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 Ms. Poutability
Posts: 2362
  
Location: In my own world | aqhabarrelchic1 - 2015-07-17 1:42 PM livinonlove&horses - 2015-07-17 5:28 PM grinandbareit - 2015-07-16 6:35 PM Assets are what suggest your monetary worth... And I'm quite sure she has a million in assets. Assets are only worth what you actually sell them for. Assets do not equal cash
Well you are partly right and wrong. Yes there is federal tax that has to be paid. But only if your estate has a value of over $5 million and that is per person. So a husband and wife would have to be worth more than 10 million before a tax was due. Now that does change from year to year. Those are only the current numbers though they have been the norm for a few years. And if you have a good estate attorney and a proper trust set up a lot of that can be avoided. |
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Ms. Poutability
Posts: 2362
Location: In my own world | grinandbareit - 2015-07-17 12:27 AM
livinonlove&horses - 2015-07-16 7:28 PM
grinandbareit - 2015-07-16 6:35 PM
Assets are what suggest your monetary worth... And I'm quite sure she has a million in assets.
Assets are only worth what you actually sell them for. Assets do not equal cash
Hmmmm... In that you are mistaken...
If you are going to the bank to borrow money what do you have to have? Collateral... that would be in the form of an asset. I'll give you the money, let's first find out what you are worth. They then put a value on your assets and give you the cash. That's the way the system works.
Yes and no. For people who don't have lots of cash yes they have to put up collateral. Say a farm. And let's say your farm is worth $100,000 today. They will loan you roughly 50% of that value if they are a smart bank. But let's say next year the land market falls. And your farm is only worth $80,000 but you owe $55,000 once you factor in interest. The bank may consider you upside down in your debt to equity ratio and call your loan. You either have to give them CASH or maybe more collateral or sell your farm to pay the note.
And just FYI you can use and investment portfolio or a CD as collateral. Both cash items |
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 My Heart Be Happy
Posts: 9159
Location: Arkansas | grinandbareit - 2015-07-17 12:27 AM
livinonlove&horses - 2015-07-16 7:28 PM
grinandbareit - 2015-07-16 6:35 PM
Assets are what suggest your monetary worth... And I'm quite sure she has a million in assets.
Assets are only worth what you actually sell them for. Assets do not equal cash
Hmmmm... In that you are mistaken...
If you are going to the bank to borrow money what do you have to have? Collateral... that would be in the form of an asset. I'll give you the money, let's first find out what you are worth. They then put a value on your assets and give you the cash. That's the way the system works.
I think GABI has a pretty good grasp of financial statements and liquidity!!!! |
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My Heart Be Happy
Posts: 9159
Location: Arkansas | livinonlove&horses - 2015-07-17 10:12 PM
grinandbareit - 2015-07-17 12:27 AM
livinonlove&horses - 2015-07-16 7:28 PM
grinandbareit - 2015-07-16 6:35 PM
Assets are what suggest your monetary worth... And I'm quite sure she has a million in assets.
Assets are only worth what you actually sell them for. Assets do not equal cash
Hmmmm... In that you are mistaken...
If you are going to the bank to borrow money what do you have to have? Collateral... that would be in the form of an asset. I'll give you the money, let's first find out what you are worth. They then put a value on your assets and give you the cash. That's the way the system works.
Yes and no. For people who don't have lots of cash yes they have to put up collateral. Say a farm. And let's say your farm is worth $100,000 today. They will loan you roughly 50% of that value if they are a smart bank. But let's say next year the land market falls. And your farm is only worth $80,000 but you owe $55,000 once you factor in interest. The bank may consider you upside down in your debt to equity ratio and call your loan. You either have to give them CASH or maybe more collateral or sell your farm to pay the note.
And just FYI you can use and investment portfolio or a CD as collateral. Both cash items
Not the way banks tend to work it in our area. But nonetheless, thanks to the OP for this thread and congrats to BP on getting where she is thru her hard work and smarts. Simply a great ambassador for barrel racing being seen by a whole new audience----that can only be a good thing! |
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Ms. Poutability
Posts: 2362
Location: In my own world | Chandler's Mom - 2015-07-18 12:37 AM livinonlove&horses - 2015-07-17 10:12 PM grinandbareit - 2015-07-17 12:27 AM livinonlove&horses - 2015-07-16 7:28 PM grinandbareit - 2015-07-16 6:35 PM Assets are what suggest your monetary worth... And I'm quite sure she has a million in assets. Assets are only worth what you actually sell them for. Assets do not equal cash Hmmmm... In that you are mistaken... If you are going to the bank to borrow money what do you have to have? Collateral... that would be in the form of an asset. I'll give you the money, let's first find out what you are worth. They then put a value on your assets and give you the cash. That's the way the system works. Yes and no. For people who don't have lots of cash yes they have to put up collateral. Say a farm. And let's say your farm is worth $100,000 today. They will loan you roughly 50% of that value if they are a smart bank. But let's say next year the land market falls. And your farm is only worth $80,000 but you owe $55,000 once you factor in interest. The bank may consider you upside down in your debt to equity ratio and call your loan. You either have to give them CASH or maybe more collateral or sell your farm to pay the note. And just FYI you can use and investment portfolio or a CD as collateral. Both cash items Not the way banks tend to work it in our area. But nonetheless, thanks to the OP for this thread and congrats to BP on getting where she is thru her hard work and smarts. Simply a great ambassador for barrel racing being seen by a whole new audience----that can only be a good thing!
Banks used to not work that way. But up here they are starting too. It started because of the housing crunch. But with the grain market going down but cost of inputs staying the same or even rising loans are getting looked at. Now maybe a house loan no. But farmers who are borrowing money to put out crops and using their farm for collateral yes they will keep your debt to asset ratio at 50% if they are a smart bank. Our bank in the last few years would not use machinery as collateral either. It was factored into your finance statement and part of your net worth.
I think BP is going to shed great light on the industry and think it's neat she is on the show. I need to watch it. Would be curios to see who l they have defined as millionaires and how they determined it |
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Ms. Poutability
Posts: 2362
Location: In my own world | Chandler's Mom - 2015-07-18 12:22 AM
grinandbareit - 2015-07-17 12:27 AM
livinonlove&horses - 2015-07-16 7:28 PM
grinandbareit - 2015-07-16 6:35 PM
Assets are what suggest your monetary worth... And I'm quite sure she has a million in assets.
Assets are only worth what you actually sell them for. Assets do not equal cash
Hmmmm... In that you are mistaken...
If you are going to the bank to borrow money what do you have to have? Collateral... that would be in the form of an asset. I'll give you the money, let's first find out what you are worth. They then put a value on your assets and give you the cash. That's the way the system works.
I think GABI has a pretty good grasp of financial statements and liquidity!!!!
I never said she didn't have a understanding. But I do too. For 11 years my husband and I along with my FIL farmed 2200 hundred acres. We borrowed between $500,000 and $750,000 a year to put out crops. I can fill out a finance statement like writing a grocery list and do future income projections. When my FIL passed away my husband farmed a bit longer but didn't enjoy it with his dad. So we sold out. That would be liquidating assets. We now have a large investment portfolio that is very diversified. It makes enough income that at 35 and 42 we are retired. Now I get to learn about investments with our financial planners. A side we didn't do as farmers but new and interesting. So yeah I got a pretty good grasp of finances....assets....debt.....stocks.....REITS.....bonds....etc
But thanks for thinking I didn't |
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 Go For It!
 
Location: Texas | livinonlove&horses - 2015-07-17 10:12 PM
grinandbareit - 2015-07-17 12:27 AM
livinonlove&horses - 2015-07-16 7:28 PM
grinandbareit - 2015-07-16 6:35 PM
Assets are what suggest your monetary worth... And I'm quite sure she has a million in assets.
Assets are only worth what you actually sell them for. Assets do not equal cash
Hmmmm... In that you are mistaken...
If you are going to the bank to borrow money what do you have to have? Collateral... that would be in the form of an asset. I'll give you the money, let's first find out what you are worth. They then put a value on your assets and give you the cash. That's the way the system works.
Yes and no. For people who don't have lots of cash yes they have to put up collateral. Say a farm. And let's say your farm is worth $100,000 today. They will loan you roughly 50% of that value if they are a smart bank. But let's say next year the land market falls. And your farm is only worth $80,000 but you owe $55,000 once you factor in interest. The bank may consider you upside down in your debt to equity ratio and call your loan. You either have to give them CASH or maybe more collateral or sell your farm to pay the note.
And just FYI you can use and investment portfolio or a CD as collateral. Both cash items
You said yes and no... where exactly is the no?
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One Grateful Mom
Posts: 2702
Location: wolverton,mn | I remember watching Brittany's first n.f.r........very tough go of it! She was sponsored by lucchesse boots ( I think)
She is one who has worked her tail off and I don't see her looking back,only ahead! |
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My Heart Be Happy
Posts: 9159
Location: Arkansas | livinonlove&horses - 2015-07-18 11:47 AM
Chandler's Mom - 2015-07-18 12:37 AM livinonlove&horses - 2015-07-17 10:12 PM grinandbareit - 2015-07-17 12:27 AM livinonlove&horses - 2015-07-16 7:28 PM grinandbareit - 2015-07-16 6:35 PM Assets are what suggest your monetary worth... And I'm quite sure she has a million in assets. Assets are only worth what you actually sell them for. Assets do not equal cash Hmmmm... In that you are mistaken... If you are going to the bank to borrow money what do you have to have? Collateral... that would be in the form of an asset. I'll give you the money, let's first find out what you are worth. They then put a value on your assets and give you the cash. That's the way the system works. Yes and no. For people who don't have lots of cash yes they have to put up collateral. Say a farm. And let's say your farm is worth $100,000 today. They will loan you roughly 50% of that value if they are a smart bank. But let's say next year the land market falls. And your farm is only worth $80,000 but you owe $55,000 once you factor in interest. The bank may consider you upside down in your debt to equity ratio and call your loan. You either have to give them CASH or maybe more collateral or sell your farm to pay the note. And just FYI you can use and investment portfolio or a CD as collateral. Both cash items Not the way banks tend to work it in our area. But nonetheless, thanks to the OP for this thread and congrats to BP on getting where she is thru her hard work and smarts. Simply a great ambassador for barrel racing being seen by a whole new audience----that can only be a good thing!
I think BP is going to shed great light on the industry and think it's neat she is on the show. I need to watch it. Would be curios to see who l they have defined as millionaires and how they determined it
Where do you live? I'm a farmer's daughter, my mom is VP of an agri bank, and I'm an accountant in almost 100% agri area----equipment is always used as collateral here. . . . Just wondered what part of the country you were in. |
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My Heart Be Happy
Posts: 9159
Location: Arkansas | livinonlove&horses - 2015-07-18 11:54 AM
Chandler's Mom - 2015-07-18 12:22 AM
grinandbareit - 2015-07-17 12:27 AM
livinonlove&horses - 2015-07-16 7:28 PM
grinandbareit - 2015-07-16 6:35 PM
Assets are what suggest your monetary worth... And I'm quite sure she has a million in assets.
Assets are only worth what you actually sell them for. Assets do not equal cash
Hmmmm... In that you are mistaken...
If you are going to the bank to borrow money what do you have to have? Collateral... that would be in the form of an asset. I'll give you the money, let's first find out what you are worth. They then put a value on your assets and give you the cash. That's the way the system works.
I think GABI has a pretty good grasp of financial statements and liquidity!!!!
I never said she didn't have a understanding. But I do too. For 11 years my husband and I along with my FIL farmed 2200 hundred acres. We borrowed between $500,000 and $750,000 a year to put out crops. I can fill out a finance statement like writing a grocery list and do future income projections. When my FIL passed away my husband farmed a bit longer but didn't enjoy it with his dad. So we sold out. That would be liquidating assets. We now have a large investment portfolio that is very diversified. It makes enough income that at 35 and 42 we are retired. Now I get to learn about investments with our financial planners. A side we didn't do as farmers but new and interesting. So yeah I got a pretty good grasp of finances....assets....debt.....stocks.....REITS.....bonds....etc
But thanks for thinking I didn't
My post to GABI wasn't in reference to anything you had said. Didn't mean to step on anyone's toes at all, and I apologize if you took it that way. |
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 Roan On The Range
Posts: 7889
Location: Stephenville, TX | If you missed the episode, you can watch it on CNBC's website for free (no signing up or any of that required). The part about Brittany starts about 8 minutes in if you want to skip right to it: http://www.cnbc.com/live-tv/blue-collar-millionaires/full-episode/trash-to-cash/485366339697
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 Expert
Posts: 2128
| I keep reading post here that say things silimar to "blue collar families cant afford to give their kids this or that" "She came from money so she isnt blue collar" BLUE COLLAR means manual labor and associated industries. So if her family did well in the Oil industry...guess what...that is BLUE COLLAR. Blue collar doesnt mean poor...
I dont know anything about her family or how she got her start, what I do know is she is one of the best jockeys out there and has had success on multiple horses in multiple settings. You dont see many who are capible of that. She is the real deal hands down.
Edited by scwebster 2015-07-21 9:53 AM
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 Expert
Posts: 2097
Location: Deep South | scwebster - 2015-07-21 8:39 AM I keep reading post here that say things silimar to "blue collar families cant afford to give their kids this or that" "She came from money so she isnt blue collar" BLUE COLLAR means manual labor and associated industries. So if her family did well in the Oil industry...guess what...that is BLUE COLLAR. Blue collar doesnt mean poor...
I dont know anything about her family or how she got her start, what I do know is she is one of the best jockeys out there and has had sucess on multiple horses in multiple settings. You dont see many who are capible of that. She is the real deal hands down.
I think a lot of people are getting the two confused. You can be "blue collar" and still be well off.
For example, Farming is a blue collar industry, there are several farmers I can think of worth millions.
Oil is another blue collar industry.
Those saying she and her family are not blue collar specifically because they have money are uneducated on the definition of the term. |
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Expert
Posts: 2128
| BamaCanChaser - 2015-07-21 8:59 AM scwebster - 2015-07-21 8:39 AM I keep reading post here that say things silimar to "blue collar families cant afford to give their kids this or that" "She came from money so she isnt blue collar" BLUE COLLAR means manual labor and associated industries. So if her family did well in the Oil industry...guess what...that is BLUE COLLAR. Blue collar doesnt mean poor...
I dont know anything about her family or how she got her start, what I do know is she is one of the best jockeys out there and has had sucess on multiple horses in multiple settings. You dont see many who are capible of that. She is the real deal hands down.
I think a lot of people are getting the two confused. You can be "blue collar" and still be well off.
For example, Farming is a blue collar industry, there are several farmers I can think of worth millions.
Oil is another blue collar industry.
Those saying she and her family are not blue collar specifically because they have money are uneducated on the definition of the term.
Agree! |
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 Expert
Posts: 1257
Location: Colorado plains standing on a goat head! | I enjoyed the contrast of her semi and trailer for $300k after the dude in Florida was so tickled with his $100k Mazerati (or whatever it was)! God bless America!
Edited by paysonw 2015-07-21 11:21 AM
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Folks on-line