Based Wage Making: Money Sitting as a Service

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Motronic: Nov 6, 2009

Applying for a moving loan... what do I need to know? (self.personalfinance)

submitted 36 minutes ago * by TheKappatalist420

https://www.reddit.com/r/personalfinance/comments/cdk4so/applying_for_a_moving_loan_what_do_i_need_to_know/

quote:

19yo currently relocating from South Dakota to Colorado Springs. Considering a $2500 loan to sign a lease and hold me down while I wait for my first paycheck to roll in once I make the move. I have $750+ in savings. My credit score is 698 with about 1 year of history and 4 open accounts.

Pre-qualified for $2500 at 35.99% with a $113 monthly payment through OneMain. Went ahead and had them pull my credit and got to the next step. Did the phone interview with my local branch and the lady was very nice and seemed willing to help me out. I got cold feet when it came to the proof-of-income documentation. I currently work two jobs, delivering pizza part-time and working full-time at a gas station. My pizza job pays me $6.10 hourly while driving and thus far I haven't claimed any tips (tips are probably close to $500+ in the last two months). My job at the gas station was also recently started, I make $10 hourly and I've only received two paychecks from them. The first one was about $300 and the second was about $500. My paystubs for the pizza place only add up to about $200 biweekly since I claim no tips. I declared my monthly rent expenses at $250 and informed her about my vehicle ownership.

I believe the model they use to calculate my approval is my current income from paystubs, minus my monthly expenses ($250), and remaining income needs to be more than the monthly loan payment ($113).

So my question. If I submit these current paystubs to OneMain, how likely are my odds for approval? Assuming I submit these and they decline my application for insufficient proof of income, is there any way I can still get approved by putting my vehicle down as collateral? Is there any way for me to use my bank statements and my cash tip deposits as proof of income? Can I retroactively declare $500+ in cash tips and use that to boost my provable income?

This state has nothing left for me and I'm leaving with the promise of a job paying at least $11.20 hourly (compared to $9.65 min wage in SD) and I'm currently CompTIA certified and exploring options with a number of different IT companies paying much more than I could ever make here. This loan is a necessary step to me getting myself into a better position. I'm also young and while I have experience with credit, a personal loan is a new and confusing step for me.

Looking for any and all constructive advice to help me get this move funded. I appreciate any insight. Thanks!

EDIT: I've also been told by my employer at the pizza restaurant not to declare my cash tips. Something about this feels wrong because even cash tips are supposed to be taxed afaik. Am I subject to an audit or committing a crime by keeping these tips undeclared? They automatically declare a flat 8% for me. But I live in Deadwood which is a heavy gambling town and it's not uncommon for me to deliver to a casino where the person just won $1000 on a slot machine and tips me $200+. Any advice on this from a legal perspective?

# ? Jul 15, 2019 18:43

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# ? Jun 6, 2024 19:31

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

Simpsons Reference posted:

I think this counts as bad with money, but at the small law office I've been working at, we've desperately needed to get a business line of credit going to keep our available working capital consistent. I've been thrilled at the idea of not having to maneuver things around and cross my fingers that we meet payroll anymore.

With this new available capital, the owner has asked me to draw the entire thing and buy a CD with it. Yeah.

Aside from being not even sure if I can do that, I'm trying to understand his logic. He doesn't care about paying interest. He wants to, I guess, build up his borrowing history, and that at least we'll have money in hand, or something. This does not address our working capital.

In the further adventures of making it really loving difficult to do my job, he's told me that I am only allowed to transfer money between accounts via a check signed by him. We've had to do that since I got here in March, which is a pain in the rear end because he's only here half the time. But we recently got a commercial banking account which gave me more control. It's been a revelation for balancing the working capital.

After having it easy for about a week and a half, he brought me in his office and told me to cut it out. We have to make a check, have him sign it, and go deposit it in the bank.

# ? Jul 15, 2019 19:00

DaveSauce: Feb 15, 2004; Oh, how awkward.

Simpsons Reference posted:

In the further adventures of making it really loving difficult to do my job, he's told me that I am only allowed to transfer money between accounts via a check signed by him. We've had to do that since I got here in March, which is a pain in the rear end because he's only here half the time. But we recently got a commercial banking account which gave me more control. It's been a revelation for balancing the working capital.

After having it easy for about a week and a half, he brought me in his office and told me to cut it out. We have to make a check, have him sign it, and go deposit it in the bank.

I don't know why you're so concerned about losing your job. I'd be more concerned about being put on trial as an accomplice for whatever con your boss is trying to run.

Motronic posted:

The student's paybacks are capped at a reasonable figure above what the real cost would have been, and the school/secondary market buying these contracts are taking on risk as well. It's structured so that these successes make up for the failures and then some, pretty much like insurance actuarial analysis.

I don't think this is a perfect system, but it does seem like the only reasonable new idea I've heard of in a very log time.

Well, right... there's risk involved and it needs to be accounted for.

But my concern is over the long term effects. So even though the source of the risk is the student, the responsibility is being shifted to the school (along with any external investors). I understand that this is the whole point, and ideally this would incentivize the school to lower costs to something more realistic and also find efficiencies in order to increase quality of education. This would maximize returns by graduating students that companies are competing for, so the schools would get a big fat paycheck.

The dark side of this however is the potential for incentivizing schools to minimize cost while ignoring outcomes. This could spur a race to the bottom, which would be pushed by pressure from external financiers who are only concerned with minimizing risk. At some point, as long as you're graduating students who can pay back enough to cover your costs, you have no incentive to improve since adding cost would increase risk and scare away investors.

Maybe in some sense that's the ideal free market scenario, but it would really inhibit innovation.

I agree that it's certainly better than a lot of ideas out there right now (short of government subsidies, but good luck doing that here), but it's not without concern. I feel like you'd need some outside incentive to convince schools to improve outcomes rather than simply minimizing cost.

# ? Jul 15, 2019 20:12

Risky Bisquick: Jan 18, 2008; PLEASE LET ME WRITE YOUR VICTIM IMPACT STATEMENT SO I CAN FURTHER DEMONSTRATE THE CALAMITY THAT IS OUR JUSTICE SYSTEM.; Buglord

Simpsons Reference posted:

In the further adventures of making it really loving difficult to do my job, he's told me that I am only allowed to transfer money between accounts via a check signed by him. We've had to do that since I got here in March, which is a pain in the rear end because he's only here half the time. But we recently got a commercial banking account which gave me more control. It's been a revelation for balancing the working capital.

After having it easy for about a week and a half, he brought me in his office and told me to cut it out. We have to make a check, have him sign it, and go deposit it in the bank.

You should probably seek a new opportunity friend. That sounds potentially afoul the law, somehow.

Self posting is BWL, however this is tangentially related :sigh:

A startup I used to work for many years ago had payroll issues, and ended up laying off around 20% of the workers on April 1st of that same year. They likely ran into an issue such as you describe, where they were shuffling money around constantly and eventually something had to give. Anyhow this was done in the only large meeting room we had, that was floor to ceiling glass with no curtains or privacy to speak of. The office admin was in charge of emailing the meeting invite to everyone on behalf of the owner/ceo to a mandatory in person meeting, usually reserved for starting new projects at the time. The office admin knew about what was about to take place, she was privy to the information for at least 2 weeks. So the morning of, just prior to the meeting, the owner invited her to also join. She had thought it was for note taking which she commonly did on the ceos behalf. It turns out the owner invited her in to can her too alongside something like 14 other people :drat:

that's cold.

This amateur hour was the sign for me to gtfo, which I promptly followed through. Payroll issues and your employer is a RED flag, the REDDEST.

# ? Jul 15, 2019 20:40

Cacafuego: Jul 22, 2007

Crosspost:

KillHour posted:

Just LOL if you're not using 600% payday loans to cover your $1755 144 month Lamborghini finance payments.

https://www.lamborghinipalmbeach.com/vehicle-details/new-2019-lamborghini-huracan--west-palm-beach-fl-id-29725913

# ? Jul 15, 2019 21:00

Eric the Mauve: May 8, 2012; Making you happy for a buck since 199X

Simpsons Reference posted:

I thought they bought the rights to that sweet SNES action RPG I never got past half an hour in to

No no that's Robotrek, it's actually pretty neat, you should go back and play it sometime

# ? Jul 15, 2019 21:02

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

Risky Bisquick posted:

You should probably seek a new opportunity friend. That sounds potentially afoul the law, somehow.

Self posting is BWL, however this is tangentially related

A startup I used to work for many years ago had payroll issues, and ended up laying off around 20% of the workers on April 1st of that same year. They likely ran into an issue such as you describe, where they were shuffling money around constantly and eventually something had to give. Anyhow this was done in the only large meeting room we had, that was floor to ceiling glass with no curtains or privacy to speak of. The office admin was in charge of emailing the meeting invite to everyone on behalf of the owner/ceo to a mandatory in person meeting, usually reserved for starting new projects at the time. The office admin knew about what was about to take place, she was privy to the information for at least 2 weeks. So the morning of, just prior to the meeting, the owner invited her to also join. She had thought it was for note taking which she commonly did on the ceos behalf. It turns out the owner invited her in to can her too alongside something like 14 other people that's cold.

This amateur hour was the sign for me to gtfo, which I promptly followed through. Payroll issues and your employer is a RED flag, the REDDEST.

Yeah, I know that one might sound a little sketchy, but I get why he requires it... he just shouldn't. The account the money is coming from is a special collective client trust account required for lawyers that we are permitted to draw operating funds from. We can draw down, but it is just absolutely not allowed to go negative. The previous accountant did exactly that, so the owner is super controlling. I'm not going to do that, and in fact things are more of a pain in the rear end because of it.

# ? Jul 15, 2019 21:10

Subjunctive: Sep 12, 2006; ✨sparkle and shine✨

Spring Heeled Jack posted:

perhaps the lenders should go gently caress themselves?

100%, but they are pretty influential in this legislative area, in part because in many cases the lender is the US government.

# ? Jul 15, 2019 22:01

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

We could make it marginally more difficult to discharge student loan debt without making it impossible. Like�s been said, declaring bankruptcy isn�t a magical spell that always works. The courts are going to reject an obvious attempt to defraud the system.

Anything is better than what we have now.

# ? Jul 16, 2019 00:07

Ham Equity: Apr 16, 2013; The first thing we do, let's kill all the cars.; Grimey Drawer

The simple solutions are to stop letting people use federal loans for for-profit institutions, and stop letting people deduct donations to private universities, and funnel that money into public schools.

# ? Jul 16, 2019 01:21

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

Motronic posted:

Applying for a moving loan... what do I need to know? (self.personalfinance)

submitted 36 minutes ago * by TheKappatalist420

https://www.reddit.com/r/personalfinance/comments/cdk4so/applying_for_a_moving_loan_what_do_i_need_to_know/

based on the user name that guy 100% is gonna try to work in the weed industry

# ? Jul 16, 2019 01:25

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

Thanatosian posted:

The simple solutions are to stop letting people use federal loans for for-profit institutions, and stop letting people deduct donations to private universities, and funnel that money into public schools.

first one makes sense, why the second one though

# ? Jul 16, 2019 01:26

Elephanthead: Sep 11, 2008; Toilet Rascal

Barry posted:

So this guy is taking home from $40-$150/week (pretax?) and is trying to support two people and isn't completely panicked? Those must be some good meds.

But putting groceries on a shelf for $400 a week was too stressful.

# ? Jul 16, 2019 01:28

golden bubble: Jun 3, 2011; yospos

Thanatosian posted:

The simple solutions are to stop letting people use federal loans for for-profit institutions, and stop letting people deduct donations to private universities, and funnel that money into public schools.

lovely for-profit colleges are losing their accreditation right now, and it is helping college prices. But it took this long because Obama insisted on treating for-profit colleges like traditional colleges. That means giving them them benefit of the doubt, with several warnings and probationary periods before the final loss of accreditation. Thus, the lovely colleges that failed their initial accreditation tests during Obama's first term only started to lose their accreditation around 2015, when their final probationary periods ran out. Of course, Betsy Devos wants to reverse the process and make accreditation easy, just like it was during the Bush years.

# ? Jul 16, 2019 01:35

tumblr hype man: Jul 29, 2008; nice meltdown; Slippery Tilde

Simpsons Reference posted:

Yeah, I know that one might sound a little sketchy, but I get why he requires it... he just shouldn't. The account the money is coming from is a special collective client trust account required for lawyers that we are permitted to draw operating funds from. We can draw down, but it is just absolutely not allowed to go negative. The previous accountant did exactly that, so the owner is super controlling. I'm not going to do that, and in fact things are more of a pain in the rear end because of it.

See if the Bank has any sort of dual control for online banking, mine does, but it may just be for wires/ACH out.

# ? Jul 16, 2019 01:40

Dik Hz: Feb 22, 2004; Fun with Science

golden bubble posted:

lovely for-profit colleges are losing their accreditation right now, and it is helping college prices. But it took this long because Obama insisted on treating for-profit colleges like traditional colleges. That means giving them them benefit of the doubt, with several warnings and probationary periods before the final loss of accreditation. Thus, the lovely colleges that failed their initial accreditation tests during Obama's first term only started to lose their accreditation around 2015, when their final probationary periods ran out. Of course, Betsy Devos wants to reverse the process and make accreditation easy, just like it was during the Bush years.

Obama did it that way to prevent lawsuits and make it go through faster overall. It turns out that courts are big fans of due process.

As for letting private companies decide who gets student loans: that's problematic. First generation students default at astronomical rates and immigrants and minorities are disproportionately more likely to be first generation students. For what are hopefully obvious reasons. We're only a generation removed from Jim Crow and not that many generations from slavery.

# ? Jul 16, 2019 02:45

Motronic: Nov 6, 2009

Dik Hz posted:

Obama did it that way to prevent lawsuits and make it go through faster overall. It turns out that courts are big fans of due process.

https://www.youtube.com/watch?v=HL3MxAH-kDI&t=18s

# ? Jul 16, 2019 02:57

My Rhythmic Crotch: Jan 13, 2011

that was amazing lol

# ? Jul 16, 2019 03:02

Dik Hz: Feb 22, 2004; Fun with Science

Motronic posted:

https://www.youtube.com/watch?v=HL3MxAH-kDI&t=18s

Nice.

# ? Jul 16, 2019 03:26

SpartanIvy: May 18, 2007; Hair Elf

Motronic posted:

https://www.youtube.com/watch?v=HL3MxAH-kDI&t=18s

This is the city I live in and I've never been prouder :texas:

# ? Jul 16, 2019 03:51

Ham Equity: Apr 16, 2013; The first thing we do, let's kill all the cars.; Grimey Drawer

KYOON GRIFFEY JR posted:

first one makes sense, why the second one though

https://www.marketwatch.com/story/t...rads-2019-02-11

Obviously, those aren't all private, but those donations are massive tax writeoffs for the people making them. That $1.4 billion to Harvard probably represents about $560 million of lost tax money. And I'd much rather have the government choosing where that money goes than rich fuckfaces getting buildings named after them.

# ? Jul 16, 2019 04:11

gwarm01: Apr 27, 2010

SpartanIvy posted:

So I wrote a query to find some BWM car buyers and I have to say overall my company seems to be pretty good.

However, I found someone that is paying ~$500 a month for a 2011 Jeep Grand Cherokee with 87K miles on it. Only a 29.95% rate! It has an MSRP of $13K and they had $3K cash down to put on it.

If the 6 year contract runs it's term they'll have spent $36K on it.

Very BWM

E: not a lease

How do people end up with these interest rates? I'm over here with a 4.4% on my Jeep and was wondering if I should refinance.

I'd love to see a curve displaying credit scores against average interest rates.

# ? Jul 16, 2019 04:15

Motronic: Nov 6, 2009

Is it possible to live off 110K/yr in Canada? (self.personalfinance)

submitted 8 minutes ago by tshredder18

https://www.reddit.com/r/personalfinance/comments/cdrix7/is_it_possible_to_live_off_110kyr_in_canada/

quote:

Is it possible to live off $110 000 / yr (pre tax) as a frac field engineer in Canada?

Work schedule: 14/14 (2 weeks on, 2 weeks off)

Location: rural

Expenses: $1000/mth rent, $1500/mth for truck, $500/mth for food, $5000/yr for vacation? Plus all the usual stuff, clothing, gas, personal expenses, utilities, phone, cable, healthcare, etc.

Single, no dependents.

Please help!

Is it possible to save rent by living in a hotel? (See work schedule!)

# ? Jul 16, 2019 04:17

crazypeltast52: May 5, 2010

Alberta? Or fracking is probably southern Saskatchewan? Oilfield.txt right there.

# ? Jul 16, 2019 04:20

SpartanIvy: May 18, 2007; Hair Elf

gwarm01 posted:

How do people end up with these interest rates? I'm over here with a 4.4% on my Jeep and was wondering if I should refinance.

I'd love to see a curve displaying credit scores against average interest rates.

Interest rates are an indicator of risk, typically. So with an interest rate that high, their credit score must have been literal garbage. I won't post anything directly as a graph of data or actual numbers, but I'll see what I can query as far as credit score to interest rate distribution and post about it.

# ? Jul 16, 2019 04:25

SiGmA_X: May 3, 2004; SiGmA_X

https://www.removeddit.com/r/personalfinance/comments/cdhzp0/letting_someone_use_my_computer_for_100_a_month/
Letting someone use my computer for $100+ a month(self.personalfinance)

quote:

Someone from China just asked if they can use my computer to access the unblocked servers to a client called �upwork.� He says he will play me more than $100 for allowing me to remotely access my computer whenever he needs to use upwork. Should I take the deal? He seems genuine but he could theoretically download malware on my pc at any time.

Oh boy.

Thanatosian posted:

The simple solutions are to stop letting people use federal loans for for-profit institutions, and stop letting people deduct donations to private universities, and funnel that money into public schools.

That seems like a reasonable start.

Simpsons Reference posted:

Yeah, I know that one might sound a little sketchy, but I get why he requires it... he just shouldn't. The account the money is coming from is a special collective client trust account required for lawyers that we are permitted to draw operating funds from. We can draw down, but it is just absolutely not allowed to go negative. The previous accountant did exactly that, so the owner is super controlling. I'm not going to do that, and in fact things are more of a pain in the rear end because of it.

It's almost like the Company needs more working capital so they can simply draw against the client trust at time of billing. If only the owner had the means to increase working capital without taking cash out of his own pocket...

# ? Jul 16, 2019 04:49

Lysandus: Jun 21, 2010

BWM 2019: I'll be a crypto millionaire in 2-5 years.

# ? Jul 16, 2019 13:59

colachute: Mar 15, 2015

Motronic posted:

Is it possible to live off 110K/yr in Canada? (self.personalfinance)

submitted 8 minutes ago by tshredder18

https://www.reddit.com/r/personalfinance/comments/cdrix7/is_it_possible_to_live_off_110kyr_in_canada/

quote:

$1500/month for truck? Can you please explain what type massive truck you would "need" that cost a mortgage payment?

quote:

I've got my reasons

# ? Jul 16, 2019 14:03

DaveSauce: Feb 15, 2004; Oh, how awkward.

crazypeltast52 posted:

Alberta? Or fracking is probably southern Saskatchewan? Oilfield.txt right there.

Literally impossible to work in the oil fields up there on that salary.

I mean, hookers and cocaine/heroin aren't cheap, so it's unlikely he'll be able to afford his $1,500/mo truck.

# ? Jul 16, 2019 14:22

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

SiGmA_X posted:

https://www.removeddit.com/r/personalfinance/comments/cdhzp0/letting_someone_use_my_computer_for_100_a_month/
Letting someone use my computer for $100+ a month(self.personalfinance)
Oh boy.
That seems like a reasonable start.
It's almost like the Company needs more working capital so they can simply draw against the client trust at time of billing. If only the owner had the means to increase working capital without taking cash out of his own pocket...

I thought maybe don't "invest" the line of credit in a CD, but maybe I'm not on his level of thinking

I applied to four jobs yesterday, so shame on me for self-posting, but as long as I work here I'll have bad with money stories.

# ? Jul 16, 2019 14:36

DaveSauce: Feb 15, 2004; Oh, how awkward.

https://www.reddit.com/r/personalfinance/comments/cdwy2w/mym32_father_m60_took_a_lot_of_loans_under_my/

quote:

My(M32) father (M60) took a lot of loans under my name, and now is unable to pay them. I am now drowning in debt with no way out. Advise needed. (self.personalfinance)

submitted 24 minutes ago by inspireyourself

TL:DR: I'm massively debt ridden and see no way out.

Sorry if this is a little long. My situation is a little complicated and I am suffering from massive depression due to this, unable able to move ahead in my life, unable to sustain relationships.

Since as long back (since I was 6) as I can remember, my father has always been under debt pressure. He has always been running from bank to bank to secure loans. Many times he has not been able to pay his monthly instalments. He was actually very wealthy and had a great business but multiple divorces (he's married 4 times) always screwed him financially. Plus his lavish lifestyle. Later, when he couldn't borrow more because of his defaulting credit score, he changed his name to start fresh with the banks.

After I graduated, I got a good job and started making decent money. I used to always give atleast 70% of my salary to him, sometimes all of it, because I knew he needed it. I stayed at his house and we eat together, so I thought of it as paying my "living expenses". It is in my nature to not spend beyond my means I've always lived on a shoestring. I hardly shop, hardly eat out. After 3 years of working, paying healthy taxes, never crossing my credit card limits and always paying my credit card bills on time, my father figured that I would have a very good score. And indeed, I had a very healthy score. So, he took huge amounts of loans under my name. I quit my job (I've always been entrepreneurial and the 9-5 wasn't for me) and started working in his business. He convinced me into it. He opened a new a company of which I was the Proprietor and he took a business loan for it. Similarly, he has opened companies under my sister's and my grandmother's names, just so that he could secure more loans.

He couldn't pay his dues back so he took cash loans on very high interest rates from loan sharks. One big loan he secured after handing over the papers of our house. Here is a summary of our loans and monthly instalments:

The biggest one is a loan of $250,000 we took by giving our house as security. Our house is worth around $750,000. We have to pay the bank $4,000 every month, for the next 50 years. We have paid back till now $50,000 of the principal amount. We have been paying since 2 years, but last month and this month we were not able to pay. We cannot pay them next month too. The house is under the name of my grandfather and my father. I am the legal heir to it.

Car loans: We own 3 cars. We have paid off all the payments for 1 car. The other 2 cars we have to pay $150 and $500 a month for the next 2 years.

Another business loan: we have to pay $500 every month for the next 3 years.

In business, we have debtors of around $60,000.

We have monthly expenses (electricity, utilities, food, office space rent) of $3,500.

From loan sharks, we have to pay them weekly. In a month, we pay them a around $3500. Only 3 month of payments are left.

My credit card is maxed out at $2500. My dad has 2 credit cards, each maxed out at $1500.

In back taxes, we owe around $15,000.

Because of no working capital, our business is suffering and we are only making around $4000 a month. If we had working capital, we can easily make $500 a day, which means $12,000 - $15,000 a month. Basically working capital would enable us to get a plant of lease of $800 a month and manufacture goods ourselves. My dad has been trying to convince banks to further lend us some but no bank is willing because now me and father both are defaulters.

I see no way out of this, apart from selling the house, which is not a really good option considering the property market in my geography is in a dire state at the moment.

I know I am not responsible for this, but I have accepted full responsibility because it is my signatures that secured the loans. I only did it to help my dad. He has been assuring me since past 15 years that "I will be debt free, just this one time please." Out of respect to him because he is my parent, I always complied.

I have thought of many things. One is, leaving the country and getting a job and just staying out of debt because being debt ridden is the worst thing a human can do to themselves. If I do leave, my dad can always let go of the house and all of his debt. I am a Chemical Engineer from a top institute, plus I have experience working in Fortune 500 companies and a have a good track record with my former employers, so finding a new job in another country where I have a lot of friends won't be that difficult I presume. I want live debt-free.

What should I do? Is there any way out of this?

tl;dr Dad is a massive con borrowing all over town and giving out the illusion that he's a successful business man. He's now wrangled his son in to it, despite him being a successful engineer, and now the son has willingly signed his name to a bunch of the debt and is trying to get out of it.

Basically, his dad is Donald Trump.

# ? Jul 16, 2019 14:52

howdoesishotweb: Nov 21, 2002

Simpsons Reference posted:

I thought maybe don't "invest" the line of credit in a CD, but maybe I'm not on his level of thinking

I applied to four jobs yesterday, so shame on me for self-posting, but as long as I work here I'll have bad with money stories.

Someone like this should have some low hanging fruit like an underwater German car or an ostentatious house they can't afford.

# ? Jul 16, 2019 15:00

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

TIL you can get a 50 year loan as an individual (presumably).

# ? Jul 16, 2019 15:20

dpkg chopra: Jun 9, 2007; Fast Food Fight; Grimey Drawer

DaveSauce posted:

https://www.reddit.com/r/personalfinance/comments/cdwy2w/mym32_father_m60_took_a_lot_of_loans_under_my/

tl;dr Dad is a massive con borrowing all over town and giving out the illusion that he's a successful business man. He's now wrangled his son in to it, despite him being a successful engineer, and now the son has willingly signed his name to a bunch of the debt and is trying to get out of it.

Basically, his dad is Donald Trump.

Had to stop reading this because it was making me real mad. Jesus.

I hope it's fake.

# ? Jul 16, 2019 15:23

Barry: Aug 1, 2003; Hardened Criminal

Ur Getting Fatter posted:

Had to stop reading this because it was making me real mad. Jesus.

I hope it's fake.

That $250k mortgage really smells like bullshit but hey, who knows.

# ? Jul 16, 2019 15:31

tater_salad: Sep 15, 2007

Lysandus posted:

BWM 2019: I'll be a crypto millionaire in 2-5 years.

where's it from

# ? Jul 16, 2019 15:42

DaveSauce: Feb 15, 2004; Oh, how awkward.

Barry posted:

That $250k mortgage really smells like bullshit but hey, who knows.

Agreed, but I did some quick math and that's around 19% APR. Being that they have ruined credit, maybe they haggled the monthly payment down in exchange for a longer term. edit: also not a mortgage, at least not listed as one per OP. The house is collateral... not sure if it's a HELOC or some weird personal loan or something, I dunno.

Alternatively Dad lied about the loan. Would fit the MO. Wouldn't be surprised if there's a ton of other hidden debt or something else going on that OP doesn't know about.

edit:

also glanced through OP's post history, not exactly a winner. Lots of angry posts and "red pill" bullshit.

DaveSauce fucked around with this message at 15:53 on Jul 16, 2019

# ? Jul 16, 2019 15:48

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

tater_salad posted:

where's it from

Reddit/personalfinance/ I just bought 1 billion dollars of crypto

# ? Jul 16, 2019 16:00

Lysandus: Jun 21, 2010

tater_salad posted:

where's it from

Motronic posted:

Okay......I think this reddit post gave me brain damage.

[LONG] My wife and I are "kinda" jobless, and we can't make rent in two weeks. (self.personalfinance)

submitted 39 minutes ago by apsalartargaryen

https://www.reddit.com/r/personalfinance/comments/cdivw0/long_my_wife_and_i_are_kinda_jobless_and_we_cant/

# ? Jul 16, 2019 17:17

Adbot: ADBOT LOVES YOU

# ? Jun 6, 2024 19:31

tater_salad: Sep 15, 2007

^^ ahh I stopped reading this well before he got to crypto.

Maybe they can move into someone's 2 br apartment in florida the days kids aren't there!

# ? Jul 16, 2019 18:04

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Based Wage Making: Money Sitting as a Service

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