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wintermuteCF posted:Slow Motion, if I may take a moment to speak to you personally -- I appreciate this. I really don't think my decisions are terrible. Some are more risky than most people would be comfortable with. But I have no family to support and a highly sought after skill set. I'll be fine even in the worst nightmare scenario. Give me a little credit: In the most honest assessment of my progress I've paid off $13,000 of my original $35,000 in debt and I've rearranged the rest to minimize interest down to $70 a month. I could have been 100% debt free months ago if I had been up to billing the hours. But I wasn't. That was a big problem. I fixed it by completing the divorce and going to therapy. I'm three months past making those adjustments and have been billing like a rock star. I guess I seek your validation as someone who seems genuinely interested in my situation. I'm open to advice; particularly if it comes with some analysis/evidence. Again thanks.
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Mar 26, 2014 18:56
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Do some research and look up co-op condos and you'll see why it's so cheap. You generally can't get a traditional mortgage on a co-op. Or do zero research and just buy the first thing that makes you feel good about yourself.
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Mar 26, 2014 18:57
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wintermuteCF posted:PS. That condo is loving terrible: Sorry, you're too late. This thread is no longer about giving actual advise 
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Mar 26, 2014 19:02
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Slow Motion posted:I appreciate this. I really don't think my decisions are terrible. Some are more risky than most people would be comfortable with. But I have no family to support and a highly sought after skill set. I'll be fine even in the worst nightmare scenario. So why are you posting in this thread?
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Mar 26, 2014 19:06
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last laugh posted:So when I run the numbers through this calculator: http://www.zillow.com/mortgage-calculator/ Is this calculator realistic with default settings? I have no idea how American housing markets work and what payments come on top of buying a condo. Because if it is, the numbers look really good. 30 year loan for a 600 sq. feet one bedroom place is a great bet when you're 28. No kids now, enough storage space for one person and HOA fees (insurance, interest...) will increase only modestly, certainly not as quickly as expected income. The forced savings idea is a valid one. I know because I did it myself back in the day. We had two payers, the condo cost 73,000 (of which we had 30k saved up) and we paid the whole thing off in five years but once your income goes up it's no problem to bump up the monthly payment. We also made a tidy 60% profit when we sold, but Seattle is a big city so you should expect the value to increase more in the next five to seven years. I would recommend doing some renovation once you get into the place. Who wants to live in an used home? Budget a bit extra. $30,000 or so for a great kitchen, plus a little more for paint and floor work, maybe some fixed cabinets... I recommend full wood because who uses those pressed materials? Eww. And if you're budgeting for renovation it's not a big deal to add a little extra for new TV, couch, kitchen table and carpets. It's not like the old ones were meant to last forever and it's just a pittance at this point. Maybe even get a rockin' home theater? We can suggest you some really nice ones and you only need about $5,000 to get a complete system, projector and TV and 7.1 sound. Maybe a little more if you want some really kick-rear end gear. And, you know, just bundle your existing debts into the mortgage. You'll get a better interest rate. If you've been thinking about upgrading your car try to get that bundled in also. Because why not, it's cheaper money than getting all loans separately.
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Mar 26, 2014 19:08
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Faceless Clock posted:So why are you posting in this thread? Because I make better decisions when scrutinized and prodded by you guys. It's therapeutic. I probably wouldn't have stayed in an abusive marriage for 2 years if I had been posting about it at the time.
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Mar 26, 2014 19:16
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Slow Motion posted:I'll be fine even in the worst nightmare scenario. No you won't. You have no savings. What's your plan if you lose your job? When (not if) there's another market downturn how long will you be able to last on your own if you're laid off? You've been walking on a tight rope with lead weights on your legs for a while now. You're finally starting to shed the weights and now you want to add a piano on your back. That's a bad idea. Wait until you're not one step away from destitution and homelessness before you do this. poo poo, ask tuyop about what happened to him. I've been reading his thread and he went from iron-clad job security to no job because of a freak accident. This stuff happens to people.
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Mar 26, 2014 19:18
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Nail Rat posted:Well in that case he could take a new 401k loan and be able to say he paid half a mil. Really that's the smart thing. Think of the tax write-off he'd get! 500K condo, 5% down, $475K mortgage at 4.2%... the first few years will be mostly interest, so he'll be getting at least $5000 back at tax-time, every year. SloMo, think of the baller parties you can throw with $5000, in your half-million-dollar condo. By the time that tax deduction goes down appreciably you'll be making so much money you won't miss it. On top of that, think of how much more impressed your dates will be. You could probably even swing a few threesomes at those parties if you're into that. Think of it not just as a financial investment, but also as an investment in your sex and party lives. You're only going to be 28 once, after all. How can you lose? Dwight Eisenhower posted:Slow Mo you really should shuffle some money around, maybe take a few credit card cash advances to pay back your current 401k loan, get a new one for $ Oh, man, even scaling back a touch from that 800K condo, think about how sexy "three-quarter mil" sounds, especially if you can say it casually like that. That kind of place just oozes "I've arrived" in a way that $219K can't even pretend to touch, and when 2019 SloMo (or maybe 2024 SloMo) wants to upgrade to the 1.5mil condo of his dreams, he'll know what to look for and what to expect.
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Mar 26, 2014 19:32
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Spermy Smurf posted:I want to see the numbers that SloMo ran between apartment/condo. no you don't. this is the unique skill set financial wizard who ridicules saving in your 20s
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Mar 26, 2014 19:44
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Slow Motion posted:Give me a little credit: In the most honest assessment of my progress I've paid off $13,000 of my original $35,000 in debt and I've rearranged the rest to minimize interest down to $70 a month. Man, this poo poo again? Yeah, good job on being so terrible at your job for 6 months that you got the equivalent of a verbal warning at your review and a fairly large tax return.
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Mar 26, 2014 19:49
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Slomo what's your favorite bar on the hill?
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Mar 26, 2014 20:00
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I think it's too small and not in a great location for a long-term investment/baller living situation. Wouldn't you want to redo that kitchen and bath? They are both gross-looking. That's gonna be some extra money...
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Mar 26, 2014 20:00
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Slow Motion posted:Because I make better decisions when scrutinized and prodded by you guys. It's therapeutic. I probably wouldn't have stayed in an abusive marriage for 2 years if I had been posting about it at the time. You make better decisions? When? Don't start jacking off about the debt you paid off again because, once again, you started this thread because you'd paid off a bunch of debt and then racked it back up.
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Mar 26, 2014 20:03
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You gotta remodel the kitchen to go with the new juicer. I mean, a chef's kitchen is quite baller.
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Mar 26, 2014 20:06
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Slow Motion posted:gently caress leg day. You must be trolling.
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Mar 26, 2014 20:19
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foxatee posted:You gotta remodel the kitchen to go with the new juicer. I mean, a chef's kitchen is quite baller. Make sure it's a Vitamix, only stupid poors buy regular blenders. Real ballers use this.
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Mar 26, 2014 20:22
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Yond Cassius posted:Think of the tax write-off he'd get! 500K condo, 5% down, $475K mortgage at 4.2%... the first few years will be mostly interest, so he'll be getting at least $5000 back at tax-time, every year. SloMo, think of the baller parties you can throw with $5000, in your half-million-dollar condo. By the time that tax deduction goes down appreciably you'll be making so much money you won't miss it. Totes bro. You can write off all the interest on a mortgage too. An 800k mortgage with 5% down at 4.2% would carry ~$31920 in interest per year. I figure SlowMo can get at least $6-8k each April when he files with that deduction. CASH MONEY. You can buy a real projector with those fat stacks, and monster cables to go with it. Also think of all the cool and interesting people he'll meet, all his neighbors will also be real ballers who know how to prioritize their lives. SlowMo you can do this, don't let the haters dissuade you.
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Mar 26, 2014 20:23
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Don't ever not buy a condo with a scorpion mural.
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Mar 26, 2014 20:24
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paperchaseguy posted:no you don't. this is the unique skill set financial wizard who ridicules saving in your 20s I'm $35,000 ahead of the best scenario in your link and I save more than any of their hypotheticals. More than double, actually.
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Mar 26, 2014 20:43
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* <--- the point o <--- your head M /\
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Mar 26, 2014 20:57
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Slow Motion posted:I'm $35,000 ahead of the best scenario in your link and I save more than any of their hypotheticals. More than double, actually. loving whoosh, straight over your head. Here's a hint, the point isn't about the dollar figures in the example. EDIT: Paperchaseguy's example is better.
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Mar 26, 2014 20:58
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The point of a retirement account is retirement. I'm well covered for retirement. Unusually well covered. Everything you post about retirement is a distraction from that fact. If you really wanted to debate retirement you'd note that the examples foolishly assume zero growth in the monthly contributions. Who saves the same at 25 as they do at 35? Nobody I've ever known. Then you might discuss the sensitivity of the result to that difference in gross savings rate over time. You could show extreme examples where gross savings go down over time and how that makes saving a lot early even more important. And then you could discuss the opposite and how increases in savings rate over time make the early contributions relatively less important. To sew it all up you'd note that my 401k savings rate and current balance is outstanding for my age and say that even in moderately adverse scenarios of income growth I'm fine. But you don't give a gently caress about my retirement. You just want to get your internet insults in. You're pathetic.
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Mar 26, 2014 21:12
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Slow Motion posted:The point of a retirement account is retirement. I'm well covered for retirement. Unusually well covered. Everything you post about retirement is a distraction from that fact. How much do you think you're going to be spending when you retire? How old do you want to be when you retire?
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Mar 26, 2014 21:15
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I agree, SlowMo. That guy is pathetic. You know whats not pathetic? Buying a condo for $250,000 that is roughly the size of my porch. Edit: Do you want to come sleep on my porch? Spermy Smurf fucked around with this message at 21:32 on Mar 26, 2014 |
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Mar 26, 2014 21:25
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Slow Motion posted:The point of a retirement account is retirement. I'm well covered for retirement. Unusually well covered. Everything you post about retirement is a distraction from that fact. You really don't get it do you? I'm really beginning to doubt you work in finance at all. And when you're talking about having an excellent 401k account, are you accounting for the fact that it's missing about $30k right now?
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Mar 26, 2014 21:27
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Your place looks sick are you having a housewarming party?
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Mar 26, 2014 21:32
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Slow Motion posted:But you don't give a gently caress about my retirement. You just want to get your internet insults in. You're pathetic. I think the only purpose this threads serves for you is self justification. You just want to type words reaffirming that by golly you're the best and everything is fine. You have no interest in advice or counterpoints.
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Mar 26, 2014 21:38
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tuyop posted:How much do you think you're going to be spending when you retire? How old do you want to be when you retire? Ceteris paribus I'd feel comfortable with 40k/year at 65. I doubt that the world will look the same by then or that I'll have the same desires. Who knows? Given that profit share and 401k match takes me way above my best (but still primitive) estimate of income requirement I don't feel the need to add anything above my current contributions.
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Mar 26, 2014 21:39
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So you'll be living in a $1,500,000 condo and surviving on $40,000. I think the taxes might take a pretty huge bite out of that 40k.
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Mar 26, 2014 21:43
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Slow Motion posted:Ceteris paribus I'd feel comfortable with 40k/year at 65. Haha yea loving right, you can't even spend less than your "budget". How are you planning on sticking to that 40k a year when you don't even have the basic fundamentals of budgeting down? Let's not forget your proclamations of "just earning more", so that paltry 40k/year will be burnt up pretty much instantly after growing accustomed to the seven-figure life.
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Mar 26, 2014 21:47
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Also 40 years of inflation is a lot of inflation.
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Mar 26, 2014 21:50
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Slow Motion posted:Ceteris paribus I'd feel comfortable with 40k/year at 65. I doubt that the world will look the same by then or that I'll have the same desires. Who knows? Given that profit share and 401k match takes me way above my best (but still primitive) estimate of income requirement I don't feel the need to add anything above my current contributions. You're 28. 37 years will have passed when you're 65. Over the last 100 years inflation averaged 3.32%. So how much buying power in today's dollars will 40k when you're 65 get you? I know you can't do the math, so I did, it's 12k. Sure you can say "Ceteris Paribus" but that's not how the world works and it's very very dumb to make those assumptions even if inflation didn't exist over a long time horizon.
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Mar 26, 2014 21:54
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Bloody Queef posted:You're 28. 37 years will have passed when you're 65. Over the last 100 years inflation averaged 3.32%. So how much buying power in today's dollars will 40k when you're 65 get you? I was using all 2014 dollars. We're getting way off track. Do you think my $13,000 in combined annual 401k contributions is insufficient? If you really do I'm interested in knowing why. If not this is just a sophistry pissing match.
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Mar 26, 2014 21:59
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"If everything goes to plan I'll retire and live on 5 months worth of the rent I was paying in my 20s." Way to aim high, SlowMo 
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Mar 26, 2014 22:00
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Pleads posted:"If everything goes to plan I'll retire and live on 5 months worth of the rent I was paying in my 20s." Elderly ballers eat cat food, I guess.
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Mar 26, 2014 22:08
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The guy probably spends all day around (relatively unimpressive) rich people for whom the job worked out. The problem is that he never sees those who did not become partner, and thus, they do not enter his consciousness...
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Mar 26, 2014 22:09
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You know what Slowmo, just buy the condo. We all know you're not listening to us so please buy it so we can give you advise about filling out bankruptcy forms in a few months.No Wave posted:The guy probably spends all day around (relatively unimpressive) rich people for whom the job worked out. The problem is that he never sees those who did not become partner, and thus, they do not enter his consciousness... Survivorship bias is a hell of a thing.
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Mar 26, 2014 22:10
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Slow Motion posted:I was using all 2014 dollars. We're getting way off track. Do you think my $13,000 in combined annual 401k contributions is insufficient? If you really do I'm interested in knowing why. If not this is just a sophistry pissing match. Alright. Fair enough. However, I don't think working your current job until 65 is sustainable. I too aim to be a partner at my firm one day and know that 50 is pretty much the age that it makes sense to get out the hell out. Any partners that I work with over 50 look like they're 80. I'm 28 as well and based on what I want out of retirement I know I'll need to save 25k this year and a 10% increase every year after to make my goals. You're in a position to retire pretty early. Don't slog it out until you're 65 like the rest of the 9-5 schmoes.
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Mar 26, 2014 22:17
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If you save enough SloMo, you could retire at 50 and still have enough money to buy $20 cocktails for 20 year old women.
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Mar 26, 2014 22:23
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No Wave posted:The guy probably spends all day around (relatively unimpressive) rich people for whom the job worked out. The problem is that he never sees those who did not become partner, and thus, they do not enter his consciousness... Just like there were probably plenty of people around Tuyop in the Canadian army who got their tuition paid for after receiving a good salary, ironclad job security, and good benefits for some years. Or on their way to a 20-year retirement as a full-moose colonel (  )Then you break your back falling into a hole in the dark and everything changes. slowmotion's ego is writing checks that his income can't cash. He's one small disaster away from utter financial ruin and bankruptcy. When you lose this job, how long will your retirement accounts last while you raid them looking for a new job?
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Mar 26, 2014 22:24
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