it takes special people to be a billionaire... because I would think normal people after hundred of millions probably would say, let's just call it quits and enjoy my money ...
Another big thing with this is, they could easily get rid of tons and tons of people’s debt, especially if it’s in collections. John Oliver did an episode where they bought something like $15,000,000 in medical debt for like $65,000, and had all of the debt forgiven.
Imagine what you could do with $500 million...at the same ratio, you could forgive $115 billion of debt for $500 million.
To see clearly, that’s forgiving $115,000,000,000 for the cost of $500,000,000.
I think that I could easily do that if I had $3 billion or something like these billionaires have. At this same ratio, Jeff Bezos could literally buy and forgive all debt that’s in collections right now and still have billions left over, which is way more than anyone could ever need.
Edit: it has been brought to my attention that the medical debt John Oliver had CBS purchase was past the statute of limitations and could no longer be collected on. So my math for this is severely off. I think it’s still very cheap to buy collections debt in comparison to how much the debt is worth, but the ratio may not be as wildly substantial as this. It may be that $1000 of debt costs $200 to buy or something along those lines. It likely varies depending on age and likelihood of repayment.
dojowit on March 18th, 2019 at 18:52 UTC »
It’s funny because it’s sad!
Edogawa1983 on March 18th, 2019 at 18:58 UTC »
it takes special people to be a billionaire... because I would think normal people after hundred of millions probably would say, let's just call it quits and enjoy my money ...
or use that money for good ...
but nah, it takes a special breed.
CubesTheGamer on March 18th, 2019 at 20:38 UTC »
Another big thing with this is, they could easily get rid of tons and tons of people’s debt, especially if it’s in collections. John Oliver did an episode where they bought something like $15,000,000 in medical debt for like $65,000, and had all of the debt forgiven.
Imagine what you could do with $500 million...at the same ratio, you could forgive $115 billion of debt for $500 million.
To see clearly, that’s forgiving $115,000,000,000 for the cost of $500,000,000.
I think that I could easily do that if I had $3 billion or something like these billionaires have. At this same ratio, Jeff Bezos could literally buy and forgive all debt that’s in collections right now and still have billions left over, which is way more than anyone could ever need.
Edit: it has been brought to my attention that the medical debt John Oliver had CBS purchase was past the statute of limitations and could no longer be collected on. So my math for this is severely off. I think it’s still very cheap to buy collections debt in comparison to how much the debt is worth, but the ratio may not be as wildly substantial as this. It may be that $1000 of debt costs $200 to buy or something along those lines. It likely varies depending on age and likelihood of repayment.