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I wish GGGC the best on his gubernatorial bid.
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Sep 26, 2018 21:18
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By the way, that Reddit thread some folks excerpted from is an incredible goldmine. Absolutely worth browsing: https://old.reddit.com/r/AskReddit/comments/8t4wry/what_is_the_poorest_financial_decision_you_have/
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Sep 26, 2018 21:27
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Vox Nihili posted:By the way, that Reddit thread some folks excerpted from is an incredible goldmine. Absolutely worth browsing: quote:My in-laws currently own 16 timeshares.
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Sep 26, 2018 21:46
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God, a lot of those start with a divorce or an inheritance. People do some foolishness when their emotions run wild!
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Sep 26, 2018 21:48
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My favorite so far is the divorcee who blew the full sum of her $1.5m payout on vacations, consumer garbage, a cabin without utilities, and on establishing a large alpaca farm at the behest of her new boyfriend.
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Sep 26, 2018 21:52
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GoGoGadgetChris posted:Oh you can lose much more than 10% in the past 9 months. What bank do you use
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Sep 26, 2018 22:00
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More: On a much smaller scale than a lot of the examples here, but... I work in aerospace fabrication. We use a lot of tools and a lot of our techs have their own tools. There's this one company called Snapon who operates tool trucks that cruise around and peddle their wares... and while they tend to make a very nice tool, they're basically the 'Rolex' brand of Tools. 20% tool, 80% 'brand'. They're what you buy when you either make so much money that you don't care (like a pro motorsports team)... or you need to generate expenses to write off on your taxes (like, a fabrication shop)... or you're financially illiterate and don't understand the relationship between cost and value when it comes to tools (a poor, low level technician)... Saw a lower level tech who made $30,000 a year (with 3 kids, who drove a 20 year old truck that occasionally worked) purchase a $15,000 tool box on credit. Mind you, just the box. No tools inside. Just the box.
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Sep 26, 2018 22:15
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Some peoplequote:Saw a neighbor of mine pull up to his house in a nice new car. For context, they were pretty well off money-wise, but what he did still blew me away.
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Sep 26, 2018 22:30
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Well he's certainly practical. You have any idea how much it would cost to have a vet euthanize a car like that? Putting it out of its misery and burying it in his front yard is probably GWM at that point.
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Sep 26, 2018 23:12
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 I bookmarked this thread for reading ages ago, but only reading the last three pages has made me feel like I went on a week long bender. Vox Nihili posted:More: I'm assuming we're talking some kind of jumbo tool cabinet right? Because what the hell kind of storage setup costs $15k? Please tell me. Actually, I'm going to go looking, hold on... Ok, so this is apparently what he bought? Because while this is more understandable for that price point (but not by much, at least from a white collar poor's perspective), it still begs the question what the hell a low level tech is going to do with it. Mind you, this is what making me boggle, not the divorced alcoholic phd with a Pomeranian popsicle from the other page. Actually, how the gently caress do you have degrees in both law and psychology and be completely unable to just wash your hand of your midlife crisis restaurant and go back to schlepping cases? totalnewbie posted:Some people Was this in Florida? Because it sounds like Florida.
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Sep 26, 2018 23:15
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Vox Nihili posted:Saw a lower level tech who made $30,000 a year (with 3 kids, who drove a 20 year old truck that occasionally worked) purchase a $15,000 tool box on credit. Mind you, just the box. No tools inside. Just the box. Only $15,000? I bet all the other guys in the shop make fun of him for his tiny
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Sep 26, 2018 23:20
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CannonFodder posted:Restaurants are a good way to turn a large pile of money into a small pile of money. They are also a good way to turn a small pile of money into a large pile of money. Hard work, good business sense, and luck are all factors. In a lot of the BWM tales the vanity restaurants tend to have absent or barely working owners and they fail quickly. And alcoholism is rampant in the industry so that takes a toll. This is a good time to bring up a classic from the BWM hall of fame: https://torontolife.com/food/restaurant-ruined-life/
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Sep 26, 2018 23:28
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From the reddit thread, this one is just cutequote:One of my friends got a loan for tuition in college. Paid for his classes and had about $300 left over.
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Sep 26, 2018 23:37
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That reddit thread is pure fukken magic.My grandfather went to a wedding that chartered everyone from a hotel in Auckland to like 2 hours away in HELICOPTERS. Yup, there was a parade of like 30 helicopters taking people to a drat wedding. $100,000+ outfits, multiple for different events throughout the day, booking A-list celebrities to sing, 20 foot ice sculptures, flown in chefs and top shelf open bars, [b posted:that wedding had to have cost the family at least $5m[/b], Indian weddings are 3 day long affairs too quote:So I was a teller line manager in college. One day this 19 year old kid comes in with a check for like $350k. Obviously this is unusual so I start to chat him up to make sure he wasn't getting scammed or something (this was when the Nigerian prince scam was just starting out). Turns out his dad had died and this was the life insurance check he got. So I'm like "well it sucks that your dad died but at least he thought ahead to take care of you, let me set you up with one of our advisers and if you play your cards right you'll be retired comfortably by 40". Nope, he says "I'm buying all my friends cars". And he did. The worst part is he didn't even buy them good cars, he was buying OK used cars (like a 7 year old Civic). He came in every couple days for like 3 months to get a couple cashiers checks for like $6500 to buy each of his friends several cars. By the end of the 3 months the money was gone. 
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Sep 26, 2018 23:43
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MisterOblivious posted:Only $15,000? I bet all the other guys in the shop make fun of him for his tiny You work all day with nothing to show but a number in a bank account. Meanwhile, he's building box equity every drat month.
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Sep 26, 2018 23:55
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This thread is on loving FIRE this week.
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Sep 27, 2018 01:34
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Quick, somebody make it all about them
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Sep 27, 2018 01:42
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Having a kid with an opioid addiction is bad with money. This couple lost their retirement savings due to their son's addiction: https://www.youtube.com/watch?v=nNj89ohoYQ0
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Sep 27, 2018 02:00
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Nirvikalpa posted:Having a kid with an opioid addiction is bad with money. This couple lost their retirement savings due to their son's addiction: Yeah that, unfortunately is more sad with money than bad with money. In schadenfreude news, from that reddit thread. quote:There are companies that help try and get people out of time shares now - since it is so difficult. I look forward to the next financial crisis where the middle class is crushed under timeshare fees and subprime auto loans.
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Sep 27, 2018 02:19
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How loving hard is it to not buy a timeshare? Like, honestly.
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Sep 27, 2018 02:23
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Hoodwinker posted:How loving hard is it to not buy a timeshare? Like, honestly. You would be silly to not buy two!
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Sep 27, 2018 02:34
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Now leasing a timeshare, that's where the savings are!
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Sep 27, 2018 02:35
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Guest2553 posted:That reddit thread is pure fukken magic. Guy who bought cars for everyone was at least being a good dude, I guess. A 7 year old Honda is a pretty solid investment. Maybe BWM for himself, but at least he's not helping them buy timeshares or something. Obviously, invested, it could have provided maybe better long-term benefits, but that doesn't help his out his friends now (assuming they're in need of help).
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Sep 27, 2018 02:35
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Helping people is one of the best things you can do with money.
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Sep 27, 2018 02:37
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Yes, please all help yourselves to give it all to me, for instance.
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Sep 27, 2018 02:41
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Lead out in cuffs posted:Yeah that, unfortunately is more sad with money than bad with money. What's the difference? But seriously, I feel so bad for all these parents who have to struggle with their kids' addictions. I wonder what I would do in this situation. The "good with money" choice is to kick your kid out but I don't know if I could do it.
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Sep 27, 2018 02:45
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Nirvikalpa posted:What's the difference? You'd continue to bail them out "just this one last time" until your marriage fell apart and your new wife gives you an ultimatum of cutting off the deadbeat kid or losing her as a partner Then the kid ends up homeless!
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Sep 27, 2018 03:09
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My spam email folder has offered up this delightful moment of zen: A Nigerian Prince spam I received: quote:Hello Dear,
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Sep 27, 2018 04:24
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Vox Nihili posted:By the way, that Reddit thread some folks excerpted from is an incredible goldmine. Absolutely worth browsing: quote:I had a friend cash out all of his stocks and savings so he could spend $100k on his own online marketing business. He had no prior experience and no clients lined up. He had about 4 clients over the course of 2 years, one of whom never paid him.
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Sep 27, 2018 04:41
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Mocking Bird posted:A lot of the trades are brutalizing to your body and many are extremely susceptible to economic forces, like builder associated trades during a recession, manufacturing trades when a factory closes, and oil associated trades during a price drop. That's why most of the folks I used to know in the food industry got out as well. Once you're pushing 40, your knees and back are trash and the lifestyle starts to eat you alive.
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Sep 27, 2018 09:50
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BMan posted:From the reddit thread, this one is just cute The last few pages of this thread have been told, but this is my favorite : A. loving hysterical B. $300 is a low amount to throw away compared to others The only BWM is I’m assuming he didn’t have anyone film it.
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Sep 27, 2018 11:29
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A bunch of stats about what people earn in the "gig economy":quote:average monthly platform earnings among drivers fell steadily at a rate of about 1.4 percent per month from the fourth quarter of 2013 to the first quarter of 2018, such that by March 2018, had fallen by 53 percent from their peak value Something a bit less dry to make up for it: Help me straighten out my footloose lifestyle and get an auto loan quote:Howdy, (his dream truck ceased production in 1998)
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Sep 27, 2018 12:33
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To be fair there's barely been a decent truck made since the 90s
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Sep 27, 2018 12:37
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those trucks are basically indestructible and are actually a really good choice for what he wants - of course the better choice is continuing to buy poo poo beater trucks he ain't getting a loan for that truck though
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Sep 27, 2018 12:38
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Nirvikalpa posted:Having a kid with an opioid addiction is bad with money. This couple lost their retirement savings due to their son's addiction: Holy poo poo. The comments. I work in video production for government contracts. The amount of money you can get on gigs can be obscene. I'm not surprised that only 10% of gig workers stay positive at the end of the year. So many of them in video that I have met over the years are still mystified by taxes. Every loving April "Oh my god I owe like 15k!?" 1099's require discipline many seem to lack. DEMAG fucked around with this message at 13:18 on Sep 27, 2018 |
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Sep 27, 2018 13:10
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dawg the Gig Economy is not what you do it's like taskrabbit and uber and poo poo like that
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Sep 27, 2018 13:24
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My Uber driver was telling me his life story and boy was it bad. First off he mentioned his nephew was going to Full Sail for video game design and was excited for that. He then goes on to tell me that he got a general discharge from the Army instead of medical after an injury from a barracks push-up contest because he instinctively said no to being prescribed ADHD medicine since his recruiter had told him not to say he had ADHD. The army said he wasn’t following medical orders and booted him out. No GI bill and no VA benefits. Sucks because he has some sort of disorder where he can’t form memories using pictures or the like and essentially has no solid short term memory because of it. Has a newborn and is just trying to get by. I felt bad for the guy because he was really nice but yeesh.
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Sep 27, 2018 13:40
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Liquid Communism posted:That's why most of the folks I used to know in the food industry got out as well. Once you're pushing 40, your knees and back are trash and the lifestyle starts to eat you alive. So the food industry is physically destructive, frequently combined with extremely unhealthy eating and drinking habits, and pays poo poo compared to skilled trade labor
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Sep 27, 2018 13:40
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Yeah I get that from the article. Video grips, AC's, DP's, Gaff's are gig employees of a similar type. Most of them bring an inherent lack of money saavy and a general disdain for getting one of those life draining full time jobs. I wouldn't be surprised if they start offering there services on taskrabbit in the next few years.
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Sep 27, 2018 13:42
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I saw a elderly black man making copies the other day, and he was writing a letter to the IRS. Something along the lines of "actually YOU owe ME money as reparations for my ancestors picking cotton". No idea how much he owes the government, but that's not going to end well for him.
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Sep 27, 2018 14:08
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