How to Build an Income Sharing Agreement Product
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How to Build an Income Sharing Agreement Product
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Re: How to Build an Income Sharing Agreement Product
#2Is it just me or does it seem like we're now one step closer to turning people into companies with shares that can be bought and sold? It feels like a small step from ISAs for education funding to ISAs for all kinds of funding instead of traditional loan agreements and at that point you might as well sell shares of yourself to the highest bidder so they can trade your future income on a secondary market. (Note this is reminiscent of some aspects of the novel The Unincorporated Man).
Re: How to Build an Income Sharing Agreement Product
#3Is it just me or does it seem like we're now one step closer to turning people into companies with shares that can be bought and sold? It feels like a small step from ISAs for education funding to ISAs for all kinds of funding instead of traditional loan agreements and at that point you might as well sell shares of yourself to the highest bidder so they can trade your future income on a secondary market. (Note this i…
Which leads us back closer to the ugly reality of people owning other people. ISA used to stand for Indentured Servitude Agreement.
(Not saying Incoming Sharing Agreements's are bad, we just have to be careful...)
Re: How to Build an Income Sharing Agreement Product
#4Is it just me or does it seem like we're now one step closer to turning people into companies with shares that can be bought and sold? It feels like a small step from ISAs for education funding to ISAs for all kinds of funding instead of traditional loan agreements and at that point you might as well sell shares of yourself to the highest bidder so they can trade your future income on a secondary market. (Note this i…
Which leads us back closer to the ugly reality of people owning other people. ISA used to stand for Indentured Servitude Agreement. (Not saying Incoming Sharing Agreements's are bad, we just have to be careful...)
I don't disagree with you, but I'll note that the non-dischargeable terms of medical and student loan debt in the USA essentially do that already, with the added caveat of not even incentivizing the note holder to get the borrower on their feet. Is this no better than that? I think it's moving in the right direction. It's capped, and while there's still the potential structural issue of middleman taking an unfairly sized cut, the incentive structure of "we don't make money unless our education helps you do so" seems like an order of magnitude better than the alternative.
Re: How to Build an Income Sharing Agreement Product
#5It used to be society wanted people to have an education and that people with degrees would get higher paying jobs which resulted in a net benefit to society through higher taxes.
Now education is just looked at as a way to in debt young people for the rest of their lives. Because 1M people default on their student loans every year and the bubble is on the verge of popping, the parasites are looking to own 10% of every dollar you make to finance your education.
The problem isn't that an API doesn't exist to automatically debit 10% from the people you own, the problem is an education doesn't get you a job anymore, much less a high paying job.
Instead of owning peoples labor via API, why not consider the 1 Presidential candidate who is campaigning to forgive all existing student debt and make college free moving forward by god forbid...taxing the same banks the taxpayers bailed out from bankruptcy just 10 years ago.
Re: How to Build an Income Sharing Agreement Product
#6I find it interesting the recent rapid rise of ISAs. I remember back in 2013/14, hearing Upstart pitch to my college for their ISA program. From what I recall, their pitch fell mostly on deaf ears. You can still see their ISA agreement online funnily enough:
https://www.upstart.com/funding_terms
But they discontinued it in 2014: https://slate.com/business/2014/05/upstart-pulls-income-shar...
It's not clear to me why the market pull for ISAs has grown so much recently, although I am happy to see it as an alternative to debt. Perhaps it's the increasing student loan debt burden in the US? Perhaps capital markets opening up to ISAs as an investment vehicle as well?
Re: How to Build an Income Sharing Agreement Product
#7Earlier quoted context omitted.
Which leads us back closer to the ugly reality of people owning other people. ISA used to stand for Indentured Servitude Agreement. (Not saying Incoming Sharing Agreements's are bad, we just have to be careful...)
I don't disagree with you, but I'll note that the non-dischargeable terms of medical and student loan debt in the USA essentially do that already, with the added caveat of not even incentivizing the note holder to get the borrower on their feet. Is this no better than that? I think it's moving in the right direction. It's capped, and while there's still the potential structural issue of middleman taking an unfairly s…
>I don't disagree with you, but I'll note that the non-dischargeable terms of medical and student loan debt in the USA essentially do that already
As a preliminary matter this is false...student loans are dischargable in bankruptcy, they are just treated differently than other debt. However, there is a reason everyone thinks student loans aren't dischargable and the myth persists...
>the incentive structure of "we don't make money unless our education helps you do so" seems like an order of magnitude better than the alternative.
Not when the real alternative is student loan forgiveness and free tuition moving forward. The issue is framing the problem as student loans for life or a financier owning a % of your labor for life, when there are other models.
Re: How to Build an Income Sharing Agreement Product
#8It used to be society wanted people to have an education and that people with degrees would get higher paying jobs which resulted in a net benefit to society through higher taxes. Now education is just looked at as a way to in debt young people for the rest of their lives. Because 1M people default on their student loans every year and the bubble is on the verge of popping, the parasites are looking to own 10% of eve…
A world where algorithms trash your CV if it doesn't have the phrase "B.A." or "B.S,", and where the cost of that keyword is an irrevocable tithe on 10% of your human output.
My lord, people, this might be a bad idea.
Re: How to Build an Income Sharing Agreement Product
#9Is it just me or does it seem like we're now one step closer to turning people into companies with shares that can be bought and sold? It feels like a small step from ISAs for education funding to ISAs for all kinds of funding instead of traditional loan agreements and at that point you might as well sell shares of yourself to the highest bidder so they can trade your future income on a secondary market. (Note this i…
Bowie Bonds for all:
Re: How to Build an Income Sharing Agreement Product
#10Is it just me or does it seem like we're now one step closer to turning people into companies with shares that can be bought and sold? It feels like a small step from ISAs for education funding to ISAs for all kinds of funding instead of traditional loan agreements and at that point you might as well sell shares of yourself to the highest bidder so they can trade your future income on a secondary market. (Note this i…
I think this is how the social media influencer market works.