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My first serious relationship ended because my girlfriend kept giving less and less subtle hints about the direness of her mom's financial situation until she was outright asking me to help them make payments on the credit cards. She accused me of being an unfeeling monster when I refused, and went on a social media tirade about what a cheap rear end in a top hat I am. Maybe it was a bit cold, but it's my money, not hers. 
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Dec 25, 2015 17:21
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Switchback posted:Less fun than horse chat, but better than tax chat, another report that most Americans have less than $1,000 in savings. quote:Approximately 62% of Americans have less than $1,000 in their savings accounts and 21% don’t even have a savings account, according to a new survey of more than 5,000 adults conducted this month by Google Consumer Survey for personal finance website GOBankingRates.com.
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Dec 25, 2015 17:34
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Yeah I never got that survey because another study shows most Americans as having a positive net worth - but I think a lot of people just assume because their unpaid house is an asset, that counts towards their net worth (it shouldn't). This chart looks pretty accurate - look at the red parts to see how almost no one has liquid assets in America when property equity is excluded: http://www.fool.com/investing/general/2015/05/17/americans-average-net-worth-by-age-how-do-you-comp.aspx 
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Dec 25, 2015 17:53
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EugeneJ posted:Yeah I never got that survey because another study shows most Americans as having a positive net worth - but I think a lot of people just assume because their unpaid house is an asset, that counts towards their net worth (it shouldn't). If my mortgage counts against my net worth then why wouldn't my house count towards it?
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Dec 25, 2015 17:56
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You don't count equity in real estate in net worth? Do you discount any assets that have a lien on them?
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Dec 25, 2015 17:57
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Rurutia posted:If my mortgage counts against my net worth then why wouldn't my house count towards it? I have a feeling people aren't saying "I have $10,000 equity in my $100,000 house" for these surveys, they're just saying "I have a $100,000 house"
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Dec 25, 2015 18:17
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EugeneJ posted:I have a feeling people aren't saying "I have $10,000 equity in my $100,000 house" for these surveys, they're just saying "I have a $100,000 house" That's really mixing the terms, though. Net worth is assets minus liabilities. That's all. In this case, it's the asset of the house minus the liability of mortgage/equity loan/HELOC. The value of the asset is annoying because it can be a wide range, but it still exists.
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Dec 25, 2015 18:42
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Not a Children posted:My first serious relationship ended because my girlfriend kept giving less and less subtle hints about the direness of her mom's financial situation until she was outright asking me to help them make payments on the credit cards. She accused me of being an unfeeling monster when I refused, and went on a social media tirade about what a cheap rear end in a top hat I am. Yeah this is a disaster waiting to happen. Once you are willing to help once, you're helping forever. The underlying issues aren't fixed by cash infusions anyway.
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Dec 25, 2015 19:07
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The 18 year old black transgender pc game dev patreon person is BWM.
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Dec 25, 2015 19:09
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Well I did donate to the hot dog man's kickstarter 
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Dec 25, 2015 20:06
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Cloks posted:Here's something from reddit...
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Dec 26, 2015 01:57
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In Australia you don't have to declare thousands in income from something because it's a hobby? When the hobby is literally being a retailer? An odd policy choice.
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Dec 26, 2015 02:21
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I just found out someone close to me is keeping their entire savings in cash and hiding it in their house  I questioned them, and they said something like "when the banks collapse, where are you going to get cash from to buy things? I'LL HAVE THE CASH!" What is a good list of stuff to tell them so that they change their mind? So far I can think of - -The money isn't earning interest -The money won't be covered by homeowner's insurance in the case of theft or fire
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Dec 26, 2015 06:34
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Often this problem requires Seroquel.
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Dec 26, 2015 06:44
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EugeneJ posted:What is a good list of stuff to tell them so that they change their mind? 3) If there is such a widespread societal collapse that government deposit insurance has failed, cash currency (issued pre-collapse) may no longer be generally accepted anyway. Applies if your friend is in a stable modern developed country, not so much for Greece. 4) He may honestly forget where he hid the cash currency and accidentally destroy or throw it away. Similarly for any family members he may be living with. And tell your friend to stop going around telling people he has so much cash currency at home. Jesus.
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Dec 26, 2015 06:44
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I mean even if they try to deposit the money now, isn't the bank going to flag the transaction and sick the feds on them to find out where the money came from? I'm guessing this is at least tens of thousands of dollars, if not more
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Dec 26, 2015 06:51
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Teller asks where the money came from. You say "cash savings", sign a paper and that's it.
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Dec 26, 2015 06:56
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Vahakyla posted:Teller asks where the money came from. You say "cash savings", sign a paper and that's it. It's all legit money that they probably got from cashing paychecks at a bank anyway, so I'm sure there's a paper trail. But holy poo poo was I blown away at the stupidity. Is there some online site that could be encouraging them to do this?
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Dec 26, 2015 07:01
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EugeneJ posted:It's all legit money that they probably got from cashing paychecks at a bank anyway, so I'm sure there's a paper trail. Possibly read some prepper literature and was dumb enough to not only to buy into the idea of the prepping lifestyle, but also dumb enough to miss the point of hoarding gold/silver rather than paper money for when "poo poo hits the fan".
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Dec 26, 2015 07:14
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EugeneJ posted:I mean even if they try to deposit the money now, isn't the bank going to flag the transaction and sick the feds on them to find out where the money came from? The danger is not so much with the bank. As subsequently mentioned by another poster, you simply have to fill out some paperwork. That is all. The danger is that he may be pulled over by the police while en route and have his cash currency seized as the product of drug trafficking. The legal standard for civil forfeiture is very low, and your friend may end up with his entire life savings seized.
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Dec 26, 2015 07:19
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There's always money in the banana stand.
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Dec 26, 2015 07:25
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Subjunctive posted:In Australia you don't have to declare thousands in income from something because it's a hobby? When the hobby is literally being a retailer? An odd policy choice. It's not an odd policy, it's too much hassle to tax these things so the ATO ignores it.
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Dec 26, 2015 12:18
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Noyemi K posted:Well I did donate to the hot dog man's kickstarter That was a beautiful journey in Bad With Money and Bad With Food.
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Dec 26, 2015 12:46
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If banks collapsed, the ensuing contraction in the money supply would make that pile of cash more valuable, erasing some of the opportunity costs he made by not investing. But who are we kidding? You're more likely to see rampant inflation as the Fed prints trillions of dollars to prop up the banks. So all your money is now worth even less than before. Granted that didn't happen the last time the Fed printed 3 trillion extra dollars. But we probably just got lucky.
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Dec 26, 2015 12:54
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Steal all that person's cash to teach them a lesson.
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Dec 26, 2015 15:40
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EugeneJ posted:It's all legit money that they probably got from cashing paychecks at a bank anyway, so I'm sure there's a paper trail. Somethingawful.com
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Dec 26, 2015 15:47
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Dear Reddit, I totaled a rental car by parking it in the ocean. I have no insurance. I haven't told the rental company yet but can I declare bankruptcy now to get out of paying them for the car? quote:I rented a car for road trip, but declined optional insurance, so I am liable for all my fault. My credit card does not have rental insurance. I don't have personal insurance. I realize how stupid this is now.
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Dec 26, 2015 16:48
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Seems like it's time to start a new life under the sea.
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Dec 26, 2015 17:09
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It seems like his finances just went...underwater
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Dec 26, 2015 17:17
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He can wave goodbye to his money.
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Dec 26, 2015 18:04
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The car really tide the beach together.
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Dec 26, 2015 18:17
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He might want to create a shell company. (Or wait until he is actually billed before declaring bankruptcy, so it's one of the debts that gets discharged?)
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Dec 26, 2015 18:25
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Subjunctive posted:He might want to create a shell company. I sea what you did there.
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Dec 26, 2015 18:39
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Subjunctive posted:He might want to create a shell company. I don't think he's a American citizen, he mentioned not having a SSN.
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Dec 26, 2015 18:41
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Water you guys talking about? 
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Dec 26, 2015 18:46
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BigDave posted:I don't think he's a American citizen, he mentioned not having a SSN. You can have legal debts without being a US citizen. Source: I am in the US but not a citizen, and have had debts.
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Dec 26, 2015 19:05
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I bet the rental car company is going to be really salty once they realize their chances of recovering from him. Also,  at the argument over whether the ocean ruining your car counts as an act of god or not:quote:That is largely irrelevent. An act of God is when something happens that is unforseen, and unpredictable. A tide is not unpredictable. I would imagine there are signs warning not to park there. quote:It may have been unpredictable for him. He did say he couldn't imagine how that could have happened.
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Dec 26, 2015 19:06
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The Mayans could have told this dork not to park there.
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Dec 26, 2015 19:43
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"I can't believe that the car is totalled from one sea wave..." oh man that reminds me of Futurama, with spaceships being designed to accommodate between zero and one atmospheres. The Guardian gave us a nice gift $100,000 and up is not enough – even the 'rich' live paycheck to paycheck quote:Marguerita Cheng, a certified financial planner and CEO of Blue Ocean Global Wealth, has a client in the Washington, DC area who makes $450,000 to $600,000 a year but lives paycheck to paycheck. He spends a lot of it on keeping peace with his ex-wife. quote:In 2014, a Brookings Institute paper found that about one-third of US households live hand to mouth. That’s about 38 million households. About two-thirds of these American households living from paycheck to paycheck are not actually poor but instead middle class or richer. They might have liquid assets or own a home that they are paying off. There is just one catch: they are spending everything they are earning even if it’s $100,000 or more a year.
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Dec 26, 2015 20:06
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Subjunctive posted:You can have legal debts without being a US citizen. Source: I am in the US but not a citizen, and have had debts. Do those debts cross the border? Otherwise this guy could go on back to wherever and leave Hertz holding the bag.
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Dec 26, 2015 21:05
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