5 ms·

What percentage of people with negative net worth are entrepreneurs? I would get it would approach 90%.

• patio11 16y ago
  This is most definitely not the experience I have had when doing volunteer financial counseling. (I ran out of ways to say "If your take home pay is $4,000 and your "absolutely mandatory" expenses are $5,000 then you will lose.")
  • benohear 16y ago
    That's sound advice. Maybe you could do government counseling too.
  • epo 16y ago
    Actually this is exactly why people borrow money from banks. The trick, of course, is to know that your income will at some point rise to cover the cost of borrowings.
• joshkaufman 16y ago
  Four easiest ways to have a negative net worth: 1. Borrow a lot of money for a college credential. (Bonus points for going to grad school.) 2. Borrow a lot of money for a house or home improvements. 3. Borrow a lot of money to start a business, using loans that are personally guaranteed. 4. Accumulate credit card debt by spending more than you earn each month. Any other methods I missed?
  • space-monkey 16y ago
    Be unfortunate enough to get seriously ill without medical insurance.
    • Mz 16y ago
      Get seriously ill regardless of what kind of medical coverage you have. My ex was career military. We had very few medical expenses -- the occasional pharmacy copay for items not carried at the military hospital (items on base were dispensed free). My health crisis still created financial problems.