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$37,000 in Boston 
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Aug 27, 2018 23:32
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Grumpwagon posted:To be fair, that is an accurate representation of the risks! Just in my own stupid circle of friends I am still amazed at the number of people who believe "well, credit resets after 7 years, so if I can't afford it I'll just suck it up, ignore them for 7 years, and I'll be fine". I mean, the tiniest bit of research would blow that bullshit to pieces, but that wouldn't get you the Ford Raptor of your dreams, so, head in sand it is.
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Aug 28, 2018 01:00
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KYOON GRIFFEY JR posted:$37,000 in Boston After taxes? That isn't incredibly bad. The real question mark I'm wondering about is a $600 / mo loan on a loving 2013 Rogue.
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Aug 28, 2018 01:49
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Ixian posted:Just in my own stupid circle of friends I am still amazed at the number of people who believe "well, credit resets after 7 years, so if I can't afford it I'll just suck it up, ignore them for 7 years, and I'll be fine". It’s like short term and long term planning all at once.
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Aug 28, 2018 02:09
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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. When I was 16 my mother made me take an auto loan (which she cosigned) to purchase her friend's car (that her friend could no longer afford) to sell to my brother (he made the payments on the car loan every month). I haven't spoken to my mother since moving out. edit: Actually, I'm not sure if my step dad actually cosigned it. My mother has always had such awful credit so my adult brain thinks it is very strange that she would be cosigning a loan for me. CmdrRiker fucked around with this message at 02:36 on Aug 28, 2018 |
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Aug 28, 2018 02:30
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Anyone got experience "investing" with family? I'm 1 of 7 kids, 5 of us have grown up and are married/have full-time jobs. My father has these insane ideas. One of the first was that everyone chips in to buy house for the eldest son (gently caress you) and then we'd somehow take turns all the way down. Sister #5 would need to wait >20 years by my extremely optimistic calculation. No mention of inflation or location or anything else. At one point he thought buying land/apartment/something in Turkey was a good idea. Now he's come up with another idea: we all chip in to buy my brother and sister (both married with kids) a two-store house and divide it up into separate living areas (like apartments) and make them pay discounted rent. This isn't too bad of an idea, until you dig deeper. "Who's going to own the property" and "how much rent do they pay" and "what happens to the rent (and why discounted???)". Everything falls down into NoWay territory really fast. I usually respond with "I got no savings Pa". But it got me thinking that with our numbers, we should be leveraging our collective earning power to invest. Except my family doesn't deal with interest/loans at all (crazy fuckers), which makes things considerably harder. Also anything related to interest is a haram.
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Aug 28, 2018 03:05
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Suspicious Lump posted:Anyone got experience "investing" with family? I'm 1 of 7 kids, 5 of us have grown up and are married/have full-time jobs. Owning real estate with family is a nightmare. Second only to trying to SELL real estate owned with family. Don't!!! You don't gain any advantage by pooling your collective income, either.
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Aug 28, 2018 03:10
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GoGoGadgetChris posted:
Really? I know a lot of immigrants who pooled collective income and that was how they got their foot in the door with a stable living arrangement. Same for starting a business.
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Aug 28, 2018 03:27
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Suspicious Lump posted:Anyone got experience "investing" with family? I'm 1 of 7 kids, 5 of us have grown up and are married/have full-time jobs. Yeah, you're essentially starting down the path of starting some sort of small business with your family. Whether a family real estate business or family hedge fund, I'm not sure.
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Aug 28, 2018 03:27
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Panfilo posted:Really? I know a lot of immigrants who pooled collective income and that was how they got their foot in the door with a stable living arrangement. Same for starting a business. Owning real estate and or a small business are generally worse investments than boring ol' index fund investing, which is why I say there's no advantage. If your goal is to buy real estate or start a business, then hell yeah, pooled income will make it easier.
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Aug 28, 2018 03:31
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Suspicious Lump posted:Anyone got experience "investing" with family? I'm 1 of 7 kids, 5 of us have grown up and are married/have full-time jobs. It's a wealth A-Frame.
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Aug 28, 2018 03:32
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Is that an actual question from you or a post you found? If actual question from you, no no no don't do any of that and just say no to anything your dad brings up in the future.
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Aug 28, 2018 03:47
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sheri posted:Is that an actual question from you or a post you found? GoGoGadgetChris posted:Owning real estate with family is a nightmare. Second only to trying to SELL real estate owned with family. Don't!!! Panfilo posted:Really? I know a lot of immigrants who pooled collective income and that was how they got their foot in the door with a stable living arrangement. Same for starting a business. CmdrRiker posted:Yeah, you're essentially starting down the path of starting some sort of small business with your family. Whether a family real estate business or family hedge fund, I'm not sure. Gonna stay away from family BS for sure, thanks guys.
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Aug 28, 2018 04:41
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are they gettin riba-compatible loans (assuming muslims, given debt is no bueno religiously) for more money? lol
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Aug 28, 2018 04:47
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The only moral loan is my loan
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Aug 28, 2018 05:00
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bob dobbs is dead posted:are they gettin riba-compatible loans (assuming muslims, given debt is no bueno religiously) for more money? lol At first yes. I mentioned this maybe in this thread or the last one but it's worth mentioning it again because gently caress these parasitic bastards. They went with a bank ironically called MCCA (pronounced Mecca), which essentially repackaged loans from the big 4 Australian banks into "Islamic compatible" financial package (with a premium of course). It acted exactly like a standard interest-loan, with a variable rate and everything else. I have no idea how this was not riba. If you take a classical view on riba (not shared by any current day muslims), it refers to unreasonably high rates, i.e. usury. Ironically, by whatever definition you go by, this loan was 100% usury. At that time the going mortgage rate was ~8%, MCCA's rate was ~12%. Just bonkers. My dad was watching the news and the reserve bank of Australia had dropped the interest rate by a few points (I think 0.5%?) and again the next quarter. All the big 4 banks followed suit and dropped their rates. Not MCCA! They kept it at a sweet 12%. My dad eventually got the shits and switched to a standard bank and got something like $400 reduction in the interest per payment which he put towards the principle. The loan agent tried guilt tripping my dad, lol. BMan posted:The only moral loan is my loan
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Aug 28, 2018 05:47
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BWM from my old office. Guy works for the feds, permanent full time, GS-7. Makes 19.82/hr, plus probably 400hrs of OT on the low end. So a reasonably comfortable wage in a no-income tax, LCOL state. He has a truck (the horse of automobiles) he bought for about 60k a few years ago. Paid it down, then refinanced it to pull remaining equity out so his wife could buy a brand new jeep. They have a house, spend like cash is full of ebola, and are in debt up to their eyeballs. So pretty much the American Dream. Kinda BWM, but not unusually so. Broseph is probably going to get a GS-8 detail next year, and has a clear road to a GS-9 with the same OT. So in 2 years he's on track to gross $65k/yr in an easy job that he's good at and everyone likes him in. Not bad for a 23 yr old with no college education. The BWM part comes with what he wants to do in the future. He isn't unhappy in his present job, but he wants to go into a different branch of his profession. His vision for next year is leaving his present position and taking a GS-4 position thats, at best a 2/3rds year seasonal position. If he does this, there is no way he sniffs a GS-9 for another decade at least. He is leaving hundreds of thousands of dollars on the table to go play outside for two thirds of the year. I understand not wanting to get bogged down and to pursue dreams. But at what point does pursuing dreams and spiting a solidly middle class existence just become BWL?
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Aug 28, 2018 06:56
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BWL is working outside that much and destroying your body rather than hiding inside and growing fat and giving yourself nerd neck.
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Aug 28, 2018 11:20
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xbox financing Sweet! Now I can do monthly payments on my xbone to play vidja games!!!! Mom!!! We need more Cheetos!!!!
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Aug 28, 2018 11:28
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Tbh as long as I could still afford rent and stuff I'd happily take a substantial pay cut if it meant getting a job I liked over one I find bad, that just seems like the dude has different priorities in life then you more then anything
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Aug 28, 2018 11:46
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sparkmaster posted:He has a truck (the horse of automobiles) he bought for about 60k a few years ago. Paid it down, then refinanced it to pull remaining equity out so his wife could buy a brand new jeep. They have a house, spend like cash is full of ebola, and are in debt up to their eyeballs. So pretty much the American Dream. Kinda BWM, but not unusually so. Okay, hold up. He refinanced his truck to pull out equity? WTF, that's a thing and not just title pawn?
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Aug 28, 2018 12:57
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sparkmaster posted:He has a truck (the horse of automobiles) he bought for about 60k a few years ago. Paid it down, then refinanced it to pull remaining equity out This is dumb when it's a house, a cash-out refi on a truck is some next level  poo poo!
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Aug 28, 2018 13:06
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OneTruePecos posted:This is dumb when it's a house, a cash-out refi on a truck is some next level Not just any truck, a $60k truck that presumably stays immaculate and gets parked across multiple parking spaces
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Aug 28, 2018 13:10
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Virigoth posted:xbox financing The fact that the costs are comparable to buying outright (at least according to the article) means I don't think this is a bad idea necessarily. People who were going to game regardless maybe stretch themselves less thin with this financing plan. They own the console afterward like with phone financing. But unlike phone financing, consoles aren't refreshed every year or two and trying to get you to ditch the previous and totally obsolete, guys model and get a new shiny thing nearly as often.
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Aug 28, 2018 13:31
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SpelledBackwards posted:The fact that the costs are comparable to buying outright (at least according to the article) means I don't think this is a bad idea necessarily. People who were going to game regardless maybe stretch themselves less thin with this financing plan. They own the console afterward like with phone financing. How about special edition consoles? Like when Sony puts out a God of War edition PS4. I'm assuming they aren't marketing to some rando still rocking a PS3 whose been holding off buying a 4 year old next-gen console until it's the right color. Someone must be buying extra consoles because it's their favorite game series. This subscription deal may be for gamers who want to ditch all their Gears of War Xbox equity for a Halo Xbox that's got the exact same internals.
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Aug 28, 2018 14:23
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mandatory lesbian posted:Tbh as long as I could still afford rent and stuff I'd happily take a substantial pay cut if it meant getting a job I liked over one I find bad, that just seems like the dude has different priorities in life then you more then anything Just like most jobs, I'm sure you'd grow to hate it eventually for reasons that aren't immediately obvious. But even if taking a pay cut for your dream job is GWL, it's almost definitely BWM.
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Aug 28, 2018 14:25
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If nothing else, if you're willing to sacrifice material comfort for the job of your dreams, then go for it. But clearly he's not doing that or gonna do that so the financial trainwreck when he loses half his income when he's already underwater will be something best appreciated from a safe distance.
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Aug 28, 2018 14:56
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I'm gonna have a hard time passing judgment on that without knowing what he gets to do outdoors. It's hard to put a dollar amount on some of those jobs.
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Aug 28, 2018 15:01
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https://money.stackexchange.com/questions/99097/i-want-a-brand-new-car-thats-43-668-at-17-18-years-old I want a brand new car that's $43,668 at 17-18 years old quote:I'm Kyle from Arizona. I'm looking to get a brand new Jeep Wrangler Rubicon that's around 43,000 at 17 years old. I turn 18 in 4 months. I work at one job where I usually make around 1200 a month. Right now I have 600$ in my bank account and I'm not planning to spend any more money at all until I turn 18. The down payment is 10% so around $5,000. The APR of the place near me that sells them is 4.28%. The duration is 60 months and it's around $800 a month.
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Aug 28, 2018 15:22
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quote:Why do you "desperately need" this car? Your mom's advice sounds good to me. – BrenBarn 8 hours ago quote:Because I want it. – kyledrake17 8 hours ago
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Aug 28, 2018 15:25
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To be fair we'd let that same kid sign up for $200,000 of student loans to get a studio arts degree...
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Aug 28, 2018 16:18
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Fitzy Fitz posted:I'm gonna have a hard time passing judgment on that without knowing what he gets to do outdoors. It's hard to put a dollar amount on some of those jobs. If I could do it over, I think maybe I should have been a geologist. I read Annals of the Former World and oh man, the overwhelming sense of awe and perspective when you look at rocks billions of years old 
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Aug 28, 2018 16:20
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I'm a geologist and if I could do it over again, I'd have stuck with computer science.
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Aug 28, 2018 17:34
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EAT FASTER!!!!!! posted:To be fair we'd let that same kid sign up for $200,000 of student loans to get a studio arts degree... Seriously, all I could think in reading that was "probably a better choice than financing an art history major"
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Aug 28, 2018 17:38
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Software Developer is the best effort-to-guillotine ratio of careers. You do not need a degree and once you're established you basically never can't find a job.
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Aug 28, 2018 17:52
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GoGoGadgetChris posted:Seriously, all I could think in reading that was "probably a better choice than financing an art history major" How is this relevant though? I skimmed the thread quickly so maybe I missed something but is the kid trying to go to art school as well or what? A 17 year old wanting a 40k car is an immensely stupid idea regardless E: don't quote me on this but I'm pretty sure you can't just get a 200k student loan just like that, either. They're gonna wanna have your parents on the hook because lol, it's a 200k loan. Just like with a car loan. During my younger dumber days I almost borrowed 10k a year to go to a state uni and nobody was magically extending these bottomless student loans to me. It would have had to have been a parent plus loan, in which case the parent is the idiot who hosed up, not the shortsighted teenager who can't get the loan on their own. I ultimately did not go to that school for the record KingSlime fucked around with this message at 18:00 on Aug 28, 2018 |
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Aug 28, 2018 17:54
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KingSlime posted:E: don't quote me on thisbut I'm pretty sure you can't just get a 200k student loans just like that, either. They're gonna wanna have your parents on the hook because lol, it's a 200k loan oh honey
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Aug 28, 2018 18:00
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KingSlime posted:How is this relevant though? I skimmed the thread quickly so maybe I missed something but is the kid trying to go to art school as well or what? It's not from the thread, just a thought that he's not going to qualify for a 40,000 loan for a car, but he would absolutely qualify for a 200,000 loan that hamstrings his income for the rest of his life.
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Aug 28, 2018 18:02
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On his own or with a parent plus loan? Maybe the schools you apply to also determine the caps, or it varies state by state. Either way lol at getting 40k in the hole for a god drat set of wheels at 17. The counterpoint here is that you can get a solid, valuable degree or tons of certs that will pave the way towards riches for less than that E: howdoesishotweb posted:oh honey I specifically asked you not to quote me!! 
KingSlime fucked around with this message at 18:09 on Aug 28, 2018 |
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Aug 28, 2018 18:07
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The federal, not quite as terrifying, student loans wouldn't let anyone take out 200k in loans. At least not for bachelor's degrees. Not sure about med school and such. Private lenders don't have that same limitation.
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Aug 28, 2018 18:09
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