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pig slut lisa posted:Ah, r/wallstreetbets You missed this:  
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Aug 23, 2016 16:02
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pathetic little tramp posted:The fun part is the kid thinks his dad 'created' this device instead of just buying it from some cheapo Chinese electronics outlet.
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Aug 23, 2016 16:03
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Jeffrey of YOSPOS posted:I mean, the device sounds pretty cool if it's what I think it is, no idea how he got in 300k of debt selling a pre-existing product though. Well you have to pay the guy who sells it to you, pay the guy who ships it, pay the guy who stores it, and probably pay someone for a "license" to sell it. Maybe a diagram will help: 
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Aug 23, 2016 16:26
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Aug 23, 2016 16:29
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If that dude sold his AMD stocks today, he'd make a sweet 400 bucks. AMD does seem to be building steam with their new processors though.
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Aug 23, 2016 16:52
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Am I reading this right? Did that guy just refer to a credit limit as a "balance" and a cash advance as a "balance transfer"?
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Aug 23, 2016 18:00
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Strangelet Wave posted:Am I reading this right? Did that guy just refer to a credit limit as a "balance" and a cash advance as a "balance transfer"? He's using "balance" interchangeably with "limit" but since that fits his use, that's not too crazy  The cash advance may be treated like a balance transfer, especially if it was a promo offer. Citi offered us one at the beginning of this year for 0% until April 2017 for a 3% transfer fee. You could pay off any card(s) (they'd split payment for you), certain bills, or let you deposit straight into a checking account. I used it as cash on hand to negotiate a lower settlement for one of my student loans without having to dip into savings for a couple grand. Keep in mind this only works if you are not an idiot and you budget for the payoff in time as well. Even with the transfer fee I came out way ahead. Using a cash advance to trade on margin, 0% APR or no: always BWM.
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Aug 23, 2016 18:27
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TLG James posted:If that dude sold his AMD stocks today, he'd make a sweet 400 bucks. 
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Aug 23, 2016 20:09
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Moneyball posted:I don't break this saying out much, but sweet sassy molassy. Hmm? Guess I've been lurking this thread for too long anyway. The AMD guy kinda blows me away. He borrowed money from a credit card company to put in his brokerage account. Then he borrows more on the borrowed money using margin so that he can increase the total number of shares. On top of this AMD just came out with some slick new video cards and such so the statement that they've pretty much already shown their hand seems true to me, the stock price has already quadrupled in the last year. Maybe they have some cool next gen processors they've not told anyone about? They may be due. I'd hate to get that margin call. "Yeah, your borrowed money's borrowed money stock is worth so little you owe us. Pay us or we're liquidating your account." I bet he'd get another balance transfer card to pay it off to keep the bet going. I bet he'd keep balance transferring the debt until he broke even (after paying several 3% transfer fees) so he doesn't admit defeat. On the other hand the 21 months thing would be cool if it all works out... You'd only pay capital gains tax on it... Speaking of stock and bad with money, A co-worker and I got to talking about retirement savings/pensions/etc and he said that he'd never be in the stock market again. He said he lost over a third of his account in 08/09 and couldn't stand it anymore and pulled out. Said it put him back a few years, but at least he saved some of it before it went down any further... He retired a few months ago. At least he's got a pension he can count on.
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Aug 24, 2016 00:13
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SweetSassyMolassy posted:Speaking of stock and bad with money,
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Aug 24, 2016 00:22
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DarkHorse posted:ugh, every time I hear someone pulling out after the Great Recession I just feel sick. Yeah my retirement account looked terrible, but I wanted so bad to plow every free dollar I had into the stock market. Unfortunately I had just about graduated grad school so I didn't have free money other than my emergency fund. During that timeframe I hadn't even figured out the point of a 401k. Where I work everyone gets a pension given certain criteria, and that was good enough for me back then. What I've noticed though is that a significant amount of the people I talk to at work have a similar point of view. One guy I talked to said something like "I played around with those money markets once and lost over 10 grand. I don't invest in that stuff anymore." and it just confuses me. Losing money in a money market account? Maybe he was doing a peer to peer lending thing?
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Aug 24, 2016 00:29
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DarkHorse posted:ugh, every time I hear someone pulling out after the Great Recession I just feel sick. Yeah my retirement account looked terrible, but I wanted so bad to plow every free dollar I had into the stock market. Unfortunately I had just about graduated grad school so I didn't have free money other than my emergency fund. Is it fair to say that you didn't have a very large balance during the recession? It was a lot harder to stay the course for people who had 10-20-30 years' of savings dropping like a stone. Obviously they did the wrong thing, but it was a lot easier to see it is a great buying opportunity for people who were young and had only "lost" a few hundred or thousand dollars.
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Aug 24, 2016 00:32
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GoGoGadgetChris posted:Is it fair to say that you didn't have a very large balance during the recession? It was a lot harder to stay the course for people who had 10-20-30 years' of savings dropping like a stone. Obviously they did the wrong thing, but it was a lot easier to see it is a great buying opportunity for people who were young and had only "lost" a few hundred or thousand dollars. I did have the benefit of having a few decades before I retired and no debt so I didn't have to worry, but honestly anyone that wasn't retiring that year or five should have hopefully known things would get better, and in all likelihood would get a solid and sustained return on anything invested at that point.
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Aug 24, 2016 00:57
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pig slut lisa posted:Ah, r/wallstreetbets I love how it goes from a discussion of his position being a 50:50 bet to some argument about AMD taking a big slice of the VR market. Pure speculative gibberish. quote:RemindMe! 4 months when AMD is at $17.20 (calling it) or to attend this guys funeral. A legit tl;dr right there.
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Aug 24, 2016 01:37
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SweetSassyMolassy posted:During that timeframe I hadn't even figured out the point of a 401k. Where I work everyone gets a pension given certain criteria, and that was good enough for me back then. What I've noticed though is that a significant amount of the people I talk to at work have a similar point of view. Obviously he didn't literally mean a money market account
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Aug 24, 2016 03:07
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Hey everybody are you tired of insurance companies and their business plan of everyone paying into a pool of money that gets paid out in event of loss or emergency? Well what about a company where considerably less people pay into that pool and whether or not you get paid out in event of a loss or emergency is referred back to literally everyone else paying into the insurance pool? Sound fun? Well, I haven't even told you the best part. Bitcoin. https://teambrella.com quote:Alignment of interests: Regular insurance companies and policyholders have conflict of interests. We propose a peer-to-peer insurance organization devoid of this issue.
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Aug 25, 2016 00:11
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Well there wouldn't be any conflict of interest there at all, how could any of that go wrong?
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Aug 25, 2016 00:22
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Bitcoin eventually reinvents all of finance, episode 27: mutual insurance.
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Aug 25, 2016 00:48
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Bought new truck i can't affordquote:Hi everyone, new here, It doesn't seem so terrible as it seems like he's got the income to cover it all, just that his vehicles cost significantly close to his mortgage every month, and he rolled negative equity into his truck.
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Aug 25, 2016 01:20
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SweetSassyMolassy posted:Bought new truck i can't afford How on earth is his $64,000 truck worth $45,000 now? The whole "your car is worth 25% less when you drive it off the lot" usually isn't that literal... Did he just overpay by $10k in exchange for getting a 0% loan? What!
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Aug 25, 2016 01:32
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GoGoGadgetChris posted:How on earth is his $64,000 truck worth $45,000 now? The whole "your car is worth 25% less when you drive it off the lot" usually isn't that literal... Something about rolling negative equity. Looks like he went from one underwater loan to another, along with buying too much truck. Seems to have massive insurance on it as well. Either way it doesn't matter as he probably won't be able to make any payments in 5 months time.
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Aug 25, 2016 01:46
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Doesn't letting it get repossessed not even work out like he thinks? Bank auctions it (for much less than 47k) and sues him for the difference? Can you bankrupt your way out of that with his income? I guess at least he already has a house.
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Aug 25, 2016 02:26
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This reminds me of some quality time I spend in Edmonton in 2010 where the local Chevy dealers had rolling 0 days inventory of Silverado 2500s and 3500s. (Something like 60-90 days would be normal) Classic Alberta blue collar retardation. Good news is you can get a slightly used one for super cheap!
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Aug 25, 2016 02:30
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Maybe I'm missing something. Wouldn't the vastly better option be to sell the truck, roll the negative equity into the cheapest truck/SUV/other 4WD or AWD vehicle he could still get a loan for, in order to cut his insurance and payments into a fraction of what they currently are? I mean, having a big luxury truck is probably a status symbol for him, but I'm talking if he wasn't going to let his pride ruin him. Or do auto loans not work like that? I have never gotten one, I'm still driving the car my parents bought me when I started college.
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Aug 25, 2016 02:36
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Moneyball posted:Doesn't letting it get repossessed not even work out like he thinks? Bank auctions it (for much less than 47k) and sues him for the difference? Apparently there are places with seize or sue limitations. Although given how retarded the truck guy is he could be in the wrong state. It would make things simple for him especially if the truck is underwater and he has no job. e: Worker steals $46k from casino to pay for his babby, and has to pay it back. http://www.stuff.co.nz/business/industries/83543513/skycity-worker-given-home-detention-after-stealing-45000-worth-of-chips Devian666 fucked around with this message at 02:42 on Aug 25, 2016 |
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Aug 25, 2016 02:38
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22 Eargesplitten posted:Maybe I'm missing something. Wouldn't the vastly better option be to sell the truck, roll the negative equity into the cheapest truck/SUV/other 4WD or AWD vehicle he could still get a loan for, in order to cut his insurance and payments into a fraction of what they currently are? I mean, having a big luxury truck is probably a status symbol for him, but I'm talking if he wasn't going to let his pride ruin him.
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Aug 25, 2016 02:52
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I don't get how homedawg is paying 710 a month on a zero percent loan and still owes that much money. He got hosed on the original deal.
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Aug 25, 2016 03:22
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KYOON GRIFFEY JR posted:I don't get how homedawg is paying 710 a month on a zero percent loan and still owes that much money. He got hosed on the original deal. I agree he got hosed on that deal, and being a 7 year loan he got double hosed as it was always going to be underwater for the full term. Given how much he spends on fuel he will probably run it into the ground in 4-5 years (if it isn't repo'd first).
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Aug 25, 2016 03:29
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SweetSassyMolassy posted:Bought new truck i can't afford Except he's in Canada, so his mortgage term is between 1 and 5 years, at which point he's going to have to refinance unless he's going to sell. So yeah, his credit rating definitely matters if he wants a decent mortgage rate in a couple of years. Also, it looks like they can take the car and sue you for the balance in Alberta: https://www.servicealberta.ca/pdf/tipsheets/What_Creditors_Can_Do_If_You_Cant_Pay.pdf
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Aug 25, 2016 03:33
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Presumably the truck is new as well with some form of warranty on expensive repairs in the short term. I don't think he saves any money by taking his underwater shiny pickup and rolling his negative equity plus tax, title and fees into a used car. Maybe I should see if that orange Lambo I used to see cruising around in Williston, ND is in a used lot next time I'm up there though.
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Aug 25, 2016 03:41
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If he's got good insurance he should just torch the truck. Arson, the tried and true GWM.
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Aug 25, 2016 03:47
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Solice Kirsk posted:If he's got good insurance he should just torch the truck. Arson, the tried and true GWM. Too obvious, needs to be an accident that totals the truck. Maybe he has gap insurance? Does gap insurance cover negative equity rolled into the loan?
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Aug 25, 2016 05:09
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Just drive it into the ocean like that one guy did with his Bugatti. Free insurance money!
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Aug 25, 2016 06:44
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SweetSassyMolassy posted:It doesn't seem so terrible as it seems like he's got the income to cover it all Did everyone just miss the "i will be getting laid off in a month or 2 ( as expected)" part of that truck moron's post, or is there something I'm not getting here
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Aug 25, 2016 06:56
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Parallel Paraplegic posted:Did everyone just miss the "i will be getting laid off in a month or 2 ( as expected)" part of that truck moron's post, or is there something I'm not getting here The income number he's giving is apparently for "in town" employment where work is easier to find but less lucrative. I assume it's not oil related and probably will get bid down as other oil guys get laid off, but probably more stable.
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Aug 25, 2016 07:04
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Moneyball posted:Doesn't letting it get repossessed not even work out like he thinks? Bank auctions it (for much less than 47k) and sues him for the difference? It depends on the specifics of the loan but in Alberta and British Columbia it is not unusual to have seize or sue loans where the dealership cannot pursue the debt after seizing the truck.
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Aug 25, 2016 07:39
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On the plus side, if he rolled a higher interest auto loan into that truck financing, he's actually saving money. Sort of. 84 months...<shudder>
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Aug 25, 2016 13:42
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BraveUlysses posted:Too obvious, needs to be an accident that totals the truck. Maybe he has gap insurance? Does gap insurance cover negative equity rolled into the loan? My sister probably deserves her own BWM thread. Rather than fix the brakes on her hand-me-down Subaru that was in otherwise great shape, she decided she needed a new car. So without consulting anyone, she went down to the dealer and ended up buying an ex-fleet Mazda 2. At 19% interest on a 72 month loan. She was on the hook to pay over $23k on a car with no cruise control, no power windows and 60k miles that only cost around $13k brand new. I had to explain my horrified reaction to her. Several months later, she got t-boned pulling out onto a highway. The only thing she (inadvertently) did right was say yes to gap insurance while she was saying yes to everything else the dealer threw at her. She wasn't hurt, but the car was totalled, and gap insurance covered the huge difference in value. She swears to this day that it wasn't intentional, but I still have my doubts.
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Aug 25, 2016 14:47
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Enos Cabell posted:My sister probably deserves her own BWM thread. Rather than fix the brakes on her hand-me-down Subaru that was in otherwise great shape, she decided she needed a new car. So without consulting anyone, she went down to the dealer and ended up buying an ex-fleet Mazda 2. At 19% interest on a 72 month loan. She was on the hook to pay over $23k on a car with no cruise control, no power windows and 60k miles that only cost around $13k brand new. I had to explain my horrified reaction to her. Was she found at fault for failing to yield while merging? Either way I'd expect her rates to skyrocket.
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Aug 25, 2016 14:50
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IF your vehicle gets totaled AND the other driver is fully at fault AND you're not upside down on the car AND you don't end up with big medical bills, you get paid out based on fair market value without any regard to depreciation of your car or other problems with it like deferred maintenance etc. so getting totaled can be more lucrative than trying to sell it either to a dealer or private party. Getting your car totaled is GWM. If you're not seriously injured or killed.
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Aug 25, 2016 14:53
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