|
Raldikuk posted:My favorite from this is this reveal: quote:You have no equity in your current car, like from a down payment? I know the thread I'm in......but what the gently caress. How do this many people have no idea what they are doing and get sucked into buying based on payment. I simply refuse to believe this many people are that stupid. It has to be willful ignorance and excessive optimism about the future. Motronic fucked around with this message at 04:21 on Dec 14, 2018 |
#
?
Dec 14, 2018 04:18
|
|
|
|
| # ? Jun 4, 2024 04:43 |
|
|
Droo posted:Well I bought a $5 sandwich today but over the next 50 years that $5 could have turned into a 95% confidence interval range of $428 to $3124 but I discounted it based on my family longevity and inflated it based on the likelihood that I have heirs who inherit the hypothetical sandwich fund so I have averaged all possible futures and concluded that this sandwich cost me $19876.27 over the next 10 generations of my family. Once we successfully build a quantum computer I will be able to complete the analysis for all time until the sun explodes and I can finally know what my sandwich actually costs. Sandwich ain't gonna do so hot when we get rid of family office exemptions or at least cut it down from 10 generations to like 2.
|
|
#
?
Dec 14, 2018 04:18
|
|
|
|
|
#
?
Dec 14, 2018 04:25
|
|
|
Motronic posted:
Payment buyers are more common than not. It's an easy way to live the life of your dreams if you calculate what goodies you can stack up before your bank account hits zero after all the payments each month. Next step of course is calculating that based on the absolute minimum payments you can make, which in many cases doesn't really even service the debt. There's plenty of blame to go around on both ends here. Banks shouldn't be lending people money that allow them to get in these situations, and the people doing it should pull their heads out of their asses.
|
|
#
?
Dec 14, 2018 04:29
|
|
|
Droo posted:Well I bought a $5 sandwich today but over the next 50 years that $5 could have turned into a 95% confidence interval range of $428 to $3124 but I discounted it based on my family longevity and inflated it based on the likelihood that I have heirs who inherit the hypothetical sandwich fund so I have averaged all possible futures and concluded that this sandwich cost me $19876.27 over the next 10 generations of my family. Once we successfully build a quantum computer I will be able to complete the analysis for all time until the sun explodes and I can finally know what my sandwich actually costs. Yea well if you bought that sandwich on a credit card it’s not really yours until your statement arrives and you paid it off.
|
|
#
?
Dec 14, 2018 04:39
|
|
|
I sincerely appreciate this post
|
|
#
?
Dec 14, 2018 04:49
|
|
|
Raldikuk posted:My favorite from this is this reveal: Kias actually aren't the shitboxes they used to be. Does seem like a high payment for a compact of any kind, though.
|
|
#
?
Dec 14, 2018 04:57
|
|
|
AndrewP posted:Kias actually aren't the shitboxes they used to be. Does seem like a high payment for a compact of any kind, though. Engines are fine afaik, they sure as hell don’t hold their value though.
|
|
#
?
Dec 14, 2018 05:00
|
|
|
Not to be snarky at all, but does anyone here place much importance on how well their car will hold its value? There's a lot of overlap between BWM and people frequently trading cars.
|
|
#
?
Dec 14, 2018 05:07
|
|
|
GoGoGadgetChris posted:Not to be snarky at all, but does anyone here place much importance on how well their car will hold its value? There's a lot of overlap between BWM and people frequently trading cars. It's important for anyone who leases a car; especially when trying to determine if they got a 'good deal.'
|
|
#
?
Dec 14, 2018 05:21
|
|
|
GoGoGadgetChris posted:Not to be snarky at all, but does anyone here place much importance on how well their car will hold its value? There's a lot of overlap between BWM and people frequently trading cars. A lot, since depreciation is the primary determinant of net cost of ownership.
|
|
#
?
Dec 14, 2018 12:50
|
|
|
Raldikuk posted:There's no reason you couldn't do a present value calculation to take into account TVM. I suspect the main reason people don't is because 1) they don't even think of it in the first place 2) purchase price is easier to convey and compare 3) people want to delude themselves about the true cost they're paying. Also talking in those terms might allow people to figure out just how terrible your credit is since the numbers imply a 10% apr on a 30yr mortgage or whatever. It is certainly a good idea to do that analysis tho and there's a reason that type of thing is the cornerstone of corporate finance. I suspect the main reason people don't is because it is a complex calculation with a lot of assumptions included that doesn't reveal anything particularly meaningful to other people in casual conversation, but that's just my take on it
|
|
#
?
Dec 14, 2018 12:54
|
|
|
I thought about getting a houseboat but then I wondered about depreciation and abandoned that thought like 2 minutes in Accounting: yay
|
|
#
?
Dec 14, 2018 13:00
|
|
|
Furia posted:I thought about getting a houseboat but then I wondered about depreciation and abandoned that thought like 2 minutes in Better make a thread about it to be safe
|
|
#
?
Dec 14, 2018 13:17
|
|
|
I kind of already gave you all the content, sorry
|
|
#
?
Dec 14, 2018 13:29
|
|
|
Well then let's all reacquaint ourselves with the old one. It's a pro-click. An old favorite https://forums.somethingawful.com/showthread.php?threadid=3748155
|
|
#
?
Dec 14, 2018 13:33
|
|
|
UCS Hellmaker posted:And how did he think a vacation not even 3 months after being hired was a good idea? If you change jobs in the late spring you shouldn’t take a summer vacation? What’s wrong with taking a vacation 3 months in? Should it be 6? 18?
|
|
#
?
Dec 14, 2018 13:37
|
|
|
GoGoGadgetChris posted:Not to be snarky at all, but does anyone here place much importance on how well their car will hold its value? There's a lot of overlap between BWM and people frequently trading cars. Yup. I was able to drive a sports car for very little in depreciation for a few years.
|
|
#
?
Dec 14, 2018 13:58
|
|
|
Residency Evil posted:Yup. I was able to drive a sports car for very little in depreciation for a few years.
|
|
#
?
Dec 14, 2018 14:08
|
|
|
GoGoGadgetChris posted:Not to be snarky at all, but does anyone here place much importance on how well their car will hold its value? There's a lot of overlap between BWM and people frequently trading cars. one of my justifications for my terribly BMW BMW is that it holds its value exceedingly well the other car i will drive into the ground probably edit: in shamefulness for self posting here is some info: redditor posted:I am currently dealing with a garnishment on my paycheck, and about six months ago, my bank account was hit with a lien by another creditor. Luckily for me, they hit me between paychecks, and I was able to get my deposit switched to an Amex Bluebird card I’ve had for years. I love the Bluebird, as I’ve never paid a fee for anything as long as I’ve had it. The problem is, it’s an Amex, which not everyone accepts. hmmmm whatever could that lien be hmmmm KYOON GRIFFEY JR fucked around with this message at 16:39 on Dec 14, 2018 |
|
#
?
Dec 14, 2018 14:46
|
|
|
Cool.
|
|
#
?
Dec 14, 2018 15:08
|
|
|
Hey guys who wants to hear about how little my car depreciates?! No one  Does it make sense to go tax exempt on a few paychecks to aggressively pay off high interest debt? quote:Like the title says, I owe
|
|
#
?
Dec 14, 2018 16:06
|
|
|
Inept posted:Hey guys who wants to hear about how little my car depreciates?! I'm guessing the problem he's missing is that the IRS may charge him a penalty for underpayment. At least he acknowledged that he still has to pay those deferred taxes but I question his ability to remember to save money to pay the deferred amount come April. Also a Kia Forte is a decent car but it's not a $400 a month (for 72 months, let's be honest) car. If instead of buying brand new he bought a 3 year old Forte he would be saving on monthly payment and on insurance.
|
|
#
?
Dec 14, 2018 16:29
|
|
|
CannonFodder posted:I'm guessing the problem he's missing is that the IRS may charge him a penalty for underpayment. At least he acknowledged that he still has to pay those deferred taxes but I question his ability to remember to save money to pay the deferred amount come April. That and he also nets 6k a month, pays $1100 for rent, and somehow has $50k in non-car debt. But if only he didn't pay taxes for a bit he'd be fine!
|
|
#
?
Dec 14, 2018 16:41
|
|
|
I know the thread I'm in......but what the gently caress. How do this many people have no idea what they are doing and get sucked into buying based on payment. I simply refuse to believe this many people are that stupid. It has to be willful ignorance and excessive optimism about the future. [/quote] I deal with the general public everyday. The majority of people focus on two things: Today’s costs and monthly costs. Buying a $1,000 phone up front is mostly a no go. But hey, for $52 a month might as well get the bigger one and more storage space.
|
|
#
?
Dec 14, 2018 16:54
|
|
|
it's also aggressively reinforced across society by people who stand to profit from it
|
|
#
?
Dec 14, 2018 16:55
|
|
|
Like once you've saved enough you can just borrow from yourself and pay yourself back, no need to ring up credit with interest.
|
|
#
?
Dec 14, 2018 17:01
|
|
|
Remember this bit from yesterday?Mr.Radar posted:How about investing with companies that advertise on podcasts? Yesterday this happened with Robinhood: Yeah, turns out they can't be trusted. They weren't actually creating a banking product that would be insured by the FDIC or NCUA, they were instead creating a brokerage account you could withdraw from via a debit card which Robinhood said would be covered by SIPC insurance. Except the SIPC says those funds would probably not qualify for SIPC insurance: quote:“I disagree with the statement that these funds are protected by SIPC,” Stephen Harbeck, president and chief executive officer of SIPC, said in an interview Friday. “Had they called us, I would have told them what I just told you in that I have serious concerns about this. This has gigantic ramifications for the banking industry.” Mr.Radar fucked around with this message at 17:08 on Dec 14, 2018 |
|
#
?
Dec 14, 2018 17:05
|
|
|
Mr.Radar posted:Remember this bit from yesterday?
|
|
#
?
Dec 14, 2018 17:11
|
|
|
Mr.Radar posted:Remember this bit from yesterday? Lol God I love this shitshow.
|
|
#
?
Dec 14, 2018 17:12
|
|
|
Duckman2008 posted:I deal with the general public everyday. The majority of people focus on two things: Today’s costs and monthly costs. Buying a $1,000 phone up front is mostly a no go. But hey, for $52 a month might as well get the bigger one and more storage space. What throws me is that you can see they're offering two options (one which seems much more appealing at face level) and then not immediately look into why those are the two numbers or at least compare the totals head to head. Like, I remember seeing a monthly payment number on Gazelle that seemed insanely low - with one click you can see that their quote of the $52/month number in your example is based on an 18 month plan at a 10% APR (when it ranges from 10%-30%).
|
|
#
?
Dec 14, 2018 17:20
|
|
|
That's a real nice coda to that day-long saga. Need advice on car troubles quote:So I recently bought a brand new 2018 Mazda 6 with the principal balance of 31k, but now its 27k. I pay 494 monthly and I honestly can't deal with the toll that the car payment has on me. The car was given to me by my parents as a surprise but the surprise was that I was the one who was going to pay for it... My question is if I were to sell the car how much would I be losing? $30k of debt is a great gift indeed
|
|
#
?
Dec 14, 2018 17:22
|
|
|
CannonFodder posted:Also a Kia Forte is a decent car but it's not a $400 a month (for 72 months, let's be honest) car. If instead of buying brand new he bought a 3 year old Forte he would be saving on monthly payment and on insurance. There’s a sporty Kia Forte that could fall into the $400 a month range depending on factors. The sad part to me is that his costs aren’t THAT bad. His home price is reasonable, his cars are expensive, but not even in the 50% percentile for this thread. He has to downsize, especially where’s he’s supporting grown kids, but he was dealt a poo poo hand twice. It’s tough enough adjusting once to a pay change like that. Twice in a year is brutal.
|
|
#
?
Dec 14, 2018 17:24
|
|
|
AndrewP posted:That's a real nice coda to that day-long saga. lol how does that even work, did they haul him in to refi under his name or did they just plunk down some minimum down payment?
|
|
#
?
Dec 14, 2018 17:44
|
|
|
I always feel like there's a little more to those stories - not that I don't believe there are terrible parents who gently caress their kids over, but at the same time passing it off as "my parents stuck me with this! I'm innocent!" is a little too convenient. My guess is that OP is more complicit in the arrangement than he's letting on.
|
|
#
?
Dec 14, 2018 17:54
|
|
|
FAUXTON posted:lol how does that even work, did they haul him in to refi under his name or did they just plunk down some minimum down payment? quote:They bought it under their names but financing is 60 months 0 APR He does say in the thread: quote:I recently got a good paying job and I could afford the payments but I rather use the money on other stuff like traveling or just saving it. So it at least sounds like he can afford it, well besides the "Congrats, here's a new $500/month payment!"
|
|
#
?
Dec 14, 2018 18:32
|
|
|
Murderball posted:Well then let's all reacquaint ourselves with the old one. It's a pro-click. An old favorite The part with the contract 
|
|
#
?
Dec 14, 2018 18:32
|
|
|
JayKay posted:He does say in the thread: Eh that's probably a better deal than he could have gotten on his own, too bad about the payments though. Maybe pay it down ahead of time and sell once it puts him in the black?
|
|
#
?
Dec 14, 2018 18:42
|
|
|
Motronic posted:I know the thread I'm in......but what the gently caress. How do this many people have no idea what they are doing and get sucked into buying based on payment. I simply refuse to believe this many people are that stupid. I have bad news about many people. dexter posted:It's important for anyone who leases a car; especially when trying to determine if they got a 'good deal.' loving LMAO at the idea of leasing a loving Kia Forte.
|
|
#
?
Dec 14, 2018 18:43
|
|
|
|
| # ? Jun 4, 2024 04:43 |
|
|
FAUXTON posted:Eh that's probably a better deal than he could have gotten on his own, too bad about the payments though. Maybe pay it down ahead of time and sell once it puts him in the black? I think he should work something out with his parents where he's not stuck holding the bag on this huge loan he didn't even ask for. Theoretically he could just not pay and let them deal with it, but I suspect he probably doesn't want to ruin his relationship with his parents.
|
|
#
?
Dec 14, 2018 18:50
|
|