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Being house poor is a loving nightmare. Only 30 years to go!
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May 13, 2015 21:03
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Comrade Flynn posted:Being house poor is a loving nightmare. Only 30 years to go! Probably only 25, you can't get a 30 year term in Canada anymore unless you have 20% down.
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May 13, 2015 21:11
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Comrade Flynn posted:Being house poor is a loving nightmare. Only 30 years to go! quote:Despite a mountain of debt, they don’t regret buying their home. “You do think about it – maybe it would have been easier if we had gotten a smaller house,” he said. “But my wife says it was the best decision for us, and I agree.” His wife says it's ok so it's all fine, except that they'll lose the house and the father on a pension will be stuck with paying the remainder of the mortgage after the mortgagee sale. quote:“This is really happening,” he said, “so we are starting to enjoy it.” It's happening  e: I'm unimpressed with the financial adviser in the follow up article. He's too polite and should have said they are seriously hosed. Devian666 fucked around with this message at 22:00 on May 13, 2015 |
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May 13, 2015 21:55
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Devian666 posted:His wife says it's ok so it's all fine, except that they'll lose the house and the father on a pension will be stuck with paying the remainder of the mortgage after the mortgagee sale. It's such a boring, cookie cutter house too. Ugh. On to my own bad home decisions. I got the plans for the lot I was looking at. The total cost to build a 3700 sq. ft. house on it once you take into account the grading and reinforcement is $1.4 million loving dollars. I thought it was going to be less than half that. Jesus. Building on a side of a cliff is bad with money.
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May 13, 2015 22:21
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Comrade Flynn posted:It's such a boring, cookie cutter house too. Ugh. I have a workmate who is in a similar situation. He's cutting back on the design. He put forward a brief of $400k and the cost to build turned up as $800k. So he's pissed off and making a lot of design changes to drop the cost.
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May 13, 2015 22:25
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Devian666 posted:I have a workmate who is in a similar situation. He's cutting back on the design. He put forward a brief of $400k and the cost to build turned up as $800k. So he's pissed off and making a lot of design changes to drop the cost. At least I found it out before I bought the stupid lot. I may just try to buy a more expensive, flatter one. Would probably even out in the end. Get it? Even out?!
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May 13, 2015 22:27
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Comrade Flynn posted:Building on a side of a cliff is bad with money. Not sure if this got posted to this thread or not, but guy retires and builds dream home at Lake Whitney in Texas. Unsurprisingly, the house falls into the lake, but not before they light it on fire since that was the safest way to demolish it. Building on a side of a cliff is bad with money. http://www.chron.com/news/houston-texas/texas/article/Rain-soaked-cliff-where-burned-luxury-home-once-6255515.php
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May 13, 2015 23:17
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Devian666 posted:His wife says it's ok so it's all fine, except that they'll lose the house and the father on a pension will be stuck with paying the remainder of the mortgage after the mortgagee sale. Unless I'm misremembering something they have almost $300,000 equity in the house so yeah they're in cash flow trouble clearly but it's not like they're buried in an underwater mortgage. They need their parents to move into that huge house with them or something.
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May 14, 2015 00:01
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The Mandingo posted:Not sure if this got posted to this thread or not, but guy retires and builds dream home at Lake Whitney in Texas. Unsurprisingly, the house falls into the lake, but not before they light it on fire since that was the safest way to demolish it. badwithmoney.jpg  He was living the remainder of his life on the edge, though.
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May 14, 2015 01:10
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BEHOLD: MY CAPE posted:Unless I'm misremembering something they have almost $300,000 equity in the house so yeah they're in cash flow trouble clearly but it's not like they're buried in an underwater mortgage. They need their parents to move into that huge house with them or something. I thought it was more like 13% equity and they'd borrowed $80k from family to get the equity that high. You're right they need all the relatives to move in to make it work.
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May 14, 2015 01:48
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Baudolino posted:Here is my Financial plan for the next 12 months. Work like mad at my very low pay "monkey" job ( im in norway so even minimum wage is somewhat liveable) save as much as possible by living at home with my parents and basically live like a pauper. Use that money and the money i already got saved up to make a massive downpayment on my student loans. That will reduce them by about 2/3s. Then i will go back to chool and get deeper in debt if i am still unable to get a job relevant to my education. Is this a good plan or should i keep the money i save and just pay back the normal amount every month? This sort of thing depends entirely on the interest rate on your student loans.
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May 14, 2015 09:55
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Having your "dream house" be in Mississauga is pathetic.
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May 14, 2015 12:14
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KYOON GRIFFEY JR posted:Having your "dream house" be in Mississauga is pathetic. Doesn't Canada have a really weird housing market compared to the US? Like, a two-story 4 bed shitbox house going for $1.3 million when the same house would go for $650k in the states?
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May 14, 2015 15:23
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BigDave posted:Doesn't Canada have a really weird housing market compared to the US? Like, a two-story 4 bed shitbox house going for $1.3 million when the same house would go for $650k in the states? Yes. But only in Vancouver and Toronto. The economy in Vancouver is people literally buying and selling houses to each other. Like a human centipede of real estate transactions. Oh and hootsuite is our most famous startup.
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May 14, 2015 15:29
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Cultural Imperial posted:Oh and hootsuite is our most famous startup. Uh, Tim Horton's???
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May 14, 2015 17:21
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BEHOLD: MY CAPE posted:Uh, Tim Horton's??? Swiss Chalet, buddy.
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May 14, 2015 17:45
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Sigh. I'm on a "budgeting kick" because we spent almost 1k in food last month, (we had been at ~500 for eating out and groceries. I know it's still too much, but it was somewhat sustainable and it kept her happy) and I gave her a hundred bucks at the beginning of the month to last her all month to eat out (to be fair, I'm down to 15 myself, but 10 of it was paying for her poo poo and 10 I used on non food).
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May 14, 2015 18:43
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Gothmog1065 posted:Sigh. I'm on a "budgeting kick" because we spent almost 1k in food last month, (we had been at ~500 for eating out and groceries. I know it's still too much, but it was somewhat sustainable and it kept her happy) and I gave her a hundred bucks at the beginning of the month to last her all month to eat out (to be fair, I'm down to 15 myself, but 10 of it was paying for her poo poo and 10 I used on non food). Maybe think of it as less of a "budgeting kick" and more of "we're changing our spending habits so we can <financial goal>"
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May 14, 2015 18:53
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DuckConference posted:Maybe think of it as less of a "budgeting kick" and more of "we're changing our spending habits so we can <financial goal>" Those weren't my words. More of a rant than anything else.
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May 14, 2015 19:25
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Sadly the Wife and I are at around $900 a month on food, household supplies, pharmacy, bars and restaurants. Maybe I should post my kroger receipts itt. It's amazing how that poo poo adds up.
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May 14, 2015 19:29
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Hashtag Banterzone posted:Sadly the Wife and I are at around $900 a month on food, household supplies, pharmacy, bars and restaurants. Maybe I should post my kroger receipts itt. It's amazing how that poo poo adds up. I don't think that pharmacy should really be considered as bad with money. I mean, I guess if you are buying name brand over generics then that's a little bit bad with money, but medicine and especially prescription medicine is pretty much non-negotiable in my books.
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May 14, 2015 19:44
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Antifreeze Head posted:I don't think that pharmacy should really be considered as bad with money. I mean, I guess if you are buying name brand over generics then that's a little bit bad with money, but medicine and especially prescription medicine is pretty much non-negotiable in my books. I just lump it in with food and dining because I get my meds at kroger and am too lazy to split it out in my budget.
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May 14, 2015 19:51
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Knyteguy posted:Here's a good example of bad with money: Yes, it is calculated with gross income. 70% isn't even bad compared to what I used to see in sub-prime finance. I once had a couple with combined 96% debt to income, including two liens against them by the state, trying to lease a $10K motorcycle that would have pushed them up to something like 140% DTI. The rear end in a top hat salesperson they were working with must have been equally bad with money, because he was so loving desperate to make this sale that he called our office at least once every 10 minutes for the next three hours. quote:70% of their gross income went to debt. This is a misconception. DTI only shows what an applicant ought to be paying out of their pre-tax pay check in an ideal world. A credit report will show what the minimum payment on a credit line is, but if you actually look they're most likely several payments behind. It also doesn't include utilities and rent is always self-reported (and the salesperson has probably lowballed that to increase their chances for finance approval). Sub-prime was pretty hosed up. I once had an applicant stupid/ballsy enough to submit a letter stating "we are coming to shut off your electricity" to prove where they lived. That deal was funded.
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May 14, 2015 20:22
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Hashtag Banterzone posted:I just lump it in with food and dining because I get my meds at kroger and am too lazy to split it out in my budget. Dude, you gotta split that up. If you only split one merchant on your budget, split Kroger. Ours has a clinic and a gas station. It can absorb almost any mundane expense into a black hole of untraceable expense.
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May 14, 2015 20:34
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enraged_camel posted:badwithmoney.jpg So it burned down, fell over, then sank into the swamp? Leopold Stotch fucked around with this message at 21:16 on May 14, 2015 |
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May 14, 2015 21:10
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http://www.marketwatch.com/story/survey-says-wed-rather-eat-out-than-save-money-2015-05-14?dist=afterbellquote:If that rings all too familiar, you might take comfort, at least, in knowing you’re not alone: 44% of people who earn more than $75,000 a year said that their spending on “lifestyle purchases” prevents them saving as much as they should, according to a recent online survey conducted by HarrisPoll on behalf of SunTrust Banks Inc. This hits home, as I struggle with eating out myself.
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May 14, 2015 21:17
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Cultural Imperial posted:Yes. But only in Vancouver and Toronto. The economy in Vancouver is people literally buying and selling houses to each other. Like a human centipede of real estate transactions. There is also, I understand, a massive cash infusion from rich Chinese mainlanders trying to find ways to stash wealth overseas, especially ways that will improve their chances of being able to take refuge there if the government starts another Cultural Revolution or something.
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May 14, 2015 21:55
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Knyteguy posted:http://www.marketwatch.com/story/survey-says-wed-rather-eat-out-than-save-money-2015-05-14?dist=afterbell Your wife really appreciates it, though.
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May 14, 2015 21:58
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Yond Cassius posted:There is also, I understand, a massive cash infusion from rich Chinese mainlanders trying to find ways to stash wealth overseas, especially ways that will improve their chances of being able to take refuge there if the government starts another Cultural Revolution or something. Yes, and it legit beats buying bullshit developments in China that will fall apart within a decade. Plus, some cities have foreign investment money coming in plus a tech boom, so that puts pressure on rents as well. http://www.ocregister.com/articles/home-631181-china-irvine.html quote:Overseas shoppers spent a record $92.2 billion buying existing U.S. homes in the year ending in March, with Chinese buyers accounting for a fourth of that, according to a National Association of Realtors survey released last month.
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May 14, 2015 22:56
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More bad with money. Took out loans for a PhD in a foreign country. Didn't finish. reddit.com/r/GradSchool/comments/35yxzb/so_it_looks_like_im_not_getting_my_phd/ quote:So, I am currently almost halfway through my write up year, and it looks like I will not be able to finish.
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May 14, 2015 23:48
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Wait, 3.5 years in a PhD program and they're halfway through? This person has never worked a day in their life, that much is obvious.
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May 15, 2015 00:21
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Sepherothic posted:More bad with money. Ouch, that's heavy (parents both dead, no real friends back in USA he could even crash with after 5 years away). He says the reason his supervisors aren't signing off on the next term is that they think progress has been too slow on his dissertation for him to finish on time... surely there would have been some kind of check-in/warning other than suddenly turning off the money faucet? If there hadn't been, there'd have to be some kind of grounds for appeal. I'm also kind of surprised they wouldn't just let him take an extra year or whatever he needed to finish anyhow, but then again I've not really looked into PhD programmes before. I'm currently draining my savings to go to grad school overseas, my uni isn't one of the ones you can get US student loan money for  Even though I've cut my expenses pretty much to the bone (bike everywhere, cheapest prepaid phone, buy everything I can in bulk, never eat/drink out, stopped eating meat even), it feels awful watching my savings slowly drain away. If I can't find a job while I'm studying I'll have basically nothing left at the end of two years (I can't work in my field for at least another ~year, have no experience in hospitality/retail type stuff and that market's pretty tight here as it is), although I can raid my Roth IRA for another year of bare bones expenses if it comes to that. Seeing as it wouldn't be tax-advantaged here anyways (where I plan to retire) I feel a lot less bad about that than I would otherwise. If this all sounds like a poo poo sandwich, my earning potential and general quality of life will be significantly higher than if I'd stayed in the US (teacher), and the job market is also a lot better. The tuition differential (from my quite cheap state school back home) is about $10k with the partial scholarship I got, which is about the difference in starting salary of here vs home. Blinkman987 posted:Yes, and it legit beats buying bullshit developments in China that will fall apart within a decade. Plus, some cities have foreign investment money coming in plus a tech boom, so that puts pressure on rents as well. You actually can't even own land in China, it's all 99 year leases from the government 
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May 15, 2015 00:37
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Aliquid posted:Wait, 3.5 years in a PhD program and they're halfway through? There's some joke to be made here about your reading comprehension, "write up year" means he/she is drafting a dissertation after completing the supporting study and research.
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May 15, 2015 07:55
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BEHOLD: MY CAPE posted:There's some joke to be made here about your reading comprehension, "write up year" means he/she is drafting a dissertation after completing the supporting study and research. That's the dumbest part about this. There are SO many people who finish the work but don't submit a dissertation that there's even an acronym for it (which I can't remember currently). It's not like he'll be useless unless his degree was going to be useless anyway.
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May 15, 2015 12:48
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http://en.wikipedia.org/wiki/All_but_dissertation
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May 15, 2015 13:19
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Aliquid posted:Wait, 3.5 years in a PhD program and they're halfway through? If you read further, he's also 40 years old. So either a perpetual student or some other dysfunctional sort.
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May 15, 2015 13:46
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Powerlurker posted:If you read further, he's also 40 years old. So either a perpetual student or some other dysfunctional sort. His age alone doesn't imply what you think it does. Non-traditionals undertake higher education all of the time. Coupled with the knowledge that his PhD will take 4.5-5 years (according to what we know), I think that this information actually supports the counter-argument here.
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May 15, 2015 14:25
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Powerlurker posted:If you read further, he's also 40 years old. So either a perpetual student or some other dysfunctional sort. Actually, younger Ph.D. candidates are much more likely to be "perpetual students", because their age implies that they went into Ph.D. straight from undergrad, or did undergrad > master's > Ph.D. If this guy is 40, he must have done something in his late 20s and early 30s. And, dude, I get that we enjoy judging people in this thread, but there's a difference between making fun of people who are genuinely and embarrassingly bad with money, and making fun of someone who loses their parents partway through a Ph.D. program and then has their only source of income cut off by their advisors. Slow News Day fucked around with this message at 15:00 on May 15, 2015 |
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May 15, 2015 14:57
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The Nards Pan posted:I left my E*Trade account open on my computer and my dog sold all my vanguard funds and put the proverbial farm on GTAT If you bought them on the 12th and sold them on the 13th, you could have made 1 cent a share in PROFIT BABY.
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May 15, 2015 15:25
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My dog is bad with money.
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My wife's coworker had a 2009 Ford Explorer. According to the second-hand telling, "something with the shifter" was broken, and the mechanic told her it'd be a thousand bucks. She had about 5k / 10 months left on the loan. She did not have enough cash on hand to pay for this repair, and due to some terms of her debt consolidation she doesn't have any active credit cards, only debit. So she decided she'd trade it in and finance a brand-new 2015 GMC Sierra. "My payments are lower!"
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May 16, 2015 07:17
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