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Boy, these guys sure are doing a lot of laundry!
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Jun 27, 2014 14:08
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fruition posted: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. I got a fancy diamonds-and-platinum wedding set, because my husband wanted me to have something nice that I would never have bought on my own (we're both very frugal people). Insuring the rings was far less than it would be to replace them--though like a lot of people, if they were lost we probably would downgrade and use the money for something else. Buying expensive things, when they fit your budget and you and your spouse have talked about it, is fine. Buying a high figure ring when you still have debt/no assets/no savings, though, is bad with money. edit for content: I know someone who just spent 8k on a wedding dress. It's not a bespoke dress, she didn't have any fit issues that would lead to a dress having expensive modifications, it's not made of a particularly expensive material. It's just a standard white wedding dress. She's massively in debt and only brings in about 40k a year, so I have no idea why she thought this was a good idea. FearCotton fucked around with this message at 09:30 on Jun 28, 2014 |
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Jun 28, 2014 09:23
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FearCotton posted:edit for content: I know someone who just spent 8k on a wedding dress. It's not a bespoke dress, she didn't have any fit issues that would lead to a dress having expensive modifications, it's not made of a particularly expensive material. It's just a standard white wedding dress. She's massively in debt and only brings in about 40k a year, so I have no idea why she thought this was a good idea. https://www.youtube.com/watch?v=gimiDBAK2wA
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Jun 28, 2014 11:14
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That is hilarious heh.
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Jun 29, 2014 18:05
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Nail Rat posted: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. That's what it sounds like to me. I was pretty thoroughly abused in my first job out of school and it took me switching jobs to finally realize that I was a real idiot for putting up with it.
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Jun 30, 2014 22:02
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An update on the Chinese Bad-At-Life Family: The mother had an idea which may actually not be terrible: That she move to Shenzhen with the (HK citizen) girl and the girl commutes to school in Hong Kong. She says she knows someone who does this. Of course where this is going to fall apart is how she intends to pay for it (granted, it'll be easier than if they have to pay for private school in China...which is not a certainty but is still a possibility). She says she wants to get a job selling houses. This is late in a housing bubble that the Chinese government has been trying to gently deflate, and where real estate agencies have been sporadically shutting down because of it. It's not a 2007-2008 style crash, but unless she's got some connection to a stable position (she doesn't), this could be a really bad idea. 'Course, she could always go and work in a factory, but she'd never do that. Meanwhile, when I asked dad about what he's going to do for his son when he has to go to school, given that he's probably going to be cutting his finances to the bone sending his daughter to school, he said "That is five years from now" (it's really more like 3-4 years) "maybe the policy will change." That's his plan. His wife is thinking ahead, though, she has a plan, mutually exclusive with her possible daughter-in-HK plan, to illegally immigrate to the US so she can take the boy to school there. Well, HE won't have any trouble, and eventually he could sponsor her (I'm not sure, can he now? Regardless, it would take a long time); but in the meantime she'd be risking getting deported leaving her barely-english-speaking 5 or 6 year old son behind. She isn't worried, because she knew people who did it (before the current ramping up of immigration enforcement). I have no idea how that situation would actually play out. VideoTapir fucked around with this message at 12:01 on Jul 2, 2014 |
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Jul 2, 2014 11:57
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I'm bad with money because I bought a new car.  On the plus side I pay no interest, it's well within my means, and the amount I make in payments is literally less than the amount I spent in fuel a month for a 1996 Diesel Ford F-250; discounting the fact that it will be much more reliable than the truck to boot.
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Jul 2, 2014 16:06
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QuiteEasilyDone posted:I'm bad with money because I bought a new car. I don't really see how that's bad with money at all. Buying lightly used or driving a beater used to be the norm but as that became "common wisdom" it drove the used car market up quite a bit to where it's not always the best decision. Oh poo poo, I started carchat. My best friend's sister has $135,000 in debt from a Psychology PhD that I found out this weekend she didn't finish. Her husband is a long haul truck driver making $50-60K (completely respectable pay for Texas's low COL but consider that debt load). She is pregnant with her second child and planning to have more.
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Jul 2, 2014 17:52
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Consider this. Having 500k in student loan debt and still not having a medical degree after 16 years. I still shudder at the very idea of trying to pay that off. $80 of interest accruing a day. Ugh.
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Jul 2, 2014 19:32
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Effexxor posted:Consider this. Having 500k in student loan debt and still not having a medical degree after 16 years. I still shudder at the very idea of trying to pay that off. $80 of interest accruing a day. Ugh. This seems like the point where "fleeing the country" becomes a realistic option.
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Jul 2, 2014 19:44
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Effexxor posted:Consider this. Having 500k in student loan debt and still not having a medical degree after 16 years. I still shudder at the very idea of trying to pay that off. $80 of interest accruing a day. Ugh. I think you need your own thread.
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Jul 2, 2014 19:49
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Effexxor posted:Consider this. Having 500k in student loan debt and still not having a medical degree after 16 years. I still shudder at the very idea of trying to pay that off. $80 of interest accruing a day. Ugh. Is this you? I agree with the guys above me. It's time to fake your own death.
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Jul 2, 2014 20:03
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Effexxor posted:Consider this. Having 500k in student loan debt and still not having a medical degree after 16 years. I still shudder at the very idea of trying to pay that off. $80 of interest accruing a day. Ugh. !!!!!!!!!!!!!!!! I am out of words... Maybe you should go to Iran and become a doctor of Islam. I hear they get nice subsidies.
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Jul 2, 2014 20:04
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Not mine, thank god. Just one that I saw and horrified me.
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Jul 2, 2014 20:55
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Effexxor posted:Not mine, thank god. Just one that I saw and horrified me. Detail, man. We need details.
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Jul 2, 2014 20:57
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QuiteEasilyDone posted:I'm bad with money because I bought a new car. I don't see how that's bad with money? I found it obnoxious that for many compact and subcompact cars, the used ones cost just about the same as the new ones. :/
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Jul 2, 2014 21:42
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VideoTapir posted:An update on the Chinese Bad-At-Life Family: I don't agree that this or your previous story are actually bad with money stories. They are actually doing whatever they can to improve life for their children given their political and economic circumstances. Bad with money is failing at prioritization and wasteful spending. I don't see that in your stories.
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Jul 2, 2014 21:42
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Aerofallosov posted:I don't see how that's bad with money? I found it obnoxious that for many compact and subcompact cars, the used ones cost just about the same as the new ones. :/ Well there's no reason they shouldn't, really. A car that's been driven for 1000 miles or 5000 miles should not be worth much less than a new car. The advice to buy a car that's a couple years old was only given relative to an existing market inefficiency which seems to have corrected itself.
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Jul 2, 2014 21:45
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VideoTapir posted:An update on the Chinese Bad-At-Life Family: Her citizen son wouldn't be able to sponsor her for immigration until he is 21 and employed, so yeah, a long time. In the meantime there are a whole number of complications that could cause problems for her. She won't be able to work legally and may have trouble getting a driver's license. If she uses a "borrowed" social security number that belongs to a citizen or checks the "I am a US Citizen" box on an I-9 for work, she runs the risk of a lifetime ban from ever immigrating to the US.
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Jul 2, 2014 21:56
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seacat posted:I don't really see how that's bad with money at all. Buying lightly used or driving a beater used to be the norm but as that became "common wisdom" it drove the used car market up quite a bit to where it's not always the best decision. I hear you, and buying a used Prius sucks balls due to this sort of thing. If you look at various non-hybrid cars with superior gas mileage though, you can find some incredible deals, especially in the non-popular models. Jeffrey posted:Well there's no reason they shouldn't, really. A car that's been driven for 1000 miles or 5000 miles should not be worth much less than a new car. The advice to buy a car that's a couple years old was only given relative to an existing market inefficiency which seems to have corrected itself. baquerd fucked around with this message at 00:36 on Jul 3, 2014 |
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Jul 3, 2014 00:34
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It really is things like Civic/Prius/Corolla where it comes out. You could buy a new Civic, drive it a couple thousand and a dealer might give you 75% of the price, and happily sell it for close to the original MSRP. The only person that loses is the original buyer, they will never sell their car for the price dealers are asking used.
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Jul 3, 2014 01:00
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Powerlurker posted:Her citizen son wouldn't be able to sponsor her for immigration until he is 21 and employed, so yeah, a long time. In the meantime there are a whole number of complications that could cause problems for her. She won't be able to work legally and may have trouble getting a driver's license. If she uses a "borrowed" social security number that belongs to a citizen or checks the "I am a US Citizen" box on an I-9 for work, she runs the risk of a lifetime ban from ever immigrating to the US. Oh she absolutely would do those things. I forgot the best part. She had a job a few months ago which was pretty  . She worked for some company as sort of a salesperson. It was supposed to be some kind of club, but she didn't know much about it beyond what I'm about to tell you (which makes me think it wasn't just a bad deal but 100% a scam). Her job was to try to convince rich people to attend ...meetings or something. The other end of the deal was that other people were trying to sell idiots on paying gobs of money to hang out with the rich people she was failing to find and/or convince. I think it was supposed to be kind of like TED but without the entire pretense for why people go to it. Anyway, she was working long hours getting nowhere, for 2000 RMB a month. She could have made more money doing almost any other full time job. Trash pickers make more than that. She was convinced if she just put in the hours she could succeed enough to get the commissions. I forget what was promised, but it was some ridiculously large amount. She was trying to sell people on this scam (I'm not sure there was ever any intent to follow through on it, so I'm calling it a scam), but couldn't even articulate why someone should want to attend, so she was never going to convince anyone. She tried to talk my wife into working there, and when she was refused, she said something which tells me everything anyone really needs to know about what kind of people she's working for and what the sales pitches are like: "But don't you want to be rich?" Mantle posted:I don't agree that this or your previous story are actually bad with money stories. They are actually doing whatever they can to improve life for their children given their political and economic circumstances. The father is well-connected (though not rich...he's in a position with no bribery opportunities) enough that if they'd had even just one of the two in China, they'd have had as good a shot at elite education here as anyone. He put the family in a position where they're going to either have to choose inferior schools, split up (even assuming the parents weren't constantly pissed off at each other), or go severely into debt. Even paying the fines for having a second child would have been cheaper than what they're trying to do. And these people aren't poor farmers or migrant laborers. These are securely middle-class Chinese...their position in China is such that going to America is not inherently an automatic improvement. They could have probably pulled it off with one kid, or maybe two if they'd had them both in Hong Kong (HK girl has more options in China, I guess). They didn't think this through before they tried to do it and now they've put themselves in a hole. It's more convoluted than taking on mounds of student debt, but the effect is similar, and is dragging down the whole family. When it comes time for both of the kids to be in school, they're going to have to make some decisions. They can't give them both the kind of education they want to give them, not on the money they're bringing in, or not without giving up their foreign citizenship, especially the son. And the reason is that they didn't consider what it would cost to do things this way. VideoTapir fucked around with this message at 01:32 on Jul 3, 2014 |
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Jul 3, 2014 01:15
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VideoTapir posted:Oh she absolutely would do those things. Sounds like a scammy "direct sales" (read: pyramid scheme) job. Those things have been growing like weeds in China and the government cracks down every now and then. But back to her immigration fraud plans, a thing that trips up a lot of people who try to do things like that is how a false claim of US citizenship is pretty much a deathblow with regards to immigration (lifetime ban, no waiver available). A lot of people who stay here under the radar for a long time end up in a position where doing something like that seems like an easy way to avoid a lot of hassle in their life not realizing the consequences.
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Jul 3, 2014 01:37
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BigDave posted:Detail, man. We need details. Trust me, if I knew more/wasn't constrained by privacy laws at my job, I would. But basically, it was a string of loans continuously for 16 years, and somehow, he wasn't done with medical school yet and needed more loans. I don't even want to think about how many Perkins/private loans he has on top of that. Probably at 750k when you add those in there. I looked at the figures and actually got nauseous. The closest I've seen to that was one with 420k in debt with $70 accruing a day and half of that debt in loans that can't utilize any of the Income Based plans and maxed out on postponement time. I also saw a loan that was originally 3k in 1979 and is currently 11k. That was... so very depressing to explain to someone that know, they do have to pay now because their loan is 9 years older than I am and they've used every single option.
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Jul 3, 2014 03:35
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I'd say that's child play compared to this that was floating around a while ago: http://www.nytimes.com/2009/07/02/business/02lawyer.html quote:But a group of five state appellate judges decided this spring that his student loans were too big and his efforts to repay them too meager for him to be a lawyer.
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Jul 3, 2014 03:42
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Harry posted:I'd say that's child play compared to this that was floating around a while ago: I feel for him in that getting denied access to the bar is kinda lovely but... those loans, if they're still around, are older than I am. He probably defaulted at some time, which is reason to not get a license to practice. Not sure though, I would need to see the payment history to know more. Still, to not even throw a $5 payment to the loans in 26 years?
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Jul 3, 2014 04:09
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Harry posted:I'd say that's child play compared to this that was floating around a while ago:
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Jul 3, 2014 04:22
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Effexxor posted:I feel for him in that getting denied access to the bar is kinda lovely but... those loans, if they're still around, are older than I am. He probably defaulted at some time, which is reason to not get a license to practice. Not sure though, I would need to see the payment history to know more. Still, to not even throw a $5 payment to the loans in 26 years? I certainly hope you don't think defaulting on payments (mortgage, credit card, student loans) or declaring BK means you shouldn't be licensed to practice law. That's pretty ridiculous.
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Jul 3, 2014 19:16
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mastershakeman posted:I certainly hope you don't think defaulting on payments (mortgage, credit card, student loans) or declaring BK means you shouldn't be licensed to practice law. That's pretty ridiculous. I think not paying a dime against your loans shows a lack of ethics, and should be considered for disbarment.
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Jul 3, 2014 20:01
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mastershakeman posted:I certainly hope you don't think defaulting on payments (mortgage, credit card, student loans) or declaring BK means you shouldn't be licensed to practice law. That's pretty ridiculous. Some states have passed laws stating that if a borrower defaults on their student loan, that is enough to warrant revoking or denying someone's professional license. New Jersey happens to be one of those states. I believe that the idea behind it deals with the fact that there's nothing physical that you can repossess if someone defaults on their education, but you can punish them by effecting the job they recieved from the education that money paid for. And there are many jobs that won't/can't hire someone with defaults because of the issue of that person being more apt to accept bribes if they're in a financial hole. I'm not going to say whether it's right or wrong, just that those are the terms of the loan and the laws of the state. Besides that, there's really no way that his 70k could turn into 400k without multiple defaults and forbearances over the life of the loans. They can add some pretty nasty charges to loans when you default, and if he just kept reconsolidating them each time it happened and the slapped forbearances, which capitalize your interest at the end, then his balance would skyrocket. And for a bad with money story, I once talked to a woman who had a $3k a month energy bill. How does that even happen?!
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Jul 3, 2014 20:23
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You might want to read the article, which lays out exactly how it happened.
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Jul 3, 2014 20:25
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i like nice words
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Ah, he had private loans. Fun fun. I'm not that informed about those, though I do know that postponements are done under the lender's discretion, some offer them and some don't. There is no such thing as a medical deferment now a days though, so that is true.
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Jul 3, 2014 20:35
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Lawyers are often entrusted with large sums of money in escrow and other situations. Having 400k in debt doesn't mean you're untrustworthy, but it also isn't a ringing endorsement of your responsibility and ability to handle money.
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Jul 3, 2014 20:43
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Effexxor posted:And for a bad with money story, I once talked to a woman who had a $3k a month energy bill. How does that even happen?! Bitcoin mining.
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Jul 3, 2014 21:38
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Nocheez posted:I think not paying a dime against your loans shows a lack of ethics, and should be considered for disbarment. xie posted:Lawyers are often entrusted with large sums of money in escrow and other situations. Having 400k in debt doesn't mean you're untrustworthy, but it also isn't a ringing endorsement of your responsibility and ability to handle money.
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Jul 3, 2014 22:25
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Yeah no violin for that guy. I think the situation makes perfect sense. I mean I feel bad he got an accident and got buried but really? He's in his 40s and hasn't even paid a single dime toward undergrad even?
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Jul 3, 2014 22:34
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He should emigrate before he's too old for any country to want to give him a visa.
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Jul 4, 2014 05:33
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Effexxor posted:And for a bad with money story, I once talked to a woman who had a $3k a month energy bill. How does that even happen?! Volmarias posted:Bitcoin mining.  Or someone's stealing power from her and she's too dense to realize it.
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Jul 4, 2014 05:40
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quote:Meanwhile, when I asked dad about what he's going to do for his son when he has to go to school, given that he's probably going to be cutting his finances to the bone sending his daughter to school, he said "That is five years from now" (it's really more like 3-4 years) "maybe the policy will change." That's his plan. Taking a pesonal cut in one's standard of living so that a child can go to school is a pretty terrible financial decision with virtually no upside.
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Jul 4, 2014 13:26
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vssrio23 posted:Taking a pesonal cut in one's standard of living so that a child can go to school is a pretty terrible financial decision with virtually no upside. Heh, if it's like keeping the Lexus for another two years so Trip can go to Fancyworth College, doesn't seem like a terrible idea. What that guy's describing is pretty extreme though.
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Jul 4, 2014 13:28
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