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My grandma passed away and my mom deferred her inheritance to me I think I got around 40k I spent about $9K of that buying a 2006 Pontiac G6 (Bad with Money) I haven't blown the rest, I think I get it when I graduate.
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Apr 25, 2015 18:28
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Jack2142 posted:My grandma passed away and my mom deferred her inheritance to me I think I got around 40k I spent about $9K of that buying a 2006 Pontiac G6 (Bad with Money) I haven't blown the rest, I think I get it when I graduate. Bad with money is counting on the balance when it's not in your name. I learned not to rely on parents promises when I asked for access to "my" apartment when I was laid off from my job and suddenly my parents needed to sell it so they could go on vacation to Mexico and South America.
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Apr 25, 2015 19:38
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Mantle posted:Bad with money is counting on the balance when it's not in your name. I learned not to rely on parents promises when I asked for access to "my" apartment when I was laid off from my job and suddenly my parents needed to sell it so they could go on vacation to Mexico and South America. I don't think its bad if I dont really count on having it once I graduate and have generally acted as if its not mine, plus my parents are generally good with money and have never screwed me over before financially, so I doubt they would screw me over the money, and even if they do I at least got a car, not the best one ,but that is decent enough for me.
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Apr 26, 2015 00:20
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Mantle posted:Bad with money is counting on the balance when it's not in your name. I learned not to rely on parents promises when I asked for access to "my" apartment when I was laid off from my job and suddenly my parents needed to sell it so they could go on vacation to Mexico and South America. Was the apartment only worth $8,000?
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Apr 26, 2015 02:20
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I look forward to being my mom's estate executor (aside from the whole dead mom thing) because I get to screw over my brother, who at age 34 relies on my mom for almost everything (she's paying for both his and his wife's ACA plans and I'm pretty sure she still pays for his car insurance). I mean, he'll get his fair share and all, but man it's going to take a looooong time to settle the estate and all those direct debits will have to be cancelled. On the positive side I am trying to convince her to talk to an estate attorney and set up trusts that ensure he won't blow everything in the first year. Most of it is in IRA's and those apparently get rolled over into retirement accounts for her heirs, which kind of excited me. But alas, the government forces those recipients to start IRA withdrawals the following year. I guess the IRS doesn't cotton to the idea of 30 years of compounded pretax assets continuing to compound under someone else's name for another three decades.
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Apr 26, 2015 04:12
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http://www.telegraph.co.uk/finance/personalfinance/investing/11562202/How-370-investors-lost-18m-in-minutes.html In this story: people betting using leverage are surprised when it goes wrong and they lose a lot more than they can afford. "One investor, who spoke to Telegraph Money, claimed he had his “life savings” tied up in an IG account, and lost in the region of £300,000. Despite now earning £70,000 a year, he is “skipping lunches and has reduced spending on luxuries to zero”, he claimed, so he can settle his account with IG without having to sell his home."
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Apr 26, 2015 11:16
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Blinkman987 posted:Was the apartment only worth $8,000? It was more like they went on these trips several times a year and then "we owe a lot of money" and I put two and two together.
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Apr 26, 2015 11:21
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Taco Box posted:
Houston was never hit that hard by the recession. The hurricane on the other hand...
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Apr 26, 2015 16:00
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Pantsmaster Bill posted:http://www.telegraph.co.uk/finance/personalfinance/investing/11562202/How-370-investors-lost-18m-in-minutes.html  That's bad enough even if they were just risking the actual money they had put down. It's even called "spread betting." How much more blatant can this form of desperate gambling be?
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Apr 26, 2015 16:01
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cumshitter posted:
Convince him to diversify into canned food and ammunition.
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Apr 26, 2015 17:50
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LLCoolJD posted:
The crux of the complaint seems to be IG advertised trades within 0.1pc of a second, but took 30 minutes to close out some of these positions. Which IG warned is a possibility if trading is heavy. However later they say the problem was a lack of liquidity. I guess the question is whose liquidity? If it was the market's liquidity (i.e. no third parties to sell or buy Swiss Francs) then the traders are poo poo out of luck. But if IG didn't have proper liquidity then the investors might have a case. Stupid investors either way.
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Apr 26, 2015 18:42
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Pantsmaster Bill posted:In this story: people betting using leverage are surprised when it goes wrong and they lose a lot more than they can afford. When I started this article, I thought for sure there would be people complaining that their "stop loss" order didn't save them. Was not disappointed. The only thing about these episodes that surprises me is how easy it was/is for any joe six-pack to get levered up 100x. That's nuts.
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Apr 26, 2015 19:01
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Not a Children posted:Gotta fight crazy with crazy, tell him there's a plot by Jews to crash the price of gold so they can buy it all up for cheap Gold doesn't have an institutional value like it did before Nixon axed Bretton Woods, but it does a decent job of people still desiring it such that it maintains most of its value better than cash. It'd be pretty hard to play any adverse economic strategies on an international scale by acquiring a bunch of gold though. Tl;dr it only matters in a case of global hyperinflation
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Apr 26, 2015 21:06
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Krispy Kareem posted:The crux of the complaint seems to be IG advertised trades within 0.1pc of a second, but took 30 minutes to close out some of these positions. Which IG warned is a possibility if trading is heavy. However later they say the problem was a lack of liquidity. I guess the question is whose liquidity? If it was the market's liquidity (i.e. no third parties to sell or buy Swiss Francs) then the traders are poo poo out of luck. But if IG didn't have proper liquidity then the investors might have a case. I guess it was "Nobody wants to buy Francs right now", because that what happened in the similiar stories with other institutes I heard about. (Somebody there had a 400:1 leverage ratio.  )
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Apr 26, 2015 21:30
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reddit posted:
Just amazing.
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Apr 27, 2015 00:26
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Pretty sure car loan terms (for dumb people) are going to start looking like mortgages.
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Apr 27, 2015 00:41
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egoslicer posted:Just amazing. I have never understood the replies to bad car purchase threads that advise the OP to immediately sell a newish car and eat the depreciation hit in negative equity on another used car. Like, it's not better to drive a $20k car with $10-15k of lit on fire negative equity/used car salesman profit rolled into the loan by trading in, than to just consider your lesson learned and drive your $50k car you spent too much on into the ground
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Apr 27, 2015 00:45
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And he says, "But I'm not car poor, guys!"
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Apr 27, 2015 01:08
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He's saving an entire $150 a month see he's not totally broke
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Apr 27, 2015 01:10
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That guy is going to spend 60k on a Ford Mustang. As to why people suggest others get out from under their expensive car in spite of the negative equity: often the person can't afford the maintenance on a luxury car.
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Apr 27, 2015 01:31
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Yeah, but he's got a brand new car. I'm sure he won't need anything more than oil changes for like the first six or seven years of that loan. Hopefully by 2023 he's making more money.
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Apr 27, 2015 01:36
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Blinkman987 posted:often the person can't afford the maintenance on a luxury car. This is exactly why I ditched my Mini Cooper. It was a fun car but literally every person I knew who had one (5+ people) told me to get rid of it because they have a tendency to expensively break as soon as the warranty is up. Traded it in for a Hyundai and I no longer have to drive two hours to the closest import mechanic and my maintenance costs are lower (plus that sweet 10 year/100,000k warranty if something does break). Even for little stuff like gas, the Mini took premium and it's only a couple dollars extra per fill up than regular but that adds up. I want to know how much this guy's insurance has gone up. If he's just gotten his first grown-up job he's probably in his 20s, and any insurance company looking at a single guy in his 20s with a high end Mustang is going to jack up the rates like you wouldn't believe.
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Apr 27, 2015 01:46
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Insurance rates for different cars are so weird and unpredictable I've stopped trying to make sense of it. As my cars have gotten nicer my insurance has gone down.
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Apr 27, 2015 02:15
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BEHOLD: MY CAPE posted:I have never understood the replies to bad car purchase threads that advise the OP to immediately sell a newish car and eat the depreciation hit in negative equity on another used car. Like, it's not better to drive a $20k car with $10-15k of lit on fire negative equity/used car salesman profit rolled into the loan by trading in, than to just consider your lesson learned and drive your $50k car you spent too much on into the ground Because he still has a 50k+interest to pay off, instead of only having 20k+interest+10k negative equity to pay off. That's still like 20k+ in savings.
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Apr 27, 2015 02:16
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BEHOLD: MY CAPE posted:Insurance rates for different cars are so weird and unpredictable I've stopped trying to make sense of it. As my cars have gotten nicer my insurance has gone down. I have two cars which are more than 4x difference in MSRP, the more expensive one is brand new vs 3 years old, and they have nearly identical insurance costs. (The more expensive one has a $1000 deductible vs $500, I guess, but still.)
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Apr 27, 2015 02:37
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blugu64 posted:Because he still has a 50k+interest to pay off, instead of only having 20k+interest+10k negative equity to pay off. That's still like 20k+ in savings. but he probably doesn't have $10k cash laying around so he's going to get eaten alive by a dealer on an upside down trade in, and now he has a wayyyy too expensive, worse used car with higher maintenance liability that he's gonna have to replace sooner. It's trading a big mistake for another big mistake that might be a bit smaller depending upon the specific numbers and luck with repairs. To me the solution is to just drive the new car for like 12 years until it's long past paid off and you're averaging the cost into a more palatable annual expense.
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Apr 27, 2015 02:47
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It's way too expensive a car yes, but it's still cheaper overall then his 50k car, and if they manage to pick a 20k car that eats up the 20k savings in maintenance, then there are other issues. Besides, there are great used cars in the 10k range, that even if you get royally screwed on, you'll come out way ahead compared to consigning yourself to 50k+ interest.
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Apr 27, 2015 03:09
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How do I get rid of this annoying roommate that pays my rent? http://forums.somethingawful.com/showthread.php?threadid=3715775 He uses 'bad with money' so he probably at least lurks this thread. Or maybe he posts here, I don't pay close enough attention.
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Apr 27, 2015 04:16
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Bad with money was that time I simultaneously bought an Acura RSX and moved into a new neighbourhood in Houston, a funky hip spot! (ghetto) My generic internet insurance quote considered the sports car, but didn't take my new address in 3rd ward, my 22 years of age, or my DUI into account. My $300 car payment was suddenly matched with a $350 insurance payment! I was paying $115 on my lovely '98 Civic before. I think I made like $37k at the time too, terrible money decision. I bought that car not even knowing how to drive a stick, not negotiating anything at all, pretty much a total sucker. Signed the papers and barely got it across the street to a CVS parking lot, where I practiced for a while before stalling out at every light on my way home. I financed $11k for a car I couldn't even drive. I miss that car more than my family. I certainly loved it more than my cat.
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Apr 27, 2015 11:37
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Learning stick on your own car is pretty much the worst decision ever e: This post came from a place of anger at my brother for blowing out my old car's clutch while I was away at college Not a Children fucked around with this message at 12:17 on Apr 27, 2015 |
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Apr 27, 2015 12:11
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100 HOGS AGREE posted:No but you should probably start looking for a wacky sidekick and invest in a bullwhip so when you get that map you can leave immediately. This is from last page but: Did you just call Shortround a 'wacky sidekick' because if you did I've got to go get my pitchfork.
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Apr 27, 2015 13:20
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Not a Children posted:Learning stick on your own car is pretty much the worst decision ever My wife had never driven stick in her life. She went to the dealership, and ended up buying a car with a manual transmission. The salesman gave her a quick lesson, and a few laps around the parking lot, and she drove it home. She never had a minute of trouble with it. I was absolutely loving floored by what a natural she was. When we were kids, she almost drove my car into a tree while I was helping her learn to drive, because she got overwhelmed by simple steering and pedal usage. A few years later, she hops into a stick-shift car, and putts off like it ain't no thang.
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Apr 27, 2015 13:23
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Aquatic Giraffe posted:This is exactly why I ditched my Mini Cooper. It was a fun car but literally every person I knew who had one (5+ people) told me to get rid of it because they have a tendency to expensively break as soon as the warranty is up. Traded it in for a Hyundai and I no longer have to drive two hours to the closest import mechanic and my maintenance costs are lower (plus that sweet 10 year/100,000k warranty if something does break). Even for little stuff like gas, the Mini took premium and it's only a couple dollars extra per fill up than regular but that adds up. Hyundai is notorious for snaking their way out of warranty claims - be warned
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Apr 27, 2015 14:26
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Blackjack2000 posted:How do I get rid of this annoying roommate that pays my rent? He didn't like answers from an internet comedy forum and had to get a second opinion: http://www.reddit.com/r/legaladvice/comments/33qwfd/nc_how_to_deal_with_a_bad_roommate/
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Apr 27, 2015 15:02
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Switchback posted:Bad with money was that time I simultaneously bought an Acura RSX and moved into a new neighbourhood in Houston, a funky hip spot! (ghetto) My generic internet insurance quote considered the sports car, but didn't take my new address in 3rd ward, my 22 years of age, or my DUI into account. My $300 car payment was suddenly matched with a $350 insurance payment! I was paying $115 on my lovely '98 Civic before. I think I made like $37k at the time too, terrible money decision. A coworker bought a used Porsche Boxster and had to have a friend drive it home for him since he didn't know how to drive stick. Apparently a Porsche isn't the best learning vehicle either.
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Apr 27, 2015 15:51
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CitizenKain posted:A coworker bought a used Porsche Boxster and had to have a friend drive it home for him since he didn't know how to drive stick. Apparently a Porsche isn't the best learning vehicle either. Sweet jesus that sounds like a terrible choice. A friend of mine wanted to buy a used Boxster so he had me go with him to check it out as I'm the guy who knows more about cars. I told him to pass because it was such a tough car to drive (heavy clutch, heavy steering, bad blind spots with the top up) and he wanted a pleasure vehicle. He ended up with a convertible 350Z which was a much better fit for him.
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Apr 27, 2015 15:57
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CitizenKain posted:A coworker bought a used Porsche Boxster and had to have a friend drive it home for him since he didn't know how to drive stick. Apparently a Porsche isn't the best learning vehicle either. (I didn't think it was too bad of a manual, but I've had nothing but manuals for a long time now)
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Apr 27, 2015 16:17
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gvibes posted:Replacing rear main seals is bad with money. I thought the boxster was one of the catostrophic IMS failure cars. That alone plus the porsche tax for everything makes those cars scary.
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Apr 27, 2015 16:51
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I will likely have half of a house that Zillow estimates is worth $8MM willed to me, unfortunately it's pretty likely that it will be underwater/eroded into the sea by the time my parents die, and that will probably be the only thing in the will. Good/Bad with money?
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Apr 27, 2015 19:14
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If it's underwater because it fell into the sea do you technically own part of the ocean? Sell the rights to BP or build your own oil platform and it's good with money.
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Apr 27, 2015 19:45
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