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FrozenVent posted:Have you read that thread? No way that guy has any kind of retirement plan. The suitcase full of cash will be a bonus* obviously. *Read: Money from selling a car, divorcing a wife, working at a mysterious job in "finance", or some other kind of hustle.
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Nov 25, 2013 21:06
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tuyop posted:The suitcase full of cash will be a bonus* obviously. I would argue that borrowing against your 401k to finance a final blowout in Vegas would be using your retirement money for its intended purpose
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Nov 25, 2013 23:50
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Tomfoolery posted:I would argue that borrowing against your 401k to finance a final blowout in Vegas would be using your retirement money for its intended purpose Last Vegas
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Nov 26, 2013 01:50
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Lowness 72 posted:Last Vegas I like to call it "Lost Wages".
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Nov 26, 2013 03:52
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That's what all us locals called it (when I was a local for 11mo). Except for the locals who lost a LOT of wages constantly, they called it amazing fun.
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Nov 26, 2013 04:31
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FrozenVent posted:Have you read that thread? No way that guy has any kind of retirement plan. My friend's retirement plan is Powerball 
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Nov 26, 2013 08:27
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A very timely Cracked article that relates directly to this topic: http://www.cracked.com/blog/the-5-stupidest-habits-you-develop-growing-up-poor/ It makes a lot of points that we're seeing over and over in these stories - being poor trains you not to save, so when you do get some money, you don't know not to blow it all. Also, I just got a giant bonus this month at work... And I'm going to put it all in my IRA, thanks to this thread.
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Nov 26, 2013 17:38
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Rotten Red Rod posted:Also, I just got a giant bonus this month at work... And I'm going to put it all in my IRA, thanks to this thread. My dad was dumb, he jumped out of the market at it's bottom. Yaos fucked around with this message at 19:24 on Nov 26, 2013 |
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Nov 26, 2013 19:20
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My roommate has some interesting ideas about money, albeit not anywhere near as severe as some people in this thread. For one, he is waiting to contribute to his 401K until he pays off his student loans. While this is still in the realm of fiscal responsibility, it's sad seeing him leave like 4 years of free money on the table. Also, he didn't believe me that paying off the highest interest rate loan first was better since some janky app he downloaded told him otherwise (somehow...?). I showed him articles and *math* but I don't think he changed from just doling out equal money to all his loans. I mean he's so close to being really good with his money, but to me it seems like he's just ignoring very easy math.
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Nov 27, 2013 00:43
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turbomoose posted:My roommate has some interesting ideas about money, albeit not anywhere near as severe as some people in this thread. RE: Highest Rate Loan - is the app advocating for him to pay off the lower loan? Some people react better to paying off the lowest first and then moving towards the higher amount loans, even if the interest rates say otherwise.
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Nov 27, 2013 00:51
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Shadowhand00 posted:RE: Highest Rate Loan - is the app advocating for him to pay off the lower loan? Some people react better to paying off the lowest first and then moving towards the higher amount loans, even if the interest rates say otherwise.
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Nov 27, 2013 01:28
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SiGmA_X posted:Snowball vs Avalanche, I've seen it called. I'm a fan of avalanche, paying off the highest rates first. There can be some exceptions IMO, such as very small notes that you can pay off very quickly. But with student loans, just paying XX and letting 'them' apply the money as they see fit? No thanks. Especially for loans where any extra amount in your payment only pushes back the date of the next due bill (at normal P&I) rather than attacking the principle directly. 
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Nov 27, 2013 02:46
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SpelledBackwards posted:Especially for loans where any extra amount in your payment only pushes back the date of the next due bill (at normal P&I) rather than attacking the principle directly. Every loan I have seen gives you the choice. Sallie Mae was the worst as their old language was confusing as hell.
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Nov 27, 2013 03:23
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Sorry, you're right. But with Sallie Mae, you had to specify in writing somehow (I forget how exactly) that you wanted to apply the extra to the principle, and the bill due date push-back was the default method of applying extra funds.
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Nov 27, 2013 03:31
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SpelledBackwards posted:Sorry, you're right. But with Sallie Mae, you had to specify in writing somehow (I forget how exactly) that you wanted to apply the extra to the principle, and the bill due date push-back was the default method of applying extra funds. Yeah, I am pretty sure that is right. It is not that way anymore though. You just make a choice when you pay (at least with the wife's loans).
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Nov 27, 2013 03:43
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My son's daycare was selling xmas wreaths as a fund raiser. They're big, nice, and cheap so we usually sell quite a few. One of the directors at work bought two of them and paid by check. This person is in her mid/late fifties, makes over $70k a year, and her $40 check bounced 
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Nov 27, 2013 14:25
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An old friend on Facebook recently told me that I should invest in Bitcoins.
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Nov 27, 2013 14:39
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tuyop posted:An old friend on Facebook recently told me that I should invest in Bitcoins. To be fair, if you'd done so a year or two ago, you would be sitting pretty.
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Nov 27, 2013 14:48
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Hell, even a couple of months ago would have been a good idea.
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Nov 27, 2013 14:52
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Yeah but I could have also gone to Vegas when I turned 21 and made it big in craps or roulette or even poker. The possibility of return does not a good investment make.
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Nov 27, 2013 15:02
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DrAlexanderTobacco posted:Hell, even a couple of months ago would have been a good idea. If you honestly believe that, you should check out the bitcoin thread. There's a guy going around whose friend did exactly that, bought bitcoins a few years back. Now he's got a few hundred thousand dollars worth. He can't get money for them. You can't withdraw to a Canadian account from any of the exchanges, and most in-person buyers are shady as heck, including a guy who showed up with a plastic bag full of Amazon gift cards. You could have made a fortune investing in Beanie Babies at the right time, still doesn't mean they're a good idea. Edit: Yeah, great investment idea.  FrozenVent fucked around with this message at 16:31 on Nov 27, 2013 |
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Nov 27, 2013 15:07
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razz posted:See, to me that's not stupid, that's awesome. What do most rich people do with extra money? Throw it in the stock market or some other account where it is effectively removed from the economy. These rich people are stimulating the economy and supporting a your friend's local business as well. I like to see rich people spend their money. In an ideal world, that's what all rich people would do - spend lots of money, and spend it locally. Put more money into the hands of the townspeople, you know? Yeah, the best rich people are the ones that get rich, blow all of their money/give it to charity and die penniless. I'm not being sarcastic at all. Despite what my avatar suggests I don't dislike all rich people, just the ones that have been passing down wealth and collecting dividend checks for generations. I'm sorry but your kids/my kids should have to earn their living like everyone else. At least this guy probably makes his kids do actual work. Anyway this guy across the street from my work was having a hard time selling furniture. So he put up signs up and down the highway that read "EMERGENCY FURNITURE LIQUIDATION SALE! EVERYTHING MARKED DOWN!" Everyone that walks into his store and buys anything is bad with money.
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Nov 27, 2013 16:15
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Orange_Lazarus posted:At least this guy probably makes his kids do actual work. Here's another story along those lines, I'll let the reader decide what conclusions to draw. My small-rear end hometown has the production of a popular regional snack item. Probably only popular in the state as far as I know, but business is apparently good. Anyway, one of my best friends grew up a town or two over and had the biggest crush on this girl that was in his class during school, her mom is part of the snack-empire family, so they were quite wealthy. They had hundreds of acres of land, an enormous house, etc. So occasionally when I get together with the guys we get drunk and he spins the tale of this "hot girl who got away", we pretty much just bust on him for being young, awkward, and stupid with women like everyone else. Turns out this girl's current boyfriend now works with my friend at a federal prison. Anyhow, some guards there got wind of this guy living with his girlfriend who came from a wealthy family, they started asking details asking about that and I'm sure the guy gets fairly embarrassed since he makes a normal person's salary like everyone else at the prison. Eventually they get the guy to open up a bit and he admits that he lives in a mansion. The girl's family built a 7,000 sq ft home for her on their land, paying for all of it. 7,000 sq ft for a non-married girl who doesn't have any kids or anything. She has a job working for her family, but I think she's basically an administrative assistant. On one hand it's cool that the family clearly supports their daughter and gives her a place to live (and a job), but sweet gently caress a secretary living by herself (and her boyfriend, I guess) in a 7,000 sq ft home seems crazy to me. At least apparently the girl is very nice and down to earth.
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Nov 27, 2013 16:58
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Orange_Lazarus posted:Yeah, the best rich people are the ones that get rich, blow all of their money/give it to charity and die penniless. I'm not being sarcastic at all. Despite what my avatar suggests I don't dislike all rich people, just the ones that have been passing down wealth and collecting dividend checks for generations. I'm sorry but your kids/my kids should have to earn their living like everyone else. At least this guy probably makes his kids do actual work.
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Nov 27, 2013 17:38
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No Wave posted:But I bet if there were a proposal for a guaranteed minimum income for your home country you'd be in favor of it, right? I'd be in favor of a guaranteed minimum income for the world.
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Nov 27, 2013 17:50
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tuyop posted:I'd be in favor of a guaranteed minimum income for the world.
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Nov 27, 2013 17:57
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No Wave posted:But I bet if there were a proposal for a guaranteed minimum income for your home country you'd be in favor of it, right? Yeah, I do but I would also raise the estate tax considerably (edit: not 100% People should be able to leave their kids some things obviously) Even without inherited wealth people would still benefit greatly from having wealthy parents. At least that way my country/the world would be significantly closer to being a true meritocracy. edit: under a guaranteed minimum income I could die knowing that your kids and my kids would both be OK. Sephiroth_IRA fucked around with this message at 18:23 on Nov 27, 2013 |
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Nov 27, 2013 18:13
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No Wave posted:Right - and given that, I see no problem with making the establishment of one for the lives you create a priority. How so? The two are pretty much the opposite. One views your relations as somehow superior and more deserving of your wealth than other humans and the other (minimum wealth for all) views everyone as equal and deserving of a good life regardless of your relationship with them. The creation of any priority based on nationality or parents is the opposite of what I said.
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Nov 27, 2013 18:21
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No Wave posted:Right - and given that, I see no problem with making the establishment of one for the lives you create a priority. Ooh, zing! But this is fallacious. A minimum income decreases wealth inequality, while making it easier to keep money in your family over generations increases it. Of course you will prioritize your family within the bounds of what is allowed - the question is what we should allow. WWJD, What would John Rawls do?
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Nov 27, 2013 18:23
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Orange_Lazarus posted:Yeah, the best rich people are the ones that get rich, blow all of their money/give it to charity and die penniless. I'm not being sarcastic at all. Despite what my avatar suggests I don't dislike all rich people, just the ones that have been passing down wealth and collecting dividend checks for generations. I'm sorry but your kids/my kids should have to earn their living like everyone else. At least this guy probably makes his kids do actual work. Dying penniless is a good goal. You'll have spent exactly how much you've earned! I kind of disagree with the "passing down wealth" thing. My husband's great-grandfather got in on the cattle and oil business in the early 1900s, bought a couple thousand acres, and the business has supported every generation since, including us (sort of, my husband is an hourly employee). Some members of the family work very hard to keep the ranch running, including my husband who will likely be the ranch manager in the future. But other members of the family have never had a job and just hang out and collect money from the cattle/oil leases and that's totally cool with everyone because the people with the skills and desire to run the ranch are the ones that do it, and everyone else just gets in the way. It's not like anyone is rich because there's not THAT much money involved, but for the people in the family that want to live a simple life in the country and not work a 9-5, more power to them. Why should I get upset that my mother-in-law spends her time looking for fossils, making art, and watching her grand-daughters instead of working, and my father-in-law just reads books and picks a banjo all day? I think it's awesome. The entire property is in a trust so it can't be sold, and each of the immediate family members has an equal share. There's no stocks or shareholders or dividends, it's just profits from a family owned and operated business and I bet if my husband's great-grandfather could see it now, he would be very pleased that his legacy helps so many of his grandchildren and great-grandchildren, and that they've kept it in the family and kept it profitable for 100 years. Forgot to mention: My husband and I are not in on the "free money" action. The only money we currently get from the ranch is his hourly wage and free rent on our tiny house. Also the above paragraph is a gross oversimplification of how the ranch operates and how profits are shared. razz fucked around with this message at 18:38 on Nov 27, 2013 |
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Nov 27, 2013 18:29
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I don't understand the animosity towards inheritance. My grandfather spent all the money he'd saved in the last years of his life on only-the-finest elderly care as he survived 2 brain surgeries, 3 heart attacks, and being an overall alcoholic rear end in a top hat. He lived a decade longer than he needed to, and the money spent on it would have done a lot better for the world if it had gone to his grandkids who've started their own families.
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Nov 27, 2013 18:40
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Switchback posted:I don't understand the animosity towards inheritance. My grandfather spent all the money he'd saved in the last years of his life on only-the-finest elderly care as he survived 2 brain surgeries, 3 heart attacks, and being an overall alcoholic rear end in a top hat. He lived a decade longer than he needed to, and the money spent on it would have done a lot better for the world if it had gone to his grandkids who've started their own families. It's his money, he earned it, therefore he gets to (not) spend it however he pleases. Some people are more charitable than others.
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Nov 27, 2013 18:56
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Please ignore.
blugu64 fucked around with this message at 19:11 on Nov 27, 2013 |
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Nov 27, 2013 19:07
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Hmm I could spend this money on living longer...nah I'll give it to these sharks waiting for me to die, that sounds good.
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Nov 27, 2013 19:12
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PULL UP PULL UP PULL UP
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Nov 27, 2013 19:46
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What do you expect from a thread whose purpose is to judge others for perceived wrongful financial behavior? To contribute: I knew a guy who crashed on couches for a few months after moving back home from out of state. It took him 8 weeks to find a job and when he did, he blew his entire retail paycheck on a big bag of weed to "pay back" his housemates instead of giving them rent money or buying his own food.
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Nov 27, 2013 20:26
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MrKatharsis posted:big bag of weed Just how big are we talking here?
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Nov 27, 2013 20:41
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MrKatharsis posted:What do you expect from a thread whose purpose is to judge others for perceived wrongful financial behavior? Did the roommates not want this? I'm failing to see the problem here.
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Nov 27, 2013 21:00
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Harry posted:Did the roommates not want this? I'm failing to see the problem here. Yeah I'm wondering what the conversion rate would be. I bet some people would believe that a $1 of weed is more valuable than a $1.
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Nov 27, 2013 21:05
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Plus, it's much cheaper in bulk.
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Nov 27, 2013 21:13
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