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Instead of sell all the crap they don't use to free up the space. They're basically saying borrow money to not spend any of it on the room/house. Use your house as an ATM. 
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Feb 9, 2016 23:31
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quote:Professional Bio http://www.katemoloney.com/#!about-kate/c1mv6
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Feb 10, 2016 01:32
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Sounds like a high quality woman.
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Feb 10, 2016 01:40
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Hahaha, so glad she's from the state I grew up in. I love how she gloats about being crowned Investor of the Year but goes on to fail miserably, being in massive debt (3 million!? How do you get out of that?). Here's an article from a few years: http://www.yourinvestmentpropertymag.com.au/news/profile-investors-of-the-year-2012--kate-and-matt-moloney-174115.aspx quote:Using $17,000 in additional savings, the couple eventually settled on a house and land package which they purchased for $324,000 (97% LVR) in 2009. Kate says that in retrospect it was a mistake. From the sounds of it, they expanded too quickly while relying on their mining jobs. FYI mining in Australia is now on the decline, so towns like Moranbah go down the drain quickly as everyone leaves and the economy winds down.
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Feb 10, 2016 02:13
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Who could have possibly foreseen that real estate in boom/bust industry towns would be risky :/
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Feb 10, 2016 02:16
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quote:“I had read Robert Kiyosaki’s Rich Dad Poor Dad when I was 13 and had always believed in acquiring wealth producing assets,” says Kate.
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Feb 10, 2016 03:15
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Devian666 posted:Well that explains how they hosed that up. That is the saddest story about the guy writing multiple stdh.txt books. I remembered there were a few people in the stock investing thread who went big on Mad Catz and went to check on those same posters. Welp! Being a hobbyist day trader is bad with money.
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Feb 10, 2016 03:48
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Devian666 posted:Well that explains how they hosed that up. But I want wealth producing assets. 
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Feb 10, 2016 05:46
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Devian666 posted:Well that explains how they hosed that up. What is it with people buying into harebrained wealth schemes and that book? They're obviously capable of reading, why do they so rarely pick up another and go "hrm maybe this guy doesn't know everything".
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Feb 10, 2016 10:23
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The often repeated tennant from the book. Buy assets. Assets are income producing ie. Not your house. Are pefectly sound. The problem is he, and people reading the book and doing dumb, dont really think about the risk an asset my possess or comparing one potential asset vs another and understand why.
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Feb 10, 2016 10:42
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Your house is absolutely income producing unless your current rent is $0
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Feb 10, 2016 11:03
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quote:From: Casey Serin "I asked him what the risks of his idea were. He replied:" quote:From: Casey Serin quote:I haven’t told everybody the full story about the recent problems in my real estate business. I feel like I need to share my experience and tell it how it is. So I started a blog:
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Feb 10, 2016 11:06
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Even his website has been foreclosed. Sure buddy, let me hand you my 10k+, I'm certain you'll keep making me 24% interest investing in risky property. Having almost a month of full time experience, that won't backfire at all!
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Feb 10, 2016 12:48
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I thought it was a clever scam mail before I realized it was real. I'm betting no one took the bite at his investor mail so he is trying to go the pity route. Does he have a gofundme yet?
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Feb 10, 2016 12:54
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Series DD Funding posted:Your house is absolutely income producing unless your current rent is $0 Shelter is an overhead of life. I agree there. Some options are better than others. The combination of costs vs benefits of your house compared to renting is something important. But in the definition of the book, which terms asssets as income producing vehicles. Your house is not.
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Feb 10, 2016 13:08
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Old Binsby posted:Even his website has been foreclosed. Sure buddy, let me hand you my 10k+, I'm certain you'll keep making me 24% interest investing in risky property. Having almost a month of full time experience, that won't backfire at all! That guy was famous like ten years ago, he blogged about his mortgage fraud and getting foreclosed on
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Feb 10, 2016 13:52
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Cast_No_Shadow posted:Shelter is an overhead of life. I agree there. Some options are better than others. The combination of costs vs benefits of your house compared to renting is something important. Properties produce income because you can rent them and get money. Living in a house is like renting it to yourself. The problem with buying property is the debt you incur to buy one. If that woman leveraged herself that much to buy stocks she could get just as hosed pretty easily.
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Feb 10, 2016 16:22
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quote:* we pay fixed 24% interest on your money - reliable returns This smells like Bernie Madoff levels of Ponzi scheme right here.
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Feb 10, 2016 16:36
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https://www.reddit.com/r/personalfinance/comments/44z994/completely_irresponsible_parents_57_65_what_are/quote:My dad [65] lives off his social security and mom [57] is currently working. Neither has any retirement savings. Together they have a take home of about $3000/month. Yikes.
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Feb 10, 2016 16:53
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You forgot the bold the most important line:quote:** Adding to say - my parents just told me they don't want any of my advice anyway. They said "don't worry about our problems"....so maybe I should just let it be? ***  (Or any other states where filial responsibility laws are actually enforced, but PA's the only one I've really heard of)
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Feb 10, 2016 18:02
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Yeah, I would give them their $2k back and head for the hills.
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Feb 10, 2016 18:07
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Today I learned that if your parents are terrible at money and disregard all of your advice because they are adults you can still be held liable for them. What does it take for this to come into play? Does there need to be some kind of financial exchange like that $2k gift?
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Feb 10, 2016 18:11
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NancyPants posted:Today I learned that if your parents are terrible at money and disregard all of your advice because they are adults you can still be held liable for them. From what I've read of filial responsibility laws, many are hold overs from the days before Social Security and Medicare were things. They largely go unenforced, and even so, only are enforced when it is found that a child has helped the parent hide money or has done other fraudulent things. The 2k might look suspicious, probably depends on the state and judge. There was one case in Pennsylvania in 2012 that was different. The son of a woman who left for Greece before being approved for Medicare was stuck with the $90k in medical bills she had racked up before she left the U.S. He was in no way involved in anything illegal, but he was still left paying the debt. I'm not aware of any other cases like this though. Basically Pennsylvania sucks.
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Feb 10, 2016 18:59
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When my grandmother went into a home, she divested herself and gave it all to her kids. She had good insurance and a fixed income that could pay for her care, so it was more paranoia than anything else. Had she not had enough to pay for the nursing home I would hope the government would go after her children for any shortfalls. So yeah, I think it's still on the books for very particular circumstances. The cheaper nursing homes often keep their prices somewhere around Medicaid + Social Security so there's usually no need to go after family.
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Feb 10, 2016 19:18
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Seems like a good reason to emigrate out of Pennsylvania and never visit after your parents die.
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Feb 10, 2016 19:24
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Krispy Kareem posted:When my grandmother went into a home, she divested herself and gave it all to her kids. She had good insurance and a fixed income that could pay for her care, so it was more paranoia than anything else. Had she not had enough to pay for the nursing home I would hope the government would go after her children for any shortfalls. What you're describing would probably be covered by the Medicare 5 year look back, can't see a reason to use a familial responsibility law for that unless Gran was just really good at planning ahead and divested well before that 5 year mark (doubtful).
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Feb 10, 2016 19:33
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froglet posted:What is it with people buying into harebrained wealth schemes and that book? They're obviously capable of reading, why do they so rarely pick up another and go "hrm maybe this guy doesn't know everything". One of the things he doesn't explain in his books are the risks of being heavily leveraged. He doesn't explain any of the areas where you can improve properties substantially. I compare his ideas to my commercial clients and he is just a useless scrub by comparison. His book and seminar business is pretty good though.
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Feb 10, 2016 20:37
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We started talking about investing today at work. Some of us were murmuring about the YTD drops we all have when a 45 year old coworker said "I don't do investing." Four others around the same age agreed. There were a lot of quotes I wanted to post as they happened, but I didn't want to be rude and am doing it from memory:
Those of us familiar with investing were all shooting each other worried glances and doing our best to answer/help them. Now two of them have asked us for a "meeting" to talk about investing, which I'm not super comfortable with or really qualified to give.
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Feb 11, 2016 00:37
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At least maybe convince them to ditch the company stock because it going down is, uhh, correlated with unemployment.
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Feb 11, 2016 00:44
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Inverse Icarus posted:Those of us familiar with investing were all shooting each other worried glances and doing our best to answer/help them. Now two of them have asked us for a "meeting" to talk about investing, which I'm not super comfortable with or really qualified to give. Say all the disclaimers at the start but do tell them about what you do and why. If they at least start thinking about it or making changes they will be better off than doing nothing. I've talked about investments but my small office is pretty good. While they might not have the most ideal investments they do take retirement seriously. It's better than doing nothing at all.
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Feb 11, 2016 01:20
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I have a co-worker who, as far as I can tell has no retirement and has never saved for his kids' college. He's also in line for an incredibly nice inheritance. In 10 years he'll match or exceed every thing I've saved and scrimped for. He doesn't seem like the kind of person to blow through it either. He just did the math and realized he doesn't have to save to retire comfortably. Jeffrey of YOSPOS posted:At least maybe convince them to ditch the company stock because it going down is, uhh, correlated with unemployment. I had way too much of my old company stock in my 401k. So I transferred about half to a nice index fund. A month ago. Old company stock is currently up 10%. I don't even want to look at the index fund.
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Feb 11, 2016 01:36
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Inverse Icarus posted:We started talking about investing today at work. Some of us were murmuring about the YTD drops we all have when a 45 year old coworker said "I don't do investing." Four others around the same age agreed.  Send them to google for any questions you can't answer, i.e. http://lmgtfy.com/?q=what+is+a+fiduciary
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Feb 11, 2016 01:44
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Normally the Tumblr begging posts tend to garner a little more sympathy from me than the usual gofundme types. Not this one:quote:This is donation post and the following paragraphs are basically about how everything is going wrong for me because the universe hates fun. If that’s all you need to know to reblog or help, feel free to skip down to the bold/email. Otherwise, enjoy the lengthy tale of my misery… The camera that she calls "a pivotal tool in my self-discovery" is literally just used to take selfies (which make up 99% of the posts on her tumblr). How entitled can you get? Youth Decay fucked around with this message at 03:26 on Feb 11, 2016 |
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Feb 11, 2016 03:22
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Youth Decay posted:Normally the Tumblr begging posts tend to garner a little more sympathy from me than the usual gofundme types. Not this one: "pivotal tool in my self-discovery" is maybe the worst phrase to include in a sob story. Speaking of which, this is a sob story, why not explain all the woes that made the europe trip cost twice as much even though she couldn't afford any of it in the first place? My guess is that the "unexpected bullshit" is probably like not planning ahead and "having" to stay in expensive hotels because everything reasonable is booked 3 weeks out, or spending 50 euro a head for dinner in a tourist restaurant because she "needed to have a positive event in my life". Some people see "Available Credit Line:" as free money or something. Although this girl has a major entitlement issue on top of it.
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Feb 11, 2016 03:57
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I can't do anything but laugh at this sob story, what a loving stupid millennial tumblrina shithead this person must be.
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Feb 11, 2016 05:20
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paperchaseguy posted:
To add to that notecard: Don't buy or sell individual stocks, not only does the guy on the other side know more than you do, but he also puts his own money into Vanguard index funds.
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Feb 11, 2016 05:56
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Powerlurker posted:To add to that notecard: That notecard already says that 
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Feb 11, 2016 06:00
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quote:Your Investment Property
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Feb 11, 2016 06:56
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Youth Decay posted:The camera that she calls "a pivotal tool in my self-discovery" is literally just used to take selfies (which make up 99% of the posts on her tumblr). How entitled can you get? Why the hell would you use a DSLR for taking selfies I can't see that working well at all. Also uh surely if you're going on a trip of a lifetime you take your camera with you?
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Feb 11, 2016 08:05
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I'd like to think the self-discovery was actually literal, she was using her camera to examine her face
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Feb 11, 2016 09:56
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