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This argument will never end, only the luxury good or service changes. Rolex's aren't BWM if you can afford them. "Afford" meaning "not financed, not sacrificing some other area of cash savings, etc." BWM means people being stupid with money in general. Doesn't have to be something unnecessary like a Rolex to be a stupid use of money. Thread always goes off on tangents on how dumb the actual item is, but the real dumb part is (in this case) the 25 year old financing a loving 15k watch. Substitute Rolex for just about any other item and it's still dumb.
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Aug 27, 2018 18:00
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Financing is fine as long as your terms are beneficial. But your point is probably "don't buy anything you couldn't buy cash" which is solid advice for nonHouse items
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Aug 27, 2018 18:10
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Ixian posted:This argument will never end, only the luxury good or service changes. Is buying a Rolex really not BWM? Is there a liquid easy used market for it? Sorry for my ignorance.
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Aug 27, 2018 18:13
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His point is that nothing is BWM if you have Enough Money Which isn't really true but it does help the BWM thread get out of its usual spiral of LUXURY ITEM DETECTED BEEP BOOP ECONOMIC INEFFICIENCY MUST BE DESTROY
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Aug 27, 2018 18:17
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Something Offal posted:Is buying a Rolex really not BWM? Is there a liquid easy used market for it? Sorry for my ignorance. Yes you can easily buy and sell Rolexes. Caveat Emptor there are a lot of very high-quality fakes out there that would be impossible for a non-professional to identify.
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Aug 27, 2018 18:34
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GoGoGadgetChris posted:His point is that nothing is BWM if you have Enough Money Exactly. Even if you have money to the point where (for example) 15k doesn't mean anything, a Rolex might still be considered an unnecessary waste of it compared to other things you could do with that money, but it's not really BWM. DWM (dumb with money) maybe. I know that is splitting hairs but to GoGoGadgetChris's point it causes the thread to spiral.
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Aug 27, 2018 19:01
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GoGoGadgetChris posted:What do you spend your money on then?! Gotcha covered. https://bit.ly/2NshZNi Alas, I couldn't find anything. Less comedic answer: I live in America. I spend it on health insurance and medical bills. 
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Aug 27, 2018 19:08
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Sundae posted:Alas, I couldn't find anything. An untapped market!
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Aug 27, 2018 19:53
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arent there jockey specific watches that jockeys dont actually wear cuz weight
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Aug 27, 2018 19:56
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Sundae posted:Gotcha covered. I'll take a Stag Heuer please. Just don't put the Cartier in front of the horse please.
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Aug 27, 2018 20:07
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TraderStav posted:Just don't put the Cartier in front of the horse please. God, I
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Aug 27, 2018 20:56
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Do we really need to get in to horse puns again? I say neigh.
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Aug 27, 2018 20:58
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NO thread, NO! Pull up! Get stable!
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Aug 27, 2018 20:59
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GoGoGadgetChris posted:Financing is fine as long as your terms are beneficial. But your point is probably "don't buy anything you couldn't buy cash" which is solid advice for nonHouse items Why not houses too?
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Aug 27, 2018 21:00
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Moneyball posted:Do we really need to get in to horse puns again? I say neigh. Agreed. Rein it in, folks.
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Aug 27, 2018 21:00
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big_ass_horse_picture.jpg
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Aug 27, 2018 21:04
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Hoodwinker posted:big_ass_horse_picture.jpg 
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Aug 27, 2018 21:06
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Subjunctive posted:Why not houses too? My opinion is a product of my specific circumstances, but borrowing money at 3.5% allowed me to keep 80% of my money in a stock market that increased at twice that rate, and allowed me to buy in at a price that would double in only 7 years. When cheap money is available for an appreciating asset, it behooves you to take advantage of it
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Aug 27, 2018 21:08
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Subjunctive posted:Why not houses too? I was about to say "because they cost too much, duh!" but can you imagine the downward pricing pressure that all cash purchases would put on the housing market? Either you end up with a dystopian Pottersville hellscape with everyone renting from slumlords and Jimmy Stewart jumping off bridges or home/property prices are half what they are today. I'm going to guess it turns out bad and we should continue to finance our homes over multiple decades.
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Aug 27, 2018 21:11
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Horseshoes. Barely nice ones.
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Aug 27, 2018 21:25
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Moneyball posted:Do we really need to get in to horse puns again? I say neigh. Giddy-up, here we go again! I know it can be pretty trough to come up with original puns, but I oat to think we can beat this dead horse a little more. Trot your best ones out.
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Aug 27, 2018 21:31
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GoGoGadgetChris posted:My opinion is a product of my specific circumstances, but borrowing money at 3.5% allowed me to keep 80% of my money in a stock market that increased at twice that rate, and allowed me to buy in at a price that would double in only 7 years. 
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Aug 27, 2018 21:39
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Chris stop posting about yourself E: my friend thinks it’s a good idea to look into buying a house for “0% down, or as close as possible” because they have 0 debt, good credit, and are tied of renting. They work part time in the food service industry and have $2,000 to their name. I’m trying to stop this.
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Aug 27, 2018 21:41
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Bro, please, you don't have to kill yourself just because I had a bit of luck in the housing market!zelah posted:Chris stop posting about yourself Dude I was literally answering Subjunctive's question
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Aug 27, 2018 21:42
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zelah posted:Chris stop posting about yourself Not a good idea if you have very marginal income and assets to support a house purchase. However to tie this conversation back into comments above, if you are have a lot of income and assets relative to the price of the home you wish to own and can finance 100% or near 100% on favorable terms then it is very possibly good with money to do so.
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Aug 27, 2018 21:46
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GoGoGadgetChris posted:Whoa thread, WHOA! Pull back! Get stable! FTFY
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Aug 27, 2018 22:13
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"Can you live in it" should be a significant determiner in whether you should finance large purchases. So no to a Rolex, no to a horse, yes to houses, and a big maybe to a van. GoGoGadgetChris posted:Dude I was literally answering Subjunctive's question A general question doesn't always require a specific personal answer.
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Aug 27, 2018 22:15
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GoGoGadgetChris posted:Bro, please, you don't have to kill yourself just because I had a bit of luck in the housing market! I don't think it was a personal question
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Aug 27, 2018 22:17
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Krispy Wafer posted:"Can you live in it" should be a significant determiner in whether you should finance large purchases. So no to a Rolex, no to a horse, yes to houses, and a big maybe to a van. What about a houseboat?
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Aug 27, 2018 22:17
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EAT FASTER!!!!!! posted:What about a houseboat? Always a houseboat. Houseboats are superior to regular houses because you have twice as many ways to commit insurance fraud.
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Aug 27, 2018 22:26
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Krispy Wafer posted:A general question doesn't always require a specific personal answer. Senor Dog posted:I don't think it was a personal question Imbecilic and laughable posts. On what planet does someone asking your opinion not justify a personal answer? (USER WAS PUT ON PROBATION FOR THIS POST)
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Aug 27, 2018 22:27
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GoGoGadgetChris posted:Imbecilic and laughable posts. 
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Aug 27, 2018 22:34
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Seriously though shut up
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Aug 27, 2018 22:34
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GoGoGadgetChris posted:Imbecilic and laughable posts. If you hit the question mark under your avatar again you'll stop seeing just your posts.
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Aug 27, 2018 22:39
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Post content!! https://www.reddit.com/r/personalfinance/comments/9aqnr3/my_grandma_needs_me_to_take_out_a_20000_loan_for/?st=jlct02es&sh=b17883aa My grandma needs me to take out a $20,000 loan for her so she can move quote:I'm 25, college grad, and I just started my job back in June. I live at home still and making about $37,000 a year after taxes (I live in Boston). Seems they came to their senses quote:edit3: I AM NOT GOING THROUGH WITH IT. if I was going to do it I wouldn't have come on here asking for advice just to get poo poo on lol. thanks for the input though you guys make me feel better about saying no! I'm pretty responsible with my money and I plan on doing so (I want to put myself in position to move out soon).
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Aug 27, 2018 22:39
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GoGoGadgetChris posted:Imbecilic and laughable posts. On what planet does someone asking your opinion not justify a personal answer? (P. Barnes voice): It's against the rules.
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Aug 27, 2018 22:41
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Generally, no one minds when people self-post if it's about something funny or interesting. No one wants to hear about your mortgage unless it's funding funkopops or artisinal horse smoothies.
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Aug 27, 2018 22:44
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Dear lord, how is "my ____ wants me to take the loan out and have it in their name" so common in these posts? Have any of you been asked this by family? I seriously can't even imagine it. Big fan of this bit, too: quote:I'm not sure what the risks are besides her not paying the loan and the bank coming after me.
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Aug 27, 2018 22:46
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GoGoGadgetChris posted:Big fan of this bit, too: To be fair, that is an accurate representation of the risks!
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Aug 27, 2018 22:49
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GoGoGadgetChris posted:Dear lord, how is "my ____ wants me to take the loan out and have it in their name" so common in these posts? Have any of you been asked this by family? I seriously can't even imagine it. I mean, it's also the thing with car loans, although in that case I get the impression the auto dealers are actively pushing people to do this (e.g. co-sign for an auto loan representing 30-50%% of their kids' income, which their kids would in no way qualify for on their own).
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Aug 27, 2018 23:05
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