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Nah, before my dad had to retire due to repeated heart attacks, he made loving bank as an attorney and my mom is really good and smart at managing money/investments. My sister and I were both given ~15k for college stuff and luckily I didn't piss it all away.
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Dec 25, 2014 03:01
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Overcoming the anxiety involved with big life changes that improve your career has always been worth it for me. Have realistic goals and do that poo poo, there's no time like now to better yourself.
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Dec 25, 2014 03:54
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MAKE NO BABBYS posted:Nah, before my dad had to retire due to repeated heart attacks, he made loving bank as an attorney and my mom is really good and smart at managing money/investments. My sister and I were both given ~15k for college stuff and luckily I didn't piss it all away. I think you should move to SF.
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Dec 25, 2014 03:54
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Jeffrey of YOSPOS posted:Overcoming the anxiety involved with big life changes that improve your career has always been worth it for me. Have realistic goals and do that poo poo, there's no time like now to better yourself. My strategy for this is just to commit yourself. The anxiety won't go away until well after you're settled, but I make plans and decisions that logically achieve what I want and just have a really aggrivated stomach/anxiety level and it passes. It's not fun, but say, huge bumps in pay and enjoyable work smooths it out real fast.
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Dec 25, 2014 04:36
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SiGmA_X posted:Ah, gotcha. Depending on your age, I don't see why your folks either hold the money or would require a contract to transfer the money... But if your dad is a lawyer, I guess I get it! I'm 28. My mom and I had a tenuous relationship when I was a teenager. We are very opposite people and it took me leaving to become my own person and then moving back to care for her to become close. We have much more understanding and common ground now that I moved back to care for her. She still controls that account, although it is earmarked and intended for me, but I think she would still want to draw and write something up to "loan" me that money to make it clear it's not just free money, but intended for a specific purpose. I know the Meyer-Briggs isn't necessarily scientific, but my mom is a college professor and uses it as a tool in her classes - we are exact opposites in every category. It just takes a lot more for us to understand and empathize with one another, although that's something we've grown to be able to do often lately.
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Dec 25, 2014 05:43
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Thanks to all of you for your support. As a kid I was incredibly stubborn and bullheaded - I often made decisions in the spur of the moment without consideration of others and just assumed I knew best. Now I try to be more collaborative and bounce ideas off folks to make sure I'm not just being impulsive and barreling off into the great blue yonder. My dad agrees, as did my best friend when I called him, so I pulled the trigger and committed to the apartment. I think the payoff in proximity to friends, proximity to boyfriend when/if he comes around, ability to start a job I love that doesn't depress me every single day, that actually feels fulfilling and in my degree area, a roommate I enjoy in a nice apartment I can afford in a bustling neighborhood is worth it, even if I'm having to sell some things. I'd rather have that peace of mind financially in six months with a good earning and mobility potential than minimum wage doing something I hate and have no interest in with no close friends and a pile of "things." E: for real, thanks BFC. Even if my post wasn't necessarily appropriate for the thread, I really, majorly appreciate the input. MAKE NO BABBYS fucked around with this message at 06:17 on Dec 25, 2014 |
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Dec 25, 2014 05:50
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The person who said BFC is a means, not an end, has it spot on. The point of being good with money is to empower you to use it in the way that makes you happiest, [i]not/i] to hoard it in a big pile and be miserable as you watch your numbers get bigger. You already know how it'll affect your financial situation to move and you don't appear to have any unrealistic expectations ("I'm going to move to LA and become famous" or "I'm going to pay down my credit cards by winning the lottery"), so if that choice is what you think will make you happiest in the long-term, then you should absolutely do it. I'm glad you're moving back to do something and be somewhere you love.  (Also "my planned living situation just unexpectedly fell through but I need to move to get a better job that I feel good about" sounds like the entire point of having an emergency fund, so that sounds good with money to me.) Colin Mockery fucked around with this message at 10:02 on Dec 25, 2014 |
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Dec 25, 2014 09:57
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Mantle posted:You know how when you're a teenager and you start paying rent to your parents but they just hold on to the money for you and then give it back to you later Lol what loving fantasy life did you live? My parents made me pay rent, for my own medical, dental and eye glasses. I walked away from my family at 18 with only 2 grand to show after working 60 to 80 hours a week every summer and 40 during school year. gently caress i can't imagine how much less stressed i would have been if I had all that money when I left home. Parents spent my money on drugs and booze.
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Dec 25, 2014 19:43
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I have a friend who isn't "bad" with money per se -- as in, he isn't in the habit of spending recklessly on frivolities, doesn't have debt, saves a good chunk of what he earns -- but he's just kind of sub-optimal when it comes to his savings. He apparently has three separate savings accounts at three different banks. However, despite putting away a fair amount of cash each month, he doesn't have a retirement account, and is terrified of investing in mutual funds because he heard, apparently, of "a scandal where a manager ran away with tons of his clients' money and left them with nothing", and thinks that anyone investing in the stock market is doing nothing better than gambling. I invest in Vanguard index funds, on the other hand, after reading some threads here on BFC and The Four Pillars. I'd really like to help my friend get a bit better at saving, but I don't know how to approach him on this subject, since I'm not a ~financial expert~ or anything. What should I recommend he do / what should I say to help him get over his fear of "investment"?
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Dec 25, 2014 20:30
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DrSunshine posted:What should I recommend he do / what should I say to help him get over his fear of "investment"? About a year ago I think I was in a similar mindset, saving up cash but just holding it in a savings account because the market kept going up so I thought I missed the boat and didn't want to invest. Then I was introduced to a financial planner that suggested a 60/40 fund to me and it was enough to "get the stone rolling" on the way to overcoming my fear and doing my own research into ETFs and further optimization. I think it was just the simplicity of investing everything into a single product that helped break the ice, and although it's not optimal due to the higher MER, it's still better than sitting in cash. Take him there one step at a time.
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Dec 25, 2014 20:46
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DrSunshine posted:I have a friend who isn't "bad" with money per se -- as in, he isn't in the habit of spending recklessly on frivolities, doesn't have debt, saves a good chunk of what he earns -- but he's just kind of sub-optimal when it comes to his savings. He apparently has three separate savings accounts at three different banks. However, despite putting away a fair amount of cash each month, he doesn't have a retirement account, and is terrified of investing in mutual funds because he heard, apparently, of "a scandal where a manager ran away with tons of his clients' money and left them with nothing", and thinks that anyone investing in the stock market is doing nothing better than gambling. If he's up for reading articles, you could have him read this and this. Or maybe you can just read them yourselves and deliver the salient points. The two are a good compare/contrast about the shady kind of "investing" vs. honest mutual funds (and the protection they carry).
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Dec 25, 2014 20:51
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... and for those scared about the market potentially being at its peak, this: http://awealthofcommonsense.com/worlds-worst-market-timer/
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Dec 26, 2014 00:32
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As long as he stays clear of this, it's pretty hard to go wrong!quote:A Canadian startup says it will enable customers to swap their holdings between gold bullion and bitcoins, and it plans an initial public offering next year. Gold and bitcoin...the volatility of one is a hedge against the other, right? Talk about diversified!  Re: buddychat, I loaned 'millionaire dad' to a friend because books like that explain poo poo way better than I could. Make sure you get it back if you do though, that would be bad with money :v
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Dec 26, 2014 03:33
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Tigntink posted:Lol what loving fantasy life did you live? I think your perceptions may have gotten skewed, most people don't have awful parents.
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Dec 26, 2014 15:59
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Friends co-worker: They are Jehovah's Witnesses which by itself isn't bad with money but the other stuff that comes with it is. They have a big prohibition about debt in her sect before moving up(apparently, I don't know if this applies to ALL JW's) so this sets them up to be Good With Money, right? Wrong. They have over $7000 on just a Kohl's charge card, and a total of $30K in debt for various items like store charge cards, general debt for bills, and vehicle loans. They were paying ~$300 a month on what they thought were their credit cards using the snowball method: paying the high interest, low balance items first. It turns out that they had used a debt consolidation service so they would pay ONE payment and they would distribute it amongst the cards and unless you explicitly tell them to pay off X balance first, they'll do it some other way (presumably the method that keeps their services needed and stretches out the debt longer). She calls in to them to ask why this one card with $700 and 20% (!) interest hasn't been paid off and lo and behold the minimum was being made on that one and the rest of it was going to other various cards with higher balances (and similarly high-but-not-as-high interest rates). She FLIPS out and wonders why this wasn't being done, despite not ever talking to them before this point. To compound this, they want to do a missionary trip overseas for their JW program, I think to Israel or some such. After that they want to move into a leadership role with their church where you receive some ~$100 stipend a month to do full time missionary work. Their goal BEFORE doing this though was to pay off all debt and get themselves in a position to do it financially. So what does she and her spouse do? They quit their ~$40K a year jobs and go down to part time with him making ~$15k a year and her making ~$18k a year devoting the rest of their time to JW volunteer work. And they wonder why they are having to dig into their $15K savings to pay for things when they haven't taken on much more debt in the past few months. Gee I wonder why increasing debt due to interest and voluntarily cutting in half your income is causing money shortfalls. What a strange unfair world this is! To cap it all off they have said to hell with it and are in the process of planning for the Israel trip and still donate a portion of their income to the church. I feel bad for them because they really want to do this church thing, but their spending habits are killing any chance they have of doing it properly.
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Dec 26, 2014 16:34
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Lolling @ mission to Israel.
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Dec 26, 2014 17:06
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Mantle posted:You know how when you're a teenager and you start paying rent to your parents but they just hold on to the money for you and then give it back to you later when you want to pay for school? Otherwise you would just blow your money on stupid poo poo? Is this common? I never had to do that as a teenager and I don't think I've ever known anyone who did. After college yes, but not as a teenager. Anyways, here's a story about some people I used to know who were bad at money--or really, more just bad at life in general. I used to know a family who were very into bitcoins, to the point that they were trying to start a bitcoin business and spent tens of thousands of dollars on ASICS from Butterfly Labs (which, if you aren't familiar with them, read this). They bought 6-8 of the most expensive ones and put them in a data center despite the fact that they were unable to pay the DC rates at all. Despite this, and despite the fact that it took them like six months to get the equipment from Butterfly Labs, last I heard from them, they were planning on buying 10-12 more ASICS from the company and needed some elaborate power set-up to accommodate all the ASICS at the DC which was going to cost about $12K a month. Which they also couldn't pay for. Also, the reason they decided to put their equipment in a DC was because running bitcoin miners at home was causing their house to be 90 degrees all the time. Also, the dad is in jail currently because he tried to get millions of dollars in refunds from the IRS, and apparently this wasn't the first time he'd tried that. The mom runs an energy healing place, and both her and the dad believe in all sorts of dumb things like chemtrails, Planet X, etc. Their kid is into bitcoins too, but I still feel sorry for him because his parents have probably hosed him up for life.
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Dec 26, 2014 18:26
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lambeth posted:Also, the dad is in jail currently because he tried to get millions of dollars in refunds from the IRS, and apparently this wasn't the first time he'd tried that. The mom runs an energy healing place, and both her and the dad believe in all sorts of dumb things like chemtrails, Planet X, etc. Their kid is into bitcoins too, but I still feel sorry for him because his parents have probably hosed him up for life. trying to scam money out of the IRS twice is about the level of intelligence you would expect from a bitcoin impresario
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Dec 26, 2014 19:30
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Volmarias posted:I think your perceptions may have gotten skewed, most people don't have awful parents. It's still not a common scenario unless you are upper middle class or something. Growing up I had to pay rent so we could afford food and electricity and stuff. I don't know a single person who ever paid rent and then had it returned to them like that.
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Dec 26, 2014 19:40
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Scenty posted:It's still not a common scenario unless you are upper middle class or something. Growing up I had to pay rent so we could afford food and electricity and stuff. I don't know a single person who ever paid rent and then had it returned to them like that. Yeah, understood, I'm just saying that having the money disappear up your parents' nose seems an inversion of what typically happens. Even if you're lower class and your family needs that money to pay bills that month, that's at least a reasonable use of your time.
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Dec 26, 2014 19:43
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Scenty posted:It's still not a common scenario unless you are upper middle class or something. Growing up I had to pay rent so we could afford food and electricity and stuff. I don't know a single person who ever paid rent and then had it returned to them like that. The whole 'charge rent and then refund it to them' is common advice for parents today, and gives the kids a good foundation for their next step (an emergency fund) while still teaching them responsibility with money in the present. That said I've never heard of anyone actually having this happen to them; but theoretically, and if you can afford it, it seems like a nice setup.
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Dec 26, 2014 20:11
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I'm not trying to brag here whatsoever but holy poo poo this thread makes me infinitely more grateful for my parents and the financial sense they drilled into me. I feel so bad for some of these stories, aside from the ones where its completely self-induced stupidity.
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Dec 26, 2014 20:22
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movax posted:I'm not trying to brag here whatsoever but holy poo poo this thread makes me infinitely more grateful for my parents and the financial sense they drilled into me. I feel so bad for some of these stories, aside from the ones where its completely self-induced stupidity. This, but my wife, a year after we started dating. 
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Dec 26, 2014 20:28
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movax posted:I'm not trying to brag here whatsoever but holy poo poo this thread makes me infinitely more grateful for my parents and the financial sense they drilled into me. I feel so bad for some of these stories, aside from the ones where its completely self-induced stupidity. This except they expected me to hold down a job from the moment I was old enough, even though my dad was well off. Paper route at 12, Rotten Ronnie's at 14, waiter and delivery for a Chinese restaurant at 16. They didn't need to teach me how to manage my finances, I ended up teaching myself. All it took for me to realize I should save/spend wisely was spending all my money on worthless 90's comics for 3 years and having nothing to show for it except my enduring virginity. If my wife and I ever have kids I'm sending the kid down into the mines the moment it's able to hold a shovel.
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Dec 27, 2014 02:21
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lambeth posted:Is this common? I never had to do that as a teenager and I don't think I've ever known anyone who did. After college yes, but not as a teenager. I have Asian parents. I never had to pay "rent" since I moved away from home for university but my younger brother did. It wasn't market rent or anything like that, maybe $200/month. It really was just to kind of have forced savings.
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Dec 27, 2014 07:19
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It came from reddit  quote:So this Christmas a group of 4 of us got together and agreed to all put in 25K. We want to invest this into something that will bring decent return and not overly risky. We originally thought about putting 50K in the market into an ETF like SPY. We are all under 30 years old so a little risk wouldn't really bother us but since we have 100K to invest we were wondering what Reddit thought. This just tickles on so many levels.
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Dec 27, 2014 08:23
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Guest2553 posted:It came from reddit Mmmm yes let me pool $25k of my own money with my buddies, nothing will go wrong, no sir
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Dec 27, 2014 08:36
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movax posted:Mmmm yes let me pool $25k of my own money with my buddies, nothing will go wrong, no sir And we'll buy a liquor store with it! Or maybe some stocks? I don't know, but our business analyst friend totally was top of his class at Corinthian!
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Dec 27, 2014 08:39
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movax posted:Mmmm yes let me pool $25k of my own money with my buddies, nothing will go wrong, no sir At first this might seem like a bad idea, but then I thought about how all my friends spend their money and now it's a terrifying idea.
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Dec 27, 2014 08:45
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quote:Our skill set: one works as a business analyst for an investment bank, quote:the other is in undergrad
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Dec 27, 2014 11:03
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paperchaseguy posted:He's already a Vice President, so we're following his lead on this. I'm more inclined to guess mom and dad.
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Dec 27, 2014 14:08
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Ignoring what's been said already, why are you looking for business advice from an internet community primarily made up of poor college students and mid 20 year olds? Sure I've made my own fair share of "Well Something Awful told me to do X so I guess I'm doing X" decisions, but that's for poo poo like buying electronics, not investing 100k to start a business.
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Dec 27, 2014 17:26
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Renegret posted:Ignoring what's been said already, why are you looking for business advice from an internet community primarily made up of poor college students and mid 20 year olds? And even though the SA forums aren't perfect, the quality of the posts here are usually much better than most other online forums. The people here are pretty good at calling out others on BS advice, and the lack of an imaginary karma/Internet points system means that people don't post for the sake of racking up "points". melon cat fucked around with this message at 17:56 on Dec 27, 2014 |
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Dec 27, 2014 17:54
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I wonder which one of the 4 guys suggested buying a liquor store as the sound investment
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Dec 27, 2014 20:42
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FCKGW posted:I wonder which one of the 4 guys suggested buying a liquor store as the sound investment To be fair, if you own a liquor store in a college town, you can make bank pretty easily.
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Dec 27, 2014 20:48
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HonorableTB posted:To be fair, if you own a liquor store in a college town, you can make bank pretty easily. Running a business is not easy, even if there are lots of customers looking to hand you money for booze.
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Dec 27, 2014 21:28
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Has anyone told them that they should invest in Bitcoins, yet?
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Dec 27, 2014 22:28
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Yeah, the four of us want to pool our money to buy S&P 500 ETFs. No, we aren't doing it individually, why do you ask?
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Dec 28, 2014 07:29
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Inverse Icarus posted:I'm going to be blunt and just say that's some stupid logic. If the income he makes is offset by the benefits he loses, he's effectively trading his time for nothing. I would disagree on this pretty strongly. Having a reason to get out of bed in the morning and be on time to is critically important at almost any age. If his Dad is just sitting around the house feeling sad for himself, a job may really help that. A job can be a major social outlet and a source of pride for someone, even if it nets them nothing more than sitting at home on the dole.
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Dec 28, 2014 15:19
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n8r posted:I would disagree on this pretty strongly. Having a reason to get out of bed in the morning and be on time to is critically important at almost any age. If his Dad is just sitting around the house feeling sad for himself, a job may really help that. A job can be a major social outlet and a source of pride for someone, even if it nets them nothing more than sitting at home on the dole. You're not wrong, but if having a job doesn't get him anywhere financially, he's probably better off with volunteering, doing some kind of freelance work, or picking up a more structured hobby. That way he gets the benefits of getting out of the house without all the bullshit that comes with depending on a job for immediate survival.
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Dec 28, 2014 15:56
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