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Yeah I don't really understand the reason for racking up shitloads of student loan debt on a fancy American college degree if you never plan to ever step foot or do business with the U.S. ever again? Just go straight to Sweden and live the good life.
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Apr 21, 2015 18:04
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Celador posted:Yeah I don't really understand the reason for racking up shitloads of student loan debt on a fancy American college degree if you never plan to ever step foot or do business with the U.S. ever again? Just go straight to Sweden and live the good life. Except that college life in Sweden can kind of suck: http://qz.com/85017/college-in-sweden-is-free-but-students-still-have-a-ton-of-debt-how-can-that-be/ Your tuition is free, but you live in an expensive city with high tax rates. In the end you graduate with a higher debt to income level than the United States, even if that debt is marginally easier to manage (it's forgiven after a quarter century).
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Apr 21, 2015 18:55
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How about more Bad With Money and less My Ideological Take on Macroeconomics?
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Apr 21, 2015 20:53
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Radbot posted:How about more Bad With Money and less My Ideological Take on Macroeconomics? I, uh, paid an ATM fee for the first time in my life last week.
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Apr 21, 2015 20:55
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Just got done with a Fantasy basketball season. The season winner sent out a long email talking about how he didn't know where the commissioner was and whether we could get in touch with him ASAP. I figured this dude was just an impatient guy but this is his last message after the commissioner messaged back:Poor Dude posted:Thank you...sorry for being impatient...needed the money to pay the bills.
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Apr 21, 2015 20:59
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Parallel Paraplegic posted:I have a friend who's convinced that he can take out a ton of student loan debt to get through college, then flee to Europe (where he has someone there (in Sweden I think? not sure) ready to marry him and therefore give him an easy path to citizenship I guess?) and "they can't do anything or even find you so it just goes away." Well, Americans have to file an income tax return even if they live overseas, and even if they don't owe anything due to foreign income exclusions, and you have to report all of your foreign accounts as well. So unless he wants to be in poo poo with the IRS as well if he ever wants to come BACK to the U.S., the government and his loan officers are gonna know what he's up to. Also, I wouldn't be shocked if they start to deny people passport renewals if they go delinquent on student loan payments, similar to what they do for people skipping out on child support. If you make no money, just get on IBR. The foreign income exclusion should be enough to cut your payments down to zero, so you don't have to get all shady about it and open yourself up to future problems. Yeah, you get a big bill when it's forgiven in 25 years (since that forgiveness counts as income for the year), but it'll still be saving you money. ChipNDip fucked around with this message at 21:08 on Apr 21, 2015 |
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Apr 21, 2015 21:06
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Shadowhand00 posted:Just got done with a Fantasy basketball season. The season winner sent out a long email talking about how he didn't know where the commissioner was and whether we could get in touch with him ASAP. I figured this dude was just an impatient guy but this is his last message after the commissioner messaged back: I have the feeling I'm getting this situation in reverse. I am in a hockey pool every year with some family and friends, my cousin runs it. He was REAL insistent that we pay our league does right away at the start of the season, got all antsy about it. I ended up winning the league and here I am a week later still waiting for my money to be sent to me 
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Apr 21, 2015 21:25
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Radbot posted:How about more Bad With Money and less My Ideological Take on Macroeconomics? Understanding how policy can have an enormous impact on your life and being good with money go hand in hand. So do blaming greedy banks while driving a shitbox Corolla your whole life because you made ill-informed decisions.
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Apr 21, 2015 21:58
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High Lord Elbow posted:Understanding how policy can have an enormous impact on your life and being good with money go hand in hand. Hey, it doesn't have to be a shitbox Corolla. Sometimes the car purchase itself is the ill-informed decision.
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Apr 22, 2015 00:28
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I got my 401k documentation from my shiny new job today and got to listen to a 15-minute lecture from my dad about how I should put as much money into it as possible so I can take a 401k loan and buy a used car with it at 401k loan rates instead of usurious AUTO LOAN rates just like he did. "I walked into a car lot with a check for $15,000 and walked out with a car that day!"
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Apr 22, 2015 01:04
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But he's paying himself and not some scummy bank!
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Apr 22, 2015 01:18
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SpelledBackwards posted:But he's paying himself and not some scummy bank! This was his logic, yes. "I'm paying myself lower rates than those loving auto loan scumbags would want!"
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Apr 22, 2015 01:24
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Luigi Thirty posted:I got my 401k documentation from my shiny new job today and got to listen to a 15-minute lecture from my dad about how I should put as much money into it as possible so I can take a 401k loan and buy a used car with it at 401k loan rates instead of usurious AUTO LOAN rates just like he did. "I walked into a car lot with a check for $15,000 and walked out with a car that day!" Who needs retirement these days?
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Apr 22, 2015 01:25
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Someone explain to me how you can take out a loan from 401k? Not American so I'm confused, I've seen it brought up multiple times but is your 401k account loaning you money (this is really bizarre) or are you using 401k account to borrow against?
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Apr 22, 2015 02:48
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Suspicious Lump posted:Someone explain to me how you can take out a loan from 401k? Not American so I'm confused, I've seen it brought up multiple times but is your 401k account loaning you money (this is really bizarre) or are you using 401k account to borrow against? 1. If you lose your job, that money has to be paid back ASAP, because the 401k is tied to your job. 2. The money that's put into a 401k is tax-advantaged (it's pre-tax money), but the money you're using to fill it back up when you're paying back the loan is normal post-tax money, so it partially defeats the point of the 401k.
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Apr 22, 2015 02:53
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Suspicious Lump posted:Someone explain to me how you can take out a loan from 401k? Not American so I'm confused, I've seen it brought up multiple times but is your 401k account loaning you money (this is really bizarre) or are you using 401k account to borrow against? -Your account is effectively loaning you the money, and the loaned funds aren't making normal gains while you have the debt. -You pay interest to yourself, but it's with post-tax money(401ks are normally paid into with pre-tax dollars), and the interest is nowhere near what you'd get with normal gains. -If you lose your job, you have to pay back the loan ASAP.
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Apr 22, 2015 02:55
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Cicero posted:2. The money that's put into a 401k is tax-advantaged (it's pre-tax money), but the money you're using to fill it back up when you're paying back the loan is normal post-tax money, so it partially defeats the point of the 401k. Haifisch posted:The gist of it is: Luckily double taxation only occurs on the interest portion of the loan.
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Apr 22, 2015 03:02
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Krispy Kareem posted:That just goes along with my healthcare comparison that these costs are increasingly being passed on to the end user. Every year the Board of Regents gets together and increases tuition because more money is needed. But the question is why more money is needed. I know that many schools do not run profitable programs, but the ones that are paying coaches millions of dollars almost always have profitable football teams. The TV deals alone are worth eight figures per school, at least for those in the big conferences. For the programs that are in the black, paying coaches millions of dollars is apparently very good with money.
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Apr 22, 2015 03:23
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Haifisch posted:The gist of it is:
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Apr 22, 2015 03:53
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Today on reddit: A brilliant plan that can never backfire.http://www.np.reddit.com/r/churning/comments/33bv34/im_churning_balance_transfers_for_big_profits_is/ posted:Is anyone else taking Low APR balance transfer money and putting it in the stock market? E: Wait, it gets worse. One of the comments says he has a 2 year old & another baby on the way. 
Haifisch fucked around with this message at 04:02 on Apr 22, 2015 |
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Apr 22, 2015 03:56
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Haifisch posted:Today on reddit: A brilliant plan that can never backfire. Cheque kiting but with credit cards. A brilliant scheme until he gets charged interest or someone wants their money back. Still it could be worse, he could involved with Spanish banks. Interest is negative but the principle on the mortgage has increased in value. quote:The client in 2006 took out a roughly €500,000 ($530,000) home mortgage loan based on Swiss franc Libor, plus 0.5 percentage point. Since then, Swiss franc Libor has fallen far enough into negative territory to make his mortgage rate negative. quote:A Madrid judge in November ruled against a client of Banco Santander SA who claimed that Spain’s largest bank inappropriately established a floor on his mortgage in 2013 and therefore owed him money. The plaintiff had taken out a mortgage in 2005 that offered a fixed rate of 2% in the first year and Euribor minus 1.1 percentage points thereafter. The plaintiff said he was now owed money from the bank. Some will be collecting on a negative interest rate on their mortgage. Even though the judge has said that he can't claim the negative interest the mortgage is now at 0%. Lending money at 0% or -ve% is bad with money. http://www.wsj.com/articles/as-inte...tm_medium=email
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Apr 22, 2015 04:29
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Devian666 posted:Cheque kiting but with credit cards. A brilliant scheme until he gets charged interest or someone wants their money back. Still it could be worse, he could involved with Spanish banks. Am I understanding this correctly? These mortgage agreements basically said, "X + Y - Z," and when those numbers added up to something negative, the mortgage-holders were told to gently caress off? It sounds like the entirety of the reasoning is, "Well, of course there's an invisible floor at zero, even if your agreement doesn't say anything about it." I've had friends lose their homes when their agreements caused their payments to bloat and bloat and bloat to unmanageable proportions, and I'm almost certain they would have been laughed out of court if they tried to reason, "Well, of course there's an invisible ceiling at $X, even if my mortgage agreement doesn't say so." How does a "statement from the Bank of Spain" qualify as some sort of legal document that the judge can refer to as justification for his ruling? I feel like I might be misunderstanding what's going on, here.
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Apr 22, 2015 05:32
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Centripetal Horse posted:Am I understanding this correctly? These mortgage agreements basically said, "X + Y - Z," and when those numbers added up to something negative, the mortgage-holders were told to gently caress off? It sounds like the entirety of the reasoning is, "Well, of course there's an invisible floor at zero, even if your agreement doesn't say anything about it." I've had friends lose their homes when their agreements caused their payments to bloat and bloat and bloat to unmanageable proportions, and I'm almost certain they would have been laughed out of court if they tried to reason, "Well, of course there's an invisible ceiling at $X, even if my mortgage agreement doesn't say so." How does a "statement from the Bank of Spain" qualify as some sort of legal document that the judge can refer to as justification for his ruling? There was a case to be heard the judge decided against it. Nothing to stop an appeal to a higher court. Those banks are amending their mortgage agreements because they never anticipated the scenarios where the floating rate went negative. Although if that bank paid negative interest they'd probably go broke, although a 0% interest rate is pretty bad for them anyway. So you do understand this.
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Apr 22, 2015 06:11
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Devian666 posted:Some will be collecting on a negative interest rate on their mortgage. Even though the judge has said that he can't claim the negative interest the mortgage is now at 0%. Lending money at 0% or -ve% is bad with money.
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Apr 22, 2015 08:00
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Woah, this butter keeper is on mega sale today. http://www.amazon.com/gp/product/B000A1APL8/ref=pe_747400_137432970_em_1p_0_ti
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Apr 22, 2015 09:30
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When the interest rates in a lot of countries hit eye watering levels in the 80s banks were "aww can't afford your mortgage? gently caress you pay me" so I personally hope that guy appeals wins and gets paid for borrowing money.
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Apr 22, 2015 10:31
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BossRighteous posted:Woah, this butter keeper is on mega sale today. I bought six. With deals like that, you'd be stupid not to!
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Apr 22, 2015 11:13
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Haifisch posted:Today on reddit: A brilliant plan that can never backfire.
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Apr 22, 2015 12:23
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adamarama posted:Are tracker mortgages available in the US? These things fuelled the housing boom in Ireland in the years preceding the crash. Banks were offering 100% mortgages locked to 0.1 or 0.2% above to the ecb rate. Now all these people are in negative equity and the banks are losing a fortune on these things because the ecb rate is basically zero. Ireland is the best bad with money country from the boom. We have adjustable rate mortgages that sort of do that. They're fixed for a few years, and then the rate changes every year after that, with the new rate based on the Fed Funds rate. They're not really locked though, so they would never make the rate negative. The U.S. offers truly fixed-rate loans for an entire 30 year amortization period. As in whatever rate you start paying at the start, it stays there for the entire duration of the loan. It'd be pretty foolish to not take a fixed rate mortgage at 3-4% when it's guaranteed for the life of the loan. Should rates keep dropping, you can choose to refinance for a better rate.
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Apr 22, 2015 12:53
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Uranium 235 posted:Yes they make a big profit on football. There are a few teams with DCs that are paid that much (Alabama, LSU, Clemson, Virginia Tech) and all are profitable. Alabama and LSU are vastly more profitable than VT and Clemson, but the latter still make millions in profit. Good for the school, bad for the overall university system since ever increasing salaries for the profitable schools increases salaries for the unprofitable ones as well (probably not at the same pace). Just a statistic to throw out, between 2007 and 2011, when the Great Recession was cutting state funding to schools, Division 1 football head coach salaries increased 44%. Yet less than 1/5th of Division 1 programs make money. So yeah, college football kind of sucks. My alma mater survived 90 years without a football team before getting one 5 years ago. I can't imagine the money they're sinking into that hole. Oh wait, I can - student fees in the last 5 years increased 14%, which I think is about $200 extra per student per year. Go Panthers and our .193 winning percentage! Krispy Wafer fucked around with this message at 17:35 on Apr 22, 2015 |
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Apr 22, 2015 14:42
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College football really ought to be NFL minor leagues instead.
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Apr 22, 2015 16:48
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Krispy Kareem posted:Except that college life in Sweden can kind of suck: Wouldn't really call that sucking. The quarterly payments are so low it's bascially nothing to worry about, unless you are an idiot of course. The interest this year is 1%, and it's usually thereabouts year after year. I'd be worried if I was one of those people who just want to go to parties and live the student life while doing Harry Potter courses and other uselss stuff, while using up the 6 years you are allowed to get student financing for. Otherwise, can't complain.
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Apr 22, 2015 16:52
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From my monthly company newsletter's "Suggestion Box" where we get to make requests (and the company gets to shoot us down.)quote:COMPANY should implement a 401k match and allow employees to borrow from it and pay ourselves back. Good with money! Oh. Er... bad with money.
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Apr 22, 2015 16:58
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Apr 22, 2015 20:51
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https://www.facebook.com/MicMedia/videos/922511064438351/ e: relevant (gbs beware) http://forums.somethingawful.com/showthread.php?threadid=3715292
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Apr 22, 2015 23:56
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Centripetal Horse posted:Am I understanding this correctly? These mortgage agreements basically said, "X + Y - Z," and when those numbers added up to something negative, the mortgage-holders were told to gently caress off? It sounds like the entirety of the reasoning is, "Well, of course there's an invisible floor at zero, even if your agreement doesn't say anything about it." I've had friends lose their homes when their agreements caused their payments to bloat and bloat and bloat to unmanageable proportions, and I'm almost certain they would have been laughed out of court if they tried to reason, "Well, of course there's an invisible ceiling at $X, even if my mortgage agreement doesn't say so." How does a "statement from the Bank of Spain" qualify as some sort of legal document that the judge can refer to as justification for his ruling? Nope, you are understanding perfectly; the bank didn't like the unforseen consequences of their contractual agreement with their customers and told them to gently caress off. Just remember this if you ever face an unforseen circumstance and it is in your best interest to walk away from a debt of some kind.
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Apr 23, 2015 00:01
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canyoneer posted:I took an undergrad business degree. The dean told us that, surprise, there are only two colleges at that university that run at a surplus. Only the business school and the law school take in more from donations/grants/tuition than they spend. You have to step back and think about what it even means for a college sports program to be "profitable". They aren't companies with shareholders that could collect profits in the form of dividends or share buybacks. Schools can make piles of money from TV deals, gate receipts, merchandising, and booster donations, then shower their coaching staffs and administrators with millions, build lavish facilities, and show an accounting "profit" of $0 or even some nominal loss (to the extent that Athletics Associations are even obligated to reveal anything about their finances!) when it's obvious to anyone looking that the entire operation is an impressive money engine.
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Apr 23, 2015 00:10
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BEHOLD: MY CAPE posted:Nope, you are understanding perfectly; the bank didn't like the unforseen consequences of their contractual agreement with their customers and told them to gently caress off. Just remember this if you ever face an unforseen circumstance and it is in your best interest to walk away from a debt of some kind. I would like one of these negative mortgages though. The bank would lend me money on my house and then they would have to pay it off for me. It's good with money.
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Apr 23, 2015 00:14
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Did anybody tell them that Tim and Eric was intentionally lovely and antagonistic as a weird meta-joke that appealed to a hyper specific group of people?
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Apr 23, 2015 01:42
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Haifisch posted:Today on reddit: A brilliant plan that can never backfire. I thought this was illegal somehow. Maybe I'm thinking of the time-tested investing with your federal student loan money tactic, which isn't illegal per se but is, uh, inadvisable.
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Apr 23, 2015 03:45
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