Based Wage Making: Money Sitting as a Service

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

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rufius: Feb 27, 2011; Clear alcohols are for rich women on diets.

tater_salad posted:

I was just making a pun.

Lol goddammit I see that now.

# ? Oct 4, 2021 14:35

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# ? Jun 6, 2024 10:59

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

_{*Israeli Government-affiliated poster}

Someone in my office just now:

quote:

I don't get why they only have one winner for the Powerball. If the jackpot gets up to $500 million, then why can't they have 100 million winners? I guarantee you that everybody would play more and you could have 100 million people retire if you split it. $5 million for every winner is more than enough to retire on. I guess it is down to around $1 million after taxes. But, that is still enough for most people to retire. It would change a lot more lives than one person getting half a billion. Most of that money goes to the schools and if they had one year where everybody won, then everyone would play and they could fund the schools without raising property taxes for 50 years and you could have millions of millionaires instead of just one person.

# ? Oct 4, 2021 14:37

Heffer: May 1, 2003

Constantly reinventing socialism

# ? Oct 4, 2021 14:47

Alan Smithee: Jan 4, 2005; A man becomes preeminent, he's expected to have enthusiasms.

Enthusiasms, enthusiasms...

has anyone invented lotterycoin

# ? Oct 4, 2021 15:04

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

quote:

I don't get why they only have one winner for the Powerball. If the jackpot gets up to $500 million, then why can't they have 100 million winners? I guarantee you that everybody would play more and you could have 100 million people retire if you split it. $5 million for every winner is more than enough to retire on. I guess it is down to around $1 million after taxes. But, that is still enough for most people to retire. It would change a lot more lives than one person getting half a billion. Most of that money goes to the schools and if they had one year where everybody won, then everyone would play and they could fund the schools without raising property taxes for 50 years and you could have millions of millionaires instead of just one person.

Looking past the large error in the math,

Heffer posted:

Constantly reinventing socialism

# ? Oct 4, 2021 15:11

Ornamented Death: Jan 25, 2006; Pew pew!

Residency Evil posted:

Looking past the large error in the math,

Also worth noting that a million is only enough to retire with if you're already at or very near standard retirement age.

# ? Oct 4, 2021 16:35

tater_salad: Sep 15, 2007

Ornamented Death posted:

Also worth noting that a million is only enough to retire with if you're already at or very near standard retirement age.

right like assuming no debt, house paid off, etc etc.

edit: but who are kidding, we all know everyone starts buying 5br houses while they have an empty nest but need to show wealth, a truck/lexus/merc in the driveway that's leased or has a mortgage payment due on it each month, and a sweet cub cadet rider for that .25 acre lawn so you can stick within HOA regs.

tater_salad fucked around with this message at 16:52 on Oct 4, 2021

# ? Oct 4, 2021 16:47

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

Or if you can live on an inflation-adjusted $40,000 a year, indefinitely*

# ? Oct 4, 2021 16:51

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

Ornamented Death posted:

Also worth noting that a million is only enough to retire with if you're already at or very near standard retirement age.

Also, missed this part:

quote:

$5 million for every winner is more than enough to retire on. I guess it is down to around $1 million after taxes.

drat, I had no idea taxes got that high when you hit 5M. Those millionaires have it so rough in this country. :ohdear:

# ? Oct 4, 2021 16:52

Nocheez: Sep 5, 2000; Can you spare a little cheddar?; Nap Ghost

https://www.youtube.com/watch?v=EHUtHITYb94

# ? Oct 4, 2021 16:58

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

_{*Israeli Government-affiliated poster}

Residency Evil posted:

Also, missed this part:

drat, I had no idea taxes got that high when you hit 5M. Those millionaires have it so rough in this country.

I just enjoyed the wholesomeness of a coworker wondering why they don't just do a lottery where everybody wins.

# ? Oct 4, 2021 18:17

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

Leon Trotsky 2012 posted:

I just enjoyed the wholesomeness of a coworker wondering why they don't just do a lottery where everybody wins.

Is living in America not enough for you? :smug:

# ? Oct 4, 2021 18:34

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

_{*Israeli Government-affiliated poster}

quote:

Thousands in payday loan debt. HELP

Hello everyone.

I desperately need help with my finances.

I currently have nearly $20,000 in payday loan debt. It all started when I moved into a new apartment with 2 of my close friends. We moved into a upscale apartment based a on a promotion that they had first month free, but it wasn't really free. They tacked it onto the end. Nonetheless it sounded pretty great to a couple of 20 something's. A few months after moving there myself and my best friend of 10 years had a falling out over a guy, and she moved out leaving myself and my other roommate to cover the rent.

We ended up terminating the lease but the termination fee on top of the regular amount lead to me taking out around $2000 worth of payday loans. The rent was 1900 a month, the termination fee was one months worth of rent. With that I moved closer to my job, 2 hrs away and had to cover the deposit and rent for me to move it was 2600 for total move in costs for a 2 bedroom apartment with 1 year lease. So I was already $2000 into the revolving debt door, I started using my credit card to cover regular expenses and getting more payday loans once those were maxed out to cover those expenses.

My brother ended up moving in with me in my new apartment with the promise to pay rent and cut the costs. He never did and racked up more expenses under my name. So I was taking out more and more loans looking to online vendors and the local vendors. At this point its been about a year (a little more) and I've racked up about $17000 worth of installment loans and payday loan debt. This us a counteractive part of covid as well. Ive had it twice and ive been quarentined 4 times due to exposure. My parents arent really involved and don't have the money or resources to help, so call them up and ask for help would be futile. I am looking to see what I can do.

I don't qualify for personal loans as my credit score just hit an all time low of about 589. My income this year is 90000 but most of it has gone to covering the previous and current expense.. I don't know how to get myself out of this, and its to the point where all the auto minimum payments have wiped my account and I'm barely able to afford my rent. I'm living on beans and rice from the $50 I use weekly for groceries. I need to find a way out of this, and I don't know where to turn or who to ask for help. I've gotten advances from my job, cashed in vacation time, pulled a small 401k loan. My 401k total is about 27000, but I can only have access to it that if I quit the company i work at which is not really about option. I make decent money here and can't make ends meet, ive even got a second job, with one day off every two weeks I am exhausted. Between minimum credit card payments and minimum payday loan payments, half of which bounce and they charge me fees, my debt is over 40k.

Please please please help me. Any suggestions or help is greatly appreciated. I know I got myself into this, but I gotta figure out how to get myself out.

Sincerely a mentally, financially and physically exhausted 24 year old.

This sounded like a sad Payday loan cycle of poverty story at first.

Then, he drops the bombshells that:

- He makes over $90,000 a year.
- He has 27k in his 401(k)
- His debt is actually over 40k and not just the 20k in Payday loans he initially mentioned.
- He has a second job and has been eating for less than $50 a week.
- All of this debt was accumulated in a year and he can't even pay the minimums.

OP won't post a budget, but I wonder what "other expenses" his brother took out that he had to pay for.

How in the world could someone making over $100,000, who has "no significant expenses" beyond rent, and has a grocery budget of $50 end up 40k in debt in a year? And also saved $27k in his 401(k) during the last year or two.

Everyone else is understandably confused, but OP refuses to say what his brother bought "under my name" and where exactly his roughly $140,000 in spending in a year went.

quote:

quote:
Post your budget. That level of income should support that level of expenses.

You should also consider suing your friend and your brother

My friend has cut all ties and I have had no communication with her since november. Her name wasn't on the lease, we went off of mine since I had the best credit score at the time. So there was no formal contract. Could I still sue her? Also same thing with my brother, no formal contracts just a simple agreement we discussed over lunch one day.

quote:

quote:
Your income of $90K should be more than enough to dig you out of this hole and that�s not even including the 2nd job you got. Something isn�t adding up here. You need to post a budget and also stop all non-matching 401K contributions.

I did that 2 months ago, my company matches up to 6%. I dropped my contributions from 13% down to 6%. Thanks for the suggestion!

quote:

quote:
How do you make 90000 a year yet can hardly keep up with that debt and then also claim you are living on rice and beans. Maybe there is other poo poo you haven�t mentioned but take a look at your expenses and see what you can cut back on. Like do you have a car you do not need, can you find somewhere cheaper to live.

I totally agree. I have looked into cutting back, I only own one car and bought it 2.5 years ago. (Through a loan obviously). I pay 642 every month on it. I would sell it for a cheaper car or even a moped, since I drive 3 miles to company parking lot and then get transported from there to site. But if i sold it I'd still end up upside down on the loan. I currently owe 22000 (bought it for 33,000) and it's worth about 18,000 according to KBB.

He says he has about $4,200 per month in take-home pay after deductions and taxes.

He also says last month that he had $17,968 (!!!) in expenses.

quote:

MONTHLY BILLS Rent $1300 Car payment $642 Car insurance $100 Phone payment $75 Internet $90 Gas $65 Water $90 Electric $100 Car gas $100 MACU Personal Loan for all appliances got 2yrs ago (couch, tv, easher dryer) -$405

CREDIT CARDS Captial One- $85 Cabelas- $85 Discover- $35 Wells Fargo- $55 Sephora Visa - $35 Mountain America Credit Union - $35 Affirm- $55

PAYDAY/INSTALLMENT Interest rate% (holy bejeezus) Cash 1- $ 225.67 Advance America -$ 255.29 188.42 Check into Cash- $354 912.5 Green Arrow- $384.75 750.76 Paycheck Advance - $ 679.36 415.99 Cash factory - $ 837.38 438.18 Spotloan - $ 870.58 My Payday Loan - $ 875 Moneytree -$ 919.20 Rapid Cash - $ 1096.43 438.789 Dollar Loan Center - $ 1153.03 199.99 Rise Credit - $ 1239.61 148.59 Minto Money- $ 1562.18 502.8 Cashnetusa - $ 1527.50 456.25 BlueTrust Loans $ 1796.82 475.75 USA Cash Services- $ 1975 Check City- $ 2217 430.22

Total 17,968.8

He will not answer any questions about where all of the initial money went except for $2,000 for his brother's share of the apartment deposit.

# ? Oct 4, 2021 18:42

Ornamented Death: Jan 25, 2006; Pew pew!

Residency Evil posted:

Also, missed this part:

drat, I had no idea taxes got that high when you hit 5M. Those millionaires have it so rough in this country.

Weirdly that was the least batshit part. Assume a lump sum penalty, then 40% or more in taxes, and you'll probably be a lot closer to $1 million than the original $5 million.

# ? Oct 4, 2021 18:45

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

Ornamented Death posted:

Weirdly that was the least batshit part. Assume a lump sum penalty, then 40% or more in taxes, and you'll probably be a lot closer to $1 million than the original $5 million.

Ooof, it's me, BWL(ottery). Forgot that lottery payments are penalized with a lump sum.

# ? Oct 4, 2021 18:51

FMguru: Sep 10, 2003; peed on;
sexually

Leon Trotsky 2012 posted:

He will not answer any questions about where all of the initial money went except for $2,000 for his brother's share of the apartment deposit.

My guess: drugs/strippers/gambling/game microtransactions. The usual.

# ? Oct 4, 2021 19:00

Kenshin: Jan 10, 2007

FMguru posted:

My guess: drugs/strippers/gambling/game microtransactions. The usual.

crypto "investing" is my bet

or meme stocks

wanna bet his brother was super into crypto or meme stocks and convinced this idiot to "invest"?

# ? Oct 4, 2021 19:01

SpartanIvy: May 18, 2007; Hair Elf

Leon Trotsky 2012 posted:

BWM

quote:

MONTHLY BILLS
$1300 Car payment
$642 Car insurance

There's where all his money goes.

That's half his pay each month and it's probably an old Civic or something.

SpartanIvy fucked around with this message at 19:04 on Oct 4, 2021

# ? Oct 4, 2021 19:02

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

Lump sum payouts for Megamillions and Powerball are ~67%

Federal taxes and state taxes will eat up some more too but you typically get about 40% of the "jackpot" in your checking account.

# ? Oct 4, 2021 19:04

FMguru: Sep 10, 2003; peed on;
sexually

Kenshin posted:

or meme stocks

Hitting up every payday lender it town so you can buy more GameStop stock at the absolute peak - yeah, that scans.

# ? Oct 4, 2021 19:09

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

SpartanIvy posted:

There's where all his money goes.

That's half his pay each month and it's probably an old Civic or something.

You're off by one, it's:

Rent: $1,300
Car: $672
Car insurance: $100

Still a poo poo-ton of money for a car, though. The whole pattern here indicates the guy got easily fleeced in to some piss-poor financing terms, so no wonder he's upside-down.

Also, speaking of getting easily fleeced:

quote:

MACU Personal Loan for all appliances got 2yrs ago (couch, tv, easher dryer) -$405

Jesus, dude's been paying $405/mo for that poo poo for 2 years... and how long is left? That's almost $10k he's paid so far. Better be some high end stuff. Should be more around $6k for good quality stuff (at least, better than any 24 year old would want/need). So either he got fleeced on financing terms again, or dude's got expensive tastes.

# ? Oct 4, 2021 19:30

Mans: Sep 14, 2011; by Jeffrey of YOSPOS

DaveSauce posted:

Also, speaking of getting easily fleeced:

Jesus, dude's been paying $405/mo for that poo poo for 2 years... and how long is left? That's almost $10k he's paid so far. Better be some high end stuff. Should be more around $6k for good quality stuff (at least, better than any 24 year old would want/need). So either he got fleeced on financing terms again, or dude's got expensive tastes.

Just how expensive are house appliances there?? Ten thousand dollars is an absurd price unless he bought a comically expensive TV.

(He did, he also bought DOGE right before Elon musk went to SNL because his brother told him it was a sure bet)

# ? Oct 4, 2021 19:57

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

_{*Israeli Government-affiliated poster}

Where has all the money normally spent on jewelry for strippers by oil rig and mining workers gone in the last year while all the strip clubs were closed?

Some econ Ph.D needs to do their dissertation on that.

The lack of open strip clubs removes 1/3 of the most common explanations for someone racking up $140k in spending in a single year.

# ? Oct 4, 2021 20:04

Male Tiers: Dec 27, 2012; Why don't you just lay down your weapons now?

Poster is a she. She had a falling out with her female roommate over a guy and she has a Sephora credit card.

# ? Oct 4, 2021 20:06

Warmachine: Jan 30, 2012

Leon Trotsky 2012 posted:

Where has all the money normally spent on jewelry for strippers by oil rig and mining workers gone in the last year while all the strip clubs were closed?

Some econ Ph.D needs to do their dissertation on that.

The lack of open strip clubs removes 1/3 of the most common explanations for someone racking up $140k in spending in a single year.

Between the effort tracking this down and not wanting to know the answer, I can confidently say I will not be taking up whatever grant you attach to this Mr. Trotsky.

# ? Oct 4, 2021 20:06

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

Mans posted:

Just how expensive are house appliances there?? Ten thousand dollars is an absurd price unless he bought a comically expensive TV.

(He did, he also bought DOGE right before Elon musk went to SNL because his brother told him it was a sure bet)

TVs are comically cheap compared to the price you might pay for a refrigerator or oven/range.

# ? Oct 4, 2021 20:08

doingitwrong: Jul 27, 2013

Leon Trotsky 2012 posted:

Where has all the money normally spent on jewelry for strippers by oil rig and mining workers gone in the last year while all the strip clubs were closed?

Some econ Ph.D needs to do their dissertation on that.

The lack of open strip clubs removes 1/3 of the most common explanations for someone racking up $140k in spending in a single year.

Onlyfans.

# ? Oct 4, 2021 20:15

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

I'm still baffled at how bad you have to be with money to dig yourself that deep of a hole without anything to show for it when you make $90k/year. Usually the early/mid 20-somethings making that much blow it on stupid toys, flashy cars, and other luxuries people delude themselves in to thinking they can afford with that sort of paycheck.

Student loans aren't even listed, and $1,300/mo rent means it's not some crazy HCOL area.

So OP is just... stupid as hell.

edit: yes, I know, the obvious answer is crypto or meme stocks

Residency Evil posted:

TVs are comically cheap compared to the price you might pay for a refrigerator or oven/range.

My guess is OP only bought what was posted: washer/dryer, couch, TV. Apartment implies the fridge and oven are included, and lots of apartments will have washer/dryer hookups, but it's BYO or rent them from the apartment for $40/mo or something ridiculous.

So it's possible to get a SUPER expensive washer/dryer set, but I doubt some 20-something would buy that. It's also possible OP bought a super fancy big-rear end leather sectional with electric recliners, but the apartment thing kind of makes that difficult to do.

So OP probably bought a horrendously expensive bleeding-edge TV.

DaveSauce fucked around with this message at 20:23 on Oct 4, 2021

# ? Oct 4, 2021 20:20

tater_salad: Sep 15, 2007

When I moved I bought a fridge and range for like 1,000 dollars total for like the not apartment grade GE fridge/gas range. My washer and dryer were like 800 total. 400/mo for 2 years is insane to me.

Liek I think my old apartment would rent washer/dryers for like 100/mo if you didn't want to buy one.

# ? Oct 4, 2021 20:23

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

_{*Israeli Government-affiliated poster}

https://twitter.com/APompliano/status/1445065594689265666

# ? Oct 4, 2021 20:30

ranbo das: Oct 16, 2013

Since OP was a woman I doubt it was strippers or onlyfans. I mean it certainly could have been, but seems less likely.

# ? Oct 4, 2021 20:38

poisonpill: Nov 8, 2009; The only way to get huge fast is to insult a passing witch and hope she curses you with Beast-strength.

MLM? The OnlyFans for women

# ? Oct 4, 2021 20:55

drk: Jan 16, 2005

How is it possible to spend over $600/month on car insurance? Multiple DUIs?

edit: looks like that math was maybe wrong

# ? Oct 4, 2021 21:02

ranbo das: Oct 16, 2013

Leon also left our a very important data point for everyone to consider for payday loan girl

Her username is HorseChild1

# ? Oct 4, 2021 22:09

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

all is explained

# ? Oct 4, 2021 22:10

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

_{*Israeli Government-affiliated poster}

ranbo das posted:

Leon also left our a very important data point for everyone to consider for payday loan girl

Her username is HorseChild1

Amazing. Not sure how I missed that.

# ? Oct 4, 2021 22:12

Kenshin: Jan 10, 2007

ranbo das posted:

Leon also left our a very important data point for everyone to consider for payday loan girl

Her username is HorseChild1

Are we sure there isn't a horse-themed crypto yet?

# ? Oct 4, 2021 22:22

withak: Jan 15, 2003; Fun Shoe

No way can horse people or crypto people afford to be into both. If a horse person has spare money to put into crypto then they aren�t really a horse person, and vice versa.

# ? Oct 4, 2021 22:27

Motronic: Nov 6, 2009

withak posted:

No way can horse people or crypto people afford to be into both. If a horse person has spare money to put into crypto then they aren�t really a horse person, and vice versa.

You just gave me an idea. Has anyone else posted this yet?

Horescoin.

No Equoin. Where you pay for fractional horse ownership.

This should be a BFC project.

# ? Oct 4, 2021 22:32

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# ? Jun 6, 2024 10:59

therobit: Aug 19, 2008; I've been tryin' to speak with you for a long time

Gluecoin!

# ? Oct 4, 2021 22:41

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

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