February 02, 2009
I've found the key to being debt free. And all it requires is a gracious man with a deep bankroll.
Let's say you have $50,000 of student loan debt. Boy, wouldn't it be nice to get out from under it.
So, how about Warren Buffett or Bill Gates starting a non-for-profit debt removal company? Here's the business model. They play high-stakes roulette, and put $50,000 on red. If they win, the debt's canceled and they get their money back. If they lose, they put $100,000 on red. If they win, the debt's canceled and they get their money back. If they lose, they put $200,000 on red, and so on.
With near 50/50 odds, they will likely win within two rounds. But, even if they don't, the likelihood of losing 7 times in a row is under 1%. And they're not even close to their bankroll limit by then.
The reason why everyone doesn't do this? Because they don't have the bankroll to keep doubling up, and there's a risk of losing EVERYTHING. With these guys, the risk is literally infinitesimal.
Shall we play?
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