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Old Fart posted:I think the ring is pretty. But what do I know, I got my wife what she wanted: an $800 Moissanite. I would be pretty pissed if an SO bought anything that cost 18,000$ without discussing it beforehand.
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Jun 17, 2014 04:41
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flynt posted:I would be pretty pissed if an SO bought anything that cost 18,000$ without discussing it beforehand. Fair enough, but that doesn't seem the problem ITT. She doesn't want to be engaged.
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Jun 17, 2014 04:48
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I think at the moment I'm the person who is bad with money. I've got barely any savings from the last three months and I earn well enough to keep my head above water.
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Jun 17, 2014 08:05
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Spill the details. 
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Jun 17, 2014 14:00
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Holy poo poo this guy. He's asking about buying a million-dollar house by early next year, since he just got a real-on-paper job (previously self-employed) and he's been renting for years. Goals include "minimize downpayment." Upper 30s with 3 kids. Let's take a look at his financial situation: -$18k still owed to IRS (from $102k tax bill) -$1500 in car payments per month (one lease, two car notes with combined balance of $50k) -$31k owed on business loan -$5k balance on credit cards --------$100k+ in debts (not even including the lease) -$15k emergency fund ($7k of that in gold coins!) -$8k in 401k -$30k in savings (of that $5k in brokerage acct) --------$50k savings Income: $172k salary + $5-8k/month from side business It's like this guy thinks he's some big baller, probably thinks "I'm so rich! I make a quarter-million dollars a year!" Yet he has no college funds for his three kids and no real investments. He has -$50k and thinks he should buy a $1m house. Thanks for not failing me today reddit.
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Jun 17, 2014 14:58
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Jesus Christ if he's bringing in 20k a month he should loving pay his poo poo off. Dude could blow 100k a year and still save 360k in 5 years.
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Jun 17, 2014 15:08
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Why in the name of gently caress would you have a 5k balance on credit cards if you have 30k cash outside of your emergency fund. No college fund isn't necessarily a bad thing as it varies from family to family whether they pay for college and how much. But to make that much money and have that much debt and have less investments than you can put into tax-advantaged accounts in two years 
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Jun 17, 2014 15:08
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Nail Rat posted:Why in the name of gently caress would you have a 5k balance on credit cards if you have 30k cash outside of your emergency fund. Because he's got $220k in available credit!! 
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Jun 17, 2014 15:14
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$5k probably isn't a standing balance. With that kind of income and no savings, they'd easily stay around there while paying in full every month.
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Jun 17, 2014 15:38
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Switchback posted:Holy poo poo this guy. I don't think he's traditionally bad with money, just has some unrealistic expectations about what he can potentially afford and some somewhat skewed priorities.
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Jun 17, 2014 17:23
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No, if you're making hundreds of thousands a year and your net worth is negative and it's not due to cancer or something, you're bad with money.
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Jun 17, 2014 17:43
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Switchback posted:Holy poo poo this guy. He has ~$45,000 in savings (I'm being generous and including his gold coins), but I assume he'll drain what he has to cover the down payment on the biggest house he can buy. That leaves just the  $8,000 in the 401k for his retirement.
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Jun 17, 2014 19:01
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$8k in his 401k is just so hilariously low for someone his age that I just assumed it was a typo
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Jun 17, 2014 19:53
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Yeah, the more I think about it, the more I realize that he is pretty bad with money. I think I was originally a bit clouded due to his general lucidity and a healthy income, but if you have that kind of income and basically nothing but debt to show for it, that's just plain bad with money.
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Jun 17, 2014 20:49
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Barry posted:Yeah, the more I think about it, the more I realize that he is pretty bad with money. I think I was originally a bit clouded due to his general lucidity and a healthy income, but if you have that kind of income and basically nothing but debt to show for it, that's just plain bad with money. He's really bad with money. Uranium 235 fucked around with this message at 21:25 on Jun 17, 2014 |
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Jun 17, 2014 21:22
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To be fair, he does have three kids and a wife on his payroll.
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Jun 17, 2014 21:41
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Still no excuse. At some point you have to learn to say "no" to buying poo poo.
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Jun 17, 2014 22:42
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If you've got the skills and such to bring in that kind of cash not from your day job but also a side business (assuming you actually thought it up and operate it) I'd be perplexed how you could be that bad at saving anything. Then again, the skills to make money aren't necessarily the same as to make sure you're not over leveraged. In fact, a lot of modern entrepreneurs and corporations are highly leveraged and operate not that differently from those sorts of books so maybe that's setting a precedent for how he approaches his own personal finances. I have a pretty healthy retirement account into my early 30s but it's not a terrible idea if you have some know how to start your own thing and make a couple million after working your butt off for about a decade instead of trying to do the same over 12 years through trying to maintain a solid career and employment working for someone else. But uh, most people advise putting a fair bit into retirement somehow while you do that at least for the sake of some cushion anyway. I dunno, he can't be exactly dumb.... right? 
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Jun 18, 2014 00:18
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Reading posts like that make me feel stupid for not being able to con some firm into paying me $175k/year. Amazing.
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Jun 18, 2014 00:31
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Nail Rat posted:Still no excuse. At some point you have to learn to say "no" to buying poo poo. This is me atm. Going to opt back into retirement saving programme in two months (I was on a low income contribution holiday when I was at uni). I have 25k in cars and not much in savings. I'm that guy atm but I'm hoping that I won't be much longer.
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Jun 18, 2014 00:48
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antiga posted:Reading posts like that make me feel stupid for not being able to con some firm into paying me $175k/year. Amazing.
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Jun 18, 2014 01:08
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Dress for the job you want, not the one you have.
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Jun 18, 2014 01:16
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FrozenVent posted:Dress for the job you want, not the one you have. A flag tank top and gold glasses? Or the orange/plaid vest combo?
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Jun 18, 2014 02:24
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Both, but don't forget the Escalade to sell the image.
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Jun 18, 2014 02:31
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Guest2553 posted:Both, but don't forget the Escalade to sell the image. Don't forget your tools, man. How could you forget your tools?
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Jun 18, 2014 03:24
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Under 15 posted:Don't forget your tools, man. How could you forget your tools? White on the outside, clean on the inside. 
SpelledBackwards fucked around with this message at 03:49 on Jun 18, 2014 |
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Jun 18, 2014 03:47
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HelloIAmYourHeart posted:Spill the details. Uh, OK. Not much to tell really. House prices are rising faster than I can earn money, so having to look at other investments. Late getting out of uni so I've only got three years of fulltime work under my belt, but only $3.5k in Kiwisaver (state retirement scheme) which I haven't contributed to for a couple of years. I need to do something about this. I'm quite fortunate that I don't have many huge expenses, rent is cheap and I can live pretty frugally when I need to. I only really go out with our social club at work, so once every two months or so and it costs me $5 a week. When I hang out with my girlfriend things get split 50/50 and she's pretty cany so we tend to plan what we do in advance to avoid wasting money. I also have a $50k student loan but it's interest free and repayments are compulsory at 12 cents in the dollar. It's money that just never hits my bank account so I don't factor it into my spending. I guess for me it's more being slack (and having to do a couple of things on my car all at once (cambelt, brake pads and four new tyres)) but there's enough money coming in, it's just been spent on stupid poo poo. My DVD collection is a BFC story in itself, but I don't think I've bought one in months. I also have some pretty good habits - no money hits my spending account on payday until my credit card is completely paid off, and I generally only spend $10.50 on lunches per week at work. So the foundations are there, I guess. How I got to the point I'm in is a bit of an EN/Log Cabin/BFC story in itself, but I'm debt free (bar student loan) and I have a job. It might not seem as secure as I'd like it to be, and it doesn't pay anywhere near as much as some people in my field, but my colleagues are pretty good fun and I'm fairly sure they'll give me the help I need to succeed if I keep proving to them I'm prepared to put the effort in. So it's not Slowmotion bad, but it could be a lot better 
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Jun 18, 2014 08:29
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My brokerage just sent some ads showcasing their newest scheme - linking a margin account to a registered account for extra leverage. Anyone who thinks using a retirement fund as collateral against calls is bad with money (or an inside trader)
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Jun 18, 2014 16:24
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Guest2553 posted:My brokerage just sent some ads showcasing their newest scheme - linking a margin account to a registered account for extra leverage. Anyone who thinks using a retirement fund as collateral against calls is bad with money (or an inside trader)
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Jun 18, 2014 17:12
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Guest2553 posted:My brokerage just sent some ads showcasing their newest scheme - linking a margin account to a registered account for extra leverage. Anyone who thinks using a retirement fund as collateral against calls is bad with money (or an inside trader) Yeah let me get this straight. This is essentially like me saying I have my player's casino card tied to make automatic withdrawals from my checking account when I want to gamble, but they're offering to tie it to my credit card so I can bet more (and maybe win more), is that a pretty good analogy?
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Jun 18, 2014 17:23
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pathetic little tramp posted:Yeah let me get this straight. This is essentially like me saying I have my player's casino card tied to make automatic withdrawals from my checking account when I want to gamble, but they're offering to tie it to my credit card so I can bet more (and maybe win more), is that a pretty good analogy? They are actually tying it to a loan against your 401k/IRA, which sounds even worse to me.
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Jun 18, 2014 17:26
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Holy poo poo, someone needs to tell SloMo about that. He works in finance so you know he'll make good use of it.
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Jun 18, 2014 18:14
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Minor funny/stupid bad with money story: My friends fiance has a Kindle. It breaks. He calls Amazon, they state it's a common defect, and they'll send him a new Kindle free of charge. He just needs to send back the old one within 30 days, or he will be charged for the new one. They email him the UPS label, all he needs to do is slap it on, package it, and send it back to them. Tells my friend about this. She says "I have a printer we haven't hooked up. Why don't we hook it up to your computer and just print it off...?"He goes off on a tirade about how you don't hook up a printer to a gaming computer, and says he'll print it off at work. Of course, he never does, and gets charged for the new Kindle 30 days later. My friend finds out and flips her poo poo, seeing as she OFFERED to print the label and get it sent out for him. He does make it up to her: The next day she comes home from work and finds her laptop and printer set up in a private area on a brand new desk she'd seen and liked at IKEA. Between the Kindle and the penance, a $400-$500 lesson.
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Jun 18, 2014 19:28
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Butt Wizard posted:My DVD collection is a BFC story in itself, but I don't think I've bought one in months. I remember once going to a birthday party for a kid in my class in elementary school. His parents had VHS tapes lining the walls in huge, custom built shelves. It was really impressive to a 9 year old. It was a few years before DVD hit the market. I expect that within 10 years, they had trashed every single VHS cassette that they had spent thousands of dollars obtaining. And if they were like almost everyone else on planet earth, 95% of their library only ever got watched once or twice. In 10 years when the Amazoogle media/mind control chips get implanted into our brains, we'll take the moments in between mandatory advertisement broadcasts to remember how quaint it was to spend thousands of dollars building up a DVD or bluray collection of physical media. blackmet posted:"He goes off on a tirade about how you don't hook up a printer to a gaming computer, and says he'll print it off at work. Yeah, of course, that's the first troubleshooting question in the computer help threads here when people have problems running games 
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Jun 18, 2014 19:35
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Digital hoarding is where it's at 
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Jun 18, 2014 20:04
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canyoneer posted:Yeah, of course, that's the first troubleshooting question in the computer help threads here when people have problems running games Some people (who are bad with money) treat their gaming computers like thoroughbred horses. Nothing goes in or out except for pure gaming. No antivirus, no peripherals that aren't gaming related, nothing running in the background that's not strictly necessary, all in the pursuit of getting a few more FPS or to turn up a graphics setting a little bit.
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Jun 18, 2014 20:06
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So hobbies are bad with money? If you throw money at your computer instead of paying bills or whatever, sure, but what if your financial house is in order and that's what you enjoy doing?
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Jun 19, 2014 00:26
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SiGmA_X posted:Is that .. What? How do they do that? Are they talking about non-401k/IRA retirement funds as collateral? Otherwise I see functional issues here, but maybe it's possible to have a brokerage do that. Seems unethical and maybe illegal to me, but, 'MERIKA!!1! For those who asked: Essentially, yes. It's advertised as leveraging the assets in a TFSA (  for rIRA) to boost the buying power in a margin account, ostensibly by offering it up as collateral. The website straight up says "Use your increased buying power like overdraft protection to better mitigate any market fluctuations!"At best it'll just be considered a loan instead of being taken directly out of the account but that's a lovely option either way v  vAlso I spent an hour of dead time at work today browsing reddit personal finance that poo poo is pure  e. Barry posted:So hobbies are bad with money? Don't start this poo poo again 
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Jun 19, 2014 00:38
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Guest2553 posted:Also I spent an hour of dead time at work today browsing reddit personal finance that poo poo is pure Oh, you mean like this? quote:Several months ago my girlfriend had a car she hated. She absolutely had to buy another vehicle but she still owed a lot on her current vehicle. Enough that she had to sell privately to not be upside down on the loan. She decided that she was going to buy a new vehicle before selling her old one because the thought of not having a vehicle for days/weeks was nerve racking. the new car was 11K after all taxes and fees for ~$1k down that I helped her with, and she has mostly paid me back the $1k with the money she sold her old car for.
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Jun 19, 2014 00:44
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Guinness posted:Oh, you mean like this? That one I actually shared with the guys in my office, it was just too perfect 
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Jun 19, 2014 00:50
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