this post was submitted on 11 Jun 2024
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10 years later (lemmy.zip)
submitted 5 months ago by [email protected] to c/[email protected]
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[–] [email protected] 106 points 5 months ago* (last edited 5 months ago) (3 children)

“Anyone who had/has rich parents”.

Worked my ass off moving up through food industry - from retail to operations manager of a manufacturing plant.

Didn’t get rich until my folks gave me a 6-figure loan to start my own business, with an interest rate so low+generous it was basically free money. That enabled us to take risks in the first 2 years that we never would have attempted otherwise. Some of those paid off.

Hell I wouldn’t have been able to grind out 65+hr weeks in my mid-twenties getting experience if I didn’t have such a great support system, largely enabled due to not having to truly worry about bills or food until I “got on my own feet”.

Yeah, I put work in. But I could’ve done the exact same amount of effort and made many times less money, essentially guaranteed if not for randomly being born to the right situation.

Behind every early retired person is someone who gave them some kind of resource most others likely will never have access to.

[–] [email protected] 12 points 5 months ago (1 children)

Thanks for sharing some of your story and acknowledging an important aspect of your success.

Do you have any plans to use your position to help change the system (political, educational or otherwise)?

[–] [email protected] 10 points 5 months ago

Sure!

No serious plans. We’ve currently been focused on our kids first, but are donating time to local food banks and have donated money to some proposed measures and our local Blanchet House.

We aren’t well off enough that pursuing the next step in what people normally put donated time towards is an option; just our 5-10% of our time and money is a lot larger than it was before we hit this point. Neither of us have serious plans to grind for more money again, so this likely wont change.

[–] [email protected] 5 points 5 months ago (2 children)

Did you ever pay off that 6 figure loan? What would happen if you didn’t?

I assume the 6 figure loan is done that way to avoid paying taxes on a gift, so I wonder if there’s any repercussions for not paying the loan back. Or maybe your parents would claim that as a loss on their taxes and end up paying less taxes from it.

[–] [email protected] 8 points 5 months ago

Paid it off the third year after we got some consistent business in the industry(food software and logistics). Paid about $400 in interest over that time.

Yep, it was so they could give me far more than the limit on gifts per year and not get taxed.

I sold my half of the business to my cofounder about 2 years ago. Been retired and just raising my kids while my wife is getting back into her field(she was stay at home while I built my business).

[–] [email protected] 5 points 5 months ago

I think if you take a loan and it is forgiven without paying it back you have to pay income tax on it. (Not certain and referencing USA)