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Devian666 posted:Here's something I read last night on whether or not to pay down your mortgage. There's no clear answer due to personal circumstances and a few conditions like if you have less than 20% equity. Thank you for sharing this. I have 2 properties with more than 20% in equity, both at 15-year loans. One is for 2.75% and the other is 2.875%, and I've been telling myself that it's silly to pay it off early. It's good to see someone's done a little more thinking about it and come to the same conclusion.
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Jan 19, 2016 02:59
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Very little of that applies in Canada because most terms are fixed for 5 years, though you can pay a premium for 10 year terms. Not that anybody does cost benefit analyses up there anyways. How about we all agree that people should run the numbers for themselves and make decisions based on their own personal circumstances instead of getting preachy about our 'sample size n=1' anecdotes? tia. Discussing what works (or didn't work) at an individual level for informative purposes is one thing, but we really don't need the  commentary about those plebeian renters or financially illiterate rentiersOlive Branch posted:Always great for a reread. Another site/blogger that strikes me as BWM on the path to GTAT-like losses but at least aware of his risks of losing a lot of his money is MoneyGeek. He plans on getting his TFSA worth a million bucks by 2033 entirely via stock picking and chronicles his journey on his blog: http://www.moneygeek.ca/weblog/categories/personal-stories/jins-tfsa-updates/ I saw that site earlier and it looked like a bunch of woo designed to push people towards paid memberships to his proprietary moneymaking schemes (C)(TM) DO NOT STEAL. His name sounded familiar so I did some digging, and it turns out the motherfucker lost 25 large last year. My balance was within a few hundred of his at the end of 2015 and I didn't even have a TFSA until 2014. lol. Guest2553 fucked around with this message at 03:37 on Jan 19, 2016 |
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Jan 19, 2016 03:29
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Yeah but look at his competition: http://www.moneysense.ca/save/tfsa/1st-place-rick-maureen-1m/ quote:Investment strategy: All-in on one penny stock
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Jan 19, 2016 04:46
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ohgodwhat posted:Yeah but look at his competition: quote:By October 31, 2014, Kelso shares were trading at just under $6.53 per share. Rick has 79,100 shares in his TFSA while Maureen has 78,100, so their account balances were $516,297 and $509,784, respectively. The couple firmly believes the company will eventually be bought out and they’re determined to hold on to all of their shares until then. “We believe Kelso has the potential to climb to $25 a share,” says Rick. “We’re patient and will wait.” quote:Kelso Technologies Inc Whoops
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Jan 19, 2016 05:03
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fisting by many posted:Whoops At least they're still well above where they bought in, but hopefully they learned to GTFO.
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Jan 19, 2016 05:05
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Mojo Threepwood posted:I was delighted to see a cameo appearance by my hometown heroes Washington Mutual. Yeah, what happened there?
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Jan 19, 2016 05:10
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Bad with money: paying 25 bucks a month for online porn. Worse with money: forgetting to cancel the sub and not noticing it for 10 months. e. : reddit : is a thing already lol Guest2553 fucked around with this message at 08:12 on Jan 19, 2016 |
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Jan 19, 2016 08:09
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Guest2553 posted:e. : reddit : is a thing already lol The story behind it is even better.
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Jan 19, 2016 08:36
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Don't leave me hangin' bruh vvvv e. If you're savvy enough to know those words then its safe to assume you're not the target audience. Guest2553 fucked around with this message at 16:56 on Jan 19, 2016 |
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Jan 19, 2016 08:49
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Devian666 posted:Here's something I read last night on whether or not to pay down your mortgage. There's no clear answer due to personal circumstances and a few conditions like if you have less than 20% equity. That was a looooooot of words to basically state that "the real cost of interest or real return on investment is the nominal interest rate minus inflation"
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Jan 19, 2016 13:59
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My in-laws' retirement is in property, they have no pensions or retirement accounts anywhere due to taking new foreign assignments every couple years. So now they want to retire but the property they need to sell is in Malaysia, where the ringgit is worth like half what it used to be, and the market is dead at the moment so they wouldn't even be able to sell at a loss if they tried. Guess daddio gets to keep working.
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Jan 19, 2016 16:10
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Zo posted:Also if special needs kid was too depressing here's Mr moneybags going into the negative on margins I've been knocked on my rear end because of the flu so I've had the time to go through that GTAT thread. All I can say is  Page 316 is around the time when Apple does its huge iPhone 6 announcement with lack of SAPPHIRE being mentioned. The echo chamber leading up to the September 9th event and the subsequent grasping for straws and meltdown is amazing. Also knowing that GTAT goes bankrupt in October makes all the posts with "Don't worry guys, stay in it for the long haul!" more hilarious. Edit: I'm only at page 380 which is only 3 days after the announcement and value tanking. I haven't gotten to the major sob stories yet. JayKay fucked around with this message at 18:27 on Jan 19, 2016 |
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Jan 19, 2016 18:22
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Guest2553 posted:Bad with money: paying 25 bucks a month for online porn. Worse with money: forgetting to cancel the sub and not noticing it for 10 months. I left a $15/mo (I think) game subscription running for 2 years after I stopped playing. (I noticed after 8 months and had a problem logging in to unsubscribe, then forgot about it until my credit card expired.)
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Jan 19, 2016 18:34
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Today on bad with money: The Toronto Star (a leading media outlet for Toronto) writes about how Canadian lotteries may be better value than U.S. lotteries like the Powerball. The logic?quote:Similar Canadian lotteries can offer slightly better return, partially because winnings aren’t taxed. Sure, the article hints that you're not likely to win the lottery. But recommending a Canadian lottery over a U.S. one due to an entirely made-up "return" value to an audience whose relying on winning the lottery to fund their retirement, during a recession, probably isn't a good thing. Especially when you consider the recent scandal involving a number of Canada-wide lottery employees, whereas lotto employees and retailers (and their family members) mysteriously "won" the lotto a disproportionately amount of times. And did I also forget to mention that Canada is now leading the G7 nations in household debt? Where is my country going? 
melon cat fucked around with this message at 20:12 on Jan 19, 2016 |
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Jan 19, 2016 19:09
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JayKay posted:I've been knocked on my rear end because of the flu so I've had the time to go through that GTAT thread. Page 499 is where trading on GTAT is halted and 501 is where the bankruptcy announcement comes out. quote:
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Jan 19, 2016 19:48
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It's not timely at all, but "Bad With Money: gently caress! Bancrputcy!" would be a great thread title
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Jan 19, 2016 21:25
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Subjunctive posted:I left a $15/mo (I think) game subscription running for 2 years after I stopped playing. (I noticed after 8 months and had a problem logging in to unsubscribe, then forgot about it until my credit card expired.) That reminds me of a guy I knew who did the same thing, except the sub was on somebody else's credit card. Who's the bigger idiot? 
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Jan 19, 2016 21:34
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GTAT Thread posted:posting like this is not responsible
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Jan 19, 2016 21:35
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Dr. Eldarion posted:This is my favorite part. Of everything in that thread like gambling your disabled kid's future or mom's retirement, apparently what's finally called out as irresponsible is posting a fact. Yeah that one is definitely a Top 10 moment in that thread. Some of my other favorites are people's accounting of their losses, doing detective work like driving by the Mesa facilities like it means anything at all, actually thinking they'll be able to sue whatever is left of GTAT and/or Apple and just the non-stop tea leave reading they engaged in for 500+ pages. Individual stock investors (one stock and one stock only) are a weird bunch.
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Jan 19, 2016 21:40
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Dr. Eldarion posted:This is my favorite part. Of everything in that thread like gambling your disabled kid's future or mom's retirement, apparently what's finally called out as irresponsible is posting a fact. Followed by gems like this. The denial is so incredible. quote:Sam Gidwani said: ↑ quote:http://investor.gtat.com/releasedetail.cfm?ReleaseID=874701
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Jan 19, 2016 21:42
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Spiffness posted:Yeah, what happened there? Seattle Times did a good two part postmortem on WaMu that explains how they went from trusted family bank to predatory lender, beginning around 2003. It's a good read. Highlights: quote:WaMu’s subprime home loans failed at the highest rates in nation. Foreclosure rates for subprime loans made from 2005 to 2007 — the peak of the boom — were calamitous. In the 10 hardest-hit cities, more than a third of WaMu subprime loans went into foreclosure. quote:“Someone in Florida had made a second-mortgage loan to O.J. Simpson, and I just about blew my top, because there was this huge judgment against him from his wife’s parents,” she recalled. Simpson had been acquitted of killing his wife Nicole and her friend but was later found liable for their deaths in a civil lawsuit; that judgment took precedence over other debts, such as if Simpson defaulted on his WaMu loan. quote:A WaMu daily rate sheet obtained by The Seattle Times shows how lavish the rewards could be. On an option ARM, WaMu would reward brokers as much as 3 percent of the loan amount — more than triple the standard commission at the time. Part 1: http://www.seattletimes.com/business/part-one-reckless-strategies-doomed-wamu/ Part 2: http://www.seattletimes.com/business/part-two-wamu-hometown-bank-turned-predatory/
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Jan 19, 2016 21:45
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Wow. I never realized how hosed it was over there. WaMu was a great regional bank (on the customer side at least) and I always wondered how it went so bad so fast... That would do it.
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Jan 19, 2016 22:55
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Spiffness posted:Wow. I never realized how hosed it was over there. WaMu was a great regional bank (on the customer side at least) and I always wondered how it went so bad so fast...
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Jan 20, 2016 07:39
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Welp. Due to some confusion between myself and my ex-wife about which money was supposed to be where, we moved some money several times between CAD and USD, coughing up a bunch in currency exchange fees to end up basically where we started.
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Jan 20, 2016 08:01
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Dr. Eldarion posted:This is my favorite part. Of everything in that thread like gambling your disabled kid's future or mom's retirement, apparently what's finally called out as irresponsible is posting a fact. For me that thread is just super entertaining non-stop from right before the iPhone 6 announcement, but my personal favorite part is the few minutes before the bankruptcy announcement when trading of GTAT was inexplicably halted, and the only explanation that the hivemind could think of was an apple buyout which would make them rich. Most blueballs aspect is that two posters allegedly held 1% of the float each (several million $$?) but never posted after the bankruptcy announcement. Tied up in litigation, or just literally tied up, I suppose.
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Jan 20, 2016 08:13
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BWM: Financial Domination Edition. https://www.youtube.com/watch?v=ad6bpsQmV5Q
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Jan 20, 2016 10:19
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Zo posted:For me that thread is just super entertaining non-stop from right before the iPhone 6 announcement, but my personal favorite part is the few minutes before the bankruptcy announcement when trading of GTAT was inexplicably halted, and the only explanation that the hivemind could think of was an apple buyout which would make them rich. My favorite part is that all those people made an incredibly risky bet on weak info at the same time the stock market was booming. I understand taking on risk when the market is down or stagnant, but the returns in 2013 were the best in two decades and 2014 was pretty good too. Several posters talked about what sub-10 dollar/share stock about-to-pop they should invest their GTAT profits into. 
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Jan 20, 2016 12:16
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Krispy Kareem posted:My favorite part is that all those people made an incredibly risky bet on weak info at the same time the stock market was booming. I loved all the armchair chemists and industrial engineers talking about sapphire ingots and furnaces and all that. Like trying to do power consumption calculations to determine how many furnaces were running. Or the people trying to figure out sales figures and how rich they'll be from sapphire on the apple watch or the lenses of the iPhone cameras.
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Jan 20, 2016 15:13
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I wonder if they think index funds are for suckers.
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Jan 20, 2016 16:01
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Moneyball posted:I wonder if they think index funds are for suckers. Probably. You can see a sort of hierarchy in that GTAT thread between people who got in early and those who came later. Had the investment worked out a lot of those people would have followed the alpha investors into the next big thing until they lost everything. No way they're content with 10% average returns after doubling or tripling their money on GTAT. I don't think there's a scenario where half of those people don't lose all their money in 5 years.
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Jan 20, 2016 16:13
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Someone who goes all-in on penny stocks will go bankrupt eventually.
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Jan 20, 2016 16:21
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I've always thought that if you took two guys and have them each invest $1000 in an individual stock, the one who immediately loses his bankroll is better off than the one who triples it in the first month. The 'winner' will lose a whole lot more than $1000 when he goes busto.
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Jan 20, 2016 20:09
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Maybe not perfectly fitting in this thread but Banks hate this!
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Jan 20, 2016 21:14
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antiga posted:I've always thought that if you took two guys and have them each invest $1000 in an individual stock, the one who immediately loses his bankroll is better off than the one who triples it in the first month. The 'winner' will lose a whole lot more than $1000 when he goes busto. It's all unrealized value so it's basically no different.
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Jan 21, 2016 01:58
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KYOON GRIFFEY JR posted:It's all unrealized value so it's basically no different. The guy who lost 3k gets a bigger tax break.
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Jan 21, 2016 02:02
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Krispy Kareem posted:The guy who lost 3k gets a bigger tax break. There's also an opportunity cost to the effort to actively manage the money over a longer period of time, I suppose.
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Jan 21, 2016 02:03
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The more money you make and then immediately lose, the more likely you are to learn your lesson....I hope.
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Jan 21, 2016 02:55
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Krispy Kareem posted:The guy who lost 3k gets a bigger tax break. No he doesn't, it's based on cost basis.
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Jan 21, 2016 03:27
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Magic Underwear posted:No he doesn't, it's based on cost basis. Oh yeah...I guess that wouldn't matter then. I've never lost money in the stock market so I've never had the chance to claim losses against my taxes.
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Jan 21, 2016 03:37
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Devian666 posted:BWM: Financial Domination Edition.  I wonder a) what the market is like for male findoms, and 2) how much of my soul I'd have to trade to make it happen. It's pretty awesome with money if you're on the other side of that particular fence. Krispy Kareem posted:I've never lost money in the stock market Quoted for posterity.
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Jan 21, 2016 04:18
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