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<blockquote data-quote="Warren Allison" data-source="post: 1786141" data-attributes="member: 40587"><p>No. you pay it to protect YOUR money. Say 1 of my S Corps borrows $100k . And say that deal it borrowed money for goes belly up. MY personal assets nor my other companies' assets can be taken. I can bankrupt that company, if I choose, or I can loan that company some of MY money to pay it off. But if I don't want to do that, the bank can not go after my personal money. Yes, I am paying to use the bank's depositors' money ( including mine). </p><p></p><p>That 5% would be $5k a year, if you used it all year. Most of the time when I get money to go to a sale, or buy a herd from someone, I probably already have them sold. So I may pay interest from a couple of days to a few weeks. The last couple of herds I bought , the person sent me the money ahead of time, so that is<em> really</em> using OPM!</p></blockquote><p></p>
[QUOTE="Warren Allison, post: 1786141, member: 40587"] No. you pay it to protect YOUR money. Say 1 of my S Corps borrows $100k . And say that deal it borrowed money for goes belly up. MY personal assets nor my other companies' assets can be taken. I can bankrupt that company, if I choose, or I can loan that company some of MY money to pay it off. But if I don't want to do that, the bank can not go after my personal money. Yes, I am paying to use the bank's depositors' money ( including mine). That 5% would be $5k a year, if you used it all year. Most of the time when I get money to go to a sale, or buy a herd from someone, I probably already have them sold. So I may pay interest from a couple of days to a few weeks. The last couple of herds I bought , the person sent me the money ahead of time, so that is[I] really[/I] using OPM! [/QUOTE]
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