|
NancyPants posted:I feel like a nerd for wanting a plain wedding band and not giving a rat's rear end about an engagement ring. I'd rather spend that money on something fun or cool.
|
#
?
Jun 22, 2014 01:46
|
|
|
|
| # ? May 13, 2024 22:15 |
|
|
NancyPants posted:I feel like a nerd for wanting a plain wedding band and not giving a rat's rear end about an engagement ring. I'd rather spend that money on something fun or cool. My engagement ring was around $50. I'm happy with it.
|
|
#
?
Jun 22, 2014 02:48
|
|
|
I know someone bad with money. My mom. My mom is bad with money. We just had a discussion today about her plans for retirement, now that she retired two years ago. These plans including buying out her brother and sister from her dad's family home after her dad passed away, to the tune of $310,000.00 each. After buying them out, she is planning to a $200,000 renovation to it and move back in, for a total budget of $820,000. Because it is family, her siblings agreed to this plan and transfered the house into her name without taking payment. I told her I thought that sounded like a lot of money for her situation and asked her where she was going to come up with $820,000 and she said oh I'll sell my current house. The house that she has 50% equity in with my dad and could not sell last year for even $800,000. So I asked her how she was going to make up the $420,000 shortfall, and she said she has a $250,000 line of credit with the bank at prime secured by her dad's house. So that leaves $170,000. I pressed her on where that $170,000 would come from and then she said she would borrow it from the bank. So I asked how she planned to pay back $420,000 of the bank's money and she said "I'll get a tenant". How much are your monthly payments going to be? "I don't know" How will you make payments if the suite is vacant? "I don't know" How much will payments be once you have to renew your mortgage? "I don't know" How will you pay once interest rates go up? "I don't know" Finally, she admitted to me her backup plan: sell an interest in her house back to her sister. Except her sister doesn't know about this yet. So I said, you don't actually have a plan. You are committing to spending $820,000 of money that you don't actually have and you don't even have a plan to finance it in principle. The response? "I think it will work". She then started tearing down the ceiling and walls in the house to be renovated, so it's no longer rentable or liveable before she moves in. The house has been in this state for 6 years now. Luckily she has a public service pension that is liveable but if she goes through this plan she is going to be living in an awesome house for the rest of her life eating ramen. If you are wondering why houses cost so much it's because we live in Vancouver. Mantle fucked around with this message at 03:39 on Jun 22, 2014 |
|
#
?
Jun 22, 2014 03:33
|
|
|
Mantle posted:
http://www.crackshackormansion.com/
|
|
#
?
Jun 22, 2014 04:25
|
|
|
Mantle posted:I know someone bad with money. My mom. My mom is bad with money. Maybe this is a canada thing but what exactly does it mean to buy someone out from a house?
|
|
#
?
Jun 22, 2014 04:31
|
|
|
seacat posted:Maybe this is a canada thing but what exactly does it mean to buy someone out from a house? It refers to buying a partner's ownership interest in a shared asset so that partner can exit the partnership. In this case, the house was bequeathed to my mom and her two siblings. So my mom made a deal with them to buy them out, i.e. pay them to transfer their interest to her.
|
|
#
?
Jun 22, 2014 04:41
|
|
|
I have an acquaintance (not a friend) from Canada who is one of those people who are bad with money but think they're incredibly smart. Any suggestion they might be wrong is shot down with smugness. Job pays $54K a year. No savings to speak of. Currently has not a lot of debt he is paying fairly well. Oh, and student debt, which he doesn't count because "student debt doesn't matter". He is dead set on buying a house, right now, and he's about 26. Says renting is "unlivable". Doesn't think there is a housing bubble. When I brought it up, he said "most people here don't think it's a bubble." When I pressed him on it, he said "I used to think it's a bubble, but now I know it's not." His evidence? That there is projected population growth, and showed me a graph as if that's all there is to it. Because as we all know real estate developers are keen to build houses they will have a loss on while they sit empty because in 10 years there will be demand. Now, cars. He bought his current car two years ago I think, and hasn't fully paid it off. He's almost bought another one recently, but it would have been used and reasonably priced. Here's the fun part: he's absolutely, completely, dead set on buying a new Shelby GT500 for $90K in the next year or so. He is an absolute idiot when it comes to cars. He doesn't understand how cars work, how suspension works and so on. He keeps talking about how he needs a new car because the current one wears out the tyres too quickly. When a friend who actually has mechanic experience told him possible reasons to do with suspension setup, he said, very firmly "No, it's fine. It's the car.". Somehow during that conversation it came out that he does not believe in winter tyres. Even though he lives in Canada and brags about how much snow they get. Any attempt to convince him otherwise was met with the same phrase, in the same tone of voice "No, you don't understand. You don't need winter tyres.". He also believes he is an Aryan superman. He's quite racist, but to tie it into the car thing: he considers driving after drinking safe. As he says, "the legal limit is for normal people, not for genetically superior people". I'm not making it up. "Laws should be based on genes rather than being the same for everyone.". With an incredible lack of irony, he less than a minute later complains about "all the idiots who think they can drive fine after drinking when they can't". Also, he doesn't drink a little. He used to be a hardcore Christian, and just discovered alcohol about 3 years ago, and is about as amazed by it as a 16 year old, except he has money to buy lots. I honestly don't know why I bother trying to beat some sense into him. I should just sit back and enjoy the schadenfreude. Last night he booked a meeting with "an affordable housing provider" today. Oh yeah, and he's also a proto-MRA (no fedora, but the attitude is there) who way back during the US presidential election thought Rick Santorum was the best candidate.
|
|
#
?
Jun 22, 2014 10:41
|
|
|
An old coworker of mine sold her older but still great working Mazda that her dad bought and gave to her for a Ford Explorer. Her dad made her pay 100 dollars a month for the Mazda and the insurance was like 60 a month. She got ripped off on the Explorer and has a 360 a month payment. She also drove directly into a parked car and how her insurance is almost 200 a month. She only takes home about a grand a month. She's now looking into lift kits for her Explorer and will probably open a credit card to afford the 1,200 it would cost.
|
|
#
?
Jun 22, 2014 11:46
|
|
|
Zeppelin Insanity posted:
That's not bad with money, that's being a terrible human being (driving drunk).
|
|
#
?
Jun 22, 2014 12:51
|
|
|
My best friend's lease is coming up and the owners of the unit are selling it so she needs to move out. At first she was in a toss between finding a 1BR apartment for herself, or renting a say 3BR house and renting out the other two rooms. Then her dad came to visit and convinced her to buy a house. Two weeks later she said she's already put in an offer for a house and yesterday she called and told me she got the house and inspection is this coming week. She makes about $80k/year, has student loans and debt that she's always complaining about (including a few times when we lived together where she'd ask me to cover say dinner because she needed to wait until the next paycheck and didn't want to throw it on a card…), financed a $60k+ BMW right out of the gate (again because her dad convinced her to get a nice car) that she doesn't even drive because she bikes to work. I'm going to assume she knows absolutely nothing about owning a house and again there was like a two week span between the first thought of buying a house to actually buying a house so I highly doubt she's done much thinking or any at all. Congrats to her on being a homeowner I guess 
|
|
#
?
Jun 22, 2014 14:36
|
|
|
Mantle posted:If you are wondering why houses cost so much it's because we live in Vancouver. My mom and dad (who are excellent with money, and who I silently thank whenever I read this for teaching me good financial habits from childhood onwards) bought their house for $150,000 in 1994, so about $220k in 2014 money. It was completely gutted, reno'd and modernized by the previous owner, and it is one of the few real estate related things they really can't make any more of: an 1890s row house with all the original brickwork intact. My parents have also done a decent amount of work on it, including leak proofing the basement (HUGE problem in old Toronto houses, the had to put a loving sump pump down there) and an extensive customized pimping out of the kitchen. When we moved in, the neighbourhood was still, uh, in the early stages of gentrification, but it has become one of the most popular neighbourhoods in the city for families. Current average house price? $990,000. The couple who live next door to my mom and dad recently sold their house for 1.3 MILLION DOLLARS. Out of curiosity, my parents got their house appraised shortly thereafter and it was estimated that with an opening asking price of $950,000, it would probably go for 1.1 million. These houses, while all very nice inside and in a great location, are TINY! They're Victorian row houses! They have no closet space! The yards are like 150 square feet! The only parking is street parking! This is all awesome for my parents, who have come to hate homeowner things like gardening and shovelling snow and eternal battles with racoons and driving, and are now going to buy a nice three bedroom condo in my neighbourhood downtown, WHICH IS WHAT THEY WANTED TO DO IN THE 1990s BUT IT WAS TOO EXPENSIVE THEN.
|
|
#
?
Jun 22, 2014 16:14
|
|
|
Eden posted:I s'pose that this is even worse than r/personalfinance but if it's shadenfreude you're after, it's schadenfreude you'll get. Holy hell, this is surreal. It might obviously be fake, but even so it's almost literary. Like the dude's domestic strife reified in ducks invading his office and foxes stealing his neurotic wife's animals.
|
|
#
?
Jun 22, 2014 17:39
|
|
|
Foolie posted:Shortly after I got engaged, my soon-to-be-father-in-law pulled me aside as asked me how I would be insuring the ring. The resulting discussion played out very differently in my head and on my mouth. Explaining why this is a horrible idea didn't really seem like the appropriate response at the time. Or ever. It depends on how much the ring costs to begin with and how much of a financial hardship it would be to replace it if something did happen. My wife has a 2 carat engagement ring and you bet your fuckin rear end I have that bastard insured for everything including accidental loss or theft. We rolled it up into the homeowner's insurance and it was substantially cheaper than the jewelry insurance we had before we bought the house. I actually had it insured before I even walked out of the jewelry store, come to think of it. We talked about it and if something happened where the ring was lost and the insurance wouldn't replace it we would just get a fake diamond. pro tip for the single guys: Try to find a girl who doesn't care about a diamond ring or a dream wedding but if she does make sure she's a Stark in the streets and a wildling in the sheets.
|
|
#
?
Jun 22, 2014 17:54
|
|
|
SiGmA_X posted:I'm sure they rented a metal detector that afternoon/next morning and found it, right? Surface loss should be findable. Usually. Not always. Get a Tungsten ring. I have one too, it cost like $80 and even has a custom engraving on the inside. Her rings are fused together white gold stuff with little custom colored diamonds in it. Total cost: $200. Bam. I can see your wife not wanting to wear a "bulky" tungsten ring, but to forbid you to have one is a bit silly. It lasts forever, doesn't really show a lot of wear, is super affordable, and looks sharp.
|
|
#
?
Jun 22, 2014 17:58
|
|
|
Jastiger posted:Get a Tungsten ring. I have one too, it cost like $80 and even has a custom engraving on the inside. Her rings are fused together white gold stuff with little custom colored diamonds in it. Total cost: $200. Bam. For me, tungsten carbide is the only way to fly. I have a desk job for the 730-4, but I'm an ex mechanic and an avid car money burner (enthusiast, in some circles) so I work with my hands a lot and would pocket the ring whenever I'm working as I wear latex/non-latex gloves always. I would hate to lose or damage a gold ring, but tungsten is both cheap and strong as hell, win-win in my book.
|
|
#
?
Jun 22, 2014 19:09
|
|
|
Hooray the forums are back up! That means time for some people who are bad with money. Well, kinda. There is a guy on reddit who appears to have developed stockholm syndrome towards his employer. He started off by stating he works, on average, 84 hours a week as an engineer and takes home $1200 every other week. After people start telling him that he is being taken advantage of, he leaps to his employer's defense. Some choice quotes. siphontheenigma posted:Well it was my choice to go to college and get an engineering degree. It's my choice to continue working in a job that fits my skills and experience. It's your choice to get ripped off you mean. siphontheenigma posted:Asking for a raise is greedy though. I work for a very small company and already make more than most of my engineering classmates. If I were to press for more, they could just fire me and hire someone right out of school for cheaper. Asking for fair compensation is greed apparently. siphontheenigma posted:I've mentioned this elsewhere, but maybe I need to clarify: this is only during our busy times, about 8-9 months out of the year. The rest is your standard 8-5, M-F. Oh, so you only have to work 80+ hours a week for 9 months a year? Totally fine then. siphontheenigma posted:My employer is out of state so I have extra taxes to pay. They also pay based on the locations of the major offices, which are in economically depressed areas (Ohio and Rhode Island). Last year I filed with RI but they said I was ineligible for a refund since I don't live there. This just sounds like straight bullshit HE then goes on to say he won't work for the government because being paid by the government is unethical and all sorts of  stuff.e: forgot the link http://www.reddit.com/r/personalfinance/comments/28ylwa/i_work_50_hours_a_week_as_an_intern/cifoyxf
|
|
#
?
Jun 26, 2014 02:19
|
|
|
ranbo das posted:Hooray the forums are back up! That means time for some people who are bad with money. Well, kinda.
|
|
#
?
Jun 26, 2014 02:38
|
|
|
Uranium 235 posted:So he makes around $30-40k a year and that's more than the classmates he graduated with? Something isn't adding up. I'm guessing University of Mumbai.
|
|
#
?
Jun 26, 2014 02:47
|
|
|
I'm guessing this is the guy's first job. He has no idea what federal taxes are and the fact that he had nothing taken out of his pay check didn't tip him off either. Even if your previous work experience is a part time job in high school, you'd probably be familiar with the idea of federal taxes. He probably has no idea what his classmates are up to, since he seems to have nothing to reference his current job against. Making between ~$15 to $19.25, which covers the $30K-$40K range, should not be doing better than everyone he knows.
|
|
#
?
Jun 26, 2014 02:51
|
|
|
RommelMcDonald posted:I'm guessing this is the guy's first job. He has no idea what federal taxes are and the fact that he had nothing taken out of his pay check didn't tip him off either. Even if your previous work experience is a part time job in high school, you'd probably be familiar with the idea of federal taxes.
|
|
#
?
Jun 26, 2014 02:59
|
|
|
Uranium 235 posted:Engineer starting salaries are higher than that. Teacher and social worker starting salaries are higher than that 
|
|
#
?
Jun 26, 2014 03:00
|
|
|
Uranium 235 posted:Engineer starting salaries are higher than that. Not in small towns in Alabama they're not!
|
|
#
?
Jun 26, 2014 03:01
|
|
|
baquerd posted:Not in small towns in Alabama they're not! Speaking as someone who works at a small company in a small town in the South, engineers' starting salaries are still higher than that. Hell, the starting wage for skilled work like machining and welding is typically $11-13/hr, which at 80 hours per week beats that guy pretty handily and at 50 hours is equivalent.
|
|
#
?
Jun 26, 2014 04:18
|
|
|
Whoa, my mistake. I assumed Ranbo was quoting the OP of that Reddit thread. The OP actually seems to be learning something. The guy who jumped in to defend his employer is straight up bow tie wearing libertarian nuts.siphontheenigma posted:You are making a lot of assumptions and pronouncements without knowing anything about the situation. No laws are being broken here. I understood the working conditions and pay structure when I accepted the job. This is Bitcoin levels of libertarian schadenfreude here. Edit: Can't seem to get the link to work correctly in the quote. Hopefully this one works. cumshitter fucked around with this message at 05:43 on Jun 26, 2014 |
|
#
?
Jun 26, 2014 05:34
|
|
|
There has got to be more going on. Like maybe he's a convicted felon and no legit company will hire him because he can't pass a background check.
|
|
#
?
Jun 26, 2014 05:44
|
|
i like nice words
|
RommelMcDonald posted:Whoa, my mistake. I assumed Ranbo was quoting the OP of that Reddit thread. The OP actually seems to be learning something. The guy who jumped in to defend his employer is straight up bow tie wearing libertarian nuts. Where can I hire a guy like that? i pay all of my workers more than that to make goddamn candy
|
|
#
?
Jun 26, 2014 05:46
|
|
|
And he's defending at will employment too 
|
|
#
?
Jun 26, 2014 09:53
|
|
|
It almost bears crossposting to the schadenfreude thread
|
|
#
?
Jun 26, 2014 14:59
|
|
|
Weatherman posted:It almost bears crossposting to the schadenfreude thread That's not this thread?
|
|
#
?
Jun 26, 2014 15:36
|
|
|
ranbo das posted:Hooray the forums are back up! That means time for some people who are bad with money. Well, kinda. Maybe the guy didn't go to an accredited uni and can't get his PE? Or he's just dumb as rocks. Weatherman posted:It almost bears crossposting to the schadenfreude thread There is another? Link plz!
|
|
#
?
Jun 26, 2014 18:53
|
|
|
SiGmA_X posted:There is another? Link plz! It's in PYF: http://forums.somethingawful.com/showthread.php?threadid=3560636
|
|
#
?
Jun 26, 2014 19:06
|
|
|
He's indoctrinated the same way a cult would indoctrinate you. People don't think very clearly when they are sleep deprived, and they can't cope with the cognitive dissonance of accepting that what they've put up with was unnecessary/unreasonable. I feel bad but I don't know if the guy can be helped.
|
|
#
?
Jun 26, 2014 19:14
|
|
|
Boris Galerkin posted:And he's defending at will employment too I love that little detail. At will employment isn't designed to benefit you, buddy.
|
|
#
?
Jun 26, 2014 22:04
|
|
|
ranbo das posted:e: forgot the link http://www.reddit.com/r/personalfinance/comments/28ylwa/i_work_50_hours_a_week_as_an_intern/cifoyxf quote:I make a lot more than $30k. I don't want to get into anymore specific numbers though since I have friends who know my reddit screen name. They take almost half out for taxes and benefits. quote:Well most of the work is travel and they pay for our flights/hotels/rental cars, which is a pretty big expense. We stay in decent hotels too (Holiday Inn Express, Hampton, etc.) and everyone gets their own room. We also get a daily meal allowance. I live very comfortably. See guys, look at the amazing benefit package they pay! Frequent travel = company paid living expenses!  Based on his "almost half" comment, at $1200 take home every 2 weeks he must gross somewhere around $60k a year. That's pretty decent for a fresh out of school engineer, but its god awful for someone with a couple years experience who works crazy hours and travels a lot. He's also loving awful with taxes if they're withholding that much of his pay at that salary. Edit: Even if he's maxing a 401k and counting that as a benefit, he'd still be at around $68k or so, depending on his state tax. Which again, is pretty lovely for the job he describes. ChipNDip fucked around with this message at 22:34 on Jun 26, 2014 |
|
#
?
Jun 26, 2014 22:30
|
|
|
Kellsterik posted:I love that little detail. At will employment isn't designed to benefit you, buddy.
|
|
#
?
Jun 26, 2014 22:33
|
|
|
Basically he doesn't have the balls/ambition to leave a crappy but safe situation and wants to go to any lengths to rationalize why he shouldn't take the risks associated with getting a new job.
|
|
#
?
Jun 26, 2014 22:54
|
|
|
100 HOGS AGREE posted:But... but I can leave my job whenever I want!! Ya. It's based on the idea that employers and employees have roughly equal bargaining power. And it actually works pretty well when you DO have roughly equal bargaining power. So the solution is simple: just be rich. I can't believe that I have to keep explaining this to people. Geez.
|
|
#
?
Jun 26, 2014 23:18
|
|
|
Craptacular posted:Anyone who uses this is terrible with money. Get $10 of quarters mailed to you each month for $15. quote:Despite Washboard being completely legal, Washboard violated our payment processor's terms of service. They graciously gave us 14 days to find someone else. Sadly, most payment processors had the same terms of service. I looked into payment processors that would accept us and even found a few (with shockingly decent rates!) but the truth is it would have taken significant time and energy to switch processors. While I do believe Washboard solved a real problem for real people, I didn't think there was really an opportunity to grow Washboard beyond quarter delivery. What I'm getting from this is that there's now a market opening for someone else to mail quarters to lazy people(but this time without breaking your payment processor's TOS). Get on it, entrepreneurs! There are plenty of people so allergic to banks that they'll gladly pay you 25-50% markup for their laundry money! (Incidentally, I'd say that starting an online business without checking to see if it's kosher with Paypal or whatever is also bad with money. It doesn't seem like they're out much of anything, but jeez.)
|
|
#
?
Jun 26, 2014 23:27
|
|
|
ChipNDip posted:See guys, look at the amazing benefit package they pay! Frequent travel = company paid living expenses! Folly posted:Ya. It's based on the idea that employers and employees have roughly equal bargaining power. And it actually works pretty well when you DO have roughly equal bargaining power.
|
|
#
?
Jun 27, 2014 00:58
|
|
|
|
| # ? May 13, 2024 22:15 |
|
|
Haifisch posted:And it's dead: Just like banks to constantly block money laundering. Oh wait.
|
|
#
?
Jun 27, 2014 04:12
|
|
