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My gfs sister and her husband got pre-approved for a $700k home loan and they only plan on making a down payment of $50k. They'll be lucky if that gets them a 1300 sqft condo in our area.
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Aug 16, 2016 17:59
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Gorman Thomas posted:My gfs sister and her husband got pre-approved for a $700k home loan and they only plan on making a down payment of $50k. They'll be lucky if that gets them a 1300 sqft condo in our area. What's their combined annual income? If it's like 150k or above it's a dumb idea but they can definitely afford it, sometimes people just don't want to wait to buy 
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Aug 16, 2016 18:03
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My wife got new boobs and an upper body lift for 13k. And this was a really good plastic surgeon who specialized in reconstructive surgery . It does seem inexpensive compared to even minor care from a hospital, but that's because you aren't getting it from a hospital. And since it's all elective it's not like your bill is compensating for someone who got rear end implants, but didn't have the money to pay for it.
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Aug 16, 2016 18:12
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They can afford the mortage if they stop spending $2k on eating out every month (according to my gf). It's just really alarming that despite their high income (~200k) and DINK status they've only managed to save $50k. Oh, she also wants to quit her job to have a baby within the next year. Edit: they also have no retirement savings outside of a military pension. Edit again: he left the Navy after his service obligation expired so the pension ain't that great. Gorman Thomas fucked around with this message at 18:31 on Aug 16, 2016 |
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Aug 16, 2016 18:14
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Being in the military is a situation that is theoretically very GWM, but inevitably leads to terrible BWM decisions nearly 100% of the time. I have a friend who went to West Point with a full ride. All you have to do is graduate and you can enter as an Officer and retire with a full pension and medical in 20 years without ever setting foot in Iraq or Afganistan. She could have literally been retired at 43 with a roughly 3k a month pension. Instead, she: - Bought two houses and ended up underwater on both of them. - Bought a car for 48k. - Quit the military after 3 years to get a job as a contractor because she needed more take-home pay to service her debt. - Got pregnant and became a stay at home mom with her boyfriend who works at Bass Pro Shop as their only income. He has a degree in Anthropology and doesn't want to work anywhere other than Bass Pro Shop because he loves it and gets an employee discount.
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Aug 16, 2016 18:27
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Military benefits are great enough that once you get a good look at them you wonder what the gently caress people are complaining about food stamps for It takes serious, concentrated effort to wind up destitute on military benefits
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Aug 16, 2016 18:34
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One reason for the bad decisions and loads of debt that so many military people have is the incredible number of predatory lenders that target them. Add up a bunch of naive 18 year olds with their first steady paychecks, and the fact that the lenders know they can easily get their paychecks garnished for non payment just by calling their command. I knew guys who had car payments being garnished that were like 80% of each paycheck.
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Aug 16, 2016 18:52
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Agile Sumo posted:One reason for the bad decisions and loads of debt that so many military people have is the incredible number of predatory lenders that target them. Add up a bunch of naive 18 year olds with their first steady paychecks, and the fact that the lenders know they can easily get their paychecks garnished for non payment just by calling their command. I knew guys who had car payments being garnished that were like 80% of each paycheck. Colleges do this by allowing credit card companies to come and market to their students. Student credit cards also, normally, have a higher APR. WHEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEEE Capitalism!
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Aug 16, 2016 18:54
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Agile Sumo posted:One reason for the bad decisions and loads of debt that so many military people have is the incredible number of predatory lenders that target them. Add up a bunch of naive 18 year olds with their first steady paychecks, and the fact that the lenders know they can easily get their paychecks garnished for non payment just by calling their command. I knew guys who had car payments being garnished that were like 80% of each paycheck. Not to mention that paycheck is literally 100% disposable income for them, because they get free housing and food.
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Aug 16, 2016 18:53
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Agile Sumo posted:One reason for the bad decisions and loads of debt that so many military people have is the incredible number of predatory lenders that target them. Add up a bunch of naive 18 year olds with their first steady paychecks, and the fact that the lenders know they can easily get their paychecks garnished for non payment just by calling their command. I knew guys who had car payments being garnished that were like 80% of each paycheck. Can you garnish BAH and BAS? But yea I've seen tons of people who did their 20, get their military retirement then go to a DoD contractor and do the same job for like 3-4x what they were making in the military. There's also the dudes that go work for the DoD directly as a civilian and pick up the Federal Employee pension too.
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Aug 16, 2016 18:55
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It's not like the 20 year thing is guaranteed - if you don't get promoted soon enough you are forced out. It'd be hard for me to argue with someone who wanted a good job now instead of waiting for a nice pension eventually while being forced to move around the country and potentially being shot at.
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Aug 16, 2016 18:56
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Jeffrey of YOSPOS posted:It's not like the 20 year thing is guaranteed - if you don't get promoted soon enough you are forced out. It'd be hard for me to argue with someone who wanted a good job now instead of waiting for a nice pension eventually while being forced to move around the country and potentially being shot at. "Female West Point Grad" and "potentially getting shot at" have a very, very small overlap (and getting smaller)
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Aug 16, 2016 19:08
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Jeffrey of YOSPOS posted:It's not like the 20 year thing is guaranteed - if you don't get promoted soon enough you are forced out. It'd be hard for me to argue with someone who wanted a good job now instead of waiting for a nice pension eventually while being forced to move around the country and potentially being shot at. This is what I was getting ready to post. A commission isn't a guarantee that you'll even have the option to stay in 20 years, especially considering budget changes which are slashing manning, and that's assuming that there even will be a pension available in the next 20. It's already being phased out in favor of a 401(k), and even though people are still grandfathered into having the option for it, there's no guarantee the benefit won't be reduced like Congress is doing with housing and education benefits for active duty families. Potentially free medical care is good. The problem is sometimes you can't get that care to start with. A commission can definitely make a comfortable lifestyle, if you're ok with potentially being away from your family for 6 months out of the year and potentially getting shot at even if you did graduate from West Point and have ovaries. There are far more jobs with the potential for being killed than Infantry. There are plenty of officer jobs to get you killed or maimed. Besides all that, there's no hiring discrimination protection for spouses the way there is for vets. So, your spouse may not even be able to find work even if you're stationed stateside if you move frequently. If you're stationed in a foreign country, welp. My former pharmacy manager was a prior officer and her husband is still active duty. They are stationed in Japan. This woman has a PhD and is playing housewife because she can't work where they're stationed. You can definitely be hamstrung just by not having the option for your spouse to work, and if you're away a lot, you'll be paying someone else to do things you'd be perfectly capable of doing if you were home, such as home maintenance. There's also this nasty little ecosystem that pops up around military bases of predatory businesses and housing inflation. The stupid sports cars, MLM schemes for all, and houses bought as rental properties are all very good BWM subjects. People giving up active duty for contracts, not necessarily that BWM.
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Aug 16, 2016 19:31
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Gorman Thomas posted:My gfs sister and her husband got pre-approved for a $700k home loan and they only plan on making a down payment of $50k. They'll be lucky if that gets them a 1300 sqft condo in our area. I about did a spit take when they told me what I was pre-approved for with a minimum down payment FHA loan. We bought a house 27.9% under that with a 10% down payment. Being non-FHA made my lender happy, not taking something with 5% of the pre-approval amount made him frustrated. I think he saw dollar signs on his commission. People don't know that what the bank pre-approves you for and what you can or should actually afford are often wildly different numbers.
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Aug 16, 2016 19:45
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NancyPants posted:The stupid sports cars, MLM schemes for all, and houses bought as rental properties are all very good BWM subjects. People giving up active duty for contracts, not necessarily that BWM. Giving up an active duty contract after graduating from West Point to be a stay at home mom in a single-income household supported by a Bass Pro Shop associate wage is pretty BWM.
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Aug 16, 2016 19:50
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Leon Trotsky 2012 posted:Giving up an active duty contract after graduating from West Point to be a stay at home mom in a single-income household supported by a Bass Pro Shop associate wage is pretty BWM.
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Aug 16, 2016 20:15
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Jeffrey of YOSPOS posted:That's not she did though. She gave up a contractor position to do that. Taking the contractor job might well have been a good move. True. I guess I am just oversensitive about it because we were very close in High School and kept in touch while she was at West Point and in the Army. She was in the top 10 in our graduating class and seemed like she had a really promising career in the army. Then she had to leave to pay for debts, which is a major red flag, then quit that job to become a stay at home mom. She got her boyfriend to go to school (out of state) for 3 years to get a degree in anthropology and he just went back to working at Bass Pro Shop and doesn't want to leave. Racking up even more debt for no reason. It's been almost 10 years since she left the Army and it seems like a lot of wasted potential that all stemmed from 2 mortgages and a terrible car. I know the 20 years isn't guaranteed for everyone, but I think she had a very good chance at some kind of career in the military. They usually don't eject West Point grads to make quota.
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Aug 16, 2016 20:21
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Gorman Thomas posted:My gfs sister and her husband got pre-approved for a $700k home loan and they only plan on making a down payment of $50k. They'll be lucky if that gets them a 1300 sqft condo in our area. H110Hawk posted:I about did a spit take when they told me what I was pre-approved for with a minimum down payment FHA loan. We bought a house 27.9% under that with a 10% down payment. Being non-FHA made my lender happy, not taking something with 5% of the pre-approval amount made him frustrated. I think he saw dollar signs on his commission. People don't know that what the bank pre-approves you for and what you can or should actually afford are often wildly different numbers. Same. I did the mortgage calculator on what we were preapproved for and I'm truly not sure how we would have ever plausibly afforded it. I'd really like to think that lessons were learned 8 years ago which will last at least a generation, but buying a house in a hot market made me really doubt it.
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Aug 16, 2016 20:48
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Contractor jobs end up being GWM if you're either a money saint or can stay under contract for long enough to be less than a money saint but decent with money. BWM people should stay in the military, at least they will have the potential to get a pension if they make it 20
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Aug 16, 2016 21:05
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I knew a guy who knew a guy who (allegedly) stashed away enough money after 12 years in the army that he was able to retire at like 30. Dude had a high school education and wasn't particularly high ranking (E-5) but deployed often and lived in barracks. He didn't tell anybody about his plans, as the story goes, until one day he just wasn't around anymore and people figured out what happened. Of course, for every one of those there's a brigade that goes the other way so Kudos to the couple that retired in their 30s, though. I wish I had that kinda freedom.
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Aug 16, 2016 22:35
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Guest2553 posted:I knew a guy who knew a guy who (allegedly) stashed away enough money after 12 years in the army that he was able to retire at like 30. Dude had a high school education and wasn't particularly high ranking (E-5) but deployed often and lived in barracks. He didn't tell anybody about his plans, as the story goes, until one day he just wasn't around anymore and people figured out what happened. Of course, for every one of those there's a brigade that goes the other way so All you need is a money generating blog, valuable freelance skills, somewhere to sleep without paying rent when you're between world travel jaunts, and a historic bull market run up during the entire first decade of your savings career and you too can retire in your early 30s
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Aug 16, 2016 23:38
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BEHOLD: MY CAPE posted:All you need is a money generating blog, valuable freelance skills, somewhere to sleep without paying rent when you're between world travel jaunts, and a historic bull market run up during the entire first decade of your savings career and you too can retire in your early 30s The smugness I felt when I went to med school in 2008 while stepping over the corpses of my classmates who lost offers at Lehman/etc has managed to evaporate pretty quickly. At least we like what we're doing right?
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Aug 17, 2016 00:03
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Guest2553 posted:I knew a guy who knew a guy who (allegedly) stashed away enough money after 12 years in the army that he was able to retire at like 30. Dude had a high school education and wasn't particularly high ranking (E-5) but deployed often and lived in barracks. He didn't tell anybody about his plans, as the story goes, until one day he just wasn't around anymore and people figured out what happened. Of course, for every one of those there's a brigade that goes the other way so Greene saved up a bunch of money while stationed in Korea and used it to cover the $10k filing fee to run for Senate. GWM saving money living in the barracks, BWM running as a Democrat in SC.
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Aug 17, 2016 00:35
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Not a Children posted:Military benefits are great enough that once you get a good look at them you wonder what the gently caress people are complaining about food stamps for Hahahahha. Oh, man, I wish. Most of my friends are starting to retire from the military now, and every last one of them is coming away with permanent medical issues to go with those 'great' benefits. It's easy to end up destitute or close to it when you get medically retired short of that 20 due to knee/back problems from decades of retarded PT planning and PTSD from years in the desert getting shot at by civilians. One of my buddies spent 5 years fighting to keep his re-enlistment bonus as he had re-enlisted in Iraq for the bonus two weeks before the accident that permanently hosed his back and got him med boarded out. Now instead he's fighting because they rated him at a very low disability percentage for has turned out to be progressive degenerative back issues and refuse to re-rate despite his doctors. If you want to see a poo poo show, ask the guys over in GiP about VA disability rating.
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Aug 17, 2016 00:50
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Residency Evil posted:The smugness I felt when I went to med school in 2008 while stepping over the corpses of my classmates who lost offers at Lehman/etc has managed to evaporate pretty quickly. You want to do academics. That's the king of BWM. Might as well just buy a horse.
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Aug 17, 2016 01:10
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Buddy using his GI Bill to pay for his MBA and got a job offer from Bank of America. Military succsss story!
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Aug 17, 2016 01:12
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I already have a degree, but I'm going to use my GI bill to get a completely frivolous second one. True story.
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Aug 17, 2016 01:13
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GWM: Being an officer BWM: Being enlisted
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Aug 17, 2016 01:16
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Danknificent posted:I already have a degree, but I'm going to use my GI bill to get a completely frivolous second one. True story. Just marry a do-nothing and transfer to them, that way they have no excuse and you can get two sweet incomes (maybe).
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Aug 17, 2016 01:29
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Gorman Thomas posted:GWM: Being an officer I'd counter with GWM: Being a career officer BWM: Being a career enlisted It's good with money to enlist for 4 years, save a little money, get that GI bill, learn a skill, use TA to take some classes, get veteran status, get experience and street cred - all without all the officer hassle/responsibility. Be a free man at 22 with skills and experience, able to get a degree for free (and actually be paid for it if you go Post 9/11), and start your civilian life. Of course, that takes wisdom and foresight that not all 18 year-old decision makers have. You also have to not get blown up in the desert. edit: this strat is doubly sick because anyone from any background can theoretically do it. The real joke's on the guys that spend 8-16 years enlisted making weak money, then get out for whatever reason and don't get the pension. Or worse, the guys that spend those years in a career field that's not easy to convert, like maintaining ICBMs, so they give up that time and control over their life, get no money, then can't get a real job. It's time you never get back. And that doesn't factor in actual war and all the serious things that can happen to you. You gotta either go career, or get in and out fast. Anything in the middle is usually BWM, especially on the enlisted side. The military is pretty generous, and even on the enlisted side there's potential for GWM - but in my experience most people find ways to screw it up. Danknificent fucked around with this message at 01:55 on Aug 17, 2016 |
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Aug 17, 2016 01:38
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What the hell is GWM and BWM? E: Just figured it out in context, nevermind.
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Aug 17, 2016 01:50
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Those are a couple of the easier ones to figure out but BFC could use an acronym glossary.
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Aug 17, 2016 02:07
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DINK = DUAL INCOME NO KIDS just in case you were wondering
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Aug 17, 2016 02:32
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What does ZAURG stand for? Poor decisions?
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Aug 17, 2016 02:55
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One guy i interact with spent 20 years in the army and then is about finished with another 20 years at a state regulatory agency. Collecting two pensions at 60 years old isnt the worst way to go.
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Aug 17, 2016 03:03
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FourLeaf posted:Bad With Money, also Bad With Morality: Abusing your girlfriend while allowing her to manage all the household payments because you can't be bothered, thus making it easy for her to kick your violent rear end to the curb. I also posted this in the Schadenfraude thread. Somebody call Paul Simon so he can update 50 Ways to Leave Your Lover Make the perfect plan, Jan then lock him out of your place, Grace and make him homeless, Jess Just get yourself free
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Aug 17, 2016 03:08
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Cloks posted:What does ZAURG stand for? Poor decisions? Zero Acceptance, Understanding, or Responsibility, but basil Gardening? idk
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Aug 17, 2016 03:27
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Dik Hz posted:Zero Acceptance, Understanding, or Responsibility, but basil Gardening? idk What does DIKHZ stand for? 
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Aug 17, 2016 03:39
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Dik Hz posted:Zero Acceptance, Understanding, or Responsibility, but basil Gardening? idk BASIL wasn't a zaurg thing
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Aug 17, 2016 04:08
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Moneyball posted:If google gave thought to everything I've looked up, there would be a reality show proposed, a psychologist called, or a prison sentence. Maybe all three. http://ruinmysearchhistory.com/
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Aug 17, 2016 14:12
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