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Breetai posted:The lock reason makes me wonder, once again, why ANYONE would want to use Reddit as a forum for discussion. SA threads sometimes get closed for that same reason.
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Dec 14, 2015 01:22
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Renegret posted:oh my god this thread is so good how have I not known about it for so long I'd just copied the quote from someplace on the forums I think, I don't even remember reading the original thread. That's amazing.
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Dec 14, 2015 01:42
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melon cat posted:It's pretty astounding that she's okay with the fact that she paid a massive amount of interest on her credit card debt while losing out on ~10 years of compounded investment growth for "experiences". And it's not like she's warning people about her foolish mistakes. She's encouraging people to make the same impulsive, poorly thought-out leap that she did when she clearly has a support network that's protecting her from eviction/crippling poverty. Good grief. There are plenty of other people that followed the same process in their 20s and ended up with a lot more debt. It sounds like she didn't have any crippling student loan debt so she was in a much better position than most. No doubt people will use the article as justification for ending up in a terrible position, but not have the discipline to repay their debts like she did. She's good with money for getting paid to write lovely articles, or perhaps good with having a job/contracts.
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Dec 14, 2015 01:47
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People already force a false dichotomy between "living like a poor" to save money or "actually enjoying life" by not saving any money, at all, ever. This is just more fuel for the fire.
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Dec 14, 2015 01:51
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I once saw a quote on some girl's dating profile. From uhh, someone else.. I'd never use one of those sites. "I don't believe in savings accounts" I think that is to highlight her spontaneity, but it sounds like a good way to wind up in mid-adulthood without anything.
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Dec 14, 2015 04:31
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flynt posted:That's what stuck out to me. If I'm going to brag about being 14k in debt for experiences, my experiences would include destinations a bit more exciting than Mexico, Las Vegas, and San Diego. Vegas and San Diego, sure, but there are plenty of exciting places in Mexico. Even more so if you can speak Spanish. Of course, given her other traveling destinations, I'm sure she went to a resort town. Vegas is indeed hell on earth.
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Dec 14, 2015 05:06
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So, in the vein of lighting a candle... I was talking with a friend who made a bunch of money at a fintech company, and we were wondering: if you had $10M to spend in the US to improve financial literacy, what would you do with it? My answer: bribe every state's education subcommittee to put a bonus question about compound interest on every exam, regardless of subject. Thoughts? (LMK if I should ask this elsewhere, don't be shy.)
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Dec 14, 2015 05:08
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il serpente cosmico posted:Vegas and San Diego, sure, but there are plenty of exciting places in Mexico. Even more so if you can speak Spanish. Of course, given her other traveling destinations, I'm sure she went to a resort town. Vegas is good if you spend less than 3 nights, don't gamble, and are prepared to spend a pile of money on shows and food. It's like "the 5-star jetset life" reinterpreted for people terrified of other languages.
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Dec 14, 2015 05:11
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Buy my own radio show and talk about Jesus and the government every time someone calls in asking for advice.
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Dec 14, 2015 05:11
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Subjunctive posted:So, in the vein of lighting a candle... Make a game where the AI allots you a random amount of money as your salary and a random amount of money as your budget, and then you have 10 minutes to make decisions as to where the money goes (checking/savings/bonds/retirement/etc.). After 10 minutes, the clock goes ahead 30 years and you see how much money you made/lost over your career - your net worth becomes your score that you can upload and compare with others that played the game.
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Dec 14, 2015 05:17
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EugeneJ posted:Make a game where the AI allots you a random amount of money as your salary and a random amount of money as your budget, and then you have 10 minutes to make decisions as to where the money goes (checking/savings/bonds/retirement/etc.). After 10 minutes, the clock goes ahead 30 years and you see how much money you made/lost over your career - your net worth becomes your score that you can upload and compare with others that played the game. Lemonade Stand where things are appropriately stacked against you!
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Dec 14, 2015 05:20
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Can't really do much without influencing policy. Maybe you could make that happen in one or two school districts directly with that money, but the answer is effectively "lobby Congress" if you're trying to effect change on the national level.
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Dec 14, 2015 06:08
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Renegret posted:oh my god this thread is so good how have I not known about it for so long Jeez, I really hope that person didn't go through with the plan. She doesn't mention how her partner had $20K saved, but given his "terrible" credit and background in corporate coffee, I'm guessing it came from a sudden windfall (inheritance or insurance payout). Suddenly he had $20K burning a hole in his pocket, and he decided to start a business without having a clue as to where to begin. Given his terrible credit, I'll also go ahead and guess that his money could have been put to much better use digging himself out of whatever hole he was assuredly in.
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Dec 14, 2015 06:53
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Not a Children posted:Can't really do much without influencing policy. Maybe you could make that happen in one or two school districts directly with that money, but the answer is effectively "lobby Congress" if you're trying to effect change on the national level. Does changing one state lead to others changing? I guess it takes a decade to show results, so probably not. $10M doesn't move a major education needle federally. What would you do instead?
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Dec 14, 2015 07:16
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Subjunctive posted:Does changing one state lead to others changing? I guess it takes a decade to show results, so probably not. $10M doesn't move a major education needle federally. Freakanomics had a podcast where a researcher in financial education basically said that it's worthless. IHer basic two points that I remember were that kids don't use any of the knowledge and that the cause and effect of bad financial literacy are separated by long periods of time which people in general are bad at identifying.
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Dec 14, 2015 07:54
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Push for a bill that makes everyone's tax returns public knowledge so that it's pointless to try and fake a wealthy lifestyle with luxury goods.
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Dec 14, 2015 08:17
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Make a law that 20% of your salary is automatically transferred to a savings account and can only be withdrawn when you reach a specified age.
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Dec 14, 2015 08:28
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What about no-lose lotteries? (prize linked savings accounts)
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Dec 14, 2015 08:30
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Pureauthor posted:Make a law that 20% of your salary is automatically transferred to a savings account and can only be withdrawn when you reach a specified age. So, Social Security, pretty much?
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Dec 14, 2015 09:02
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Pureauthor posted:Make a law that 20% of your salary is automatically transferred to a savings account and can only be withdrawn when you reach a specified age. Way to lose money. More like mutual funds or something.
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Dec 14, 2015 09:33
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Pureauthor posted:Make a law that 20% of your salary is automatically transferred to a savings account and can only be withdrawn when you reach a specified age. Welcome to Australia, except it's currently 9.5% on it's way to 12% by 2025.
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Dec 14, 2015 09:48
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If you want to change US federal policy, $10 millions will get you like a year of mediocre lobbying. Maybe. You'd need ten times that to get anything done.
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Dec 14, 2015 13:33
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Rudager posted:Welcome to Australia, except it's currently 9.5% on it's way to 12% by 2025. B-but that's communism!! Never mind that it objectively works: since it means I don't get further ahead at the expense of others, it's evil.
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Dec 14, 2015 14:35
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il serpente cosmico posted:Jeez, I really hope that person didn't go through with the plan. She doesn't mention how her partner had $20K saved, but given his "terrible" credit and background in corporate coffee, I'm guessing it came from a sudden windfall (inheritance or insurance payout). Suddenly he had $20K burning a hole in his pocket, and he decided to start a business without having a clue as to where to begin. Given his terrible credit, I'll also go ahead and guess that his money could have been put to much better use digging himself out of whatever hole he was assuredly in. I highly doubt she went through with it. It reads like an idea that had no serious thought, planning, or work put in to make a reality before that thread was posted. I wouldn't be surprised if it was thought up the night before and abandoned just as quickly.
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Dec 14, 2015 15:04
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EugeneJ posted:Make a game where the AI allots you a random amount of money as your salary and a random amount of money as your budget, and then you have 10 minutes to make decisions as to where the money goes (checking/savings/bonds/retirement/etc.). After 10 minutes, the clock goes ahead 30 years and you see how much money you made/lost over your career - your net worth becomes your score that you can upload and compare with others that played the game. I've legit thought about making a simple game like this to teach finance.
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Dec 14, 2015 15:49
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District Selectman posted:I've legit thought about making a simple game like this to teach finance. Same, actually. Making it fun would be the tough part, unfortunately. ...but for only $2.99, you can buy a $35,000 loan for your dumb character! Wow!
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Dec 14, 2015 16:04
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Direct the funds for in-app purchases to some sort of retirement account in real life.
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Dec 14, 2015 16:22
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Nail Rat posted:Same, actually. Making it fun would be the tough part, unfortunately. But shame then somehow for taking that option. Like they immediately blow 10,000 making similarly poor financial decisions.
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Dec 14, 2015 17:12
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I would just have it throw out a pop-up that says "you have just fallen for a get-rich-quick scheme, penalty $2000 at 12% interest" Meanwhile the programmer gets that sweet sweet microtransaction dosh
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Dec 14, 2015 17:49
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BEHOLD: MY CAPE posted:Any pf thread that gets cross linked or hits fp gets locked because the mods have no sense of humor and don't like long joke or pun comment strings even if they're getting gilded or thousands of upvotes Good. That poo poo sucks. https://www.reddit.com/r/personalfinance/comments/3wrqwm/possibly_scammed_over_23000_and_extremely_worried/ Some dude buys a car online through some shady company, gets scammed out of $23k+. Even drove down to Texas from Ontario to pick up his car that wasn't there lmao
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Dec 14, 2015 18:49
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Barry posted:Good. That poo poo sucks. Holy crap. This is incredible. That's going to be one very expensive life lesson.
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Dec 14, 2015 19:23
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Doesn't even say what type of car he was trying to buy. It's probably a Nissan. not a 40k leased Altima, though
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Dec 14, 2015 19:36
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Greed blinds.
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Dec 14, 2015 20:26
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The sad part is, even if it is a legit operation (and it could be, just a lovely legit operation with a F BBB rating) if they did go out of business he'd still be hosed. So much risk. So little payoff. It's like sticking your junk in a random hole on the off chance it feels good.
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Dec 14, 2015 21:14
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Phone posted:Doesn't even say what type of car he was trying to buy. It's probably a Nissan. not a 40k leased Altima, though From one of the replies: quote:According to his FB posts, a 2014 bmw 428i. Fool, money, ect.
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Dec 14, 2015 21:30
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Krispy Kareem posted:The sad part is, even if it is a legit operation (and it could be, just a lovely legit operation with a F BBB rating) if they did go out of business he'd still be hosed. Don't knock it 'til you try it. re: Reddit. I resisted posting on or even reading it until earlier this year, despite seeing it referred to online constantly. An acquaintance of mine kept recommending it, suggesting it's my kind of place. I don't think he's a fuckup himself- managed to get a house around age 25, by himself, without a high paying job. I started to imagine it as something of a life-hacker, think outside the norm niche forum. Now that I've actually explored it a little more, it's like the anti-BFC. Moneyball fucked around with this message at 21:45 on Dec 14, 2015 |
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Dec 14, 2015 21:31
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BraveUlysses posted:From one of the replies: All I have to do to get this late model BMW for half of the market price is wire $23k to some shady rear end company? Sounds good to me!
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Dec 14, 2015 22:05
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BraveUlysses posted:From one of the replies: I almost felt bad for the guy because I've known several idiots who think that car auctions are a great way to score hot deals, it's just that those darn dealers don't let the public in on them! Except it was definitely a red flag in his story that he did not disclose what car he thought he was buying, even after being asked directly. A 2014 428i for $23k screams too good to be true. Not even in the realm of possibly legit.
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Dec 14, 2015 22:08
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Unless it's a salvage title. In which case you run away as fast as your legs will carry you.
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Dec 14, 2015 22:37
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I guess that $23K is on it's way to ISIS now.
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Dec 15, 2015 15:20
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