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This thread tends to go haywire every time someone posts something to the effect of "sometimes saving money to the exclusion of all else is harmful in the long run due to holistic social and environmental factors such as forming relationships, developmental milestones of their cultural region, and demonstrating good decision making" Clearly those things only apply in a narrow scope (nobody is telling the kid who bought the F250 to move out now that he is saddled with that debt) but people tend to get defensive about their lifestyles. Don't worry BFC, your retirement funds aren't affected by my boyfriend criteria 
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Jan 26, 2014 09:35
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I just want to say I'm totally with Trilineatus and NancyPants on this. I don't have to say why, they did nicely. Rick Rickshaw posted:I don't find sinking money into a depreciating asset all that exciting Jesus Christ, it's a car, man. It's fun or lots of people think it's fun even if you don't. Do you go through your life like a robot assessing asset classes and spending every dollar according to some internal emotionless logic? You must be a lot of fun. \/\/ sure, be my guest. You got one? Tony Montana fucked around with this message at 14:52 on Jan 26, 2014 |
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Jan 26, 2014 10:00
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Hey uhh can we have more stories about people bad with money and less flaccid internet outrage?
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Jan 26, 2014 14:24
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I know a couple who lived in an apartment for a while, then moved in with his mother to save up for a house. They spent money on everything (every generation iPod, iPod touch, and Xbox/ps3 consoles with every game) while not paying for a mortgage and in three years they only saved $12,000. They didn't pay off either of their cars at this time, and didn't touch student loans either. They blew that money buying two new cars and bought a house with 0% down and their interest ballooned to 20% or something retarded last I heard.
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Jan 26, 2014 14:56
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Spermy Smurf posted:I know a couple who lived in an apartment for a while, then moved in with his mother to save up for a house. They spent money on everything (every generation iPod, iPod touch, and Xbox/ps3 consoles with every game) while not paying for a mortgage and in three years they only saved $12,000. They didn't pay off either of their cars at this time, and didn't touch student loans either. They blew that money buying two new cars and bought a house with 0% down and their interest ballooned to 20% or something retarded last I heard. yeah, see, that's dumb.
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Jan 26, 2014 15:16
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I have a friend who is buried under a huge heap of debt and has a total freeloader girlfriend. She was pulling down minimum wage at a part time mall job but promptly quit it after moving in with him. I am not supposed to know this, but I found out through a mutual friend that he got a courthouse wedding with her, apparently to save money on income taxes. They told nobody about this, intending to keep it a secret, and decided they'd maybe have a "real" wedding later if they felt like it was appropriate. I think this is a horrible thing to do now, but even more so given it is a near certainty that the time will one day come when a judge will make him give her half of all his stuff.
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Jan 26, 2014 15:37
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I found getting married actually increased our tax burden. drat marriage penalty.
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Jan 26, 2014 15:39
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Tony Montana posted:Jesus Christ, it's a car, man. It's fun or lots of people think it's fun even if you don't. Do you go through your life like a robot assessing asset classes and spending every dollar according to some internal emotionless logic? You must be a lot of fun. When I typed that sentence I knew it was a ticking time bomb. I get the allure of having a nice car. My car isn't a beater (yet). And if you can afford a nice car after all or most other things are taken care of, go nuts. But for a lot of young guys, the car comes first. Or the ATV. Or the snowmobile. All this poo poo is insanely expensive, and depreciates like a motherfucker. Money pits. Another example of this is my neighbour. My neighbour is a cable guy and owns a new BMW M5. His girlfriend left him recently, and I overheard his dad come to his house to bitch to him about the car on behalf of his mother. Clearly the car was a financial mistake and it's effecting his life. The girlfriend left because he put the car before her. I'm just saying, find a cheaper hobby. I play sports, and to me, that's expensive enough. Ice time and field time isn't cheap, but it's a social event, it keeps me healthy, and it only costs around $50 a month. Overhaul a Honda Civic? $5k should do it! Rick Rickshaw fucked around with this message at 15:50 on Jan 26, 2014 |
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Jan 26, 2014 15:44
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You are confusing bad with money with spending money on something you don't like.
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Jan 26, 2014 16:23
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Lowness 72 posted:I found getting married actually increased our tax burden. drat marriage penalty. Well it's a penalty or a bonus depending on the working situation of the individuals. When someone works part time minimum wage or no job at all, the marriage will definitely help the overall tax situation.
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Jan 26, 2014 16:52
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Alcohol is going to destroy this redditors lifequote:Drunkenly opened a Roth IRA last night... tax implications? (self.personalfinance) Bonus onion article:http://www.theonion.com/articles/man-wakes-up-from-bender-with-financial-problems-s,19858/
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Jan 26, 2014 18:34
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Lowness 72 posted:I found getting married actually increased our tax burden. drat marriage penalty. Haha same here, I lost money filing jointly with my husband. Looking at his W2s, at one job in 2013 he made a little over $4,000 and the amount of federal taxes taken out was something insanely low like $46. Another job he made ~$2,000 and the feds only took $26. So yeah obviously he owed some money. And obviously he is going to change his federal withholding for 2014 so this doesn't happen again. We still got a little money back from his other job and quite a bit back from my job so it's all good. It made me laugh because a friend posted something on Facebook about people only getting married for the tax breaks. Yeah, that's definitely why I got married  . My husband and I checked his credit report today and one of his "accounts in good standing" was a Target store card that was paid in full and closed May 2012, which was after we met. He has no idea what this card is or was and he has never had a Target card. Only thing we can think is, maybe an ex-girlfriend opened a store card in his name, made all the payments on time for a couple years, paid it off, then closed the account. Thanks for the credit score increase, I guess  .
razz fucked around with this message at 18:56 on Jan 26, 2014 |
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Jan 26, 2014 18:43
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Becoming common-law in Canada, which is basically married in the eyes of the government in financial terms, saved my fiancee and I a bunch of money in taxes. She didn't work much the years she was getting her master's degree so she didn't need her education tax credits. She transferred them to me and I saved a couple grand.
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Jan 26, 2014 19:15
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Lowness 72 posted:I found getting married actually increased our tax burden. drat marriage penalty. For the uninformed like myself, in what situations does marriage increase tax burden?
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Jan 26, 2014 19:42
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OneWhoKnows posted:For the uninformed like myself, in what situations does marriage increase tax burden? The tax brackets differ based on your filing status and aren't always consistent. Marriage is a really good deal if one person earns a lot and the other earns a little but can be a bad deal if both partners earn about the same amount of money. In addition, both partners are required to choose the same deduction method. That can really hurt if one person would benefit from itemizing while the other would not. Don't get married in a year you are planning to pay $9,000 in mortgage interest unless you're an engineer and your fiancee is a barista.
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Jan 26, 2014 20:30
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Harry posted:Alcohol is going to destroy this redditors life Just out of curiosity, was there anything stupid about what they did, except doing it inebriated?
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Jan 26, 2014 20:46
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Not from what I could tell.
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Jan 26, 2014 21:31
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lavaca posted:The tax brackets differ based on your filing status and aren't always consistent. Marriage is a really good deal if one person earns a lot and the other earns a little but can be a bad deal if both partners earn about the same amount of money. In addition, both partners are required to choose the same deduction method. That can really hurt if one person would benefit from itemizing while the other would not. Boy do I feel dumb for not having considered that. My wife's been unemployed (student/pregnancy) for the last few years, so single earner tax breaks from marriage have become the norm for me.
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Jan 26, 2014 21:41
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corkskroo posted:Just out of curiosity, was there anything stupid about what they did, except doing it inebriated? Didn't seem that way to me. Really just the funny part seemed that they expected the act of making an IRA contribution would incur taxes, despite the fact that they're depositing money that was already net of taxes.
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Jan 26, 2014 21:53
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So this is a couple of days old but former Heisman Winner Vince Young finally declared bankruptcy protection http://www.latimes.com/sports/sportsnow/la-sp-sn-vince-young-bankruptcy-20140123,0,7334369.story#axzz2rYHUyweQ He played 6 years and earned over $34 million. quote:“(Young) invested in private, illiquid investments, and he overspent,” Butowsky said. “He’s ultimately responsible for all his decisions, but the people around him should have taken better care of him. First, I think its easy to laugh at how you can throw away that much money, but I'm going to guess it's because no one around him is going to tell him to save his money instead of spending it on them. BUT! This as well though: http://profootballtalk.nbcsports.com/2013/02/12/adviser-vince-young-got-a-loan-to-throw-himself-a-300000-party/ quote:Vince Young got a loan to throw himself a $300,000 party And this: http://blogs.dallasobserver.com/unfairpark/2011/10/lawsuit_says_vince_youngs_dust.php quote:Lawsuit: Vince Young's '10 Strip Club Dust-Up Over $8,000 in Ones He Needed, Couldn't Get
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Jan 27, 2014 01:02
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kitten smoothie posted:Didn't seem that way to me. Really just the funny part seemed that they expected the act of making an IRA contribution would incur taxes, despite the fact that they're depositing money that was already net of taxes.
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Jan 27, 2014 03:49
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Strong Sauce posted:So this is a couple of days old but former Heisman Winner Vince Young finally declared bankruptcy protection Probably already been mentioned, but if you haven't seen Broke (may not work in the US) it's a great look at the different ways athletes blow themselves up financially. Mostly bad (sometimes intentionally so) guidance.
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Jan 27, 2014 13:39
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I've always had a feeling in the back of my head that there is a huge opportunity for a celebrity/sports financial advisor role. Young guys who know nothing about money go from broke college student to millionaire overnight and everyone is shocked that most of the money disappears. Three years later, the average (NFL) player is out of the league and regretting those awful decisions, when even a small amount of restraint would have really paid off.
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Jan 27, 2014 16:36
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Do you really think they're going to listen.
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Jan 27, 2014 16:55
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Imagine the SloMo thread, only repeated dozens of times and with no goon chorus to go "NO YOU IDIOT" every time they ignore advice.
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Jan 27, 2014 17:11
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I picture it more like the zaurg thread with $100,000/month in the "blow" category and an aircraft instead of a pool table.
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Jan 27, 2014 17:26
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There's also the problem that the kind of person who needs a financial advisor probably can't distinguish a real one from a con artist.
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Jan 27, 2014 20:47
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Alien Arcana posted:There's also the problem that the kind of person who needs a financial advisor probably can't distinguish a real one from a con artist. To be honest if I had those income levels I doubt I'd be much better. I'd probably fall for any kind of "rich people tax loophole" scam someone wanted to put me through.
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Jan 27, 2014 21:44
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Sudden Infant Def Syndrome posted:Do you really think they're going to listen. A lot of these guys listen to their agents and get fleeced. There is a lot of lavish spending, but young for example blew a couple million on some restaurant deal(iirc) that was basically designed to funnel money out of his pocket. Then combine that with the fact their contracts are normal wages it's not surprising why they go broke.
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Jan 27, 2014 22:01
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corkskroo posted:Just dropped a bunch of junk off at a fairly grimy thrift store. A couple was shopping for clothes. She was wearing a full length fur coat and a fur hat. I followed them out and watched the load their haul into a shiny late model BMW. Oh goodness. I drive a new RX450H and wear a leather coat and shop at the thrift store. I love finding vintage dresses and high end jeans in still good shape. Shopping at the thrift store is fun, fool. Finding sweet threads is fun. God I hate fur though. Its soooo ugly. Uh real story: My SIL is a SAHM, had two children when her husband, in the construction industry in 2009, went through a really rough patch. He worked on commission and they were going to lose their house but the whole family got together and paid their bills for a while. Literally the month after he got out of his rough patch, in a poor industry, with a poor pay style, they loving purposely got pregnant again and took their kids to disneyland. We also tried to convince them to walk away from their lovely tract home that had a 5 year ARM that ballooned and they are still severely underwater while the husband drives 2 hours each way to work and the houses near the work are sooo much cheaper and equal in quality of neighborhood. My husband works at a pretty awesome company that has alot of diverse options and offered the brother in law to come to a career fair/hiring event. Idiot brother in law chose to go to a loving soccer game. Fast forward to about 2 weeks ago when we get a call from our mother in law asking us to help pay for their poo poo again because hey, one of the the kids took a big fall and their insurance is poo poo and the brother in law is going through a rough patch again! god drat it. I don't want my 3 nephews to have a hard time in life but their parents aren't learning poo poo. silicone thrills fucked around with this message at 22:50 on Jan 27, 2014 |
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Jan 27, 2014 22:34
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antiga posted:I've always had a feeling in the back of my head that there is a huge opportunity for a celebrity/sports financial advisor role. Young guys who know nothing about money go from broke college student to millionaire overnight and everyone is shocked that most of the money disappears. Three years later, the average (NFL) player is out of the league and regretting those awful decisions, when even a small amount of restraint would have really paid off. The NFL actually hold finance education classes for rookies coming into the league to tell them not to blow their giant  bonuses and be penniless, but you give young men tons of  and not even the best adviser in the world could control their spending.
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Jan 27, 2014 22:46
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antiga posted:I picture it more like the zaurg thread with $100,000/month in the "blow" category and an aircraft instead of a pool table. Incidentally, has there been an update to the Zaurg situation since his last thread? (I think around May 2012, when his wife got pregnant a second time) I just blew through both his 2009 and 2012 threads over the course of the past month or so.
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Jan 27, 2014 23:25
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Care to provide links to the Zaurg threads? I've looked to no avail.
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Jan 27, 2014 23:27
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Nail Rat posted:Care to provide links to the Zaurg threads? I've looked to no avail. (might require archives) 2009 thread: http://forums.somethingawful.com/showthread.php?threadid=3175682 2012 thread: http://forums.somethingawful.com/showthread.php?threadid=3470495 The 2009 one ends in mid 2010 or so, and then there's a two-year gap between it and the new one. I don't think there's another, but there are few posts in the 2012 thread that imply it's only these two.
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Jan 27, 2014 23:32
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VideoTapir posted:The fact that you, and other people, feel that way about the first group is why the second group are so desperate. All of this post is wrong as hell.
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Jan 28, 2014 00:52
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ninjahedgehog posted:(might require archives)
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Jan 28, 2014 07:27
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SiGmA_X posted:There hasn't been another one, he's still b8'd. He's still... baited?
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Jan 28, 2014 16:05
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I think he means banned, which I remember was a shame because I was looking forward to the divorce posts.
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Jan 28, 2014 16:08
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Trilineatus posted:
I agree with you that I wouldn't date someone who wasn't capable of living on their own, but I imagine that in the bay area this is literally the only way someone can save enough for a downpayment on a condo. On topic: I had a friend who was crashing at my place one summer, rent free. He got a job that paid more than mine ($11.50+OT vs my straight $12x40) and every Monday, he'd ask me for a $100 loan to float him until Friday. He always cashed his paychecks and paid his phone/other bills via postal money orders. He would check his credit card balance by phone, and if he had $40 remaining of his $X,000 balance, he'd say "SWEET, LET'S GO DRINK!" He was a great roommate though, kept the place clean, and when we moved, did start paying rent. A++ would room again. MrKatharsis fucked around with this message at 02:27 on Aug 18, 2015 |
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Jan 28, 2014 16:13
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Volmarias posted:He's still... baited? I figured b8'd to mean 'bated as in probated. But really he was b& (banned)
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