Bad With Money 2018: When I die, bury me in the blockchain.

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Bad With Money 2018: When I die, bury me in the blockchain.

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Fitzy Fitz: May 14, 2005

Like anyone pays taxes on their tips

# ? Aug 23, 2018 16:31

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# ? May 30, 2024 18:37

brugroffil: Nov 30, 2015; Can't post for 3 days!

OctaviusBeaver posted:

Don't servers get taxed on expected tips anyway

Also that's clearly tax evasion but that's not stopped dumb people before!

# ? Aug 23, 2018 16:34

Hoodwinker: Nov 7, 2005

I was at a concert at Ravinia last night, the Chicagoland area's fancy open-air concert venue, and found something amusing inside of their massive program booklet. First, I'll add that it contained no less than three ads for wealth management groups (know your audience I guess) but one of them had a line that stuck out to me. I don't have a picture but here's a transcription:

quote:

Hefter, Leshem, Margolis
Capital Management Group of Wells Fargo Advisors

[. . .]

HLM Capital Management Group has been ranked by Barron's as the No. 1 Financial Advisor in Illinois for the 9th year in a row*.

*Barron's Top 1,200 Advisors - State By State - The rankings are based on data provided by thousands of advisors. Factors included in the rankings were assets under management, revenue produced for the firm, regulatory record, quality of practice and philanthropic work. Investment performance isn't an explicit component.

Emphasis mine. I love that anybody with half a brain will look at those two lines and go, "Huh? Why the gently caress should I give a poo poo that they're ranked first in making themselves money?"

# ? Aug 23, 2018 16:35

Krispy Wafer: Jul 26, 2002; I shouted out "Free the exposed 67"
But they stood on my hair and told me I was fat; Grimey Drawer

Fitzy Fitz posted:

Like anyone pays taxes on their tips

Well you kind of have to when it's included with the charge amount.

But yes, no chump pays taxes on all of their cash tips.

And yes, they are taxed on an expectation of like 10% tippage I think. So if you get an average of 15% you are making out like a Manafort with that undeclared income.

# ? Aug 23, 2018 16:35

Fitzy Fitz: May 14, 2005

I always got a cash payout from the register at the end of the night equal to my CC tips. I'm pretty sure my boss was dodging a lot of taxes though.

# ? Aug 23, 2018 16:39

Leon Trotsky 2012: Aug 27, 2009; YOU CAN TRUST ME!*

_{*Israeli Government-affiliated poster}

This is the most pervasive belief in personal finance and I have no idea how so many people continue to believe it for so long.

lol at "my finance friend."

quote:

My finance friend told me that I shouldnt pay my credit card off in full every month, instead to always let 30% of the maximum ride from month to month. Why?

Apparently your credit builds faster by not paying off in full every single month because as he said "it shows that you didnt use it if you pay it off in full monthly" and that always letting 30% or less of the maximum available ride on from month to month shows that you can handle your finances and builds credit faster.

quote:

TBH i wouldnt even know how to check my credit score... so many sites advertise for free and so many sites say that the previous free sites are scammers/untrustworthy. Ive had friends and other websites say that my own bank may be able to check it. It just feels so "runaround" ish that ive never checked it.

quote:

So your saying if my max is about 2,000 only use 8% or less in total per month? as in only spend about 160 and then pay it off in full, and then not touch it until the next cycle starts, and repeat ?

im just trying to get specific directions here. Would it be harmful if i just use whatever amount id like (not max it out) and then pay it off in full before it is due?

quote:

for me, it is to build credit. He said it was to build credit.

EDIT: to answer the question about the friend, he did recently graduate from a local state university for accounting with a concentration in finance. no offense taken about the friend question , i totally agree with you, id rather be precautious than go in blind to advice

quote:

thanks for advice everyone. im just going to cover both sides and let a small amount ride each month instead of 30%. my debt is only ever like a couple hundred dollars at most. I do watch my finances closely. I would like to build credit as safe and as good as possible.

# ? Aug 23, 2018 16:42

Hoodwinker: Nov 7, 2005

The extra foolish part about credit-worthiness is that utilization is both an extremely transient and often not the most critical factor in credit score.

# ? Aug 23, 2018 16:46

Phanatic: Mar 13, 2007; Please don't forget that I am an extremely racist idiot who also has terrible opinions about the Culture series.

Fitzy Fitz posted:

Like anyone pays taxes on their tips

If you don't pay taxes on your tips then you're boned when it comes time to collect benefits or apply for a loan/mortage.

Leon Trotsky 2012 posted:

This is the most pervasive belief in personal finance and I have no idea how so many people continue to believe it for so long.

Can you please provide a link to the threads you post? They're generally pretty easy to find by Googling for the quoted text but not always.

Phanatic fucked around with this message at 16:55 on Aug 23, 2018

# ? Aug 23, 2018 16:53

Leon Trotsky 2012: Aug 27, 2009; YOU CAN TRUST ME!*

_{*Israeli Government-affiliated poster}

quote:

Should i spend 50% of my budget on clothes?

Hello guys! I'm 21, and i have a problem(if you can call it like that), that i spend like 50-60% of my monthly salary on clothes(expensive ones). The thing is i grew up in a poor family, so i never had any expensive brands or devices, while other kids in school were showing off with cool things that i couldn't afford back then. And now, for some reason i wanna look nice with expensive brand logos, it makes me feel better and more confident. However, my friends and family are criticizing me for that. They say like i gotta leave below my means and save that money for future. But that's rly hard for me, cuz i have an inferiority complex lol

quote:

I think you know the answer to this question already. No, you shouldn�t spend that much of your budget on clothes.

how much should i ??

quote:

5% would be a good figure.

too low

From his post history, a week later:

quote:

what do u think about worn clothes on ebay(Armani, Gucci) ? Are they safe to wear? (for skin):

quote:

But if you spend 500 on a jacket and nobody knows it's brand, isn't it throwing ur money away?

quote:

so you do it for yourself? i think it makes no sense. id rather do 1000 on a shirt with logo than 500 on one without. does this mean im a shallow person?

# ? Aug 23, 2018 16:54

TraderStav: May 19, 2006; It feels like I was standing my entire life and I just sat down

Mods, rename me precautious

# ? Aug 23, 2018 16:56

Leon Trotsky 2012: Aug 27, 2009; YOU CAN TRUST ME!*

_{*Israeli Government-affiliated poster}

Hoodwinker posted:

The extra foolish part about credit-worthiness is that utilization is both an extremely transient and often not the most critical factor in credit score.

It's weird that he is so obsessed with it, but has taken no actual steps to see what his credit score actually is.

"I want to build credit. I've been doing this for two years. No, I have never checked my credit score and don't know what it is."

"Okay, everyone has told me this is a terrible idea and carrying a balance does literally nothing for your credit score. I'm just going to carry a balance of 10% of my limit instead of 30%. That way I have both sides covered."

# ? Aug 23, 2018 16:58

Elysium: Aug 21, 2003; It is by will alone I set my mind in motion.

Leon Trotsky 2012 posted:

From his post history, a week later:

Man, I'd be surprised if I even spent 1% on clothes a year.

# ? Aug 23, 2018 16:58

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

TraderStav posted:

Mods, rename me precautious

If you try to log in only to find that your user name no longer works, try using precautious

# ? Aug 23, 2018 17:00

TraderStav: May 19, 2006; It feels like I was standing my entire life and I just sat down

Leon Trotsky 2012 posted:

From his post history, a week later:

My wife busts my chops when I pick up two $20 polos at Costco.

I just looked at the past few years of my spending history, my family of 5 has spent an average of 2% of our single-income household on Clothing.

We aren't shopping at Mervyn's or anything either.

# ? Aug 23, 2018 17:00

Leon Trotsky 2012: Aug 27, 2009; YOU CAN TRUST ME!*

_{*Israeli Government-affiliated poster}

Phanatic posted:

If you don't pay taxes on your tips then you're boned when it comes time to collect benefits or apply for a loan/mortage.

Can you please provide a link to the threads you post? They're generally pretty easy to find by Googling for the quoted text but not always.

https://www.reddit.com/r/personalfinance/comments/989fag/my_finance_friend_told_me_that_i_shouldnt_pay_my/
https://www.reddit.com/r/personalfinance/comments/94lqti/should_i_spend_50_of_my_budget_on_clothes/
https://www.reddit.com/r/personalfinance/comments/98pt4s/my_girlfriend_is_joining_the_air_force_where_does/
https://www.reddit.com/r/personalfinance/comments/96crjf/i_desperately_need_a_new_car_and_the_perfect_one/

# ? Aug 23, 2018 17:01

TraderStav: May 19, 2006; It feels like I was standing my entire life and I just sat down

Moneyball posted:

If you try to log in only to find that your user name no longer works, try using precautious

Oh man, I may have to stop using this gag if mods are actually going to start acting on it.

# ? Aug 23, 2018 17:02

Leon Trotsky 2012: Aug 27, 2009; YOU CAN TRUST ME!*

_{*Israeli Government-affiliated poster}

I spend 60% of my income on clothes and

quote:

i have a problem(if you can call it like that)

# ? Aug 23, 2018 17:04

Jordan7hm: Feb 17, 2011; Lipstick Apathy

Yesterday an otherwise intelligent friend of mine talked about how as your taxes go up you can end up making less money because of your tax bracket.

We went to school together to get B Comms. We spent an entire class arguing about this because holy loving poo poo how can people have so much trouble with the concept of tax brackets.

Also why does my autocorrect keep converting poo poo to shot but suggest shitposting as a possible word.

# ? Aug 23, 2018 17:11

ma i married a tuna: Apr 24, 2005; Numbers add up to nothing; Pillbug

OctaviusBeaver posted:

How is this person worrying about paying some taxes when they tip almost 70%?

# ? Aug 23, 2018 17:26

Fitzy Fitz: May 14, 2005

I�m 20, make around $24k a year. What can I do about this car loan?

quote:

Hi y�all. First time posting here, didn�t even know this was a a thing until I googled it. So I�m 20, work a full time job & do classes online towards a criminology degree. My 2006 Nissan Sentra got totaled while it was parked on the side of parents house back in February of this year & I had no way to get to my job so my dumbass thought since I had a full time job I could afford a new car. That is simply not the case anymore.

I make $13 an hour while working at a law firm, I make 40 hours a week, pay is biweekly so around $850ish per paycheck. My expenses are not much, just my phone ($75 a month, $125 for car insurance, & I help my parents out with some bills in the house). My car payment is at $429.89 with 7.5% with a co signer for 84 months. I put $3500 Down. I�ve had it since April 2018 till now & I recently just made another payment on the 20th. Thankfully the job has been stable & ive made payments weeks early since I want my credit to improve & don�t want to ruin the co-signers credit either.

Since I�m only 20, I haven�t had credit at all until now, it�s around the 650 range which I still consider kind of bad. The rest of my money goes into an ally savings account which I just made. I usually have around $300-$400 per check left over after bills & all.

I obviously don�t want to pay the car for 7 years, it�s a 2018 Jeep Cherokee, what can I do to get out of this? Can I trade it for something cheaper & better on gas or just pay it off in 7 years or what not.

# ? Aug 23, 2018 17:32

crazypeltast52: May 5, 2010

A tip for the Eat Fasters of this thread. As soon as the kids have earned income and you can start stuffing their Roth IRAs with gifted funds equal to the earned income up to the IRS limit, make sure they report those tips!

# ? Aug 23, 2018 17:35

Subjunctive: Sep 12, 2006; ✨sparkle and shine✨

ma i married a tuna posted:

How is this person worrying about paying some taxes when they tip almost 70%?

It�s a position of principle. They never would have been subject to the tax on a tip they left anyway.

# ? Aug 23, 2018 17:36

Rotten Red Rod: Mar 5, 2002

ma i married a tuna posted:

How is this person worrying about paying some taxes when they tip almost 70%?

You can't put a price tag on smugness

# ? Aug 23, 2018 17:41

OctaviusBeaver: Apr 30, 2009; Say what now?

It's also just so incredibly dumb. Why would anyone ever pay taxes if you could just reclassify everything as a "gift"? I would ask my job to reclassify my wages and pay no income taxes. And when I went to the store I wouldn't pay sales tax because I wouldn't buy anything, I would just gift $1 to Kroger and they gift me an apple. How could he think it works like that?

# ? Aug 23, 2018 17:42

greazeball: Feb 4, 2003

Ashcans posted:

That's because maintaining a castle is actually cripplingly expensive, especially that now you don't get swathes of land and serfs to support them, and have to pay specialist masons and other expensive craftsmen to patch up your hundreds-year old place.

Besides, just buying some castle is weak, real enthusiasts build them themselves

This is pretty cool, tbh.

Tamba posted:

http://www.castlesandmanorhouses.com/castlesforsale.htm

Many of these are cheaper than an apartment in one of the big American cities.

This though, reminded me that the Irish Times (Ireland's another place with a super over-heated property market) runs this thing each week called Take 5, where they compare what you can get for the price of Irish real estate abroad. So, for example, if you had �140,000, would you rather have...

A huge house with views over a lovely valley in Slovenia

A five-bedroom, three-story house in France

A 1970sq ft, 3 bed, 2 bath property with veranda and a shared pool in Spain

A 2 bed house on a quarter acre of tropical gardens, with views of the ocean in Grenada

Or this charming 3 bed cottage on half an acre in Ballina, Co. Mayo (population: 10,000, precise navigational coordinates: middle of nowhere)

The property market in Dublin always seemed particularly insane when I lived there. Sometimes I wonder what happened to my co-worker, who took out a 110% mortgage with his girlfriend (soon to be fianc�e, he always promised) to buy some lovely terraced house in Drimnagh. For extra laughs, it was a house that his sister could no longer afford so his dad was using him to get her out of that one and then going to finance a different one for her. This was in about 2004-5 so a lot of home values absolutely tanked about 3 years later. He was such a smug prick, always asking me why I was throwing my money away on rent and just could not comprehend any advantage to not living with your parents or in having a nicer place than you could ever get a mortgage for.

# ? Aug 23, 2018 17:51

Hoodwinker: Nov 7, 2005

OctaviusBeaver posted:

How could he think it works like that?

What does your heart tell you?

# ? Aug 23, 2018 17:54

sunday at work: Apr 6, 2011; "Man is the animal that thinks something is wrong."

OctaviusBeaver posted:

How could he think it works like that?

Well no one has ever thought of it before, how do you know it won't?

# ? Aug 23, 2018 18:07

Krispy Wafer: Jul 26, 2002; I shouted out "Free the exposed 67"
But they stood on my hair and told me I was fat; Grimey Drawer

crazypeltast52 posted:

A tip for the Eat Fasters of this thread. As soon as the kids have earned income and you can start stuffing their Roth IRAs with gifted funds equal to the earned income up to the IRS limit, make sure they report those tips!

I started that for my kid this year. It�s more an experiment to see how much it grows over then next couple of decades. Then on my death bed I can croak about how awesome it would�ve been had my kid not cashed out the IRA I started for her at 16 when she she was 23 and wanted Cancun money.

# ? Aug 23, 2018 18:09

19 o'clock: Sep 9, 2004; Excelsior!!!

OctaviusBeaver posted:

"What do you mean substance over form?"

This poo poo is so loving dumb. I had a teammate who used to explain to me that he can deduct every and all costs of his day to day life (going to the bar, gassing up, paying rent, eating out) on account of the fact that "If I don't eat, or don't pay my bills, I can't work - ergo: business deduction!" I politely admonished him not to flagrantly violate the law, however he insisted that I didn't know what I was talking about.

At the moment my CPA licensure is underway pending review with NASBA. Maybe one day I'll see through all of the bullshit I've been fed...

# ? Aug 23, 2018 18:10

Sirotan: Oct 17, 2006; Sirotan is a seal.

Leon Trotsky 2012 posted:

Keep an eye out for new castle construction in Southern California soon.

They should move to George and pick up this one: https://www.zillow.com/homedetails/33300-Highway-157-Menlo-GA-30731/105185998_zpid/

# ? Aug 23, 2018 18:51

Fuzzy Mammal: Aug 15, 2001; Lipstick Apathy

It's dead, Jim. All praise our stem overlords

# ? Aug 23, 2018 18:52

Fitzy Fitz: May 14, 2005

so what's with the Religion trend there

# ? Aug 23, 2018 18:54

Vox Nihili: May 28, 2008

greazeball posted:

This is pretty cool, tbh.

This though, reminded me that the Irish Times (Ireland's another place with a super over-heated property market) runs this thing each week called Take 5, where they compare what you can get for the price of Irish real estate abroad. So, for example, if you had €140,000, would you rather have...

A huge house with views over a lovely valley in Slovenia

A five-bedroom, three-story house in France

A 1970sq ft, 3 bed, 2 bath property with veranda and a shared pool in Spain

A 2 bed house on a quarter acre of tropical gardens, with views of the ocean in Grenada

Or this charming 3 bed cottage on half an acre in Ballina, Co. Mayo (population: 10,000, precise navigational coordinates: middle of nowhere)

The property market in Dublin always seemed particularly insane when I lived there. Sometimes I wonder what happened to my co-worker, who took out a 110% mortgage with his girlfriend (soon to be fiancée, he always promised) to buy some lovely terraced house in Drimnagh. For extra laughs, it was a house that his sister could no longer afford so his dad was using him to get her out of that one and then going to finance a different one for her. This was in about 2004-5 so a lot of home values absolutely tanked about 3 years later. He was such a smug prick, always asking me why I was throwing my money away on rent and just could not comprehend any advantage to not living with your parents or in having a nicer place than you could ever get a mortgage for.

In the Bay Area you can afford a shack if you multiply that €140,000 amount by ten. It's mind-blowingly BWM to live here.

# ? Aug 23, 2018 19:12

Ashcans: Jan 2, 2006; Let's do the space-time warp again!

Oh come on, it's not that bad. I mean ok, $160k is pretty lean for the area, but for just $180k you can get a 550sqft studio in a senior living community (HOA fees only $4387 monthly!) and if you stretch your budget to $200k you can get this beautiful 1500sqft lot on a 35-degree slope with no street access. Just imagine the potential!

# ? Aug 23, 2018 19:19

OctaviusBeaver: Apr 30, 2009; Say what now?

Ashcans posted:

Oh come on, it's not that bad. I mean ok, $160k is pretty lean for the area, but for just $180k you can get a 550sqft studio in a senior living community (HOA fees only $4387 monthly!) and if you stretch your budget to $200k you can get this beautiful 1500sqft lot on a 35-degree slope with no street access. Just imagine the potential!

# ? Aug 23, 2018 19:28

Ashcans: Jan 2, 2006; Let's do the space-time warp again!

I have to admit, I admire the broker who takes a look at this and says 'yea, I can sell that to someone':

BWM: Spending money on a collapsing cliff face that you can't actually access or even build on.

# ? Aug 23, 2018 19:34

GoGoGadgetChris: Mar 18, 2010; i powder a
granite monument
in a soundless flash

showering the grass
with molten drops of
its gold inlay

sending smoking
chips of stone
skipping into the fog

The Bay Area owns. I grew up on a cul-de-sac in the 94022 zip code, and one year we had to do Christmas in a hotel because Elton John rented a house on the street and paid each household $15k to vacate their homes for a week!

# ? Aug 23, 2018 19:42