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Boon posted:People lose their security clearances for financial issues because the financial stress makes them vulnerable to be leveraged. Yes, that is why his debt is a non-starter. Absent any debt, his tragic stupidity may not ever be a security issue. Some people are savants when it comes to their jobs but can't effectively manage a single aspect of their personal lives. Holding that much debt however, and being so dumb that he will almost certainly end up in that much debt later on, makes him a security risk since he's vulnerable to financial pressure.
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Aug 20, 2016 13:26
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Considering the one and only Kickstarter I ever bought in to, the guy ran away with all the cash and gently caress-all could be done about it (KS refused to step in and a participant even went to the attorney general of the state the guy lived in and they declined to prosecute), I would say they are pretty GWM if you're the one collecting the dough. If it doesn't work out just defraud everyone!
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Aug 20, 2016 13:42
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Sirotan posted:Considering the one and only Kickstarter I ever bought in to, the guy ran away with all the cash and gently caress-all could be done about it (KS refused to step in and a participant even went to the attorney general of the state the guy lived in and they declined to prosecute), I would say they are pretty GWM if you're the one collecting the dough. If it doesn't work out just defraud everyone! Brb, coming up with a half baked idea.
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Aug 20, 2016 13:54
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Kickstarter is a marketing vehicle. Also, glad your relative understands how manufacturing and shipping work because the naive gently caress themselves and their backers on that point all the time. LoL people just assuming you can just go to China and wave a magic wand to get items made at scale and on a boat on schedule.
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Aug 20, 2016 16:44
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Bastard Tetris posted:My cousin's husband just started a kickstarter for his company's 3rd product. (they work in baby products, the first two are sold at major retailers and are in the top 100 at Amazon) They live in a house with a car elevator that lifts a bunch of late model Audis. I'm assuming this is BWM cause if you're living this loving rich and need crowdfunding you're either doing something wrong and are hard up for capital or you just seriously don't give a gently caress about offloading risk via crowdfunding. I doubt they need the crowdfunding, offloading risk via crowdfunding is GWM on the getting paid side of the equation. It's not like you're giving away equity in the company. It's basically like presales on video games. Now whether or not they have the money to be installing car elevators for their aging fleet of german luxury vehicles is a different question entirely. They might be living like lottery winners when their luck runs out. If they're buying everything cash at least they aren't leveraged but who am I kidding?
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Aug 20, 2016 16:55
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Car elevators are like $2,000... Unless you mean a subterranean thing that stores your car in the earth? Those are like $25k to $55k depending on just how ritzy you go. Pretty BWM I guess, but old audi plus $25k is still less than a lot of people spend on their BWM Mobiles
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Aug 20, 2016 18:15
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He said a bunch of late model Audis meaning multiple newer Audis. Not one old one.
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Aug 20, 2016 18:31
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Nail Rat posted:He said a bunch of late model Audis meaning multiple newer Audis. Not one old one. This thread Does Hyperbole in a big way, so I'm going to assume it's no more than 3. My dad did this to his garage (picture not his) for $6k  And it meets his description. But I guess it could just as easily be a custom built car spire that he dropped $250 grand on and that's why he needs to Kickstart his business.
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Aug 20, 2016 18:50
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I mean why the hell wouldn't you build a giant subterranean bond villain lair if you were rich enough to do so 
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Aug 20, 2016 19:09
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It's a car spire and it's all his stepdad's money.
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Aug 20, 2016 19:24
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E: thread moved on, sorry.
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Aug 20, 2016 23:05
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I'd think that using Other Peoples (unsecured) Money to launch a product as opposed to your own is very GWM.
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Aug 20, 2016 23:53
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sparkmaster posted:I'd think that using Other Peoples (unsecured) Money to launch a product as opposed to your own is very GWM. Beat me to it
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Aug 21, 2016 00:24
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Parallel Paraplegic posted:I mean why the hell wouldn't you build a giant subterranean bond villain lair if you were rich enough to do so I've often wondered why people don't actually do something with their fortunes. Some do, but some seem to lack any inspiration.
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Aug 21, 2016 00:36
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Devian666 posted:I've often wondered why people don't actually do something with their fortunes. Some do, but some seem to lack any inspiration. I mean a lot of them do but what they do with it is by boring things like mega-yachts and mansions with 30 more rooms than they'll ever actually use, not cool things like volcano lairs or, idk, party zeppelins? The closest thing I know of to an actual underground lair is this rich guy's fallout shelter meant to look like a house that seems like it would make a great twilight zone hell reality: http://www.fastcoexist.com/3017052/futurist-forum/you-can-buy-this-underground-las-vegas-bomb-shelter-shaped-like-a-house-with-
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Aug 21, 2016 03:33
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Devian666 posted:I've often wondered why people don't actually do something with their fortunes. Some do, but some seem to lack any inspiration. I suspect they do all kinds of cool poo poo but don't tell the public about it. What good is a Bond Villain Lair if everyone knows where it is?
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Aug 21, 2016 13:31
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quote:Applicant argues that the Judge's analysis was flawed when he concluded Applicant forced his creditors through the bankruptcy process to accept far less than what they are owed. The Judge may properly consider that, even if the current Chapter 13 bankruptcy plan is successfully carried out, Applicant will have avoided paying the creditors much of his debt. Adverse decision affirmed. Interesting. Negotiating down debt ends up being BWM as their security clearance is denied, presumably affecting their employability.
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Aug 21, 2016 16:23
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Switchback posted:Interesting. Negotiating down debt ends up being BWM as their security clearance is denied, presumably affecting their employability. What's even worse is that guy had a military pension too. So 1/2 his E-6 salary for life, and cheap health care. Though I kinda feel a bit sorry for the guy. Sounds like his wife had a lot of medical issues, and debt from a previous marriage too.
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Aug 21, 2016 18:06
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http://www.thisismoney.co.uk/money/mortgageshome/article-3745598/Pensioners-trapped-homes-shared-appreciation-mortgages.html BWM: buying a house with an exotic mortgage, not planning ahead for the inevitable repayment when you sell.
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Aug 22, 2016 19:53
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Pantsmaster Bill posted:http://www.thisismoney.co.uk/money/mortgageshome/article-3745598/Pensioners-trapped-homes-shared-appreciation-mortgages.html Shared Appreciation Mortgages? That might be the most predatory mortgage product I've ever heard of.
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Aug 22, 2016 20:17
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Jesus. How the hell was that ever legal?
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Aug 22, 2016 20:53
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Apparently it still is legal in the USA, at least. After seeing that article, I went and looked up more info about SAMs, and there's a (tamer) version of it for low to middle-income people in San Francisco County that still exists. Whatever percentage of your loan they provide for downpayment, they will claim that % of your appreciation plus initial principal. http://sfmohcd.org/downpayment-assistance-loan-program-dalp This is in addition to your real mortgage (this is a secondary). You owe interest and principal on your full-term mortgage, and when that's done, you owe a huge chunk at year 30 or whenever you sell. quote:The term of the DALP is 30 years. The DALP is a no interest, no monthly payment, deferred loan due upon sale, rent, or title transfer of the property. The principal balance amount plus a share of the appreciation should become due at the end of term or when the borrower sells, rents or transfers title on the property. The appreciation is calculated by subtracting the original sales price from the current sales price or the current appraised market value. The share of appreciation is computed as a ratio of the City loan amount to the purchase price, that is, if the loan amount equals 31% of the purchase price, the share appreciation is 31%. If the borrower receives the DALP loan in the amount of $375,000 with the purchase price of $1,200,000, the share appreciation would be 31%: Sundae fucked around with this message at 21:26 on Aug 22, 2016 |
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Aug 22, 2016 21:23
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Hashtag Banterzone posted:Shared Appreciation Mortgages? That might be the most predatory mortgage product I've ever heard of. I'm sure it happens with family members relatively frequently. A parent chips in 50%, you co-own the house but one of you lives there. If you sell it, you give 50% of the value to the parent because it's part theirs.
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Aug 22, 2016 21:30
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Jeffrey of YOSPOS posted:It did always strike me as a little weird that they weren't this way from the start - why should the lender not get a share of the property they invest in but the fixed interest rate? It is really predatory if it keeps appreciating when the mortgage is paid off, but if it just gives the bank the appreciation of whatever percentage of the equity they owned during each period of appreciation, it doesn't seem too crazy to me as an alternative to interest. I'm surprised mortgages weren't structured that way to begin with. You own 20% of your house, you get 20% of the appreciation doesn't seem ridiculously unfair or anything to me. As an alternative to interest, maybe. But then the lender has an even greater risk of losing money if the property depreciates; investment means you get a percentage. 50% of 0 is still 0. Lenders are not going to take on that kind of risk when they have much less in the form of a standard mortgage; to allow them to retain equity in the case of appreciation while the owner takes the only loss for depreciation is worse than bundling junk mortgages as AAA securities.
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Aug 22, 2016 21:39
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NancyPants posted:As an alternative to interest, maybe. But then the lender has an even greater risk of losing money if the property depreciates; investment means you get a percentage. 50% of 0 is still 0. Lenders are not going to take on that kind of risk when they have much less in the form of a standard mortgage; to allow them to retain equity in the case of appreciation while the owner takes the only loss for depreciation is worse than bundling junk mortgages as AAA securities. I can't say I've thought this all the way through but it doesn't fail a smell test for me.
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Aug 22, 2016 21:49
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For one thing taking a broad historical view of residential financing the interest rate on mortgages has been way higher than the long term appreciation in housing, so underwriting cash flowing conventional term mortgages with only default risk and no speculative risk written into the product has virtually always been a better proposition than some kind of joint appreciation investment.
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Aug 22, 2016 23:01
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This is pretty meta-MLM: http://onlinesalesproreview.com/online-sales-pro-compensation-plan/ More thank half the cost of the "product" is paying your upstream affiliate.
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Aug 23, 2016 00:33
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This would probably black out a BWM bingo card. The thread title doesn't even begin to do justice to the miscarriage of a situation he is in, and it's called 'I (20M) am taking over my fathers failing business while also taking on my family's tremendous debt". Let that sink in. Not gonna copy/paste the whole thing because  but highlights of that common sense dumpster fire include:-Crippling mental issues that preclude employment --Wants take over dad's business anyways, currently works for free -Dad's "business" is drop-shipping IPTV things in an already saturated market --Except instead of dropshipping, dad buys inventory (plus office space and a website he's getting milked on) ---It's okay though because it's only like 100k worth of debt and is "a good investment" because they have webcams or some poo poo on them ----Except that 100k is for the business only and doesn't include the  quarter mil of unsecured cash advances from credit cards largely taken out in the name of his wife that he wants to divorce so he can gently caress other women -  is not an option because ???!!!    This is some loving wonderhanger of the century level poo poo going on here holy gently caress that loving fucker is loving hosed. gently caress, man...just....gently caress  e. quote:My dad is a lot smarter then I've given him credit for e2: gently caress, closed the tab down before I could recover it, let me see if I can find the cache e3: welp, there you go 
Guest2553 fucked around with this message at 02:27 on Aug 23, 2016 |
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Aug 23, 2016 02:05
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I wish you had copied it here because it looks like what he originally wrote was deleted.
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Aug 23, 2016 02:15
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ohgodwhat posted:I wish you had copied it here because it looks like what he originally wrote was deleted. Google has a cache!  http://archive.is/AH7WU quote:Throw away of course. monster on a stick fucked around with this message at 02:29 on Aug 23, 2016 |
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Aug 23, 2016 02:16
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I don't break this saying out much, but sweet sassy molassy.
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Aug 23, 2016 02:26
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Oh man the dad knows he is still going to be responsible for that debt. That is unless he sells the business along with all of its debt to his unsuspecting kids and soon to be ex wife.
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Aug 23, 2016 04:25
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Ah, r/wallstreetbets  YOLO. Used a 9k balance transfer offer to buy 1,750 shares of AMD. Was this smart? posted:Hello all. Recently got approved for a credit card with a 9.5k balance and a 21 month 0% interest balance transfer offer. Sent $9,000 balance transfer to my own bank account rather than another credit card, paid $287 in balance transfer fees. Then used said balance transfer to buy 1,750 shares of amd @ 7.45 for $13,037.50 (used some margin) leaving myself with $68.75 left in my life savings account, but 21 months to pay off the balance transfer interest free. Was this plan foolproof? Can I lose? Stay tuned what will happen next. Please comment on whether this was a good idea or not ty in advance. Later on, when asked about the rest of his finances, the OP says: quote:Steadily paying my others cc's off, woulda been able to pay a little bit more but I lost my last paycheck playing blackjack. Theyre only 25% apr tho
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Aug 23, 2016 13:52
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It's a joke right? That has to be a joke.
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Aug 23, 2016 13:58
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Even if he was going to profit off the shares...Somehow...Won't that be eaten up by transaction fees or something?
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Aug 23, 2016 14:07
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NancyPants posted:Even if he was going to profit off the shares...Somehow...Won't that be eaten up by transaction fees or something? Depends on how much he profits, perhaps obviously.
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Aug 23, 2016 14:18
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All the good news based upon previous speculation for AMD has pretty much already come to light. If you wanted to run up CC debt to make a speculative play for them, should have done it 6 months ago when the stock was at $2.
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Aug 23, 2016 15:50
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monster on a stick posted:Google has a cache! The fun part is the kid thinks his dad 'created' this device instead of just buying it from some cheapo Chinese electronics outlet. And on top of this, the device his dad 'invented' is in a 'legal grey area'. Please, please take over your dad's illegal middleman enterprise that is over 300k dollars in debt. It's such a great idea considering you have paranoia and anxiety issues. Kids these days can't even run drugs anymore, jesus christ.
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Aug 23, 2016 15:56
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that idiot posted:Nice i'll try to get it paid off, my boy got me in a real soft high stakes poker game thats running tonight Master-class in trolling
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Aug 23, 2016 15:57
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NancyPants posted:Even if he was going to profit off the shares...Somehow...Won't that be eaten up by transaction fees or something? and short term cap gains
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Aug 23, 2016 15:59
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