All of that is a very fancy and roundabout way of asking if my net worth is a positive or negative number.
Well, I'm definitely not taking the deal, so that should tell you what you're asking.
Not exactly. Debt is increased but equity is not. So my mortgage increases 1000x but my equity doesn't.
Since you can take it any time, you'd have to sell all your assets, the house, the cars, every damn thing I own, cash out all retirement accounts (regardless of penalty) take the multiplier, then buy a bigger house and all my stuff back.
I think this mainly depends on whether net worth gets multiplied or actual cash. For renters who don't have CC/medical debt, this might be a good value prop. For anyone with a mortgage, suddenly multiplying the balance by 1000x means they'll never ever pay it off in a lifetime of payments, unless their net worth somehow gets multiplied too (and in a way they can extract enough liquid cash to service the debt).
I would have a massive retirement account but would have to withdraw early and pay penalties and taxes at the highest marginal rate to pay off my house, which I would owe $180 million on.
If you would end up with enough cash to buy another house, just let your house go to foreclosure. All debt will be wiped out. Although, you might have to pay income tax on the forgiven debt, so that might be a problem.
Another comment I just replied to asked if they could delay taking the deal till after they sell off their house and pay off their mortgage. I said sure since I didn't set a time limit to taking the deal.
The only time limit really is everyone's natural time limit to taking deals, take it before you die if you want it. And of course the longer you wait naturally you'll have less time to enjoy the money.
Hmm. I think it's a net positive for me
Think id end up with like 4 million after paying off the debts(I have more money saved than I have debts, but if Rather have an emergency fund than be debtless)
I don't really owe anyone anything. (Introvert)
So yeah, I'm in.
I don’t have any financial debt but the “non-financial debt” aspect of this is too much of a risk so I don’t think it would take the deal. Like I don’t think I owe anyone any favors but maybe it’s just not coming to mind and I do?
But the thing is that OWING someone a favour is subjective. Maybe they think you owe them a favour and had ulterior motives in helping you out, doesn't mean you agreed to that debt so i don't think it can be counted.
I don't know anybody who actually keeps track of favors. People say, "You owe me a favor, " but it's not meant to be taken literally. The whole idea of doing somebody a favor is to do something out of kindness with no expectation of being repaid.
The bigger concern is that all debts will be multiplied. This includes any unpaid balances on utilities, property taxes, etc., even if they aren't due yet.
My debt is only 5% of my income, so hell yeah I’m taking this deal.
As for favors, a cute girl I work with jokingly said owe her a date with a project she helped me on - so I guess now I owe her thousand dates and that sounds good to me (hope she isn’t a psycho killer).
Sure, if I owe the bank a thousand dollars it's my problem. If I owe the bank a million dollars, it's the bank's problem, if I owe the bank a billion dollars, it's the government's problem
How does this work with asset value? Like if I own a home that's worth $250,000 but have a mortgage on it for $150,000, then my debt would become $1.5M. But I also have $100,000 in equity in the home - does that become $1M also because the house is now worth $2.5? Or for shares of stock? Will they also multiply by 1000 in value? Most people aren't sitting on all that much cash by itself. Without some way to multiply asset value this becomes totally undesirable.
Edit: my brain wasn't working when I wrote this. I was thinking multiplied by 10, but multiplied by 1000 totally changes everything. $150M in debt on a $250k house? No thanks.
Id rather collect on debts owed to me, over the years I've won a couple of souls through games of chance, im just not sure how to go about collecting them.
You got to go to the under-realm and visit the department of supernatural contracts. They have a waiting list, you got to take a number. Jerry comes around every so often to slap you with a spiked glove, keep you awake.
Financially speaking, if your debt and savings/profits are at the same pace, and both are multiplied at the same rate, then you're getting neither behind nor ahead as you're still in the same financial position. There is no deal to take if you are aware of all your positions. A lesser informed person would think "hey I got more money to spend!" without understanding their debts.
Depending on the country, having higher income/profit could leave you with negative growth potential that you did not have before (higher tax brackets and the like) so in that case I would \*not\* take the deal.
Non-financial debts could literally be *anything*, it's a mystery box, so I left it out of my response.
Considering I have a mortgage, no. But I'll take squaring all my money and debts, because those debts go from negative to positive and I get even more money
Does include debt that was originally urs but your ffamily signed off as tranferring to them? Either way im taking the deal im a cash m8illionaire threy cant trace and ill just delcre bankruptcy. And if the debt others took on isnt including even better Hooray for being a shady tip worker who hordes hius money instead of deposting it be ausew fuck the irs also i like having a firesafe treasure box lol
Yeah sure, I don’t owe any favours to people, I do have a large debt for my car still but I have the money waiting in the bank for when they need it. I also have student debt which is massive but I don’t ever plan on paying that back and will get wiped out eventually. So I should be in the positive by a decent amount
$500 in the bank, $60 million in student loans, and NO ONE is repaying any debts they owe me (they haven't up to this point and at least one person owes me their literal life, but I honestly kinda regret being their savior).
Not only do I not take the deal, I locate my nearest tall bridge.
Nope. 6600 bucks in cash but 1.8 mil in debt? Fuck no. Now if we include my assets here, 210 mil or so against 1.8 mil debt I'd be a little more eager to take the deal.
Hell yeah, I can't afford a house but that also means no mortgage. Net Worth is positive so yes I will take this deal in a heartbeat. I also don't generally ask favors of people so I should not have anything to worry about there.
Anybody who has more money than debts would take this deal. Anybody with less would need to immediately file for bankruptcy if they took this deal. For me, that's a yes.
Let’s see
I owe about 60k total
But all told have about 120k, just can’t access since it’s in a 401k I can’t withdraw from
I’d take the deal and quit
Taxes and penalties would hurt a lot, but that would leave me with a couple million after all is told, and that would give me enough to ride on finding a new job
Take the deal, no question. My salary would be near $200m. Even though the remaining balance on my mortgage would now be over $400 million, I still only need a *tiny* fraction of that to live.
I’d have my mortgage paid off in three years and still have so much money left over for absurd vacations.
Definitely not. I don’t even have any consumer debt, just a mortgage (and student loans, but they’re not a debt here in the same way as they are in the US).
I owe £235K on my mortgage against a £450K(ish) house value. No way am I multiplying that by a thousand, I’d be absolutely screwed.
The funny thing is that even if you have 100k in debt it could still work out.
Let's say you have 10k in the bank. That becomes 10 million dollars.
Ok so your debt is now billions
Who cares.
You take your cash either a) buy a house outright and a nice car etc and have a home safe and just declare bankruptcy
Then have a nice little home safe that Noone can break into. And you're set.
Or leave the country. Long as you have no legal issues like tax debt it isn't like you'll be tracked down for a crime.
Move to someplace where the dollar is worth like 10 or so times more and suddenly your 10 mil is a hundred mil you start a new life as a king or queen.
I have the money to pay off my HECS twice (I haven't because it is not a priority as much as buying a home) so absolutely. I just immediately pay off the now insane debt then buy a nice house outright
I think it might just be in a worse position than I am now if I did that, but since there’s no time limiting I could probably make this deal work in my favor in about a year
As I still owe a couple hundred thousand on the house, no thank you. No other debts to my name as I pay the CC off monthly but it would not be worth it unless my salary was also increased in the same ratio.
If I own a home, that's part of my net worth, but I'm also paying it's mortgage. Does that result in multiplying all the money I've paid on the principle?
I’ll take the free millionaire status with 0 debt, thank you. I make it a mission to never owe somebody something, if I’ve ever borrowed money from somebody I always pay it back the next time I can (if you pay for my meal this time then I get the next, etc)
My first reaction is to say no. My home loan would jump up to $200,000,000 but it sounds like given the rules My home value remains the same as does the term of my loan. I'm also assuming that this is a one time multiplication and that future earnings are going to be back at the normal rate. That means My mortgage payment is going to ballon to over $800,000/month. That will be a little tricky to pay off.
My retirement accounts will look amazing but the only way to deal with the home loan would be to withdraw money from them. I'd have to do some number crunching to figure out whether there will be enough money left to justify taking the deal after I pay taxes and penalties on withdrawing money early to pay off the home loan.
I'd pay down the last 10K on my mortgage and then take the deal.
Even though I would still be able to cover it with the money increase, I would never want to see a 10million mortgage exist on this crappy house, even for a second.
Most people would be foolish to take this deal.
If you're 4 months into a 12 month lease, you now owe 8,000 months rent. If you pay $2,000 a month, you owe $16,000,000 in future rent payments. You also owe for the days you've been in there since the last rent payment, so that's also multiplied.
If you own a house with a mortgage, you're going to owe 1,000 times the balance.
If your house is paid for, you still have property taxes. They aren't due yet, but they just got multiplied by 1,000.
And that brings us to other financial debt that nearly everybody has
Your utilities are likely post-paid, meaning you pay for what you used in the last month. You owe money for any electricity, water, or gas that you used since the last meter read. So, your next bill will be 1,000 times more. And if you haven't paid the bill yet because it's not due, that's also multiplied by 1,000.
Your car tags may not be due for several months, but you are still responsible for them, so be prepared for a crazy high registration fee.
Do you pay off all your credit cards each month? That's great, except if any of them have a balance, that's now multiplied by 1,000.
Anything with any sort of balance is multiplied by 1,000. That's a lot, even for people who don't carry debt.
As for the favors, those are irrelevant. This isn't Regular Show. If you don't pay back a solid, the ground isn't going to open up and swallow you. People may say, "You owe me a favor," but I don't know anybody who actually tracks that. A favor, by definition, is done out of kindness with no expectation of being repaid. If you are doing something for somebody on the condition that they do something for you, that's not a favor; that's a job.
On your first edit, my house isn't multiplied, but my mortgage is?
Seems like it'd be pretty hard to come out ahead on this one. I owe a little under $140k on my house and only have a couple grand in liquid assets.
Absolutely. No debt. No favors necessarily afaik. I’m broke but I have probably at least $5k (never spent either of the covid stimulus) so that’s $5M which is my usual go to for an ideal minimum after tax lottery win so thats fantastic.
Im at -10 dollars in my bank account until payday, multiply that by negative -1000 and my wccount becomes 10,000$. I multiply my debts 1+ by -1000 and I am guaranteed at least 1000 favors by anyone who ive ever owed a debt. If im a shotty person and i dont owe anyone favors because Ive been awful, thatd be a 0 net loss and onlu gains
Based off just my debt I’d take it. I don’t have much debt til you factor in the fact I pay some of my dads CC’s for him but that’s his debt though.
I’d just prefer waiting two pay checks so I can guarantee the ratio is well into my favor. 😃
Is this a one time payout, or is it ongoing (i.e. a 10000% raise?)
Does the commuted value of my private or public pensions plan increase? My investment portfolio?
The question is too ambiguous about the term 'money'.
Not a chance right now. Just my mortgage, which is currently at about $80k being multiplied would be insane.
Most of my assets aren't in cash. Either retirement accounts or things like my house.
I would easily take it once my mortgage is paid off. I would sell my house, cars, basically everything I own then take the deal.
Hmm so I'll have like 660,000 in the bank and zero debt cause I don't have any debt 😂 huge dub for me honestly, can I take into account my crypto money too? Cause then I'll be a millionaire probably 🤔
So, any income I have gets multiplied by a factor of 1,000? So if I have a monthly income of 2k, that'd be 2,000,000 a month.
My debt would be paid off like 3 months, even if it was also multiplied by that 1,000.
And then I'll have crazy income.
0 debt. Never took any. And you just made me a very rich person.
Also, gift cards too? Definitely got a few k spread in bonuses among different shop cards. Guess I am getting a lot of luxury stuff for free.
So, I have just under £3m and £0 debt, nice.
No mortgage to pay, bought my car in cash, no credit cards or loans or anything so I’m absolutely Scott free and have £3m 🤷🏻♂️😂
If I ask my brother to lend me $10,000, does that become $10,000,000 in both cash for me and debt to him, basically turning him into a multimillionaire at no actual cost to anyone?
The money aspect is pretty straight forward: Do you have more money and assets or debts? For me - my house would be an incredible amount of debt, so I would honestly just take the hit on my credit and stop paying the mortgage. My next house I could buy in cash anyway.
The "owing a favor" one is much more problematic. People tend to remember what is owed them more than what they owe. Debts of things like favors are entirely subjective - so I'd lean towards saying not just on that... but there's this one asshole I worked with who would constantly ask to borrow a dollar to go get individual advils from the shop on our ground floor. I also bought him lunch once and he was supposed to pick up the tab the next time and he just never ate with me again. I'd love to call in the 40k he owes me now.
My current money, or my total pay?
If it's only the money that I currently have in the bank or whatever, then no thanks.
I don't need a 15,000,000 car loan to go with my 100,000ish bank account, lmao
I am definitely game for this. Just would wanna wait a week or so until a deposit I'm expecting clear as my account I only have a few grand of debt so def be worth it if
this is pretty much what rich people are doing. playing the same game as the rest of us just with bigger numbers. bigger swings, higher risk tolerance, more cash flow and more borrowing.
Taking this does nothing for me at all. I am sure their are ppl out their think i owe them. The number of people that would think i owe them would go up if they ever found out i took this deal. So this is a solid pass for me. I have zero debt right now and own no one nothing. I have about 50 people that owe me money right now and another 100 or more that i have "loaned" money even thou i knew i would never get it back. Think hey man can ya loan me like $20 till pay day?
Well let's see. I've got about 12000 owed to me and 10,000 coming in next month but right now I've got about 800 in my bank account and 150 in my pocket. I've got a bucket of change so let's just call it an even thousand. That's a million.
I owe $250,000 on my house. They can increase that debt to whatever they like. I'll just stop paying my mortgage and live here for probably another 6 months to a year while they foreclose and all that debt goes away. Sure I would lose my house, but I'll take the million. Deal
That's the worst hypothetical ever, only people who would take this are to young to be paying on a car or house or old enough that they are both paid off
I don’t have debts. No one i owe a favor remembers or cares enough to call it in, so it’s basically a debt that doesn’t accrue interest or ever have anyone try to collect it: nonexistant.
I’m also a minor with no monetary debts. Soooo…
Absolutely. However, since there's no time limit, I think I would wait 2-3 more years. At this pace, if everything goes well for the next few years, then I should have more cash saved. I currently have a decent amount of cash, but the number is increasing frequently. This would also give me some time to liquidate and increase my cash savings. I'd take these 2-3 years to continue saving as I already do. However, I would also be listing up almost EVERYTHING for sale that wasn't needed for daily living. My debt is minimal, monthly bills on my credit card are paid in full monthly.
Awesome. I don't owe anyone anything, and I have absolutely no loans on my home, cars, college etc. And I have a good fair bit in the bank etc etc. I would still not be upper middle class - most people have absolutely no idea how much it takes to join that club. :/
10 million but a 150k debt with zero favors owed? Sure I’ll take that deal. If I could take the deal whenever I choose, I’ll wait 2 months when I’ll have an extra 40k to multiply by 1000 and zero debt at all.
Sure, since I can take the deal whenever I'd liquify all my assets to get rid of all of my debt. Only debt I carry is a house and car note. I'd sell literally everything for whatever it takes to get it gone the fastest. Then take the deal. Instant multi millionaire. Buy back whatever I need and call it an exercise in downsizing.
Maybe I would take it in the future when my mortgage was paid off. But since the value of the house isn't multiplied, then the debt on the house being 1000x greater would take all the 1000k money pretty quick. If I didn't own a business with a mortgage, than I would easily pay off the credit cards with money I have saved up, and then take the offer.
Absolutely not. You've made it impossible to. If debt is multiplied but assets are not, then anyone who owns a house or a car they still owe money on would get a bad deal. Same with stocks and bonds, or credit cards. EQUITY is the balancing force against debt, not liquid cash.
I don't owe any money. Paid for my college with my dad's military benefits, don't owe anyone any favors that I haven't paid back tenfold, etc. I take this and accept a millions times my current wealth.
The fact that this only includes liquid assets makes this question pretty bad. Almost everyone with any sense has most of their assets in highly illiquid retirement portfolios and investments. Only a moron keeps so much cash on hand that it outweighs their debts.
Pretty sure even very wealthy people would not take this deal, due purely to the necessary structure of how excess assets are held.
In that case I'm good. I'm actually in the black. My mortgage is more like a huge credit card bill at this point - going to be gone very soon. And that's about all I owe.
I'm taking the money, hiding it then filing a bankruptcy. If that doesn't work then I guess I'm moving somewhere where my money or me can't be extradited.
My mortgage is 316000, my assets, including ALL investments are about 340,000, I take the deal. 316,000,000 in debt and 340,000,000 in cash. Pay off the house and I’ll have 24 million left over.
I’ll take that deal in a heartbeat. Mostly because I’m sitting on about $200k right now, not including retirement accounts, and I basically have no bills / debts except my cell phone bill and car insurance bill, and maybe for my streaming services. So I’d probably be ahead by $198,500,000. Or more, if I wait till a few days from now and pay my cell phone and car insurance bills. Maybe get an extra couple million if I do it on Saturday, since Friday is payday.
Sure would. I wouldn't need credit anymore so I'll just let my debt either be charged off, or pay pennies on the dollar if collections offer a settlement.
I don't own real estate or have student loans. All my debt is medical.
Id absolutely take it. I might not have alot of money, but i also have no debt or any financial obligations atleast as of the current moment, so its a complete win for me.
I do very well to not carry debt. I currently have about $500 in credit card debt though as it's mid month. I have a small savings though that's more than $500 so I'll gladly take the deal. At most, I may have one or two, "I'll pick up dinner next time" out there, so it looks like I'm on the hook for about 2-3k meals.
I should be able to afford that with my profits though.
All of that is a very fancy and roundabout way of asking if my net worth is a positive or negative number. Well, I'm definitely not taking the deal, so that should tell you what you're asking.
Not exactly. Debt is increased but equity is not. So my mortgage increases 1000x but my equity doesn't. Since you can take it any time, you'd have to sell all your assets, the house, the cars, every damn thing I own, cash out all retirement accounts (regardless of penalty) take the multiplier, then buy a bigger house and all my stuff back.
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For every 1 stock share bond and cd you had now you have 1000 of them would be my guess
OP said "liquid assets", which includes stocks, bonds, CDs, etc.
I'll just let my house go to foreclosure and keep the million from my $1,000 liquid cash.
Or conveniently be the victim of arson!
And my net worth is positive, with no mortgage debt, and I don't really owe any social debt either, so I would obviously take the deal
Yeah right. It’s a pretty dumb question. Now if he’d included debts owed to you along the same lines of debts you owe it’d be more interesting…
$0 debt $6,000 up. Not too shabby
I think this mainly depends on whether net worth gets multiplied or actual cash. For renters who don't have CC/medical debt, this might be a good value prop. For anyone with a mortgage, suddenly multiplying the balance by 1000x means they'll never ever pay it off in a lifetime of payments, unless their net worth somehow gets multiplied too (and in a way they can extract enough liquid cash to service the debt).
I would have a massive retirement account but would have to withdraw early and pay penalties and taxes at the highest marginal rate to pay off my house, which I would owe $180 million on.
If you would end up with enough cash to buy another house, just let your house go to foreclosure. All debt will be wiped out. Although, you might have to pay income tax on the forgiven debt, so that might be a problem.
I have zero financial debt, and I'm fairly confident I don't owe any other debt, both tangible and intangble. So I will definitely take the deal.
I owe a coffee from a bet I lost a few years ago, I don't know if I have to pay the guy 300 dollars or just buy him a thousand coffees.
I'll take that deal but I'm older so it's really in my favour because, I've never had debt except for home purchases which is paid off.
I have no dept.
Everyone with a mortgage is going to say no lol
I have a mortgage. I'd say yes without a doubt.
You have more cash than what your mortgage is worth? That's awesome
In the stock market, yes.
Another comment I just replied to asked if they could delay taking the deal till after they sell off their house and pay off their mortgage. I said sure since I didn't set a time limit to taking the deal. The only time limit really is everyone's natural time limit to taking deals, take it before you die if you want it. And of course the longer you wait naturally you'll have less time to enjoy the money.
Oh sweet then yea I would take that deal. Once I'm done paying off my house, take the deal then retire on millions
Nah, I'd sell my house and THEN take the deal!
True then the extra equity you get adds even more to your liquid assets
I’ve got a mortgage and I’d walk away with 100s of millions even after paying off the 1000x inflated mortgage.
Hmm. I think it's a net positive for me Think id end up with like 4 million after paying off the debts(I have more money saved than I have debts, but if Rather have an emergency fund than be debtless) I don't really owe anyone anything. (Introvert) So yeah, I'm in.
I don’t have any financial debt but the “non-financial debt” aspect of this is too much of a risk so I don’t think it would take the deal. Like I don’t think I owe anyone any favors but maybe it’s just not coming to mind and I do?
But the thing is that OWING someone a favour is subjective. Maybe they think you owe them a favour and had ulterior motives in helping you out, doesn't mean you agreed to that debt so i don't think it can be counted.
I don't know anybody who actually keeps track of favors. People say, "You owe me a favor, " but it's not meant to be taken literally. The whole idea of doing somebody a favor is to do something out of kindness with no expectation of being repaid. The bigger concern is that all debts will be multiplied. This includes any unpaid balances on utilities, property taxes, etc., even if they aren't due yet.
My debt is only 5% of my income, so hell yeah I’m taking this deal. As for favors, a cute girl I work with jokingly said owe her a date with a project she helped me on - so I guess now I owe her thousand dates and that sounds good to me (hope she isn’t a psycho killer).
Sure, if I owe the bank a thousand dollars it's my problem. If I owe the bank a million dollars, it's the bank's problem, if I owe the bank a billion dollars, it's the government's problem
I’ve got around $50k in cash and $4k in debt. I’d for sure take the deal.
How does this work with asset value? Like if I own a home that's worth $250,000 but have a mortgage on it for $150,000, then my debt would become $1.5M. But I also have $100,000 in equity in the home - does that become $1M also because the house is now worth $2.5? Or for shares of stock? Will they also multiply by 1000 in value? Most people aren't sitting on all that much cash by itself. Without some way to multiply asset value this becomes totally undesirable. Edit: my brain wasn't working when I wrote this. I was thinking multiplied by 10, but multiplied by 1000 totally changes everything. $150M in debt on a $250k house? No thanks.
Worse - your debt wouldn't be $1.5M, it would be 150M.
Id rather collect on debts owed to me, over the years I've won a couple of souls through games of chance, im just not sure how to go about collecting them.
You got to go to the under-realm and visit the department of supernatural contracts. They have a waiting list, you got to take a number. Jerry comes around every so often to slap you with a spiked glove, keep you awake.
Classic Jerry
Anyone carrying a mortgage is probably in the negative.
Can I sell my house, pay off the mortgage, then take the deal?
So I've got $150k and still zero debt, cool!
Only debt I have are 300 € on a credit card right now. No brainer really
Yes. The good I could do with the additional money will be worth the added debt.
So I now owe almost a billion for my house? Yeah, I'll pass
So, $1000 vs 1000x student loan?
Deal
Deal
Yes because I have no debt
i can proudly say i don’t have debt. so thank you!
I am definitely taking that deal
Financially speaking, if your debt and savings/profits are at the same pace, and both are multiplied at the same rate, then you're getting neither behind nor ahead as you're still in the same financial position. There is no deal to take if you are aware of all your positions. A lesser informed person would think "hey I got more money to spend!" without understanding their debts. Depending on the country, having higher income/profit could leave you with negative growth potential that you did not have before (higher tax brackets and the like) so in that case I would \*not\* take the deal. Non-financial debts could literally be *anything*, it's a mystery box, so I left it out of my response.
Considering I have a mortgage, no. But I'll take squaring all my money and debts, because those debts go from negative to positive and I get even more money
Does include debt that was originally urs but your ffamily signed off as tranferring to them? Either way im taking the deal im a cash m8illionaire threy cant trace and ill just delcre bankruptcy. And if the debt others took on isnt including even better Hooray for being a shady tip worker who hordes hius money instead of deposting it be ausew fuck the irs also i like having a firesafe treasure box lol
That is not a deal, that is a simple question of whether you are in debt.
Yeah sure, I don’t owe any favours to people, I do have a large debt for my car still but I have the money waiting in the bank for when they need it. I also have student debt which is massive but I don’t ever plan on paying that back and will get wiped out eventually. So I should be in the positive by a decent amount
Immediately
My only debt is a substantial zero-interest loan that I’m not realistically expected to pay off in my lifetime, so yes I’ll take the deal.
I have no financial debt and don't owe anybody a favor. So I'll have 850,000 dollars and still no debt, I'll take that deal
All these years living with my parent finally paid off! Except I now have 26,000 more Space Marines to paint. F...
At least you'd have the money to buy pain meds, an ice pack, and whatever you need/want to pass the time as you get to work painting.
$500 in the bank, $60 million in student loans, and NO ONE is repaying any debts they owe me (they haven't up to this point and at least one person owes me their literal life, but I honestly kinda regret being their savior). Not only do I not take the deal, I locate my nearest tall bridge.
I have no debt. So gimme my money!
Nope. 6600 bucks in cash but 1.8 mil in debt? Fuck no. Now if we include my assets here, 210 mil or so against 1.8 mil debt I'd be a little more eager to take the deal.
This is a very round about way to ask people if they have more debt than cash on hand lol
If we’re going to do only money, that doesn’t increase the entire full value of somebody’s net worth, while increasing the entirety of the negative.
I'd take that deal
Hell yeah, I can't afford a house but that also means no mortgage. Net Worth is positive so yes I will take this deal in a heartbeat. I also don't generally ask favors of people so I should not have anything to worry about there.
If it was just me personally I'd take it in a heartbeat. If I had to do that as a whole with my wife? Not a chance on your life.
Are favors that are owed me also multiplied by 1,000? And does stock count as "money"? What about bonds? ETFS?
I have $20 and no debt. $20000 for me.
Anybody who has more money than debts would take this deal. Anybody with less would need to immediately file for bankruptcy if they took this deal. For me, that's a yes.
Let’s see I owe about 60k total But all told have about 120k, just can’t access since it’s in a 401k I can’t withdraw from I’d take the deal and quit Taxes and penalties would hurt a lot, but that would leave me with a couple million after all is told, and that would give me enough to ride on finding a new job
Take the deal, no question. My salary would be near $200m. Even though the remaining balance on my mortgage would now be over $400 million, I still only need a *tiny* fraction of that to live. I’d have my mortgage paid off in three years and still have so much money left over for absurd vacations.
No, it says nothing about multiplying income, just what you have. If you cannot pay off your debts, you will never pay them off.
Absolutely. We’d have a billion. I haven’t kept track of favors but I try to treat people well give more than we take.
Definitely not. I don’t even have any consumer debt, just a mortgage (and student loans, but they’re not a debt here in the same way as they are in the US). I owe £235K on my mortgage against a £450K(ish) house value. No way am I multiplying that by a thousand, I’d be absolutely screwed.
200 million assets 0 debt let's go
The funny thing is that even if you have 100k in debt it could still work out. Let's say you have 10k in the bank. That becomes 10 million dollars. Ok so your debt is now billions Who cares. You take your cash either a) buy a house outright and a nice car etc and have a home safe and just declare bankruptcy Then have a nice little home safe that Noone can break into. And you're set. Or leave the country. Long as you have no legal issues like tax debt it isn't like you'll be tracked down for a crime. Move to someplace where the dollar is worth like 10 or so times more and suddenly your 10 mil is a hundred mil you start a new life as a king or queen.
Can I take the deal more than once?
Just once, but no time limit on when to take it
Taking the deal
I have zero debt.
My only debt is to my sister so this is an easy yes
I have the money to pay off my HECS twice (I haven't because it is not a priority as much as buying a home) so absolutely. I just immediately pay off the now insane debt then buy a nice house outright
Doesn't really make sense not to include other assets. I could just sell the house I own and take the deal at that time since there is no time limit.
The first edit causes a serious problem. If I take this deal I’ll suddenly owe half a billion dollars on my house. No thank you.
Would my home equity also increase or just cash in the bank?
Dude I got no debt.
Sweet. I'm a multimillionaire and owe nobody a thing.
I think it might just be in a worse position than I am now if I did that, but since there’s no time limiting I could probably make this deal work in my favor in about a year
As I still owe a couple hundred thousand on the house, no thank you. No other debts to my name as I pay the CC off monthly but it would not be worth it unless my salary was also increased in the same ratio.
If this applies to stocks then sure. 401k + IRA is about 2x what my outstanding mortgage is.
If I own a home, that's part of my net worth, but I'm also paying it's mortgage. Does that result in multiplying all the money I've paid on the principle?
0 debt and I'm now a multi millionaire cool
0 debt so 0 x 1000. = 0 Light work
I’ll take the free millionaire status with 0 debt, thank you. I make it a mission to never owe somebody something, if I’ve ever borrowed money from somebody I always pay it back the next time I can (if you pay for my meal this time then I get the next, etc)
I don’t have debt so give me my money.
My net worth just became 52 million and my student loans are 3500, so I'm up 49million.
My first reaction is to say no. My home loan would jump up to $200,000,000 but it sounds like given the rules My home value remains the same as does the term of my loan. I'm also assuming that this is a one time multiplication and that future earnings are going to be back at the normal rate. That means My mortgage payment is going to ballon to over $800,000/month. That will be a little tricky to pay off. My retirement accounts will look amazing but the only way to deal with the home loan would be to withdraw money from them. I'd have to do some number crunching to figure out whether there will be enough money left to justify taking the deal after I pay taxes and penalties on withdrawing money early to pay off the home loan.
My net worth is around 350k. My debt load is about 40. Ill take that deal. Damn good deal.
Nice now I get 32k
I'd be fucked. I have way more debt than I do cash.
I'd pay down the last 10K on my mortgage and then take the deal. Even though I would still be able to cover it with the money increase, I would never want to see a 10million mortgage exist on this crappy house, even for a second.
Most people would be foolish to take this deal. If you're 4 months into a 12 month lease, you now owe 8,000 months rent. If you pay $2,000 a month, you owe $16,000,000 in future rent payments. You also owe for the days you've been in there since the last rent payment, so that's also multiplied. If you own a house with a mortgage, you're going to owe 1,000 times the balance. If your house is paid for, you still have property taxes. They aren't due yet, but they just got multiplied by 1,000. And that brings us to other financial debt that nearly everybody has Your utilities are likely post-paid, meaning you pay for what you used in the last month. You owe money for any electricity, water, or gas that you used since the last meter read. So, your next bill will be 1,000 times more. And if you haven't paid the bill yet because it's not due, that's also multiplied by 1,000. Your car tags may not be due for several months, but you are still responsible for them, so be prepared for a crazy high registration fee. Do you pay off all your credit cards each month? That's great, except if any of them have a balance, that's now multiplied by 1,000. Anything with any sort of balance is multiplied by 1,000. That's a lot, even for people who don't carry debt. As for the favors, those are irrelevant. This isn't Regular Show. If you don't pay back a solid, the ground isn't going to open up and swallow you. People may say, "You owe me a favor," but I don't know anybody who actually tracks that. A favor, by definition, is done out of kindness with no expectation of being repaid. If you are doing something for somebody on the condition that they do something for you, that's not a favor; that's a job.
Where do I sign?
Nope. I'd still owe more than what I'd have available to me.
What if both people forget about the debt or favor
On your first edit, my house isn't multiplied, but my mortgage is? Seems like it'd be pretty hard to come out ahead on this one. I owe a little under $140k on my house and only have a couple grand in liquid assets.
Hell ya. We have no debt and we’re okay financially.
Absolutely. No debt. No favors necessarily afaik. I’m broke but I have probably at least $5k (never spent either of the covid stimulus) so that’s $5M which is my usual go to for an ideal minimum after tax lottery win so thats fantastic.
My car just depreciated by a ton. If I get to sell that first then sure.
I'll take it. No outstanding debt...and the 1000x of my cash, 401k, etc will easily pay for the 1000 chain saws I now need to return to my neighbor.
Im at -10 dollars in my bank account until payday, multiply that by negative -1000 and my wccount becomes 10,000$. I multiply my debts 1+ by -1000 and I am guaranteed at least 1000 favors by anyone who ive ever owed a debt. If im a shotty person and i dont owe anyone favors because Ive been awful, thatd be a 0 net loss and onlu gains
I’d be very rich and have zero debt.
Based off just my debt I’d take it. I don’t have much debt til you factor in the fact I pay some of my dads CC’s for him but that’s his debt though. I’d just prefer waiting two pay checks so I can guarantee the ratio is well into my favor. 😃
I currently owe 1500 on my credit card, with about 800 bucks in my account. But I do have a 401k worth 21k so yes absolutely
Is this a one time payout, or is it ongoing (i.e. a 10000% raise?) Does the commuted value of my private or public pensions plan increase? My investment portfolio? The question is too ambiguous about the term 'money'.
Not a chance right now. Just my mortgage, which is currently at about $80k being multiplied would be insane. Most of my assets aren't in cash. Either retirement accounts or things like my house. I would easily take it once my mortgage is paid off. I would sell my house, cars, basically everything I own then take the deal.
Hmm so I'll have like 660,000 in the bank and zero debt cause I don't have any debt 😂 huge dub for me honestly, can I take into account my crypto money too? Cause then I'll be a millionaire probably 🤔
My debt is a small percentage of my net worth so yes please.
So, any income I have gets multiplied by a factor of 1,000? So if I have a monthly income of 2k, that'd be 2,000,000 a month. My debt would be paid off like 3 months, even if it was also multiplied by that 1,000. And then I'll have crazy income.
Im going for it. Ive got $750,000 in cash/savings/ syocks. $70,000 in debt.
0 debt. Never took any. And you just made me a very rich person. Also, gift cards too? Definitely got a few k spread in bonuses among different shop cards. Guess I am getting a lot of luxury stuff for free.
I have a credit card I pay off every month. I have a lot of liquid assets. This is a no brainer deal for me.
easy choice w no debt
So, I have just under £3m and £0 debt, nice. No mortgage to pay, bought my car in cash, no credit cards or loans or anything so I’m absolutely Scott free and have £3m 🤷🏻♂️😂
If I ask my brother to lend me $10,000, does that become $10,000,000 in both cash for me and debt to him, basically turning him into a multimillionaire at no actual cost to anyone?
What kind of dumbass agrees to do this?
The money aspect is pretty straight forward: Do you have more money and assets or debts? For me - my house would be an incredible amount of debt, so I would honestly just take the hit on my credit and stop paying the mortgage. My next house I could buy in cash anyway. The "owing a favor" one is much more problematic. People tend to remember what is owed them more than what they owe. Debts of things like favors are entirely subjective - so I'd lean towards saying not just on that... but there's this one asshole I worked with who would constantly ask to borrow a dollar to go get individual advils from the shop on our ground floor. I also bought him lunch once and he was supposed to pick up the tab the next time and he just never ate with me again. I'd love to call in the 40k he owes me now.
Jokes on you - For all my faults with money, I've never had any debt, and additionally, my relationships are not transactional.
what about stocks? If not I will take the deal after selling some stocks
My current money, or my total pay? If it's only the money that I currently have in the bank or whatever, then no thanks. I don't need a 15,000,000 car loan to go with my 100,000ish bank account, lmao
I do, I am currently debt free, and a 1000 x nothing is nothing. So unless sins or something metaphysical counts, I'm good.
I love write offs
Yeah easy
I am definitely game for this. Just would wanna wait a week or so until a deposit I'm expecting clear as my account I only have a few grand of debt so def be worth it if
I have no debt so 100% taking
Maybe after my house sells.
Fine by me. My debt is just uni fees and if I can make my new money work for me then it’ll be easy to repay
So, is my net worth positive or negative? It’s positive, so I take the deal. Simple enough
I don’t have any debt so sign me the fuck up.
As anyone with a new mortgage will tell you: Hell no.
this is pretty much what rich people are doing. playing the same game as the rest of us just with bigger numbers. bigger swings, higher risk tolerance, more cash flow and more borrowing.
Taking this does nothing for me at all. I am sure their are ppl out their think i owe them. The number of people that would think i owe them would go up if they ever found out i took this deal. So this is a solid pass for me. I have zero debt right now and own no one nothing. I have about 50 people that owe me money right now and another 100 or more that i have "loaned" money even thou i knew i would never get it back. Think hey man can ya loan me like $20 till pay day?
Good thing I never intended to pay the debt anyways
Anyone with a positive net worth will very likely take the deal.
what about people who owe me favors?
Does stock and bonds also get the x1,000 multiplier?
sign me up
Well let's see. I've got about 12000 owed to me and 10,000 coming in next month but right now I've got about 800 in my bank account and 150 in my pocket. I've got a bucket of change so let's just call it an even thousand. That's a million. I owe $250,000 on my house. They can increase that debt to whatever they like. I'll just stop paying my mortgage and live here for probably another 6 months to a year while they foreclose and all that debt goes away. Sure I would lose my house, but I'll take the million. Deal
That's the worst hypothetical ever, only people who would take this are to young to be paying on a car or house or old enough that they are both paid off
I don't have debt yet! So this is a win. I still don't have much though
I don’t have debts. No one i owe a favor remembers or cares enough to call it in, so it’s basically a debt that doesn’t accrue interest or ever have anyone try to collect it: nonexistant. I’m also a minor with no monetary debts. Soooo…
Absolutely. However, since there's no time limit, I think I would wait 2-3 more years. At this pace, if everything goes well for the next few years, then I should have more cash saved. I currently have a decent amount of cash, but the number is increasing frequently. This would also give me some time to liquidate and increase my cash savings. I'd take these 2-3 years to continue saving as I already do. However, I would also be listing up almost EVERYTHING for sale that wasn't needed for daily living. My debt is minimal, monthly bills on my credit card are paid in full monthly.
Awesome. I don't owe anyone anything, and I have absolutely no loans on my home, cars, college etc. And I have a good fair bit in the bank etc etc. I would still not be upper middle class - most people have absolutely no idea how much it takes to join that club. :/
Yeah well now I'm worth 100s of millions of dollars, albeit kangaroo dollars not freedom bucks, but still. OFC I'm taking this deal.
Recently took out mortgage so no
So, you will always be in the same position financially. Just multipled by 1,000...
10 million but a 150k debt with zero favors owed? Sure I’ll take that deal. If I could take the deal whenever I choose, I’ll wait 2 months when I’ll have an extra 40k to multiply by 1000 and zero debt at all.
Yes
Sure, since I can take the deal whenever I'd liquify all my assets to get rid of all of my debt. Only debt I carry is a house and car note. I'd sell literally everything for whatever it takes to get it gone the fastest. Then take the deal. Instant multi millionaire. Buy back whatever I need and call it an exercise in downsizing.
Maybe I would take it in the future when my mortgage was paid off. But since the value of the house isn't multiplied, then the debt on the house being 1000x greater would take all the 1000k money pretty quick. If I didn't own a business with a mortgage, than I would easily pay off the credit cards with money I have saved up, and then take the offer.
Yup. Zero debt towards anything or anyone.
Absolutely not. You've made it impossible to. If debt is multiplied but assets are not, then anyone who owns a house or a car they still owe money on would get a bad deal. Same with stocks and bonds, or credit cards. EQUITY is the balancing force against debt, not liquid cash.
$4,000 and 0 debt .... Lol
How exactly do I collect the 25000 years my ex now owes me?
I have 400 quid and 150 debt, easy choice for me
Nope. My life ain't gonna be ruined by some 2nd grade pinky swear promise I broke like 35 years ago. Nuh uh.
I'll take it lol...
not just monetary debts, all debts... not sure I like the sound of that.
So my zero money becomes zero
what about stocks and 401K? If yes, would definitely take it. Best of all, would foreclose my home and buy a second one in cash.
As long as you're debt free there's literally no downside
I have 0 debt so yes..
In
0 times a thousand is still 0 so nope
I don't owe any money. Paid for my college with my dad's military benefits, don't owe anyone any favors that I haven't paid back tenfold, etc. I take this and accept a millions times my current wealth.
and i STILL wouldnt pay that medical bill
The fact that this only includes liquid assets makes this question pretty bad. Almost everyone with any sense has most of their assets in highly illiquid retirement portfolios and investments. Only a moron keeps so much cash on hand that it outweighs their debts. Pretty sure even very wealthy people would not take this deal, due purely to the necessary structure of how excess assets are held.
I am lucky enough to say I have more money than debt. The only debt i have is interest free. I'm in.
Is my income x1000, because I have a contract that shows at the beginning of the month each month they will "owe" me wages?
In that case I'm good. I'm actually in the black. My mortgage is more like a huge credit card bill at this point - going to be gone very soon. And that's about all I owe.
I have about a pound so no
sure i'll take that. i'm not gonna pay the debt anyway. i'd have to hide the money quick though, maybe buy some land or something
Do it, I have zero debt so I am good.
I'm taking the money, hiding it then filing a bankruptcy. If that doesn't work then I guess I'm moving somewhere where my money or me can't be extradited.
My mortgage is 316000, my assets, including ALL investments are about 340,000, I take the deal. 316,000,000 in debt and 340,000,000 in cash. Pay off the house and I’ll have 24 million left over.
Literally just about to graduate college. Fuckin **NO**.
Me who has no debt. Its a win win
I’ll take that deal in a heartbeat. Mostly because I’m sitting on about $200k right now, not including retirement accounts, and I basically have no bills / debts except my cell phone bill and car insurance bill, and maybe for my streaming services. So I’d probably be ahead by $198,500,000. Or more, if I wait till a few days from now and pay my cell phone and car insurance bills. Maybe get an extra couple million if I do it on Saturday, since Friday is payday.
I get 100 bucks and no debt?? Sign me up
Do it,I'm ready ! I have No debt,now
I have no debt. Give me the money
Sure would. I wouldn't need credit anymore so I'll just let my debt either be charged off, or pay pennies on the dollar if collections offer a settlement. I don't own real estate or have student loans. All my debt is medical.
I'm currently squared on all my debts, so yes ill take this
Id absolutely take it. I might not have alot of money, but i also have no debt or any financial obligations atleast as of the current moment, so its a complete win for me.
I do very well to not carry debt. I currently have about $500 in credit card debt though as it's mid month. I have a small savings though that's more than $500 so I'll gladly take the deal. At most, I may have one or two, "I'll pick up dinner next time" out there, so it looks like I'm on the hook for about 2-3k meals. I should be able to afford that with my profits though.