Bad With Money 2018: When I die, bury me in the blockchain.

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Bad With Money 2018: When I die, bury me in the blockchain.

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kimcicle: Feb 23, 2003

Hyrax Attack! posted:

We all love Reddit's personal finance tips, but I contend Department of Defense security clearance appeals are the finest BWM goldmine online. At least you know they are real, and the 2017 reports are fascinating: http://ogc.osd.mil/doha/industrial/2017.html

Link to PDF: http://ogc.osd.mil/doha/industrial/2017/15-00836.h1.pdf

This subnote on page 3 stood out to me, mostly because I wouldn't think it should be relegated to a subnote:

quote:

At the current rate, it will take Applicant approximately 40 years to pay off his student loans, if no additional interest accumulates

# ? Jul 3, 2017 23:28

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# ? May 15, 2024 02:51

BonerGhost: Mar 9, 2007

Security clearance decisions are the real purestrain. I love the ancillary details that make their way in, and the best part is how they become a matter of official record as investigated by the goddamn FBI.

# ? Jul 4, 2017 05:20

monster on a stick: Apr 29, 2013

http://ogc.osd.mil/doha/industrial/2017/15-06623.a1.pdf

quote:

In 2004, Applicant bought a house. After it had significantly increased in value, he withdrew equity and purchased three more as investment properties. The first and second mortgages on his residence were $900,000 and $200,000 respectively. Those for the three rental properties were $1,200,000, $600,000, and $286,000. The value of the properties declined after a few years. In addition, the houses were financed with adjustable rate mortgages, and the payments doubled. Applicant withdrew funds from his retirement account in an effort to hold on to the properties, but all four went into foreclosure. Although he was a real estate agent, Applicant claimed that he did not realize how much the mortgage payments would increase.

In addition, both the IRS and state tax officials advised Applicant that he owed taxes due to debt forgiveness after the foreclosure sale. Applicant filed for Chapter 7 bankruptcy protection, which he believed discharged his tax debts. In fact, Applicant�s Federal tax debt was resolved, but the state debt was not. At the close of the record, he owed his state over $126,000 in past-due taxes, interest, and penalties. Prior to filing for bankruptcy, Applicant underwent financial counseling. Before his bankruptcy, Applicant purchased two vehicles, with a combined cost of nearly $55,000.

In 2015, Applicant filed under Chapter 13 of the bankruptcy code to control payments on his taxes and on debts not discharged under Chapter 7. The documents that Applicant submitted do not show any funds allocated to his tax debt. In 2016, Applicant purchased a timeshare.

I love that they threw in "after all these horrible financial decisions, he buys a loving timeshare."

# ? Jul 4, 2017 05:50

Enfys: Feb 17, 2013; The ocean is calling and I must go

This is a long one as OP originally posted in r/relationships but very :stare:

BWM: Family edition: Frugal guy's dad says he's really sick and needs 20k for an emergency procedure but uses it to send his little sister to conversion camp

quote:

I posted this in r/relationships but I was told to post here. I live in Florida and so do my parents. This rest of this is a direct copy paste of what I posted there.

I posted a thing here a two years ago that helped me with an uncomfortable situation involving a boss at work and it helped me save a good friendship and my job, so hopefully you guys can help me again with a much much more serious situation. I didn't remember that account so I made a new one. I need to give a little background to explain the situation. This will probably be long. I'm lovely at writing so please bare with me.

I work as a computer engineer and live away from my parents. I moved out when I was 18, not because we had a particularly distant relationship, but because I was very hungry for independence and I didn't want to go to college like they wanted me to. I fell in love with programming and got a job a month after I graduated, and I've done that since. I am extremely frugal, and I now make about 70k a year after taxes (go mr. money mustache). Both my parents are in traditional white collar jobs that make significantly more money than I do, and they are horrific with money.

When I was growing up my parents were semi-religious (church on easter and christmas type of deal) and not particularly invested in it or politics. Somewhere in the last three or four years they became interested in it, and in the last year in particular (regarding the last elecion especially) they have become some of the most religious and overfocused political people i've ever seen. I have tried distancing myself from this by refusing to talk about these issues over the phone at all. I could not disagree more with them. I think they have some very hateful views, but I've chosen not to engage them on it.

Growing up I was not close to my younger sister, mainly because of our age gap. However she has grown up and is very pleasant to speak to. We have spoken on the phone daily (I speak to mom and dad much less frequently) since she was around 14. I have not been exposed to to much of this because I intentionally tell both sides I don't want to talk about their drama (although I am generally clear with my sister that I agree with her, but I don't want to badmouth her parents). My sister is a lesbian, which I have no issue with whatsoever, and my parents do not (or did not) know and would immediately be against. We talked about this a quite often. My sister also has political views completely at odd with my parents (she was in trouble for not supporting their favorite political candidate, you can probably guess who) but I encouraged her to swallow it and suck it up at home for her safety and sanity. She mentioned a few times in the last two months about wanting to come out to them and I highly highly discouraged it. I have heard both of my parents approve of a pastor who disowned his gay son and similar stories. I didn't want them to do that to her. I have offered to let her live with me when she turns 18 but imagined that being in the future. I made her promise not to do that and she did.

On her 16th birthday, she came out to them. I was a little angry with her over the phone (I didn't curse or scream or anything, but I was annoyed, but with sympathy for her position. I did chide her a bit, which I acknowledge was dumb.) She was extremely mad at me and didn't call me for four days, which was a long time for us not to speak.

We spoke afterwards and I was much better, but things weren't going well. They didn't kick her out but weren't speaking to her at all. Literally she was screaming at them and they just quietly went into their rooms, not saying a word.
I offered to speak to them for her and she begged me not to, so I did not, against my better judgement.

My Dad, a week later, called me over the phone. He said that he was sick and needed emergency money to have a procedure He begged me "not to tell" mom or my sister. He needed about 20 grand. I had refused them money in the past for a car loan and made it clear that I wasn't giving them money, but I did for this, cautious but ultimately trusting him not to lie about his own potential death. I disagreed with him about a lot of things but he had always been so steadfast about the importance of honesty the thought of him lying about something like that seemed ridiculous and I felt guilty for even thinking that.

About another week after that, my sister stopped calling me. I thought she was mad again for some reason but she didn't answer at all. I was worried. I called my parents and asked about her after about a week and they said she was being moody (I thought they thought I didn't know about her sexuality or what was going on).

I checked my Facebook that night and I read an days old message from one of her friends that explained that she had been trying to reach me and that my sister was taken from her house into a van and driven off by men in a program with her and my parents there before kicking the friend out of the house. Her friend visited my parents house several times and they eventually told her they sent her to a religious program. She didn't get the name.

I called up my father, and he denied it twice before admitting it after a long talk. I was so angry. They seriously have these religious camps that parents can send teens to anytime without committing a crime forever. I didn't think it had anything to do with the money, but I looked it up after that and found out that these programs are generally very expensive. I called him up again and he admitted that's where the money went. I demanded that he let her out and he told me it was his money. I told him I'd never speak to him again and he just ignored me. I try calling him up every few hours for the last several days when I found out and they ignore almost all of my calls.

He intentionally didn't tell me the name of the facility or camp, but I've done reading and these are almost always dangerous places. I don't even know if she is in the US anymore. People die and get brainwashed at these places. I feel so guilty for giving them the ability to do this. I don't know the name of the camp, and I did technically give them the money.

My only recourse at this point is to go tell everyone in their neighborhood what they did. I saw a facebook post they made about sending my sister to a snooty christian boarding school and that is NOT what they did. I called the school they posted and she isn't going there. They are very connected to the church/suburban town community and I think it would threaten them to have their image splattered with the truth.

I would completely disown them now if it wouldn't completely destroy my chances of getting her out. I am at a loss. Please help me.

tl;dr: My parents lied to me and took money claiming it was for an illness only to turn around and use it to send my sister to a camp because she came out. They are ignoring my calls. I don't have any legal grounds (i think) and I do not know how to convince them to let her out.

# ? Jul 4, 2017 12:48

Fil5000: Jun 23, 2003; HOLD ON GUYS I'M POSTING ABOUT INTERNET ROBOTS

Enfys posted:

This is a long one as OP originally posted in r/relationships but very

BWM: Family edition: Frugal guy's dad says he's really sick and needs 20k for an emergency procedure but uses it to send his little sister to conversion camp

Jesus loving christ

# ? Jul 4, 2017 12:52

Cold on a Cob: Feb 6, 2006; i've seen so much, i'm going blind
and i'm brain dead virtually; College Slice

Enfys posted:

This is a long one as OP originally posted in r/relationships but very

BWM: Family edition: Frugal guy's dad says he's really sick and needs 20k for an emergency procedure but uses it to send his little sister to conversion camp

If there is a god, hell should be full of people like this man's parents. :colbert:

That's royally hosed up.

# ? Jul 4, 2017 12:53

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

I definitely feel bad for the guy but at some level I feel like he should have known to take his sister more seriously and support her better.

# ? Jul 4, 2017 13:06

Fil5000: Jun 23, 2003; HOLD ON GUYS I'M POSTING ABOUT INTERNET ROBOTS

KYOON GRIFFEY JR posted:

I definitely feel bad for the guy but at some level I feel like he should have known to take his sister more seriously and support her better.

It doesn't sound like he didn't take her seriously. He had a good idea how his parents would react and warned her against it. I don't think you can blame him for not realising they'd spend twenty grand of his money on gay conversion camp.

# ? Jul 4, 2017 13:27

John Smith: Feb 26, 2015; by LITERALLY AN ADMIN

KYOON GRIFFEY JR posted:

I definitely feel bad for the guy but at some level I feel like he should have known to take his sister more seriously and support her better.

Should instead consider it as a learning opportunity for the younger sister to mature more. Maybe next time she will listen to the sound advice from her older brother. If somebody literally has a loaded gun to your head, it is not a good ideal to tell them to gently caress themselves and that they don't have the balls to pull the trigger.

It is still morally wrong of them to actually pull it, but you will still be dead.

Fil5000 posted:

It doesn't sound like he didn't take her seriously. He had a good idea how his parents would react and warned her against it. I don't think you can blame him for not realising they'd spend twenty grand of his money on gay conversion camp.

Completely agree.

# ? Jul 4, 2017 14:21

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

It may very well be sound advice but what kind of idiot expects a sixteen year old to listen to sound advice

# ? Jul 4, 2017 14:49

lament.cfg: Dec 28, 2006; we have such posts
to show you

KYOON GRIFFEY JR posted:

It may very well be sound advice but what kind of idiot

John Smith

# ? Jul 4, 2017 15:01

John Smith: Feb 26, 2015; by LITERALLY AN ADMIN

KYOON GRIFFEY JR posted:

It may very well be sound advice but what kind of idiot expects a sixteen year old to listen to sound advice

John Smith posted:

Should instead consider it as a learning opportunity for the younger sister to mature more.

# ? Jul 4, 2017 15:04

feller: Jul 5, 2006

KYOON GRIFFEY JR posted:

It may very well be sound advice but what kind of idiot expects a sixteen year old to listen to sound advice

What's the alternative here

# ? Jul 4, 2017 15:45

Droo: Jun 25, 2003

Senor Dog posted:

What's the alternative here

Let your Trump supporting gay hating father die, scoring extra points for the irony (i.e. deny him the $20k for his fictional health issue).

But yeah I dunno how you get an angry 16 year old girl to listen to anything.

# ? Jul 4, 2017 15:53

Breetai: Nov 6, 2005; 🥄Mah spoon is too big!🍌

John Smith posted:

Should instead consider it as a learning opportunity for the younger sister to mature more. Maybe next time she will listen to the sound advice from her older brother. If somebody literally has a loaded gun to your head, it is not a good ideal to tell them to gently caress themselves and that they don't have the balls to pull the trigger.

It is still morally wrong of them to actually pull it, but you will still be dead.
Completely agree.

I'm not sure what more appalling: your repulsive lack of empathy or utter poverty of spirit.

# ? Jul 4, 2017 15:55

Ixian: Oct 9, 2001; Many machines on Ix....new machines; Pillbug

John Smith posted:

Should instead consider it as a learning opportunity for the younger sister to mature more. Maybe next time she will listen to the sound advice from her older brother.

The next time she gets dragged off to a reeducation camp against her will? Why yes, I imagine she will look at her older brother differently.

Or do you mean, like, she wants to buy a car after she gets out of therapy and her brother says, bad choice, and she goes "but I want it" and then he can go "look, remember that time I gave dad money to kidnap you? Let's not go there again"

# ? Jul 4, 2017 16:04

John Smith: Feb 26, 2015; by LITERALLY AN ADMIN

Breetai posted:

I'm not sure what more appalling: your repulsive lack of empathy or utter poverty of spirit.

Denial is quite rarely helpful in life. Sure, it makes you look good to mouth some nonsense bullshit. But if you ***sincerely*** think it is a good idea to tell the mugger gently caress you, then yea. You are retarded. Being morally right and being alive are 2 very distinct states.

I do have empathy for you, but you don't have my sympathy.

Breetai posted:

[Breetai cleverly equates a 16 years old with a toddler to press home his amazing idea to say gently caress you to a armed mugger]

Ixian posted:

The next time she gets dragged off to a reeducation camp against her will? Why yes, I imagine she will look at her older brother differently.

Brother made a mistake. We all do.

(USER WAS PUT ON PROBATION FOR THIS POST)

# ? Jul 4, 2017 16:05

Breetai: Nov 6, 2005; 🥄Mah spoon is too big!🍌

John Smith watches the toddler approach the hot stove and smirks: the child is about to learn a valuable lesson. Two lessons, in fact, if it does not have the wherewithal and foresight to later apply an ointment to the burn to avoid infection setting in. He dispassionately watches the object lesson in self-actualisation unfold.

"WHAT IS THE PURPOSE OF THESE NOISES?" he asks the shrieking child.

Then he notices the tears.

"ALL THIS SERVES TO DO IS DEHYDRATE YOURSELF! WHY DO YOU NOT ACT IN AN OPTIMAL FASHION?"

# ? Jul 4, 2017 16:06

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

Senor Dog posted:

What's the alternative here

when my parents were 100% ignoring my sister after she came out i'd probably try to step in somehow

i'd also do a little more due diligence on the dad to start with. if my dad was like "need 20k for med procedure ps don't tell nobody" i'd at least make sure i knew what it was and all that poo poo, i'd also probably wait for him to get billed before transferring dat cash since very few providers make you pay on the nail

# ? Jul 4, 2017 16:08

Ixian: Oct 9, 2001; Many machines on Ix....new machines; Pillbug

I don't think there's a lot of disagreement around whether the brother showed the best judgement.

John Smith posted:

Should instead consider it as a learning opportunity for the younger sister to mature more. Maybe next time she will listen to the sound advice from her older brother.

I think this is the part causing some head scratching, to put it mildly.

# ? Jul 4, 2017 16:11

rufius: Feb 27, 2011; Clear alcohols are for rich women on diets.

KYOON GRIFFEY JR posted:

when my parents were 100% ignoring my sister after she came out i'd probably try to step in somehow

i'd also do a little more due diligence on the dad to start with. if my dad was like "need 20k for med procedure ps don't tell nobody" i'd at least make sure i knew what it was and all that poo poo, i'd also probably wait for him to get billed before transferring dat cash since very few providers make you pay on the nail

That was my question - why not just say "Alright, get me in touch with billing and I will work it out with them."

I guess if his parents were clueless with money, there's not much to be expected for him to understand how these things work.

# ? Jul 4, 2017 16:13

John Smith: Feb 26, 2015; by LITERALLY AN ADMIN

Ixian posted:

I think this is the part causing some head scratching, to put it mildly.

I am a hardliner. You all know that. Am I not entitled to express my hardliner views? Unless the mods explicitly state that all responses here must be supportive and nurturing, otherwise I shall consider not.

Why is it that when somebody does something reckless, SA rarely holds them accountable for their own actions? Sure, you may be entitled to shout "gently caress you" to the armed mugger holding you up, but is that a wise choice? Just because you ***can*** do something, doesn't mean you ***should*** do something. Keep your mouth shut and move out when you are 18. Never look back.

Cold on a Cob posted:

Girl probably thought they'd disown her or kick her out at worst.

Come on. This is already the better case scenario. And this is extremely bad. How did she think she is going to make it as a 16 years old girl out on the streets? I would say the exact same sentiment for this.

John Smith fucked around with this message at 16:29 on Jul 4, 2017

# ? Jul 4, 2017 16:18

Cold on a Cob: Feb 6, 2006; i've seen so much, i'm going blind
and i'm brain dead virtually; College Slice

It was dumb for the girl to come out to the parents but it only looks "reckless" post-hoc. Dude clearly didn't expect his parents to lie to him, defraud him, and use the money to put his sister in such a dire situation. Girl probably thought they'd disown her or kick her out at worst.

Edit: I agree the guy was too trusting of his parents though. I hope his sister survives this (unironically - people die in those camps).

# ? Jul 4, 2017 16:26

spog: Aug 7, 2004; It's your own bloody fault.

John Smith posted:

Why is it that when somebody does something reckless, SA rarely holds them accountable for their own actions? Sure, you may be entitled to shout "gently caress you" to the armed mugger holding you up, but is that a wise choice? Just because you ***can*** do something, doesn't mean you ***should*** do something. Keep your mouth shut and move out when you are 18. Never look back.

drat gays, wanting to be treated like normal people. They should just stay in the closet and not bring attention to themselves.

# ? Jul 4, 2017 16:38

brugroffil: Nov 30, 2015

John Smith posted:

I am a hardliner. You all know that. Am I not entitled to express my hardliner views? Unless the mods explicitly state that all responses here must be supportive and nurturing, otherwise I shall consider not.

Why is it that when somebody does something reckless, SA rarely holds them accountable for their own actions? Sure, you may be entitled to shout "gently caress you" to the armed mugger holding you up, but is that a wise choice? Just because you ***can*** do something, doesn't mean you ***should*** do something. Keep your mouth shut and move out when you are 18. Never look back.
Come on. This is already the better case scenario. And this is extremely bad. How did she think she is going to make it as a 16 years old girl out on the streets? I would say the exact same sentiment for this.

Get therapy duder

# ? Jul 4, 2017 16:42

Breetai: Nov 6, 2005; 🥄Mah spoon is too big!🍌

John Smith posted:

I am a hardliner. You all know that. Am I not entitled to express my hardliner views? Unless the mods explicitly state that all responses here must be supportive and nurturing, otherwise I shall consider not.

Why is it that when somebody does something reckless, SA rarely holds them accountable for their own actions? Sure, you may be entitled to shout "gently caress you" to the armed mugger holding you up, but is that a wise choice?

You're equally entitled to post like a randroid lacking in basic humanity, and the consequence of your unwise action is to have people motivated by something other than relentless cynicism call you out for it.

Entitlement to express your views is not entitlement to remain immune to criticism for them.

# ? Jul 4, 2017 16:43

Zo: Feb 22, 2005; LIKE A FOX

she seems pretty dumb though. i mean lots of teenagers are, but she seems to be especially dumb. and so is the brother. but he's not a teenager so he doesn't even have an excuse.

# ? Jul 4, 2017 16:47

brugroffil: Nov 30, 2015

Maybe she was hoping they'd throw her out and she'd get her brother to take her in.

Gotta imagine it was a pretty desperate scenario for her.

# ? Jul 4, 2017 16:51

Enfys: Feb 17, 2013; The ocean is calling and I must go

John Smith posted:

Why is it that when somebody does something reckless, SA rarely holds them accountable for their own actions?

Even the law recognises that there's a limit to how much you can hold a child accountable for their actions. That's why a kid that commits a crime isn't processed through the same system as an adult, why adults must sign consent forms for their children for medical procedures and contracts, etc.

16 year olds don't have the same physical, emotional, or experiential maturity of an adult. They have a far more limited understanding of consequences. You can only really avoid reckless behaviour if you first understand the consequences for it and secondly have the physical and emotional resources to cope with these situations. Children are recognised to not have these abilities and faculties to the same degree as an adult, which is why they are treated differently by law. A 16 year old and a 36 year old will have a vastly different understanding of what it means to live on the streets (or even to live autonomously in any sense).

I understand what you're saying about accountability to a degree; people who always protect their children from the consequences of their actions, cover for them, or never hold them accountable for anything do a terrible disservice (with perhaps the best of intentions) and probably cause their kids far more suffering than is necessary as they reach adulthood. However, it's unreasonable to expect a 16 year old to truly understand the full consequences of something like this. As teenagers approach independence, they will seek to establish their own identity and push back against authority figures in doing so. That's normal adolescent behaviour.

It would have been better for her if she had listened to her brother, but she didn't fully understand the potential consequences of the risk she was taking, and even the brother didn't seem to appreciate the full nature of the risk. By the brother's account, it's only in the last several years that his parents have become so extreme in their beliefs, so she had good reason to believe her parents would not actively harm her in a way beyond her ability to understand.

# ? Jul 4, 2017 17:04

Solice Kirsk: Jun 1, 2004; .

Dude should storm over to his parent's place, knock his father on his rear end, and toss him in the car to take him to his sister.

# ? Jul 4, 2017 17:12

Haifisch: Nov 13, 2010; Objection! I object! That was... objectionable!; Taco Defender

brugroffil posted:

Maybe she was hoping they'd throw her out and she'd get her brother to take her in.

Gotta imagine it was a pretty desperate scenario for her.

Yeah, her choices in that situation were basically "keep it all bottled up until she's 18, then gtfo and never make contact with her parents again" or "come out and hope they're just really mad at her instead of murdering her or making her homeless".

It's a hell of a choice, and it doesn't do anyone any good to berate LGBT kids who chose 'wrong'.

# ? Jul 4, 2017 17:25

Hoodwinker: Nov 7, 2005

Responding to John Smith posts is sub-optimal. Please do not do this, goons.

# ? Jul 4, 2017 17:29

Higgy: Jul 6, 2005; Grimey Drawer

Welp, John Smith is off probation.

How about we talk about BWM tales in the BWM thread instead of victim blaming LGBT minors in the BWM thread? :shrug:

Like this poor dude that got scammed

quote:

I am just kicking myself right now. I don't know what to do. I am just so angry and sad at the same time. In the beginning I was contacted by this danish company called spot on travel. I thought to myself 'wow this is pretty cool' I didn't though anything suspicious about them at all. I should saw the red flags but my eyes saw just the dollar sign. They said they would pay me about $3000 per month for as little as about ten hours of work. I should've known this. My first assignment was to write an article about my home place and detail things about how wonderful it is. Nothing serious right? Right after that they sent me another assignment in which I would deposit $2500 into my bank account or cash it in and then I would have to sent them almost that amount by Moneygram in tibilisa in Georgia. And now after three days later my account says I owe $2429.63. I don't what to do and i'm scared because I don't think I can attend college this semester. PLEASE HELP!

Or the dude that is literally buying a farm on his $15/hr job that just got axed wondering if it's still a good idea

quote:

Posting because this seems like a unique enough situation and I genuinely have no idea what to do. Please help!
I've been working at my current job for about 6 years, but remotely for the past two years during which time we (SO and I) relocated to a much better area of the county where we hope to stay. We found an awesome farm to purchase in cash, so we still plan to make that purchase.. albeit with some trepidation. We eventually hope to turn it into a working farm to make some extra money.
My employer suddenly made the decision to end remote employment, thus me losing my job. They have offered to keep me on as a contract worker where I wouldn't be making more than about $8 /hr on a per project basis. My first inclination is to turn down that offer, as I had been making $15 /hr with a few benefits. $8 /hr would be better than absolutely nothing though, if I'm not able to find anything else.
My question is: would the new contract job negate any unemployment I may be eligible to receive? This doesn't seem like the best question to ask either my HR department OR unemployment office.
Other related details: my SO hasn't been able to find work yet in our area and I've always been the primary earner.
Any insight is much appreciated! Feeling a little lost and scared at this point.

# ? Jul 4, 2017 17:53

Ixian: Oct 9, 2001; Many machines on Ix....new machines; Pillbug

Higgy posted:

Welp, John Smith is off probation.

How about we talk about BWM tales in the BWM thread instead of victim blaming LGBT minors in the BWM thread?

Like this poor dude that got scammed

I know the answer is "greed" followed by "dumb", always, but it still surprises me that people are this naive. Though it shouldn't.

# ? Jul 4, 2017 17:58

22 Eargesplitten: Oct 10, 2010

On the bright side, at least farm guy doesn't work for IBM anymore.

# ? Jul 4, 2017 17:59

Cold on a Cob: Feb 6, 2006; i've seen so much, i'm going blind
and i'm brain dead virtually; College Slice

https://www.reddit.com/r/PersonalFinanceCanada/comments/6l3at3/should_i_sell_my_calgary_condo_i_moved_to_the_gta/

quote:

In 2014, I was living in Calgary, and I bought my first home (a 900 square foot condo, two bedroom condo in the suburbs). I was working in oil and gas, and I had a lot of extra cash. I invested some in stocks, but I thought I should buy my own home too (as an investment; and I wasn't liking the apartment I was renting).
However, shortly after I moved in (early 2015), I got laid off my oil and gas job, which was paying 67k (I'm early in my career).
After not being able to find a job in Calgary, I decided to move to Ontario and change careers/go back to school in August 2015. I intended to move back to Calgary as soon as I finished school/ the economy got better. However, the following has now happened:
-I've graduated from school -The economy is still bad in Calgary -I'm still having a hard time getting a job in Calgary. Meanwhile, it's not hard for me to get a job in the GTA. In the GTA, I can get a job with a salary between 65k-80k/year. -I don't know if I'll ever be able to return to Calgary (even though I want to, and I'll try). If I start working in the GTA, I'll no longer be in oil and gas, making it harder to get such industry experience. Also, I work in quite a niche area, where jobs are only available in big cities (Toronto, Calgary or Vancouver...I need to be bilingual for Montreal, which I'm not). -My tenant has decided to move out, so I need to find a new one (and I'll need to hire somebody, since I'm in Ontario). -Given the bad Calgary rental market, I have to "feed in" a lot. In particular, for my Calgary rental property:

Mortgage: 1,276 - variable, but little risk of payments going up Maintenance: 448/month (keeps going up annually, above inflation rate) Property taxes: 175/month (keeps going up annually, above inflation rate) Property manager: 85/month (does NOT include finding another tenant, which would involve an additional fee) -Taxes on rental income: $200/month

However, I can only rent it out for $1,600 in Calgary.

Meanwhile, in the GTA, I expect to be renting a 1-bedroom condo for $1,700/month. I doubt that with the salary I'd be making in the GTA, I'd be able to buy a good quality condo (i.e. good quality construction, etc). Plus, I would want to move back to Calgary (if I can....see above).
What should I do? I'm kind of concerned about selling in Calgary - what if Calgary booms again (or an influx of foreign money comes in?). Also, is buying in the GTA worth it? I'd get a smaller place, plus I'm worried that there's a bubble that's about to collapse.
However, if I keep my rental property, I'd be feeding in $500/month to cover all costs...
Thanks for your assistance!

Lol at this clown. $1984 per month expenses on $1600 per month rent, and not even factoring in the costs of getting new tenants, which can run you up to a month's rent not counting the time when your property is vacant.

Double lol at him thinking he'll get $1600 per month. I know a guy renting his house out for $1700 right now after the bottom of the market fell out.

Triple lol at "little risk of payments going up" as interest rates in Canada are almost certainly going up soon and it's all over the loving news right now.

Quadruple lol and now i'm dead at "should i buy a place in Toronto?" :downs:

Amateur landlords never cease to amaze me. God bless mine for subsidizing my living expenses though.

# ? Jul 4, 2017 18:05

Higgy: Jul 6, 2005; Grimey Drawer

Stories like this and what happened to my parents are my go-to answers to my co-workers that start talking about "buying a place to rent out as an investment". It's like working a whole other job but without the guarantee of any return.

edit for more goodness:

How and I buy a home with my buddy in Flint, MI?

quote:

Me and my buddy are both 25 and single and want to get a house of our own. I get 300 a week and 200 under the table he makes 400-500 a week. We both have around 700 credit scores. We live in Flint, MI area where houses are dirt cheap. I know he will get a bigger loan amount than me since I work PT under the table. How can me and him get a small home? We both have no idea how to do any of this we have some money saved but don't know how the loans will work or anything like that.

Some others from the comments:

:downs:

quote:

so co-loans or whatever are not good? just not sure how big of a loan he can get if it will be enough to get a decent enough house for us to live in. we can have one buy and it and pay rent but the problem is getting enough money for one of us to buy it.

quote:

we both 25 want to get out of parents houses and I need a place to grow in (legal medical marijuana caregiver) so apartments is a big issue..

Higgy fucked around with this message at 18:52 on Jul 4, 2017

# ? Jul 4, 2017 18:30

BonerGhost: Mar 9, 2007

Hey man that medical marijuana is no joke, that stuff knocks you on your rear end. Or so I hear.

# ? Jul 4, 2017 18:57

22 Eargesplitten: Oct 10, 2010

If Flint is anything like Detroit, selling quasi-legal weed is probably the best income you can get. Aside from completely illegal heroin or something.

# ? Jul 4, 2017 19:08

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# ? May 15, 2024 02:51

Teeter: Jul 21, 2005; Hey guys! I'm having a good time, what about you?

Guy thinks that the train from Newcastle to London is too expensive so he finds a cheaper route by flying indirectly through the Spanish island of Menorca instead.

http://www.bbc.com/news/uk-england-tyne-40457453

article posted:

Mr Furness made a video of his trip, which took a total of 22 hours and consisted of a flight out of Newcastle to Menorca with Thomas Cook on 23 June for �15.99.

Not traditional BWM in the overspending sense but I've gotta say it's a pretty bad use of cash. He saves �50 but added about 18 hours to his travel time.

# ? Jul 4, 2017 19:09

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Bad With Money 2018: When I die, bury me in the blockchain.

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