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quote:monthly expenses became so strained that he and his wife sold one of their two cars and, along with their young daughter Doesn't selling his daughter kind of exclude him from being in good standing as a presidential candidate. That and her sale is the only thing that has given him a positive net worth.
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Jun 9, 2015 21:11
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Did you guys see this thread on the forums? http://forums.somethingawful.com/showthread.php?threadid=3722319 Can't tell if it's a troll or not.
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Jun 9, 2015 21:45
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I lost interest in that one quickly. I was talking to a financial planner at a party last weekend and swapping some bad with money stories. One of his clients had a similar star wars collecting issue. His thing was star wars armada miniatures. gently caress those rip offs. It's just another permutation of the original star wars miniature game but they cost 3 times as much for bugger all miniatures. The guy decided to buy four of the start sets and various other spending. The usual story of massive income and blowing it all. At least the financial planner had gotten him around to the idea of actually saving for a house. Another story was a person that was 3 payments from fully paying off their mortgage. He suggested paying it all off asap and getting a big boost into retirement savings. Instead they said they just wait for the last 3 payments, he went back to them and they were happy they'd paid off the mortgage. Of course now they'd decided to buy a car to get those payments going again rather than save more for their retirement. It's funny reading this thread but being a financial planner sounds like a nightmare.
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Jun 9, 2015 22:33
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Wait what? Star Wars armada is, yeah, a miniatures game, but why would you buy like four starter sets? Was the guy *playing* the game with anyone, or just buying them because they look cool? It's a good game though. 
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Jun 9, 2015 22:36
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Pretty sure the OP could be pretty financially secure by moderating their spending in the range of $500/month if they continue to be DINKs. If they decide to have kids, they'll really need to reign in the spending in order to maintain financial stability. It seems like most of the OPs that stick with their threads seem to take *months* to 'get it'.
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Jun 9, 2015 22:40
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Devian666 posted:I lost interest in that one quickly. I was talking to a financial planner at a party last weekend and swapping some bad with money stories. One of his clients had a similar star wars collecting issue. His thing was star wars armada miniatures. gently caress those rip offs. It's just another permutation of the original star wars miniature game but they cost 3 times as much for bugger all miniatures. The guy decided to buy four of the start sets and various other spending. Well, eventually the guy is going to run out of space in his hovel for Star Wars minatures and will need a bigger house to hold them
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Jun 10, 2015 00:17
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n8r posted:It seems like most of the OPs that stick with their threads seem to take *months* to 'get it'. They're hoping for a magic solution or that someone will validate the unnecessary spending. Bad with money is my spending $56USD this month on collectables and two old wargames (Car Wars Compendium pdf and Ogre pocket edition). I blew out my $26USD budget. canyoneer posted:Well, eventually the guy is going to run out of space in his hovel for Star Wars minatures and will need a bigger house to hold them That could be his actual motivation other than not living like poo poo.
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Jun 10, 2015 00:20
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Oh - that post was supposed to be in the star wars lady's thread, oh well close enough.
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Jun 10, 2015 05:04
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n8r posted:Oh - that post was supposed to be in the star wars lady's thread, oh well close enough. No it wasn't as it's another star wars overspender, but I know what you mean.
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Jun 10, 2015 07:00
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n8r posted:Pretty sure the OP could be pretty financially secure by moderating their spending in the range of $500/month if they continue to be DINKs. If they decide to have kids, they'll really need to reign in the spending in order to maintain financial stability. Pretty sure we will get at max 10 more posts from that OP. She has already said she is conflict avoidant, so my guess is that's why she hasn't responded to any specific points.
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Jun 10, 2015 12:34
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pig slut lisa posted:I can't link cause I'm on my phone, but The Forward Cabin (a travel and rewards credit card blog) just posted about a credit card issued by Commerce Bank that issues bonus points for every dollar in interest that accrues on your unpaid balance. The points earned by interest accrue at three times the rate of points earned by spend, so this is really the perfect card for the "always carry a balance" crowd. I'm Canadian so I may have a drastic misunderstanding of the U.S. credit score system, but I had heard that always carrying a balance was a more effective method to build up credit on that side of the border. Is that not the case? That was what I had understood from a couple of older colleagues who had kids move south and want to get a mortgage. Their kids would deliberately keep like $10 or some pittance left on the card every month for a couple of years.
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Jun 10, 2015 15:36
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Antifreeze Head posted:I'm Canadian so I may have a drastic misunderstanding of the U.S. credit score system, but I had heard that always carrying a balance was a more effective method to build up credit on that side of the border. Is that not the case? Nope, that's bullshit. I want to say the rumor probably originated with a credit card company but the truth is it probably didn't. People want to believe it so they can think of their 50% APR CC balance as an  investment instead of a gigantic mistake that's costing them tens of thousands of dollars.
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Jun 10, 2015 15:50
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Antifreeze Head posted:I'm Canadian so I may have a drastic misunderstanding of the U.S. credit score system, but I had heard that always carrying a balance was a more effective method to build up credit on that side of the border. Is that not the case? It is definitely not the case, although it's a really common misconception that credit card companies have no interest in correcting. A US credit report does not show the balance carried month-to-month; it only shows the statement balance each month, credit limits, and payment timeliness. There's no way to tell the difference between new and old spending from a credit report, so it can't be a part of a credit score. Carrying a balance can't help, and will hurt by driving up utilization of available credit (although $10 will be lost in the noise).
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Jun 10, 2015 16:00
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Antifreeze Head posted:I'm Canadian so I may have a drastic misunderstanding of the U.S. credit score system, but I had heard that always carrying a balance was a more effective method to build up credit on that side of the border. Is that not the case? It's complete bullshit, but a very common and understandable misconception. It comes from the fact that an inactive credit card does not help your credit as much as an active card, and activity is determined by your credit card reporting a higher balance than $0 to the credit bureaus. This does not mean you need to carry over a balance from one month to the next, just have a non-zero balance whenever your credit card statement is generated. You can use your card normally and pay it off in full every month and get the same credit building benefits and not pay any interest. You don't want to carry a balance at all on your credit card, even a small amount like $10 because it means you no longer get a grace period. If you don't pay off the statement balance in full every month your purchases start accruing interest immediately.
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Jun 10, 2015 16:25
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Grumpwagon posted:Pretty sure we will get at max 10 more posts from that OP. She has already said she is conflict avoidant, so my guess is that's why she hasn't responded to any specific points. conflict avoidant? And she wants kids?? They are the epitome of conflict lol does she have any idea what she is getting into?
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Jun 10, 2015 16:51
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At least slomo and zaurg gave up pics. If I spent tens of thousands on collectibles I would sure as hell be sharing them with anyone who seemed even remotely interested.
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Jun 10, 2015 18:43
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This was posted in the Canadian Debt thread and I love it: http://www.cbc.ca/news/business/the-national-lust-for-home-equity-lines-of-credit-should-we-worry-1.3106533quote:Ali is now considering borrowing more money against the equity in his new home. He admits he's antsy about adding to his debt when the family already has a substantial mortgage on their 5,000-square-foot house. There's lots of hilarious stuff in the article but that jumped out at me.
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Jun 10, 2015 19:03
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AbsenceVsThinAir posted:At least slomo and zaurg gave up pics. If I spent tens of thousands on collectibles I would sure as hell be sharing them with anyone who seemed even remotely interested. She's obviously ashamed of it, not completely, but a little bit. Also the age difference in their relationship.
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Jun 10, 2015 19:41
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triplexpac posted:This was posted in the Canadian Debt thread and I love it: http://www.cbc.ca/news/business/the-national-lust-for-home-equity-lines-of-credit-should-we-worry-1.3106533 $40,000 glass railing ...$40,000 glass railing $40,000 glass railing
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Jun 10, 2015 20:49
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And here I am terrified to have a $200 glass bong.
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Jun 10, 2015 20:55
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Inverse Icarus posted:And here I am terrified to have a $200 glass bong. Look at it this way you'll buy it and it will get obviously dirty. You'll have to clean it out all the time (just when you need it). The one thing from the article that sends a message of terror to me is the $7000 Channel bag. Whenever a woman with an expensive bag checks me out all I can think is that they probably can't afford it and is looking for someone to pay of debts. What a great bad with money conclusion. quote:And that's why some rooms in the family's home remain empty. Ali shows CBC News his large, mostly barren master bedroom and talks about his grand plans to furnish it — sometime in the future. In Auckland, NZ people are being accused of using their house value increases as an ATM. Some are and they are fools.
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Jun 10, 2015 21:16
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When do we start considering conspicuous consumption a mental condition?
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Jun 10, 2015 21:58
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Devian666 posted:The one thing from the article that sends a message of terror to me is the $7000 Channel bag. Whenever a woman with an expensive bag checks me out all I can think is that they probably can't afford it and is looking for someone to pay of debts. If it says Channel they probably got it for $30 at the swap meet. Good with money
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Jun 10, 2015 22:11
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canyoneer posted:If it says Channel they probably got it for $30 at the swap meet. Good with money With that sort of spelling they might have picked it up for $5 in a Chinese knock off mall. Even better with money, bad with taste.
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Jun 11, 2015 00:23
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Devian666 posted:In Auckland, NZ people are being accused of using their house value increases as an ATM. Some are and they are fools. I only ever saw this once, so I don't know how common it was - but a local bank had a Visa card that tied directly to your home equity line of credit. In other news my state had the most bank failures in the US and the 3rd highest foreclosure rate.
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Jun 11, 2015 00:26
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Jun 11, 2015 00:35
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Krispy Kareem posted:I only ever saw this once, so I don't know how common it was - but a local bank had a Visa card that tied directly to your home equity line of credit. It's effectively a normal debt card at that point. EFTPOS cards have been common in New Zealand for a very long time. If I buy something not on a credit card then it goes on my floating rate mortgage. If someone has no financial discipline it's a potential disaster as an account like that you need to be paying off over time, or receiving large lump sum payments to get the savings on interest payments. Imagine have an account like that and being at the limit all the time. Then something changes which causes you available credit to reduce you'd be in deep financial poo poo.
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Jun 11, 2015 00:36
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While I wouldn't take a loan to invest, for people who are choosing between spending our investing those dollars it can be more profitable to invest the money and pay only the minimums on low interest debt. There's the element of risk when dealing with leverage but as long as you're not seeking out debt just for the sake of leveraging it it can be worthwhile. You shouldn't be spending more than you have except on your house. I have a friend who was saving most of his money as cash in his checking account with the goal of buying a house outright in a few years. I talked him in to at least investing in bonds and GICs to fit his time horizon to get something out of it. I also managed to convince him that a mortgage wasn't quite the embodiment of pure evil he thought it was. e: His parents were super terrible with money so he said he'd never, ever spend any money he didn't have. Except for not knowing anything about tax breaks or investing he's not bad with money. Desuwa fucked around with this message at 01:25 on Jun 11, 2015 |
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Jun 11, 2015 01:20
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I used to think the same way about mortgage's. All debt is bad. I still have an element of that in my thinking which is why I have about 30% equity on my house. My leveraged capital gain on the money invested in the house (at 20% equity) is about 45% in the last year. I'm decreasing the leverage and the gain on money invested but that's a risk mitigation measure. The way I was brought up was to avoid terrible consumer debt and pay off a house. Unfortunately the thinking was incomplete in relation to investments. What few non-housing investments my parents have are insignificant by comparison.
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Jun 11, 2015 02:02
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Devian666 posted:In Auckland, NZ people are being accused of using their house value increases as an ATM. Some are and they are fools. A month or two ago a Kiwi mate of mine posted an article from Auckland, a 21 year old cop had just gotten a $400,000 loan... for a piece of land. That didn't even cover the cost of building the house 
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Jun 11, 2015 02:59
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Pompous Rhombus posted:A month or two ago a Kiwi mate of mine posted an article from Auckland, a 21 year old cop had just gotten a $400,000 loan... for a piece of land. That didn't even cover the cost of building the house Well here in Australia our treasurer just told everyone that million dollar houses are affordable and everyone just needs to bootstraps them selves into a better job. "Treasurer Joe Hockey posted:If you've got a good job and it pays good money and you have security in relation to that job, then you can go to the bank and you can borrow money and that's readily affordable. Rudager fucked around with this message at 05:57 on Jun 11, 2015 |
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Jun 11, 2015 03:29
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Rudager posted:Well here in Australia our treasurer just told everyone that million dollar houses are affordable and everyone just needs to bootstraps them selves into a better job. Clearly, we should have thought ahead and chose to be born into the upper classes. Speaking of which, there was a rush of first home buyers a couple of years back when the government was cutting off the First Home Owners Grant. In the myopia I've come to expect from people in my town, a girl, renowned for a series of short term and chaotic relationships decided to take out a mortgage on a house with her boyfriend at the time. A month later, she left, abandoning the house. As far as I know, she's currently in exile in rural Queensland.
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Jun 11, 2015 04:07
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pig slut lisa posted:I can't link cause I'm on my phone, but The Forward Cabin (a travel and rewards credit card blog) just posted about a credit card issued by Commerce Bank that issues bonus points for every dollar in interest that accrues on your unpaid balance. The points earned by interest accrue at three times the rate of points earned by spend, so this is really the perfect card for the "always carry a balance" crowd. So I'm not sure what the consumer finance protection bureau is up to these days, but it does not seem like it would be a poor use of their time to forbid issuing banks from awarding points or benefits that encourage consumers to carry balances on their cards.
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Jun 11, 2015 04:30
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Pompous Rhombus posted:A month or two ago a Kiwi mate of mine posted an article from Auckland, a 21 year old cop had just gotten a $400,000 loan... for a piece of land. That didn't even cover the cost of building the house That's a bargain. Not making GBS threads you it's a bargain in the right place. People have been paying $1m for a tiny piece of land with a dangerous shack/house. He won't have to pay to knock anything down and scrap the land to remove the debris. A fantastic start. Of course it's a massive bubble that will destroy some people's finances even if the prices go flat rather than down. It's also interesting that the major downturn in foreign cashflow is the requirement for foreign buyers to get an IRD number and bank account. It seems that those buying houses with a suitcase full of cash have stopped buying, and those that would transfer the money otherwise suddenly don't want an IRD number because they know we'll send all the transaction details to the Chinese Government.
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Jun 11, 2015 05:36
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Well another major factor in the downturn in foreign investment might be that the NZD has been a pretty piece of poo poo currency to in which to purchase expensive illiquid assets over the past year
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Jun 11, 2015 05:53
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Yet that didn't stop hundreds of millions and billions of dollars endlessly pouring in. It's only the account changes in the past month or so that suddenly stopped a large amount of cash purchase inflows. Mysteriously unaffected by the exchange rate, and in fact one Chinese man bid against himself 3 times at a house auction even though he was the highest bidder. People are flipping houses and apartments after two weeks of owning them for a $50k profit. It's like the roaring 20's all over again.
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Jun 11, 2015 06:08
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Rudager posted:Well here in Australia our treasurer just told everyone that million dollar houses are affordable and everyone just needs to bootstraps them selves into a better job.
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Jun 11, 2015 07:29
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Every house is affordable if the number in your bank account has the correct number, you know, sort of like lotto. The latest on Auckland is that it has it's first $2m suburb, great news for affordability.
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Jun 11, 2015 07:45
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Devian666 posted:Every house is affordable if the number in your bank account has the correct number, you know, sort of like lotto. The latest on Auckland is that it has it's first $2m suburb, great news for affordability. My favourite part was the 3bdrm brick shithouse that in any other city would have been worth ~$300-400k but in Herne Bay was $1.5m
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Jun 11, 2015 12:21
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Are you suggesting that location can potentially multiply the value of real estate several times over?
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Jun 11, 2015 12:39
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