Motronic posted:

See, they did cure his homelessness.

Thanatosian posted:

GoFundMe is the loving worst. The privatization of the social safety net is so fantastically BWM for society. "Well, hope I go viral, or I won't be able to afford chemo this month!"

I loving hate it.

Krispy Wafer posted:

The husband and wife were discussing a book deal so there was additional financial upsides in keep Methy McMeths Alot happy. I don't think they could have squeezed this peach for much more juice, but there could have been another casino trip in it for them.

Ideally you keep homeless guy happy with regular payments until you've exhausted all grifting opportunities and then give him enough drugs to OD. Now your loose ends are tied.

Leon Trotsky 2012 posted:

Hoodwinker posted:

This is a cursed image. You have harmed me - spiritually, emotionally, to a degree physically. I am haunted.

Ur Getting Fatter posted:

I feel like it’s missing something, like her saying she’s gonna use the money to really give this Lularoe thing a go.

Ur Getting Fatter posted:

I feel like it’s missing something, like her saying she’s gonna use the money to really give this Lularoe thing a go.

BrutalistMcDonalds posted:

This guy ran a company called "optionsellers.com" that lost all his client's money this week in energy markets or around $72 million in total:

https://www.youtube.com/watch?v=-qGvPRX270A

https://www.youtube.com/watch?v=1tFDsL_mwBY

it's at 6:40 btw

Yond Cassius posted:

From the Schadenfreude thread, courtesy of C-SPAM, a case of catastrophic BWM:


Minimum funds to open an account with OptionSellers was $500,000.

Leon Trotsky 2012 posted:

Yond Cassius posted:

From the Schadenfreude thread, courtesy of C-SPAM, a case of catastrophic BWM:


Minimum funds to open an account with OptionSellers was $500,000.

Volmarias posted:

Not the usual posts from Reddit.

"I called a suicide hotline"

Wherein many Reddit posters relate their experience of having the police called by the suicide hotline they just called, to bring them to a hospital, get released (or not), and end up with a massive hospital bill. The takeaway from most of them was "calling the suicide hotline is never ok since they'll just make things worse. If you do call, never say that you're actually suicidal, just that you want someone to talk to."

Calling the suicide hotline: BWM? Discuss.

quote:

I do the finances in the house and collectively between my wife and I we have 22k in CC Debt. I feel like I should be freaking out but I am not. I am uncomfortable with the CC debt we are in but feel like I made good financial decisions with the Credit Cards at the time.

One card that we used has an 18 month no interest option that we used and pre-paid off our child's school tuition, car insurance and gymnastics for the year which gave us discounts for paying those in full. Each one was about 2 or 3% and roughly put about 9k on that card but saved 300 dollars doing so by paying in advance. We used the remaining to buy some odds and ends things for home repairs and got that card up to 10.5k. The promotional interest rate ends in November of 2019

The next card is our Amazon Prime card which we have about 1.5k on. The card collects about 25 dollars in interest a month and we put about 350 a month onto paying that off. Our annual subscribe and save is on the card which is about 110 dollars.

The card that I get stressed about is our capital one card which has about 11k on it and is collecting the full front of interest. Interest is around 200 a month and we have knocked it down from 13k in the past couple months. We used this card for a Disney trip in which we put about 8k on it. We bought luggage, stuff for the house and a few other odds and ends that put the other 5k on it. Basically we got a balance and went wild beyond Disney. I justified Disney because 8k was not a lot to me and I would have been able to pay that off by March. I also justified Disney because we are so strict with our money and our kid is five and we wanted to give them the full Disney experience.

We figured what point is living if we are going to be debt free by 36 but didn't enjoy the time until then. With the accrued interest during the time frame I think I could have paid the trip back on it was like taking out a loan at 6% interest which wasn't terrible in my mind. I just feel really guilty about having this much CC debt and feel like I hosed us as a family. Budget wise I think we are fine I just cannot get over the soul crushing guilt of Credit Card debt. Maybe I am not fine with my budget I don't know

We are 30 years old and our incomes together are about 110k a year.

Our house we owe 50k left and our mortgage is 700 a month

Bills for electric, cell, cable, water, life insurance, gas are 600 a month

My wife's car is paid off

My car is almost paid off with 8k left on the loan and should be paid off 3 years early.

We have no other outstanding debt other than some student loans that I will have to pay on once I finish grad school

At the end of the day with our bi-weekly paychecks we have about 2k a month to go towards un-budgeted debt/fun/gas/food. I think we are fine but just am not sure.

quote:

We figured what point is living if we are going to be debt free by 36 but didn't enjoy the time until then.

Umister posted:

The card that I get stressed about is our capital one card which has about 11k on it and is collecting the full front of interest. Interest is around 200 a month and we have knocked it down from 13k in the past couple months. We used this card for a Disney trip in which we put about 8k on it. We bought luggage, stuff for the house and a few other odds and ends that put the other 5k on it.

Tokyo Sex Whale posted:

I guess this was just a short natural gas long oil trade and it’s kinda funny that somebody that small got wiped out but I was trying to see what happened exactly and I found this. So they used to have educational videos. Seems like they had to liquidate the YouTube channel to cover expenses though.

Krispy Wafer posted:

So they assumed with Iran sanctions that oil would go up, but it went down instead.

It wasn’t a terribly bad call and I’m sure lots of traders lost money this last week, but holy poo poo ALL THE MONEY plus extra?

Somaen posted:

(Not a finance person) if OPEC cuts production and the energy prices go up, are they still hosed?

Yond Cassius posted:

Oh, man. This is worse than it sounded from the quick soundbyte post.

According to the page some lawyers put together to sue them, OptionSellers customers aren't just broke, they're facing a margin call.

Evil SpongeBob posted:

Look at the end of the lawyer statement. This may have been IRA accounts, not just another Newport Beach pocket change hedge fund.

”James Cordier” posted:

I had a new client orientation call last week with a very nice retired couple from Northern California. For the purpose of this letter, I will call them Mr. and Mrs. Smith.

Mr. Smith is a somewhat experienced stock option seller. He was familiar with the results he could generate in stocks and enthusiastic about diversifying the strategy into commodities. Mrs. Smith was a smart lady. But she was not as versed in investing as her husband.

About halfway through our getting to know each other, Mrs. Smith abruptly posed a question to me that caught me off guard.

She asked "James, with all that's going on in the world right now, is it really a good time to be selling options?"

This took some thought to respond...I answered Mrs. Smith.

The answer is, yes! Yes, Mrs. Smith, it is a good time to be selling options. In fact, it's always a good time to be selling options.

There are very few certainties in life. But one certainty is that the majority of options will continue to expire worthless on expiration day.

Uncertainty of geopolitical outcomes does not change that. This, Mrs. Smith, is exactly why it's always a good time to sell options.

Finally, I had to take Mrs. Smith's question one step further. The question should not be "Is it a good time to be selling options?"

The question should be "Is it a good time to selling options in commodities?"

And my answer to that was an emphatic "Yes."

What it does mean is that by diversifying into both uncorrelated strategy and asset class, you bring a sound layer of stabilization to a portfolio. You also target greater consistency and potentially higher, more stable returns - in both "good" and "bad" times. Because, all times are uncertain.

This, Mrs. Smith, is why it is always a good time to be selling options.

And when you and Mr. Smith come to town, we can discuss the answer further over dinner.

In 24 months, I have a feeling you'll know the answer for yourself.

Welcome to the firm and to the world of option selling.

normal contact posted:

There are very few certainties in life. But one certainty is that the majority of times you play Russian roulette, you win.

BEHOLD: MY CAPE posted:

I mean nothing he says there is fundamentally wrong and like everything there are great options and awful stupid options, and diversifying your asset classes and strategies is generally a good idea, he just completely leaves out the extreme downside event where when the options are not in fact worthless at settlement you get loving killed

Yond Cassius posted:

From the Schadenfreude thread, courtesy of C-SPAM, a case of catastrophic BWM:


Minimum funds to open an account with OptionSellers was $500,000.

TraderStav posted:

The only thing that kept me from really expecting him to pull out a gun and off himself at the end was that the video was still up on Youtube. Was getting vibes of that one Mr. Robot episode.

SpelledBackwards posted:

I haven't watched Mr. Robot, but that in itself was probably inspired by R. Budd Dwyer.