|
Series DD Funding posted:Pretty sure a house gives a stream of cash flows in the form of imputed rent. Yeah, I was under the impression that a paid-off house could be a very useful thing to have when you retire. That is, at least so long as it's not some giant McMansion where heating and cooling cost almost as much as the mortgage, or in a neighborhood with high property taxes or an expensive HOA. Being able to perform at least minor repairs yourself would also help.
|
#
?
May 29, 2015 20:17
|
|
|
|
| # ? May 15, 2024 07:27 |
|
|
Cast_No_Shadow posted:Your home is a liability not an asset or investment. Treating it any other way is bwm. Pretty sure your home is an asset for which you have incurred a liability. Or something like that. I don't know, I cheated my way through accounting like 11 years ago.
|
|
#
?
May 29, 2015 20:34
|
|
|
Your home is an asset, the loan is a liability. I took Financial Accounting at school one summer when was basically poo poo faced 100% of the time so this could definitely be wrong.
|
|
#
?
May 29, 2015 20:45
|
|
|
High Lord Elbow posted:Not squatting in an abandoned foreclosure is bad with money. Doing this and stealing a neighbor's wifi is excellent with money
|
|
#
?
May 29, 2015 20:51
|
|
|
KYOON GRIFFEY JR posted:May seemed to be a strong month, what with the increasing the overall household debt by about 1k. They also spend $120/mo on "Convenience Store (getting something to drink while driving somewhere/candy/etc)" I think the last time I bought something from a gas station store was back in 2011 when my windshield wiper stopped working during a long road trip and I needed some clean water to wash something off the windshield. Even that made me feel a little bad.
|
|
#
?
May 29, 2015 22:37
|
|
|
enraged_camel posted:They also spend $120/mo on "Convenience Store (getting something to drink while driving somewhere/candy/etc)" Hah dude - you realize how crazy you sound saying that?
|
|
#
?
May 29, 2015 22:45
|
|
|
n8r posted:Hah dude - you realize how crazy you sound saying that? I'm not particularly frugal, I just hate spending money at convenience stores since poo poo is marked up so much.
|
|
#
?
May 29, 2015 22:47
|
|
|
It depends, I can get 2 monster energy drinks for 3 bucks (everyday price) at my local shell station which is cheaper most grocery stores everyday price. You should have gone to a gas station with a window wash squeegee, think of the money you could have saved!
|
|
#
?
May 29, 2015 23:08
|
|
|
Why are people being so cordial to the OP in that Reddit thread? Every other thread I see with those types of numbers is full of people falling over themselves to tell the OP how stupid and pathetic they are.
|
|
#
?
May 29, 2015 23:32
|
|
|
Blinkman987 posted:Why are people being so cordial to the OP in that Reddit thread? Every other thread I see with those types of numbers is full of people falling over themselves to tell the OP how stupid and pathetic they are. I was surprised by that too, but my guess is that her medical condition and subsequent surgery garner her some sympathy.
|
|
#
?
May 30, 2015 00:00
|
|
|
quote:Here's a fact that illustrates why so many Americans feel the economic recovery has yet to kick in: Almost half can't pony up $400 to cover an emergency expense.
|
|
#
?
May 30, 2015 00:23
|
|
|
quote:About 27 percent of those households said their spending exceeded income, Why reddit will never run out of stories.
|
|
#
?
May 30, 2015 00:57
|
|
|
TLG James posted:Why reddit will never run out of stories. It's also an economic disaster. If 47% of households can't muster up $400 for an expense and 27% of the under $40k year households are spending more than they earn where is a recovery going to come from? The low income households will have less to spend in the future and the rest are kind of hosed. The recovery won't come from households in the top 50% as they have money to spend but are unlikely to spend it. I suspect until a lot of the households have finished heavily paying down debts nothing is going to change.
|
|
#
?
May 30, 2015 02:10
|
|
|
http://www.reddit.com/r/personalfinance/comments/37m6dj/i_am_16_years_old_i_have_15_credit_cards_in_my/quote:I am 16 years old, I have 15 credit cards in my name and 22k debt, 650 credit score and identity stolen by my grandfather
|
|
#
?
May 30, 2015 02:49
|
|
|
SiGmA_X posted:http://www.reddit.com/r/personalfinance/comments/37m6dj/i_am_16_years_old_i_have_15_credit_cards_in_my/ Sometimes  is the answer.Devian666 posted:It's also an economic disaster. If 47% of households can't muster up $400 for an expense and 27% of the under $40k year households are spending more than they earn where is a recovery going to come from? The low income households will have less to spend in the future and the rest are kind of hosed. The recovery won't come from households in the top 50% as they have money to spend but are unlikely to spend it. I suspect until a lot of the households have finished heavily paying down debts nothing is going to change. Couple our staggering financial illiteracy with myriad vectors of predatory lending and it's pretty easy to see why. Everyone is up to their tits in monthly payments with no understanding of compound interest or budgeting. It's basically a national disaster, but banks are too profitable to dial it down--they have shareholders to satisfy!
|
|
#
?
May 30, 2015 03:16
|
|
|
High Lord Elbow posted:Not squatting in an abandoned foreclosure is bad with money. Live in your slowcooker, slow cook own urine and feces for sustenance, closed loop system, good with money
|
|
#
?
May 30, 2015 03:33
|
|
|
Devian666 posted:It's also an economic disaster. If 47% of households can't muster up $400 for an expense and 27% of the under $40k year households are spending more than they earn where is a recovery going to come from? The low income households will have less to spend in the future and the rest are kind of hosed. The recovery won't come from households in the top 50% as they have money to spend but are unlikely to spend it. I suspect until a lot of the households have finished heavily paying down debts nothing is going to change. Stephen Keen, an Australian economist, did a talk about this subject. His argument was that it wasn't the government debt that was the main problem, instead the private debts (student loans, mortgages, credit cards, etc) were. He put forward a solution that was basically "give everyone a large sum of money (his suggestion was something like $50,000) and mandate that they put it towards their debts". That way people who were in debt would be less indebted, people who would normally cry that it was a moral hazard were given the large sum of money free and clear, and ultimately the economy would be better off because it would end with increased spending in the economy since less money was required to service debt. Obviously this wouldn't happen in a million years because it would be extremely unpopular with most of the lobby groups and people have this weird thing about the government providing something for nothing, even when it would ultimately benefit everyone. Fun fact, the Australian government did this on a smaller scale during the GFC. Almost everyone in Australia got a one-time payment of $900 to spend on whatever they liked, the idea being it would stimulate the economy. While I personally didn't qualify for "Rudd bucks", from what I saw it worked - sure, a few of my friends saved it, but lots went out and bought new laptops or kitchen appliances.
|
|
#
?
May 30, 2015 04:18
|
|
|
We did that in the USA with a $300-600 tax credit during Bush's presidency. Didn't do poo poo here because most people blew it on a new phone or other stupid nonsense. It was also right after the crash in 2008 so yeah.
|
|
#
?
May 30, 2015 04:33
|
|
|
froglet posted:Stephen Keen, an Australian economist, did a talk about this subject. His argument was that it wasn't the government debt that was the main problem, instead the private debts (student loans, mortgages, credit cards, etc) were. He put forward a solution that was basically "give everyone a large sum of money (his suggestion was something like $50,000) and mandate that they put it towards their debts". That way people who were in debt would be less indebted, people who would normally cry that it was a moral hazard were given the large sum of money free and clear, and ultimately the economy would be better off because it would end with increased spending in the economy since less money was required to service debt. And what would stop everyone from just leveraging up again after their handout money is gone?
|
|
#
?
May 30, 2015 04:35
|
|
|
nickutz posted:And what would stop everyone from just leveraging up again after their handout money is gone? In theory it wouldn't happen again because the banks would be prohibited from loaning out more money than the borrower could be reasonably expected to pay back. Also a lot of the big debts people would be forced to pay off are things like education debt, which I don't see too many running up again once it's paid off.
|
|
#
?
May 30, 2015 05:01
|
|
|
You must not read the bad with money thread very often
|
|
#
?
May 30, 2015 05:48
|
|
|
SiGmA_X posted:http://www.reddit.com/r/personalfinance/comments/37m6dj/i_am_16_years_old_i_have_15_credit_cards_in_my/ Worth noting that the kid himself isn't bad with money. He's saying that his grandfather used his identity to get him into so much debt.
|
|
#
?
May 30, 2015 09:54
|
|
|
SiGmA_X posted:http://www.reddit.com/r/personalfinance/comments/37m6dj/i_am_16_years_old_i_have_15_credit_cards_in_my/ I have a feeling this kid will wind up psyching himself out of following all that advice, because 1)he's scared of following through (what 16-year-old wouldn't be?) and 2)family pressure is a motherfucker. Reddit posted:Have a kid, then when that kid has a kid, get a bunch of credit cards in his name and pay off your own debt. This is what he'll do. The Circle of Life.
|
|
#
?
May 30, 2015 14:39
|
|
|
enraged_camel posted:Worth noting that the kid himself isn't bad with money. He's saying that his grandfather used his identity to get him into so much debt.
|
|
#
?
May 30, 2015 18:03
|
|
|
Blinkman987 posted:Why are people being so cordial to the OP in that Reddit thread? Every other thread I see with those types of numbers is full of people falling over themselves to tell the OP how stupid and pathetic they are. I've noticed a trend there that whenever there are any mitigating circumstances they get super wish washy. Like "I would do [thing], but that's ultimately up to you." Yeah, no poo poo. It's becoming /relationships where every "my girlfriend cheated with 4 guys" post has the top comment of "you just need to decide if your okay with that or not."
|
|
#
?
May 30, 2015 18:57
|
|
|
SiGmA_X posted:http://www.reddit.com/r/personalfinance/comments/37m6dj/i_am_16_years_old_i_have_15_credit_cards_in_my/ Update on this kid.. quote:I really do realize that even though I have debt, that has collected a lot over time, he is still making payments, my credit score is better than some people's, I feel like I'm in too deep to just let it go, and let it stay. What if he does make the payments, what if he is trying to do me a good thing? What do I do? He's now trying to rationalize the debt as his and the actions of his grandfather. I know he's 16 and all but goddamn 
|
|
#
?
May 31, 2015 21:49
|
|
|
Guest2553 posted:Update on this kid.. Poor kid doesn't understand that he's just making payments so the cards don't get cut off. Until he realises that his grandfather is a huge rear end in a top hat he won't get anywhere with this.
|
|
#
?
May 31, 2015 22:19
|
|
|
 Oh nooooooo.
|
|
#
?
Jun 1, 2015 00:01
|
|
|
Sephiroth_IRA posted:
pssht, that's so unrealistic. Nobody in real life is dumb enough to do that. Now if you don't mind, my beanie baby investment should be maturing right about now.
|
|
#
?
Jun 1, 2015 00:29
|
|
|
Guest2553 posted:Update on this kid.. Wait, what? This is what I saw: quote:EDIT: Thanks for all the helpful replies, definitely going to do most of what is said here. As soon as I get home I will get back into school, see if I can get a car, start calling the credit bureaus and make a police report when the time is right. Thanks for all the helpful replies, you guys have dismissed most of my worries about things like being cut off, I'll still look at and reply to newer replies through out the day.
|
|
#
?
Jun 1, 2015 01:54
|
|
|
Yes, make a police report when you're ready. That will end well, especially with when you became aware of the fraud being documented online.
|
|
#
?
Jun 1, 2015 03:28
|
|
|
Paying 293 a week for a 52 month lease on a Toyota Avalon which terms dictate it can only be used to drive for uber. http://america.aljazeera.com/articles/2015/5/27/uber-promotes-subprime-auto-loans-to-increase-driver-pool.html
|
|
#
?
Jun 1, 2015 07:37
|
|
|
mysteryberto posted:Paying 293 a week for a 52 month lease on a Toyota Avalon which terms dictate it can only be used to drive for uber. This is the worst I've ever seen, except for maybe the guy in the same article who is paying $450/week for a Chrysler minivan.
|
|
#
?
Jun 1, 2015 09:18
|
|
|
The guy with the minivan blames Uber for not being quick enough setting up automatic payments. Did he think he didn't have to pay anything until Uber set up the automatic deduction? Also why wouldn't you just get the cheapest car available? Most Uber riders are fine getting picked up in a Hyundai or a Kia.
|
|
#
?
Jun 1, 2015 14:01
|
|
|
Hashtag Banterzone posted:The guy with the minivan blames Uber for not being quick enough setting up automatic payments. Did he think he didn't have to pay anything until Uber set up the automatic deduction? The long run steady state is going to be crazy low $/mile vehicles and sticking to surge pricing mostly. Which is a) what Uber really wants anyway and b) generally what society says they want, with less cars on the road in slow hours, more during rush hour, and those cars being energy efficient. Right now it's clearly oversaturated, but there's opportunity for some guy with blow off money to buy a fleet of cars and hire a bunch of city dwelling college kids to drive them during rush hour only. No one who could do that would need uber to make money though and the only people I know who could would be cab owners I know who do that exact thing already.
|
|
#
?
Jun 1, 2015 14:29
|
|
|
MJBuddy posted:The long run steady state is going to be crazy low $/mile vehicles and sticking to surge pricing mostly. Which is a) what Uber really wants anyway and b) generally what society says they want, with less cars on the road in slow hours, more during rush hour, and those cars being energy efficient. So are you saying that Uber can't carve out its own niche by almost exactly copying something that's been around since the dawn of time?
|
|
#
?
Jun 1, 2015 14:38
|
|
|
MJBuddy posted:The long run steady state is going to be crazy low $/mile vehicles and sticking to surge pricing mostly. Which is a) what Uber really wants anyway and b) generally what society says they want, with less cars on the road in slow hours, more during rush hour, and those cars being energy efficient. When I was in San Fran a while back, I got an uber driver that was driving a volt. He was leasing it at some really cheap rate because of all the rebates (~$150/mo?) and charged it at free charging stations in the city when things were slow. It seemed like a pretty clever way of doing it.
|
|
#
?
Jun 1, 2015 15:15
|
|
|
Renegret posted:pssht, that's so unrealistic. Nobody in real life is dumb enough to do that. In the next panel the dad reveals he's dropped about 3m yen into the scam and lost another 3m gambling. 
|
|
#
?
Jun 1, 2015 15:15
|
|
|
Zauper posted:When I was in San Fran a while back, I got an uber driver that was driving a volt. Ah yes, nothing like passing your private business expenses to the city, which is probably swimming in more money than they know what to do with! Good with money for sure.
|
|
#
?
Jun 1, 2015 15:53
|
|
|
|
| # ? May 15, 2024 07:27 |
|
|
enraged_camel posted:Ah yes, nothing like passing your private business expenses to the city, which is probably swimming in more money than they know what to do with! I agree that it's taking advantage, but did the city really not consider that some people might do exactly this?
|
|
#
?
Jun 1, 2015 15:56
|
|