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If the guy is in the rehab program then he defaulted. He probably was in forbearance and the interest was capitalized hence why it ballooned so much. Happened to me when I was younger and was actually able to do the settlement in a lump sum thing for less than the original principal.
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Jul 11, 2017 20:18
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This is incredible. I was reading through trying to figure out how I never had seen this before, until I realized I posted in the drat thread. There have been so many bwm stories here that I've forgotten about great ones.
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Jul 11, 2017 20:22
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I walked in to a conference room at the tail end of the story involving artificial insemination. Apparently the wife of one of my coworkers has two dressage horses as a hobby. She one day "hopes" to compete professionally. "She paid for the horses, but I pay the mortgage, rent, food, vet bills, etc. " That's all I got, but you guys/gals can speculate wildly from there. Edit: Update! His wife was trying to breed her mare with a stud from out of state, so paying to have horse jizz fedexed to her on the regular. No foal ever came of it. H110Hawk fucked around with this message at 22:01 on Jul 11, 2017 |
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Jul 11, 2017 20:39
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Illinois raised taxes, retroactive to the start off the year, by passing the first state budget in 2 years. This still didn't begin to solve its budget problem though, and many counties have property taxes in the top 50 in the nation. BWM death spiral/state bankruptcy incoming.
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Jul 11, 2017 20:44
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H110Hawk posted:I walked in to a conference room at the tail end of the story involving artificial insemination. Apparently the wife of one of my coworkers has two dressage horses as a hobby. She one day "hopes" to compete professionally. "She paid for the horses, but I pay the mortgage, rent, food, vet bills, etc. " I read that too fast and thought they had some kind of horse mortgage.
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Jul 11, 2017 21:14
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Tiny Brontosaurus posted:I read that too fast and thought they had some kind of horse mortgage. HELOC = Horse Equity Line of Coitus
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Jul 11, 2017 22:08
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Damnit, we've been through this. It's horse equinty.
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Jul 11, 2017 22:17
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Hoodwinker posted:Damnit, we've been through this. It's horse equinty. The problem with a horse equinty line of credit is that you end up saddled with debt.
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Jul 11, 2017 22:27
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When the subject is this serious, my enthusiasm for punnery withers.
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Jul 11, 2017 22:31
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Liquidity
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Jul 11, 2017 22:32
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Horse brought to water, would not be compelled to drink.
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Jul 11, 2017 22:33
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Doc Hawkins posted:When the subject is this serious, my enthusiasm for punnery withers. I hope no one else spurs on this pun derail.
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Jul 11, 2017 22:47
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Solice Kirsk posted:I hope no one else spurs on this pun derail. I was just foaling around 
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Jul 11, 2017 22:56
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So. Many. Bad. Decisions. https://www.reddit.com/r/personalfinance/comments/6mlzl4/found_out_dad_secretly_has_40k_in_credit_card/?st=j5044p8o&sh=5cdea954 quote:Background: my dad (69) was a taxi driver and my mom is a maid. My mom (59) takes home about $30k a year, we're not sure what my dad made but around $20k a year is what he reports. How could they even get a 250k mortgage with only 50k in income? Actually, it would have been more than that, it was taken out 8 years ago... how did they get that size mortgage with such a massive credit card debt? And what is he spending 40k on since then? And he just retires with all that CC debt? No horses here, but still pretty bad.
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Jul 11, 2017 22:57
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monster on a stick posted:I was just foaling around Solice Kirsk posted:I hope no one else spurs on this pun derail. Doc Hawkins posted:When the subject is this serious, my enthusiasm for punnery withers. monster on a stick posted:The problem with a horse equinty line of credit is that you end up saddled with debt. 
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Jul 11, 2017 22:58
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April posted:So. Many. Bad. Decisions. This is classic BWM though; people mortgaging against the increased value of their house to pay off their consumer debt, only to accrue more debt and the cycle continues until a recession causes home values to decrease and they get foreclosed.
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Jul 11, 2017 23:05
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And the bad decision train just keeps on chuggin along.... https://www.reddit.com/r/personalfinance/comments/6mphmm/we_sold_our_house_i_lost_my_income_we_have_more/?st=j5056kyv&sh=340e1a42 quote:Our monthly bills are going to exceed our income by about $560 each month. We just sold our home and stand to make about 34,000 after realtor fees etc. $36k in personal loans, vehicle payments over $1k/month.....
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Jul 11, 2017 23:36
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April posted:And the bad decision train just keeps on chuggin along.... Are they paying rent, while owning a rental property? Am I reading that correctly?
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Jul 11, 2017 23:47
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Solice Kirsk posted:Are they paying rent, while owning a rental property? Am I reading that correctly? I haven't seen any updates or clarifications yet, but it does look that way. While also paying a mortgage for the rental property. Given that he took out a 6-year (or longer) loan for a truck, I'm willing to bet that he will say that the rental property is "too small" or something.
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Jul 11, 2017 23:51
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 Wedding...good (with money}? quote:Parents' divorce decree says my father is supposed to pay for my wedding. Is that enforceable? I want to believe Guest2553 fucked around with this message at 00:05 on Jul 12, 2017 |
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Jul 12, 2017 00:00
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You're good people.
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Jul 12, 2017 00:39
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April posted:So. Many. Bad. Decisions. Because the kids just graduated college I’m assuming they’re not using we in the royal sense and that mortgage is family debt and not their own. Because holy poo poo that would suck bailing out your parent only to have them rinse and repeat. As for what banks will lend, my sister just got a 393k mortgage and I think she makes about 70k a year. She qualified for that on her own since her husband’s income can’t be counted. So banks will lend. A lot.
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Jul 12, 2017 01:09
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Guest2553 posted:
Cousin spent 100,000,000 krw on her wedding (about 90kusd) and got 250,000,000 krw in envelopes
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Jul 12, 2017 01:47
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April posted:And the bad decision train just keeps on chuggin along.... 6% interest on their mortgage...
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Jul 12, 2017 01:57
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April posted:Given that he took out a 6-year (or longer) loan for a truck At 9%. With a credit score of 730.  They're paying $1500 a month on vehicle expenses.
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Jul 12, 2017 02:35
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curufinor posted:Cousin spent 100,000,000 krw on her wedding (about 90kusd) and got 250,000,000 krw in envelopes Rich people with rich friends and family can usually come out ahead on gigantic weddings. The sad part is two people with $25k incomes spending $90k on a wedding. Even if they recoup that back in gifts (not likely) it still shows a fundamental lack of understanding about financial decision making. You can make it all the way through high school and never be taught how to balance a check book, but you're sure as poo poo gonna be forced to know some of the state capitals!
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Jul 12, 2017 02:52
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It took me way too long to get this, bravo
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Jul 12, 2017 03:29
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Ok, now I finally got it too.
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Jul 12, 2017 03:34
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Solice Kirsk posted:You can make it all the way through high school and never be taught how to balance a check book, but you're sure as poo poo gonna be forced to know some of the state capitals! I'm not sure how to make this sound socially acceptable because I'm me. So let me just present my experience from being in high school in the 90s: - "smart kids" went to academic classes where they learned college prep stuff like accelerated math, science and languages - "normal kids" got the same, but not as advanced - "dumb kids" got some of that, but also things like a class called "math for life", where they were actually taught how to balance a checkbook, make a budget for a home, shop for basic necessities, etc. I'd say the last group probably got the best deal here. ninja edit: including the fact that they were actually presented with trade school options instead of just "you have to go to college or you're a failure. Underwater basket weaving degrees count just as much as any other one. Just go to college."
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Jul 12, 2017 03:41
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I'm none too canny with this sort of thing, could someone please explain?
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Jul 12, 2017 03:42
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Vox Nihili posted:I'm none too canny with this sort of thing, could someone please explain? The derail bird is a toucan. Tou-can: Two cans.
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Jul 12, 2017 03:53
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Motronic posted:I'm not sure how to make this sound socially acceptable because I'm me. So let me just present my experience from being in high school in the 90s: Yeah, I went to dumb maths in high school, 2006-2008. Same system, except I vaguely remember trigonometry being taught as well.
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Jul 12, 2017 03:55
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Motronic posted:I'm not sure how to make this sound socially acceptable because I'm me. So let me just present my experience from being in high school in the 90s: 30 kids in my 11th grade linear algebra class. I keep up with like 15 of them. Of the 15, 6 use that poo poo in day to day life, including myself so you just need to go to like the 30th best school in the nation to see real use out of that hmm e: lol balancing a checkbook like it's 1999 e, futher: lol the task of making a budget is way the gently caress easier with 10k/mo takehome rather than 3k/mo takehome hmm curufinor fucked around with this message at 04:32 on Jul 12, 2017 |
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Jul 12, 2017 04:29
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Sic Semper Goon posted:The derail bird is a toucan. Vox Nihili posted:I'm none too canny with this sort of thing, could someone please explain?
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Jul 12, 2017 05:48
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Solice Kirsk posted:You're good people. For some reason I didn't get the joke until you said this completely not-informative thing and then I did 
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Jul 12, 2017 06:19
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Motronic posted:I'm not sure how to make this sound socially acceptable because I'm me. So let me just present my experience from being in high school in the 90s: Here the dumb kids math class was just "exactly what is on the state achievement benchmark tests and nothing else, all the time forever" because schools getting budget cuts if kids aren't doing well is a terrible harmful policy that breaks everything. At least we had vocational classes (like a car repair garage) but they were separate and you did them as an elective.
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Jul 12, 2017 06:22
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curufinor posted:30 kids in my 11th grade linear algebra class. I keep up with like 15 of them. Of the 15, 6 use that poo poo in day to day life, including myself This is the saddest humblebrag
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Jul 12, 2017 06:27
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i feel like being GWM falls squarely under the list of things you should be learning from your parents anyway, along with things like empathy and being a good person. it's a lifestyle choice more than anything. but yeah also lol at the balancing checkbook thing
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Jul 12, 2017 06:48
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Zo posted:i feel like being GWM falls squarely under the list of things you should be learning from your parents anyway, along with things like empathy and being a good person. I think this might be the problem here. Also doesn't help that talking about money seems to be so stigmatised that parents are more likely to give their children an effective sex education than an effective financial education. See also: quote:"you have to go to college or you're a failure. Underwater basket weaving degrees count just as much as any other one. Just go to college."
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Jul 12, 2017 07:15
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ate all the Oreos posted:This is the saddest humblebrag I wish that was a humblebrag e: if you want to categorize that post, it's more of a "god is dead, dehumanize and face to bloodshed" curufinor fucked around with this message at 07:29 on Jul 12, 2017 |
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Jul 12, 2017 07:19
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