MoneyOnMyMind
Welcome to MoneyOnMyMind, the go-to Circle for practical personal finance inspiration, tips, and real talk on managing your money. Whether you’re budgeting groceries, digging out of debt, building credit, learning how to invest, or wrestling with retirement plans—this is your community for smart, non-judgmental financial wisdom in short-form. Get motivated, swap hacks, and let’s help each other master our money one decision at a time.
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84 Comments
Most ignorant thing I have heard all day. You can still be taken to court even with an llc or cooperate status you still can be liable for some of that. Just put the 10 million in a compound interest savings account and live off the interest. Morons
Not true
You have to have an income so that $10 he’s talking about is invested
Lookin at all the broke pple in the comments tellin us how dumb this is is funny. When you guys haven't done half of what Akon has with his money lol stay broke folks
how you think Elon got rich? he got most of his payments in Tesla stock and borrowed against that as a loan, now that is debt and can't be taken away unless he files bankruptcy
SNAP it up for your people..they dont get it 😅
when u borrow against the money. believe, that money is being hold on by the bank. so when u not pay back. u think bank will just say "ok " ?? the ten is theirs n u own that interest😂😂😂from that 10 mil u borrow.
and thats why akon city never went anywhere hahaha he was scamming the whole time he knows what's up
If you think that I got a house and Missouri oceanfront property
Akon is a con
If you have 10 million in the bank and you "borrow against it"...that means you are using the cash as collateral....don't pay your note and they'll take it. This fool is taking information that he has heard other people say and repeating it incorrectly. Example: Elon Musk gets paid from Tesla in stocks and then borrows money against the stocks and then owes zero dollars in taxes. He'll owe taxes when he sells the stocks though. If Elon didn't pay the note, the bank would take the stocks. Homie the clown must have never dealt with a bank.
lmfao 100% right but 10 million that bank ain't stupid they are going to take his 10 million
You can’t do that 😂 they will get that money if you have it. This is why the rich whiten people have more money than him they aren’t dumb asf.
Makes cents $$$
acourse he has to say like the White boys....😂
This is not how it works, SMH. However it can be done with the right protection but it’s not quite this easy. Spend some money on the legal department and you can protect yourself against capital loss.
Ya that would not work. Are you forgetting about the interest. You gonna owe 12 m and you only got 10. Now you got bad credit sleepin on the street cause you can’t afford to get a coffee
man never borrowed a dollar from a bank in his life, you need to collateral. it's all you have is 10 million and no other assets and you want to borrow $10 million you would have to get a CD and borrow against it and if you mess up the money you borrowed the bank keeps the CD but if you pay it back you build your credit and you can make money at the same time and if you prove yourself you can get a unlimited credit card to where you never have to ask tomorrow money again and you don't need collateral
careful, if the IRS hears this they're going to tickle your bunghole
Na they will take you to court and garnish your money. If you file bankruptcy the will take 10 million in assets. That are bumb af…
But the more you do that they got your name they know not to even give you any
And suge knight allegedly told to 2 girls to leave and gave him some money
his friends knew all about them phone calls and that minimum payment 😂😂😂
So I saw you take me to court cause they do that now
lol Idiots
ignorant
they never go broke because they get 9% of taxes taken meanwhile poorer people have 20% taxes taken out of their checks
didn't he promise his country a massive perfect utopia and failed to deliver and is currently fighting debt ?
I was a fan of his until she'd not told the story of how he came up in the hotel room and he sank the acon and his Partners had them some Tula young girls up in and it was under age too
rich people are always broke. . . most are "worth 10 million" but are in debt millions of dollars.
the banking system keeps the country in debt... never paying it back only paying the interest
this is why he's in prison now 😂
That’s fucked!!! But if I owe it comes out of my bank account
Guess Akon doesn’t know what the IRS or interest is
They’ll just freeze that 10 million jackass.
look into Elons finances. he operates pretty much like this with loans and stocks.
But nobody is talking about how you get the 10 million in the first place.
these guys are idiots. it doesn't work that way. the courts will find the money
don't understand collateral. now you have bad credit and no $10 million
He literally got caught up for fraud
Definitely doesn’t work like that lol rich people are rich because they don’t do dumb things. Every once in a while, somebody gets lucky but it’s a very small percent of the population. Even a blind dog with three legs and no tail can get lucky sometimes.
utilize you mean playing the system taking advantage of loopholes scumbags
have good days everyday
so u can tell hes not rich because thats not a thing. no one is loaning u 10 mill unless ur absolutely going to pay it back, u have to have liquid assets to leverage. that way if u don't pay it back they will put leans on ur assets and they will absolutely garnish ur wages. broke people get shot calls to pay back loans they cant.
super dumdum... white, black, yellow or green
skin color checks out
A bunch of idiots 🤦🏽♂️🤣🥴
That’s right
They can definitely sue.
rich people go broke all the time
Except that, now your 10 mil collateral is gone. You are not smarter than the bank.