classes in the University's library and there were a few good points mixed in with all the filler. It is sad that the subsequent books had less instead of more. (no, I didn't buy those. Thank God for libraries)

mfi · Post by **mfi** » Sat Oct 13, 2012 4:02 pm

@dragoncar - How would a shell help if a corporation over time transferred its assets and business to another corporation with the same management and shareholder(s) to avoid legal liability. Aren't courts more likely to pierce the corporate veil under such circumstances?

pooablo · Post by **pooablo** » Sat Oct 13, 2012 6:50 pm

He's still fine as his other companies are making money and those assets are protected from the lawsuit mentioned in the article. Donald Trump has protected his assets the same way. His publicly traded company is bankrupt while his private companies are not. I am not very comfortable with the way those two individuals run businesses. I am more of a Buffett fan.

dragoncar · Post by **dragoncar** » Sat Oct 13, 2012 7:57 pm

What pooablo said. I didn't see an indication of comingled assets.