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It is possible to set up trusts for adults but it sounds like that wouldn’t solve his underlying problems. Trusts are better suited for disabled people who can’t work and need a steady stream of income or rich people trying to dodge taxes rather than regular people who make bad life choices.
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Oct 25, 2022 19:06
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This is probably a stupid question but what happens to our investments that include twitter? If it was an income fund would we see some cash kinda like a dividend? Do we just swap Twitter stock for that amount of the rest of the index? What happens for people with Twitter stock directly? Do they have to do something or is it just all handled automatically?
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Oct 28, 2022 10:40
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Well, if it's a mutual fund or ETF, you own shares of that instrument, not the individual shares of Twitter.com. So, I believe the fund just takes the money from the sales and reinvests it into more shares of other public companies.
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Oct 28, 2022 10:53
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Yeah, the funds should re balance accordingly. Same with Facebook losing 25% of its value (lol) in a day or whatever it was. Facebook losing that much still is gonna be a negative hit, just mitigated.
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Oct 28, 2022 12:46
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Dakha posted:This is probably a stupid question but what happens to our investments that include twitter? I think how the fund handles it was covered, but functionally what happens when a company goes private has not. Say you held a share of twitter in your brokerage account. In September your brokerage would have contacted you about the shareholder vote. You have one share, you get one vote. You do that, and it's irrelevant because you don't have enough voting power to matter of course, but the majority of the votes said "sell at $54.20 per share!" so that's how this transaction proceeded. Your twitter stock is still in your brokerage account like normal, you can still sell it, you can still buy more if you want, it's value still changes with the market. Yesterday morning/close of the market wednesday evening your twitter share would switch to non-tradable, just sitting there at the last closing price of $53.70. In a few days it will disappear and be replaced with $54.20 (the agreed upon sale price) in whatever cash account you elected as your clearing account (probably a money market fund). It's a weird thing and something I just went through with equity from a public company I'm working for that was bought in cash by a foreign megacorp.
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Oct 28, 2022 15:00
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I let a closed CC account through Credit One reach 120 days past due. Don’t ask me why but I know I’m an idiot for just noticing this now. Card will be paid off in full next month. I have 4k in CC debt (not late) that I plan to pay off completely over the next month in a half or so. Fed loan is about 3-4k as well but that should clear soon as well due to the student loan relief. How hosed am I if I’m trying to get a car loan (50k) in 3 or so months if my debts are paid by then? Score is about 580 at the moment.
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Oct 29, 2022 11:54
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False Toaster posted:I let a closed CC account through Credit One reach 120 days past due. Don’t ask me why but I know I’m an idiot for just noticing this now. You shouldn't be trying to get a 50k car loan with a recent 120 on your credit report. It's not going to be a sensible interest rate if you get one at all. You will absolutely be considered subprime/high risk.
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Oct 29, 2022 16:35
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False Toaster posted:I let a closed CC account through Credit One reach 120 "very". You should not buy a $50k car for the next year or so, and you should doubly not incur any new debt. You're a banks dream right now, a reformed person whose credit still let's them charge you 20%. Save your money and pay cash. Doubly so if you insist on a $50k vehicle. You can try calling capital one and asking for a pay for delete to pay all outstanding amounts if they will delete the derogatory remarks from your credit report but they will just laugh.
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Oct 29, 2022 17:04
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You don't need to look far back into the history of the Bad with Money thread to see how frequently car purchases come up. You're doing the right thing by asking before you sign the deal. Unless you've left out crucial mitigating circumstances, however, the scenario as described has likely set a lot of people into 10 minutes of Michael-Scott-screaming-no.gif. The only thing that might justify it is if the $50k vehicle in question is a critical business need that your future income hinges upon (ride share doesn't count). Without that detail, we're left to assume it's intended as a status symbol or joy toy that is questionable enough for folks in significantly better financial circumstances, let alone those you've described. But run the numbers. How much would it cost you monthly (including insurance and gas) and how much would it cost when all said and done? Maybe your income is significantly higher and more stable than what we'd assume from your description and the purchase would be trivial. This isn't intended to income shame you, just to help draw you to making the concrete calculations that'd help you answer your question. You're almost certainly going to be better off not making the purchase and instead working toward improving your overall financial health. Do you have an emergency fund? Are you saving money with each pay check?
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Oct 29, 2022 17:17
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H110Hawk posted:"very". You should not buy a $50k car for the next year or so, and you should doubly not incur any new debt. You're a banks dream right now, a reformed person whose credit still let's them charge you 20%. Save your money and pay cash. Doubly so if you insist on a $50k vehicle. It’s “Credit One”. Capital One actually dropped a 30 day late earlier this year as well a year older 30 day due to my good standing with them. I sent a couple goodwill letters over to Credit One and keep getting the same response about fair reporting. I’ve been told they Capital One is harder to deal with. This is literally the only thing that’s stinging my credit report. Do I have any other options at the moment? Motronic posted:You shouldn't be trying to get a 50k car loan with a recent 120 on your credit report. It's not going to be a sensible interest rate if you get one at all. You will absolutely be considered subprime/high risk. Would it help to have a family member co-sign with me? I’m working to get the mark deleted once it’s paid for. Objectively this is an EV with a wait list so I can always push it back a couple more months. Cugel the Clever posted:You don't need to look far back into the history of the Bad with Money thread to see how frequently car purchases come up. You're doing the right thing by asking before you sign the deal. I’m spending about $80-$100+ a week on gas as well as $100ish for insurance monthly. It’s certainly just costing me too much to use and maintain. I’m planning on an EV, I plan to put 3k down for a deposit earlier in August. It’s also going to cost me not that much more to own since my work provides free EV charging. I did have my Honda (older 98) fixed after a slew of issues this past couple of months. I’m handy with fixing cars but I just don’t like to constantly deal with an issue when it comes up. Haven’t had a new car in a decade and again, I’m just tired of dealing with my car breaking down. I’m at about 50% utilization for my credit at the moment but this definitely killing my score. I make about 80k a year and have been absent minded with finances and completely forgot I had this card closed out. I wasn’t getting notifications until I did a double take on my credit. I had auto pay on for this account specifically but it got shut off before being closed out. Again complete idiocy on my part.
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Oct 30, 2022 05:41
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$80k/year does not a $50k car purchase. Is this a tesla? Get your money back. Your budget does not support a $50k car period. What are you driving now?
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Oct 30, 2022 06:02
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False Toaster posted:It’s “Credit One”. Capital One actually dropped a 30 day late earlier this year as well a year older 30 day due to my good standing with them. I sent a couple goodwill letters over to Credit One and keep getting the same response about fair reporting. I’ve been told they Capital One is harder to deal with. If you’re spending $100 on insurance now it’s gonna be like, $180-200 minimum for insurance on a $50k car. I get that the used car market is completely hosed up, but new car wise you can just not buy a premium $50k car, get a hybrid for $25-30k, and be probably better off.
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Oct 30, 2022 12:33
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H110Hawk posted:$80k/year does not a $50k car purchase. Is this a tesla? Get your money back. Not a Tesla. Also why not? I get about 10k quarterly due to a family trust (starts next month). Which is being used to pay off everything CC wise. This is what I’m already paying. Current Car (98 Accord) $600/month (Gas + Insurance w/o Maintenance) New Car (Estimate) $700-$900 ($0 electric costs + insurance + 12k down payment + worst case if I somehow secure a not so lovely rate) If I’m wrong somewhere I’d like to know. No seriously. I’m already spending too much on what I have currently and it’s clearly just not worth it. Right now I want to know what I can do to rectify the issue with one of my closed CCs and see what’s feasible. If I can secure a decent loan then great, if not.. I won’t be making the purchase but this what I’d like to avoid doing.
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Oct 30, 2022 13:10
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Duckman2008 posted:If you’re spending $100 on insurance now it’s gonna be like, $180-200 minimum for insurance on a $50k car. True. But I’m already spending a gently caress ton of gas. The differences in what I’d pay now and with the new car is not that big.
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Oct 30, 2022 13:12
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How much are you paying per month for insurance? Something sounds way off
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Oct 30, 2022 13:16
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So….you make $80k a year, plus you get $10k a year from a trust, and you have credit card debt you are paying monthly for. Edit: just saw $10k quarterly and I guess it didn’t start yet? Either way the point below stands. I’m gonna go on a limb and say you have budgeting / spending problems. Likely impacting your finances more than gas is and whatever. Having a working car is important , like with a 1998 car i am not saying you shouldn’t get a new car. But you’re budgeting and mind set likely has big issues, so you want to address that asap.
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Oct 30, 2022 13:18
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Duckman2008 posted:Edit: just saw $10k quarterly and I guess it didn’t start yet? Either way the point below stands. Yep, and what's happening now is "NEW MONEY COMING! MUST SPEND IT ALL!" I also don't see how one spends $500/mo on gas for a 4 cylinder car while simultaneously having driving patterns that fit with an EV that only makes sense (based on the provided numbers of FREE FREE FREEE EVERYTHING!) if you can only charge it in one location that is not your home. This all sounds like desperate justification. Motronic fucked around with this message at 14:29 on Oct 30, 2022 |
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Oct 30, 2022 14:25
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And if you do charge it at home, at least in my area that works out to being roughly half as expensive per mile driven as gas -- so, very much not free, even if it is a substantial improvement. I'm detecting a lot of motivated thinking here: "I really want to buy this car, how can I make it work?" I get that hearing that your plans are infeasible is a downer, but please do seriously consider that the folks talking to you know what they're doing.
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Oct 30, 2022 15:12
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One more note. Quick math on a 50k car with your down payment and credit is more like $1000 a month for 72 months. You also switch between 3k and 12k down payment maybe because you've double spent your 10k windfall. Your going to be paying this thing for six years and likely going to in the hole on this for a long time even considering your savings on gas. Your 98 accord is listed at 35 mpg. Probably since it's 30 years old you don't get that, so get a smaller car that gets 45mpg and reduce your cash bill by 20%, figure out a gas credit card that gives you another few % back. You aren't anywhere near actually saving money by an EV. Also you haven't started what specific EV it is. Probably because you know its a bad idea and are working backwards to justify it to yourself. Edit If it's not a Tesla, what are you after? A Polestar or something? Super-NintendoUser fucked around with this message at 15:32 on Oct 30, 2022 |
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Oct 30, 2022 15:24
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False Toaster posted:Not a Tesla. Also why not? Jfc. Wait 6 months save $30k and buy a car straight up cash. You are literally a goon in a well and are going to throw this $40k/year windfall in the trash and wonder why you're always behind. Super-NintendoUser fucked around with this message at 15:32 on Oct 30, 2022 |
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Oct 30, 2022 15:27
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I can't remember the exact math, but I dimly recall working out that if I bought the cheapest available new-built EV (~$30k), it'd take 10+ years to pay itself back in the form of reduced per-mile and maintenance costs, compared to buying a reasonable (~$20k) new conventional car. That $10k price delta pays for a lot of gas! I'm not saying that EVs can't make financial sense in the right circumstances, mind you, but it's important to be honest with yourself about why you want one.
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Oct 30, 2022 16:55
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False Toaster posted:
Electricity is free?
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Oct 30, 2022 19:11
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spwrozek posted:Electricity is free? They can charge at work for free but I can’t quite figure out the timing on it. Op could of course buy a Bolt EUV for cheaper if they absolutely MUST do this EV thing.
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Oct 30, 2022 19:28
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TooMuchAbstraction posted:I can't remember the exact math, but I dimly recall working out that if I bought the cheapest available new-built EV (~$30k), it'd take 10+ years to pay itself back in the form of reduced per-mile and maintenance costs, compared to buying a reasonable (~$20k) new conventional car. That $10k price delta pays for a lot of gas! I think this math is rapidly changing since the number of reasonable new gas cars available for less than the price of a Bolt is getting very small. But I agree that OP is leaving out a lot of details and trying to stretch really hard to say that their 1998 Accord is somehow costing them more per month than my shitbox Jeep. If a tree fell on the Accord tomorrow, the best bet for OP would be a cheap Prius for now to get through the next 6-24 months while OP gets their finances completely in order. And I picked that scenario carefully. Unless there is something structural and terminal wrong with that car, even a dead engine or transmission would be a financially viable repair in today's market.
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Oct 30, 2022 22:01
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KYOON GRIFFEY JR posted:They can charge at work for free but I can’t quite figure out the timing on it. Ah, I don't think I would bank on that forever.
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Oct 30, 2022 23:48
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spwrozek posted:Ah, I don't think I would bank on that forever. Absolutely not
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Oct 31, 2022 00:39
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OP should do what I did, which I did at the behest of the AI goons: get a Prius. I love it to pieces. Never thought I would love a car more than my 92 Camry since the recall but this thing is great. The hatchback is great for groceries and I've moved lots of IKEA flatpacks in there with the seats down. It uses very little gas, as you might imagine, and is a nice middle ground between "I cannot be without a car" and "Cars bring be no personal pleasure to drive." It has had no issues, though I have owned it entirely during the pandemic while working fully remote, so it's not like I'm putting tons of miles on it either. My only complaint is it takes a while to defog/defrost in the winter. It is a perfect no-frills butt-mover and is all I could possibly need. There are Gen 3 Priuses (Prii?) with less than 100k miles on Carfax right now for between $12 and $14k. Maybe I am a just a huge cheapskate but I wouldn't spend 3 times that on a car unless I was living in it.
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Oct 31, 2022 01:06
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Magnetic North posted:
Priapism 
H110Hawk fucked around with this message at 02:43 on Oct 31, 2022 |
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Oct 31, 2022 02:40
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False Toaster posted:Not a Tesla. Also why not? Your insurance is $100/mo, as you said, so $500/mo on gas. Let's say it gets 20 mpg, as it's old, and a gallon of gas costs $4, which is high. You're driving 2500 miles per month?
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Oct 31, 2022 04:08
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Gas is still $5.50 near me. 
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Oct 31, 2022 04:20
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H110Hawk posted:Gas is still $5.50 near me. Even at $6/ga, that's still almost 1700 miles per month, which seems like a poo poo ton.
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Oct 31, 2022 05:16
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Magnetic North posted:OP should do what I did, which I did at the behest of the AI goons: get a Prius. Can second this, had mine since 2005 and barely any repairs. Biggest cost beyond gas is usually the yearly inspection.
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Oct 31, 2022 08:12
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My girlfriend is selling her house and winding up with $190k. In the timeframe of the next 1-2 years, she's planning on spending a significant fraction of that money in pursuit of her air transport pilot's certificate. But until she starts doing that, she's got a boatload of cash. Is there something she can do with it in that short a term that would be any better than just dumping it into a CD?
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Oct 31, 2022 16:24
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Probably somewhat better to directly hold short term treasuries.
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Oct 31, 2022 16:29
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One of the contractors I hired for my game is asking to be paid via Zelle, which is a service I haven't used previously. I'm a bit paranoid about payment systems; is this one actually safe? By "safe" I mean "Zelle doesn't get access to my accounts/personal data". I remember there being at least one payment processor where it worked literally by you giving them your login credentials and then they'd log in on your behalf to transfer money. And I'm suspicious that Zelle doesn't seem to be charging anything, which makes me assume that I'm the product. (By a similar token, whenever I make a payment with Paypal, I do it by having them charge my card, even though that incurs fees; no way am I giving Paypal access to my bank account)
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Nov 1, 2022 18:05
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You're probably thinking of Plaid that requires a login, though in that case it's used to verify that the account in question is indeed yours and the actual transfer is still just ACH. Zelle (as far as I know, I've never tried to use it any other way) requires that your bank already supports it - so it's less "you giving Zelle your account info" and more "Zelle already has it". I'd wager the majority of banks in the US support it now. I would be cautious using it, because Zelle offers approximately gently caress-all for support if something actually does go wrong. But the vast majority of "Zelle fraud" you'll find is just an evolution of existing fraud techniques, phishing / phone scams / etc. It's less that Zelle is insecure and more using the fact that many people are unfamiliar with it to convince them to "send money to yourself" or "provide a verification code". There's no mechanism I'm aware of for someone (or Zelle) to withdraw money from your account without you specifically initiating it, unless you give someone else that ability through one of those phishing scams. Your own call on what you're comfortable with but I use Zelle a few times a year to deal with person-to-person cash payments, almost always outbound, and I've never had a problem with it.
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Nov 1, 2022 18:26
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Yeah, Zelle is just banks getting together to try to take back some personal payment processing from Paypal/Venmo. It's fine. It's not super appropriate for payroll, but since this guy is a contractor and all that, it's just as good as, like, writing them a check.
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Nov 1, 2022 18:29
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OK, thank you! And yeah, Plaid is the one I was thinking of that was super sketchy. My main concerns aren't so much "this company is going to steal my money" as it is "this company has way too much information on how much money I have and what I use it for". Banks are supposed to be well-regulated in terms of how they use that info, but random tech startups have a lot less oversight, so I tend to be suspicious of them.
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Nov 1, 2022 18:40
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Don't use zelle. Either pay them by check or check equivalent. Hell I would wire them money before I hosed with zelle.
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Nov 1, 2022 18:49
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LMFAO paper check Zelle is fine. It's just a thin wrapper around ACH so the support for it is exactly as good as your banks support for anything else.
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Nov 1, 2022 19:06
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