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How do ATMs work? Do they use an unofficial exchange rate?
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Jan 22, 2023 04:46
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Adhemar posted:Lira is Italian for libra which is Latin for pound hth It’s also why pounds are abbreviated LBs.
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Jan 22, 2023 05:13
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Also the Ł sign is a stylised L
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Jan 22, 2023 05:13
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melon cat posted:"Daaaddd all he did was disobey your sound advice, wipe out his life savings and maybe destroy any prospects of financial security you don't have to be so MeAnNnn MOM wouldn't have said that!" I posit that the dad could be simultaneously GWM and a bad dad in other regards 
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Jan 22, 2023 06:12
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when they see adults intentionally infantalize themselves like this
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Pekinduck posted:Hey everyone I have a multi-generational fuckup/impending disaster story. Grandparents were rich and made a trust fund for their descendants. I'm hazy on how exactly its dispersed, but the kids (boomer age) never had to work and the grandkids (millennial age) get a smaller amount. I vaugely know one of the grandkids and he has a job to supplement the income but has never had to really worry about money, he gets a guaranteed 4k check every month. Until now. You see one of the boomer relatives was a real go-getter and decided start a business, being something called a "representative payee". Mentally disabled people get SSI disability payments but often can't manage their finances themselves. A representative payee's job is to collect their disability checks, pay their rent, bills etc. and use whats left to give them fun activities like going out to restaurants. He found he could just divert the "fun" portion of the money to himself and nobody would notice. The government did notice and the family drained the trust fund to pay for fancy lawyers and restitution so he could wrangle a plea bargain that kept him out of federal prison. They've also diverted more of the trust fund towards this guy because he has a mortgage on a huge McMansion and its hard to get a good job when you have stealing from mentally disabled people on your record. I wonder how the trust was set up to allow crime guy to drain so much for his defense. Those fund managers tend to be pretty conservative about how the money gets doled out/assets are handled. I had a friend who got a trust from a family member who was in a popular touring band. Two tour buses were part of the trust assets and even though the busses were parked on her property and she just wanted to get rid of them, the fund managers wouldn't sell them for anything less than the fair market value (which meant they sat around unsold for several years). I wonder if there was a clause about being able to spend as much as possible in cases of medical or legal emergency, or if there was some way for the recipients to collectively decide to disburse extra funds. There are definitely ways to set up trusts that can be less likely to bring out the worst habits in the recipients. But it requires some absolute tight-rear end fund management rules that set extremely clear expectations from those recipients, and over which they have no ability to alter. When the recipient has more ability to change the terms of the fund management or dispersement, then you might as well just hand all the money over then and there because that's what will happen eventually and the fund is just doing that with extra steps. If you don't think the recipient is mature enough to handle the money if it were just given to them, then you should put in stricter fund rules.
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Jan 22, 2023 20:23
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How to stop the second or third generation after privilege (wealth or otherwise) from not being massive bwm fuckups is one of the great unsolved problems of human history.
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Jan 22, 2023 23:15
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Trimson Grondag 3 posted:How to stop the second or third generation after privilege (wealth or otherwise) from not being massive bwm fuckups is one of the great unsolved problems of human history. Confiscatory estate taxes on anything other than some trivial amount of personal property should do the trick.
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Jan 22, 2023 23:23
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Second and third generation heirs being enormous fuckups is one of the great equalizing forces in history, and the advent of these perpetual trusts has badly destabilized society by arresting the natural lifecycle of the aristocracy.
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Jan 23, 2023 00:30
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Eh, perpetual trusts are just the modern estates of the landed gentry. Pretty durable, but clearly not proof against true failchildery.
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Jan 23, 2023 00:33
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Trimson Grondag 3 posted:How to stop the second or third generation after privilege (wealth or otherwise) from not being massive bwm fuckups is one of the great unsolved problems of human history. Remember, spay or neuter your powerful.
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Jan 23, 2023 00:47
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My company is run by a third generation president. He’s like 10 years older than me and I have no clue what his succession plan is. He’s actually doing a good job of running the company. I’m just hoping he sticks around long enough that I don’t need to quit like 5 years before I want to retire.
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Jan 23, 2023 00:54
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Discendo Vox posted:Remember, spay or neuter your powerful. Honestly don't hate this idea
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Jan 23, 2023 01:01
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LanceHunter posted:I wonder how the trust was set up to allow crime guy to drain so much for his defense. Those fund managers tend to be pretty conservative about how the money gets doled out/assets are handled. I had a friend who got a trust from a family member who was in a popular touring band. Two tour buses were part of the trust assets and even though the busses were parked on her property and she just wanted to get rid of them, the fund managers wouldn't sell them for anything less than the fair market value (which meant they sat around unsold for several years). I wonder if there was a clause about being able to spend as much as possible in cases of medical or legal emergency, or if there was some way for the recipients to collectively decide to disburse extra funds. I might have more gory details soon. The guys finally edging toward looking into it. He doesn't like to get into thorny family issues (such as why the family fortune was burned down bailing out his dirtbag uncle) but he has to start thinking about money for once like the rest of us. It could run out in ten years or next month, he has no idea.
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Jan 23, 2023 01:02
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Kenshin posted:Honestly don't hate this idea the tang and the ming dynasties unfortunately beg to differ also the achaemenid dynasty. also the ottomans
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Jan 23, 2023 01:09
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Good luck to him. I can't imagine how mad I'd be if I'd planned on having millions of dollars of guaranteed income, and then it was pissed away to keep a criminal family member out of prison. Did he not get consulted in the trust's assets all going to this person?
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Jan 23, 2023 01:15
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The 3rd generation trust fund kid I know is a good dude, probably because the money in the fund would let him live out his days in leisure and comfort in a low COL area, but falls short in a high COL city. To cover the gap, he got a good degree and needs to work for 10-15 years before he can retire and live on fund disbursements. Never worries about money but has work experiences to keep him grounded.
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Jan 23, 2023 05:10
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AreWeDrunkYet posted:Confiscatory estate taxes on anything other than some trivial amount of personal property should do the trick. Land tax, death tax, goods and services/consumption tax, reduce wage tax. Ie, tax stores and consumption of wealth, not modest accumulation (if you are collecting a salary, you are modest).
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Jan 23, 2023 09:05
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bob dobbs is dead posted:the tang and the ming dynasties unfortunately beg to differ Yeah long story short I think you end up with a ruling class that has even less reason to think ahead and just enjoy every OTHER vice available to them.
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Jan 23, 2023 09:21
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Oh man Came here to post that the Biltmore estate in Asheville, NC is still privately held by a company run by the family descendants. I had assumed that somehow that dynasty had done well and managed not to eat poo poo over the last 150 years. But apparently they did in fact eat poo poo. Only took 50 years after the original Vanderbilt died for the family to piss away the vast majority of the money, and that's impressive considering at one point the estate was worth over $100 billion dollars in today's money. According to one source: quote:This fabled golden era, this special world of luxury and privilege that the Vanderbilts created, lasted but a brief moment. Within thirty years after the death of the Commodore Vanderbilt in 1877, no member of his family was among the richest people in the United States…. When 120 of the Commodore’s descendants gathered at Vanderbilt University in 1973 for the first family reunion, there was not a millionaire among them. So the "Commodore" died with it being worth about $100 million in then-dollars, and his son who inherited it all managed to double it before dying and passing it down. And then apparently the failsons took over. I mean, to be sure, spreading that money over 120 descendants thins it out quite a bit, but you'd figure one of them would have made some smart decisions and made money, not lost it. DaveSauce fucked around with this message at 14:15 on Jan 23, 2023 |
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Jan 23, 2023 14:11
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Building giant estates at the height of your fortune is definitely BWM.
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Jan 23, 2023 14:29
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DaveSauce posted:Oh man Isn't it usually the third generation that pisses all the money away? Like the second generation of failsons/daughters try so hard to live up to (at least in the olden days) daddy's expectations, and they may end up going to good schools and trying to run the business or get into some expensive esoteric hobbies, but they genuinely try to "work hard" to earn daddy's respect. Then their children, who have known nothing but the finest things in life, don't bother attempting to get any kind of job, or legitimate schooling piss away everything by gambling, spending their lives high on any manner of drugs, buying expensive junk, huge houses for their trophy wives/husbands, etc, etc. And with the advent of social media, they're not just competing with their small inner circle of the rich kids that live in their wealthy enclaves, but they have to overspend to top all the global fail children and post about it on instagram or tiktok, all while they complain that mommy and daddy didn't pay attention to them.
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Jan 23, 2023 14:56
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I think a lot of it also second/third generations aren’t concerned with making a fortune, and just enjoy having a slightly easier life. They get a nice cash gift to buy their first home, a gift for their wedding, paid college tuition, free plane tickets to return home to visit their parents. They still have jobs, but they also have a nice social safety net.
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Jan 23, 2023 15:40
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3rd generation or beyond makes sense to me. So the parents worked to make the fortune. So the kids didn't necessarily grow up with it, just likely absentee parent(s). Worst case the parents knew the value of hard work so they taught it to their kids. The money was always a nice bonus to the kids, but not the primary means. The grandkids? Born in to it. So the 2nd generation probably takes up the mantle and continues the business/whatever, but the grandkids are taken care of from day 1. They grew up with money always being present and wealth just being the way it is. I wonder: where is the "old money" line drawn? How many generations must wealth persist for it to become "old money?" I see the above as more of a "new money" problem because they don't know how to handle and maintain generational wealth, whereas "old money" seems more like "we've spent a few generations learning how to maintain this wealth with minimal effort." So with old money you don't have to actually work for a living, but you still have to learn how not to squander it.
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Jan 23, 2023 16:02
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DaveSauce posted:Oh man
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Jan 23, 2023 16:10
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i like nice words
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DaveSauce posted:I wonder: where is the "old money" line drawn? How many generations must wealth persist for it to become "old money?" I see the above as more of a "new money" problem because they don't know how to handle and maintain generational wealth, whereas "old money" seems more like "we've spent a few generations learning how to maintain this wealth with minimal effort." So with old money you don't have to actually work for a living, but you still have to learn how not to squander it. When people talk about "old money" they're usually refering to families from the northeastern US who were wealthy between roughly 1870-1940 and the culture they were part of. The very wealthiest of those families are still rich, although not usually just from inheritance, but a lot of them are just inheriting names and cultural practices these days.
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Jan 23, 2023 16:17
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ultrafilter posted:When people talk about "old money" they're usually refering to families from the northeastern US who were wealthy between roughly 1870-1940 and the culture they were part of. The very wealthiest of those families are still rich, although not usually just from inheritance, but a lot of them are just inheriting names and cultural practices these days.
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Jan 23, 2023 16:24
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Knowing people who pissed away fairly large trusts and those who have managed to keep a comparatively small trust going for a very long time to serve as a nice cushion, the biggest difference between the two is strictness of the fund management. The character of the people involved is secondary to all that. Like, one woman I know had good grades and got into a really good college but managed to drain her entire trust while in school (and not even end up with a degree) because she could pull as much money from it as she wanted, and in the process of having all this money discovered the joys of crystal meth. Another woman I know was kind of a delinquent who ended up a teenage mother but, despite that rocky start, was able to leverage the small guaranteed amount of regular cash that her trust gave her to raise her kid well (despite the father being a piece of poo poo*), keep herself on her feet until she finally got a solid career off the ground, and end up being very successful completely apart from the trust money. *Opportunistic boyfriends, fiancés, and baby-daddies are the loving worst for any woman who has a trust. If they aren't just outright trying to scam her, they almost always look at the money as though it belongs to both of them. Therefor if she doesn't fund whatever dumbass idea is running through his head, he'll act as though she is somehow denying him what he deserves. Add in the typical male insecurity about being with a woman who is more financially secure than he is, and you've got a recipe for a lot of toxic relationships.
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Jan 23, 2023 16:33
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Are we all ready for the hilarious DWAC stock subreddit meltdown when Trump jumps to twitter?
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Jan 23, 2023 18:35
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I actually did have a (waaayy smaller) trust fund myself from my great grandfather. Ther rules were it could only be used for college tuition and any remainder went to your children for their college tuition. It ran out but I was able to pay for most of my college. (It probably could have paid for my kids college too if it wasn't neglected and mismanaged by certain boomers but that's a story for another day  )
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Jan 23, 2023 18:44
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Thesaurus posted:I posit that the dad could be simultaneously GWM and a bad dad in other regards It's this. He couldn't effectively transmit his expertise and objective correctness to his son, and now he's burning down his relationships with both his children because he's addicted to saying "I told you so" to someone who has no need to hear it.
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Jan 23, 2023 19:07
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Pekinduck posted:(It probably could have paid for my kids college too if it wasn't neglected and mismanaged by certain boomers but that's a story for another day fun story, I'm suing to wrestle legal competence away from someone deep deep deep in dementia as we speak! wow! we do such a terrifyingly awful job of protecting elder persons finances in this country! gently caress!
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Jan 23, 2023 19:14
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"Won't someone think of all the predators who need marks for their scams?" -Congress
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Jan 23, 2023 19:15
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Potato Salad posted:"Won't someone think of all the predators who need marks for their scams?" I wonder if the average age of politicians has anything to do with it.
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Jan 23, 2023 19:19
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As we could see from the Britney Spears thing, taking away control of someone's financial independence can be extremely tricky. While I haven't had to take control away from a parent with dementia, I'm not surprised the government makes it hard to do. You could just as easily see this from the viewpoint of children trying to take control from their parents so they can start spending that inheritance money now, even if the parents are still capable of managing their own finances.
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Jan 23, 2023 19:43
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I understand needing to protect people from their kids. But drat, there has to be a better way. I've been struggling with somewhat the same thing, the grifts are getting so drat good. Trying to run along behind and claw money back is just insanely hard. You end up jumping through all these hoops to try to make it hard for your parents to blow their money. People are literally driving my mom to the bank from the nursing home so she can get a new checkbook to write them checks.
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Jan 23, 2023 19:59
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Anyone check out /r/MoneyDiariesActive? There's some good ones over there.quote:https://www.reddit.com/r/MoneyDiariesACTIVE/comments/zxcjqk/hobby_diary_i_make_68000_usd_hhi_of_17700_and/ Guess what the hobby is? Yes, it's horses Lemon Trees fucked around with this message at 20:13 on Jan 23, 2023 |
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Jan 23, 2023 20:06
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Lemon Trees posted:Anyone check out /r/MoneyDiariesActive? There's some good ones over there. I was praying Funkos, but horses is good too.
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Jan 23, 2023 20:07
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Bird in a Blender posted:As we could see from the Britney Spears thing, taking away control of someone's financial independence can be extremely tricky. While I haven't had to take control away from a parent with dementia, I'm not surprised the government makes it hard to do. You could just as easily see this from the viewpoint of children trying to take control from their parents so they can start spending that inheritance money now, even if the parents are still capable of managing their own finances. This was the war I fought two years ago, and won. Grandmother's son was robbing her blind. Humanity is a loving evil. I don't usually endorse eugenics but people who do this need their right to continue breeding that evil into our gene pool revoked.
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Jan 23, 2023 20:12
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Potato Salad posted:Grandmother's son your uncle then?
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Jan 23, 2023 20:59
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Lemon Trees posted:Anyone check out /r/MoneyDiariesActive? There's some good ones over there. i thought "oh they're making 68K on it and it cost them ~37K why is that so bad?" then i realized that's not their income from the hobby but what they actually make  also what is HHI?
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Jan 23, 2023 21:06
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