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Inept posted:Bad with money is using this guy's financial adviser (or most financial advisers): He's in his early 50's. Do you want him in 100% equities?
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Mar 7, 2015 17:44
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ohgodwhat posted:He's in his early 50's. Do you want him in 100% equities? If you look further down the thread the guy says his adviser has him allocated into nearly 30 funds and does around 40 trades a year on each account. The issue here is not the stocks/bonds split.
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Mar 7, 2015 18:00
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Oh yeah, Schwab and its ilk are poo poo, but it's also pretty wrong to go, the market was up 80%! All that money on the table lost!
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Mar 7, 2015 18:09
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pig slut lisa posted:If you look further down the thread the guy says his adviser has him allocated into nearly 30 funds and does around 40 trades a year on each account. The issue here is not the stocks/bonds split. It sounds like he's gotten lousy returns, but it's still inappropriate to compare the performance of his mixed portfolio to the S&P or the Dow.
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Mar 7, 2015 18:30
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Blackjack2000 posted:It sounds like he's gotten lousy returns, but it's still inappropriate to compare the performance of his mixed portfolio to the S&P or the Dow. There's still the legitimate question "what is the investment strategy and how does it differ from these well known indexes..."
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Mar 7, 2015 18:44
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I don't disagree.
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Mar 7, 2015 18:47
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Is bath and body product "investment" worse than truck equity? I thought the picture was bad enough until saw the last comment.
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Mar 7, 2015 18:56
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Holy poo poo. I love Lush products but that is an obscene amount. The cost estimate in the comments is probably not wrong. Why would you want that much at once? It would take forever to use, and by the time you did, the limited seasonal stuff would be out again anyway.
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Mar 7, 2015 19:02
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I cannot fathom why someone would use the word investment about bath products (nice though Lush is)
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Mar 7, 2015 19:14
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MentalStaples posted:Is bath and body product "investment" worse than truck equity? I thought the picture was bad enough until saw the last comment. That person is going to have quality baths for loving years.
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Mar 7, 2015 19:49
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A bit of background on someone I know: (32 year old male) has been with girlfriend for 12 years has gone to jail for hitting her 2 times relinquished custody of their 2 children to his mom got booted from a boilermakers union borrowed from annuity to buy 30k house didn't retain any tax money from disbursement has 'run' a dj/karaoke business with pirated music for almost 6 years credit destroyed from multiple auto-credit defaults makes jug wine in his garage mentally unstable, narcissist with illusions of grandeur pending disability case, claiming his mental state precludes him from regular employment (I tend to agree at this point) We were talking and he's frustrated that his DJ service isn't taking off quicker. For reference his 'logo' is a skull with a crown on it. It seems he charges $100 where as his competitors with $10,000 Bose systems and paid for music are 'undercutting' him at $75 a night. His solution to this problem is to borrow more from the annuity and upgrade his equipment and purchase a projector/screen combo. There are days in the average month that there are no lights or water on in his home, but his unlimited phone plan has never suffered because he needs it for work. People that care about him have all but given up on trying to talk rationally to him, it's just this nod and smile thing. Weirdly, his narcissism means he's usually pretty drat happy in the poo poo hole he calls his life. They just let him do his thing and try not to trigger his emotional outbursts.
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Mar 7, 2015 19:58
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BossRighteous posted:relinquished custody of their 2 children to his mom I'm seeing some good with money diamonds hidden inside this lump of coal 
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Mar 7, 2015 20:12
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pig slut lisa posted:I'm seeing some good with money diamonds hidden inside this lump of coal lol for sure He was bitching about the city not letting him collect rain water and is certain it's a ploy to make him run city water to his home. I should mention the $30k home happened after he destroyed and abandoned an $80k prefab modular home.
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Mar 7, 2015 20:16
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ohgodwhat posted:Oh yeah, Schwab and its ilk are poo poo, but it's also pretty wrong to go, the market was up 80%! All that money on the table lost! In his post he is about 50% stocks. Even at that level, his portfolio should be up around 45-50% when you include bond/reit returns. He's up 15%. That is hundreds of thousands when you have over half a million invested. Inept fucked around with this message at 20:21 on Mar 7, 2015 |
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Mar 7, 2015 20:18
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MentalStaples posted:Is bath and body product "investment" worse than truck equity? I thought the picture was bad enough until saw the last comment. Soap equity?
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Mar 7, 2015 20:37
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Blackjack2000 posted:It sounds like he's gotten lousy returns, but it's still inappropriate to compare the performance of his mixed portfolio to the S&P or the Dow. Yeah, a lot of people do that, as if being 100% in the S&P is some super safe baseline against which to compare everything. It's entirely possible and reasonable that half of his equites are (and even should be) in foreign markets. MSCI EAFE is up only 15% over the last 5 years. MSCI Emerging Markets is *down* 4% over the last 5 years. Barclays Aggregate Bond Fund is up 5% over the last 5 years. Not saying that his returns couldn't be better, but he could also be following a sound and reasonable strategy and very much underperform vs. the S&P500
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Mar 7, 2015 20:40
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http://www.reddit.com/r/personalfinance/comments/2y97su/how_fast_can_i_buy_a_house_in_illinois_on_30kyr/ posted:Okay, little background. I just landed a job about a month ago making 30k with decent health, dental, and vision insurance. It also has 401k , which I plan to get on top of immediately. "It'll take me three months to pay off a $320 debt. The logical next step is signing up for a $150,000 debt."
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Mar 7, 2015 21:13
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jaymeekae posted:I cannot fathom why someone would use the word investment about bath products (nice though Lush is) Especially because LUSH products legitimately expire. They mean business with their expiration dates.
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Mar 7, 2015 22:27
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Breetai posted:The first time I saw American car commercials I was completely appalled because not once did they actually show the price of the vehicle in any kind of clear manner - they may have put it in the fine print, but you would have to have paused it to actually found it. Like, I know that America as a whole has a debt problem, but when advertisers are directly approaching with the attitude of "you don't even need to know ho much it costs, but let's see if you can afford the payments" it explains a lot. I'm not sure what your recollection is but many if not most American car commercials show a price. Granted it's a often a fictitious "starting at" base model price for a car with no options that has to be special ordered and you wouldn't really want to drive, but it's a price.
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Mar 7, 2015 23:13
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RheaConfused posted:Especially because LUSH products legitimately expire. They mean business with their expiration dates. They do. I liked living near one when I was in the UK, since their stuff is nice on my horribly dry, sensitive skin.  But a bar of soap and some lotion isn't a huge deal (the shampoo bars are nice, too since I moved into a cheaper room with a shared bathroom and hated lugging bottles around). Some of the stuff didn't seem quite worth it to me to use regularly.
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Mar 7, 2015 23:20
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BEHOLD: MY CAPE posted:I'm not sure what your recollection is but many if not most American car commercials show a price. Granted it's a often a fictitious "starting at" base model price for a car with no options that has to be special ordered and you wouldn't really want to drive, but it's a price. Many luxury brands do the "$399/mo for well qualified lessees." Even Ford sometimes relies on the low intro APR and just blows past total cost.
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Mar 8, 2015 00:21
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BossRighteous posted:It seems he charges $100 where as his competitors with $10,000 Bose systems and paid for music are 'undercutting' him at $75 a night. If $75 a night was the going rate, I would get the hell out of that business. After the large upfront cost of vehicle + equipment + non-pirated music, gas, insurance for vehicle and said equipment, etc I don't see how that'd be worth anyone's time time to do.
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Mar 8, 2015 00:33
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In the Midwest I swear to god all the DJ/Karaoke people buy the equipment solely so they can share incredible singing talents with the region. They are usually gadget consumerists doing it as a hobby. There are legitimate outfits but they don't dick around with small time bars in towns of 2000 people.
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Mar 8, 2015 00:46
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Pompous Rhombus posted:If $75 a night was the going rate, I would get the hell out of that business. After the large upfront cost of vehicle + equipment + non-pirated music, gas, insurance for vehicle and said equipment, etc I don't see how that'd be worth anyone's time time to do. My understanding, from talking to a guy who does Karaoke and DJ stuff, is that most people are getting out of that business because the Karaoke music licenses are way more expensive, and those seem like pretty standard going rates.
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Mar 8, 2015 00:48
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Using pirated *anything* to earn a living with is bad with money.
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Mar 8, 2015 04:13
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Propaniac posted:"It'll take me three months to pay off a $320 debt. The logical next step is signing up for a $150,000 debt." Lol also he lists all his expenses but neglects to mention that he HAS A BABY (he casually throws it out in a later comment).
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Mar 8, 2015 12:36
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Where do these people live that Internet costs $100 or more per month?
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Mar 8, 2015 15:43
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Pompous Rhombus posted:If $75 a night was the going rate, I would get the hell out of that business. After the large upfront cost of vehicle + equipment + non-pirated music, gas, insurance for vehicle and said equipment, etc I don't see how that'd be worth anyone's time time to do. Man tell me where you can get a DJ for $75-100 a night with equipment, $300-500 is what you're going to pay if you want someone besides your frat brother DJing off his macbook
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Mar 8, 2015 16:05
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Oh reddit, never stop:quote:Hello! I need some advice... We purchased a home in 2009 and had to move accross the country so we rented it in 2011. The current rent payment we get is $200 less than our mortgage/HOA fees. The rental prices in the area have increased about $200, that's $1800 a month. This would cover the payments if we tell our tenants we want to increase their rent payment. (which my husband does not want to do). Summary:
-$80K in consumer debt -Will never intend on moving back yet can't decide if they should sell a money losing house to pay off debt All it's missing is "and we want to buy a new house soon" or "and also we have or are going to have a kid(s)".
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Mar 8, 2015 16:14
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CtrlMagicDel posted:My understanding, from talking to a guy who does Karaoke and DJ stuff, is that most people are getting out of that business because the Karaoke music licenses are way more expensive, and those seem like pretty standard going rates. $75 is not the "going rate" anywhere except maybe little podunk shitholes where the "KJ" has an old CD player and a $50 Walmart speaker. Even here in Vegas, which is the worst major market I have ever seen in terms of both KJ talent and KJ pay, there are only a couple of guys who won't just laugh and walk away for $75. That handful does have a depressive effect on pay for everyone, but it's most noticeable at crummy venues where the only criteria for getting a show is ,"will work cheap." You don't want to work most of those places, anyway. On an individual basis, paying for karaoke songs isn't so expensive. The problem is that people want you to have every song they've ever heard of, and they want you to have every version that was ever made, so they can sing DK, or Sound Choice, or Music Maestro, or Sunfly, or Chartbusters, or whatever their fancy is. The "two bucks per song" model simply doesn't work when you have to have 30,000 songs. It may not be right, but when people are faced with, "don't do it," or "copy someone else's collection for $200," it's easy to see which they're going to go with. The biggest player, Sound Choice, had ample opportunities to see this and adapt. Instead, they chose to go all scorched-earth with massive, ridiculous lawsuits, and heavy-handed threats and harassment. They hosed it up so badly, they basically went out of business while getting laughed out of courtrooms all over the nation. After they got stomped, it was pretty much open-season on stealing karaoke songs and performing in any venue without fear of punishment, so the problem is now more wide-spread than ever.
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Mar 8, 2015 16:27
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Celador posted:Where do these people live that Internet costs $100 or more per month? If that reddit OP lives even closer to Chicago, it wouldn't surprise me to see the prices creep up more. poo poo's expensive around here.
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Mar 8, 2015 17:07
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Centripetal Horse posted:$75 is not the "going rate" anywhere except maybe little podunk shitholes where the "KJ" has an old CD player and a $50 Walmart speaker. Even here in Vegas, which is the worst major market I have ever seen in terms of both KJ talent and KJ pay, there are only a couple of guys who won't just laugh and walk away for $75. That handful does have a depressive effect on pay for everyone, but it's most noticeable at crummy venues where the only criteria for getting a show is ,"will work cheap." You don't want to work most of those places, anyway. It seems like Youtube has every karaoke song I'd ever want - do karaoke bars stream songs from Youtube for free yet, or is that too forward-thinking
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Mar 8, 2015 17:12
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Open a YouTube themed bar/restaurant, and take out a 401k loan and HELOC to do it.
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Mar 8, 2015 17:39
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Nail Rat posted:Open a YouTube themed bar/restaurant, and take out a 401k loan and HELOC to do it. Also borrow money from your relatives and tap into your truck equity.
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Mar 8, 2015 17:55
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Celador posted:Where do these people live that Internet costs $100 or more per month? Probably as part of a cable package.
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Mar 8, 2015 18:38
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Powerlurker posted:Probably as part of a cable package. I pay like $110/mo for just internet, although it is the fastest available in my area. 
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Mar 8, 2015 18:40
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EugeneJ posted:It seems like Youtube has every karaoke song I'd ever want - do karaoke bars stream songs from Youtube for free yet, or is that too forward-thinking No shows run exclusively off Youtube. Plenty of KJs are hip to using Youtube, and will stream songs for you if you want something that is not in their collections but is available on Youtube.
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Mar 8, 2015 18:48
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[quote="http://www.reddit.com/r/personalfinance/comments/2yepjx/absurdly_massive_private_student_loan_debt/" post="Reddit"] Hello, PF! I am very new to reddit, but I am optimistic that I may actually be able to get some sound financial advice in a situation that typically only receives gasps or condolences. Now, first and foremost, I want to emphasize that I am fully cognizant of how absolutely ludicrous, stupid, and irresponsible my decisions were in amassing the debt I now labor under. Truth be told, I didn't expect to be alive when these loans came due, and so accordingly I acted with complete reckless disregard for my financial future. Currently I owe over $175,000 to 5 different lenders and have a measly AS in paralegal studies. My monthly minimum payments total about $1,300, with the smallest bill being a $50 monthly payment for a federal stafford loan. The rest are from private lenders, including PNC, Chase, and Wells Fargo, he latter being my most significant lender. My total debt with WF is around $80,000 with a monthly minimum of $800 on a 10 year term. Each loan was co-signed by my evidently equally financially illiterate parents. I'm currently unemployed, and none of the private banks give a poo poo. I have looked into every possible deferment or forgiveness or remediation option out there, and I don't qualify for anything. I'm currently paying out of pocket for a single 3-credit course at a local university, because this qualifies me for in-school deferment with WF. I know that it's a terrible arrangement because interest continues to accrue while I'm in school, and upon completion it's added to the principal amount so I end up paying interest on interest, but paying an $1,100 tuition bill over a four month period is far more manageable than paying $3,200 to WF. I'm operating in emergency mode, trying everything I can to avoid default and just barely keeping myself above water. My credit score is garbage, of course. Bottom line is, I feel 100% hopeless in this situation, not only in the present circumstance but in the long term. It seems like even if I scrape by here, my credit and finances are so hosed that they'll never be salvageable. I know it's my own fault, but I don't know how to fix it and there are seemingly no ways for me to ease the burden. I can't apply for a consolidation because nobody will give me a consolidation loan for $180,000. I do have a prospective job in process, which could end up netting me about $31,000 annually after taxes, but that barely covers the loan payments. If I'm meeting the monthly minimums, I have to earn double the poverty level to still live in poverty. Is there any possible way for me to work my way out of this? I have no immediate or reasonable opportunity to make enough money to live AND pay these loans. My co-signers can barely cover their own expenses and occasionally can contribute $300-$500 a month, but I am primarily on my own here. Am I doomed to wage slavery for the rest of my life? Any help or advice would be immensely appreciated. [/quote] This guy is absurdly selfish. He borrowed $175,000 for an associates degree expecting to die before paying his debts off, and had his parents co-sign on his loans.
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Mar 9, 2015 15:55
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I'm out of words at trying to come up with a response to that one. First how is it possible to get that much debt on an associates degree? Aren't most programs like 2-3 years tops? Second he's completely hosed his parents, most likely ruining himself and them for life.quote:I still don't undrstand. You accrued debt because you thought you were going to die, but then had your parents co-sign? Are you the most selfish person to ever live or did you decide against your murder-suicide plot? dietcokefiend fucked around with this message at 16:20 on Mar 9, 2015 |
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Mar 9, 2015 16:17
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Not a Children posted:This guy is absurdly selfish. He borrowed $175,000 for an associates degree expecting to die before paying his debts off, and had his parents co-sign on his loans. This guy is so hosed it is stressing me out.
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