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Not a Children posted:Isn't it really just deferring taxes It is deferred taxes, plus tax free growth. You don't have to pay taxes on dividends for things like REITs held in a 401k.
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Jul 18, 2018 17:24
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Droo posted:here is a list of things I notice at a Lifetime fitness compared to a generic $20 per month gym or like my college gym. Also note that I think $20 gyms are fine although I do appreciate the nice clean equipment since people are gross. Thanks for self posting about your dumb gym because you felt personally attacked when someone guffawed at an expensive gym. Bitesize BWM: quote:Did I Already Make A Financial Mistake?!
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Jul 18, 2018 18:52
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People are so goddamn stupid about cars.
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Jul 18, 2018 18:53
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BFC has a pretty strong anti car bias. I mean, this is literally step 4 of the retirement planning thread after saving $23,500 a year "If you were able to finish Step 3, you will end up rich in all likelihood. Start a taxable savings account, or go out and blow some money at a strip club or something." The subforum that scoffs at new cars is recommending strip clubs as a reasonable next step
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Jul 18, 2018 18:57
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How fast do strippers depreciate?
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Jul 18, 2018 18:59
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GoGoGadgetChris posted:BFC has a pretty strong anti car bias. I mean, this is literally step 4 of the retirement planning thread after saving $23,500 a year Not really. A pretty strong anti expensive car bias, if you can't afford it, maybe?
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Jul 18, 2018 19:01
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Now the thread is going to seriously suggest rolling the negative equity into a used Toyota Camry that can totally be had for $2k and have similar maintenance bills.
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Jul 18, 2018 19:05
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Inept posted:Thanks for self posting about your dumb gym because you felt personally attacked when someone guffawed at an expensive gym. This kid is so dumb. - Doesn't know what the rate on his loan is; he just knows that it is 6 years and he took it because the buy here pay here lot said this was the only way he could get the car. - He somehow drives roughly 4,000 miles per month. - He is paying $850 per month for a 10-year old car with 100k miles. - He paid $22k in total for the car and financed 100% of it. - Estimates that he will need $0 in repairs for the next few years because he's "only had it for 2 months." He also spent $500 on Fortnite. I'm guessing that's loot boxes or something, since the game is free to play. Leon Trotsky 2012 fucked around with this message at 19:10 on Jul 18, 2018 |
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Jul 18, 2018 19:07
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crazypeltast52 posted:Now the thread is going to seriously suggest rolling the negative equity into a used Toyota Camry that can totally be had for $2k and have similar maintenance bills. No I just want to laugh at the dumb kid that bought an expensive car. He still lives at home so he will be fine, but now he's going to have to live at home until he's 25 because that was a 6 year loan.
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Jul 18, 2018 19:07
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silvergoose posted:Not really. A pretty strong anti expensive car bias, if you can't afford it, maybe? Yeah, you're right, it really is more of an anti luxury-goods mindset. If you look at the things we laugh at in this thread, it's things like weddings, exotic pet ownership, and nice cars And paying a restaurant to cook food for you
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Jul 18, 2018 19:11
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The trade off is always just the consideration of whether you're transforming your earnings into appreciating or depreciating assets.
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Jul 18, 2018 19:19
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quote:I'm 25, I have $415k, and I have no idea what I'm doing with it. Advice appreciated. Hey at least the OP is asking on how to fix it. Top two replies: get a job. OP never posts again.
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Jul 18, 2018 19:21
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crazypeltast52 posted:Now the thread is going to seriously suggest rolling the negative equity into a used Toyota Camry that can totally be had for $2k and have similar maintenance bills. Thank you for leaping to the defense of the kid spending 30% of his monthly take-home on car-related expenses, this is very important.
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Jul 18, 2018 19:28
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It's actually about 45% when you include the repair and gas costs he mentions!
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Jul 18, 2018 19:33
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EAT FASTER!!!!!! posted:The trade off is always just the consideration of whether you're transforming your earnings into appreciating or depreciating assets. Absolutely, but how many things do you buy on the basis of appreciation? Stocks and real estate no doubt, but once you've accumulated Enough of those, do you really worry about whether your bag of Skittles or two tix to Mission Impossible are going to depreciate down to $0? Once your long term plans are adequately serviced, who cares if you spend your extra dough on fixing up old cars to sell for a profit or if you spend it on Horse Weddings!
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Jul 18, 2018 19:37
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Inept posted:Hey at least the OP is asking on how to fix it. Top two replies: get a job. lol, some guy in that thread is trying to pitch him on putting all of it into PRPFX. It's a mutual fund with a 5-year return of 3.7% and holds: quote:Gold Bullion Comex Eligible
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Jul 18, 2018 19:51
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Blinkman987 posted:Ahahahahahahaaha yeah, America's getting ready to help poor people. Sure man. Because there haven't been poor old people before.   That's the future. No retirement for poor people, just work until you die. golden bubble fucked around with this message at 20:03 on Jul 18, 2018 |
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Jul 18, 2018 19:58
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Love to watch real time demographic meltdowns.
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Jul 18, 2018 19:59
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GoGoGadgetChris posted:Once your long term plans are adequately serviced, who cares if you spend your extra dough on fixing up old cars to sell for a profit or if you spend it on Horse Weddings! one of those things is profitable though
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Jul 18, 2018 20:05
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E: nm, this will not be fruitful
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Jul 18, 2018 20:09
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GoGoGadgetChris posted:BFC has a pretty strong anti car bias. I mean, this is literally step 4 of the retirement planning thread after saving $23,500 a year You can't have sex with a car unless you're 1) a dragon 2) Cameron Diaz
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Jul 18, 2018 20:11
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What's the point of generating profit once your debt is serviced and you've made sufficient progress toward your short and long-term savings goals? There's nothing inherently good about stockpiling more money than you need.
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Jul 18, 2018 20:12
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Are you feeling sensitive about defending your luxury car purchase from the other thread?
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Jul 18, 2018 20:13
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GoGoGadgetChris posted:What's the point of generating profit once your debt is serviced and you've made sufficient progress toward your short and long-term savings goals? There's nothing inherently good about stockpiling more money than you need. The future, Mr. Gadget, the future!
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Jul 18, 2018 20:15
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Mocking Bird posted:Are you feeling sensitive about defending your luxury car purchase from the other thread? Not feeling sensitive in the least  And no need to defend a thing I haven't done. Posters in there are indeed getting pretty fussy though.Doc Hawkins posted:The future, Mr. Gadget, the future! I don't understand! Isn't the future accounted for when you've met your savings goals?
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Jul 18, 2018 20:17
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Mocking Bird posted:Are you feeling sensitive about defending your luxury car purchase from the other thread? almost definitely
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Jul 18, 2018 20:17
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GoGoGadgetChris posted:I don't understand! Isn't the future accounted for when you've met your savings goals? Having reached a goal, you're allowed to consider working towards a new one. Lifestyle inflation is bad, ambition inflation, less so.
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Jul 18, 2018 20:24
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GoGoGadgetChris posted:I don't understand! Isn't the future accounted for when you've met your savings goals? Aren't you the guy who thought he had a big trust fund but then your dad realized he didn't actually have any money so he took your trust fund and spent it on himself? If I'm remembering that right, then the answer to your question is to avoid accidentally ending up like your dad due to unforeseen circumstances like disability or job loss. If that's not you then just pretend the dad I mentioned is any average baby boomer who is just now starting to realize that they actually need money after all.
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Jul 18, 2018 20:27
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KYOON GRIFFEY JR posted:almost definitely I’m definitely not feeling sensitive about my car, and I don’t understand why everything needs to be profitable either. Droo posted:If I'm remembering that right, then the answer to your question is to avoid accidentally ending up like your dad due to unforeseen circumstances like disability or job loss. Those are good savings goals, IMO. Why do you need profit beyond that? Subjunctive fucked around with this message at 20:32 on Jul 18, 2018 |
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Jul 18, 2018 20:28
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Subjunctive posted:I’m definitely not feeling sensitive about my car, and I don’t understand why everything needs to be profitable either. "I am meeting my savings goal" doesn't impart enough information to really answer the second question at all. For example lots of people have a savings goal of contributing enough to a 401k to get the full match which generally isn't gonna be enough. But in this case you should assume that the responses are very poster-specific.
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Jul 18, 2018 20:33
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GoGoGadgetChris posted:What's the point of generating profit once your debt is serviced and you've made sufficient progress toward your short and long-term savings goals? There's nothing inherently good about stockpiling more money than you need. Needs are variable, for one thing. Having more money in the bank means you can push forward retirement, work less, pursue less lucrative work that you actually like, vacation more, etc. Honestly it's somewhat perplexing to me that this needs to be explained in the first place.
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Jul 18, 2018 20:33
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The ultimate goal is to die in a hovel with $1,000,000,000 in assets you never touch.
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Jul 18, 2018 20:34
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Subjunctive posted:I’m definitely not feeling sensitive about my car, and I don’t understand why everything needs to be profitable either. I don't really think that everything has to be popular and I waste money on dumb cars all the time, including an M5. Something about "I have to spend a lot of money buy this car to impress assholes at work" rubs me the wrong way. If you just come out and are like yeah I want an M2 go for it buddy! I hate car status culture a lot!
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Jul 18, 2018 20:35
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It should be every red-blooded American's goal to perform as little work (especially real, honest work) in their lifespan as possible.
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Jul 18, 2018 20:36
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Droo posted:"I am meeting my savings goal" doesn't impart enough information to really answer the second question at all. For example lots of people have a savings goal of contributing enough to a 401k to get the full match which generally isn't gonna be enough. I mean savings goals, not savings targets or activities. One’s goal might well be to save enough to generate $X/yr in retirement or in case of premature job loss. You’ve met your goal when you have assets that produce that income. (That you’re meeting monthly savings targets is a good sign you will reach your goal when scheduled.) Why should someone optimize for net profit beyond that?
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Jul 18, 2018 20:37
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Because weddings, exotic pet ownership, and nice cars usually end up being conspicuous consumption. Many luxuries are more about showing off how rich you are than actually getting personal enjoyment equal to the money spent, and the tread hivemind hates this. What else did you expect from a fairly left wing forum? Of course, the hivemind's hatred for horses does not fall under this banner. But a single unified theory of the hivemind doesn't exist.
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Jul 18, 2018 20:44
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Subjunctive posted:I mean savings goals, not savings targets or activities. One’s goal might well be to save enough to generate $X/yr in retirement or in case of premature job loss. You’ve met your goal when you have assets that produce that income. (That you’re meeting monthly savings targets is a good sign you will reach your goal when scheduled.) The original statement that everyone is responding to (which you are redefining) was: What's the point of generating profit once your debt is serviced and you've made sufficient progress toward your short and long-term savings goals? So, if he had no debt and had finished the goal I would agree with you, but in this specific case the poster comes from some weird family trust fund full of people that break promises and steal from the trust, and if I remember right he also blew up a 7 year relationship with his fiance because they had never talked about money like grown ups, AND he's in some other thread right now talking about spending money on a brand new car because an M3 isn't good enough to impress the people he works with or something. So even if the question were actually defined the way you are currently defining it, I would say that the person asking it probably wasn't as sure of his situation as he thinks he is.
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Jul 18, 2018 20:44
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Cross posting from the Schadenfreude thread! Holy poo poo has this been posted yet? https://www.reddit.com/r/legaladvic...ACD&sh=7a350406 I hired someone to take my online History class. He outsourced the work to someone in Africa, and that person emailed my professor and reported me for cheating. The person I hired refuses to refund the money. What recourse do I have? quote:I am in New York.
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Jul 18, 2018 20:46
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Droo posted:The original statement that everyone is responding to (which you are redefining) was: Sorry, the post you were responding to said quote:I don't understand! Isn't the future accounted for when you've met your savings goals? and that’s what I was talking about. I agree that accelerating progress towards your savings goals is of high value in most cases.
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Jul 18, 2018 20:48
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Droo posted:in this specific case the poster comes from some weird family trust fund full of people that break promises and steal from the trust, and if I remember right he also blew up a 7 year relationship with his fiance because they had never talked about money like grown ups, AND he's in some other thread right now talking about spending money on a brand new car because an M3 isn't good enough to impress the people he works with or something. So even if the question were actually defined the way you are currently defining it, I would say that the person asking it probably wasn't as sure of his situation as he thinks he is. Whoa whoa whoa, this is off base! Sorry for Self-Posts in the BWM thread, but my name is getting dragged here. My parents are morons who amassed and squandered several fortunes and had to revoke some property/money they had intended for my sister and I, but they're just idiots who get taken advantage of, not lying thieves. Yes a 7-year relationship ended because when we decided to consider engagement we decided to talk about finances (like grown ups!) and couldn't get on the same page. Seems like a good thing? M3s are wonderful but that's a 4-door sedan and I like smaller coupes better OK sorry for the self-posts but that should clear it up
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Jul 18, 2018 20:49
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