How in the world do you buy stuff?

11 years ago

Originally Posted by thomas1984

Ok who else has walked into a car dealership and tried to make a deal only to be denied because you dont have a "job"?? I mean COME ON! im more than able to make the payment but because I dont work for a company and thus cant "prove" my income I cant get credit.. I tell them "well all I can do is show you my paypal statements, but thats not good enough..

Soooo whats a marketer supposed to do when it comes to buying things? I mean I cant pay 57k cash...

I assume you are located in the US.
Form a company, get an EIN, make a bank account, transfer funds from paypal to bank account.. print business cards as being the owner/partner/CEO of your company and then walk in.....

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I Am Attila

11 years ago

Originally Posted by Mark .W. James

I assume you are located in the US.
Form a company, get an EIN, make a bank account, transfer funds from paypal to bank account.. print business cards as being the owner/partner/CEO of your company and then walk in.....

great tip, thanks -- but on a sidenote, i hate how perception = reality.

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thomas1984

11 years ago

Originally Posted by Mark .W. James

I assume you are located in the US.
Form a company, get an EIN, make a bank account, transfer funds from paypal to bank account.. print business cards as being the owner/partner/CEO of your company and then walk in.....

Thanks for the tip, But ive heard that once you form a business your tax rate goes through the roof, even more so now that taxes are being raised on small businesses..

Thanks
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Mark .W. James

11 years ago

Originally Posted by thomas1984

Thanks for the tip, But ive heard that once you form a business your tax rate goes through the roof, even more so now that taxes are being raised on small businesses..

Im not a fan of paying high taxes but hey, if thats the price you gotta pay to get your car, why not?

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AnniePot

11 years ago

Originally Posted by thomas1984

Thanks for the tip, But ive heard that once you form a business your tax rate goes through the roof, even more so now that taxes are being raised on small businesses..

Get yourself a good accountant and make full use of them throughout the year and especially at tax time. All my original university training was in accounting and my first job was with Arthur Andersen, then Ernst & Whinney (now Ernst & Young). Believe me, with a good, knowledgeable accountant, you will keep you taxes to a minimum and do it legally.

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I Am Attila

11 years ago

Originally Posted by thomas1984

Ok who else has walked into a car dealership and tried to make a deal only to be denied because you dont have a "job"?? I mean COME ON! im more than able to make the payment but because I dont work for a company and thus cant "prove" my income I cant get credit.. I tell them "well all I can do is show you my paypal statements, but thats not good enough..

Soooo whats a marketer supposed to do when it comes to buying things? I mean I cant pay 57k cash...

if you can't pay cash, then buy a cheaper car you can pay cash for..

i built our house in cash, no mortgage, i bought wifes car and my car for cash... no loans, nothing , because like you im in IM and i cannot prove income, and besides - loans are evil

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WebPen

11 years ago

You could always form an individual 401K or Self-Employed IRA and put money into it to lower your taxes.

Depending on how much you make, you can deduct over $40K from your taxable income- and you're building wealth in the stocks, mutual funds, etc. that you buy.

It also shows anyone you try to get a loan from that you have assets you can sell if necessary to make payments.

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rosetrees

11 years ago

57k for a car!!!! I just bought one a few weeks ago - for just over a 10th of that price. Yes, I did pay cash, so no awkward credit questions asked.

Save up and pay in cash for something more affordable!

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James Clark 11 years ago

If you are in Internet Marketing you should have some cash. Pay for it cash. You can negotiate a good deal if you have some cash. I do know about you but my goal is to not to owe anybody anything.

We have a standing joke in my family. Does it make sense to go to a dealership and give those guys a large sum of money and leave there owing the S.O.B.
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- Steve B 11 years ago
  
  This thread reminds me of an article I read about a 40+ year old single lady that lives on cruise ships.
  
  She has sold most of her possessions and has a mailbox (her home address) that she rents (in Miami, I think) and checks whenever she has a chance in port between cruises.
  
  She follows all the discount cruise web site "alerts" and buys last minute cruises at a fraction of the normal cost. She regularly "times" her cruises so that she leaves on the next cruise the same day she returns from the current one. Once in a while she will stay in a land-based hotel for a night, but not often.
  
  She has no mortgage, no car, pays no taxes, no utilities, no grocery bills, etc. She cruise "hops" and it costs her roughly $30/day - total. So she spends $900 per month to live with full maid service, the best meals, entertainment, yada, yada.
  
  She adopted this lifestyle to try to meet well-to-do single guys, but liked it so much that now she has no intention of settling down with just one man.
  
  She is living so cheaply that her little nest-egg of investments are also growing. She has literally said good-bye to the rat race. Her iphone and ipad are her link to the outside world.
  
  Whatever floats your boat! (Although to be honest I don't envy someone who has few or no family/friends around to enjoy the company.)
  
  Steve
  
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AnniePot

11 years ago

Originally Posted by rosetrees

57k for a car!!!! I just bought one a few weeks ago - for just over a 10th of that price. Yes, I did pay cash, so no awkward credit questions asked.

Save up and pay in cash for something more affordable!

Great point ...

Here's another one ... SHOP AROUND!

I made my last car purchase in 2003 - a beautiful, top of the line Toyota Solara SLE V6 convertible. The local dealers in Southern California quoted prices between $30,000 - $32,000, so I expanded my horizons.

Eventually I made my purchase in Plano, Texas for $21,000. As I wasn't resident in Texas (then), I paid no sales tax, and when I registered it in California, I paid sales tax on the $21,000 purchase price.

My entire purchase was conducted over the internet and my husband flew over and drove it back for me, taking a cashier's check with him.

Working from home, I don't put too many miles on the car and it's as good as new today - a nifty purchase all around.

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talfighel

11 years ago

When you do your taxes, you should have a slip that says how much you have made the last year. Then you should walk into your dealership and show them that.

If that does not work, ask them what they need to see if you don't have a job and are self employed.

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Kay King 11 years ago

For a self employed person, the taxable income you show on your annual tax forms is proof of income. It's a problem for many entrepreneurs who write off expenses to reduce taxable income.

Forming a business entity won't help - the business will be required to establish its own credit ratings to qualify for a loan.

If you are looking at 57k cars - look at 20k instead and put $10k down and you can get a loan as long as you don't have a negative credit report. 50% cash up front makes you a far better credit risk.
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RogueOne

11 years ago

Self-employed on a credit app. is the same as unemployed. That's the way they score it. You are considered high risk to default.

With the uncertain, volatile nature of IM, you are, and so am I.

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TheFreeman

11 years ago

I had never heard of that, but I guess it happens. Who they think they are?

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simonpiemon

11 years ago

Just because you CAN make payments doesn't mean you SHOULD make payments... Especially on a 57k car.

I've lived off credit and loans and nonsense for years, and I now have come to hate it.

In future if I can't pay cash for it I'm not having it.

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thomas1984

11 years ago

thanks for all the useful tips guys, I have looked around and the 57k (including TTL) is about the cheapest in my area for a super crew f150 with the fx4 package and LOADED (entertainment system for the kids, full control of front and rear differentials, navigation and so on).. I guess I just might have to save for a little while and drop cash.. Thanks

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Igor Fridrihs

11 years ago

Is this necessary to buy a new car from a dealer and pay all the taxes? Find a doctor or a lawyer who changes his luxury car every 2-3 years and buy from them.

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