WampaLord posted:He's making $15k a month working 40 hours a week playing a game and wants to stop because he's miserable. Real work sucks, but it takes a very special kind of person to be able to play poker full time, year after year. I've done it. My friend Dr. Al (author of The Psychology of poker, which all players will be familiar with) always says poker is a great hobby, but a terrible way to make a living, and he is right. Of the crowd that I came up with in the poker world, there are only a few who still make their living completely from poker, and not necessarily all from playing. You need to really understand your game, and your winrate, and how to budget appropriately. Having a losing month, or months, is psychologically tough, and almost inevitable. Winning 1,000 big bets one month, then watching 500 of them slide back into other people's stacks over the next two months, can test your discipline. There is also the fact that your friends who do not make their living playing poker will never understand what you do. There were plenty of times where I was walking around with $20,000 or more in my pocket, but I was flat broke. That's a tough sell when your friends want to go hang out, and blow a few bucks at the casino, or at the strip club. They see you sitting up eight racks at $40/$80, and they think that money is yours. They see you with a handful of $1,000 Commerce chips, and $10,000 in cash, and they don't understand that that's not spending money; those are the tools of your trade. Of course, a lot of players go ahead and blow that money, anyway. Most of those don't last, but some do, living an endless boom-and-bust cycle. Aagar posted:I would happily ruin the fun of a game or hobby if I made that much at it. Maybe he doesn't. There is a definite propensity for poker players to estimate in ways that make them sound like bigger winners than they actually are. If you've ever lived in Vegas, or if you know a lot of people who like to gamble, you're surely aware that nearly every gambler on the face of the planet is "about even" over his lifetime. This is especially true of slot junkies. You only need to look at the Strip to know that people aren't taking out what they put in. I was going to say he probably doesn't really know what his expectation is, but if he's playing anything like the hours he claims (say, thirty hours per week, fifty weeks per year, for four years, at twenty-four hands per hour), he actually does have enough hands to get a fair estimate.
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Aug 6, 2016 02:57
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laxbro posted:Well, it is GWM for Johns Hopkins, because the hospital is in a pretty terrible part of Baltimore.I'm guessing they did some analysis and figured that jumpstarting gentrification around the hospital would be cheaper in the long term than their continuing to invest large amounts of money in their security service. Just saying it's got a ways to go.
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Aug 6, 2016 03:18
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Dik Hz posted:Buying a house in Baltimore is its own kind of hosed up. Because the borderline neighborhoods where you can buy cheap row houses can go to poo poo or gentrify in a couple years. Your $200k house could be worth $200.00 or $400k in 5 years. Better hope the mayor picks your neighborhood as the next project. Or else he might cut services to your neighborhood to pay for his next project. "Buying a house in Baltimore is its own kind of hosed up. posted:Ok so we're in a bit of a pickle here. I want to warn you though, this will probably trigger "First World Problems" for some readers. For ease of reading, I'll go with bullets: Some other comments from OP: quote:Ha! Wouldn't that be nice. Our DTI is still pretty high because of childcare costs ($1,800/month), student loans ($610/month), our primary housing cost ($2,100/month), and the mortgages on those houses ($2,842 combined). quote:I browse (/r/personalfinance) constantly. I guarantee that my budgeting and money management skills are better than 90% of the posters there. Besides we already have a financial planner that we work with about our finances. We're already running as lean as we can. That's not why I'm here. Thanks for your feedback though. Switchback fucked around with this message at 03:28 on Aug 6, 2016 |
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Aug 6, 2016 03:26
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Switchback posted:Some other comments from OP: BTW, thanks for digging that up.
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Aug 6, 2016 03:31
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The upside is that the bid that guy put on the house in Baltimore is almost definitely going to fall through due to lack of financing, right? He's 27 and this is his first full time job. Nobody is going to approve him for a mortgage for a house that is 7x his annual income. You usually need at least 2 years employment to even be considered.
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Aug 6, 2016 03:45
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Centripetal Horse posted:Real work sucks, but it takes a very special kind of person to be able to play poker full time, year after year. I've done it. My friend Dr. Al (author of The Psychology of poker, which all players will be familiar with) always says poker is a great hobby, but a terrible way to make a living, and he is right. Of the crowd that I came up with in the poker world, there are only a few who still make their living completely from poker, and not necessarily all from playing. I would hope that a professional poker player, who's lifestyle has grown to fit his income, has a very good to excellent expectation of their win rate. They are a completely different class from people playing games of chance - all of those will be net losers over the long haul no matter what they tell you. One of the pros (IIRC Brunson in "Super System") says to make it as a pro you need to be making one big bet/hour. So if he's playing 40/80 he's looking at $13,866/mo, which fits the narrative. If he wasn't making that he wouldn't need a thread about quitting poker, he'd be broke and living in his car and/or the library (there's a not-so subtle dig at not getting the rest of the story after you made it to Detroit. I assume since you still post about your job that things did work out well in the end. Good for you, and thanks for the amazing thread about your journey out of poverty).
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Aug 6, 2016 12:50
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Who wants to read some BAD WITH MONEY PROFESSIONAL ADVICE?on 401(k)s posted:Nor did I realize that even when the company matches, I would have been far better off investing in myself, or simply having my own cash in the bank rather than waiting until I am near 60. on home ownership posted:Many people think rent is throwing money out. But you never really own your home. on having a steady job posted:Meanwhile, the people I know who are doing the best financially have multiple streams of income, do not have a single job, and often the work they do is 100 percent related to their experience and not their education.
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Aug 6, 2016 17:46
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On its face that comment about home ownership is false, obviously, but could he be talking about property tax and maintenance? Ownership doesn't mean it can't be taken from you if you don't keep paying. And let's not downplay the importance of eduction, especially depending on the industry, but people connections and skill definitely get you farther than just a degree. In some cases they're more useful than a degree.
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Aug 6, 2016 17:54
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The article as a whole is very much a "never invest, college is for chumps, always rent forever, subsume yourself into the gig economy" thing.
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Aug 6, 2016 18:05
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One of the worst things about 2010s internet is the rise of stupid opinions as clickbait.
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Aug 6, 2016 18:32
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overdesigned posted:The article as a whole is very much a "never invest, college is for chumps, always rent forever, subsume yourself into the gig economy" thing. Generalized statements always apply when it's something I'm looking to avoid doing!
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Aug 6, 2016 18:46
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overdesigned posted:on 401(k)s posted: paperchaseguy posted:One of the worst things about 2010s internet is the rise of stupid opinions as clickbait. quote:Think about that hobby, that talent, that passion which you joyfully engage in. Just thinking about it shifts your energy, doesn't it? Do you want to start transforming that into a side business which provides you with inspiration, fulfilment and a truckload of cash? This book will be that vital motivational injection to help you overcome your fears and doubts and get started in creating a successful side hustle! Build that business, make an impact, quit your job and live the life you were born to! Energy! Side hustle! Passion! Motivational injection! Be your own boss! Buy my book. And the author's bio is a lot of fluffed-up weasel words to say "she parts morons from their money and calls it life coaching". quote:About the Author
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Aug 6, 2016 21:27
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Aagar posted:I would hope that a professional poker player, who's lifestyle has grown to fit his income, has a very good to excellent expectation of their win rate. They are a completely different class from people playing games of chance - all of those will be net losers over the long haul no matter what they tell you. That's part of my point. A lot of "pros" think they are winning because they don't understand how win rates and variance work. For example, the guy in the story won $30,000, which he spent on school, then he worked one year of a $55,000 job, then he jumped straight into a level of poker where he was able to win $15,000 per month. Unless he left out the part about a benefactor bankrolling him, it's very likely he was playing on a woefully short bankroll, which is not a sign of someone who really knows what he's doing. Having said all that, if he is keeping accurate records, and playing the hours he claims, he is probably beating the game for something like the amount he thinks he is beating the game for. I'm glad you enjoyed following my library thread. There actually have been follow-ups. The longest one is the Centripetal Horse Reunion thread, which I think acrobatbob started, and which might still be floating around GBS. The summary is I'm doing OK. There have been some rough patches and some shake-ups at work, but I'm still employed and living in a house.
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Aug 6, 2016 22:30
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overdesigned posted:Who wants to read some BAD WITH MONEY PROFESSIONAL ADVICE? Haha, I saw the quotes you pulled and I thought "sounds like James Altucher". What do you know, it is!
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Aug 6, 2016 23:01
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Haifisch posted:Energy! Side hustle! Passion! Motivational injection! Be your own boss! Buy my book. Becoming a self-proclaimed expert with no real training or education, then making bank from idiots? Sounds pretty GWM to me.
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Aug 7, 2016 02:09
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VendaGoat posted:I'm not making GBS threads you, this is capitalism 101. ftfy
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Aug 7, 2016 04:31
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Six of loving one....
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Aug 7, 2016 04:33
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DarkHorse posted:It's terrible if you have no understanding of tenant law, don't have good responsible tenants lined up that aren't going to take advantage of you ("friends"), are unwilling, unable, or don't have time or money to do maintenance, or can't afford the property if you don't have rent coming in. Then there's selling the property when they graduate or how to take care of it if they find a job in another city. It definitely isnt for everyone or in every city, but in a mid size town where you can get a 4 bedroom house for $65000 close to school it can make sense if the student isnt an idiot.
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Aug 7, 2016 14:16
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BWM: My family friend is redoing her house to sell in the crazy housing market, but when remodeling her kitchen ($$$$$) she decided that it doesn't need a place for a refrigerator!  But it's okay, there's a space in the garage for one. She also removed all upper cabinets so there's just 2 big blank white beadboard walls, and only 2 standard sized cabinets under the kitchen sink. But everything is top of the line stone counter tops, stainless steel, etc of course. I believe she also got rid of a bedroom so it now only has 2. She's worked her rear end off and everything is aesthetically pleasing but poo poo, people need places to put their crap. I hope the market is nuts enough for some idiot to offer near what she's asking.
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Aug 8, 2016 17:00
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Refurbing your house to sell it is the stupidest thing. I understand the point of painting / recarpeting, but doing crazy stuff with your kitchen just before selling it likely decreases your potential buyer pool. e: assuming what you had before was reasonable (i.e. No holes in walls, broken cabinets, etc)
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Aug 8, 2016 17:18
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drat Bananas posted:BWM: My family friend is redoing her house to sell in the crazy housing market, but when remodeling her kitchen ($$$$$) she decided that it doesn't need a place for a refrigerator!
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Aug 8, 2016 17:21
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I'm not comfortable posting her actual pictures but I can try to MSPaint its layout later today. It's really not fugly, it's just... empty. The countertop extends to where the fridge used to be, with a place to scoot a chair under it. It's a kitchen desk, because obviously people need that! And yeah I don't understand full-remodels when selling homes. I'm kinda pissed that the previous owners of my house redid the kitchen before selling. They DIYed the cabinet stain and there are obvious brush strokes and thumb prints throughout, and they didn't take off/tape off the hinges and pulls so they have stain on them too. Early 90s builder-grade cabinets aren't gorgeous but they're pretty neutral and unoffensive and I wish they had just left them.
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Aug 8, 2016 17:38
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DNK posted:Refurbing your house to sell it is the stupidest thing. I understand the point of painting / recarpeting, but doing crazy stuff with your kitchen just before selling it likely decreases your potential buyer pool. Doing crazy stuff would for sure, but I think there are a lot of people that see a dated kitchen and think "oh great now we have to add $30k to the purchase price to fix the kitchen". When maybe a contractor could stop people from thinking that for only $5k or $10k. Plus it's a lot easier for buyers to finance a more expensive house than to come up with the cash to remodel on their own.
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Aug 8, 2016 17:39
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drat Bananas posted:I'm not comfortable posting her actual pictures but I can try to MSPaint its layout later today. It's really not fugly, it's just... empty. The countertop extends to where the fridge used to be, with a place to scoot a chair under it. It's a kitchen desk, because obviously people need that! That may genuinely be the worst home reno idea I have ever heard.
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Aug 8, 2016 17:41
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http://www.zillow.com/agent-resources/trends-and-data/housing-market/roi-identifying-highest-returns/ Never remodel your kitchen. Maybe remodel your bathrooms.
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Aug 8, 2016 17:53
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That's a confusing graphic, I thought it meant that people literally were only making 52 cents on a 22,000 project.
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Aug 8, 2016 17:59
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JohnGalt posted:http://www.zillow.com/agent-resources/trends-and-data/housing-market/roi-identifying-highest-returns/ I love that there is a realtor named "Robbers." It's true in homes as it's true in every other "custom" upgrade that people do. You're unlikely to get as much value out of a customization from the next buyer. If you spend $30k remodeling your kitchen, maybe the next guy would have spent that $30k differently, so he's only willing to pay $20k for that. (you did black appliances where he prefers stainless, you did a butcher block island where he would have preferred more of the quartz countertop) Additionally, you might have torn out $5-7k worth of perfectly usable kitchen to do it. So the best reason to do anything to your house is because that's the way you want the house you live in to be. This site also has some good data, localized to areas. http://www.remodeling.hw.net/cost-vs-value/2016/
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Aug 8, 2016 18:15
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Hashtag Banterzone posted:Plus it's a lot easier for buyers to finance a more expensive house than to come up with the cash to remodel on their own. Is this generally true? When I bought my house, our agent was trying to pitch us on financing an extra $20k on top to redo the kitchen. We passed because I hate debt, but I figured that happened all the time.
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Aug 8, 2016 18:40
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I'm really surprised by that Zillow page. In Portland (Oregon) it's been a seller's market for like 3 years now, and I'd swear the two most common renovations are bathroom and kitchen.
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Aug 8, 2016 19:06
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canyoneer posted:This site also has some good data, localized to areas. That site says a midrange bathroom remodel gets you 66% back. That's a big difference from what that zillow article said.
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Aug 8, 2016 19:14
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So I may be BWM depending on what I decide to do. I left my old firm and joined a new one and inherited my old HSA. My new company doesn't use HSAs so I hvae nothing to transfer the old one into and the "management" fee for my HSA is $50 a...year (could be month, but I doubt it), which isn't terrible, but there is very little I am going to use it for besides the random $10 co-pay or deductible for my new insurance. I know I can just pull everything out of it and eat the 20% penalty and pay income on it and I'm actually thinking of doing it since this money is just going to sit there, doing nothing, forever until either the fees or ~$60 a year I'll be spending out of it kills the thing. So bad with money thread, should I just take evrything from this thing and go buy an old horse, or should I just keep it where it is and use it until it eventually goes away?
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Aug 8, 2016 19:25
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drat Bananas posted:BWM: My family friend is redoing her house to sell in the crazy housing market, but when remodeling her kitchen ($$$$$) she decided that it doesn't need a place for a refrigerator! The place I'm renting is a goddamn mess in how its designed, but even this place has a refrigerator in it. And cabinets. Almost 0 counter space though.
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Aug 8, 2016 19:26
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You can find your own HSA administrator, even if it's unrelated to your employer. This one is very well reviewed: http://healthsavings.com/vanguard/funds/ There might be a fee to move your money from the old HSA to the new one, but it's a better plan than paying $50 a year forever, or spending it all on some BS!
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Aug 8, 2016 19:27
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One of those TLC home flipping shows (Love or List It, I think) has the owners of some shithole taking out a huge second mortgage to fix up the original house while the other 'team' tries to get them into a new house. Then at the end they decide whether to stay or go. The idea is that the owners get all their renovation money back when the house sells for a new higher price. Maybe that's true, in that none of the original houses are marketable and the show probably provides thousands of dollars worth of free design help. They definitely renovate a lot of kitchens and they are operating on at least a 1:1 cost versus return ratio.
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Aug 8, 2016 19:28
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Solice Kirsk posted:So bad with money thread, should I just take evrything from this thing and go buy an old horse, or should I just keep it where it is and use it until it eventually goes away? Do you have any upcoming health expenditures that you're aware of? How good is your insurance at your new place? If the answers are "No" and "Pretty good" then I think you take the money out and go horse wild!
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Aug 8, 2016 19:28
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Krispy Kareem posted:One of those TLC home flipping shows (Love or List It, I think) has the owners of some shithole taking out a huge second mortgage to fix up the original house while the other 'team' tries to get them into a new house. Then at the end they decide whether to stay or go.
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Aug 8, 2016 19:33
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cowofwar posted:All those shows are scripted and staged through editing. It's generally just random people who are redoing their house and then they film them looking at some other random houses. Perhaps. It's something else when stuff falls apart even with editing. One of the pre-housing collapse shows, Property Ladder had a couple of bros setting up their own house flipping company in 2007 and everything went wrong. The guys later violated any and all non-disclosure rules by blogging about their experiences, but that's been 9 years now so it's long since lost to time. I did find a passing reference to it by looking up "property ladder atlanta kirsten kemp bitch". They really didn't like the host. There wasn't much she could do though since again, it was a new house flipping business in 2007.
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Aug 8, 2016 20:10
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Inverse Icarus posted:Is this generally true? When I bought my house, our agent was trying to pitch us on financing an extra $20k on top to redo the kitchen. Leveraging 5:1 on remodels is much easier than purchasing 1:1, unless you hit an LTV issue due to borrowing too much.
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Aug 8, 2016 20:22
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drat Bananas posted:I'm not comfortable posting her actual pictures but I can try to MSPaint its layout later today. It's really not fugly, it's just... empty. The countertop extends to where the fridge used to be, with a place to scoot a chair under it. It's a kitchen desk, because obviously people need that! The previous owners of our home remodeled the kitchen when they moved in and removed the dishwasher.  We then had to move things around, add it back in, and it actually added countertop in the kitchen and made the whole thing feel larger. So much of this "never do this" talk really depends on how old and fugly the current house looks. A 50's kitchen with original appliances and at least one too many walls will net you a profit in southern California. Reface the cabinets, replace the oven/stove/range, put in something-that-isn't-linoleum floor, and knock out the extra walls. If there is money left redo the countertop. Really the only time it doesn't is if you pay top dollar for everything to make it your dream kitchen. Your realtor, who is making some huge chunk of money on the sale, should be guiding you through this with plenty of data about comps. This could also say something about socal markets.
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Aug 8, 2016 22:34
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Okay, here is my lovely mspaint depiction.. The countertops are something like this although I don't know the actual material. Cabinets are black, SS appliances/vent hood, and floors are vaguely this color.
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Aug 8, 2016 23:11
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