4 ms·

Your credit limit is probably around the amount of money you would need in the short term though.

• lloydarmbrust 17y ago
  Hopefully will be getting $20k-$30k in SBA loan. Already put $20k in (credit card). I need $5.5k/mo for mortgage, taxes, and childs/wife living--sub optimal for "ramen" profitability. Also, mortgage only two-years old so no room for second mortgage although I do have a CR above 860.
  • izak30 17y ago
    Cool. I wasn't suggesting that you be irresponsible with your credit, especially given that it's not just _you_ taking the risk. But clearly you've though through your options, that's all I was getting at. That what you'd make, even in your first month of not being under normal employment would more than cover the minimum payment (and hopefully cover most of your expenses). CC isn't the best sort of debt, I understand that, but it's the one most readily accessible to most of us, especially when looking at small amounts and short terms. Have you guys looked into things like kickstarter? I'd be interested to see how well that could/does work for a startup, and not an art project.
• teej 17y ago
  Suggesting that someone live off of credit cards for a startup is wrong. Given that he has a wife and kids? It's gravely irresponsible. I cannot emphasize how bad that advice is.
  • kylecordes 17y ago
    > Suggesting that someone live off of credit cards... In one sense, this is obviously correct. However, the poster/partner is also about to go ask their friends and family to put money at risk to grow this business; yet the poster/partner isn't willing to put N months of living expenses (small N) at risk for it? It could be a hard sell.
  • izak30 17y ago
    Well, they're already profitable. If you're looking at a year or more, I'd agree, it's crazy; but they're asking "how do I make the jump, and be profitable full-time".