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Something like a Berkeley or a Michigan isn't a comparison at all to a place like Harvard; you can develop some connections because there's an alumni network and a decent name brand, but it is really nothing like Harvard. The classes/education aren't really any better than any other top-tier university, but the brand is loving absurd. It is a a golden ticket, it is an instant connection to every person who ever looks at your resume. You are handed the world with a Harvard degree, and I can't count how many thoroughly unimpressive students I've watched jump instantly into highly competitive jobs just because of the power of the name. I don't know how many schools can carry that weight. That said, for engineering, turning down Harvard isn't really a big deal, just because there are lots of engineering jobs and it's easier to differentiate yourself if you're talented. For a lot of business jobs, it's a huge deal.
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Dec 8, 2014 22:00
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Scenty posted:Yeah that part was pretty gross to me. Who really says stuff like that? One of my friends, who has been talking since high school about how much her dad earns and how much she'll inherit when her parents die. She is 40 now, still lives with her parents and will never move out. They know that too. At least she stopped talking about her plans for when her dad dies in front of me after my dad passed away when we were in our 20's. I imagine she still talks about it, but at least I don't have to hear it.
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Dec 8, 2014 22:05
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asur posted:A study by Dale and Krueger suggests that once you control for the schools people apply for the earning gap almost entirely disappears. It's actually interesting that acceptance seems to have very little impact compared to application. The one group where attending seems to matter is low income groups. So it was actually good with money to spend hundreds applying to schools like CalTech and MIT, and then end up going to Ye Olde State School after all? I feel strangely much better about my choices as a teenager now.
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Dec 8, 2014 22:07
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Pompous Rhombus posted:Studying abroad in college can be a really Good With Money way to see the world, in addition to the scholarships available (check your university, the host university, your country's government, the host country's government, bilateral organizations, etc), the programs are often subsidized to begin with, and exchanges typically let you apply your existing financial aid. No joke. I was a lazy chump when it came to pursuing shcolarships. However, when I was going to study abroad in Scotland, I literally had someone call me from the Study Abroad Office and tell me that my university had a scholarship available at for people studying abroad in Scotland for English literature. I was the only person qualified for it, and it was closing in three days. I wrote an essay that night and was soon awarded $6,000 
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Dec 8, 2014 22:08
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asur posted:A study by Dale and Krueger suggests that once you control for the schools people apply for the earning gap almost entirely disappears. It's actually interesting that acceptance seems to have very little impact compared to application. The one group where attending seems to matter is low income groups. I'm not sure I understand the implications of this study. Is it saying that your ambition/confidence fuels your success more than the difference in education between schools?
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Dec 8, 2014 22:19
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http://www.reddit.com/r/personalfinance/comments/2oocf7/careless_28_years_old_needs_financial_help/ posted:I'v always been really bad with money but as I'm growing older I need to realize that I need to wake up and stop this horrific cycle of bad financial decisions. I currently live with my family and we live in a house that we are renting and is falling apart everywhere.
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Dec 8, 2014 22:41
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I have less than $200, what large house can I buy?
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Dec 8, 2014 22:50
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EugeneJ posted:I have less than $200, what large house can I buy? 
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Dec 8, 2014 22:55
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EugeneJ posted:I have less than $200, what large house can I buy? You can buy a lot with $7-8k in loans and credit cards. Credit is free money.
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Dec 8, 2014 22:59
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Krispy Kareem posted:For me the $200 isn't the issue.
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Dec 9, 2014 00:12
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EugeneJ posted:I have less than $200, what large house can I buy? Man, and I thought I was dumb for fantasizing about buying a house on a $65-75k salary in like... five years. Dude seriously can't make ends meet and he's like... "All I need to do is pay off my $50 electric bill and it will be fine"? My loving brain.  Scenty posted:I've been thinking about this since I read it, and it really bothers me. How is that even legal? Since you are social workers I assume when you appear in court you are there to either testify or provide support for a client. If you are thrown out of court for wearing open-toed shoes it seems to be that would be a major disservice to your client and potentially have an impact on the court proceedings. Maybe I am over-reacting, but it seems like that is not okay and a judge should never be allowed to do that. It's not like she showed up in torn jeans and flip flops. Do you want to be the social worker that files for judicial misconduct against the presiding judge of a county's juvenile court? I don't want to be that social worker. If it was one of the rotating judges, maaaaybe, but no joke this lady has a photo in her chambers of her being appointed to the bench by RONALD loving REAGAN.
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Dec 9, 2014 03:44
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Old Fart posted:IMHO, creating a rift with a family member over the principle of a trivial matter is a bad idea. As you said, she gets you a huge discount off of stuff. Chalk it up to her having the best of intentions during a moment of grief and move on. Ends up she doesn't have the money because her cat had a respiratory infection. That, and she assumed our mother was paying for everything. Which probably had more to do with it than a wheezing cat. 
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Dec 9, 2014 04:00
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Why are people with horrible finances so obsessed with both their credit rating and/or buying a house?
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Dec 9, 2014 04:31
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rrrrrrrrrrrt posted:Why are people with horrible finances so obsessed with both their credit rating and/or buying a house? They believe that the only thing that matters to get a house is credit rating. They fundamentally do not understand how loans work. They neither have a deposit or sufficient income to buy the expensive house they want as they couldn't make the repayments. In earlier posts I've blamed millennial thinking where they think they can live the same lifestyle as their parents without years of saving, and spending gently caress all.
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Dec 9, 2014 04:41
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tentish klown posted:Do you both not think that the benefits of attending any of the top universities in the world (Harvard, MIT, Oxford, Cambridge, etc) has a bigger effect on your future income than saving $150k by not going? I've had plenty of coworkers from the Ivy League (and MIT) and it got them the same cubicle and salary as me and my dirty state college degree. But we are engineers so we have going for/against us.
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Dec 9, 2014 05:19
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rrrrrrrrrrrt posted:Why are people with horrible finances so obsessed with both their credit rating and/or buying a house? Drop in to the newbie BFC thread once in a while, every other page we get "So my credit score is low and I.."
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Dec 9, 2014 05:27
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FrozenVent posted:Drop in to the newbie BFC thread once in a while, every other page we get "So my credit score is low and I.." am struggling to borrow $1,000,000 even though I have no job.
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Dec 9, 2014 06:34
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Devian666 posted:They believe that the only thing that matters to get a house is credit rating. They fundamentally do not understand how loans work. They neither have a deposit You can get a house with 3% down again! http://money.cnn.com/2014/12/08/real_estate/3-down-payment-mortgage/
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Dec 9, 2014 06:48
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Inverse Icarus posted:You can get a house with 3% down again! Because what the US needs is another housing bubble to crash house prices on large scale defaults. Financing lots of dodgy loans (and then claiming they have strict conditions) is complete bullshit. In New Zealand, which did not have a sub prime disaster, banks are required to keep 90%+ of their mortgage books as 20%+ equity. The more the vested interest in the house the less likely people are to walk away. I guess when politicians and the Federal Reserve have no interest in economic stability this is what you get. e: Holy poo poo they're planning the next housing bubble already in that article. quote:If home prices increase 5% a year for three or four years, for example, these borrowers may be able to cancel their insurance and save them tens of thousands of dollars over the next 26 or 27 years. Devian666 fucked around with this message at 07:11 on Dec 9, 2014 |
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Dec 9, 2014 07:03
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reddit posted:Total income around $2000 (give or take couple hundred because of commission) I can't get these numbers to add up to 1700. I've got 1218 after the son's school reimbursement but before gas, and 2178 after adding in the gas (assuming that once a week is 4x a month) I get $1658 if I ignore the son's school reimbursement but assume the gas is actually once a month instead of once a week. I'm wondering whether the "once a week" was a typo, or whether the OP added wrong. Also, they want to save $15000 in 6 months? Even adding in what their parents make, that's half of the household income.
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Dec 9, 2014 07:44
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$240 monthly for gas, which is because it's filed up once a week.
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Dec 9, 2014 08:55
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Old Fart posted:$240 monthly for gas, which is because it's filed up once a week. ya, at $60 per tank and 4 times a month. That makes sense. So there are three people there. He's buying $400 in food each month and $150 in "family plan" cell service. Do you think those are shared expenses he's handling solo? or that's just his share?
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Dec 9, 2014 12:39
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OneWhoKnows posted:He also mentioned that at the end of the 25 year forgiveness period, his dad will be 92 and if he just so happens to pass before that time, the whole loan amount is forgiven. Of course he doesn't want that to happen, he's just being practical. As someone who did have some student loans forgiven by losing a parent, fuuuuuuuck this guy. Duckman2008 fucked around with this message at 13:04 on Dec 9, 2014 |
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Dec 9, 2014 12:57
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rrrrrrrrrrrt posted:Why are people with horrible finances so obsessed with both their credit rating and/or buying a house? 
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Dec 9, 2014 13:23
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Your credit rating is literally seen as a measure of your self worth in a lot of those cases. Also it allows you to get more emergency debt to cover your existing debts/payments. And buying a house means that you've "made it" because that's what everyone grew up hearing. My very very poor mother bought a house in 2004 and I saw the entire thought process. She's still dirt poor but after a bankruptcy isn't too concerned with her credit anymore.
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Dec 9, 2014 15:45
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Would most of these people see a tax benefit from a house? Probably, if you consider a 1k a month note, almost all of that being interest in those first few years. So there's that. And the idea that renting is throwing your money away. I'm just trying to figure out why you'd want to buy a house with your parents. "Yay, I'm divorced with a kid andnowI'mshackledtomyparentsfinanciallyfoooooooooorever!" I get that 3 people can afford more house than 1, but poo poo - that'd suck.
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Dec 9, 2014 16:00
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If you can't scrape together 20% for a down-payment, you shouldn't be buying a house. I bought a house this year and within the first nine months I've had to replace the roof (don't buy a house with 2 months worth of snow caked on the roof during inspection), the HVAC system, and have the deck rebuilt to code. It would've been GG for me and my wife if we hadn't had wellllllll over 20% in cash saved before we even THOUGHT about buying a house. edit: I can't believe we're even talking about 3% down loans again. Jesus loving christ we'll have another housing bubble + student loan bubble bursting at the same time. fruition fucked around with this message at 17:02 on Dec 9, 2014 |
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Dec 9, 2014 16:59
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The less you put down in your own cash, the more likely you are to default (in a general population sense).
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Dec 9, 2014 17:06
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"Buy a house for the peace of mind" These are things people who are bad with money say. I understand he or she is in a lovely rental situation, but the answer to that is not necessarily ownership. Good rental situations exist. I'm speaking as a home owner. I now see the attraction in renting.
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Dec 9, 2014 17:13
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rrrrrrrrrrrt posted:Why are people with horrible finances so obsessed with both their credit rating and/or buying a house?
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Dec 9, 2014 17:42
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I have no idea what kind of peace of mind comes from buying a house, how on earth can you predict what the price of land is going to be in 30 years outside of silicon valley and manhatten? Y'know, besides the poo poo that maintaining a building actually entails.
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Dec 9, 2014 18:13
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The piece of mind that the rent is not going to increase year over year. Also, knowing that I won't be told I have to move because the owner wants to sell, move in, etc. #1 reason why I bought.
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Dec 9, 2014 18:16
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The "peace of mind" is a combination of having a permanent spot you don't get kicked out of every couple years and tunnel vision that stops first-time buyers from understanding the hidden costs of home ownership.
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Dec 9, 2014 18:16
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For me owning is primarily a luxury in that I can do what I wish with my property in renovation and pets. It's also a nice hedge against rent-inflation in a high COL area (DC) but that's super secondary. The tax benefit is nice, but it's mainly a (minor) consolation rather than a reason to buy. But most people buy because it's a coveted status symbol in the US.
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Dec 9, 2014 18:24
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We bought because yeah there is a bit of status, but for us its really important to be able to do what we want when we want. Want to play the new movie SUPER LOUD with the speakers? Can do. Want to put up Christmas decorations? Can do. Want enough space for my wife to do her sewing and crafting? Can do. Don't want to scrape the car off every morning after snow? Yup. There is a certain amount of freedom in owning just like there is with having a vehicle. This is still I guess a different question from "bad with money", but home ownership as a "stupid symbol" isn't really "stupid" necessarily.
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Dec 9, 2014 18:30
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Jastiger posted:We bought because yeah there is a bit of status, but for us its really important to be able to do what we want when we want. Want to play the new movie SUPER LOUD with the speakers? Can do. Want to put up Christmas decorations? Can do. Want enough space for my wife to do her sewing and crafting? Can do. Don't want to scrape the car off every morning after snow? Yup. You can do all of the things you listed by renting a house. Are you conflating owning a house with living in a house?
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Dec 9, 2014 18:48
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Mantle posted:You can do all of the things you listed by renting a house. Are you conflating owning a house with living in a house? Not necessarily. But if I were to rent the house I've purchased, I'd pay close to 50% more a month in shelter. And any house in a similar neighborhood is not likely to be up for rent. Location factors in too.
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Dec 9, 2014 18:57
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Jastiger posted:Not necessarily. But if I were to rent the house I've purchased, I'd pay close to 50% more a month in shelter. And any house in a similar neighborhood is not likely to be up for rent. Location factors in too. You should by now have learned that your mortgage is not your maximum out of pocket for your house.
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Dec 9, 2014 18:59
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Also, outside of major rental markets, a lot of times there are fewer 'nice' properties to rent. When I lived upstate, there were few nice houses that were available to rent. It was either cheap multi-family/student housing or really low quality and poorly maintained free-standing houses. There was a weird income level where it would've been tough to buy a house quickly, but you could afford a better level of living than what was available to rent without a big commute and frankly we would've felt the pressure to buy in order to not live in totally junk apartments or decaying houses.
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Dec 9, 2014 19:02
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I rent a house in a great area and have all of those things. Rent is a bit more than we were paying before but we are not interested in buying. We don't want to deal with maintenance issues and we want to pay off our student loans and max out retirement contributions before we start saving for a 20% down payment. We just aren't in a rush to buy, we couldn't care less about the status symbol. We just got married in September and at Thanksgiving his grandmother looked horrified that we were happy renting and were continuing to do so indefinitely. His mother also wants us to hurry up and save for a house. It's a generational thing as well and the societal pressure is definitely there.
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Dec 9, 2014 19:02
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