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With that interest rate and monthly payment, that's about $46,000 in total. Literally 33% of the actual loan paid back in interest. 
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Oct 6, 2017 20:50
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Also, if he has that much money to do "whatever" with every month, why doesn't have any saved for a downpayment?
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Oct 6, 2017 20:55
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il serpente cosmico posted:Also, if he has that much money to do "whatever" with every month, why doesn't have any saved for a downpayment?
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Oct 6, 2017 21:21
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Bad With Money: Wanting to purchasing a house within 200 miles of San Francisco https://www.reddit.com/r/personalfinance/comments/74q1b3/home_in_bay_area/ r/personalfinance posted:Hi, I wanted to get peoples thoughts as to whether it makes sense to purchase a house in the bay area. The market is extremely expensive and I am nervous about : 1) having such a large debt that my ability to save in the future will be limited, 2) that the market is so high right now I will be overpaying and may be stuck in this house for a long time, and 3) the houses that we are looking at are relatively small and we may eventually want to upgrade. It is a dream for my wife and I to own our own place, and we do plan to stay in the bay area long term, however I want to be practical.
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Oct 6, 2017 21:54
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BigDave posted:Bad With Money: Wanting to purchasing a house within 200 miles of San Francisco To be fair, good luck getting to ~$200k gross income for a couple anywhere else in the country outside a few other high COL areas. But yeah, it definitely sounds like they are better off renting unless there are significant quality of life benefits from buying a house. That's going to be a hard choice to justify financially at those numbers.
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Oct 6, 2017 22:00
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Krispy Wafer posted:It' unlikely to work in the medium to long term, but it'd be interesting to at least try. There's a way to make these kinds of things work, we just haven't figured it out yet. This is basically why charities exist (and have mandatory governance and oversight). The financial overhead of a charity is slightly BWM, but just throwing money at people asking for it on the internet is a lot more likely to result in scams. For that matter, one way goons could potentially help would be to volunteer to do the legwork of finding charities which could help goons in need. (And help with filling out applications, etc.) BigDave posted:Bad With Money: Wanting to purchasing a house within 200 miles of San Francisco Haha try Vancouver.
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Oct 6, 2017 22:19
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"I hate government oversight." And then shortly after. "Why didn't anybody stop me from getting scammed!"
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Oct 6, 2017 22:24
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Hoodwinker posted:"I hate government oversight." bitcoin.txt
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Oct 6, 2017 22:40
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BigDave posted:Bad With Money: Wanting to purchasing a house within 200 miles of San Francisco This is pretty much the case in DC as well. It sucks, but luckily companies are starting to move further out any way.
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Oct 6, 2017 23:06
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Lead out in cuffs posted:For that matter, one way goons could potentially help would be to volunteer to do the legwork of finding charities which could help goons in need. (And help with filling out applications, etc.) The idea of a GWM knowledgebase got kind of poo-paw'ed because "privilege" but a lot of BWM is just not knowing any better. Like the guy asking if 10% is a good auto loan interest rate. So I think it would still have value, probably more than inconsistent and maybe counter productive direct financial aid. There's a lot of big brains in this thread. Just because a poor Goon can't take advantage of investment knowledge doesn't mean they can't benefit from lessons like going to a credit union to get pre-approved for an autoloan before starting negotiations on a car (something I still haven't bothered to do to my detriment).
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Oct 6, 2017 23:43
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What if it's like a 3 pronged attack? 1. Financial literacy and such useful info 2. Helping scout out social services, or actual charities that could be able to help 3. TGRS goons posting their GoFundMe and whatever when they need immediate assistance, such as with Fluffs car situation?
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Oct 7, 2017 00:24
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If you are poor and have money you should squirrel it away and not help other poor people. Most poor people are stable and then get hit by something unplanned (car breaks down, hospital bill, speeding ticket/fine) they then cycle into nasty money lending, pawn shops, late bills + late fees trying to make up and don't get out. Having just a couple hundred somewhere smooths out a ton. It is much better if you are poor to not try to help other poor people and to take care of yourself.
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Oct 7, 2017 00:55
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I'm so confused. Is there a great space race link? I googled it and everything. I'm feeling exceptionally dumb right now. What are we all talking about? Is TGSR basically goons donating to a good cause? E: thank you. I got it now. Feel free to point and laugh at me. Lowness 72 fucked around with this message at 01:40 on Oct 7, 2017 |
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Oct 7, 2017 01:13
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Lowness 72 posted:I'm so confused. Is there a great space race link? I googled it and everything. I'm feeling exceptionally dumb right now. What are we all talking about? TGSR is a typo for TGRS - short for "The Great Race Space," the subforum Koalas March runs. There is no link yet, but there will be and she'll crosspost it in here.
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Oct 7, 2017 01:25
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Lowness 72 posted:I'm so confused. Is there a great space race link? I googled it and everything. I'm feeling exceptionally dumb right now. What are we all talking about? TGRS is the posting ghetto in D&D where all the social justice related threads got sent to. There are varying interpretations as to the why, but the most charitable is that those threads need a mod who is aware enough of social justice issues to not do a lovely/discriminatory job of moderating it. (That mod is Koala's March, and she is awesome.) It's this forum here: https://forums.somethingawful.com/forumdisplay.php?forumid=275 Krispy Wafer posted:The idea of a GWM knowledgebase got kind of poo-paw'ed because "privilege" but a lot of BWM is just not knowing any better. Like the guy asking if 10% is a good auto loan interest rate. So I think it would still have value, probably more than inconsistent and maybe counter productive direct financial aid. I mean, the helping goons find resources is more about using privilege to good ends. One aspect of being marginalised is that you're less likely to have time/energy/resources to be doing that kind of legwork. And frankly, if there's one thing goons are good at / love, it's researching random crap on the internet. (We could do that in some form similar to the templates for requesting help building PCs in SH/SC, or for finding used bikes in YLLS.) Koalas March posted:What if it's like a 3 pronged attack? +1 to this. I mean, I have some reservations about the GoFundMe aspect, because it is open to abuse, but so is pretty much any way you can help out people who need immediate assistance (charities, social welfare, etc) and I tend to hold the political view that the good done outweighs the downsides.
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Oct 7, 2017 01:37
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Lead out in cuffs posted:I mean, the helping goons find resources is more about using privilege to good ends. One aspect of being marginalised is that you're less likely to have time/energy/resources to be doing that kind of legwork. And frankly, if there's one thing goons are good at / love, it's researching random crap on the internet.
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Oct 7, 2017 01:45
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Koalas March posted:What if it's like a 3 pronged attack? I had to take some time to figure out what this was about as I'd scrolled past a couple of pages of off topic posting. I think there are different layers to financial literacy and different mindsets that apply. Unfortunately people only absorb the information when they are ready to. However it's worth trying as if you can help even one person out of financial poo poo then it's worthwhile. There's the most basic advice of don't take out pay days loans, hire purchase should only be for essential items such as a fridge, bed or washing machine and nothing else. Communicating how much interest rates and fees hurt a persons finances might help but again this is information people will absorb when they are ready to. Credit card issues such as high fees and interest rates are important for people to be aware of. Even getting people to understand that making the minimum payment on credit cards is keeping/making them poor. Perhaps a series of basic rules that's easy to understand, but with a separate description so people can read more if they are interested (this is a good way to get people asking questions). Student loans are a big deal that people need to be aware of. In New Zealand most of the large tech companies, including Microsoft, don't give a drat about degrees and instead want motivated/capable people. Why get a giant loan for a degree that won't help you get a job? Similar to car loans. Why get a $50k loan for a truck when $3000 for a car might be a more sensible idea. The advice needs to target both those in a privileged financial position and those in poverty. Two very different ways of thinking and worldview but it's possible for both to be BWM.
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Oct 7, 2017 01:52
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BigDave posted:Bad With Money: Wanting to purchasing a house within 200 miles of San Francisco I don't really think this deserves to be in this thread. Yeah houses are expensive there but it looks like they could maybe make it work out. They at least are not just going out and buying something quick snap. They have a 20% down payment. It may not be a good idea to pull the trigger on a house but looking at the numbers and the situation exploring it isn't BWM. I wouldn't buy in this situation but it is not crazy.
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Oct 7, 2017 01:59
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Devian666 posted:Student loans are a big deal that people need to be aware of. In New Zealand most of the large tech companies, including Microsoft, don't give a drat about degrees and instead want motivated/capable people. Why get a giant loan for a degree that won't help you get a job? 18 year old Sic Semper Goon would answer: "So I can binge drink daily and contract every strain of VD that is currently floating around Southeast Australia in TYOOL 2008." Mind you, I never ended up going. 
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Oct 7, 2017 03:13
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Sic Semper Goon posted:18 year old Sic Semper Goon would answer: "So I can binge drink daily and contract every strain of VD that is currently floating around Southeast Australia in TYOOL 2008." It's okay, there's lots of ways to catch VD  College advice is pretty country-specific though. The US has really expensive college and also a really high rate of industries requiring you graduated from a very short list of schools to even be considered. Even regular jobs love to require a four-year degree for entry-level jobs that absolutely don't require it.
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Oct 7, 2017 03:18
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Tiny Brontosaurus posted:College advice is pretty country-specific though. The US has really expensive college and also a really high rate of industries requiring you graduated from a very short list of schools to even be considered. Even regular jobs love to require a four-year degree for entry-level jobs that absolutely don't require it. e: federal. not feral. Although feral loans is an interesting mental image.
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Oct 7, 2017 03:41
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Haifisch posted:And we also have community colleges to let you get the first two years at a discount, and also private schools with deep enough pockets to maybe be the same price as state schools if they give you the scholarships(read: be poor, very smart, or ideally both), and also several different ways to get funding for school(private loans, various types of federal loans, the maze of scholarships that are often only worth $500-1000 a pop, etc). You probably already know this but I try to repeat it as often as possible because it's life-changing information: If you are a low-income, high-merit student, aim high, not for the middle tier colleges. The Ivys are the ones with the deep pockets to give you a full ride.
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Oct 7, 2017 04:33
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I have a relative who is bad with money. She owns her own business, a sole proprietorship. She recently bought a relatively expensive truck for use in her business (she has a different piece of crap car for personal use). Here's where it gets funny: she hasn't paid taxes in several years. She is curious if the depreciation on the truck she bought can be used to alleviate the tax burden she will be looking at should she decide to file taxes for the first time in who-the-gently caress-knows how long. Is that possible? Seems like something that is in one of those gray areas of tax law, but I don't know much about tax law.
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Oct 7, 2017 05:11
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NUKES CURE NORKS posted:I have a relative who is bad with money. You can only depreciate it from the date it is placed into service. Now, if the depreciation causes her to have not income/ a loss then she won't have to pay taxes for THIS tax year, but it isn't going to alleviate whatever was owed for the previous years, and it sure as hell isn't going to help with the penalties and interest for her overdue tax bills.
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Oct 7, 2017 05:37
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therobit posted:You can only depreciate it from the date it is placed into service. Now, if the depreciation causes her to have not income/ a loss then she won't have to pay taxes for THIS tax year, but it isn't going to alleviate whatever was owed for the previous years, and it sure as hell isn't going to help with the penalties and interest for her overdue tax bills. Sucks. Some quick googling and armchair math has me believing her unpaid taxes plus 25% penalty cap will put her at $12k to $15k owed to the IRS, and I don't think she's responsible enough to pay that down without making things worse somehow.
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Oct 7, 2017 05:48
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Haifisch posted:e: federal. not feral. Although feral loans is an interesting mental image. Financial Panther, eh? https://www.youtube.com/watch?v=irAzLMmbxZg
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Oct 7, 2017 06:04
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DoD Security Clearance Decisions posted:Applicant is 58 years old and employed as a Principal Multi-Discipline Engineer by a defense contractor. Applicant's history of financial indebtedness caused by his real estate investments, his ignorance of the IRS laws, and the downturn in the real estate market resulted in a foreclosure, a short sale, excessive unpaid Federal taxes, tax liens and money owed to a creditor for an equity line of credit. Although he has tried to resolve his debts by obtaining a hard money loan, he remains excessively indebted. Simply shuffling money from one creditor to another is insufficient to show mitigation. Clearance is denied. http://ogc.osd.mil/doha/industrial/2017/15-06284.h1.pdf http://ogc.osd.mil/doha/industrial/2016.htm
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Oct 7, 2017 06:42
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Krispy Wafer posted:The idea of a GWM knowledgebase got kind of poo-paw'ed because "privilege" but a lot of BWM is just not knowing any better. Like the guy asking if 10% is a good auto loan interest rate. So I think it would still have value, probably more than inconsistent and maybe counter productive direct financial aid. Or maybe don't get an auto loan, ever? If you can't afford to buy car X with cash on hand, you have no business buying car X in the first place; get something cheaper instead. Ok there are probably exceptions like there are exceptions to everything, but "don't get a loan for a car" should be the first answer to the "is 10% a good rate" question. (I want to add a quick thanks to this thread for making me aware that some of my spending habits are terrible. Now to just do something about them...)
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Oct 7, 2017 09:59
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With decent credit even used car rates are quite cheap now, and if that's the difference between being able to put 1500 down on a good 10k used car vs buying a succession of 1500 cars it's probably a good idea.
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Oct 7, 2017 11:00
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Cars are also something that people may simply need. In many places you can't rely on transit to get to work or do your shopping, so if your car dies your choices may be 'buy a car' or 'lose your job'. So if you're stuck with it, you make the best choice you can. It's interesting that renting is often as good or better than buying a house, but almost all car lease options are just terrible.
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Oct 7, 2017 13:10
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Ashcans posted:Cars are also something that people may simply need. In many places you can't rely on transit to get to work or do your shopping, so if your car dies your choices may be 'buy a car' or 'lose your job'. So if you're stuck with it, you make the best choice you can. Maybe this is partly because it is feasible for middle class people to buy cars in cash, whereas it is less so for houses? John Smith fucked around with this message at 13:48 on Oct 7, 2017 |
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Oct 7, 2017 13:40
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Where do you live that only the "lower classes" lease cars? Luxury car leases are super common here in Canada.
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Oct 7, 2017 14:45
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John Smith posted:Even middle-class people rent. But (generally) only the lower class lease cars. How can one man be so consistently wrong, about everything, all the time?
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Oct 7, 2017 14:47
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There is or at least was a market for cheap leased cars. Like $150/month leases on lovely Chevys. I have no idea how prevalent those were, but they existed and totally preyed on poor people and I just agreed with John Smith kill me now.
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Oct 7, 2017 14:58
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FrozenVent posted:Where do you live that only the "lower classes" lease cars? Bhodi posted:How can one man be so consistently wrong, about everything, all the time? Krispy Wafer posted:I have no idea how prevalent those were, but they existed and totally preyed on poor people and I just agreed with John Smith kill me now.
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Oct 7, 2017 15:18
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FrozenVent posted:Where do you live that only the "lower classes" lease cars? If consensus is against me, then I may be wrong on this. Shrug.
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Oct 7, 2017 15:26
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From about a page ago, but is Aorus like Alienware, but even more so?
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Oct 7, 2017 15:27
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Discendo Vox posted:From about a page ago, but is Aorus like Alienware, but even more so? No, they make video cards I think.
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Oct 7, 2017 15:37
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I still don't understand how you guys get so triggered by a posts, that you have to put a user on ignore.
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Oct 7, 2017 15:46
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Discendo Vox posted:From about a page ago, but is Aorus like Alienware, but even more so? Aorus is to Gigabyte like Dell is to Alienware. Aorus sells high end laptops (they actually are very nice, pretty boutique setups for some of them)
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Oct 7, 2017 16:16
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