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I know it's Ron Paul and obviously hugely biased by him and his followers, but I can't help but find it funny that he uses "Federal Reserve Notes" instead of "Dollars" to make them sound scary and unfamiliar.
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Dec 6, 2017 21:48
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Guinness posted:I know it's Ron Paul and obviously hugely biased by him and his followers, but I can't help but find it funny that he uses "Federal Reserve Notes" instead of "Dollars" to make them sound scary and unfamiliar. All dollars are not Federal Reserve Notes. The US still mints coins, which are legal tender and denominated in dollars, out of precious medals. They don't circulate for the obvious reason that their melt value far exceeds their face value, but they're still dollars.
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Dec 6, 2017 22:00
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I'm amazed at how many people still believe in gold. The price has been fairly flat for the last few years. People still think that huge rise from 2009-2012 is going to happen again I guess?
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Dec 6, 2017 22:05
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Past performance is the best indicator of future returns, dog Note that the most successful hockey players skate where the puck was
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Dec 6, 2017 22:07
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Bird in a Blender posted:I'm amazed at how many people still believe in gold. The price has been fairly flat for the last few years. People still think that huge rise from 2009-2012 is going to happen again I guess? I'm not a libergoldian in any fashion, but you had a +50% gain over the past 10 years, so if I were being handed a $10k lump of cash, bonds, bitcoin, or gold, well, you might as well call me Auric.
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Dec 6, 2017 22:14
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Bird in a Blender posted:I'm amazed at how many people still believe in gold. The price has been fairly flat for the last few years. People still think that huge rise from 2009-2012 is going to happen again I guess? Remaining flat is still preferable to some other options. I mean, savings accounts have been paying trivial amounts of interest for years now but people still keep money in them.
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Dec 6, 2017 22:15
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Phanatic posted:Remaining flat is still preferable to some other options. I mean, savings accounts have been paying trivial amounts of interest for years now but people still keep money in them. Mostly that's just to keep it liquid and able to be used instantly. Keeping anything more than 3-6 months worth of expenses in savings is kinda silly.
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Dec 6, 2017 23:08
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Where's the index fund option?
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Dec 6, 2017 23:26
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If you figure the 10 year T-bill yield is 234 BP, which seems to be the superior answer. Whatever your thinking, answering cash reserves when a T-bill is on the table is loving dumb.
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Dec 6, 2017 23:27
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Cicero posted:Where's the index fund option? That would be cheating!
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Dec 7, 2017 00:19
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EAT FASTER!!!!!! posted:If you figure the 10 year T-bill yield is 234 BP, which seems to be the superior answer. Whatever your thinking, answering cash reserves when a T-bill is on the table is loving dumb. There's online banks that have savings accounts that give honest-to-goodness 1% with no minimums.
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Dec 7, 2017 00:39
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Solice Kirsk posted:There's online banks that have savings accounts that give honest-to-goodness 1% with no minimums. Well inflation is (150-180) BP but the way the question is written it sounds like you have to leave it in cash cash, like dollar bills and poo poo.
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Dec 7, 2017 00:56
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My bank has a limited time offer for a reverse tier savings account. Like 2.5% for 2k or less, then less and less the further up you go.
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Dec 7, 2017 01:04
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22 Eargesplitten posted:My bank has a limited time offer for a reverse tier savings account. Like 2.5% for 2k or less, then less and less the further up you go. Sounds like they are trolling for idiots who will move their whole relationship for a good rate on a couple thousand.
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Dec 7, 2017 01:11
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therobit posted:Sounds like they are trolling for idiots who will move their whole relationship for a good rate on a couple thousand. When a distressing number of Americans would have to beg, borrow, or sell something to pay for an unexpected $500 car repair, a $2000 savings account cap on that interest rate may as well be unlimited.
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Dec 7, 2017 01:30
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metallicaeg posted:I'm not a libergoldian in any fashion, but you had a +50% gain over the past 10 years, so if I were being handed a $10k lump of cash, bonds, bitcoin, or gold, well, you might as well call me Auric. Yea, but there’s no real guarantee that gold will go back up. It’s simply gone up from speculation. If you started your 10 years back in 2012, you would be in the negative right now. I know gold has some industrial uses and the obvious jewelry, but it’s price usually doesn’t have that much relation to actual supply/demand. It’s not something I would put a 10 year bet on I guess. Of the options given, I would go Treasury bonds every time, even though it’s barely above inflation right now. I’m not exactly a high risk guy though.
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Dec 7, 2017 01:34
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If people could just be as good with money as this woman, we wouldn't need this thread. If she can do it, anybody can.
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Dec 7, 2017 01:35
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Yond Cassius posted:When a distressing number of Americans would have to beg, borrow, or sell something to pay for an unexpected $500 car repair, a $2000 savings account cap on that interest rate may as well be unlimited. If they have to beg, borrow, or sell something to cover a car repair bill, they shouldn't be concerned with the interest rate on a savings account. Realistically, that is a bit of a red herring. If they have the money for the car repair in the bank, most gainfully employed people probably at least have access to credit for it. I know there are a lot of really poor people who don't, but there are a ton of people in the middle who might not have it in the bank but do not proceed directly to bankruptcy when something unexpected comes up. I was one for years.
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Dec 7, 2017 01:36
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Bird in a Blender posted:I’m not exactly a high risk guy though. There goes my suggestion of putting it all down on hookers.
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Dec 7, 2017 01:37
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Moneyball posted:If people could just be as good with money as this woman, we wouldn't need this thread. This woman's smug bootstraps platitude makes me irrationally angry. You mean, all it takes to pay off a massive debt is to have your parent hire you at an above market salary, gift you a six-figure asset that you can turn into passive income, and let you live rent-free (and probably feed you too)? If I can do it anyone can, my rear end.
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Dec 7, 2017 01:47
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therobit posted:If they have to beg, borrow, or sell something to cover a car repair bill, they shouldn't be concerned with the interest rate on a savings account. This is true, but it "feels" better, and if the other bank is generally decent, why not move? therobit posted:Realistically, that is a bit of a red herring. If they have the money for the car repair in the bank, most gainfully employed people probably at least have access to credit for it. I know there are a lot of really poor people who don't, but there are a ton of people in the middle who might not have it in the bank but do not proceed directly to bankruptcy when something unexpected comes up. I was one for years. This is also true. A lot of that credit includes costs ranging from "ouch" (15+% interest rates on credit cards) to "I can't believe this is legal" (insanity% payday loans), though, and I'm sure you'll agree climbing up over those rates can take a lot of work and dedication. A couple extra bucks (literally about a dollar a month for a $500 deposit) in the savings account isn't going to make or break anyone there, but it certainly can't hurt. Overall the offer feels like one of those... "probably not meaningfully helpful, but far from bad for most" decisions.
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Dec 7, 2017 01:49
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Moneyball posted:If people could just be as good with money as this woman, we wouldn't need this thread. Here's the article. http://www.businessinsider.com/how-ebony-horton-paid-off-220000-worth-of-student-loans-in-3-years-2017-3 Some of it is definitely mommy and daddy but the condo was a low 5 figure asset.
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Dec 7, 2017 01:51
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Still it's a free place to live followed immediately by another free place to live so they can rent out the first one. gently caress, if I didn't have to pay rent from when I was in my 20's on I would be retired by now.
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Dec 7, 2017 01:53
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werdnam posted:This woman's smug bootstraps platitude makes me irrationally angry. You mean, all it takes to pay off a massive debt is to have your parent hire you at an above market salary, gift you a six-figure asset that you can turn into passive income, and let you live rent-free (and probably feed you too)? It gets better Duscat posted:i did some ~independent research~ and unless there are multiple people with the same name in joliet, illinois, her mom's nonprofit is a little personal project that runs a couple of halfway houses for veterans.
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Dec 7, 2017 01:54
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Senor Dog posted:It gets better I’d have to dig into the 990 myself to know what I really think, but let’s not hop on the “nonprofit workers should be paid in smiles” bandwagon. I know that’s not really what you’re doing, but I work in nonprofits and the most irritating thing ever is people thinking payroll is a completely illegitimate way for a nonprofit to spend funds. BWM: expecting important social services to be provided by everyone else for free.
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Dec 7, 2017 02:24
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Mineaiki posted:I’d have to dig into the 990 myself to know what I really think, but let’s not hop on the “nonprofit workers should be paid in smiles” bandwagon. I know that’s not really what you’re doing, but I work in nonprofits and the most irritating thing ever is people thinking payroll is a completely illegitimate way for a nonprofit to spend funds. This guy fuckin' gets it Payroll is a good expense and it attracts talent and competency. Education and healthcare typically have about 50% of their revenue go to payroll. Also, nobody wants to go anywhere near a gross HIV/Hepatitis homeless crazy man who smells and is scary so gently caress yeah the people who do it should get paid
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Dec 7, 2017 02:46
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Moneyball posted:If people could just be as good with money as this woman, we wouldn't need this thread. born_on_third_and_think_they_hit_a_triple.txt
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Dec 7, 2017 03:11
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Yond Cassius posted:This is true, but it "feels" better, and if the other bank is generally decent, why not move? Yes, unsecured interest rates can get high if you have poor credit, but that doesn't mean everyone is one paycheck away from homelessness, which gets touted a lot here. As far as the 2% APY on savings balances, they are making that up somewhere in their balance sheet. The low federal funds rate means that they are not making much in spread income, so most of them are relying on non-interest income such as fees. Most of the time in order to qualify for those kind of teaser rates you need to have a checking account with direct deposit or x number of debit transactions or something. It is a gigantic pain in the rear end to switch everything over, so I wouldn't do it for 86 cents a month or whatever. If I hated the bank I was with I might consider it, if they had all the products and features that I wanted, had a good reputation, and were of sufficient size that I can trust them not to be an operational shitshow. Having worked at smaller institutions before, your local CU or community bank often does not have the best control environment. Normally that will not matter to you and you will not notice, but on the off chance it becomes something that affects you is is usually really bad. Like if they can't locate your deposit, and since they are committed to being completely paperless they never do find it because there is not a record of it. Hope you kept your receipt!
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Dec 7, 2017 03:18
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therobit posted:Sounds like they are trolling for idiots who will move their whole relationship for a good rate on a couple thousand. No reason not to do it if you're already a member, though. They say you can do it, it just can't be with funds currently on deposit at the bank. Which I guess means you could pull current savings out at an ATM, go into the bank, and open the account? Or in what probably isn't quite fraud, take money out of the bank account, give it to a loved one, get a check for the same amount from a loved one, open the account with that check. I was wrong on the APR, actually. 3.25% up to 2k. Which is better than a CD, especially at that balance. They also had a deal where on Black Friday if you put in $2k you got $1k after keeping the money in there for four months, or something like that.
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Dec 7, 2017 03:32
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22 Eargesplitten posted:No reason not to do it if you're already a member, though. They say you can do it, it just can't be with funds currently on deposit at the bank. Which I guess means you could pull current savings out at an ATM, go into the bank, and open the account? Or in what probably isn't quite fraud, take money out of the bank account, give it to a loved one, get a check for the same amount from a loved one, open the account with that check. Yeah if you are already there then by all means go for it. 1k for a 2k deposit, if that is really what it is, would get me to bite for sure
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Dec 7, 2017 03:40
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22 Eargesplitten posted:No reason not to do it if you're already a member, though. They say you can do it, it just can't be with funds currently on deposit at the bank. Which I guess means you could pull current savings out at an ATM, go into the bank, and open the account? Or in what probably isn't quite fraud, take money out of the bank account, give it to a loved one, get a check for the same amount from a loved one, open the account with that check. What bank is this so I can mark my calendar for next year?
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Dec 7, 2017 03:46
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GoGoGadgetChris posted:This guy fuckin' gets it The same people who complain about nonprofit salaries also usually can be found complaining that nonprofit workers are lazy/ineffective. It’s true, a lot of them are, because they can only hire people willing to work for good feelings.
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Dec 7, 2017 04:45
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That and PSLF, although I wouldn't count on a Trump administration actually honoring it.
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Dec 7, 2017 05:29
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GoGoGadgetChris posted:This guy fuckin' gets it A lot depends on their transparency and how they're presenting themselves to government agencies or donors. If you had a food bank and were spending 50% of your cash donations on salaries you'd be crucified. Maybe a halfway house is different, especially if they're treating hard cases with specific care that doesn't scale upward like other services. But hiring your daughter at above market rates when your salary alone takes up 1/3rd the operating budget sounds like someone needs an audit. Which makes drawing attention to yourself bragging about your bootstraps that much more tone death.
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Dec 7, 2017 05:31
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therobit posted:Yes, unsecured interest rates can get high if you have poor credit, but that doesn't mean everyone is one paycheck away from homelessness, which gets touted a lot here. Oh, no, that's not the point I was making at all. Just, "If your whole savings account is $500, $2000 is functionally uncapped." I don't think it's meant to convert people who already have strong banking relationships so much as people in "first job" or "write rent checks, pay my one credit card" situations. therobit posted:As far as the 2% APY on savings balances, they are making that up somewhere in their balance sheet. The low federal funds rate means that they are not making much in spread income, so most of them are relying on non-interest income such as fees. Most of the time in order to qualify for those kind of teaser rates you need to have a checking account with direct deposit or x number of debit transactions or something. It is a gigantic pain in the rear end to switch everything over, so I wouldn't do it for 86 cents a month or whatever. Also true, but with a $2000 cap (even at 3.25% mentioned later) you're talking about a maximum of $65/account-holder/year. A megabank of course wants to make that up on their balance sheet right here and now (and probably has those fees and conditions anyways, on top of mediocre interest), but a credit union or smaller community bank might see it as a decent long-term play for relationship-building. Like you said, people sometimes get their financial houses in order, and once they do it's much more of a pain to switch.
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Dec 7, 2017 08:41
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Bird in a Blender posted:No kidding, although that's what most of Reddit is telling this guy. This is the perfect situation to go buy a beater car for like $5k, and keep minimum insurance on it. Yeah, that is 100% the use case for 'lovely $500 car'.
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Dec 7, 2017 08:52
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Phanatic posted:All dollars are not Federal Reserve Notes. The US still mints coins, which are legal tender and denominated in dollars, out of precious medals. Just had a sudden mental image of a Medal of Honour being melted down for quarters.
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Dec 7, 2017 10:34
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Mineaiki posted:I’d have to dig into the 990 myself to know what I really think, but let’s not hop on the “nonprofit workers should be paid in smiles” bandwagon. I know that’s not really what you’re doing, but I work in nonprofits and the most irritating thing ever is people thinking payroll is a completely illegitimate way for a nonprofit to spend funds. I think the point was more nepotism rather than people working at non-profits shouldn't be paid.
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Dec 7, 2017 11:23
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I think the whole point is that if the total administrative expenses of the nonprofit were 50% of donations, that's a really exceedingly poorly run nonprofit and I think the donors would want to know about it.
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Dec 7, 2017 14:28
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Midjack posted:What bank is this so I can mark my calendar for next year? Public Service Credit Union, although I didn’t see anything about it last year. So yeah, like someone said, a smaller credit union rather than a huge bank.
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Dec 7, 2017 14:29
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