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Florida Betty posted:Update on the really stupid kid who passed out "souvenir" checks to his friends. Yeesh, quote:I probably won’t see him for a while because I leave for my trip this week and I’ll be gone for a while. I’m only getting $300 for the trip this time instead of $1000, but I guess it makes sense that im punished somehow.
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Jul 13, 2015 18:02
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THF13 posted:/r/Wallstreetbets in its entirety qualifies for this thread, but here is some grade A material. Good subreddit find
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Jul 13, 2015 18:03
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Droo posted:In a lot of states, the equity in your house is protected from lawsuits up to a certain point. For example, if I have a paid off house in Nevada, the money in my house can't be taken from me if I lose a lawsuit (up to $550k here). Yeah there certainly can be reasons to do stuff like this (a concise list of them would be a cool thing to have in the house thread - I'd be interested in hearing more). In this case, each individual would need to do their own reasoning as to how much per month is reasoning to spend on, uhh, "lawsuit insurance".
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Jul 13, 2015 18:07
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THF13 posted:/r/Wallstreetbets in its entirety qualifies for this thread, but here is some grade A material. Oh my god.
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Jul 13, 2015 18:08
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CannonFodder posted:Yeesh, $700 can be cheap for a financial life lesson. If only it wasn't about a financial instrument that's all but obsolete. Maybe the lesson will carry over to other payment methods. Or maybe he'll print out pictures of the front and back of his debit card and stick it in this year's Christmas cards. "It's a souvenir!" Zauper posted:Umbrella coverage policies are also ridiculously cheap. I think I have a $3M umbrella policy for about $180/yr. Umbrella policies are super cheap, but your carrier may require you to max out your liability coverage as a condition of purchasing one. It's still a great option if you are trying to protect assets. I convinced my mom to get one while my DUI loving brother was still on her auto insurance. Krispy Wafer fucked around with this message at 18:31 on Jul 13, 2015 |
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Jul 13, 2015 18:17
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Jeffrey of YOSPOS posted:Yeah there certainly can be reasons to do stuff like this (a concise list of them would be a cool thing to have in the house thread - I'd be interested in hearing more). In this case, each individual would need to do their own reasoning as to how much per month is reasoning to spend on, uhh, "lawsuit insurance". Umbrella coverage policies are also ridiculously cheap. I think I have a $3M umbrella policy for about $180/yr.
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Jul 13, 2015 18:22
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THF13 posted:/r/Wallstreetbets in its entirety qualifies for this thread, but here is some grade A material. The worst part about this is that it's creating a no-win outcome regardless of how things go. If s/he gets wiped out, then that's it, no where else to go. If s/he doesn't get wiped out, then it's just going to reinforce that completely stupid undiversified bets are a good move. Which will lead to getting wiped out.
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Jul 13, 2015 18:46
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THF13 posted:/r/Wallstreetbets in its entirety qualifies for this thread, but here is some grade A material. Thank you so much for this. Holy poo poo.
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Jul 13, 2015 19:01
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50 cent has filed for bankruptcy http://www.bbc.com/news/business-33514174 Seeing how he has made tens of millions of dollars it will be interesting to see what kind of MC Hammer and Mike Tyson poo poo he's gotten up to 
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Jul 13, 2015 20:29
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Dwight Eisenhower posted:The worst part about this is that it's creating a no-win outcome regardless of how things go. It's a brilliant gamble he's going all or nothing. If he wins he's bought to do it again until he loses. The best outcome for bad with money.
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Jul 13, 2015 21:05
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It's just so weird that he apparently has enough in his portfolio to swap them all out for apple stocks, and have $100,000+(?) after a 10 point increase? How is he currently so hosed with those numbers? What am I missing here?
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Jul 13, 2015 21:28
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He's not buying stocks, he's buying short term options. Those options probably only cost a couple bucks apiece, so a $10 increase in the share price means 8% profit on the stock but might be 200-400% profit on the options. The flip side being that if the stock price drops 2-3% he loses it all instead of taking a tiny haircut.
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Jul 13, 2015 21:36
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Gabriel Pope posted:He's not buying stocks, he's buying short term options. Those options probably only cost a couple bucks apiece, so a $10 increase in the share price means 8% profit on the stock but might be 200-400% profit on the options. The flip side being that if the stock price drops 2-3% he loses it all instead of taking a tiny haircut. Thanks, I figured I was missing something!
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Jul 13, 2015 21:49
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Gabriel Pope posted:He's not buying stocks, he's buying short term options. Those options probably only cost a couple bucks apiece, so a $10 increase in the share price means 8% profit on the stock but might be 200-400% profit on the options. The flip side being that if the stock price drops 2-3% he loses it all instead of taking a tiny haircut. If I'm reading this right, he's probably paying $3.15 for a 7/24 call at $125. Ignoring transaction costs and taxes, the stock price on that day has got to be $128.15 to see a profit, right? What an idiot.
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Jul 13, 2015 22:00
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He's gambling, not investing, and spoiler: he's a really bad gambler eta: but lucky, today his options almost doubled in value https://www.google.com/finance/option_chain?q=NASDAQ%3AAAPL&ei=XiikVdHfD4OsmAGU9IvYDA paperchaseguy fucked around with this message at 22:10 on Jul 13, 2015 |
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Jul 13, 2015 22:05
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Lord Tywin posted:50 cent has filed for bankruptcy 50 cent has made hundreds of millions; it looks like the personal bankruptcy he is filing is in strategic response to a $5 million civil judgment against him in a sex tape lawsuit (for real). I'd say given his business interests there is absolutely no chance he is actually remotely close to broke
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Jul 13, 2015 22:22
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 I'm not sure if this is good with money or bad with it. Good if it works I guess.
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Jul 13, 2015 22:34
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Comrade Flynn posted:
I had an acquaintance from art school do the same poo poo. He sounded like such an entitled little poo poo about it though. I just looked it up again and the dude changed it to read that he needs money for surgery now lmbo.
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Jul 13, 2015 22:48
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I had a friend do the same thing for school loans. Six months later she bought a house. I had a good chuckle about whoever donated to that one.
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Jul 13, 2015 22:55
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silvergoose posted:I've never, ever heard of such a rate in the US. I get 3% up to 15k in my checking account if I make 120 dollars worth of debit transactions a month.
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Jul 13, 2015 22:59
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BEHOLD: MY CAPE posted:50 cent has made hundreds of millions; it looks like the personal bankruptcy he is filing is in strategic response to a $5 million civil judgment against him in a sex tape lawsuit (for real). I'd say given his business interests there is absolutely no chance he is actually remotely close to broke I was trying to figure that out. Even if his money is bound into non-liquid corporate shares, wouldn't that still count as assets in a bankruptcy court? Or maybe he has all his millions in non-revocable trusts.
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Jul 13, 2015 23:45
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TLG James posted:I get 3% up to 15k in my checking account if I make 120 dollars worth of debit transactions a month. What bank? Jesus
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Jul 13, 2015 23:52
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Krispy Kareem posted:I was trying to figure that out. Even if his money is bound into non-liquid corporate shares, wouldn't that still count as assets in a bankruptcy court? Or maybe he has all his millions in non-revocable trusts. Rich people are allowed to cheat at these kinds of things. I have no doubt his lawyers will produce a document proving beyond a doubt that Curtis Jackson had to eat chinese food from a trashcan just to get the energy to walk the 12 miles to the courtroom that day.
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Jul 14, 2015 00:06
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BossRighteous posted:I had an acquaintance from art school do the same poo poo. He sounded like such an entitled little poo poo about it though. I just looked it up again and the dude changed it to read that he needs money for surgery now lmbo. Brain transplant, hopefully?
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Jul 14, 2015 00:14
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Sounds like I should take out a big loan on a house and really grow my money with it.
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Jul 14, 2015 00:39
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Lord Tywin posted:50 cent has filed for bankruptcy Huh. The guy even owns a mansion previously owned by Mike Tyson.
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Jul 14, 2015 00:42
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THF13 posted:/r/Wallstreetbets in its entirety qualifies for this thread, but here is some grade A material. Some people in the thread are saying he faked his own death a few months ago. I'm not sure what they're talking about, but it sounds entertaining. They also mentioned americanpegasus, who is infamous in the Bitcoin thread for being a complete nutjob. Edit: quote:[–]wafflewaxsuggested 8 points 1 day ago
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Jul 14, 2015 01:39
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SpelledBackwards posted:Some people in the thread are saying he faked his own death a few months ago. I'm not sure what they're talking about, but it sounds entertaining. Yup
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Jul 14, 2015 01:48
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BossRighteous posted:What bank? Jesus Just look around for credit unions. The one I'm with gives me 2% up to $25k and 0.25% on everything after for 15 transactions a month.
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Jul 14, 2015 02:05
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BossRighteous posted:What bank? Jesus Credit Unions bro.
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Jul 14, 2015 02:49
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TLG James posted:Credit Unions bro. quote:For Kasasa Cash, if qualifications are met each monthly qualification cycle: (1) Domestic ATM fees incurred during qualification cycle will be reimbursed and credited to account on the last day of monthly statement cycle; (2) balances up to $10,000 receive APY of 3.00%; and (3) balances over $10,000 earn 0.25% dividend rate on the portion of the balance over $10,000, resulting in 3.00% – 0.53% APY depending on the balance.
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Jul 14, 2015 04:47
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ladyweapon posted:My credit union has some partnership with Kasasa. Theres a decent rate for associated savings accounts too. Sigh... my CU is nice, but they top out at 0.25% for checking only when you have at least $100k in there, and 0.25% on savings at $5k or more. It's ridiculous. 
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Jul 14, 2015 05:02
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I struggle to make that many transactions in a month most months, even if I put all my bills through a single card.
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Jul 14, 2015 17:03
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TLG James posted:Credit Unions bro. I do bank at a CU but our savings rates are ~1.2% still. It's a pretty small scale one, so maybe that's part of it. I haven't heard of consistent 3s since the late 00s. Good deal 
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Jul 14, 2015 18:28
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Krispy Kareem posted:I was trying to figure that out. Even if his money is bound into non-liquid corporate shares, wouldn't that still count as assets in a bankruptcy court? Or maybe he has all his millions in non-revocable trusts. It's a chapter 11 bankruptcy. He doing it so he can structure the pay out of his multiple liabilities.
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Jul 14, 2015 19:39
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There must be some fundamentally different way my country works money. All the heinous low sounding interest rates. My bank offers up to 4.75% on savings up to 500k with 4.5 on 500k+ on a 5 year. Only drops .75% taking it down to a year or less. On the flipside I don't think we have stock investment as prevalent as the US.
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Jul 14, 2015 19:42
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Spiteski posted:There must be some fundamentally different way my country works money. All the heinous low sounding interest rates. My bank offers up to 4.75% on savings up to 500k with 4.5 on 500k+ on a 5 year. Only drops .75% taking it down to a year or less. Banks can borrow all the money they want from the Fed for next to nothing. There's no incentive to competing for customer deposits. Back when I worked at a community bank we'd hike up the CD rates when we wanted to sell more mortgages. There was a solid link there between taking money in and lending it out. That balance has been screwed up by keeping Fed rates so low.
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Jul 14, 2015 20:24
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In a bit of a pickle - I need to get a $30k line of credit, and have a cosigner. Wells fargo won't touch it, because there are a couple bogus outstanding accounts on my Experian score (which I have since gotten resolved but they tell me will take 6 months to affect my score). I need to get this money squared away pronto, so I need to find a bank that will run everything on one of the other bureaus (There's like a 175 point discrepancy between them and Experian) to smooth things out. My cosigner has a score over 800. Any leads? I'm in California.
deetron69 fucked around with this message at 20:56 on Jul 14, 2015 |
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Jul 14, 2015 20:51
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Oz Fox posted:In a bit of a pickle - I need to get a $30k line of credit, and have a cosigner. Wells fargo won't touch it, because there are a couple bogus outstanding accounts on my Experian score (which I have since gotten resolved but they tell me will take 6 months to affect my score). I need to get this money squared away pronto, so I need to find a bank that will run everything on one of the other bureaus (There's like a 175 point discrepancy between them and Experian) to smooth things out. My cosigner has a score over 800. Any leads? I'm in California. Try a local credit union, or a bank that has a relationship with your cosigner.
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Jul 14, 2015 21:06
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Spiteski posted:There must be some fundamentally different way my country works money. All the heinous low sounding interest rates. My bank offers up to 4.75% on savings up to 500k with 4.5 on 500k+ on a 5 year. Only drops .75% taking it down to a year or less.
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Jul 14, 2015 22:11
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