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pentyne posted:literally every media on the planet has portrayed car salesmen as greedy hucksters but people still go in and in the space of 5 mins are convinced they are getting an amazing deal. Yeah but those are rubes and I'm smart 
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Feb 6, 2024 18:31
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A 50S RAYGUN posted:financial literacy aside its like do you think you’ll still be living at home at 27? If you are the kind of person who thinks a 20% interest rate on a car loan is a good deal because you currently live with your parents, then yes.
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Feb 6, 2024 18:32
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Guy Axlerod posted:Seller financed business loans seem extra spicy. Your risk of default is directly tied to the asset, and you have limited diversification. At least a buy here pay here lot can repo a somewhat more used car, and has multiple car notes. I have a sneaking suspicion a lot of seller financed business sales are seller financed because the business is actually garbage and wouldn't sell at all if a bank or competent person did due diligence.
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Feb 6, 2024 18:33
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pentyne posted:literally every media on the planet has portrayed car salesmen as greedy hucksters but people still go in and in the space of 5 mins are convinced they are getting an amazing deal. i don't think OP thinks its a great deal, they just think that because they don't pay rent, they can use that hypothetical money they're not paying their parents to help amortize this 20% loan. but OP probably doesn't even have the hypothetical rent they would pay their parents so it's bad to even think about it like that. OP is at least smart enough to make that post before they committed, since most posts are usually, "what do i do now that i've already made this poor financial decision?"
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Feb 6, 2024 18:35
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A 50S RAYGUN posted:financial literacy aside its like do you think you’ll still be living at home at 27? I want to sit people like this down and have them write out a spreadsheet of their finances for the next six years with and without a car. I wonder how much of their income that $600 a month is? Not to mention insurance, maintenance, registration, gas, etc. Just ride the bus, my dude, and stash that money!
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Feb 6, 2024 18:47
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GhostofJohnMuir posted:grow the business to pay off the loan faster, bing bong bing get on that grindset mentality (though as someone who worked as a manager at a small company this would actually be my second piece of advice, the first piece of advice would not to become a small business owner) i ran a small medical practice dt poor life choices for 2 years. by the end it was the closest my marriage had come to divorce, and I was drinking somewhere between a quarter-half bottle of rotgut a day. I also managed to binge watch 17 seasons of CSI during that time, so small blessings. I was joking with a friend who was a W2 that my day consisted of working 9-5 then 5-9 and weekends.
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Feb 6, 2024 18:51
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Qwertycoatl posted:I have a sneaking suspicion a lot of seller financed business sales are seller financed because the business is actually garbage and wouldn't sell at all if a bank or competent person did due diligence. i think the real problem with the tiktok financing stuff is that none of these people start with any money, they’re just fulfilling debt obligations with ‘income’ derived from other debt obligations. the whole thing is just taking cash advances to pay your credit card bills writ large
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Feb 6, 2024 18:51
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Ham Equity posted:I want to sit people like this down and have them write out a spreadsheet of their finances for the next six years with and without a car. I don't think that would be too effective. There are a lot of things that a car would provide access to that can't be accounted for on a spreadsheet. Things like social engagements that you might not be able to make without a car, the complications of trying to go on dates without having a car, the time lost needing to adhere to the bus schedule instead of just having the ability to go where you want when you want, etc. Now, if you could make a spreadsheet showing the finances over the next six years with this car and then with a much cheaper car that isn't financed at 20%, that could be a convincing argument. LanceHunter fucked around with this message at 19:17 on Feb 6, 2024 |
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Feb 6, 2024 18:52
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Yeah, I can absolutely understand someone wanting a car if they're living with their parents. This is going to depend heavily on where they live, though. Crashing with your parents in the middle of a city with mass transit? You're an idiot. Crashing with your parents in a burb with lovely bus service? Not only is it opening up a lot of pathways for socialization outside the house, it might open up a lot of employment opportunities for stuff that isn't reachable by bus. Plus bus commutes in places some (edit: not all, yes I'm sure your local big city has amazing busses) can be a real pain in the rear end. When I was in grad school it could take me an hour to get to campus on the bus, mostly due to irregular bus schedules. A lot of sitting around and hoping the 10:30 was actually going to be there. This also meant a lot of getting to campus early and staying the day because you couldn't risk getting caught out by the flaky busses. If I could get a ride in (parking as non existent, couldn't afford a parking pass on campus) it was only a 15 minute drive.
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Feb 6, 2024 19:06
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opposite end of the spectrum, my buddy’s dad makes great money doing compliance poo poo in nyc and he has used the park and ride from central nj into manhattan for over thirty five years. last time i saw him he finally upgraded from the bus to the train
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Feb 6, 2024 19:11
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nyc is the least poo poo public transit city in the usa...
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Feb 6, 2024 19:20
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sure, but at a certain point you are still talking about someone spending literally four years of their life sitting on njtransit
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Feb 6, 2024 19:28
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"I have Corolla money but can't handle lacking a better status fetish/symbol/albatross"
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Feb 6, 2024 19:34
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Guy Axlerod posted:Seller financed business loans seem extra spicy. Your risk of default is directly tied to the asset, and you have limited diversification. At least a buy here pay here lot can repo a somewhat more used car, and has multiple car notes. i think they're fine if it's an owner of a well established small business handing it off to an employee who has been integral to running that business but doesn't have enough cash to buy it outright adnam posted:i ran a small medical practice dt poor life choices for 2 years. by the end it was the closest my marriage had come to divorce, and I was drinking somewhere between a quarter-half bottle of rotgut a day. I also managed to binge watch 17 seasons of CSI during that time, so small blessings. I was joking with a friend who was a W2 that my day consisted of working 9-5 then 5-9 and weekends. yeah, it the work load is brutal, and on an hourly basis you're probably making less than minimum wage, and it's all underpinned by the stress of knowing whatever margin you've built so far could probably disappear overnight being that close to entrepreneurship was a large part of my decision to take a position with the state. stable pay, benefits, and you punch the clock at the end of 40 hour work week and can leave all the worries behind in the office
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Feb 6, 2024 21:30
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Qwertycoatl posted:I have a sneaking suspicion a lot of seller financed business sales are seller financed because the business is actually garbage and wouldn't sell at all if a bank or competent person did due diligence. The best deal is one in which both parties think they're pulling the wool over the other's eyes. The seller thinks they're taking advantage of the buyer and getting more than they'd get in a straight sale, or from someone who knows what they're buying. The buyer thinks they're taking advantage of the seller by not paying "full" price right away
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Feb 6, 2024 21:41
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A 50S RAYGUN posted:opposite end of the spectrum, my buddy’s dad makes great money doing compliance poo poo in nyc and he has used the park and ride from central nj into manhattan for over thirty five years. last time i saw him he finally upgraded from the bus to the train
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Feb 6, 2024 22:15
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i like nice words
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they’re probably ‘fine’ in contexts where you’re just helping someone with liquidity problems but who still has meaningful assets but like ideally you just make that guy go to the bank like everyone else. like that other post said, though, you run into a problem when the other party’s only asset is the one they expect you to give them with zero or very little other collateralizing assets. i know a guy who ‘sold’ his business to someone seller financed but wound up having to work there for effectively the term of the deal or risk the whole business flopping, which would have left him with no cash flow AND a business that was worth like 1/4 of the original price.
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Feb 6, 2024 22:16
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This guy basically paid 1 mill for a client list, not a business. He'll make 250k if he *retains* them all, but that's not going to happen. Anyone know how a small business like this is usually valued? 4x sales seems like a lot to me when it's not exactly a turnkey operation.
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Feb 6, 2024 22:30
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What happens to the original/previous owner after they sell it through seller financing? Like if I owned that business and I sold it to that guy. Once I sell it what are my obligations? If the guy tanks the business am I out 1M too?
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Feb 6, 2024 22:37
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Leon Trotsky 2012 posted:20% interest rate on a car loan Ham Equity posted:write out a spreadsheet of their finances this is not the same person
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Feb 6, 2024 22:57
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Boris Galerkin posted:What happens to the original/previous owner after they sell it through seller financing? Like if I owned that business and I sold it to that guy. Once I sell it what are my obligations? If the guy tanks the business am I out 1M too? Congrats you're correct and have applied more logic than the quoted guy.
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Feb 6, 2024 22:58
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Boris Galerkin posted:What happens to the original/previous owner after they sell it through seller financing? Like if I owned that business and I sold it to that guy. Once I sell it what are my obligations? If the guy tanks the business am I out 1M too? No, presumably the business was worthless to begin with. So, the original owner wouldnt be out $1M, they'd be up whatever they managed to collect before their lovely business collapsed
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Feb 6, 2024 22:59
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Boris Galerkin posted:What happens to the original/previous owner after they sell it through seller financing? Like if I owned that business and I sold it to that guy. Once I sell it what are my obligations? If the guy tanks the business am I out 1M too? You have no obligations, but the guy owes you 1M and if the business (now his business) collapses you're probably not going to get than 1M
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Feb 6, 2024 23:20
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I purchased my car almost two decades ago for 0% APR for 72 months and $500 under cost. Those times were pretty great. I’ll probably never get a deal like that again.
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Feb 6, 2024 23:27
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A 50S RAYGUN posted:sure, but at a certain point you are still talking about someone spending literally four years of their life sitting on njtransit Public transportation from NJ/CT to NYC is a really good thing. You even get (depending on employer) your transit costs up to ~$265 pre-tax. I did this for years, I had a 45min train to/from NYC and I loved it. I work from home now, but I really miss the commute. As an adult you'll never find a way to get an hour of absolute freetime a weekday.
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Feb 6, 2024 23:33
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I feel like this is probably the best thread to share the amazing ad I got recently: 
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Feb 6, 2024 23:57
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The Leck posted:I feel like this is probably the best thread to share the amazing ad I got recently: Did Robinhood post that image? Are they trying to make fun of Vanguard for warning buyers of the risks with some probably-legally-required but extremely reasonable boilerplate? What a weird angle.
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Feb 7, 2024 00:13
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Super-NintendoUser posted:Public transportation from NJ/CT to NYC is a really good thing. You even get (depending on employer) your transit costs up to ~$265 pre-tax. I did this for years, I had a 45min train to/from NYC and I loved it. I work from home now, but I really miss the commute. As an adult you'll never find a way to get an hour of absolute freetime a weekday. That's not free time, that's time spent on a train. I mean, yeah, if you've got kids etc. it's time that you can sit alone and not have someone bugging you, but most of us wouldn't choose to sit on a train for 45 min if we had a block of time to kill on a Saturday.
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Feb 7, 2024 00:16
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Time on a train is far better than an equivalent amount of time spent doing commuter driving. But both are far worse than just having a shorter commute.
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Feb 7, 2024 00:19
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Ralith posted:Did Robinhood post that image? Are they trying to make fun of Vanguard for warning buyers of the risks with some probably-legally-required but extremely reasonable boilerplate? What a weird angle. No, Vanguard actually will not allow customers on the platform to buy those ETFs. (or other advanced/speculative products that aren't also memes like leveraged short ETFs)
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Feb 7, 2024 00:20
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Ralith posted:Did Robinhood post that image? Are they trying to make fun of Vanguard for warning buyers of the risks with some probably-legally-required but extremely reasonable boilerplate? What a weird angle. no, the meme is referencing the vanguard announcement that they will not offer bitcoin etfs for purchase to account holders because it's an investment that goes against vanguards core values the boilerplate is from robinhood because any advertisement of a fund is required by regulation to carry a statement of risk. i find the whole thing deeply pleasing
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Feb 7, 2024 00:20
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Cyrano4747 posted:That's not free time, that's time spent on a train. I spent a few years riding the train in to the city. It was kind of nice shitposting in peace, and my door to door time was 45-60 minutes. Unless the train was delayed or it snowed or the train was late etc etc. But my commute is 10 minutes now gently caress the train.
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Feb 7, 2024 00:28
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GhostofJohnMuir posted:no, the meme is referencing the vanguard announcement that they will not offer bitcoin etfs for purchase to account holders because it's an investment that goes against vanguards core values still more evidence that vanguard is Good and bogle was Right
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Feb 7, 2024 00:53
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That one percent bonus is kinda tempting me tho, not gonna lie.
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Feb 7, 2024 00:56
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Baddog posted:That one percent bonus is kinda tempting me tho, not gonna lie. Their sweep account pays 1.5% APY versus the prevailing short term money market rate that Vanguard's sweep account yields (like 5.3% right now)
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Feb 7, 2024 01:06
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vanguards current ceo is literally named tim buckley. they can have infinite stupid old meme game if they want
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Feb 7, 2024 01:57
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pentyne posted:literally every media on the planet has portrayed car salesmen as greedy hucksters but people still go in and in the space of 5 mins are convinced they are getting an amazing deal. arrested_development_butitcouldworkforus.gif
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Feb 7, 2024 02:01
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bob dobbs is dead posted:vanguards current ceo is literally named tim buckley. they can have infinite stupid old meme game if they want I really wish he'd sign his emails to customers with "Tim B^Uckley"
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Feb 7, 2024 02:54
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obi_ant posted:I purchased my car almost two decades ago for 0% APR for 72 months and $500 under cost. Those times were pretty great. I’ll probably never get a deal like that again. Did the same but 8 years ago, then I had to pay off the note because a mortgage broker didn't like the DTI for a house I was buying. I'm still so salty about that. 0% APR, and I have the funds available to just pay it off but oh no it's too much of a risk if you don't do it. (Yes I know why I still hate it)
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Feb 7, 2024 03:01
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SpelledBackwards posted:I really wish he'd sign his emails to customers with "Tim B^Uckley" God forbid they post a Loss for a fiscal quarter
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Feb 7, 2024 03:20
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