|
But 140k in debt is not just an aside. If she can't control her spending at all (and that's the worst credit card debt I've ever heard of), it's not that unreasonable. Also you don't know, maybe the wife either didn't want to work or has no marketable skills/made no effort to move past a retail job level. Really the answer is he should have divorced her probably if she really couldn't change. She'll open a credit card or take out a HELOC without him knowing at some point.
|
#
?
Aug 10, 2015 21:10
|
|
|
|
| # ? May 15, 2024 02:52 |
|
|
Nail Rat posted:Really the answer is he should have divorced her probably if she really couldn't change. She'll open a credit card or take out a HELOC without him knowing at some point. The answer is that people should have frank discussions about money in their relationships and somehow they keep failing to do so. He probably also should have been that he noticed all the fancy new things his wife was buying when she was only $20k into debt and not $140k. Really curious how long a period that $140k debt was created over, and what she bought with it. Maybe just drugs and gambling? Can you gamble on credit somehow?
|
|
#
?
Aug 10, 2015 21:19
|
|
|
Inverse Icarus posted:Can you gamble on credit somehow? Casino ATMs absolutely do cash-advance credit charges. Just press "Forgot your PIN?" for a 27% interest loan.
|
|
#
?
Aug 10, 2015 21:22
|
|
|
NancyPants posted:140k in debt aside, "we agreed as a couple this one wouldn't work so they don't get any say in the finances" is some pretty hosed up financial/emotional abuse poo poo. Agreed, he should have divorced her immediately instead of trying to make it work.
|
|
#
?
Aug 10, 2015 21:49
|
|
|
Radbot posted:Agreed, he should have divorced her immediately instead of trying to make it work. Well, sort of, but you aren't taking it far enough. He should have killed her because $140k happens literally overnight and they had no time to discuss it as rational adults. Basically the same concept as an emergency appendectomy. There was no warning about this behavior and all of a sudden it was overwhelming, obvs. I guess I should not be surprised that people who would say "my spouse doesn't work sooooo has no say in the finances" are the type of people who don't talk to their spouse about said finances, but here we are.
|
|
#
?
Aug 11, 2015 01:40
|
|
|
NancyPants posted:140k in debt aside, "we agreed as a couple this one wouldn't work so they don't get any say in the finances" is some pretty hosed up financial/emotional abuse poo poo. She had to have some say in the finances or they wouldn't have run up an art history major's worth of debt. And after blowing 140k I think she's probably lucky her husband is only shutting her out of financial decisions. If he had left her, I've heard that the courts may consider part of the money wasted as her half of the community property.
|
|
#
?
Aug 11, 2015 01:55
|
|
|
NancyPants posted:140k in debt aside, "we agreed as a couple this one wouldn't work so they don't get any say in the finances" is some pretty hosed up financial/emotional abuse poo poo. Racking up debt to the tune of 140k is some pretty hosed up financial/emotional abuse.
|
|
#
?
Aug 11, 2015 02:24
|
|
|
Sepherothic posted:Why go to a doctor when you can buy vaccines that totally not rat poison on the Dark Net? It was once suggested to me by a nurse (in Canada) that instead of shelling out the money to get hep vaccines I could have walked into a public health office and told them I lived with an IV drug user and I would have gotten it for free because I fall into a targeted demographic.
|
|
#
?
Aug 11, 2015 03:17
|
|
|
nickutz posted:Racking up debt to the tune of 140k is some pretty hosed up financial/emotional abuse. Agreed, they're both hosed up. Two fuckers being assholes to each other doesn't mean they're less rear end in a top hat-ish. And I'm not saying running up the debt is ok. I'm saying having that attitude is messed up.
|
|
#
?
Aug 11, 2015 19:41
|
|
|
A lot of baby boomers in New Zealand drivel on about how they've paid their taxes so they deserve their retirement. I don't think most of them understand how bad their retirement is going to be. Apparently of those over 50 only 10% think they will have enough for retirement. Of the over 65s 25% of them can't do what they want to do. There's also 83% who think high risk investments are bad. No wonder New Zealand is such a poor country. http://www.interest.co.nz/personal-finance/77021/fma-concerned-new-zealanders-are-relying-gut-instinct-when-planning
|
|
#
?
Aug 11, 2015 21:15
|
|
|
Inverse Icarus posted:Can you gamble on credit somehow? Today, we hear about people's crushing gambling debts. In a few years, we'll be hearing about people re-mortgaging their houses to feed their Candycrush Puppytime Saga Redux addiction. Not even joking. Devian666 posted:A lot of baby boomers in New Zealand drivel on about how they've paid their taxes so they deserve their retirement. I don't think most of them understand how bad their retirement is going to be. Apparently of those over 50 only 10% think they will have enough for retirement. Of the over 65s 25% of them can't do what they want to do. There's also 83% who think high risk investments are bad. No wonder New Zealand is such a poor country. melon cat fucked around with this message at 22:38 on Aug 11, 2015 |
|
#
?
Aug 11, 2015 21:26
|
|
|
melon cat posted:The situation isn't that much better here in Canada. And the worst part is that despite having bad financial habits, most Canadians outright refuse to adjust their spending/saving. And a mind-boggling amount of Canadians are relying on winning the lottery to find their retirement. https://www.youtube.com/watch?v=aR2os9jj-SM Here's my clever retirement plan.
|
|
#
?
Aug 11, 2015 22:28
|
|
|
melon cat posted:The situation isn't that much better here in Canada. And the worst part is that despite having bad financial habits, most Canadians outright refuse to adjust their spending/saving. And a mind-boggling amount of Canadians are relying on winning the lottery to find their retirement. 28% believe that their children (who won't have any money either) will support them for 25-30 years financially. That's less likely than the 34% who are depending on winning the lottery. canyoneer posted:https://www.youtube.com/watch?v=aR2os9jj-SM This was always the plan that would work.
|
|
#
?
Aug 11, 2015 22:39
|
|
|
The retirement situation isn't help by the multitudes of articles telling people that they'll need $1 million+ to retire comfortably. I wonder how much of this is a feedback loop from people being told that they have no hope of retiring, when what's really happening is that they won't be able to splash cash and have the traditional Sun City, golf everyday, world traveling experience.
|
|
#
?
Aug 11, 2015 23:14
|
|
|
4% withdrawal on $1 million won't get you a world traveling retirement today, let alone in 20 years. I'm shooting for 4-5 million.
|
|
#
?
Aug 11, 2015 23:24
|
|
|
ChipNDip posted:The retirement situation isn't help by the multitudes of articles telling people that they'll need $1 million+ to retire comfortably. But it's largely true that you will need $1 million+ to retire "comfortably" (i.e, middle to upper-middle class), especially if you are 20+ years away from retirement. There's a lot of inflation that will happen in 20-30 years. Here, play with this calculator to get an idea: https://personal.vanguard.com/us/insights/retirement/withdrawal-in-retirement-tool. Also keep in mind this tool does not factor in what your possible tax scenario might be, as it is going to vary a lot person to person. But the gist of it is that if you retire with $1m in accounts, have it conservatively invested to preserve wealth (smart idea if you live off it), and draw down at ~4% for 25 years that's ~$3200/month in income, before taxes. If you've got a paid off house and your medical expenses are otherwise covered that's not too bad, but it's not living an upper-class jet-setting lifestyle, either. And remember we're also talking 20 years from now with 2-3% inflation every year. If you drop down to, say, only $250k in assets at retirement assuming the same scenario that number drops to $813/month. That's basically poverty, especially 20 years from now. I'd like to get in the ballpark of $3-5m before considering retirement, especially if, fingers crossed, I live for 25-30 or more years in retirement. Granted it is not accounting for Social Security benefits, which for long-term planning is probably a wise choice. I do believe that SS will continue to exist as it only needs minor tweaks to remain sustainable and is a critical tool for keeping the elderly (a huge voting block) out of poverty, but I'm not depending on it being around, or paying out as much as it does currently, when I retire. Guinness fucked around with this message at 23:49 on Aug 11, 2015 |
|
#
?
Aug 11, 2015 23:41
|
|
|
Nail Rat posted:4% withdrawal on $1 million won't get you a world traveling retirement today, let alone in 20 years.
|
|
#
?
Aug 12, 2015 00:37
|
|
|
Nail Rat posted:4% withdrawal on $1 million won't get you a world traveling retirement today, let alone in 20 years. Once you retire you can take advantage of last minute deals on package tours, like where they need to fill a seat at any price. I know a woman who retired on a teacher's pension and is gone like 1/4 of the year. She's phenomenal with money for travel deals.
|
|
#
?
Aug 12, 2015 04:14
|
|
|
lifg posted:Once you retire you can take advantage of last minute deals on package tours, like where they need to fill a seat at any price. There are last minute deals on a lot of travel including cruise ships. Often travel agents buy a block of cabins or seats and any last minute sales are extra income for them. You just need to be ready to go at the drop of a hat.
|
|
#
?
Aug 12, 2015 04:20
|
|
|
Bought land while drunk. What do I do now? posted:I won $7K in a casino. I got drunk. I bought 2 acres of land in California City, CA. It's near a road, it's got a septic tank, and water hookups. How does this even happen.
|
|
#
?
Aug 12, 2015 04:53
|
|
|
ChipNDip posted:The retirement situation isn't help by the multitudes of articles telling people that they'll need $1 million+ to retire comfortably. I wonder how much of this is a feedback loop from people being told that they have no hope of retiring, when what's really happening is that they won't be able to splash cash and have the traditional Sun City, golf everyday, world traveling experience. A BWM post.
|
|
#
?
Aug 12, 2015 04:53
|
|
|
lifg posted:Once you retire you can take advantage of last minute deals on package tours, like where they need to fill a seat at any price. If pensions were still a thing, sure. I was looking at camper rentals here in Australia last night and you can get them for essentially free ($1/day, I guess they legally have to charge something) to move them one-way for the company. In some cases they will also give you money towards petrol, depending on how badly they need it in the next place. It is pretty short-notice though, all the deals I saw were for this month.
|
|
#
?
Aug 12, 2015 05:20
|
|
|
Guinness posted:How does this even happen. Pump the water into a truck and sell it to Tom Selleck. http://www.nbcnews.com/storyline/california-drought/tom-selleck-settlement-accepted-california-water-dispute-n392896
|
|
#
?
Aug 12, 2015 06:34
|
|
|
Guinness posted:How does this even happen. Ah, it's California City. There are sales operations there that give tours to try to sell land in that area that is going to be "up-and-coming". It's a failed model city. Nobody develops anything. It's a few houses in the desert in the middle of nowhere with paved roads and property lines. crazysim fucked around with this message at 06:58 on Aug 12, 2015 |
|
#
?
Aug 12, 2015 06:55
|
|
|
Pompous Rhombus posted:If pensions were still a thing, sure. Pay more attention to the finer details, they need the camper van taken to a certain location within a specific time. If I remember correctly, usually you are rushing to get there and can't take your time.
|
|
#
?
Aug 12, 2015 07:16
|
|
|
http://money.cnn.com/2015/08/11/technology/zirtual-shut-down/index.html Saw this today. quote:After two days of silence, founder and CEO Maren Kate Donovan finally surfaced, explaining that the 4-year-old company had simply grown too fast. 4 years in, and a company for online personal assistants is still in the burn phase. If only there was some way for companies to make money.
|
|
#
?
Aug 13, 2015 02:21
|
|
|
Guinness posted:But it's largely true that you will need $1 million+ to retire "comfortably" (i.e, middle to upper-middle class), especially if you are 20+ years away from retirement. There's a lot of inflation that will happen in 20-30 years. I was talking about people retiring using today's dollars as a rough guide. No poo poo it's gonna take a lot more to retire in 40 years. These articles are written about people in their 50s and 60s. Anyone at that age can absolutely depend on Social Security bumping in $15-20k per year (and younger people realistically can as well). A lot of the people without savings probably have fat pensions as well. $2500 a month is plenty if you have a paid off house. It's not glamorous, but it's not eating cat food either.
|
|
#
?
Aug 13, 2015 03:06
|
|
|
ChipNDip posted:A lot of the people without savings probably have fat pensions as well. I would be surprised if it was as much as 25%, but my opinion is totally unburdened by facts.
|
|
#
?
Aug 13, 2015 03:09
|
|
|
crazysim posted:Ah, it's California City. There are sales operations there that give tours to try to sell land in that area that is going to be "up-and-coming". It's a failed model city. My grandpa bought a lot there sometime back in the 50's or 60's. Apparently my grandma thought it was a stupid idea and told him not to. They're both dead now, and when my uncle (who's the trustee for their trust) went over the trust details with all the relatives who were beneficiaries for the trust, we found out that the trust still owned the lot. My grandpa sold off all the other California property he owned years before that, so I guess he didn't ever want to admit my grandma was right, and he just kept the lot. I looked up the taxable value of the lot and I don't think it even kept pace with inflation. He was pretty good with money other than that. 
|
|
#
?
Aug 13, 2015 04:19
|
|
|
Found an atlas obscura link http://www.atlasobscura.com/places/california-city-unbuilt-suburb
|
|
#
?
Aug 13, 2015 18:09
|
|
|
crazysim posted:Ah, it's California City. There are sales operations there that give tours to try to sell land in that area that is going to be "up-and-coming". It's a failed model city. I think this happens everywhere in the southwest. I drove off road through the scrubland in Arizona this year and every few miles there would be a cluster of 2-3 mcmansions with for sale signs. I don't think a single one was occupied (legally anyway)
|
|
#
?
Aug 13, 2015 22:27
|
|
|
How crazy is a friend of mine that, after chatting about nothing but TV shows for an hour with a Craigslist poster, today decided to go to the leasing office and apply for a joint lease? They've known each other for not even 24 hours, no personal financial information was discussed (except that the person is in "sales" and "works from home a lot"), and there's no way my friend could pay the rent on her own if the other person were to bounce. I know it can be incredibly awkward to ask a stranger about their income, but how unreasonable is a question about net income or emergency savings in a situation like this? I know I wouldn't care if someone asked me to show them that I could afford my share of the rent, especially if we were both signing the agreement.
|
|
#
?
Aug 13, 2015 22:52
|
|
|
Senf posted:How crazy is a friend of mine that, after chatting about nothing but TV shows for an hour with a Craigslist poster, today decided to go to the leasing office and apply for a joint lease? They've known each other for not even 24 hours, no personal financial information was discussed (except that the person is in "sales" and "works from home a lot"), and there's no way my friend could pay the rent on her own if the other person were to bounce. Perhaps your friend's new friend is the crazy one? IDK, they seem like a pretty good match for each other.
|
|
#
?
Aug 13, 2015 23:07
|
|
|
Zeta Taskforce posted:Perhaps your friend's new friend is the crazy one? IDK, they seem like a pretty good match for each other. Maybe it will all balance out! Maybe she just needs another person that's incredibly BWM to make everything right again  This is the same friend that I've mentioned before, the one that's already leaving her current month-to-month place (of four months) because she was dipping into savings to cover rent (and therefore can't afford the $100 increase that begins next month). Senf fucked around with this message at 23:19 on Aug 13, 2015 |
|
#
?
Aug 13, 2015 23:14
|
|
|
These are the sorts of crazy ideas that happen when my brother-in-law goes drinking. Some great money making scheme is hatched and ends up losing money. It's bad enough having artists that I deal with for creative projects wanting to get an office to work from. I always sink the idea pointing out that there needs to be an income stream rather than just spending money. Getting an office with no actual plan of how to use it and what the right size/length of lease would be is stupid.
|
|
#
?
Aug 13, 2015 23:15
|
|
|
https://www.reddit.com/r/personalfinance/comments/3gzvxx/advice_on_car_loan/quote:Hey guys, right before graduating college I got a large scholarship and decided to go buy myself a nice new sports car with 8k down. I did 72 months at 2.9% financing which gave me 622/month for 6 years. quote:Just to throw a wrench into the works, consider what your nice sports car has cost you. You have systematically invested $30,392 dollars over 3 years (622*36 months, plus $8,000), and turned that into $3,608 (accepting the $26,000 as the money you would actually get for a sale, and paying the remaining 36 months of $22,392). How many times do you need to turn $30,000 into $3,600 to become a millionaire? SiGmA_X fucked around with this message at 20:58 on Aug 14, 2015 |
|
#
?
Aug 14, 2015 20:56
|
|
|
My dad can beat that. He recently bought a 2012 Nissan Frontier, $510/month for 72 months, or maybe it was 7 years he can't remember which but it's okay he's just always going to have a car payment he's okay with that.
|
|
#
?
Aug 15, 2015 02:54
|
|
|
Now someone come in and make the exact same argument about paying rent to turn $X into $0 and ignite a shitstorm
|
|
#
?
Aug 15, 2015 13:40
|
|
|
crazysim posted:Ah, it's California City. There are sales operations there that give tours to try to sell land in that area that is going to be "up-and-coming". It's a failed model city. Well it has gone from 6k to 14k people in the last 15 years apparently. That's something, but still hardly a fraction of what it was supposed to be.
|
|
#
?
Aug 15, 2015 14:10
|
|
|
|
| # ? May 15, 2024 02:52 |
|
|
That completely discounts the value of having a car for he period where he had it. The commenter is also BWM if that's how he does his accounting.
|
|
#
?
Aug 15, 2015 15:05
|
|
