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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DJCobol: May 16, 2003; CALL OF DUTY!; Grimey Drawer

Alan Smithee posted:

Speaking of

Bitcoin is about to go sub 5000

Paging Zaurg.

# ? Nov 19, 2018 18:55

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# ? Jun 4, 2024 18:22

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

_{*Israeli Government-affiliated poster}

quote:

Need Help! Friend owns my house for $1. Not sure how legal/tax situation works. What to do?

My friend purchased a townhouse for $280K at the height of the housing boom. After 2008, his builder went bust, and a new builder came in selling new townhomes for $150K.

He stopped paying his mortgage and walked away from the property. 2 years later, he called Bank Of America and negotiated to pay $5K to settle the debt. They accepted and his credit report is as if he never owned the home and walked away.

My home has lost about 10k of value in the past few years and my friend told me he knew of a way to get my money back since he did it with his old house.

I refinanced my house to pull my equity out and combined it with my savings and some savings my friend loaned me. I approached my bank which is Wells Fargo to try and buy my mortgage. They told me that it was impossible. I told them about my friend who did it and they said that it might be possible, but that they do not deal with current owners like that. We went to the county register and I transferred the house to my friend's name for $1 and got a bill of sale.

I went back to the bank to ask about buying the mortgage for pennies on the dollar and they told me that Wells Fargo only sells mortgages to Fannie Mae and Freddie Mac and the FHA and VA.

My friend wants to see if he can refinance the house in his name with a bank that lets you buy mortgages and we could pay off the mortgage with Wells Fargo and then do it there.

But, I'm not sure what to do now and want to wait before we do anything. My brother in law says that there might be tax problems with doing that, but I didn't make a profit off of the house and my friend only bought it for $1, so I don't think they can tax it if he sells it back to me for the exact same price.

I want to make the original plan work, but if we have to wait a while then I want the house back in my name. We spent a lot of time and money on this and combined with the fact that the house is worth less than when I bought it makes me really sad. My friend did it before and had no issues. We also had all the cash together so I thought we could do it very simply without having to pay a lawyer. My friend was going to take some of the profits from helping me out to pay off his truck. He works construction and they have threatened to repo it and he needs it for work. So we can't sit around for too long. I wanted to surprise my wife with no mortgage for christmas and wouldn't mind paying a little extra if it is possible to have it done by then.

Anyone who knows what we should do next to get it done ASAP without any tax or legal problems would be greatly appreciated.

Thank you

https://old.reddit.com/r/personalfinance/comments/9yjo1i/need_help_friend_owns_my_house_for_1_not_sure_how/

# ? Nov 19, 2018 19:57

Motronic: Nov 6, 2009

Leon Trotsky 2012 posted:

https://old.reddit.com/r/personalfinance/comments/9yjo1i/need_help_friend_owns_my_house_for_1_not_sure_how/

This story is totally fake because you can't transfer a property title with an unsatisfied lien/mortgage interest on it.

# ? Nov 19, 2018 20:10

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

_{*Israeli Government-affiliated poster}

Motronic posted:

This story is totally fake because you can't transfer a property title with an unsatisfied lien/mortgage interest on it.

Boo. Is it possible this guy has did something else and doesn't understand it?

I don't even understand what this scam is supposed to actually accomplish. Why do you need to get together enough cash to pay off your mortgage if you intend to buy it for pennies on the dollar?

Leon Trotsky 2012 fucked around with this message at 20:25 on Nov 19, 2018

# ? Nov 19, 2018 20:14

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

_{*Israeli Government-affiliated poster}

Here's another fun one:

quote:

Can I claim my manchild boyfriend as a dependent?

Sorry for the clickbaity title, but I am serious. He is not a relative, obviously, and he made more than $4k this year... well I think. I am not certain about that part actually. Before taxes, he probably did.

What I am certain of is that he pays 37% of rent, 0% of bills, and maybe 10% of his own food. Since we�ve lived together since April, he has drained his savings to pay his part of the rent, so that he can at least say he doesn�t live with his parents anymore, and continues to go into CC debt by making only slightly more than the minimum payments. This is just background info, however not an invitation for criticism of my life choices. The point is he makes very, very little money and contributes very, very little to the household finances.

We cannot be considered common law married that I know of (we live in CA), but I am not aware of what laws pertain to filing as �head of household� or what my options are, if any? Is there any way to claim a non-relative, non-spouse on your taxes? If there�s nothing, (which is how it seems) that�s fine. I�m just trying to understand my options and all my google results are flooded with how to claim a college aged child who worked part time.

https://www.reddit.com/r/personalfinance/comments/9yh1if/can_i_claim_my_manchild_boyfriend_as_a_dependent/

Why not just break up?

quote:

My wife and I are having financial problems when we shouldn�t

I�m 26 and my wife is 25, we have a 9 month old and I�m the only one that works. I make about $1780 a week, with a 60 hour work week. But it always seems like it not enough.

We have about $2500-$3,000 worth of bills every month, excluding groceries and gas, but when I get paid on Saturday, by the next Tuesday or so it seems like it�s all gone. I got paid $1675 on Saturday, it�s Tuesday now and we have $390. We spent $400 on her car, $300 on the phone bill, and $200 on the electricity. I really don�t know where the rest went.

We take out $100 every Saturday for our personal spending, my wife gets $80 and I get $20, since I�m at work all day I usually just buy lunch and she�s at home so she ends up spending more.

I guess the advice I need is how do we get ahead? I shouldn�t need this advice because of how much we make, but I�m not sure what I�m doing wrong.

EDIT: okay I downloaded Mint and attached my accounts. I went through and categorized everything to where it goes. The totals on the different categories are going to change when my wife and I sit down, but what has been spent, shows how we�ve been spending in those categories. And to tell you the truth, I�m super angry at us.

budgets

"We only spend $180 per week for personal items."

"We spend $3,245 per month. I don't know where ~$2,450 of it goes each month."

How are you paying $315 per month for 2 cell phones in TYOOL 2018?

https://www.reddit.com/r/personalfinance/comments/9wqpu9/my_wife_and_i_are_having_financial_problems_when/

"Reddit, help me make the easiest decision in the world. Which is the better financial decision? Should I go into debt for a Master's Degree and try to live the hellish life of an adjunct professor of Computer Science? Or should I take a $160k job with no debt?"

The idea of a going with a $200,000 per year opportunity cost to get a Master's in Computer Science is baffling.

quote:

$160,000 at 21 or a 1-year Master's degree

I am currently 20 and an undergraduate senior at a well known university in the United States. I have received a job offer from a large tech company in Seattle for a software engineering position that starts after I graduate, a few months after I turn 21. I also applied to (and was accepted to) my school's accelerated master's program for computer science, which I can drop out of at any point or finish within an extra year. My job offer expires in 4 days.

As someone who has no idea what they want to do with their life, I have been wracking my brains about what I would like to do - especially since the offer is a mind-boggling $160,000 in total first year compensation. This is especially ridiculous to me, coming from a once-dirt-poor immigrant family that as far as I know has never even broken $100k in household income. It is well known that engineers at the company can quickly progress to $200,000 after a year or so, and then a cool $350,000+ within ~5 years of graduation. Being a longtime lurker on /r/financialindependence, it seems like an extremely lucrative opportunity FIRE-wise, and from a purely financial perspective, it seems like a no-brainer. It would also allow me to rapidly eradicate my $40,000+ student loans.

I am also concerned about being chained to a desk for a large part of my adult life in the pursuit of capitalism, but that is another post (novella?) in itself. Suffice it to say that although I interned for this company over the summer and found the work at least somewhat interesting (although very intense), the prospect of doing cutting edge research and "helping the world" instead is extremely enticing, and I feel I would in some sense be selling out if I took the job. I could also potentially kill myself by doing both at the same time (online master's).

If I wanted to do the master's or a PhD later (company will pay for some of it after a year of work), it would take 2 years and would not be at the same caliber of institution as my current one, due to my underwhelming 3.2 GPA. (I do have research experience, but it is not too focused). If I wanted to do the Master's, I can also convert this full-time offer to another summer internship and then start in 2020 with a salary bump as well - the company is not going anywhere. However, the Master's would run me about $40,000 in total for the year- about a $200,000 opportunity cost. Is this really worth it?

I am sorry if this sounds condescending or hoity-toity to anyone. I am just as confused as you as to why somebody wants to pay me three times the median household income as soon as I can legally have a drink. I would really appreciate any help, especially from engineers/scientists who have gone through something similar. Thank you!

-----------

Edit: $160,000 is in total compensation; the salary is about $100k with the rest being a signing bonus and stock. Yes, this is a legitimate offer I have in writing from a very large and well-known company after a summer internship.

https://www.reddit.com/r/personalfinance/comments/9rufrc/160000_at_21_or_a_1year_masters_degree/

Leon Trotsky 2012 fucked around with this message at 20:35 on Nov 19, 2018

# ? Nov 19, 2018 20:20

Not a Children: Oct 9, 2012; Don't need a holster if you never stop shooting.

Leon Trotsky 2012 posted:

"Reddit, help me make the easiest decision in the world. Which is the better financial decision? Should I go into debt for a Master's Degree and try to live the hellish life of an adjunct professor of Computer Science? Or should I take a $160k job with no debt?"

The idea of a going with a $200,000 per year opportunity cost to get a Master's in Computer Science is baffling.

https://www.reddit.com/r/personalfinance/comments/9rufrc/160000_at_21_or_a_1year_masters_degree/

This kid is probably super sheltered. Either that or this a really poorly-masked humblebrag

# ? Nov 19, 2018 20:41

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

Not a Children posted:

This kid is probably super sheltered. Either that or this a really poorly-masked humblebrag

he's all "i'm the kid of first gen immigrants who were poor" so i don't think it's the former

# ? Nov 19, 2018 20:45

kimbo305: Jun 9, 2007; actually, yeah, I am a little mad

Leon Trotsky 2012 posted:

https://www.reddit.com/r/personalfinance/comments/9yh1if/can_i_claim_my_manchild_boyfriend_as_a_dependent/

Why not just break up?

loving sad Redditor posted:

Following, similar situation.

# ? Nov 19, 2018 20:47

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

Leon Trotsky 2012 posted:

Boo. Is it possible this guy has did something else and doesn't understand it?

I don't even understand what this scam is supposed to actually accomplish. Why do you need to get together enough cash to pay off your mortgage if you intend to buy it for pennies on the dollar?

This is the second post in the last week where someone got the brilliant idea to buy mortgages for pennies on the dollar. There must be a get-rich-quick seminar out there saying to do this.

Since mortgages are bought and sold between lenders, they think they're selling them for less than the note's value. So bypass the middleman and buy your mortgage directly from the lender for less than your outstanding note. But they're not selling them for cheap unless they're foreclosures. This is the stupidest thing I've seen in this thread and we once had a guy who cashed out the equity in his truck.

# ? Nov 19, 2018 20:53

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

_{*Israeli Government-affiliated poster}

This line should be /r/personalfinance's new motto:

quote:

This is just background info, however not an invitation for criticism of my life choices.

Edit: Man, I just read some of the comments on that one. How do you get to this point in your life? She is obviously crazy resentful, so she knows that it is making her miserable, but wants to stay miserable for some reason.

quote:

I am not sure how free rent gets handled in a situation of determining 50% support.

It�s moot it seems as I think (hope maybe the better word) that he will make more than $4k by the end of the year, but hypothetically, if he doesn�t, how would I determine his support for Jan-March?

The first three months we lived with his parents, I paid rent (including utilities), he didn�t. I paid for all of his food, the only things he bought himself would be his own entertainment, video games, and a suit for a funeral. His mom would pay for pizza once in awhile when she wanted it (but only eats one slice so we get the rest), so it seems like his only living expenses were food, which I paid for. But I don�t know how much of his living expenses his free rent constitutes in that situation? Ostensibly if they wanted to call it $250/mo which is what they were charging me, then I still paid more than 50% of his support. But if they want to call it $1000/mo or something more proportional to their mortgage then I would not have paid 50%. So how do you quantify the support value of free rent?

Leon Trotsky 2012 fucked around with this message at 20:59 on Nov 19, 2018

# ? Nov 19, 2018 20:56

Motronic: Nov 6, 2009

Leon Trotsky 2012 posted:

How are you paying $315 per month for 2 cell phones in TYOOL 2018?

I think I've spotted the trend in these posts when that gets called out and answered: they are financing two $900 phones and replacing them ever 2 years of whatever.

# ? Nov 19, 2018 20:57

Lockback: Sep 3, 2006; All days are nights to see till I see thee; and nights bright days when dreams do show me thee.

It sounds mostly like a humblebrag but "Even though the job pays a lot I am not sure if that is what I want to do with my life" doesn't seem like an easy decision to make. I wouldn't take $160k to go work 6 days a week at Amazon, I don't really blame someone else for preferring to pursue an academic career.

# ? Nov 19, 2018 20:58

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

_{*Israeli Government-affiliated poster}

Motronic posted:

I think I've spotted the trend in these posts when that gets called out and answered: they are financing two $900 phones and replacing them ever 2 years of whatever.

I feel like $315 per month would be more than enough to outright buy the phones over 2 years, right? Isn't the appeal of those deals that they have little or no interest and no upfront costs?

# ? Nov 19, 2018 21:03

Lockback: Sep 3, 2006; All days are nights to see till I see thee; and nights bright days when dreams do show me thee.

I don't even know what to do with this one.

Videogame finances... Can I do this in real life?

https://www.reddit.com/r/personalfinance/comments/9yjwvf/videogame_finances_can_i_do_this_in_real_life/

quote:

I wasn't taught finances in school or by my parents, but in a game I play called "animal crossing: new leaf" you get a bank account for free and you can deposit money (a.k.a "bells") into it whenever you want.

Since the start of the game, at the end of each day I'd keep 1000bells in my wallet and deposit everything else, usually more than 50,000bells.

Every month they send me a letter telling me how much I've earned in interest this month. Now I've been playing for a couple of years and I have never touched the money I put in my bank account, so I have like 3,000,000+bells in it. I'm earning 18,000 in interest.

Would it be possible for me to do something similar to what I do in Animal Crossing in real life? Also what are the main differences between what I've described I do in the game and real life banks?

So far I have 70usd and nothing else, but I want to start my first real job soon and I want to be prepared for when I start earning some money.

Edit: Apparently what I'm talking about is a "compound interest savings account", thanks u/lilfunky1
and everyone who commented!

Honestly? This guy is still way ahead of the guy who tried to scam his mortgage lender by giving his friend his house for free.

# ? Nov 19, 2018 21:07

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

_{*Israeli Government-affiliated poster}

Speaking of very confusing and poorly thought out scams...

quote:

My girlfriend�s illegal parents want to open a credit card account under her name in order to buy a house. Should she be worried?

Just as the titled states. She is 19 and pretty oblivious about finances. I have tried to explain to her why this is a bad idea but she either confused or won�t listen. Reddit, can you please help me explain to her why this is a terrible decision to go through with?

He knows it sounds like a bad idea, but also thinks that opening a single credit is how you qualify for a mortgage.

quote:

Just curious, how long does it take to establish credit good enough to get a loan of 6 figures for a house?

I can't tell if the parents have no idea what they're doing, or if they know exactly what they are doing and just trying to get a credit card.

https://www.reddit.com/r/personalfinance/comments/9q8r1c/my_girlfriends_illegal_parents_want_to_open_a/

# ? Nov 19, 2018 21:09

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

_{*Israeli Government-affiliated poster}

What are the downsides of marrying a good friend just so they can use my work provided healthcare?

quote:

I have a very close friend who has a potentially bad heart problem, asthma, and a child. My work gives me good healthcare that I never use. We are both in our late 30's and are not lovers. If I married them they would instantly have access to better doctors, or at least a doctor who put effort into helping them.

What would be the downside of this for me? I currently make >50k a year and rent an apartment.

quote:

They'll instantly own 50% of your stuff.

quote:

Another thing to consider is medical debt is marital debt.

https://www.reddit.com/r/personalfinance/comments/9s4etq/what_are_the_downsides_of_marrying_a_good_friend/

# ? Nov 19, 2018 21:12

Motronic: Nov 6, 2009

Leon Trotsky 2012 posted:

I feel like $315 per month would be more than enough to outright buy the phones over 2 years, right? Isn't the appeal of those deals that they have little or no interest and no upfront costs?

Little or no upfront costs. They claim no interest, but let's be serious: you're paying full boat retail for the phone. There's the interest payment.

# ? Nov 19, 2018 21:17

Lockback: Sep 3, 2006; All days are nights to see till I see thee; and nights bright days when dreams do show me thee.

Leon Trotsky 2012 posted:

Speaking of very confusing and poorly thought out scams...

He knows it sounds like a bad idea, but also thinks that opening a single credit is how you qualify for a mortgage.

I can't tell if the parents have no idea what they're doing, or if they know exactly what they are doing and just trying to get a credit card.

https://www.reddit.com/r/personalfinance/comments/9q8r1c/my_girlfriends_illegal_parents_want_to_open_a/

I think the parents are saying "Get a credit card now so it'll be easier to get a house later" which is true, but this guy is an idiot and thinks something else entirely is going on.

# ? Nov 19, 2018 21:17

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

_{*Israeli Government-affiliated poster}

quote:

I am recently married and my wife and I have an insane amount of credit card debt (50K). I have a FT job but she is not employed and is a student. The debt is across a bunch of different cards. Looking for suggestions. More details below

We live in NYC, rent is 2K month. Salary for me is 110K, wife is 0. She is a student and will soon make small income in an admin capacity. Debt is spread across a bunch of credit cards and was incurred mainly due to our wedding and debt she had incurred due to bad spending habits from anxiety. After mutual agreement, I now control all of the cards.

Personal spending habits:
We order in every night, average cost is $20 total
Coned is around $200
Cable, Internet, $150

We don't really spend much outside of this.

quote:

With $50K in debt you don't get to order out every meal to the tune of $40 per day. Start being responsible with your spending.

Yea - I see your point. I look at it more as smaller costs but it adds up.

It's nearly $1200 a month. Some people live on that alone.

quote:

I'm questioning the budget. You only list $2,950 in monthly expenses, with $9,167 in monthly income. On paper you have no problems. Where is the rest of your money going?

Thanks for the response. We live in NYC, so there are a lot of taxes.

Probably double food costs because we both get lunch. Add in an occasional cab ride here or there as well.

~$7,000 per month in "taxes" and an "occasional cab ride."

https://www.reddit.com/r/personalfinance/comments/954mac/i_am_recently_married_and_my_wife_and_i_have_an/

quote:

Should I freeze my 401k contribution to save for wedding and first-time home purchase?

The body on this one is long-ish and boring, but they want to divert 12% of their income for 2 years from their 401(k) to a wedding fund.

:negative:

quote:

Planning a wedding with a pile of debt

Looking for some advice!

I am a 29 year old woman who just got engaged. I work full time and make about $35k a year, and my fiance is about the same. Monthly I bring in about $1800. I have four credit cards with about $22k in balances. I'm paying around $750 a month on debt, $437 in rent, a $317 car payment, and about $250 on bills. I am not able to save hardly anything.

We are starting the process of planning a wedding with a date in the fall of next year. I currently have $3000 in savings, and am getting about $5000 from my parents for the wedding. I am also getting a stipend in the spring of about $5000 that I plan to use for the wedding. My fiance doesn't have a credit card, and I'm considering asking him to open one to help with wedding expenses.

Yes, I know that a wedding is unnecessary but its something we both want. I am not sure exactly what kind of advice I'm looking for, I just wanted to put it all out there because its been stressing me out. I hate the amount of debt I have, I don't want to go further into debt to get married, and I just feel overwhelmed. Any words of advice or encouragement would be greatly appreciated!

https://www.reddit.com/r/personalfinance/comments/9eyajn/planning_a_wedding_with_a_pile_of_debt/

Leon Trotsky 2012 fucked around with this message at 21:35 on Nov 19, 2018

# ? Nov 19, 2018 21:31

Cacafuego: Jul 22, 2007

Leon Trotsky 2012 posted:

https://www.reddit.com/r/personalfinance/comments/9eyajn/planning_a_wedding_with_a_pile_of_debt/

I first read that as �planning a wedding with a pile of poo poo�

Where is that $5000 stipend coming from that�s immediately going to be spent on her wedding lol

# ? Nov 19, 2018 21:34

Residency Evil: Jul 28, 2003; 4/5 godo... Schumi

Leon Trotsky 2012 posted:

"Reddit, help me make the easiest decision in the world. Which is the better financial decision? Should I go into debt for a Master's Degree and try to live the hellish life of an adjunct professor of Computer Science? Or should I take a $160k job with no debt?"

The idea of a going with a $200,000 per year opportunity cost to get a Master's in Computer Science is baffling.

https://www.reddit.com/r/personalfinance/comments/9rufrc/160000_at_21_or_a_1year_masters_degree/

This isn't that uncommon of a decision/BWM as it seems. There are plenty of people at who take the extra year to do an M. Eng at Very Well Known Institute of Technology. Furthermore, it's pretty rare to be able to get a Masters with absolutely minimal effort required beyond staying only 1 extra year. He's not talking about turning that job away forever. That job at Amazon is going to be there next year, and a year is nothing, especially if it leads to other opportunities down the road.

BWM is taking that degree and doing something really dumb, like going to medical school/residency right before a massive tech boom.

Residency Evil fucked around with this message at 21:48 on Nov 19, 2018

# ? Nov 19, 2018 21:44

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

I feel like the little things get lost in some of these posts. For example:

quote:

I usually just buy lunch and she�s at home so she ends up spending more.

Wait wait wait wait, she's at home... so she spends... more. She spends more, because she's at home. Home is where she's at, so that costs more money. Nope, I can't break it down any different, this is some kind of new math I'm not familiar with.

# ? Nov 19, 2018 21:51

Hoodwinker: Nov 7, 2005

Elysium posted:

I feel like the little things get lost in some of these posts. For example:

Wait wait wait wait, she's at home... so she spends... more. She spends more, because she's at home. Home is where she's at, so that costs more money. Nope, I can't break it down any different, this is some kind of new math I'm not familiar with.

I mean, you can't just do nothing at home. You have to spend money to pass time. Cause time is money, yeah?

# ? Nov 19, 2018 21:56

CannonFodder: Jan 26, 2001; Passion’s Wrench

Lockback posted:

It sounds mostly like a humblebrag but "Even though the job pays a lot I am not sure if that is what I want to do with my life" doesn't seem like an easy decision to make. I wouldn't take $160k to go work 6 days a week at Amazon, I don't really blame someone else for preferring to pursue an academic career.

Being apprehensive about big life decisions when 20 years old is normal. And he made it sound like if he goes for his Masters Degree he'll still have a job offer from ProbabyAmazonButI'mNotNamingNamesHere. He's torn between "Make a ton of money while being ground to dust" and "Doing computer science for Science's sake, THEN go make a ton of money"

He needs to talk with his professors and get a real good understanding of academia life to see if that is his path. Maybe he could work for a year or two and then go back for the Master's?

# ? Nov 19, 2018 21:58

CannonFodder: Jan 26, 2001; Passion’s Wrench

Lockback posted:

I think the parents are saying "Get a credit card now so it'll be easier to get a house later" which is true, but this guy is an idiot and thinks something else entirely is going on.

If the parents are illegal immigrants that means the daughter is either a full US citizen born in the US, or a DACA Dreamer and currently in a weird limbo status where banks will still lend money. She needs to realize that she is fully on the hook for all debt and possibly at risk of committing fraud. If she gets good credit and signs for a mortgage and lives in the house with her parents then it's not a very direct fraud, but it still lands in the VERY LARGE RED FLAG ZONE of parents taking out lines of credit on their children's name.

# ? Nov 19, 2018 22:16

Lockback: Sep 3, 2006; All days are nights to see till I see thee; and nights bright days when dreams do show me thee.

CannonFodder posted:

Maybe he could work for a year or two and then go back for the Master's?

9 out of 10 people who say they want to do this don't do it. Honestly, if you really want to pursue further education (and there are financial and non-financial reasons to do this) it's best not to plan to come back after you acclimate to a more expensive lifestyle.

# ? Nov 19, 2018 22:19

howdoesishotweb: Nov 21, 2002

Leon Trotsky 2012 posted:

What are the downsides of marrying a good friend just so they can use my work provided healthcare?
https://www.reddit.com/r/personalfinance/comments/9s4etq/what_are_the_downsides_of_marrying_a_good_friend/

This is the crux of the average bigot�s argument against gay marriage to prove they�re not bigoted. �I could just say I�m married to my good friend of the same sex to get benefits! It�ll ruin health insurance (lol as if it could be worse)�. A bogeyman that has obviously stormed America in the past few years.

# ? Nov 19, 2018 22:40

CannonFodder: Jan 26, 2001; Passion’s Wrench

Lockback posted:

9 out of 10 people who say they want to do this don't do it. Honestly, if you really want to pursue further education (and there are financial and non-financial reasons to do this) it's best not to plan to come back after you acclimate to a more expensive lifestyle.

Fair enough. It's a tough decision.

# ? Nov 19, 2018 22:45

Dik Hz: Feb 22, 2004; Fun with Science

Lockback posted:

9 out of 10 people who say they want to do this don't do it. Honestly, if you really want to pursue further education (and there are financial and non-financial reasons to do this) it's best not to plan to come back after you acclimate to a more expensive lifestyle.

I'm not disagreeing with you, but just adding my own experience:

A person with a 4-year STEM degree and a year of experience in industry is worth more to an employer than a person fresh off a 1-year master's program. And there's a cost delta in this guy's case of $200,000. After a couple years of experience, nobody really cares whether you got the master's or not.

# ? Nov 19, 2018 22:52

Hoodwinker: Nov 7, 2005

Dik Hz posted:

I'm not disagreeing with you, but just adding my own experience:

A person with a 4-year STEM degree and a year of experience in industry is worth more to an employer than a person fresh off a 1-year master's program. And there's a cost delta in this guy's case of $200,000. After a couple years of experience, nobody really cares whether you got the master's or not.

A lot of the time people don't even care if you have a degree if you have industry experience.

# ? Nov 19, 2018 22:57

Cacafuego: Jul 22, 2007

Need to borrow $10000 smartly with bad credit score

quote:

I'm a student 3rd year university student who has 2 part time jobs and need $10,000. I have to pay back some debts which amount to about $12,000 I have $2000 need the rest.

So I have a repayment plan, I'll have the $10000 by mid February but I need to make the payments before December.

The debts include me and my girlfriends owing to our university.
$5000

Then our credit cards
$4000

Then car repairs still owing of
$3000

Total DEBT : $12,000

I have 2 part time jobs. First one X I get $350 bi weekly and the other Y about $250-450.

My girlfriend makes at X $400 biweekly and her new other part time job makes at Z $1200 bi weekly I'll be joining her at Z job and leaving my Y job

Girlfriend makes $2800 monthly
Ill be making $2750 monthly starting this week but my pay stubs will only be for previous X,Y Jobs I don't get paid till the week after for job Z.

Total: 5550. BEFORE TAXES

Only liabilities are

Gas: $300 monthly
Food: 1,000 monthly ( I know we eat out alot)
Misc : $500 monthly

$1700 liabilities monthly

What would be the best way to get $10000 and clear the debt.

I have started a budget and have become more financially aware and literate but now I have to deal with the repercussions of a year of dumb spending.

THANK YOU FOR YOUR TIME!! this is the only place I really trust with advice.

E: lol, which one of you is this?

I want to enjoy my money in the next 10-20 years, not wait until I'm an old man to tap into my 401k.

quote:

I've been maxing out my 401k, Roth IRA, and HSA for 5 years now, and I'm finally realizing that I might be overcontributing in my 401k.

The 401k makes it difficult to get your money back out without the 10% penalty. This means I have to wait until I'm 59.5 years old to start pulling out.

What's left to enjoy when you're that old? You are old, wrinkly, no one likes you, lonely (at least for me), smell bad, and your genitals might not function as they used to.

I still plan on maxing out my Roth IRA because I can easily pull out my principal balance without any dumb penalties.

I plan on only contributing the maximum I need to take advantage of employer match.

What kind of investments can I make if I'm trying to buy property, buy a luxury car, a small business maybe etc etc in the next 10-20 years?

Cacafuego fucked around with this message at 23:14 on Nov 19, 2018

# ? Nov 19, 2018 23:11

Lockback: Sep 3, 2006; All days are nights to see till I see thee; and nights bright days when dreams do show me thee.

Dik Hz posted:

I'm not disagreeing with you, but just adding my own experience:

A person with a 4-year STEM degree and a year of experience in industry is worth more to an employer than a person fresh off a 1-year master's program. And there's a cost delta in this guy's case of $200,000. After a couple years of experience, nobody really cares whether you got the master's or not.

Somewhat depends on the specific field (Data Science is an area where the education can be worth more than the experience) but overall the non-financial reasons matter here too.

I'm not saying it's a better decision or not, just something that if you want to do, do it right away.

# ? Nov 20, 2018 00:06

BEHOLD: MY CAPE: Jan 11, 2004

Cacafuego posted:

Need to borrow $10000 smartly with bad credit score

E: lol, which one of you is this?

I want to enjoy my money in the next 10-20 years, not wait until I'm an old man to tap into my 401k.

Of course, there are useful answers to this question, but "how do I retire earlier than 59 and a half years old and/or Social Security eligibility age and/or Medicare eligibility age" is not the simplest issue to resolve if you have the huge majority of your assets tied up in tax advantaged retirement accounts and your house, like many many people in their 40s and 50s

# ? Nov 20, 2018 00:07

bob dobbs is dead: Oct 8, 2017; I love peeps; Nap Ghost

Dik Hz posted:

I'm not disagreeing with you, but just adding my own experience:

A person with a 4-year STEM degree and a year of experience in industry is worth more to an employer than a person fresh off a 1-year master's program. And there's a cost delta in this guy's case of $200,000. After a couple years of experience, nobody really cares whether you got the master's or not.

4-year stem degree + master's counts for a lot in immigration, altho i guess this guy is ok maybe on that front. also counted for a lot when the last tech boom withdrew and everyone was scrambling for a job. also counts for a nonzero amount in getting a job when old or with a bumblin big corp(altho degree vs. no degree is the big difference on that one)

# ? Nov 20, 2018 00:18

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

How often do people have enough money to retire before 59.5, but the only retirement saving they did was in their 401k?

Seems like a rare scenario to retire early but with zero Roth IRA or taxable investments.

# ? Nov 20, 2018 00:19

bob dobbs is dead: Oct 8, 2017; I love peeps; Nap Ghost

GoGoGadgetChris posted:

How often do people have enough money to retire before 59.5, but the only retirement saving they did was in their 401k?

Seems like a rare scenario to retire early but with zero Roth IRA or taxable investments.

401ks were invented 1978 and gained their primacy by the mid-80's, so they really literally have not been tested yet in a situation where someone started it at 22 and is retiring at 60somethin

account amounts are ~ power law just like every other monetary quantity, so almost nobody has within an order of magnitude of enough in their 401k

# ? Nov 20, 2018 00:23

Volmarias: Dec 31, 2002; EMAIL... THE INTERNET... SEARCH ENGINES...

While IMO industry experience counts for more than a Master's, I'm also not an unthinking, automated HR resume scanner (that may or may not be human) that prizes the applicant with "Masters" more highly, or discards management position applications for resumes without it.

# ? Nov 20, 2018 01:46

bob dobbs is dead: Oct 8, 2017; I love peeps; Nap Ghost

Volmarias posted:

While IMO industry experience counts for more than a Master's, I'm also not an unthinking, automated HR resume scanner (that may or may not be human) that prizes the applicant with "Masters" more highly, or discards management position applications for resumes without it.

iirc, the anglo unthinking points-based immigration schemes value a master's as about 2-3 years industry experience. generally if you're gonna face an unthinking bureaucracy that'll look about right

# ? Nov 20, 2018 02:12

Motronic: Nov 6, 2009

BEHOLD: MY CAPE posted:

Of course, there are useful answers to this question, but "how do I retire earlier than 59 and a half years old and/or Social Security eligibility age and/or Medicare eligibility age" is not the simplest issue to resolve if you have the huge majority of your assets tied up in tax advantaged retirement accounts and your house, like many many people in their 40s and 50s

You make a 5 year cash runway and/or quit or change jobs so you can start roth conversions until you are 59.5.

# ? Nov 20, 2018 02:35

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# ? Jun 4, 2024 18:22

Hoshi: Jan 20, 2013

Wrong thread

# ? Nov 20, 2018 03:02

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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