Based Wage Making: Money Sitting as a Service

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Porfiriato: Jan 4, 2016

Lead out in cuffs posted:

Haha right?

Meanwhile, a love letter from the Canadian Housing Bubble thread:

19 examples of Metro Vancouver homes listed and sold at shattering losses (PHOTOS)

Edit: there's a whole Twitter account just dedicated to this.

https://twitter.com/mortimer_1

I'm having trouble embedding the tweet but holy christ #11 belongs in some kind of poo poo-ugly McMansion hall of fame.

# ? Feb 13, 2019 08:06

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# ? Jun 9, 2024 16:56

Doctor Grape Ape: Aug 26, 2005; Dammit Doc, I just bought this for you 3 months ago. Try and keep it around for a bit longer this time.

Known Lecher posted:

I'm having trouble embedding the tweet but holy christ #11 belongs in some kind of poo poo-ugly McMansion hall of fame.

https://www.tycampbell.ca/r2335650-2911-w-34th-avenue

In all its majesty.

The rendering doesn't show that your neighbors are about 3 feet from you.

# ? Feb 13, 2019 08:14

Krispy Wafer: Jul 26, 2002; I shouted out "Free the exposed 67"
But they stood on my hair and told me I was fat; Grimey Drawer

It�s endearing if only because they crammed so much ugly into such a small space. Want a gaudy McMansion but only have a .25 acre lot that�s longer than it is wide? Well I�ve got a deal for you.

# ? Feb 13, 2019 13:16

Moatman: Mar 21, 2014; Because the goof is all mine.

Lead out in cuffs posted:

Haha right?

Meanwhile, a love letter from the Canadian Housing Bubble thread:

19 examples of Metro Vancouver homes listed and sold at shattering losses (PHOTOS)

Edit: there's a whole Twitter account just dedicated to this.

https://twitter.com/mortimer_1

Bad With Words is saying that �Still a net gain, however� is a �shattering loss�

# ? Feb 13, 2019 13:24

insufficient guns: May 4, 2009; personally, I would
like to fuck Wall-E

Question for the thread: Can whole life insurance ever be GWM?

If someone's main goal is to leave something for their kids when they pass, but they're so BWM that they wouldn't have anything left over anyway, is it potentially a "good" investment?

# ? Feb 13, 2019 13:30

Duckman2008: Jan 6, 2010; TFW you see Flyers goaltending.; Grimey Drawer

insufficient guns posted:

Question for the thread: Can whole life insurance ever be GWM?

If someone's main goal is to leave something for their kids when they pass, but they're so BWM that they wouldn't have anything left over anyway, is it potentially a "good" investment?

I mean, it seems you are saying that the kids (or parents I guess) will raid whatever money is given to them, then it doesn�t really matter what the account is. You can cash out whole life too. So I assume whatever you did you would want to do as a trust, but I don�t know much beyond that.

That being said, whole life is um, not good. My grandfather took out a whole life policy on me when I was born, and I found out about it 27ish years later.

He put in about $5,000 in the 80s. I found out about it around 2013. If memory serves right, the cash value was $7,000. I think the whole life charged $400 a year.

Using the calculator below, if you assume a general 7% return, it would have been $31,069 if put in a general stock funds :negative:

https://smartasset.com/investing/investment-calculator#lPsgOu7HmR

Don�t do whole life.

He�s my only grandfather left and otherwise was Good with Money running his own shop so I can�t be mad at him

# ? Feb 13, 2019 14:02

Sock The Great: Oct 1, 2006; It's Lonely At The Top. But It's Comforting To Look Down Upon Everyone At The Bottom; Grimey Drawer

I feel like there is a BWM story buried in this post:

Only registered members can see post attachments!

# ? Feb 13, 2019 14:07

Budgie: Mar 9, 2007; Yeah, like the bird.

https://www.youtube.com/watch?v=JQkFriEZAeE

You'll not find a better deal anywhere I think huhhh...

Watto is GWM, buying from Watto is BWM.

# ? Feb 13, 2019 14:22

Volmarias: Dec 31, 2002; EMAIL... THE INTERNET... SEARCH ENGINES...

Known Lecher posted:

I'm having trouble embedding the tweet but holy christ #11 belongs in some kind of poo poo-ugly McMansion hall of fame.

This wouldn't even make honorable mention

# ? Feb 13, 2019 14:26

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

https://www.reddit.com/r/personalfinance/comments/aq5xfk/dealership_changed_tradein_to_100_lost_2000_down/?st=js394qlu&sh=a464c56d

Dealership changed trade-in to $1.00, lost $2,000 down payment posted:

Hi guys,

I�m not entirely sure where to post this but personal finance seems like the best place. In June of 2018 I purchased a used car through a local dealership.

I got scammed. Hard. I now work in public finance in a federal position. After doing an in-depth training at my current job regarding loans, I decided to go back through my auto loan terms. I found out that the dealership changed my trade-in amount (which was going to be my down payment) from ~$2,000 to $1.00.

Of course at the time I was not aware of this. Not an excuse, but an explanation: One of their employees sexually harassed me while they were running my credit and I was kind of out of it when I went to speak to finance. Naturally, they seat you in a dark office and print the contract in the lightest ink possible.

My auto loan is ~$22,000 with 11% interest at 72 months, making the total over $31,000. Having that $2,000 trade in/down payment would have brought me down to the KBB price, meaning I could have traded it in for something cheaper now that my financial situation has changed. I tried contacting the dealer but they were extremely rude and naturally refused to even listen to me.

At this point I just want to know how to get myself out of this hole. My monthly payments are high and due to the interest, the principle isn�t going down.

Unfortunately, trading in and eating the losses isn�t an option for me right now. 1. I need a car for work, and no the bus doesn�t service my work. 2. I am unlikely to be approved for a personal loan to cover the difference, or even a new car loan for a cheaper car.

Is my only option to continue paying until I can refinance? And at that time, my amount owed cannot exceed the value of the car, correct?

TL;DR: Car dealer changed trade-in/down payment to $1.00 without my knowledge or consent. They�re refusing to correct this.

# ? Feb 13, 2019 14:58

SpartanIvy: May 18, 2007; Hair Elf

I've made mistakes too but this thread makes me feel a lot better about my life choices.

# ? Feb 13, 2019 15:14

BEHOLD: MY CAPE: Jan 11, 2004

insufficient guns posted:

Question for the thread: Can whole life insurance ever be GWM?

If someone's main goal is to leave something for their kids when they pass, but they're so BWM that they wouldn't have anything left over anyway, is it potentially a "good" investment?

If I'm understanding the gist of your question correctly: can doing something not very good with money be better than squandering all of your money? I guess, but it is still a sub-optimal choice. The best way to leave money to your children and ensure that it is used in accordance with your wishes is to establish an irrevocable trust. That way once you put money into it it cannot be removed by you and it cannot be disbursed except in accordance with the trust documents and with the agreement of the trustee.

# ? Feb 13, 2019 15:23

Barry: Aug 1, 2003; Hardened Criminal

Sock The Great posted:

I feel like there is a BWM story buried in this post:

quote:

Used in very good condition. Some light rub marks.

It's a Watto sex doll, isn't it.

# ? Feb 13, 2019 15:47

McNally: Sep 13, 2007; Ask me about Proposition 305

Do you like muskets?

Barry posted:

It's a Watto sex doll, isn't it.

What does your heart tell you?

# ? Feb 13, 2019 15:53

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

I don't know about my heart, but I know what my :dong:

tells me

# ? Feb 13, 2019 15:58

Sock The Great: Oct 1, 2006; It's Lonely At The Top. But It's Comforting To Look Down Upon Everyone At The Bottom; Grimey Drawer

Barry posted:

It's a Watto sex doll, isn't it.

If Watto's not your thing and you've only for $450 to spare.

Only registered members can see post attachments!

# ? Feb 13, 2019 16:09

JRay88: Jan 4, 2013

What round for lifesized spongebob target?

# ? Feb 13, 2019 16:13

BonerGhost: Mar 9, 2007

JRay88 posted:

What round for lifesized spongebob target?

.50 AE

# ? Feb 13, 2019 16:24

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

Sock The Great posted:

If Watto's not your thing and you've only for $450 to spare.

But is there an oriface?

BonerGhost posted:

.50 AE

That'll work, thank you

# ? Feb 13, 2019 16:33

axeil: Feb 14, 2006

Lead out in cuffs posted:

Haha right?

Meanwhile, a love letter from the Canadian Housing Bubble thread:

19 examples of Metro Vancouver homes listed and sold at shattering losses (PHOTOS)

Edit: there's a whole Twitter account just dedicated to this.

https://twitter.com/mortimer_1

The prices on these houses are insane. Bog standard houses are going for over a million in Vancouver? Utterly boring McMansions start at 2 million!? What the hell is wrong with the Canadian real estate market? How the hell can anyone afford this? :wtc:

Look at this one.

https://twitter.com/mortimer_1/status/1085675410250027008

How in the hell is that house worth 3 million dollars much less the 5 loving million it was assessed at in 2017?

And I thought DC's real estate market was terrible with its 600k townhouses...

edit: oh my god this one is even worse

https://twitter.com/mortimer_1/status/1080695322114908160

This was bought for over $1.7 million. HOW :psyduck:

axeil fucked around with this message at 16:42 on Feb 13, 2019

# ? Feb 13, 2019 16:37

Phanatic: Mar 13, 2007; Please don't forget that I am an extremely racist idiot who also has terrible opinions about the Culture series.

JRay88 posted:

What round for lifesized spongebob target?

87 Octane

# ? Feb 13, 2019 16:38

Involuntary Sparkle: Aug 12, 2004; Chemo-kitties can have �accidents� too!

axeil posted:

The prices on these houses are insane. Bog standard houses are going for over a million in Vancouver? What the hell is wrong with the Canadian real estate market? How the hell can anyone afford this?

The Seattle market is close behind - those original prices don't look out of place for here, either. I'm waiting for the schadenfreude if the same happens here.

(also those are pretty large houses for the most part)

# ? Feb 13, 2019 16:41

bob dobbs is dead: Oct 8, 2017; I love peeps; Nap Ghost

Its chinese peeps comparing it to shanghai and pricing in the fact that canadia doesnt randomly gulag peeps

# ? Feb 13, 2019 16:42

BEHOLD: MY CAPE: Jan 11, 2004

axeil posted:

The prices on these houses are insane. Bog standard houses are going for over a million in Vancouver? Utterly boring McMansions start at 2 million!? What the hell is wrong with the Canadian real estate market? How the hell can anyone afford this?

Look at this one.

https://twitter.com/mortimer_1/status/1085675410250027008

How in the hell is that house worth 3 million dollars much less the 5 loving million it was assessed at in 2017?

And I thought DC's real estate market was terrible with its 600k townhouses...

First off you got to remember that a Canadian dollar is only worth $0.75 USD, second any 4500 sqft freestanding house not in the absolute worst parts of DC would be right in the market at $3MM

# ? Feb 13, 2019 16:49

axeil: Feb 14, 2006

Involuntary Sparkle posted:

The Seattle market is close behind - those original prices don't look out of place for here, either. I'm waiting for the schadenfreude if the same happens here.

(also those are pretty large houses for the most part)

I get the sense that everything is hosed in Vancouver/BC right now. If that's what the really big units are going for I have no doubt that the smaller stuff is similarly in :psyduck:

territory where no one can actually afford to live in them.

bob dobbs is dead posted:

Its chinese peeps comparing it to shanghai and pricing in the fact that canadia doesnt randomly gulag peeps

Is this actually the cause? Because it seems like if that's the case the Canadian/Vancouver government might want to put occupancy rules in place so that their city doesn't become a ghost town made up of houses bought to avoid PRC capital controls.

Is there any good source to read about how this happened and what (if anything) is being done about it? It sounds like a really horrible crisis for anyone in the area.

BEHOLD: MY CAPE posted:

First off you got to remember that a Canadian dollar is only worth $0.75 USD, second any 4500 sqft freestanding house not in the absolute worst parts of DC would be right in the market at $3MM

https://www.zillow.com/homedetails/4401-Forest-Hill-Dr-Fairfax-VA-22030/51833739_zpid/?fullpage=true

Just found this one in a few seconds. 5 BR/5 BA at 5400 square feet in Fairfax, VA for only $870k.

edit: in DC proper I agree though, stuff is insane inside the district but the suburbs are still fine-ish.

axeil fucked around with this message at 17:04 on Feb 13, 2019

# ? Feb 13, 2019 16:59

Phanatic: Mar 13, 2007; Please don't forget that I am an extremely racist idiot who also has terrible opinions about the Culture series.

axeil posted:

Is this actually the cause? Because it seems like if that's the case the Canadian/Vancouver government might want to put occupancy rules in place so that their city doesn't become a ghost town made up of houses bought to avoid PRC capital controls.

They�re trying:

https://www.seattletimes.com/business/real-estate/vancouver-b-c-tries-again-to-thwart-foreign-real-estate-speculators/

# ? Feb 13, 2019 17:16

Dillbag: Mar 4, 2007; Click here to join Lem Lee in the Hell Of Being Cut To Pieces; Nap Ghost

axeil posted:

I get the sense that everything is hosed in Vancouver/BC right now. If that's what the really big units are going for I have no doubt that the smaller stuff is similarly in territory where no one can actually afford to live in them.

Is this actually the cause? Because it seems like if that's the case the Canadian/Vancouver government might want to put occupancy rules in place so that their city doesn't become a ghost town made up of houses bought to avoid PRC capital controls.

Is there any good source to read about how this happened and what (if anything) is being done about it? It sounds like a really horrible crisis for anyone in the area.

https://www.zillow.com/homedetails/4401-Forest-Hill-Dr-Fairfax-VA-22030/51833739_zpid/?fullpage=true

Just found this one in a few seconds. 5 BR/5 BA at 5400 square feet in Fairfax, VA for only $870k.

edit: in DC proper I agree though, stuff is insane inside the district but the suburbs are still fine-ish.

They've introduced two new "empty homes" taxes targeting foreign/non-residents owners and empty properties (obvs) that are not being rented out to tenants, one on the municipal level and one on the provincial level. The municipal tax is 1% of the property's assessed value and the provincial tax is anywhere between .5% and 2% depending on your citizenship.

It will be great for generating tax revenue but it seems to be loving the ordinary citizen that worked out of the country for more than six months more than than it's bothering the non-resident multi-millionaires that couldn't give a second poo poo about a 20k tax bill while their multi-million dollar detached home rots in the rain.

# ? Feb 13, 2019 17:16

Volmarias: Dec 31, 2002; EMAIL... THE INTERNET... SEARCH ENGINES...

I have to imagine it's tough to thread the needle between discouraging these buyers, and causing an exodus that makes the housing market crash to normal and causes them to all get voted out by people who are mad that their homes lost value.

# ? Feb 13, 2019 17:20

axeil: Feb 14, 2006

Dillbag posted:

They've introduced two new "empty homes" taxes targeting foreign/non-residents owners and empty properties (obvs) that are not being rented out to tenants, one on the municipal level and one on the provincial level. The municipal tax is 1% of the property's assessed value and the provincial tax is anywhere between .5% and 2% depending on your citizenship.

It will be great for generating tax revenue but it seems to be loving the ordinary citizen that worked out of the country for more than six months more than than it's bothering the non-resident multi-millionaires that couldn't give a second poo poo about a 20k tax bill while their multi-million dollar detached home rots in the rain.

I mean, they could go really draconian and just ban ownership by non-Canadian citizens.

Or is the problem that the people buying these are dual Canadian/PRC citizens who want to get their money out of PRC? And is it just PRC that's an issue or are they seeing massive buys from Taiwan and other East Asian states too?

If it's just PRC they could go really, really, really draconian and ban ownership by PRC nationals but that would be a giant shitstorm.

Phanatic posted:

They�re trying:

https://www.seattletimes.com/business/real-estate/vancouver-b-c-tries-again-to-thwart-foreign-real-estate-speculators/

Thanks for the article, interesting read.

quote:

According to a 2016 poll by the non-profit Angus Reid Institute, 90 percent of respondents supported the tax, including homeowners, but relatively few thought it would be effective.

This makes me think they could go much more punitive/draconian and still be generally supported.

edit: if this is straying too close to politics chat which is banned in TFR I'll drop the subject, but this is utterly fascinating/horrifying to learn about

# ? Feb 13, 2019 17:21

Craptacular: Jul 11, 2004

axeil posted:

The prices on these houses are insane. Bog standard houses are going for over a million in Vancouver? Utterly boring McMansions start at 2 million!? What the hell is wrong with the Canadian real estate market? How the hell can anyone afford this?

Look at this one.

https://twitter.com/mortimer_1/status/1085675410250027008

How in the hell is that house worth 3 million dollars much less the 5 loving million it was assessed at in 2017?

And I thought DC's real estate market was terrible with its 600k townhouses...

edit: oh my god this one is even worse

https://twitter.com/mortimer_1/status/1080695322114908160

This was bought for over $1.7 million. HOW

Geography and growth policies/zoning

http://www.newgeography.com/content/001729-vancouver-planner%E2%80%99s-dream-middle-class-nightmare

# ? Feb 13, 2019 17:28

Tomfoolery: Oct 8, 2004

The McMansionest housing development:
https://www.businessinsider.com/turkey-abandoned-disney-castles-villas-2019-1#and-turkey-has-also-been-racked-by-political-turmoil-6

# ? Feb 13, 2019 17:45

Budgie: Mar 9, 2007; Yeah, like the bird.

YOU get a disney castle!!!

And YOU get a disney castle!

And YOU get a disney castle!

# ? Feb 13, 2019 17:55

BMan: Oct 31, 2015; KNIIIIIIFE
EEEEEYYYYE
ATTAAAACK

Holy poo poo. That's amazing

# ? Feb 13, 2019 18:10

The Slack Lagoon: Jun 17, 2008

Having one or two of those in a neighborhood would be sweet but that is just creepy

# ? Feb 13, 2019 18:41

canyoneer: Sep 13, 2005; I only have canyoneyes for you

It looks like if that was an MMO and that is the most expensive house available for players to build

# ? Feb 13, 2019 18:47

Alan Smithee: Jan 4, 2005; A man becomes preeminent, he's expected to have enthusiasms.

Enthusiasms, enthusiasms...

axeil posted:

I mean, they could go really draconian and just ban ownership by non-Canadian citizens.

Or is the problem that the people buying these are dual Canadian/PRC citizens who want to get their money out of PRC? And is it just PRC that's an issue or are they seeing massive buys from Taiwan and other East Asian states too?

If it's just PRC they could go really, really, really draconian and ban ownership by PRC nationals but that would be a giant shitstorm.

Thanks for the article, interesting read.

This makes me think they could go much more punitive/draconian and still be generally supported.

edit: if this is straying too close to politics chat which is banned in TFR I'll drop the subject, but this is utterly fascinating/horrifying to learn about

I feel like this thread is a zardoz head or an anime floating castle. It�s not subject to the laws of locality

Or physics

# ? Feb 13, 2019 18:47

Ham Equity: Apr 16, 2013; The first thing we do, let's kill all the cars.; Grimey Drawer

A record 7 million Americans are 3 months behind on their car payments, a red flag for the economy

quote:

The New York Fed said that there were over a million more �troubled borrowers� at the end of 2018 than there were in 2010, when unemployment hit 10 percent and the auto loan delinquency rate peaked. Today, unemployment is 4 percent and job openings are at an all-time high, yet a significant number of people cannot pay their car loan.

Most of the people who are behind on their bills have low credit scores and are under age 30, suggesting young people are having a difficult time paying for their cars and their student loans at the same time.

I'm not sure if this is more BWM from millenials, or BWL from the people financing the loans. :thermidor:

# ? Feb 13, 2019 19:02

Mantle: May 15, 2004

I think the thing that hosed up the Canadian housing market the most was the combination of interest rates less than inflation and capital gains exemption on principal residence. The capital gains exemption should really be abolished or capped at some function of employment income tax paid in order to tie market prices to local incomes.

# ? Feb 13, 2019 19:39