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The Atlantic has a good article on Winston Churchill being a total SloMo and getting away with it. http://www.theatlantic.com/magazine/archive/2016/01/why-winston-churchill-was-so-bad-with-money/419094/
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Feb 2, 2016 06:27
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MrKatharsis posted:The Atlantic has a good article on Winston Churchill being a total SloMo and getting away with it. A rich person may be five million dollars in debt but still fine and living a luxurious, enviable lifestyle. A poor person can be $200 in debt and completely screwed, eating nothing but boiled rice. Such is the magic of credit.
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Feb 2, 2016 17:00
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BarbarianElephant posted:A rich person may be five million dollars in debt but still fine and living a luxurious, enviable lifestyle. A poor person can be $200 in debt and completely screwed, eating nothing but boiled rice. Such is the magic of credit. Eventually, if you owe the bank enough money, you own the bank. See: Trump, Donald
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Feb 2, 2016 17:17
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MrKatharsis posted:The Atlantic has a good article on Winston Churchill being a total SloMo and getting away with it. People wonder why countries get into more debt than what they can cope with. That said there are poor oil producing countries that are starting to ask for bail outs as the fall in oil price is a major problem.
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Feb 2, 2016 20:33
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Reddit is fun, sometimes. In which a charming young lady asks how she can help her husband dodge child support AND get his tax refund: https://www.reddit.com/r/personalfinance/comments/43sxe8/havent_filed_taxes_since_2011_husband_owes_child/ posted:Hi guys, so my husband and I haven't filed taxes since 2011. I have all my W2s except for 2013 which I'm working on. I know that I owe around $2,500 already due to a withholding mistake I made back in 2011/2012. I'm aware that I can file these taxes with just regular forms. In which a goober owns a house, half of another house, two cars, and half of a truck, and can't afford to get her car registered because ???: "https://www.reddit.com/r/personalfinance/comments/43vghg/financial_disaster/" posted:I own one house outright. I own half another house outright. I own a mustang and a passat, outright and owe 10k on a 2014 Chevy truck. House insurance and car insurance paid off until August... Problem: I have 141 dollars to my name and no access to any more. None. Stymied. Looking for suggestions on a way out of this mess. No. I don't have a job. Oh. Passat is unregistered and unlicensed. Truck needs to have it's tax tag done. 141 bucks. sigh. any suggestions. Suicide is not an option, I have no personal insurance. ;-) In which a person has taken on 6 figures of debt without knowing what a mortgage actually is: "https://www.reddit.com/r/personalfinance/comments/43up4f/please_help_me_understand_my_mortgage/" posted:In Oct 2014 I took out a home loan for $118,650 (total purchase $125k, $7k down payment). In which a young upstart, with over $25k of debt, with a career in the oh-so-stable Houston Oil and Gas market, wishes to leverage himself as much as possible on a home purchase: https://www.reddit.com/r/personalfinance/comments/43sr56/25_m_really_wanting_to_buy_a_200k_house_by_this/ posted:Here are my stats:
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Feb 2, 2016 22:18
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Brings home 48k a year net of taxes, has $5,000 saved. Yeah that's gonna go great.
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Feb 2, 2016 23:23
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Not a Children posted:$1500 in Credit Card 1 debt - I have rewards points enough to pay it off entirely Wait, what? What card allows you to pay off your balance with rewards points? Or do I just have a lovely rewards program with my credit union...
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Feb 2, 2016 23:34
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Lucky Guy posted:Wait, what? What card allows you to pay off your balance with rewards points? Or do I just have a lovely rewards program with my credit union... That's a lot of loving points. Ignoring signup bonuses and promotions, even for a 2% card that's like $75,000 in spending.
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Feb 2, 2016 23:39
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FrozenVent posted:Brings home 48k a year net of taxes, has $5,000 saved. Worse - the 5000 is coming out of an IRA.
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Feb 2, 2016 23:55
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Lucky Guy posted:Wait, what? What card allows you to pay off your balance with rewards points? Or do I just have a lovely rewards program with my credit union... I can apply points to travel expenses or entertainment (e.g. Movies), or to bank service fees. It's pretty ok, except when I want to use up the points but don't have enough eligible expenses.
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Feb 2, 2016 23:58
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Lucky Guy posted:Wait, what? What card allows you to pay off your balance with rewards points? Or do I just have a lovely rewards program with my credit union...
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Feb 3, 2016 00:05
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Lucky Guy posted:Wait, what? What card allows you to pay off your balance with rewards points? Or do I just have a lovely rewards program with my credit union... It seems pretty standard for Amex cards with their points system to allow part or all of the balance to be paid off. There's a feature on the web site that will let you select payments to pay off with points. However, that's the least efficient use of the points.
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Feb 3, 2016 00:27
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Lucky Guy posted:Wait, what? What card allows you to pay off your balance with rewards points? Or do I just have a lovely rewards program with my credit union... FrozenVent posted:Brings home 48k a year net of taxes, has $5,000 saved.
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Feb 3, 2016 00:42
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Devian666 posted:It seems pretty standard for Amex cards with their points system to allow part or all of the balance to be paid off. There's a feature on the web site that will let you select payments to pay off with points. However, that's the least efficient use of the points. I don't know if the US version is any better, but my UK amex card offers some rather bwm options if you don't want your statement credited: gift cards for 105% of the value at: boots - most of what they sell that I need I buy at the supermarket for cheaper house of fraser - a department store - having a £300-400 gift card would make me go there and buy poo poo I don't need PC world - sells literally nothing at a competitive price last time I checked waterstones - actually 110% of the value but again, £300-400 of books at a chain that also will take your gift card balance with it to its grave once the chain folds?
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Feb 3, 2016 00:51
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My PIN is 4826 posted:gift cards for 105% of the value at: That sounds like a giant turd. The NZ version has liquor stores, a large online retailer, some department stores (one with acceptable prices), hardware stores, etc. Most are reasonably priced but the best deal is about 47-48 points per dollar for luxury cologne instead of 160 points per dollar for other gift cards.
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Feb 3, 2016 00:56
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Not a Children posted:In which a young upstart, with over $25k of debt, with a career in the oh-so-stable Houston Oil and Gas market, wishes to leverage himself as much as possible on a home purchase: At least every single person there is telling them what a horribly stupid idea this is. 
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Feb 3, 2016 01:21
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Crazy horse person tries to claim half of a prize because her horse is in a photo in public space. http://www.theguardian.com/uk-news/...tm_content=link Thinking of having children? You need to be screened for bad debt to see if it's safe. http://www.slate.com/articles/busin...tm_content=link quote:Berger and Houle suggest pediatricians screen families for debt, asking if they’re having trouble keeping up with bills. If the answer is yes, docs could refer them to financial counselors to help them craft the best plans for the future. “When we think of debt, we think of people making bad decisions,” Houle told me last week. “But I am not ready to leave this at the feet of the borrowers. For many, it’s the only choice they have.” Devian666 fucked around with this message at 01:44 on Feb 3, 2016 |
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Feb 3, 2016 01:34
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Cloks posted:Worse - the 5000 is coming out of an IRA. Extra worse - that 5000 in an IRA is from over 5 years ago, when he was in college. He hasn't saved any money recently.
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Feb 3, 2016 04:12
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I guess I've never really thought about this before because I'm not in a place to buy a house, but when someone gets a $125k 30 year loan, won't it end up costing like $200k? Do people usually say the price of their house cost the sticker price (loan amount + down payment), or the price they will actially pay after having a loan for 15 or 30 years?
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Feb 3, 2016 05:43
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Sticker price.
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Feb 3, 2016 05:44
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flynt posted:Extra worse - that 5000 in an IRA is from over 5 years ago, when he was in college. He hasn't saved any money recently. Hey, it's hard to save when you are only netting $2,800/mo after paying your rent! I wonder what this guy has been pissing it away on.
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Feb 3, 2016 05:52
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Switchback posted:I guess I've never really thought about this before because I'm not in a place to buy a house, but when someone gets a $125k 30 year loan, won't it end up costing like $200k? Do people usually say the price of their house cost the sticker price (loan amount + down payment), or the price they will actially pay after having a loan for 15 or 30 years? The math is more complicated than this because of a lot of factors, some of which include: Money now is worth more than money 20 years from now, so you would have to adjust each payment for inflation (simplest example: instead of buying a house with cash, get a house with a mortgage and buy a house worth of TIPS. Figure out how much interest you get over the life of the mortgage from the tips, subtract this from your concept of "the price they will actually pay"). Houses are assets, and over a very long period of time will generally appreciate at the rate of inflation. So in 30 years your house will probably be worth about what it is now, adjusted for inflation (since 1900 home prices have appreciated at a slight premium to inflation actually, probably due mainly to population growth increasing demand).
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Feb 3, 2016 05:52
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Switchback posted:I guess I've never really thought about this before because I'm not in a place to buy a house, but when someone gets a $125k 30 year loan, won't it end up costing like $200k? Do people usually say the price of their house cost the sticker price (loan amount + down payment), or the price they will actially pay after having a loan for 15 or 30 years?
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Feb 3, 2016 05:56
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Droo posted:Houses are assets There's a school of thought out there that a house you live in is a liability, not an asset. I dunno how I come out on that question. Also here's a guy in BYOB who claims to have racked up the highest student loan total I've ever seen  HUSKY DILF posted:trying to get a job is hard and confusing and sad i'm not dealing with rejection well from some of the places i really wanted to be
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Feb 3, 2016 06:08
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Switchback posted:I guess I've never really thought about this before because I'm not in a place to buy a house, but when someone gets a $125k 30 year loan, won't it end up costing like $200k? Do people usually say the price of their house cost the sticker price (loan amount + down payment), or the price they will actially pay after having a loan for 15 or 30 years? *ding ding ding* most people are lying / ignorant when they tell you how much they paid for their house because they ignore all those interest payments over 30 years.
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Feb 3, 2016 06:16
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Mantle posted:*ding ding ding* most people are lying / ignorant when they tell you how much they paid for their house because they ignore all those interest payments over 30 years. If they paid cash, they'd be ignoring the opportunity cost. Nobody includes property taxes in the amount either. It doesn't mean they're ignorant or deceitful; when people ask "what did your house cost?" they are asking about the transaction price. Only the least well-socialized would reply "nuh-uh, let's do this NPV calculation and I think you'll find that..."
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Feb 3, 2016 06:22
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$500k on students loans is nothing. How about $2m for:quote:A woman who pleaded guilty to stealing $800,000 from a Hamilton school to fund a lavish equine lifestyle is being taken to court by SkyCity, with the casino looking to recoup $1.2 million it claims she stole from it. Devian666 fucked around with this message at 07:39 on Feb 3, 2016 |
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Feb 3, 2016 07:31
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Rita Crundwell is still my BWM hero. quote:January 19, 2016- The U.S. Marshals are auctioning approximately 376 lots, many horse-related, once belonging to Rita Crundwell, the former comptroller of Dixon, Illinois, who was convicted of fraud in 2012 for stealing $53.7 million from the city over two decades. These are items that did not sell in two separate auctions held at the end of 2015, and opening bids have been lowered.
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Feb 3, 2016 11:08
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Devian666 posted:$500k on students loans is nothing. How about $2m for: Business, Finance, and Careers > Bad With Money: a lavish equine lifestyle
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Feb 3, 2016 12:03
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For a crazy example of how the length of a mortgage and inflation can react the UK had a few years or crazy inflation in the 80s and/or 90s. I know people that have kept their houses on the same mortgage before that period and now have monthly mortgage payemets of £25 (c. $40) or so. No comment on how gwm or bwm it may be but it really highlights how long 25 / 30 years can be.
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Feb 3, 2016 12:41
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Mantle posted:*ding ding ding* most people are lying / ignorant when they tell you how much they paid for their house because they ignore all those interest payments over 30 years. Lol yes, if someone doesn't answer the question "How much did you pay for your house?" with a detailed breakdown of the loan terms and an amortization table they are obviously beneath you.
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Feb 3, 2016 13:47
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In the US, credit card reforms recently required every card company to provide a plain-text summary of how much money you'd pay overall in time with the provided interest rate. Lenders should be able to do the same thing with mortgages.
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Feb 3, 2016 13:55
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EugeneJ posted:In the US, credit card reforms recently required every card company to provide a plain-text summary of how much money you'd pay overall in time with the provided interest rate. Lenders should be able to do the same thing with mortgages. In most of the (developed) world they do
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Feb 3, 2016 13:59
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Not a Children posted:In which a charming young lady asks how she can help her husband dodge child support AND get his tax refund: It's a little bit back, but the IRS offers Injured/Innocent Spouse relief specifically for situations like this. She's not asking to get his tax refund, she's asking for the refund that would be allocated to her, from her own earnings (assuming it's not eaten up by the tax she owes for 2011/2012).
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Feb 3, 2016 14:05
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Thesaurus posted:Hey, it's hard to save when you are only netting $2,800/mo after paying your rent! This entire market is mostly supported by young stupid oil workers. They easily go for 6 figures, higher than average mortgage in some areas.
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Feb 3, 2016 14:47
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I have 250k in student loan debt, but im a lawyer and will (hopefully oh god) have it forgiven by the federal government in 2022. Please don't take away public service loan forgiveness president Cruz.
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Feb 3, 2016 15:27
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EugeneJ posted:In the US, credit card reforms recently required every card company to provide a plain-text summary of how much money you'd pay overall in time with the provided interest rate. Lenders should be able to do the same thing with mortgages. Yeah, that's been standard for decades. There's even an extremely depressing chart that shows exactly how much goes to interest versus principal each month. Or very happy chart depending on your current tax burden.
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Feb 3, 2016 16:18
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The only thing I've ever used my credit card points for is an alarm clock radio. It's me, I am Bad With Points. Although, I still use that clock and I've had it for over a decade, so maybe not so bad.
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Feb 3, 2016 17:13
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Hot Dog Day #91 posted:I have 250k in student loan debt, but im a lawyer and will (hopefully oh god) have it forgiven by the federal government in 2022. Please don't take away public service loan forgiveness president Cruz. 250 is pretty common these days, so seeing someone at 500 is just like god drat! Very doable though with private college + law school though (60k a year for 7 years, plus interest). That being said if you have private loans you can't IBR you're much better off just taking a garnishment. The cool thing about Rita Crundwell is that she stole all that money and actually put it into assets the government could recoup. I'm from near there and see the papers in that area now and then, and the townspeople are constantly having meetings deciding what to do with their money - new parks, upgraded roads, etc. A lot better than if she'd just gambled it all away and left them with nothing - that town of 20,000 people got like 40m back after the auctions.
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Feb 3, 2016 17:17
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Huh, I thought most of it got pissed away on her horses, but it's nice to hear that the bulk of the money went back to the city.
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Feb 3, 2016 17:22
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