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Devian666 posted:People over 50 are quite disconnected from reality at the moment. Just to provide an example of my own- my own parents. Back when I was in high school they kept telling me about how I should pay rent and save up for university. And when I had a hard time doing that ($7.25/hour doesn't take you very far. Surprise!) they gave me all sorts of poo poo about it. Enter student loan. I didn't like the debt, and despite my protests about it not being a good decision they kept playing that broken record- "Student debt is good debt! It really is. You can combine it with your mortgage afterwards!". I didn't like my school, wasn't quite sure about my program of choice, and didn't feel comfortable taking out thousands upon thousands of dollars worth of loans. But in true Baby Boomer fashion, they pressured me into staying in my program. They even promised to help me pay down the debt. Then I graduated in '07. Right in the middle of the financial crisis. I waited tables because the financial services industry I was hoping to get into was in the shitter. And again, my parents gave me poo poo about my part-time job. "Why can't you just get a nice office job, or something? All of the baby boomers are retiring. You should be able to land a job easily." They just wouldn't get off of my back. They treated me like I was slacking off, despite carrying a large student debt and working whatever job the economy didn't decide to throw into the dumpster. Then my mother saw her employer close its doors permanently. She had to dust off the old resume and put herself out there. She had a really hard time, because she's not a spring chicken and she had a very specialized skillset. After several months of unsuccessfully gaining meaningful employment, she finally left me the gently caress alone about buying a house, paying rent while living at home, etc. There was no more nagging. She sang to a completely different tune after her reality check. She won't admit that she was totally wrong, but I know the sentiment is there. I also had to pay back 100% of my student loan on my own, despite their earlier "promise" of helping me as long as I stick with my undergrad. The lesson? All of these Baby Boomers who give the other generations all sorts of crap about not buying into the housing market or not graduating debt-free are basically like those Imperial Japan soldiers who were on the remote islands who thought that WWII was still going on. To say that they're out of touch with reality is an understatement. They're absolutely, not qualified to cast any judgement on "kids these days". melon cat fucked around with this message at 03:54 on Nov 16, 2014 |
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Nov 15, 2014 23:06
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melon cat posted:I agree. But let's take things a step further- have you ever spoken with one of them after they're forced to delay their retirement and return to the labour force (surprise layoff from longtime employer, didn't save up for retirement, spent recklessly, to name a few reasons)? They get brought back down to Earth really quickly once that happens. I have an uncle that told me how he got his first job after college: He graduated from Rutgers University (public school in New Jersey) with some random liberal arts degree, and joined IBM. They put him through a training program, taught him how to sell mainframes, gave him one of those suits with a blue tie, and paid him enough that he bought a house. I got hired at my job (financial services) in '07. The poo poo truly hit the fan in '08, and the layoffs peaked around '09. It was incredibly stressful. You'd just walk in on a Tuesday and you're manager is calling a "team meeting" to tell you that so-and-so had to be let go, and no, it wasn't because of job performance. And you'd walk away with a weird combination of upset that the person was laid off, and relieved that it wasn't you. Fun times.
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Nov 15, 2014 23:24
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Blackjack2000 posted:I have an uncle that told me how he got his first job after college: He graduated from Rutgers University (public school in New Jersey) with some random liberal arts degree, and joined IBM. They put him through a training program, taught him how to sell mainframes, gave him one of those suits with a blue tie, and paid him enough that he bought a house. Your uncle got a job just like that *snaps fingers*, why can't you? sarcasm
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Nov 15, 2014 23:31
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Blackjack2000 posted:And you'd walk away with a weird combination of upset that the person was laid off, and relieved that it wasn't you. Fun times. I work in radio and get that same feeling. I like keeping the business cards of my fallen colleagues as reminders, tombstones you could call them, of their time at my station. I was going to memorialize them with an ounce on the curb but considering just the 12 months of 2013, I wouldn't have been able to do it without buying a second bottle. EDIT: That reminds me that my first program director was terrible with money. He was an alcoholic with a gambling addiction. He'd basically blow his entire paycheque as soon as it came in then live off whatever his wife was making. He was forced out last year and cashed in his entire pension, likely to be spent on cheap beer and VLTs. He had a bit of a sniff of national fame years ago (early or mid 90s if the frosted tips he was sporting at the time are any indication) and was thinking he could pick up right where he left off with that. His plan was to head to LA and start selling scripts or something. Perhaps thankfully for his wife, that didn't happen, likely because he drank it all away/pumped it into a VLT. Antifreeze Head fucked around with this message at 01:27 on Nov 16, 2014 |
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Nov 16, 2014 01:19
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baquerd posted:If they also save a nice but unambitious 15% towards retirement, their church tithes are costing them basically a decade where they wouldn't need to be working and could instead retire and devote their energies full-time towards volunteering if they so chose. If they're saving less than that, it could be the difference between retiring and being a Walmart greeter. Yeah, but wager a decade more of working vs an eternity in hell. Checkmate, atheists 
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Nov 16, 2014 01:28
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Pompous Rhombus posted:Yeah, but wager a decade more of working vs an eternity in hell. Checkmate, atheists Literally doing God's work, because we know that despite creating the universe he needs to borrow some money from you in exchange for going to heaven. This has gone full circle and now God is bad with money 
Devian666 fucked around with this message at 01:51 on Nov 16, 2014 |
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Nov 16, 2014 01:47
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Update on my mother: She bought a 2010 PT cruiser with 33k miles on it. She told me first that the total price was $12k, then $10k. But she went on and on about how her monthly payment was only $350. Financed for 5 years. She thinks she got a great deal! It's a repo and so clean! So that's why they only have the valet key for her. But you can bet they're going to give her a good deal on getting a new key fob! The blue book on this car is like $7100.  edit: My little sister just sent me this 
RheaConfused fucked around with this message at 01:57 on Nov 16, 2014 |
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Nov 16, 2014 01:55
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RheaConfused posted:Update on my mother: Your mother is the biggest sucker ever. Does she buy clothes because they're "on sale?"
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Nov 16, 2014 02:00
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RheaConfused posted:Update on my mother: Don't worry I remember reading an article about a dementia patient that bought a car and drove home with it. When his son asked him who the car belonged to he couldn't remember. I'm also wondering how many times they've repo'd the car.
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Nov 16, 2014 02:00
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Pompous Rhombus posted:Yeah, but wager a decade more of working vs an eternity in hell. Checkmate, atheists Easier to pass through an eye of a needle than a rich man in heaven lada dada dada. Now if only that applied to the people in charge of churches rather than just their petitioners. I remember an old roommate of mine having fits trying to make a budget on her parent's computer because it kept automatically giving 10% to the church.
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Nov 16, 2014 02:02
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All she cares about is the monthly payment. She claimed she would make double payments. Sure. That's totally going to happen.
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Nov 16, 2014 02:08
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I need to calculate how much my bad-with-money roommate is spending per week from the 401k that he cashed out. He just showed me some retro 80's/90s gaming system that he bought. It isn't an authentic SNES or anything--it's a brand new system, but made to be compatible with old games. I get that people have hobbies, but it's confusing to me because so many of those old games can be played on the systems that he already owns--for example, some retro games have been remade into portable or computer games. He told me that he's going to put aside money so he won't be screwed when tax season comes, but I really don't understand it. He's also upset because he hasn't heard back from the apartment complex where he's applied for a lease. On the bright side, he has quit smoking cigarettes, which is really great and definitely good with money!
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Nov 16, 2014 02:25
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My parents are bad with money. I think I made an earlier post here. They were lower-middle class and were always bad with money. For instance, they thought that paying off loans with loans was a good idea, especially if they could pay it off longer with the new loan. They decided to retire two years ago and they are in their 50s. They pulled out their 401K, paid everything off, and worked low stress semi-retirement jobs as well as a small business they started up. Well, the hidden story is that after they paid everything off, they had just $50,000 left. They initially thought that with their semi-retirement jobs, that $50,000 could last them for a very long time. The twist to this is that they assumed there would be no emergencies whatsoever. So when their truck broke down, the repairs were hideous (because it's old) and they decided to buy a brand new Ford F150. They could have put down cash on it but that would take a big chunk out of their nest egg. So they're making payments on it. Well, when it comes to small businesses, it takes a while to make money. Last year they made their first profit (the business has been around for four years) of just a few thousand dollars. They were expecting to make tens of thousands of dollars but wouldn't you know it, big customers of theirs kept falling through. To be fair, it does seem like they will be making more money this year but it will still likely be in the thousands of dollars, not the tens of thousands. As a result, my parents are working more hours at their semi-retirement jobs, which were about as stressful as their pre-retirement jobs. The next twist is that they took pay cuts to get these jobs, with my parents losing about 30-40% of their previous wages on these new jobs. Of course, they lost their health benefits so they don't have that to lean on either. I found out recently that my mom is donating plasma, which apparently doesn't pay poo poo either. I guess the lesson here is that if you're going to retire, make drat sure you're actually ready for it. Assuming there would be no emergencies or that their side business was going to make tens of thousands of dollars of profit nearly ruined them and might ruin them if there is another emergency or if their side business falls through.
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Nov 16, 2014 02:34
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melon cat posted:The lesson? All of these Baby Boomers who give the other generations all sorts of crap about not buying into the housing market or not graduating debt-free are basically like those Imperial Japan soldiers who were on the remote islands who thought that WWII was still going on. To say that they're out of touch with reality is an understatement. They're absolutely, not qualified to cast any judgement on "kids these days". Boomers are almost universally bad about it. But I had to get my wife to quit harassing my brother about "getting a real job." We've been doing pretty well for the past 3 years or so. It's amazing how quickly she forgot the path to get here. I got hired on at IBM my junior year in college as a "supplemental employee" at a level 2 helpdesk call center. I used connections at my college to get a job where I was specifically there to work nights, weekends, and holidays so the real employees didn't have to. And for the rest of college I never went to another party. Then I hired on full time in the same department in 2000, and the tech bubble burst so the advancement opportunities just dried up. I was in that drat call center for 3 more years. I finally made it to a level 3 team by offering to do their job for them, for free, if they'd just let me. I got hired on for the next opening, and it was the last entry-level opening that team ever had, and I think I was the last person to escape that helpdesk into a technical role. I finally left IBM in 2008, after surviving 4 more layoff cycles and went to law school, right at the worst possible time. My brother is a lot younger than me. He graduated college in 2011, around peak employment shittiness. He used school connections to get a job as a civilian contractor in a war zone. His pay was entry-level as an hourly rate, but 80 hour weeks without taxes still adds up to a loving ton of money even without overtime. He managed to stay sane over there for a little less than 2 years. He comes home and buys his first house with loving CASH, and it has an attached/metered apartment he can rent out for income. Then he takes the only decent-ish job he can find, which is working at a call center and it requires him to work every weekend. What does my wife say to me about him? My wife who took 18 months to get a data entry job making barely minimum wage after she graduated? "He needs to get out of that call center and get a real job." I don't think I've ever face-palmed that hard. Hell, it even took me a day or so to get the full scope of that comment.
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Nov 16, 2014 03:20
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Divorce the wife, marry your brother.
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Nov 16, 2014 04:22
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This morning my boyfriend talked about bitcoin, and how he wants to get a wallet and how he could have made soooo much money if he'd got in like two months ago. Does this mean we need to break up now?
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Nov 16, 2014 05:36
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Years ago he means two years ago.
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Nov 16, 2014 06:10
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Switchback posted:This morning my boyfriend talked about bitcoin, and how he wants to get a wallet and how he could have made soooo much money if he'd got in like two months ago.  mad bitcoin riches ...well...
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Nov 16, 2014 06:57
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Haifisch posted:Just have him read through the bitcoin thread(either one; the YOSPOS one will go faster, but the GBS one has more info on why bitcoin is dumb) until he promises to never try to mine or trade bitcoins. If that fails, or if he thinks they're just jealous of The GBS bitcoin thread is in paranormal conspiracy subforum. There's plenty there. Basically you can tell your boyfriend that I had 20 bitcoins and I gave them away because it's a stupid loving idea. I could have sold them for $800 each but who gives a gently caress, or the mtgox could have stolen them for me. Anyone is actually into bitcoins will lose their $500 to $5000 of life savings to a bitcoin scam, and there are a lot of them. He's also been sold on lies if he thinks there was money in bitcoin two months ago. The price has been sinking all year. This diagram should be sufficient explanation for anyone. If he doesn't realise he's being stupid then it's time to throw him on the scrapheap.  Extra special note about bitcoins: most of the hardline bitcoin evangelists live in trailer parks, one is a furry who bought a giant dog dick cartoon table and another runs a hobo swamp. The hobo swamp is extremely hilarious as they were complaining about being flooded out OF THEIR SWAMP. Devian666 fucked around with this message at 07:38 on Nov 16, 2014 |
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Nov 16, 2014 07:35
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Switchback posted:This morning my boyfriend talked about bitcoin, and how he wants to get a wallet and how he could have made soooo much money if he'd got in like two months ago. Probably, because even a regular-level idiot would check and see that bitcoin is down almost 17% from two months ago.
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Nov 16, 2014 08:50
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If you feel like giving away any more assets I'll take them. Shares of SPY aren't money either.
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Nov 16, 2014 10:02
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melon cat posted:I agree. But let's take things a step further- have you ever spoken with one of them after they're forced to delay their retirement and return to the labour force (surprise layoff from longtime employer, didn't save up for retirement, spent recklessly, to name a few reasons)? They get brought back down to Earth really quickly once that happens. I had a similar experience with my father when I was fresh out of college working retail in '10. He gave me the whole "No, what you have to do is put on a suit, walk in with your resume, and demand to speak to the manager" talk. This was coming from the person who was approaching his 30 year anniversary with the same company. Needless to say, that ended quickly when he decided his plan for early retirement was to get a part time job at a bank. That plan lasted about 8 hours and I don't even need to say why it failed horribly. e: Oh yeah, he also feels that kids these days should pay their own way through college because that's how we did it in my day, and bitched at me endlessly because I "wasted" my college education by searching for a job in a different field than what I got my degree in. Luckily my mother knew better and told him to go shove it when I was young, opened a college fund and forced me to put half of all my gift money in, as well as putting some of her own money in herself. I graduated college with only ~$10k in debt thanks to her and it's already all paid off. Some of my coworkers don't have any degrees as well, so all my degree accomplished at this place was allowing me to skip having to work the call center for two years. My manager at the time didn't even care about what my degree was in, he saw we had the same Alma mater and hired me on the spot. Probably figured since it was a temp job, he could just fire me if I turned out to be an idiot. (in before, joke's on him, I'm an idiot and he didn't fire me) Blackjack2000 posted:I have an uncle that told me how he got his first job after college: He graduated from Rutgers University (public school in New Jersey) with some random liberal arts degree, and joined IBM. They put him through a training program, taught him how to sell mainframes, gave him one of those suits with a blue tie, and paid him enough that he bought a house. My music teacher paid for his college education in the 70s by teaching music part time. The first thing he did when he graduated college? Buy a house. Guy is swimming in cash and I'm pretty sure he only works at this point for fun because he loves what he does. Renegret fucked around with this message at 15:13 on Nov 16, 2014 |
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Nov 16, 2014 15:03
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TLG James posted:How is having any actively managed accounts good with money for 99 percent of people? it's hard to understand if you're interested in investing, but people really don't give a poo poo. To be honest, the terminology and thought process behind managing your own investments can be a little opaque for someone who's had no previous exposure to it. My mother is pretty good with money on the income side (she's probably the worst in this thread on the outgoings side; half hoarder, half typical keeping-up-with-the-Joneses Boomer) and she taught me a bit about investing and getting a mortgage when I was a teenager, but that's really it. Most people don't even get that. At my work, all we need to do is sign a form and pick a few mutual funds after our 3 month month mark and voila, 5% of your gross goes into an RRSP. You can get more granular through the benefits company if you want. If you do nothing, it sits in a dialy interests account. About 43% of our 260 person company have daily interest accounts. When I was picking my investments from the funds available, everyone I work with was just like, "Oh you're interested in this? Geez, I wish I was." It's not even a matter of not knowing about it. I hosed up my percentages a bit on the form, and the benefits company sent me a letter to my home, not work, saying, "Hey fix this because it'll sit in a lovely account until you don't." People just have no idea what to do with their money.
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Nov 16, 2014 18:03
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Devian666 posted:Basically you can tell your boyfriend that I had 20 bitcoins and I gave them away because it's a stupid loving idea. I could have sold them for $800 each but who gives a gently caress, or the mtgox could have stolen them for me. Giving away $16k worth of assets (yes, even Bitcoin) is hilariously bad with money.
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Nov 17, 2014 17:19
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To be fair, trying to unload too many bitcoins at once tends to tank the market. Depending on when this was, there would also be problems with actually getting your dollars into a usable(for things other than buying more bitcoins) account. At best Devian would be meeting up with random strangers and hoping they're good for $800+ a pop; at worst their money would be stuck in Mt Gox and unable to be taken out. It's still dumb to not even try to get some of that money, but bitcoin assets are a huge pain in the rear end to do anything with. Which is why sane people don't get them in the first place.
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Nov 17, 2014 17:42
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Barry posted:Giving away $16k worth of assets (yes, even Bitcoin) is hilariously bad with money. No, don't you get it, he's way smarter than those libertarian mra redditors(he has a chart you see) and lmfao the computer is money!!! *posts for half a decade about it* The GBS bitcoin people are as stupid as whatever idiots they find mining bitcoins.
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Nov 17, 2014 17:52
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Haifisch posted:To be fair, trying to unload too many bitcoins at once tends to tank the market. Depending on when this was, there would also be problems with actually getting your dollars into a usable(for things other than buying more bitcoins) account. At best Devian would be meeting up with random strangers and hoping they're good for $800+ a pop; at worst their money would be stuck in Mt Gox and unable to be taken out. If a $16k sell is going to tank any sort of a market it's hard to even call that a market. $800/bitcoin was right near the height of the hysteria, I'm sure he could have found someone to sell them to.
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Nov 17, 2014 17:56
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The only market with those prices was MtGox, and they stole everyone's money shortly afterwards.
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Nov 17, 2014 18:20
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Kiwi Ghost Chips posted:The only market with those prices was MtGox, and they stole everyone's money shortly afterwards. And the only reason it went so high in price was due to their bots that would trade their own bitcoins back and forth to create artificial demand. Also in terms of bitcoin news the US is going to be auctioning off another 50,000 of them in about a month. If some rich idiot decides to buy them again it will be some real bad with money decision on their part. Last guy bought all 30,000 for $1,000 each and they are a bit less than $400 each now.
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Nov 17, 2014 18:40
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Of course the bitcoins were worth $20USD at the time when mining with a GPU was profitable. So did I lose out on $16k, $500 or $0?
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Nov 17, 2014 20:10
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Like anything, I guess it depends entirely upon what you could have actually sold them for.
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Nov 17, 2014 20:59
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Devian666 posted:Extra special note about bitcoins: most of the hardline bitcoin evangelists live in trailer parks, one is a furry who bought a giant dog dick cartoon table and another runs a hobo swamp. The hobo swamp is extremely hilarious as they were complaining about being flooded out OF THEIR SWAMP.
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Nov 17, 2014 21:17
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Halloween Jack posted:What's a hobo swamp? I know that the idea of a business that runs itself is a fallacy, but a hobo swamp really does sound like something that runs itself. How do you monetize a hobo swamp? The hobo swamp isn't really monetised as it's about charity. However an interesting update turned up about the guy running "Seans Outpost". See the following link and once you've read it scroll further down the page to see his RV. http://forums.somethingawful.com/showthread.php?threadid=3543334&userid=0&perpage=40&pagenumber=1530#post437688610 Barry posted:Like anything, I guess it depends entirely upon what you could have actually sold them for. There is the further issue at the time as there were limited methods to cash out. Liberty Reserve was a major component in getting the cash transferred. Liberty Reserve was shut down by the FBI. So you could get money then have it seized with no chance of getting it back. It's only recently with Bitpay and other merchant services that people could spend or sell bitcoins "easily". Also don't forget the guy who ordered a pizza for 10,000 bitcoins and a year later they were worth enough to buy a light aircraft. However the only real yield you get from bitcoin is comedy gold. Devian666 fucked around with this message at 22:04 on Nov 17, 2014 |
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Nov 17, 2014 22:00
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I know someone who claims to have made money off of bitcoin, but he has to transfer it between different currencies before he can finally get American dollars. It really does not seem worth it.
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Nov 17, 2014 22:07
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It was definitely worth it if you bought them before they went up in price 100x.
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Nov 17, 2014 22:20
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Computer Exchange, which is a major chain store in the UK, has signs outside some shops proudly stating its the first major chain to accept Bitcoin as a form of payment. When I saw that, I didn't know wether to laugh or shake my head.
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Nov 18, 2014 01:59
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I was alway amused that Bit heads couldn't understand why a "currency" that volatile was completely impractical.
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Nov 18, 2014 02:15
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I told the story in this thread a while back. When Bitcoin first hit $200 and then crashed down to 120 the next day I mentioned it casually to a coworker and he almost passed out. He had mined 2,000 of them back when he was in college on residence hall electricity & forgot all about them. He figured they were 'worth' a few grand maybe. He sold em at about 60-65$
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Nov 18, 2014 03:19
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Might as well close up shop guys, we've lost the battle. CNN is reporting America to be Bad With Money:
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Nov 18, 2014 03:32
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Rick Rickshaw posted:Might as well close up shop guys, we've lost the battle. CNN is reporting America to be Bad With Money: Reporting America to be a bunch of suburban real estate development managers who want to pretend they work as hard as their employees.
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Nov 18, 2014 03:40
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