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I mean, I guess the important thing here is how much money he was making and what your financial situation is. Yeah it sounds pretty poo poo to go blow $1400 when you just lost your job, but give us a complete picture before you ask us to judge him.
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Oct 9, 2015 10:38
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Gibfender posted:What phone costs $1400?! The top spec iPhone 6s in Australia.
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Oct 9, 2015 10:41
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"Anyway, it is not me you should be jealous of but my mom whose account I manage and has around 415k shares and probably doesn't know GTAT is on the Nasdaq. I have to set up separate accounts for her GTAT holdings so she doesn't see all her positions at once as she has been telling me to sell for it for more than a year and I have to keep telling her to wait and hide exactly how much of her portfolio is GTAT so she doesn't flip out about it." I'm still reading that Contrarian thread... so brutal! This guy used his mom's account to buy 415k shares at 3/share. It went up to 16 and she told him to sell, which he naturally didn't do as he didn't want to miss out on even greater riches. Keep in mind that, as of this moment, the stock is worth about .30 The Jax fucked around with this message at 11:06 on Oct 9, 2015 |
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Oct 9, 2015 10:52
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Weatherman posted:The top spec iPhone 6s in Australia. Definitely sever.
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Oct 9, 2015 11:24
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Suspicious Lump posted:Dear god why would anyone accept this: If it had worked out they would have made $eleventy billion dollars, that is the idea behind risk versus reward. Now the company liquidates and the shareholders lost their money.
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Oct 9, 2015 13:48
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all around.
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Weatherman posted:The top spec iPhone 6s in Australia. Yes. (Singapore close enough) 5 months. Salary as reported to government $4200 (actual salary $2800/month). There are salary requirements to get an Employment Pass, but he's in F&B so they tend to fudge the numbers. He grew up here but didn't want to do National Service so he didn't get permanent resident status. He wasn't really planning to stay here until he met me. He got $3500 in severance but that's expected to be his last income until December when we get married and he can (hopefully) get hired at the local brewery. On a dependents pass he doesn't have any salary requirements or paperwork so it's much easier to get work. Don't worry guys he did some dishes and came back and apologized then berated himself and cried until I was in "don't worry, it's OK" mode. My solution is for him to manage putting a room or two up on air bnb, that will give him something to do and bring in some money. He has a bad habit of staying up all night (like till 9am) then sleep in all day and getting depressed. He has a marketing degree, a brewmasters, and spent another 3 years in school but didn't earn a degree from it. Christ I feel like a troll. Switchback fucked around with this message at 14:00 on Oct 9, 2015 |
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Oct 9, 2015 13:55
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I didn't read this thread for a month (it helps keep me in line) and we spent probably $4k on stuff you can eat, drink or smoke.
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Oct 9, 2015 14:03
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quote:I did the same thing 2 years ago with SPWR. The stock was at $4-$5, and it appeared that the sky is falling for the solar industry and that not one solar company will survive. These loving people
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Oct 9, 2015 14:04
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I went all-in because I knew that the solar industry is bound to take off, and also knew that there was about a 0.01% chance that SPWR could go bankrupt; especially aftet Total bailed them out.
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Switchback, I feel like you should post your own BFC thread if you want to be GWM.
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Oct 9, 2015 14:09
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Switchback posted:Insanity  Please make a BFC thread, since Blue Story was shut down it just hasn't been the same.
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Oct 9, 2015 14:38
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Did he pay $1400 up front for the phone or is it one of those interest free installment plans? A $1400 phone is stupid, no doubt. But depending on his other expenses, a $30/month installment plan is not THAT bad.
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Oct 9, 2015 14:57
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Hmm, I just lost my job, how can I best stretch my budget? Oh yeah, buy a new iphone! It's pretty bad, no matter how you spin it.
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Oct 9, 2015 15:07
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Switchback posted:
He spent 10% of all of the money he had earned in his life at the age of 30 on a phone just after becoming unemployed. Switchback posted:came back and apologized then berated himself and cried until I was in "don't worry, it's OK" mode. This is mindbogglingly unhealthy. Looking at your post history, particularly the bits where you let hippies and other people sponge off of you, you've got a huge problem with enabling people's bad behaviour. If you marry this manchild, the best of all possible outcomes will be divorce.
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Oct 9, 2015 15:22
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Switchback posted:Don't worry guys he did some dishes and came back and apologized then berated himself and cried until I was in "don't worry, it's OK" mode. My solution is for him to manage putting a room or two up on air bnb, that will give him something to do and bring in some money. He has a bad habit of staying up all night (like till 9am) then sleep in all day and getting depressed.
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Oct 9, 2015 15:30
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Hey Switchback how about you start your own thread before this gets excessively derailed. https://www.reddit.com/r/personalfinance/comments/3o3gqg/swirling_in_debt_any_advice_on_how_to_tackle_my/ Hollllyyyyyyyyyyyy poo poo
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Oct 9, 2015 15:40
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From that GTAT thread:quote:Might have been slightly reckless and against all known investment strategies but with big risks, comes big rewards. This is always the famous last words of a foolish investor. Because, yeah, big risks might precede big rewards, but big risks also mean a high potential of losses. It just astounds me that there are so many people who are willing to overlook the other possibility of massive capital losses. And the worst part is the people who believe that whole "big risk = big rewards!" talking point never listen to anyone's else's cautionary advice. They basically plug their ears and say, "Why are you so negative??" Barry posted:https://www.reddit.com/r/personalfinance/comments/3o3gqg/swirling_in_debt_any_advice_on_how_to_tackle_my/ quote:I just have no clue where to start. I was well-off before now. I had over $270,000 in the bank and multiple annuities and mutual funds. However, after my husband died – I lost it all and went bonanzas. Any advice would be much appreciated. melon cat fucked around with this message at 15:52 on Oct 9, 2015 |
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Oct 9, 2015 15:47
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Barry posted:Hey Switchback how about you start your own thread before this gets excessively derailed. How do you rack up 130k in CC debt in six months when you can barely walk around the house? What did she get for that money? Also like 700 in the red every month and "considering" dropping part of her 200 a month cable bill while ignoring the 600 a month on her alarm and phone bills. At least with her bank account and retirement funds she bought a house (without even trying to sell her old one) so I can see where the money went. Desuwa fucked around with this message at 15:56 on Oct 9, 2015 |
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Oct 9, 2015 15:53
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Barry posted:Hey Switchback how about you start your own thread before this gets excessively derailed. Bankruptcy or suicide, and I'm not convinced she could afford the bullet right now. $400,000 since March! How do you even manage that?
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Oct 9, 2015 15:55
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darkwasthenight posted:Bankruptcy or suicide, and I'm not convinced she could afford the bullet right now. $400,000 since March! How do you even manage that? quote:I cannot easily explain how. Simply put, I spent money to make myself feel better during my depression and getting a new house set me back a sharp penny. "It just sort of happened, yadda yadda yadda, now I'm on the verge of bankruptcy.  "
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Oct 9, 2015 16:03
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It's like reading the BlueStory thread in 2066
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Oct 9, 2015 16:06
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Barry posted:Hey Switchback how about you start your own thread before this gets excessively derailed. I'm really not sure what the OP is expecting people to tell her here. She has a fixed income and can't work and her daughter can't work, even if she hypothetically reduced her monthly spend to zero and lived off the land she wouldn't come close to even making a dent in her MINIMUM monthly CC payments. It's simple math, and no "cancel the cable" platitudes are going to dig her out of this one. She's the reason bankruptcy exists.
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Oct 9, 2015 16:09
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She's partially-to-fully supporting 4 adults not counting herself and at least 1 child (probably more.) Not only does she show zero accountability for money spent by/on them, she gets really defensive when asked about their expenses. Sounds like she's an indulgent grandma who bled herself dry babying three generations of offspring.
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Oct 9, 2015 16:10
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Holy loving poo poo that thread. I suspect most of the 300k was spent on a new house and the consumer spending is the 130k on credit cards. Jesus christ 130k credit card debt at age 61. [e] $3k on lightbulbs. $22.5k on American airlines card (flights?)Looks like I am wrong about the house. 
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Oct 9, 2015 16:12
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You'd have to think there would be some physical assets hanging around from all of that spending. I'd guess a considerably amount of the equity in house number two would be from that cash reserve, which helps explain where some of it went. That's better I guess, but only in the sense that having nine fingers amputated is better than losing all ten.
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Oct 9, 2015 16:14
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Antifreeze Head posted:You'd have to think there would be some physical assets hanging around from all of that spending. I'd guess a considerably amount of the equity in house number two would be from that cash reserve, which helps explain where some of it went. That's better I guess, but only in the sense that having nine fingers amputated is better than losing all ten. Lightbulb equity.
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Oct 9, 2015 16:19
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If you type "contrarian investor" into google, the first auto complete result is "contrarian investor gtat" hahahahaha What's amazing is that the thread appears to have started in March 2014, and GTAT declared bankruptcy in October 2014. That's a blistering 7 months
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Oct 9, 2015 16:38
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Switchback posted:Soooo over/under on whether this is gonna work out? That's not how over/under works. Also thirding make your own thread.
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Oct 9, 2015 16:48
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Here's a proper over/under: Number of times Switchback's fiance makes a poor financial decision: 2.5 (-110) expires 12/31 Number of times Switchback's fiance cries: 1.5 (-110) expires 12/31 Number of times Switchback considers leaving fiance, finds reason not to 2.5 (-110) expires 12/31 I'll take the over on all bets.
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Oct 9, 2015 16:54
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Saros posted:Holy loving poo poo that thread. I suspect most of the 300k was spent on a new house and the consumer spending is the 130k on credit cards. That's a total of $57k over the credit limit for all eight cards. How is that even possible? Wouldn't the cards get declined at some point?
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Oct 9, 2015 17:01
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Saros posted:Jesus christ 130k credit card debt at age 61. *68 I feel so incredibly sad for this woman. She's probably a sweet old grandmother doing everything in her power to put a roof over the heads of her kids, grandkids and great grandkids. One grandson+family lives for free in a house she owns, one lives with her making completely unpredictable income, and a disabled daughter bringing in no disability money. And also a kid living there too? I didn't keep up with the family member list, but it is absolute insanity to expect herself to be able to house all 7+? of them on her $1700/mo SS check. I would not be too surprised to hear that the $300k disappeared in either gambling or one of those email/phone scams that targets old people in a desperate attempt to get her entire family back on their feet. All of the adults in that situation need to pony up and support themselves because granny cannot. edit: I do not think she is blameless if it reads that way.
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Oct 9, 2015 17:20
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"I blacked out at a strip club and woke up with £4000 in charges, including £1600 on the company card." Not as BWM as investing your and your mom's entire retirement funds in a single company. I would have thought it was a really bad career move, but his boss already found out and didn't fire him.
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Oct 9, 2015 17:28
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Super Dan posted:That's a total of $57k over the credit limit for all eight cards. How is that even possible? Wouldn't the cards get declined at some point? Interest is a bitch.
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Oct 9, 2015 17:40
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How can you spend $3,000 on LED light bulbs? I know they aren't cheap but even if they cost $50 a pop that's 60 loving light bulbs.
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Oct 9, 2015 18:21
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Maybe she outfitted her entire house in a smart-bulb system I ordered a set of 4 once while drunk, it set me back $200 and I can't even use it because my current place doesn't have recessed fixtures. 
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Oct 9, 2015 18:24
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Magic Underwear posted:How can you spend $3,000 on LED light bulbs? I know they aren't cheap but even if they cost $50 a pop that's 60 loving light bulbs.
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Oct 9, 2015 18:29
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I replaced all the can lights in my house with GE dimmable LED 75 watt equivalents a few years ago and they were about $25 each at the time. I have at least 50 can lights in the house, plus another 30-50 regular light bulbs that I replaced with the cheaper Cree 40/60w equivalent builbs. I would say that it cost about $2,000. The financial side of it is: each light pays for itself electricity wise here after about 4000 hours of on-time (1.5 years at 8 hours a day, 6 years at 2 hours a day). That calculation also doesn't include the extra cost involved in cooling the excess heat output of an incandescent bulb which I never could quite figure out how to calculate. It looks like there are cheaper dimmable CFL lights now, but I have never seen one and don't know how well the dimming works or if they solved the 3+ minute warm up time with them yet.
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Oct 9, 2015 18:41
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I'm sure it's something like Hue bulbs; Wi-Fi connected LEDs. Two houses worth of bulbs could easily do that I think.
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Oct 9, 2015 18:50
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what's the point of owning a house if I can't make the lights blink to the tune of the music I'm listening to
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Oct 9, 2015 18:52
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You have no idea how many light bulbs you have until you start replacing them at 5 bucks a pop. Off the top of my head, I think I have 20 downstairs and that's not including the little bulbs that go in chandeliers. And this lady has two houses. Still, she must have gone into a Best Buy to spend that much on LED bulbs.
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Oct 9, 2015 18:54
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Grandma is bankrupt.
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Oct 9, 2015 19:32
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