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How to succeed in business: Borrow from your parents (Mitt Romney's advice to OH students)
New York Daily News ^ | April 28, 2012 | Aliyah Shahid

Posted on 04/30/2012 8:21:03 AM PDT by EternalVigilance

Mitt Romney has some simple advice for students who want to start their own business: Just borrow money from your parents.

The presumptive Republican presidential nominee made the suggestion Friday during a pit stop at Otterbein University in Ohio.

(Excerpt) Read more at times247.com ...


TOPICS: Extended News; Politics/Elections; US: Ohio
KEYWORDS: businessfinancing; economics; romney; silverspoon; soundadvice; startup

1 posted on 04/30/2012 8:21:17 AM PDT by EternalVigilance
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To: EternalVigilance

Well thats going to get him nowhere .....

I appreciate that he likely meant it is better to NOT go deep into debt when starting out - but telling someone from a working family that is just barely making it from month to month to “borrow from your parents” is extremely naive and just gives MORE ammunition to the liberals that Mittens is nothing but a spoiled rich kid ....


2 posted on 04/30/2012 8:26:01 AM PDT by An.American.Expatriate (Here's my strategy on the War against Terrorism: We win, they lose. - with apologies to R.R.)
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To: EternalVigilance

Clueless Joe Biden is starting to look smarter...


3 posted on 04/30/2012 8:26:21 AM PDT by Izzy Dunne (Hello, I'm a TAGLINE virus. Please help me spread by copying me into YOUR tag line.)
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To: EternalVigilance
As much as I hate to agree with Romney, he's correct on this count.

I say this an a retired investment banker who has done a fair share of VC deals, particularly at the mez level...most new businesses at the start up level have to hit up friends and family.

4 posted on 04/30/2012 8:26:47 AM PDT by RoosterRedux
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To: EternalVigilance

Worst Republican candidate, ever.


5 posted on 04/30/2012 8:28:10 AM PDT by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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To: EternalVigilance

I’ll bet you $10,000 that he will regret saying that.


6 posted on 04/30/2012 8:29:51 AM PDT by ClearCase_guy (Like Emmett Till, Trayvon Martin has become simply a stick with which to beat Whites.)
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To: dfwgator
g r o a n:

The former Massachusetts governor acknowledged the nation's economy was recovering

Read more: http://www.nydailynews.com/news/election-2012/mitt-romney-students-start-business-borrow-money-parents-article-1.1069096#ixzz1tXPkQRzh

7 posted on 04/30/2012 8:29:56 AM PDT by TornadoAlley3 (Obama is everything Oklahoma is not.)
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To: EternalVigilance

That’s probably how he intends to run our country, only it will be tax our parents AND borrow from our children.


8 posted on 04/30/2012 8:38:17 AM PDT by DannyTN
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To: EternalVigilance

>> Mitt Romney has some simple advice for students who want to start their own business: Just borrow money from your parents.

Hey, it worked for Mitt! Or maybe Mitt’s daddy just GAVE him his grubstake. Shoot, that’s even better! Ask mom and dad to get you all set! It’s the American way!

(double facepalm)

(particularly since mom & pop are prolly already in hock up to their eye teeth...)


9 posted on 04/30/2012 8:38:37 AM PDT by Nervous Tick (Trust in God, but row away from the rocks!)
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To: EternalVigilance

Getting financing from either your own personal equity (savings, home equity, selling assets) or borrowing from family members is actually one of the first places new ventures are advised to look for financing.

Start-up businesses are risky and bringing in your family as a partner instead of big banks is often a better solution. You have a partner who will work with you, not against you. You also can avoid a bank taking everything and ruining future prospects if it doesn’t succeed.

http://www.inc.com/guides/finance/20797.html

(note, this is not a plug for Romney, it is just sound advice).


10 posted on 04/30/2012 8:39:11 AM PDT by mnehring
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To: RoosterRedux

I don’t disagree; however, I echoe Dave Ramsey, who says, “just consider any loan to a family member to be a gift: if you ever get it back, it’s found money. Expecting repayment just leads to family strife, resentment and hurts the relationship.”


11 posted on 04/30/2012 8:39:46 AM PDT by jagusafr ("Write in Palin and prepare for war...")
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To: RoosterRedux
most new businesses at the start up level have to hit up friends and family.

Can't argue with that...oh, and it cuts out the "eeeviilll bankers" ;) But, the MSM will have a field day with this, nonetheless.

12 posted on 04/30/2012 8:41:45 AM PDT by Jane Long (Soli Deo Gloria!)
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To: RoosterRedux
I say this an a retired investment banker who has done a fair share of VC deals,

Viet Cong?

particularly at the mez level..

Mezzanine? Mezzo-Soprano?

13 posted on 04/30/2012 8:41:58 AM PDT by raybbr (People who still support Obama are either a Marxist or a moron.)
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To: Nervous Tick
Hey, it worked for Mitt! Or maybe Mitt’s daddy just GAVE him his grubstake. Shoot, that’s even better! Ask mom and dad to get you all set! It’s the American way!

Not saying the message is bad, but Mitt's background combined with it, makes him appear to be extremely politically tone deaf.

14 posted on 04/30/2012 8:42:10 AM PDT by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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To: raybbr
Viet Cong?

Varmint Cong?

15 posted on 04/30/2012 8:42:52 AM PDT by dfwgator (Don't wake up in a roadside ditch. Get rid of Romney.)
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To: EternalVigilance

Borrowing from parents is *so* 1950’s.Getting free $$$ from the government (with a small campaign kickback to the Party in power) is so much more....fair.The second option,of course,is what “the 99%” claim the right to do.


16 posted on 04/30/2012 8:43:07 AM PDT by Gay State Conservative (Unlike Mrs Obama,I've Been Proud Of This Country My *Entire* Life!)
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To: EternalVigilance

what ever happenned to “get a job and work your way through colege”?


17 posted on 04/30/2012 8:43:20 AM PDT by camle (keep an open mind and someone will fill it full of something for you)
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To: jagusafr
I agree with you and Dave (hard to disagree).

However there are some parents who know how to drive a hard bargain (because they know it's good for the kids) and demand loan agreements and/or ownership rights.

After all, bidness is bidness!;-)

18 posted on 04/30/2012 8:45:29 AM PDT by RoosterRedux
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To: dfwgator

[ Worst Republican candidate, ever. ]

I mean there is some truth to what he says, but damn it is like Mitt is missing the “Tact Gene”. Regan was a full blown sufferer of a massive outbreak of “Tact Genes”.

Mitt isn’t even a carrier....


19 posted on 04/30/2012 8:47:57 AM PDT by GraceG
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To: ClearCase_guy
.


This is precisely why Newt Gingrich and Sarah Palin "will be" the GOP 2012 Presidential Nominees ...


It's three-months to August ...

How Can the "baby geniuses" at E-RINO Central, Fox News, Rush Limbaugh ...

continue to carry the water for this Mormon Dufus ?

And ... "horror of horrors" ...

"Planet Kolob" isn't even a mainstream phrase yet !

When Obama and Axelrod are done with Mittens, even the Eskimoes and Aborigines will be debating Planet Kolob Mormon Theology ...




.
20 posted on 04/30/2012 8:48:07 AM PDT by Patton@Bastogne (Newt Gingrich and Sarah Palin in 2012 !)
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To: EternalVigilance

Well, considering that Romney’s support of bailouts amounts to borrowing from our children, maybe the kids are just getting it back?


21 posted on 04/30/2012 8:51:42 AM PDT by Yashcheritsiy (Anybody but Obama and Romney)
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To: EternalVigilance

Steve Jobs started Apple in his parent’s garage.

Michael Dell started Dell Computer in his dorm room at the University of Texas, with financial help from his parents.

This is a historically common practice, it has it’s risks (if you fail); but a family member who has the money, may be a better alternative than a bank in many cases. Lower interest rates - and freedom to run your company with minimal oversight.


22 posted on 04/30/2012 8:51:42 AM PDT by Hodar ( Who needs laws; when this FEELS so right?)
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To: EternalVigilance
Totally edited to remove key context. Romney was encouraging young people to take risks and be entrepreneurs. His exact quote was "Borrow money if you have to ... from your parents. Start a business." This was in reference to the example of Jimmy John Liautaud, who started a sandwich shop by borrowing money from his father in return for giving his father an interest in the business. Two years later he bought out his father's interest.

That said, the MSM is going to parse and selectively edit every word Romney says.

23 posted on 04/30/2012 8:54:43 AM PDT by magellan
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To: GraceG
but damn it is like Mitt is missing the “Tact Gene”.

We've started falling into the trap of trusting what the media gives us as a headline versus digging into the article. The phrase "Just borrow from your parents" isn't a parenthetical quote in the article (ie, Mitt didn't use that phrase, that is a reporter's translation of what he said). The actual quote is: "We've always encouraged young people: Take a shot, go for it. Take a risk, get the education, borrow money if you have to from your parents, start a business.

This isn't plugging Romney, just trying to get us back on the track of critical thinking about what the media spoon feeds us. I've noticed we've started reacting just to headlines and trusting the story the MSM delivers versus looking for the reality behind it. WWBD (What Would Breitbart Do?)

24 posted on 04/30/2012 8:56:33 AM PDT by mnehring
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To: EternalVigilance

Good f****** grief!

RINOmney is beyond “vapid dorkiness”.

We have to get a real male, with real cojones and a functional brain as our nominee if we want any chance of defeating the Cretin-in-Chief.

The only person that I hate, dispise, loathe, and f*rt in the general direction of more than the Obamaloon is RINOmeny.

Really, America, are these two dorks the best we can do?

Hell, go to any of out military academies and you’ll get much higher quality. (Carter excepted...even academies make big mistakes occasionally.(


25 posted on 04/30/2012 9:00:03 AM PDT by Da Coyote
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To: magellan

So will many others while barry obama is still touring those 57 states


26 posted on 04/30/2012 9:07:07 AM PDT by italianquaker ( Mr Obama inherited an AAA rating and made it AA, thnx Resident Zero)
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To: Hodar
Please don't insult our intelligence by suggesting some friggin' common sense. There's too many Romney haters around here that have lost theirs. They jump at any chance to help the Obama re-election bid.

Sheez !

27 posted on 04/30/2012 9:09:48 AM PDT by chiller (Elect another batch of TPartiers and it won't matter which R we elect. WE will lead.)
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To: Hodar

And banks don’t lend to start-ups (no collateral/high risk).


28 posted on 04/30/2012 9:12:12 AM PDT by RoosterRedux
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To: All

I think that it would be very helpful to know that the original poster of this article is running for President.

http://www.tomhoefling.com/


29 posted on 04/30/2012 9:16:23 AM PDT by netmilsmom (I am Breitbart)
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To: RoosterRedux
As much as I hate to agree with Romney, he's correct on this count.

The problem is, Romney is yet another dynastic politician. And it's easy for people to tell Romney, "Easy for you to say, bucko, my dad wasn't a former governor and auto executive. What about those who weren't born with a silver spoon in our mouth?"

In politics, it's just as much measuring what you say as what you do say. And Romney keeps screwing that part up.

30 posted on 04/30/2012 9:16:40 AM PDT by Admin Moderator
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To: EternalVigilance

Genius!


31 posted on 04/30/2012 9:18:07 AM PDT by servo1969
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To: Admin Moderator
Yep.

Whether he's technically right or wrong doesn't really matter. What matters is how it sounds to the public...and Romney has a tinniest of tin ears.

32 posted on 04/30/2012 9:19:55 AM PDT by RoosterRedux
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To: mnehring
The problem is beyond the headline. Romney is yet another dynastic politician. And it's easy for people to respond to Romney, "Easy for you to say, bucko, my dad wasn't a former governor and auto executive. What about those who weren't born with a silver spoon in our mouth?"

In politics, it's just as much measuring what you say - before you say it - as what you do say (Rick Perry learned that the hard way). And Romney keeps screwing that part up.

33 posted on 04/30/2012 9:21:44 AM PDT by dirtboy
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To: dfwgator

or maybe Venture Capital ? Isn’t that what’s being discussed here?


34 posted on 04/30/2012 9:22:45 AM PDT by EDINVA
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To: RoosterRedux

This statement... just like mitt himself... is a disaster.

LLS


35 posted on 04/30/2012 9:27:50 AM PDT by LibLieSlayer (Pray hard and often!)
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To: magellan
If you and I know and understand this... why doesn't romney? This is another example of how romney will be destroyed... not just defeated but the man will be another dukaka.

LLS

36 posted on 04/30/2012 9:35:58 AM PDT by LibLieSlayer (Pray hard and often!)
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To: EternalVigilance

“Just borrow money from your parents”

I tried that. They said “Aaah No!” So I worked in the corporate structure for 23 years and then started the business out of my savings. Worked out OK.


37 posted on 04/30/2012 10:09:35 AM PDT by Georgia Girl 2 (The only purpose of a pistol is to fight your way back to the rifle you should never have dropped.)
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To: EternalVigilance

Yeah, well, better that than to take from the taxpayer.


38 posted on 04/30/2012 10:15:13 AM PDT by SoFloFreeper
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To: EternalVigilance

That’s what I told my children — better to borrow within the family if you can. Of course, you have to be a strong family to pull it off, but people who have grown up in strong families don’t really think much about how it is for people who don’t.


39 posted on 04/30/2012 10:53:23 AM PDT by CharlesWayneCT
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To: SoFloFreeper
Yeah, well, better that than to take from the taxpayer.

Well, Romney does that too. He's still a "cover-the-road" politician.

40 posted on 04/30/2012 12:48:19 PM PDT by EternalVigilance (You can be a Romney Republican or you can be a conservative. You can't be both. Pick one.)
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To: An.American.Expatriate

What a Dork!


41 posted on 04/30/2012 2:13:18 PM PDT by Chuckster (The longer I live the less I care about what you think.)
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