Memes

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Memes! A way of describing cultural information being shared. An element of a culture or system of behavior that may be considered to be passed from one individual to another by nongenetic means, especially imitation.

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tfm@europe.pub

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In a nutshell (europe.pub)

submitted 2 days ago by tfm@europe.pub to c/Memes@europe.pub

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[–] fakeplastic@lemmy.dbzer0.com -1 points 1 day ago (1 children)

But they still have to pay the bank back, so it just pushes the question to where they get the income or assets to do that. It would be weird to pay interest on the debt for decades until they die and their heirs can pay it.

[–] jjjalljs@ttrpg.network 3 points 1 day ago (1 children)

Have a few million in stock and other assets
get a loan against these assets at a very low rate
do literally anything with that money that has a higher return than your interest rate
never pay income or capital gains taxes

I'm sure it gets more complicated than that. "Buy borrow die" is a common strategy

[–] fakeplastic@lemmy.dbzer0.com 0 points 1 day ago (1 children)

What's the mechanism for getting one of these very low interest rate loans? Isn't that unprofitable for the bank? Or is this option unavailable when interest rates are high? 5 years ago I got a fixed mortgage at 2.5% but I couldn't do that today, does that change if I'm rich enough?

[–] jjjalljs@ttrpg.network 2 points 1 day ago

I'm not rich enough to know the details. You can probably find answers online since it's not like a secret. I think if the amounts are large enough, the rates can be lower so the bank still makes money. Also the collateral is worth more than a house, I think. Usually. More liquid.