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Tiny Brontosaurus posted:$8 an hour is below minimum wage in Los Angeles, though. Even years ago it was $9. Having "worked" in the music industry (I was in Nashville) it's basically built on interns and slave labor of people willing to work for nothing to follow their dreams. My wife worked at a small record label around 2009, made $10 an hour (not completely awful in Nashville, cost of living is/was super low), and they cleared house to bring in replacements willing to work at $8 an hour. I'm fortunate enough not to have crazy debt from my degree, but yeah, schools really won't do a good job to prepare anyone majoring in any type of music on what to expect after graduating. A sales pitch of "yeah, you'll make minimum wage if you're lucky, hope you like teaching lessons as your main income" isn't a great sales pitch. Especially because the skills you need to actually do well in music, with the exception of performance and music education, really can't be learned in school anyway.
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Oct 1, 2016 09:02
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Duckman2008 posted:Having "worked" in the music industry (I was in Nashville) it's basically built on interns and slave labor of people willing to work for nothing to follow their dreams. My wife worked at a small record label around 2009, made $10 an hour (not completely awful in Nashville, cost of living is/was super low), and they cleared house to bring in replacements willing to work at $8 an hour. I want to respond to this. I feel I shouldn't.
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Oct 1, 2016 09:06
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Not saying that this is your position, but I just want to point out that chasing unrealistic dreams is not necessarily a problem. Many people have no issues with living a life of poverty if it allows them to <insert your item of fancy>. After all, monks do and real monks exist, don't they? The main issue would be if they act surprised that their "job" pays minimum wage or sub-minimum wage.
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Oct 1, 2016 10:10
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John Smith posted:Not saying that this is your position, but I just want to point out that chasing unrealistic dreams is not necessarily a problem. Many people have no issues with living a life of poverty if it allows them to <insert your item of fancy>. After all, monks do and real monks exist, don't they? The main issue would be if they act surprised that their "job" pays minimum wage or sub-minimum wage. That's some bucket-crab nonsense.
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Oct 1, 2016 10:15
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My company offers a poo poo 401k (no match, a management company I've never heard of, and fees I'm afraid to even look at). And even that they tried to take away from me when I was getting reclassified after a merger. I think they were surprised anyone was even using it when they tried to pull the benefit. But I would have ended up paying $1200 more in taxes next year had I not stayed enrolled. I'd say companies should use the tax savings angle more when pitching their 401k plans, but most of the people not saving probably get refunds already anyway. 
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Oct 1, 2016 12:41
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Krispy Kareem posted:
I know getting people to save something rather than nothing is better, but should they really push the tax savings? I though current concensus was that roth 401k was better than a standard 401k.
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Oct 1, 2016 13:26
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Tiny Brontosaurus posted:That's some bucket-crab nonsense. Why? There is a cost to pursuing our dreams. I worked hard to achieve mine. What is so surprising about the notion that you must pay your dues? [Mind you, I am not saying you are not allowed to do it. I am saying that there is often a very hard road to travel]
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Oct 1, 2016 13:45
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Ignore tiny brontosaurus, known D&D shitposter.
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Oct 1, 2016 14:04
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Surprisingly, as of a year or so ago the median balance for TSP holders, the federal equivalent of a 401k, was about 118k. Not gonna retire off that, but it's a good start.
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Oct 1, 2016 14:46
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John Smith posted:Why? There is a cost to pursuing our dreams. I worked hard to achieve mine. What is so surprising about the notion that you must pay your dues? I know! I'm getting closer to Diamond level every day - just gotta put in those dues, work on my downline, and gut through this crushing debt! There's no inherent reason for skilled technical work like audio engineering and music production to pay pennies, and it's perfectly reasonable to call out the industry for paying lovely wages with next to no opportunity for advancement when the industry as a whole is swimming in money. JohnGalt posted:I know getting people to save something rather than nothing is better, but should they really push the tax savings? I though current concensus was that roth 401k was better than a standard 401k. Not really, unless you're at the cap on traditional contributions. The tax benefits are a mathematical wash (assuming you don't have a crystal ball for future tax policy), and Roth 401(k)s don't have the structural benefits of Roth IRAs like early principal withdrawal in an emergency and the ability to dodge RMDs.
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Oct 1, 2016 15:00
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John Smith posted:Why? There is a cost to pursuing our dreams. I worked hard to achieve mine. What is so surprising about the notion that you must pay your dues? Boy you are gullible. You have completely and uncritically swallowed the propaganda of the people picking your pockets. Watch out for wallet inspectors.
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Oct 1, 2016 15:25
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No one reads this thread to find out goon opinions on the music industry. https://www.reddit.com/r/personalfinance/comments/55d665/i_just_received_an_extra_5000_on_a_student_loan/ quote:I got $5000 more in my student loan than I needed this semester, and my parents advised me to keep it in saving and use it to pay rent ($389 monthly).
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Oct 1, 2016 15:29
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Enfys posted:No one reads this thread to find out goon opinions on the music industry. I'm not sure if I've mentioned this here but I know a girl who got some scholarship or grant money her first year of college. The next few years, she got a check. She assumed it was her scholarship money. She kept it and let her parents pay her tuition, then got her student loan bill after she graduated.
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Oct 1, 2016 15:34
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Enfys posted:No one reads this thread to find out goon opinions on the music industry. If he needed it for rent it wasn't really more than he needed, was it?
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Oct 1, 2016 15:51
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Powerlurker posted:Found another gem on Reddit: quote:Me and the child of my mother agreed on a child support number So him and his sibling?
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Oct 1, 2016 16:00
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John Smith posted:Not saying that this is your position, but I just want to point out that chasing unrealistic dreams is not necessarily a problem. Many people have no issues with living a life of poverty if it allows them to <insert your item of fancy>. After all, monks do and real monks exist, don't they? The main issue would be if they act surprised that their "job" pays minimum wage or sub-minimum wage. The way you post makes me want to dunk your head in a toilet until the bubbles stop coming up.
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Oct 1, 2016 16:03
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The Mandingo posted:Ignore tiny brontosaurus, known D&D shitposter. Wow, gently caress off rear end in a top hat.
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Oct 1, 2016 17:20
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Not exploiting the poor for your personal enrichment when you have the opportunity is BWM.
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Oct 1, 2016 17:23
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Leon Trotsky 2012 posted:Not exploiting the poor for your personal enrichment when you have the opportunity is BWM. BWM? That's bad with life. That flies in the face of millenia of human instinct. You may as well run into a den of bears covered in steaks for how much you're going against human instinct.
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Oct 1, 2016 20:42
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Krispy Kareem posted:My company offers a poo poo 401k (no match, a management company I've never heard of, and fees I'm afraid to even look at). And even that they tried to take away from me when I was getting reclassified after a merger. Do you work at a major company? How big are the fees?
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Oct 1, 2016 21:31
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Vox Nihili posted:Do you work at a major company? How big are the fees? I'm an IT contractor, so all my 'benefits' come from the company that just handles my taxes and payroll. The 401k is managed by Great Western. It might be great, it might be terrible. It doesn't matter because it's the only option I had. As soon as my contract is up, this account gets rolled into my old Fidelity IRA anyway.
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Oct 1, 2016 23:15
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defectivemonkey posted:I'm not sure if I've mentioned this here but I know a girl who got some scholarship or grant money her first year of college. The next few years, she got a check. She assumed it was her scholarship money. She kept it and let her parents pay her tuition, then got her student loan bill after she graduated. I'm not American and unfamiliar with the interplay between the three sources of money you mentioned. Could you dumb it down a touch for me? (I'm not seeing how student loans come into it.)
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Oct 1, 2016 23:37
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Weatherman posted:I'm not American and unfamiliar with the interplay between the three sources of money you mentioned. Could you dumb it down a touch for me? (I'm not seeing how student loans come into it.) Your student loans are sometimes not paid directly to the college, they are dispersed to you as check. This amount of money is supposed to be budgeted by you, including tuition and living expenses. This particular woman failed to pay her tuition, instead using this money like it was not a loan, and her parents ended up paying her tuition anyway. Unfortunately now she has debt for money she spent and did not realized was loaned.
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Oct 1, 2016 23:40
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I'm American and I'm still not entirely sure what the hell happened in that story, most recent explanation included.
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Oct 1, 2016 23:43
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Tldr took out a loan and now owes money.
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Oct 2, 2016 00:09
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Her parents "paid her tuition" by taking out student loans for her it seems.
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Oct 2, 2016 00:34
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BEHOLD: MY CAPE posted:Her parents "paid her tuition" by taking out student loans for her it seems. No, she had gotten student loans but didn't know what she was doing or forgot about it. She got checks, but she assumed that they were scholarship/grant money and just spent them on whatever because her parents were already paying her tuition. She learned after she graduated that the mystery checks were student loans. Of course, this story comes from the person who didn't bother to look at where a check was from before cashing it so the details are...confusing.
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Oct 2, 2016 01:09
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Tiny Brontosaurus posted:Boy you are gullible. You have completely and uncritically swallowed the propaganda of the people picking your pockets. Watch out for wallet inspectors. You have a lazy mindset. But many people do not. If you want to break into a superstar industry like music and movies, then you are going to have to endure a lot of suffering. Simple as that. Unwilling to pay those dues? Then just work a normal job instead of chasing after these unrealistic dreams.
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Oct 2, 2016 05:46
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"Has frugality ever cost you a friendship?"quote:ETA: This is two women, not a romantic relationship. This was not to be a date. Please read the entire post, or don't comment. I'm getting nasty comments from people who obviously haven't read the post all the way through. quote:She drinks alcohol, I don't. She likes expensive "cocktails," while the most I would drink would be a glass of tea with free refills. We have gone out dutch before and her bill is always twice mine because of her alcohol purchases. I was just asking her to pay for her own alcohol and my one $2 glass of iced tea. quote:Because she would INVARIABLY order the most expensive thing on the menu, that's why! I can't afford her tastes, which is why I figured I'd give her the free meal (up to $40) and let her pay more if she wanted, but I could keep mine down to $20 ($10 at half price). O.K., so maybe I should have paid for my tea, but is that any reason for her to dump a six year friendship? She's just wrong, that's all there is to it. quote:
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Oct 2, 2016 07:29
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I'm on cheapskate's side.
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Oct 2, 2016 07:42
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quote:A role-model FIRE uncle taught me something by his example. I had just bought my first house. It stood vacant for a couple of of weeks while I was finishing a consulting job out of town. He was in town and asked if he could stay there until I returned. He assured me he would be no trouble, and I agreed.
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Oct 2, 2016 07:47
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I can understand the fear thing. My grandfather was the biggest cheapskate I've known, and he didn't care that other people knew. He had a joke that he loved to tell every time he saw you. If you talked about money he would pull out his wallet and open it, then acting all surprised and trying to kill the imaginary moths that came out. He would never tip for anything, ever. Ever. As a kid he once served me a moldy muffin for breakfast. I complained about the mold so he cut it off with a knife and handed it back to me. He lived through the great depression in a poor family. He was taught that food was an extremely rare resource that you didn't waste. And by association, money was an extremely rare resource. So he spent the rest of this life stock piling it. He retired at the age of 50, hand built a house, small yacht, and workshop. Gave me mutual funds for graduating highschool and college. My dad inherited a few million when he passed (and my dad already told me he's spending it all before he dies). He led the life he wanted to live; didn't care about the shiny toys, newest gadget, or latest trend. He bought a lot of wood and metal work tools/power tools, created a lot of cool poo poo, and traveled a lot with a job in Saudi Arabia. He didn't drink, didn't go to fancy restaurants (home town buffet was a treat), matinee movies a couple times a year, Everything he did had a calculated cost. He always treated money as if it could dry up or be taken any day. He still manged to learn how investing worked, trusted it, and put all his money away. But even after he was well beyond financial independence, he still acted like he could lose it any day. Loan Dusty Road fucked around with this message at 08:44 on Oct 2, 2016 |
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Oct 2, 2016 08:38
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Someone who doesn't drink not wanting to split someone else's hefty bar tab is a pretty strange definition of BWM. Then again, I'd also rather spend 3 hours on a bench in Zurich in summer (a very safe city) instead of pay for a hotel room I'd only use for a few hours. Dustoph posted:Everything he did had a calculated cost. He always treated money as if it could dry up or be taken any day. He still manged to learn how investing worked, trusted it, and put all his money away. That's the thing about life though - you can lose everything you have in ways you could never predict or prepare for. That's something you learn if you suffer a serious trauma or any other kind of extreme event (such as the Depression). It doesn't sound like your grandfather was a bad person either, and cheapskate is a pretty prejorative term. As you said, he lived the life he wanted, did cool things, and then passed his accumulated wealth to his son (who is apparently determined to spend it all because maintaining wealth is dumb I guess).
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Oct 2, 2016 09:07
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It's not about whether it's good or bad to use a coupon or not buy someone else's alcohol. It's about a 6 year friendship being thrown out because they can't navigate a restaurant bill. Both of these people are awful and letting their feelings about money ruin relationships in their lives. That is bad with money.
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Oct 2, 2016 09:18
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Need your advice. (buying a home)quote:OK guys. I have really really bad credit ,defaulted student loans (never graduated) and not even so much as a bank account ( dumb I know) The last thread they posted was titled "Physicists say twin towers destroyed by controlled demolition"
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Oct 2, 2016 11:09
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Switchback posted:FIRE stuff I used to check out the financial independence page when I first started learning about money then I realized a large number of the people there are awful libertarian leaning nimby shitheads generally view compassion as a liability. e. quote:UK is a homogenous culture whereas US is not. put simply, in UK you get to be surrounded by white, English-speaking, mostly Christian people, who know basic etiquette and manners. In USA you have to deal with minorities along with their crime, music, language, and religion I wouldn't mind seeing the post-capitalist proletariat revolution come a few years early if it meant knowing those fucks would eat crow (and guillotine). Guest2553 fucked around with this message at 19:56 on Oct 2, 2016 |
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Oct 2, 2016 14:28
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Guest2553 posted:I used to check out the financial independence page when I first started learning about money then I realized a large number of the people there are awful libertarian leaning nimby shitheads generally view compassion as a liability. Yeah I'm grateful to FIRE sites for what I learned about index funds but that stuff's kind of a difficult read when it's a bunch of 30-40-something guys who seem to assume anyone making under 50-60k wouldn't... I don't know, own computers? Be literate? Attempt to manage their finances?
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Oct 2, 2016 14:54
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BWM? Losing 1 billion in one year. GWM? Never paying taxes again. http://www.nytimes.com/2016/10/02/u...v=top-news&_r=0
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Oct 2, 2016 15:11
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prezbuluskey posted:BWM? Losing 1 billion in one year. GWM? Never paying taxes again. Nothing wrong with this, but the implication that he's so bad at finance that he hasn't been able to recoup that in 11 years and with his "billions" of dollars is something that should throw red flags up about his "knowing something about business."
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Oct 2, 2016 15:21
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Solice Kirsk posted:Nothing wrong with this, but the implication that he's so bad at finance that he hasn't been able to recoup that in 11 years and with his "billions" of dollars is something that should throw red flags up about his "knowing something about business." Yes, but that tax return proves that he either lied about making billions of dollars in income or he gamed his taxes to not pay income tax on at least $50 million in taxable income every year for the past 18 years. He's probably not an actual billionaire or is a billionaire by virtue of non-liquid assets and the "value" of his brand, which is imaginary money.
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Oct 2, 2016 16:08
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