BFC General/Daily discussion thread. Don't eat out today.

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > BFC General/Daily discussion thread. Don't eat out today.

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SiGmA_X: May 3, 2004; SiGmA_X

I would definitely get an EIN and perhaps a DBA, though. But skip the LLC.

# ? Aug 26, 2015 19:28

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# ? May 18, 2024 05:22

root of all eval: Dec 28, 2002

SiGmA_X posted:

I would definitely get an EIN and perhaps a DBA, though. But skip the LLC.

Agreed. This would take less than an hour of your time and cost about $15. It also provides roughly the same protections and rights as sole proprietor/partnership LLC.

# ? Aug 26, 2015 19:59

root of all eval: Dec 28, 2002

# ? Aug 26, 2015 20:03

lord1234: Oct 1, 2008

Any suggestions where to get Error/Omissions insurance?

# ? Aug 26, 2015 23:06

54 40 or fuck: Jan 4, 2012; No Yanda's allowed

Oh poo poo, update!
I got an email saying I'm invited to a testing session for a position I applied for- with the government so it would be an awesome in. The problem? It is an entire day (830-430) commitment and I am supposed to go to a services fair that day with a fellow employee.
I'm thinking I will just call in sick that day to go. The problem? This position is for 6-month contract but it could be my way into a very comfortable situation if all goes well/contract gets expanded/other positions become available etc. My own position is tenuous in its own way, it is funding based and contracts are typically for 3 years at a time but honestly could get cut at any moment. Lot's of pressure to prove our jobs are needed and worth keeping.
Advice?

# ? Aug 28, 2015 21:58

Pompous Rhombus: Mar 11, 2007

Toriori posted:

Oh poo poo, update!
I got an email saying I'm invited to a testing session for a position I applied for- with the government so it would be an awesome in. The problem? It is an entire day (830-430) commitment and I am supposed to go to a services fair that day with a fellow employee.
I'm thinking I will just call in sick that day to go. The problem? This position is for 6-month contract but it could be my way into a very comfortable situation if all goes well/contract gets expanded/other positions become available etc. My own position is tenuous in its own way, it is funding based and contracts are typically for 3 years at a time but honestly could get cut at any moment. Lot's of pressure to prove our jobs are needed and worth keeping.
Advice?

If you're talking US government, the hiring process is usually glacial at best, so keep that in mind.

# ? Aug 28, 2015 22:07

54 40 or fuck: Jan 4, 2012; No Yanda's allowed

Canadian. I find out if my position is even going to be existing next fall at the latest. This is the personally inventory/a handful of other tests that prelude actually interviews it would seem.

# ? Aug 28, 2015 22:10

ObsidianBeast: Jan 17, 2008; SKA SUCKS

I love the first day of the month, I get to update all my spreadsheets and play with numbers.

# ? Sep 1, 2015 16:03

The Slack Lagoon: Jun 17, 2008

As of 8/30 I had exactly zero budget left. It's nice to have some 'misc' funds available again!

# ? Sep 1, 2015 17:07

Spadoink: Oct 10, 2005; Tea, earl grey, hot.; College Slice

Toriori posted:

Canadian. I find out if my position is even going to be existing next fall at the latest. This is the personally inventory/a handful of other tests that prelude actually interviews it would seem.

Federal or provincial? Either way, getting in the door via short term contract allows you to apply for any of the internal full-time jobs, so I say go for it. Your posts so far are so stressful to read regarding your current position!

# ? Sep 1, 2015 17:19

froglet: Nov 12, 2009; You see, the best way to Stop the Boats is a massive swarm of autonomous armed dogs. Strafing a few boats will stop the rest and save many lives in the long term.

You can't make an Omelet without breaking a few eggs. Vote Greens.

Today at work I was pulled aside and told to go home early because they've been told to cut costs by 50% (and I'm going to guess they didn't want me around for the ensuing unpleasantness). My job is safe, but my boss and some of my colleagues have been let go.

I guess this is an indicator I need to dust off the old resume and keep an eye out for a new job...

# ? Sep 17, 2015 14:59

Virigoth: Apr 28, 2009; Corona rules everything around me
C.R.E.A.M. get the virus
In the ICU y'all......

froglet posted:

Today at work I was pulled aside and told to go home early because they've been told to cut costs by 50% (and I'm going to guess they didn't want me around for the ensuing unpleasantness). My job is safe, but my boss and some of my colleagues have been let go.

I guess this is an indicator I need to dust off the old resume and keep an eye out for a new job...

I'd go ahead and start working on your interview skills and scouting potential employers in your area on top of dusting off the resume. 50% is a big cost cutting measure. If they said why they did it you might be ok for awhile but if it was just "we have to cut costs" time to run probably.

# ? Sep 17, 2015 15:20

No Butt Stuff: Jun 10, 2004

So cut costs by 50% meant fire half the staff to him, huh? Wow. Generally you do a sourcing wave and look for extraneous poo poo to cut first. But I guess employees could be extraneous.

# ? Sep 17, 2015 15:31

SpelledBackwards: Jan 7, 2001; I found this image on the Internet, perhaps you've heard of it? It's been around for a while I hear.

Virigoth posted:

I'd go ahead and start working on your interview skills and scouting potential employers in your area on top of dusting off the resume. 50% is a big cost cutting measure. If they said why they did it you might be ok for awhile but if it was just "we have to cut costs" time to run probably.

Not only that, but you'll be competing against the people getting fired on any new position you interview for that's nearby.

# ? Sep 18, 2015 02:39

froglet: Nov 12, 2009; You see, the best way to Stop the Boats is a massive swarm of autonomous armed dogs. Strafing a few boats will stop the rest and save many lives in the long term.

You can't make an Omelet without breaking a few eggs. Vote Greens.

No Butt Stuff posted:

So cut costs by 50% meant fire half the staff to him, huh? Wow. Generally you do a sourcing wave and look for extraneous poo poo to cut first. But I guess employees could be extraneous.

It's a small software company, so aside from staff and the rent on the office, there isn't much else to cut.

# ? Sep 18, 2015 07:33

the littlest prince: Sep 23, 2006

Lucked my way into a free MRI. Insurance company wanted a peer review first but the hospital didn't check or something. Saved a $900 copay. :snoop:

# ? Sep 19, 2015 01:06

pig slut lisa: Mar 5, 2012; irl is good

I thought this was pretty cool and a breath of fresh air:

Why NFL player Ryan Broyles lives like he made $60,000 last year, and not $600,000 posted:

The NFL season started last week, and there�s a player who has been in the news since the preseason because of his relationship to money. This isn�t another tale of a player who made millions and lost it all. It�s about a player who has only been in the league for three years, but regardless of how many more years he plays, he is living a lifestyle that will keep him wealthy for the rest of his life.

Ryan Broyles, who was a wide receiver for the NFL�s Detroit Lions between 2012 and 2014, spoke with MarketWatch about his spending habits, his work ethic and the importance of keeping a budget. At one point, while talking about the specifics of his budget, he said he wanted to make it clear that what he does works for him, but that he understands everyone�s situation is different. �I�m not Dave Ramsey or Suze Orman,� he said.

But after he described his budget in detail and shared his philosophy on spending and investing, I�m not so sure he couldn�t host a personal finance call-in show himself. He would just be a younger and much stronger version of Ramsey and Orman.

The 27-year-old Broyles made over $2 million from the Lions between 2012 and now. But he keeps to a budget of $5,000 a month in total spending. Of course, that�s a lot of income for most people, but spending less than you earn, if you�re able to, is smart in any income bracket.

He said some of his friends ask him why he doesn�t have flashy things, like a Porsche. But he tells them he�ll have such things one day, and he won�t even have to be working when he buys them.

�I want to invest and I want the investments to provide so I�m financially free,� he told me.

When he was a child in Oklahoma, his parents didn�t have a lot of extra money, but he said they taught him a strong work ethic. He mowed lawns when he was 8 years old to earn money to go on team basketball trips. In high school, he worked at an Albertson�s grocery store as a bag boy and worked as a referee for kids� sports leagues. �I�ve always worked for my money, and seen it as something I needed to cherish and not take for granted,� he said.

Broyles played four seasons for the University of Oklahoma, and was the NCAA�s all-time leader in receptions when he left for the NFL. He was drafted in the second round by the Detroit Lions, and received a signing bonus of $1.15 million. His salary in 2012 was $390,000. It was $557,000 in 2013, $570,000 in 2014 and would have been $600,000 this year, but before the first game of the season he asked to be released from the team so he could try to play for a team on which he�d play a larger role. Before leaving the Lions, they paid him a $50,000 workout bonus and a $181,614 reporting bonus that his agent had negotiated for him.

Broyles has had some bad luck with injuries so far in his career. He entered the NFL with a torn ACL in his left knee � an injury from a college game, then tore the ACL in his right knee during his rookie year. He then ruptured the Achilles tendon in his left leg in 2013. He is healthy now and working out and staying fit as he awaits word from his agent about which teams are in the market for a wide receiver.

At his rookie symposium, where the NFL prepares recently drafted players for the life of a professional athlete, he and his fellow players were told about the high number of athletes who eventually go bankrupt. He said a lot of players in the room were thinking about playing football, as he was, but he was also thinking about how to make his signing bonus last.

He said his situation was a little different from other players because of the ACL injury he sustained in college. �A switch went off in my head: An injury can end my career. That triggered me to think about life after football,� he said.

As early as the rookie symposium, he was trying to figure out how long he could live on the income he had.

His budget
His goal is to spend $60,000 a year, so his monthly budget is $5,000. The budget, which he says is post-tax money, is allocated like this: 50% on fixed expenses like mortgage and car payments; 30% on variable expenses like food and gas; 20% toward savings.

He read that a mortgage should be 28% or less of income, so his is $1,600 � about 30% of the $60,000 budget.

He keeps track of his spending on a piece of paper, and has also started using the budgeting website Mint.com this year. �I love it,� he said.

Here are some specifics of his monthly budget:

Groceries: $500
Gas: $300
Phone bill: $190 each for his cellphone and his wife�s.
Car payments: $800 total for 2 cars � a Mazda 3 for him, and a Cadillac SRX for his wife.
He also has a Trailblazer that�s fully paid for. Add in insurance and a few other expenses, and he�s at a little over $4,000, which gives him some wiggle room in keeping his spending under $5,000 a month.

Ways he saves money
He and his wife, who have a 3-month-old son, live in a house they had built in Dallas in 2014.

After talking with Broyles for over an hour, it was clear that he and his wife make conscious choices about how they spend.

They eat out at restaurants just once or so a week.

They don�t have cable TV in their home; they use Apple TV and watch a lot of Netflix.

He bought his Mac computer with points from one of his credit cards.

He pays his credit cards off every month.

And they use cloth diapers for their son. �My wife wanted to use cloth diapers. They�re washable. And they have cool designs. They have stars and trucks on them. It�s like he has his own little outfits. He�s looking good,� Broyles said. When I asked him why they use cloth, he laughed and said, �it�s cheaper.�

He also doesn�t hire movers. He has moved four times and has driven a U-Haul truck each time. When he moved from Michigan to Dallas last year, he and his wife drove the 16 hours with all of their belongings in the truck. He said they did it themselves because the U-Haul cost $500 and movers would have cost about $3,000. �There were times when we were in the U-Haul with our dog, and I thought, �this is not the best situation.� But we made it work,� he said.

It was clear after we spoke for a while that his wife is a big part of the reason they are so smart with their money.

�Sometimes I think, �let�s just pay full price for something,� but my wife talks me into finding a deal,� he said. While they were in college together in Oklahoma, she worked and helped the couple make money. �She�s always: let�s save, let�s be smart,� he said. And he said her grandfather, who was a political-science professor at the University of Oklahoma, has been a positive influence, too. �He dabbles in the stock market, and I talk to her grandpa all the time,� Broyles said.

One place the Broyles like to splurge is on vacations and experiences. He said their favorite trip was to China last February. They�ve also been to Europe and the Caribbean, but loved how different the culture was in China. They keep a list of places they want to go next, including Fiji, Jerusalem, Greece, and the Ivory Coast.

But even when they splurge, they find a deal first. They used a Groupon to go to China, for example.

His influences
In addition to his family members, Broyles says he has had other positive influences on his relationship to money.

He considers one of his teachers in high school to be a mentor. When he was in high school, she asked him to work at the YMCA for a special needs summer camp. �We worked together and she blew me away. We talked about finances and budgeting and investing. She influenced how I think today. And we still talk,� he said.

His investments
He said of his whole net worth, 40% is in the stock market. It�s in all stocks and no bonds, but he said some of the investors he follows are predicting a recession in 2016, so he is considering putting more of his money into bonds. He has 40% of his money in real-estate investments, and the remaining 20% is in cash.

�Agents and advisers come after you� when you�re a top collegiate athlete, he said. �I interviewed four or five guys and knew the type of investor I wanted to be and adviser I wanted to work with.� He ended up choosing a financial adviser that represented other NFL players he knew. He said initially he was ultra conservative, but his adviser coached him. �As I got more comfortable, I understood P/E ratios and things like that. Stocks and real estate are what I�m into.�

Toward the end of our talk, I mentioned how much I pay in rent to live in New York City. He was shocked and said I needed to read the book �Rich Dad, Poor Dad.� He talked about the wisdom of owning versus renting and said it�s a myth that people have to put 20% down to buy a home. He talked about credit scores and FHA loans and started doing some calculations on a piece of paper and told me how much I�ve spent on rent over the years and how much that money would be worth if it had been in the stock market.

�The American dream is alive. Wages have not grown as in the past, but get into the game sooner than later,� he said.

Then he apologized for giving so much advice. But I said not to, and that everything he said made sense.

Immediately after we ended the interview, he texted me.

�Really, pick up the book �Rich Dad, Poor Dad.� It�s good stuff.�

# ? Sep 19, 2015 01:43

No Butt Stuff: Jun 10, 2004

Good thing because he got cut.

# ? Sep 19, 2015 02:46

Radbot: Aug 12, 2009; Can't post for 3 years!

the littlest prince posted:

Lucked my way into a free MRI. Insurance company wanted a peer review first but the hospital didn't check or something. Saved a $900 copay.

I thought this just meant you'd have to pay for it.

# ? Sep 19, 2015 03:01

SpelledBackwards: Jan 7, 2001; I found this image on the Internet, perhaps you've heard of it? It's been around for a while I hear.

No Butt Stuff posted:

Good thing because he got cut.

Surely it's because compared to other players, he didn't have crippling debt that kept him "hungry" enough to maintain peak performance so he could get more contracts and continue to float his unsustainable lifestyle.

# ? Sep 19, 2015 03:10

the littlest prince: Sep 23, 2006

Radbot posted:

I thought this just meant you'd have to pay for it.

I just got a check in the mail for the money I initially spent so that must not be the case. Maybe if they had let me know insurance was declining it, and asked if I wanted to proceed.

I didn't expect them to refund this so it's going to feel awesome when I deposit it. Constant (but minor) head pain for nearly a year isn't so awesome though.

# ? Sep 19, 2015 18:09

SiGmA_X: May 3, 2004; SiGmA_X

the littlest prince posted:

I just got a check in the mail for the money I initially spent so that must not be the case. Maybe if they had let me know insurance was declining it, and asked if I wanted to proceed.

I didn't expect them to refund this so it's going to feel awesome when I deposit it. Constant (but minor) head pain for nearly a year isn't so awesome though.

You may want to double check that, make some calls... All my procedures have had provisions that if insurance didn't pick it up, I did!

Maybe you're not in America though?

# ? Sep 19, 2015 20:11

C-Euro: Mar 20, 2010; Soiled Meat

SpelledBackwards posted:

Surely it's because compared to other players, he didn't have crippling debt that kept him "hungry" enough to maintain peak performance so he could get more contracts and continue to float his unsustainable lifestyle.

Fakepost or no, he was actually hurt all the time and had other very talented people ahead of him. When he was healthy he was pretty drat good, as a Lions fan I was sad to see him go but good thing for him he was smart with his money! $5k a month for both of them is pretty good, I wish my monthly expenses were only 50% of my budget for each month :negative:

That 50/30/20 breakdown seems like a good goal, once we're done paying for my wife's green card application I'm going to sit her down and see how we can make that work.

# ? Sep 20, 2015 00:15

54 40 or fuck: Jan 4, 2012; No Yanda's allowed

Oh my gosh, I got a job offer. Not for the interview from last time but one that is permanent, full time and pays more. I haven't been given the official offer but it should be coming tomorrow. I am all of a sudden feeling an intense sense of Stockholm Syndrome, I need an adult.

# ? Sep 22, 2015 22:33

BarbarianElephant: Feb 12, 2015; The fairy of forgiveness has removed your red text.

Toriori posted:

Oh my gosh, I got a job offer. Not for the interview from last time but one that is permanent, full time and pays more. I haven't been given the official offer but it should be coming tomorrow. I am all of a sudden feeling an intense sense of Stockholm Syndrome, I need an adult.

Either you mean "imposter syndrome" or they have you tied up in the break room :-)

# ? Sep 23, 2015 13:18

pig slut lisa: Mar 5, 2012; irl is good

Toriori posted:

Oh my gosh, I got a job offer. Not for the interview from last time but one that is permanent, full time and pays more. I haven't been given the official offer but it should be coming tomorrow. I am all of a sudden feeling an intense sense of Stockholm Syndrome, I need an adult.

Hooray on escaping your toxic boss :peanut:

# ? Sep 23, 2015 13:20

54 40 or fuck: Jan 4, 2012; No Yanda's allowed

BarbarianElephant posted:

Either you mean "imposter syndrome" or they have you tied up in the break room :-)

Oh there is definitely some imposter, but yeah, now my dumb brain is like "they aren't so bad". I KNOW THAT'S NOT TRUE. New place wants me to go out of town on October 6th for an orientation so under the two weeks notice so I'm trying to figure out how I can request the day off.

# ? Sep 23, 2015 14:37

spwrozek: Sep 4, 2006; Sail when it's windy

Just tell your other job you are leaving the 5th. Done and done.

# ? Sep 23, 2015 15:07

wlokos: Nov 12, 2007; ...

This morning I walked 1.5 miles round-trip to an ATM that wouldn't charge me a fee, to save $1.25.

It was actually great to stretch my legs and wake up that way, I didn't even bring my phone with me. A bit extreme on the frugality scale, but it was great.

# ? Oct 4, 2015 13:22

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

You didn't bring your phone??!?! How did your friends survive the 30 minute timespan where you could not text them back immediately? How did you find your way home? Very brave of you.

# ? Oct 4, 2015 19:35

SiGmA_X: May 3, 2004; SiGmA_X

n8r posted:

You didn't bring your phone??!?! How did your friends survive the 30 minute timespan where you could not text them back immediately? How did you find your way home? Very brave of you.

Seriously! That's crazy talk!

# ? Oct 5, 2015 06:58

The Slack Lagoon: Jun 17, 2008

Was going to buy lunch today because I didn't have any leftovers to bring.

Instead I'm making ramen.

# ? Oct 5, 2015 16:02

GoGoGadgetChris: Mar 18, 2010; i powder a
granite monument
in a soundless flash

showering the grass
with molten drops of
its gold inlay

sending smoking
chips of stone
skipping into the fog

Blue Story got banned

:feelsgoodman:

# ? Oct 5, 2015 16:05

54 40 or fuck: Jan 4, 2012; No Yanda's allowed

She only could deflect for so long. Feel bad for the kid though.

Still no official offer. Sent my references last Monday morning. Is it taboo to follow-up by phone? Because if not I'd like to call and say what's the hold up because I need to continue planning for future work events.

# ? Oct 5, 2015 18:40

KitConstantine: Jan 11, 2013

Oh god. I got a Skype interview for a job that is an amazing opportunity for where I am at in my career, but I am low on the experience side for the position. How does one Skype interview? Anyone have any tips or experience? I've made it though what sounds like ( according to the recruiter) about 3 rounds of eliminations so far, so its pretty serious.

# ? Oct 7, 2015 04:37

Bhodi: Dec 9, 2007; Oh, it's just a cat.; Pillbug

Since its skype, you only need to dress from the waist up.

# ? Oct 7, 2015 04:47

pig slut lisa: Mar 5, 2012; irl is good

KitConstantine posted:

Oh god. I got a Skype interview for a job that is an amazing opportunity for where I am at in my career, but I am low on the experience side for the position. How does one Skype interview? Anyone have any tips or experience? I've made it though what sounds like ( according to the recruiter) about 3 rounds of eliminations so far, so its pretty serious.

No matter how much you want to do otherwise, make sure to wear pants

e: lol

Bhodi posted:

Since its skype, you only need to dress from the waist up.

# ? Oct 7, 2015 04:48

KitConstantine: Jan 11, 2013

pig slut lisa posted:

No matter how much you want to do otherwise, make sure to wear pants

e: lol

Oh there will be pants. I'm an American interviewing with a Swedish company, but I work in the Ag Equipment field, so I don't think even the Europeans are quite THAT casual.

# ? Oct 7, 2015 04:50

i say swears online: Mar 4, 2005

KitConstantine posted:

Oh there will be pants. I'm an American interviewing with a Swedish company, but I work in the Ag Equipment field, so I don't think even the Europeans are quite THAT casual.

Agreed. Finns at least love farm equipment.

https://www.youtube.com/watch?v=e4Ao-iNPPUc

# ? Oct 7, 2015 07:18

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# ? May 18, 2024 05:22

spf3million: Sep 27, 2007; hit 'em with the rhythm

It's pretty much the same as a phone interview except they can see you. Make sure to speak very clearly since computer mics aren't always the best. Also arrange your computer/laptop so whatever is behind you is not distracting. And don't have your laptop on your lap because it'll aim the camera up your nose. During the interview, try to look directly into the camera instead of watching yourself.

# ? Oct 7, 2015 12:48

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > BFC General/Daily discussion thread. Don't eat out today.

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