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Krispy Kareem posted:Did anyone catch the story over the weekend about Greeks sinking their money into used luxury cars? You can't withdraw the money, due to the capital controls going on in Greece. If I were in greece it might be the only time in my life I might consider looking at Bitcoin.
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Jul 1, 2015 00:14
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Ron Paul Atreides posted:I dunno, it depends on her living situation and medical situation building up to this, the '00s were loving brutal if you slipped through the cracks That's why this BWM is one to feel sad for and not laugh at. Not all BWM is entertaining. Foma posted:You can't withdraw the money, due to the capital controls going on in Greece. If I were in greece it might be the only time in my life I might consider looking at Bitcoin. The problem with bitcoin is that you still need money to buy them and if you're trapped by the capital controls you're in trouble either way. In the past bullion and Rolex were the things to get to preserve your wealth long enough to cross the border and cash out. Devian666 fucked around with this message at 00:49 on Jul 1, 2015 |
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Jul 1, 2015 00:46
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When did the capital controls go into effect? I can't imagine not having seen the writing on the wall, shouldn't the bank run have happened years ago? Certainly I wouldn't have left my life savings in a greek bank account at any time after, say, 2011.
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Jul 1, 2015 02:08
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Jeffrey of YOSPOS posted:When did the capital controls go into effect? I can't imagine not having seen the writing on the wall, shouldn't the bank run have happened years ago? Certainly I wouldn't have left my life savings in a greek bank account at any time after, say, 2011. The cash was starting to flow back into Greece as things were settling down. I the last week or so it's looking like things are turning to poo poo so a gigantic bank run started. The bank run was going for about a week until capital controls were declared a matter of days ago and the stock market was shut down. Things have been moving and shifting with changes in confidence. I suspect everyone there is numb to noise about payment default then the payments have gone through, now it looks like it could happen and financial aid is being withheld. I'm expecting a large scale riot to break out if things get worse.
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Jul 1, 2015 02:29
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What's the constitutional basis for capital controls? Is it something in the banking regulations?
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Jul 1, 2015 02:38
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It will be banking regulations and is probably central bank driven. Protecting what's left of the financial stability in Greece is a significant national interest. Also they would have an issue if the money comes out Tier 2 capital under Basel III. The banks would be in deep poo poo at that point. e: A bank run of this scale easily threatens to collapse every bank in Greece.
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Jul 1, 2015 02:46
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What would it being Tier 2 signify?
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Jul 1, 2015 02:49
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Subjunctive posted:What would it being Tier 2 signify? Tier 1 capital and the additional Tier 1 capital is cash and financial instruments they can release when things are bad but are expected to rebuild those funds when the profits are good (a bank emergency fund for unexpected expenses). Tier 2 is the capital that represents the actual shareholder value (ownership) of the bank. If that's gone the bank is underwater and is probably illiquid. I've paraphrased a bit and I am not an expert in banking regulations so my explanation might not be perfect.
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Jul 1, 2015 03:03
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You guys need to stop writing "BWM" because I keep seeing "BMW" and I can't seem to wrap my head around how some of these non car chat posts are about cars
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Jul 1, 2015 03:26
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On second thought the two acronyms are basically synonymous so I'll allow it
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Jul 1, 2015 03:27
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oxsnard posted:On second thought the two acronyms are basically synonymous so I'll allow it I've thought that ever since the acronyms started being used. Bad with money content Greece has defaulted on their IMF payment and Sunday is the referendum to determine if they stick with the Euro. http://www.independent.ie/business/world/greece-officially-in-arrears-on-imf-loan-as-deadline-passes-31339314.html
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Jul 1, 2015 03:31
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oxsnard posted:You guys need to stop writing "BWM" because I keep seeing "BMW" and I can't seem to wrap my head around how some of these non car chat posts are about cars Dont forget about all of the people who are BWW or BBW with money
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Jul 1, 2015 03:44
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Hashtag Banterzone posted:BBW with money I know a few guys like this
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Jul 1, 2015 04:19
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Foma posted:You can't withdraw the money, due to the capital controls going on in Greece. If I were in greece it might be the only time in my life I might consider looking at Bitcoin. This was before the recent cap on withdrawals, so people were conceivably withdrawing all their Euros and buying 3 year old Mercedes. The odd part is, even the dealers acknowledged none of the cars were collector's items. Just regular old luxury cars that probably lose 10% of their value each year. But they're still better off than any poor fool with money in a Greek bank. I imagine they'll vote themselves out of the Euro and then convert all the old currency into new currency at a laughably optimistic exchange rate that'll collapse immediately on the world market. On the plus side it's about to get a whole lot cheaper to vacation in Greece. Hashtag Banterzone posted:...BBW with money I have a lot of lady equity.
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Jul 1, 2015 04:49
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Is salary discrimination against overweight women a thing? I bet it's a thing.
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Jul 1, 2015 04:59
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also lmaoJoementum posted:According to his tax returns, Jeb! bought $77,000 of Lehman Brothers stock... in July of 2008.
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Jul 1, 2015 05:06
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http://www.reddit.com/r/personalfinance/comments/3bpgxb/how_to_get_younger_brother_to_realize_that_hes/quote:Ok, some information. quote:I just got married at the beginning of the month. My wife and I received about $11,000 in monetary gifts. We opened a joint savings account with a 0.99% interest rate, and for now, that's where the money is hanging out. In paying for the wedding and honeymoon we both accumulated about $5,000 in credit card debt and both of our cards have around a 12% interest rate. We each make payments of about $500/month toward the debt. SiGmA_X fucked around with this message at 05:19 on Jul 1, 2015 |
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Jul 1, 2015 05:16
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pig slut lisa posted:Is salary discrimination against overweight women a thing? I bet it's a thing. 100% a thing.
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Jul 1, 2015 05:18
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pig slut lisa posted:also lmao Didn't he gross like $25 mil between 2007 and 2013? I'm sure he's not missing that money too much.
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Jul 1, 2015 12:46
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On the Greece thing, can someone post a nice overall explanation of what happened? I'm out of the loop and uninformed and would like a nice unbiased article or link about what is going on.
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Jul 1, 2015 12:56
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BloodBag posted:On the Greece thing, can someone post a nice overall explanation of what happened? I'm out of the loop and uninformed and would like a nice unbiased article or link about what is going on. http://www.nytimes.com/interactive/2015/business/international/greece-debt-crisis-euro.html?_r=0 Wikipedia also has some info, but it's not presented as simply as the NYT article
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Jul 1, 2015 13:12
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Devian666 posted:That's why this BWM is one to feel sad for and not laugh at. Not all BWM is entertaining. I fully admit to being here primarily for the entertaining cases
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Jul 1, 2015 17:11
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Hearing comments from people returning from holidays in Greece. Apparently your average person hasn't been putting their money in banks due to the crises. The ones who are getting hit badly are the pensioners as the payments are made into bank accounts. The Greek PM is now telling people to reject the bailout deal at Sunday's referendum.
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Jul 1, 2015 20:32
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DrBouvenstein posted:Yeah, there's a whole slew of these "make thousands a month from home while doing NO WORK YOURSELF!" I'm always amazed at how much effort people are willing to put into NO WORK work.
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Jul 1, 2015 23:58
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Friend of a friend on facebook lives in Mountain View, CA and posted about how stunned he is that his rent might go up by $1000 this year at the end of his lease. Some hosed up poo poo, right? Enter unknown party who then encourages him to take out an FHA, 3.5% down home loan to buy a $650k max house in Mountain View to "stop throwing money away" and "mortgages are cheaper than rent" If I understand correctly, Mountain View (part of the Silicon Valley) has an extremely inflated housing market right now, and $650k will buy you a condo off the beaten path. Naturally, I said so, and mentioned that being your own landlord and paying PMI have their own costs.  Apparently I have bought into the banks' scheme to keep us poor and property-less and house prices will only go up from here. It's like 2009 never happened.
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Jul 2, 2015 20:41
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Mocking Bird posted:Friend of a friend on facebook lives in Mountain View, CA and posted about how stunned he is that his rent might go up by $1000 this year at the end of his lease. Some hosed up poo poo, right? That really does sound like poo poo and just for a condo? Largest city in New Zealand has crazy house/apartment prices at the moment. The rest of the country has everyone saying it's a bubble and to be careful. The thing is people are caught up in the greed of it all so rational thinking is out the window. People also can't connect the 17% house price increase with the fact that there's no relation to economic growth or activity just speculation.
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Jul 2, 2015 20:52
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lol, 650k won't buy you poo poo in Mountain View.
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Jul 2, 2015 20:53
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Another person came in on the post to defend me ("650k in Mountain View won't buy poo poo! And HOA loans are BS in the Bay!") and then totally went off the rails and advised him to leverage his job to buy homes in lower cost "in-fill" areas like Palm Springs and Las Vegas "to fund the rent in the bay"  Yeah, that sounds like a good idea, become a slum lord for the working class in places you don't live or have immediate access too, or even out of state, and just hope you get some decent tenants who never want anything I guess? Or pay a management company? And hope your rent turns a profit over the cost of management, repairs, and time the house is empty?
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Jul 2, 2015 21:23
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Mocking Bird posted:Friend of a friend on facebook lives in Mountain View, CA and posted about how stunned he is that his rent might go up by $1000 this year at the end of his lease. Some hosed up poo poo, right? I bought a 4 br 2 bath in San Jose in 2010, and my monthly mortgage payment of $2,040 is less than a 429 sq ft studio apartment downtown. And San Jose ain't got poo poo on Mountain View rents.  Now is probably the wrong time to buy, though. Wait until all the water runs out and the land will be cheap again.
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Jul 2, 2015 21:31
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Inverse Icarus posted:Now is probably the wrong time to buy, though. Wait until all the water runs out and the land will be cheap again. Perfect for going Galt and dying of thirst, like those west Texas "can't pass this up" land deals.
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Jul 2, 2015 21:51
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Mocking Bird posted:Another person came in on the post to defend me ("650k in Mountain View won't buy poo poo! And HOA loans are BS in the Bay!") and then totally went off the rails and advised him to leverage his job to buy homes in lower cost "in-fill" areas like Palm Springs and Las Vegas "to fund the rent in the bay" lmao what a nutty loving idea
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Jul 2, 2015 22:18
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BWM: In-Laws, Chapter 34 My father in law was recently made redundant, at age 70. This was excellent because it gave him a really nice extra lump sum payment to see him into retirement. They have no savings but own their own home, and have an "investment" rental property with a mortgage of $80k. The rental income does not cover the mortgage and they pay about $400/month on top. Their combined superannuation income leaves them $500/month short on their budget (which they won't disclose) before they even consider the $350/month mortgage deficit. They consider several responsible options on how to use the redundancy payment and ultimately decide it's better to blow it all on a trip to Europe. (e: this is the second trip to Europe in 2 years) Now, a couple of months later, we find that their tenants moved out and my mother-in-law "couldn't be bothered going through the hassle" of getting more tenants, so the rental is untenanted and they're in the hole for mortgage repayments. They finally agree to sell the rental having come to the realisation that they literally cannot pay the mortgage on their superannuation income, even if tenanted. Their children swarm the house armed with tools, paint and waterblasters to get the house looking amazing and ready for sale, though it is still a tired house in a lovely area. We discuss several ways to use the money from the sale to guarantee a small income stream to supplement their superannuation. Today we find out that they have started planning their next trip to Europe using the funds from the sale, as well as a trip to the UK next year. The current $500/month deficit (or the ~$20k of repair work their own house needs) is not a concern because God will provide. Tamarillo fucked around with this message at 11:22 on Jul 3, 2015 |
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Jul 3, 2015 11:04
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Tamarillo posted:Today we find out that they have started planning their next trip to Europe using the funds from the sale, as well as a trip to the UK next year. The current $500/month deficit (or the ~$20k of repair work their own house needs) is not a concern because God will provide. Doesn't the Bible specifically say not to treat God like that? You know, when Satan was all "Hey Jesus, jump off that building and get God to catch you" and Jesus was all "gently caress you, you're not supposed to tempt God".
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Jul 3, 2015 14:43
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My aunt has no retirement savings to speak of and is over 60. But it's okay because the rapture will occur before she has to retire, you see.
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Jul 3, 2015 15:12
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Aquatic Giraffe posted:My aunt has no retirement savings to speak of and is over 60. But it's okay because the rapture will occur before she has to retire, you see. If that happens My first thought will be "I could have afforded to add guacamole to all my burritos after all"
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Jul 3, 2015 23:26
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Aquatic Giraffe posted:My aunt has no retirement savings to speak of and is over 60. My dad is in the same boat, though he only just turned 60. It's depressing, to say the least.
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Jul 3, 2015 23:38
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Fortunately for her she has recently gotten a decent inheritance to live off of from my grandfather (her father), and he knew how horrible she is with money so her portion of the inheritance is locked down tight in a trust and she only gets a portion of it every year. Of course instead of being thankful she's fortunate enough to have a father who's looking out for her even after death, she attributes it to God and religion. It's infuriating. My grandfather was a shining beacon of good with money so having a daughter like that upset him greatly. Problem! fucked around with this message at 00:22 on Jul 4, 2015 |
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Jul 4, 2015 00:19
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My dad is just planning to survive off of SS payments with a retirement age of 70. That's something like 2500/month I think. He'll have no debt and a house though, FWIW. I think it's doable.
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Jul 4, 2015 02:27
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My mom is trading a paid off house for a new house requiring unknown dollar amount in renovations, but minimum $300,000, fully funded by mortgage. On a defined benefit pension of $3,000/mo. At age 63. Also it's too late to change her mind because she already gutted the new house without finalizing the plan or even hiring a contractor and sold her old house. Her plan is to live in my grandma's basement until the house is done.
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Jul 4, 2015 07:57
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I'm wondering what one can do to an existing house for $300,000.
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Jul 4, 2015 08:09
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