|
greazeball posted:It's worse than that already! Young people aren't getting hired as seasonal Amazon warehouse staff because Amazon is aggressively recruiting senior citizens who lost their retirement savings in 2008 to live in campers and work themselves to death walking 15 miles a day as highly monitored human drones: https://www.wired.com/story/meet-camperforce-amazons-nomadic-retiree-army/ Not the point of the article, but : Article posted:Chuck still remembers the call from Wells Fargo that brought the 2008 financial crisis crashing down on his head. He had invested his $250,000 nest egg in a fund that supposedly guaranteed him $4,000 a month to live on. “You have no more money,” he recalls his banker saying flatly. “What do you want us to do?” Wells Fargo had a fund that supposedly guaranteed a 19.2% annual return? That's crazy. I'm not saying I can't believe it existed, I just think it is crazy to offer it. I could see why it was completely unstable. 19.2% assumes 4k/month indefinitely; an 18% return only gives 17 years. If they only guaranteed 4k/month for 5 years, WF could have just stuffed it under a large mattress.
|
#
?
Nov 2, 2017 13:39
|
|
|
|
| # ? May 29, 2024 11:27 |
|
|
Cicero posted:If you don't realize that the situation for people going to college in the US is really hosed up and stupid I don't know what to say. Lol if you think "just get a summer job and a scholarship, easy!" can automatically solve the problem. Are you a boomer by chance? no, i'm 31 and went to college with a bank teller and truck driver for parents. I'm saying boo loving hoo for these privileged kids
|
|
#
?
Nov 2, 2017 13:40
|
|
|
And I'm saying that really in the US by default things are really hosed up for families, including yours. So yeah compared to the population of people with kids he's privileged as hell...because in the US families are basically thrown to the wolves compared to other developed countries.
|
|
#
?
Nov 2, 2017 13:44
|
|
|
jjack229 posted:Not the point of the article, but : Yeah, I noticed that too and wondered how the gently caress they could possibly guarantee* those kinds of returns. * Guarantee limited to first 0.0001% of investment and does not cover events such as #include dictionary.txt
|
|
#
?
Nov 2, 2017 13:46
|
|
|
Here, have some buttcoin BWM: https://www.wired.com/story/i-forgot-my-pin-an-epic-tale-of-losing-dollar30000-in-bitcoin/ In which a moron who really, really should know better, being an editor at Wired and all, loads all of his bitcoin onto a hardware wallet and then stuffs the sheet of paper containing the only copy of his 24-word password under his daughter's pillow (where it is promptly thrown away), and it also contains the only copy of his backup PIN, which he then promptly forgets, leading to hilarity as each incorrect guess on the hardware device doubles the amount of waiting time before he can guess again, to the point that after a few more wrong guesses he would be dead before he could make another one. Whew. He pays some hacker (in bitcoin, of course) to show him how to do an exploit and recover his password and gets it back in the end
|
|
#
?
Nov 2, 2017 13:51
|
|
|
OctaviusBeaver posted:Seriously that isn't that much money to start out with. I had that much saved up from internships before I was out of college and I didn't do anything impressive with it. People will tell themselves anything to avoid dealing with the fact that they can't afford to go out to eat every day and buy a car that's half their salary when they make $30k. We live in the most prosperous society in human history, you can afford to sock away 10% of your salary if you have even the tiniest amount of responsibility. Lol how many houses do you think people can afford saving 10% of a $30,000 salary? like yes absolutely people should spend within their means and save money, but the thought that you can just hardscrabble your way into owning a home on an entry-level income by forgoing little luxuries in expensive desirable urban centers is laughable, and the mindset that the quintessential problem with this generation is that people choose avocado toast instead of homeownership as though that is a real binary decision that average people can make even more so. Vis-à-vis the Australian situation, the problem is that wage growth has not matched speculative property appreciation, and to a large extent that is due to tax policy that has favored a property craze for the last 20 years or so.
|
|
#
?
Nov 2, 2017 13:53
|
|
|
Devian666 posted:The comments in the Australian and New Zealand housing markets were ridiculous. Last year you needed to save at least $300 per week towards a house deposit just to keep up with the house price increases and not make any progress. More like $500-$1000 per week in Auckland. Saving on avocados, smart phones and Sky TV wasn't going to make a drat difference. Put into other words, the housing bubble in New Zealand and Australia is such that you could save the anecdotal millennial $40 avocado toast every single day and the housing market would still continue to run away from you much faster than you could ever possibly accumulate a down payment.
|
|
#
?
Nov 2, 2017 13:56
|
|
|
Cicero posted:Like I said, he's going well, and if you compared him to families he's doing very well. Compared to DINKs he's doing merely okay, I'd say. But no need for any tiny violins, thanks. His line item for one car is $700. He calls it a modest SUV. There’s some prime content there. Either he’s getting a terrible interest rate, somehow rolled over negative equity with that income, thinks $50,000 is “modest,” or is paying it on a really short term loan. I guess that last one isn’t prime content, just more eye rolling.
|
|
#
?
Nov 2, 2017 13:56
|
|
|
Cicero posted:If you don't realize that the situation for people going to college in the US is really hosed up and stupid I don't know what to say. Lol if you think "just get a summer job and a scholarship, easy!" can automatically solve the problem. Are you a boomer by chance? Maybe he's just suggesting that six-figgie-sadsack here's kids might have to do what everyone else has to do if the giant leg up they've already gotten doesn't end up mattering, but that probably won't happen. Its hard to feel bad for a guy who makes six figures, spends within his means, and sends his kids to nice schools even if he doesn't get any play money at the end of it. I can appreciate that its frustrating but I refuse to feel sorry for him.
|
|
#
?
Nov 2, 2017 14:14
|
|
|
22 Eargesplitten posted:His line item for one car is $700. He calls it a modest SUV. There’s some prime content there. Either he’s getting a terrible interest rate, somehow rolled over negative equity with that income, thinks $50,000 is “modest,” or is paying it on a really short term loan. I guess that last one isn’t prime content, just more eye rolling. He probably means it's neither a cheap KIA nor a Lexus. It doesn't take much to get a Chevy or Buick up to the $50k range. He could also have a shorter term loan so payments are higher. The guy isn't doing anything wrong. He just choose to live life like he wanted and apparently isn't self aware enough to realize a stay-at-home wife, two families' worth of kids, and a fully funded retirement are choices he's made. He probably needs to sit down with his spouse and discuss her plans when the kids no longer need a mom who's home all the time.
|
|
#
?
Nov 2, 2017 14:20
|
|
|
Look, guys, I make 150k a year, but per horse, that works out to practically nothing!
|
|
#
?
Nov 2, 2017 14:45
|
|
|
150k a year is hardly enough to save up for a down payment in the Australian horse market, these days. Better just put it in your 401(neigh)
|
|
#
?
Nov 2, 2017 14:46
|
|
|
Look, it is quite simple. He has essentially one main luxury, and that is his massive expensive family. One side pities him somewhat because his own *immediate* situation is middle-class, whereas the other side puts it all on him since he *chose* to have that missive expensive family. I am on the latter, but both sides are logical. It is like being a Buddhist monk or social worker, you only have one luxury but that luxury is a killer.
|
|
#
?
Nov 2, 2017 14:56
|
|
|
The main difference between giant family and a car collection is that you can't just dump the family to cut costs, but yeah that's his hobby (given that he is wealthy enough he could have afforded the ways to prevent having kids altogether after a point)
|
|
#
?
Nov 2, 2017 15:00
|
|
|
One big problem with the whiny $156k guy is that he said he "only has a few hundred dollars a month left over", but: 1. As someone pointed out already, he contributes 15% to his 401k which will max out at some point in the year, and end giving him an extra $5400 for the year. 2. He will max out social security mid year and get an extra $1800 on his checks at year end 3. I didn't run numbers but just eyeballing his pre/post paycheck information I bet he gets close to $5000 as a tax refund when he files So his budget says money is so tight that he only has $300 left or whatever, but he actually has another $1000 per month extra if you spread those things out evenly through the year. He probably spends those lump sums on a vacation and Christmas though. Also, someone said that it was a $38k SUV at some point which does actually seem "modest" because those things are idiotically expensive compared to cars. A Toyota Highlander (cheapest mid-size SUV from Toyota) has a starting MSRP of $31k.
|
|
#
?
Nov 2, 2017 15:13
|
|
|
Yes, this is exactly why the US' treatment of families is so hosed up: as you guys say, having a family is made a luxury. If you don't make a good income like that guy, then you have to just scrape by and hope nothing bad happens or your kid is a genius and gets big scholarships or whatever. On the other hand, if the government heavily subsidizes healthcare and childcare and parental leave and college, and you don't need a car and school quality is good and they just hand you extra money for having kids, then it's not as much of a luxury. Anyway, sorry for the derail. Cicero fucked around with this message at 15:24 on Nov 2, 2017 |
|
#
?
Nov 2, 2017 15:21
|
|
|
Droo posted:One big problem with the whiny $156k guy is that he said he "only has a few hundred dollars a month left over", but: It is like the comedy $500,000 family with nothing post of yore writ small, they only have "nothing" at the end of the year if you completely ignore all of the retirement savings and contributions as well as the tens of thousands of dollars of equity accumulated in their residence as though they are nothing
|
|
#
?
Nov 2, 2017 15:21
|
|
|
BEHOLD: MY CAPE posted:It is like the comedy $500,000 family with nothing post of yore writ small, they only have "nothing" at the end of the year if you completely ignore all of the retirement savings and contributions as well as the tens of thousands of dollars of equity accumulated in their residence as though they are nothing Look it's hard for us, okay?
|
|
#
?
Nov 2, 2017 15:36
|
|
|
"After maximally tax advantaged retirement savings, tax advantaged college savings, precocious service of long-term debt, housing costs, lavish consumption, graduate degree tuition, several trips domestically and abroad with no shortage of enjoyable spending, a high rate of personal savings and investment after taxes, business investment, vices including a budding wine habit, new clothes whenever and robust household services paid in cash, we're left with practically no money except the enormous tax refund we're given every year and quarterly bonuses! I mean, the money doesn't just pile up somewhere the way we'd expect!"
|
|
#
?
Nov 2, 2017 15:41
|
|
|
Cicero posted:Yes, this is exactly why the US' treatment of families is so hosed up: as you guys say, having a family is made a luxury. Now, you might ask whether I can consider having just 1 lobster instead of 5 lobsters, or maybe have 5 lobster rolls instead of entire lobsters. But no, I say to you, no. It must be 5 lobsters.
|
|
#
?
Nov 2, 2017 16:33
|
|
|
Probably one of the worst parts of making decent money is how it warps your sense of proportion and effectively makes you feel like you're not making (or worth) as much as you really are. It is *really* easy to fall into the HENRY trap without meaning to, because most everyone takes for granted the things they're easily able to purchase and looks at the next "tier" of people and pines for how easy it must be for them.
|
|
#
?
Nov 2, 2017 16:42
|
|
|
John Smith posted:That is right! I am struggling so hard to just feed myself nowadays, that it is a disgrace. My dinner of 5 lobsters is costing so much that it is made a luxury.
|
|
#
?
Nov 2, 2017 16:44
|
|
|
Steampunk Hitler posted:Probably one of the worst parts of making decent money is how it warps your sense of proportion and effectively makes you feel like you're not making (or worth) as much as you really are. It is *really* easy to fall into the HENRY trap without meaning to, because most everyone takes for granted the things they're easily able to purchase and looks at the next "tier" of people and pines for how easy it must be for them. I am grateful that I am safe from having government militia roaming around attempting to murder me, I am grateful that we are not suffering from famine, I am grateful for many things. Have gratitude for the good things in your life, for it would easily be much worse for almost everyone of us here.
|
|
#
?
Nov 2, 2017 16:46
|
|
|
Cicero posted:Yeah, gently caress poor people who had the audacity to have kids. Suffering is rightly their due.
|
|
#
?
Nov 2, 2017 16:47
|
|
|
I dunno, I’m of the belief that it’s irresponsible to have kids if you’re not in a good financial position to do so.
|
|
|
#
?
Nov 2, 2017 16:58
|
|
|
NUKES CURE NORKS posted:I dunno, I’m of the belief that it’s irresponsible to have kids if you’re not in a good financial position to do so. but, you see, God
|
|
#
?
Nov 2, 2017 17:00
|
|
|
Steampunk Hitler posted:Probably one of the worst parts of making decent money is how it warps your sense of proportion and effectively makes you feel like you're not making (or worth) as much as you really are. It is *really* easy to fall into the HENRY trap without meaning to, because most everyone takes for granted the things they're easily able to purchase and looks at the next "tier" of people and pines for how easy it must be for them. See: Silicon valley millionaires complaining about the silicon valley billionaires running roughshod over them
|
|
#
?
Nov 2, 2017 17:02
|
|
|
NUKES CURE NORKS posted:I dunno, I’m of the belief that it’s irresponsible to have kids if you’re not in a good financial position to do so.
|
|
#
?
Nov 2, 2017 17:25
|
|
|
NUKES CURE NORKS posted:I dunno, I’m of the belief that it’s irresponsible to have kids if you’re not in a good financial position to do so. Most families who have kids in the USA are taking a financial risk, because of the lack of safety nets and the way human fertility means it's healthiest to have kids at the age your career is just taking off (25-35) . If only the completely financially secure (the upper middle class) had kids, the USA would be in deep poo poo quite quickly, unless willing to massively increase working-class immigration (HA!)
|
|
#
?
Nov 2, 2017 17:28
|
|
|
BarbarianElephant posted:Most families who have kids in the USA are taking a financial risk, because of the lack of safety nets and the way human fertility means it's healthiest to have kids at the age your career is just taking off (25-35) . If only the completely financially secure (the upper middle class) had kids, the USA would be in deep poo poo quite quickly, unless willing to massively increase working-class immigration (HA!)
|
|
#
?
Nov 2, 2017 17:31
|
|
|
I feel like the title alone is enough for a lot of /r/personalfinance threads https://www.reddit.com/r/personalfinance/comments/7ab89w/i_cosigned_for_my_brothers_car_he_stopped_making/ quote:I cosigned for my brother's car. He stopped making payments on it. https://www.reddit.com/r/personalfinance/comments/7acezx/college_student_looking_to_purchase_a_toyota/ quote:College student looking to purchase a Toyota Tacoma, interested in what you guys think of my plan https://www.reddit.com/r/personalfinance/comments/7a9s4q/in_need_of_urgent_help_will_not_paying_off_my/ quote:In need of urgent help: will not paying off my credit card statement cause interest? yes https://www.reddit.com/r/personalfinance/comments/75aqkp/gf_saddled_with_extensive_vet_bills_after/ quote:GF saddled with extensive vet bills after unsuccessful surgery for her cat. She has little to no income.
|
|
#
?
Nov 2, 2017 17:36
|
|
|
John Smith posted:Plenty of people are in decent financial shape by their early 30s. If somehow it was externally imposed that only this specific sub-set of people are permitted to have children, the US would be just fine. 63% Of Americans Don't Have Enough Savings To Cover A $500 Emergency
|
|
#
?
Nov 2, 2017 17:38
|
|
|
jjack229 posted:Wells Fargo had a fund that supposedly guaranteed a 19.2% annual return? That's crazy.
|
|
#
?
Nov 2, 2017 17:39
|
|
|
Hoodwinker posted:I don't figure myself as vehement as Cicero is on these subjects, but I would like to point out that, "Being allowed to procreate as an adult (without it being seen as irresponsible)" should be a sort of human baseline expectation. Regardless of the effects on the environment or everyone else? Sorry, population control is essential for survival of humanity and at some point, procreating as much as you want to should be seen as irresponsible because at some point it is actually irresponsible. Is that point 2 kids? No, but it's somewhere between there and Nadya Sulemon.
|
|
#
?
Nov 2, 2017 17:45
|
|
|
John Smith doesn't let facts or statistics get in the way of his objectively bad opinions and declarations.
|
|
#
?
Nov 2, 2017 17:47
|
|
|
I bought an avocado toast with a fried egg and Sriracha sauce this morning. And two coffees. Come at me thread. In sadder news, The Consumerist website shut down recently. Their content had slowly been circling the drain and I found myself visiting less and less but I always appreciated then calling out company's bad behavior. They also ran the worst company in America competition. Sad to see them go. Lowness 72 fucked around with this message at 17:59 on Nov 2, 2017 |
|
#
?
Nov 2, 2017 17:56
|
|
|
OctaviusBeaver posted:I feel like the title alone is enough for a lot of /r/personalfinance threads This one really isn't that bad. He's an engineering student on the cusp of graduating with 0 school debt and claims $40k in savings at the age of 22, somehow. The vehicle he wants could easily give him 20 years of use. Choice comment here though on how you need to be in the 1% to buy an ordinary car: quote:Realistically unless you have substantial assets ($100k+), and a great 6 figure income, no one can really afford a $30,000 truck.
|
|
#
?
Nov 2, 2017 17:58
|
|
|
Phanatic posted:Regardless of the effects on the environment or everyone else? Sorry, population control is essential for survival of humanity and at some point, procreating as much as you want to should be seen as irresponsible because at some point it is actually irresponsible. Is that point 2 kids? No, but it's somewhere between there and Nadya Sulemon.
|
|
#
?
Nov 2, 2017 18:03
|
|
|
Hoodwinker posted:Good job conflating my comment about "being allowed to procreate (at all)" as implying that people should be able to have all the kids they can possibly spit out. You said "I would like to point out that, "Being allowed to procreate as an adult (without it being seen as irresponsible)" should be a sort of human baseline expectation." I didn't see any "at all" or limiting principle at work there. It sure sounded like you were saying you think it should be a baseline human expectation to procreate without being seen as irresponsible. Which is why in my post the first sentence was a question asking you if you supported any limits on that.
|
|
#
?
Nov 2, 2017 18:07
|
|
|
|
| # ? May 29, 2024 11:27 |
|
|
Phanatic posted:You said "I would like to point out that, "Being allowed to procreate as an adult (without it being seen as irresponsible)" should be a sort of human baseline expectation." I didn't see any "at all" or limiting principle at work there. It sure sounded like you were saying you think it should be a baseline human expectation to procreate without being seen as irresponsible. Which is why in my post the first sentence was a question asking you if you supported any limits on that.
|
|
#
?
Nov 2, 2017 18:13
|
|