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ok but on the other hand try paying your student loans on time rather than buying poo poo you don't need, i dunno
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Oct 8, 2018 17:07
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UCS Hellmaker posted:The fact that student loans collect interest and then capatilze the interest into the principal is why people are hosed by them, miss a payment? Add to principal. Deferr? Add to principal. Just finish school? Add to principal. It absolutely fucks you to have another 10k suddenly add on to the loan from interest being added that then collects it's own interest. Add on rates averaging 6-9 percent and welp no wonder why a whole generation is basically is stuck in debt limbo. This is compound interest, almost all loans work this way 
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Oct 8, 2018 17:12
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My PIN is 4826 posted:This is compound interest, almost all loans work this way maybe hes just against riba like jesus moses and mohammed, you know
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Oct 8, 2018 17:14
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preface: I know it's a bad idea to eat my own lunch on early retirement withdrawals. I'm exploring options in case things at Helljob come to a head before i'm newly employed, so while I appreciate being told, I don't need to be scared off  33 years old going on 34, software developer in Nevada, USA. Probably $160k available invested pretax, with $5k in Roth and about $3k liquid, no CC debts, stable bill situation.What options do I have (penalized or otherwise, preferably otherwise ) for accessing money in my retirement accounts? The only option I actually recall is a straight early withdrawal, which AFAIK eats a nasty penalty in addition to having income taxes come due next April all at once. Perhaps a way for it to automatically 'dole' out unemployment income?(edit) Wasn't gonna mention it but realized there might be medical exceptions I can still use: I've been on short-term disability insurance (66% pay) for 2 and a bit months due to a thrown back, which is why my liquid funds are a little thin (and why I'm so mad at the job, two months is a long time to reflect!) Ciaphas fucked around with this message at 17:27 on Oct 8, 2018 |
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Oct 8, 2018 17:15
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Ciaphas posted:preface: I know it's a bad idea to eat my own lunch on early retirement withdrawals. I'm exploring options in case things at Helljob come to a head before i'm newly employed, so while I appreciate being told, I don't need to be scared off You could take your roth IRA contribution out penalty free, otherwise you eat the 10% penalty and income tax on the 401k money. Why don't you go into monk mode now to increase your cash savings in case you get fired, and on top of that Nevada will give you $450/week in unemployment for up to 26 weeks.
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Oct 8, 2018 17:19
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Droo posted:You could take your roth IRA contribution out penalty free, otherwise you eat the 10% penalty and income tax on the 401k money. Why don't you go into monk mode now to increase your cash savings in case you get fired, and on top of that Nevada will give you $450/week in unemployment for up to 26 weeks. This is absolutely my plan, just gathering info because plans, contact, etc (long story short, I'm not in any real firing danger but I may leave voluntarily. Extremely Dumb, I know, but being there is very badly negatively affecting my already-MDD-afflicted mental health for a whole host of reasons, and besides which I think they're cheating me, but that's another topic. So anyway, just laying down groundwork in case my angry self-loathing half does something stupid
Ciaphas fucked around with this message at 17:35 on Oct 8, 2018 |
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Oct 8, 2018 17:28
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Where's the Reddit link? I can't find that post.
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Oct 8, 2018 18:38
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Lowness 72 posted:Where's the Reddit link? I can't find that post. OP deleted it, but here is the archivey thing link. https://www.removeddit.com/r/personalfinance/comments/9mdcu5/i_just_told_my_husband_i_have_90k_in_student/ I propose forcing people who post reddit quotes without links to write 2500+ word effortposts attempting to help Zaurg.
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Oct 8, 2018 18:42
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Droo posted:OP deleted it, but here is the archivey thing link. With clickable links! Not an unclickable url in the quote text!
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Oct 8, 2018 18:44
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Oct 8, 2018 18:50
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My PIN is 4826 posted:This is compound interest, almost all loans work this way Regular loans don't allow you to simply not pay them for years because you don't have the money to do so, all the while adding those missed payments to the principal. It looks like a helpful thing, so you can find your first job and pay only what you can "afford", but it's actual impact on what you owe is astounding well beyond "regular loan" compound interest.
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Oct 8, 2018 18:55
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JFC, what's the doxxing policy on SA these days. Dude.
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Oct 8, 2018 20:15
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wilderthanmild posted:Does that "one quick trick" for making student loans dischargeable with credit cards she's suggesting even work? I assume the hardest part would be getting 90k available credit with her probably horrible credit rating. IANABKL so take this with a grain of salt. With regular loans if you end up doing massive payments to one loan while neglecting the others, then your creditors can fight that and potentially have the creditor you were giving payments to kick them back to the BK estate to be redistributed amongst the other creditors. This happens a lot with people trying to shield assets away too, and all of that can be clawed back. I believe the window is around 7 years that they look back to. I don't know if federal student loans would apply here since it is the federal government and they might be have special provisions carved out. But in general, no this one trick does not work. UCS Hellmaker posted:The fact that student loans collect interest and then capatilze the interest into the principal is why people are hosed by them, miss a payment? Add to principal. Deferr? Add to principal. Just finish school? Add to principal. It absolutely fucks you to have another 10k suddenly add on to the loan from interest being added that then collects it's own interest. Add on rates averaging 6-9 percent and welp no wonder why a whole generation is basically is stuck in debt limbo. This is all true. However, there are income driven repayment plans available that help reduce the level of loving you receive here. If you are on an IDR then the total amount of interest that can be capitalized is capped (as low as 10% of the original principal) and capitalization events only happen if you fail to meet the plan requirements. They can also substantially reduce the payments one owes and will also allow for your loan to be discharged after a certain number of qualifying payments (if your required monthly payment is $0 those count; periods of deferment do not) with the amount discharged subject to taxation. Also interest rates right now are 5.05% for undergraduate federal loans. People definitely get hosed hard on student loans; especially those who had it originated before 2008ish who don't have IDRs built into their master promissory note; but a lot of people screw themselves over by not even attempting to work with their servicer to see what their options even are. Students loans should be dischargeablein bankruptcy and it is a farce that it isn't allowed (especially when considering the mountains of debt corporations can have vanish away through the process) but no one who is taking out those loans should be at all surprised that they're not dischargeable. And they should also be aware of their repayment options. It is all made very clear in entrance and exit counseling and the only way to avoid being pummeled with it is to be willfully ignorant and not actually engage in the process.
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Oct 8, 2018 20:19
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Lockback posted:I've heard the phrase "Invest in product" or "Invest in stockpile" so that turn of phrase sounds MLM-ish to me, but it could just be an Etsy shop. I like even her optimistic projection of 100k in sales will only net her 10-20k (that I am sure she'll remember to pay taxes correctly on). Fancy business terms weirdly applied to a small business? Check. Hazy and probably fudged sales figures? Check. Overly optimistic forecasts of future growth? Check. The Etsy/Ebay/Scency/etc crowd shares so much with MLMs they can all be safety categorized under the same "fake business" umbrella. The only difference is that under MLMs at least SOMEONE involved is making a killing. Etsy businesses are the scam you run on yourself so you can tell your friends you're a "consultant" or "entrepreneur" instead of "unemployed." Contrast that with people who run actual small businesses and they're all tired and overworked. You never hear people who own a restaurant yammering on about "investing in inventory" except to bitch that they have to replace their shipment of salmon because the freezer died.
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Oct 8, 2018 22:23
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GamingHyena posted:Fancy business terms weirdly applied to a small business? Check. I don't know, I've watched every episode of "Kitchen Nightmares" and the common takeaway is that failing restaurants absolutely love to stockpile inventory. Why does a restaurant that serves maybe 20 people a day need 100lbs of cooked pasta in back? Who the gently caress knows, but if we need it we got it.
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Oct 8, 2018 22:32
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I’d do an ask/tell about my experience with public service loan forgiveness circus but honestly it makes me so mad my blood pressure might never recover
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Oct 8, 2018 22:32
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Mocking Bird posted:I’d do an ask/tell about my experience with public service loan forgiveness circus but honestly it makes me so mad my blood pressure might never recover Yeah, an important caveat to add onto everything I said is: "All assuming the department of education doesn't gently caress you"
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Oct 8, 2018 22:34
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Ciaphas posted:preface: I know it's a bad idea to eat my own lunch on early retirement withdrawals. I'm exploring options in case things at Helljob come to a head before i'm newly employed, so while I appreciate being told, I don't need to be scared off You picked the right thread to ask about early retirement withdrawl HEH I don't know what your cost of living is, but 3k cash + what you can save until then might be enough to hold you over? Especially as a software dev, I'd assume you can get hired again fairly quickly (or freelance)? The best choice is definitely not to dip into retirement (although it probably beats piling up credit card debt if you're not going to pay them off on time). If you do need to, you can get the Roth *contributions* (not earnings) out tax/penalty free.
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Oct 8, 2018 22:39
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Spokes posted:You picked the right thread to ask about early retirement withdrawl HEH Don't think so. Kind of a guess but I could stretch $3k out to a month and a half without touching credit given rent, car, etc. Though it's good to know I can get the $5k roth contribution back and sit for a while longer. And yeah I know it's a bad call (that is why i posted here indeed wasn't sure it was the right one with all these dumbass renames, but eh) but the job and environment is not-even-figurative-here driving me insane so I'm hemming and hawing over the value of a (half a year, probably) $15k pre-tax pre-penalty IRA withdrawal put against my mental health(edit) For reference I've been on the hunt in earnest for about 2 weeks now. Two technical phone interviews and a post-greeting ghost, nothing more substantial yet 
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Oct 8, 2018 22:49
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pig slut lisa posted:Things that could get you probated
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Oct 8, 2018 23:12
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Mocking Bird posted:I’d do an ask/tell about my experience with public service loan forgiveness circus but honestly it makes me so mad my blood pressure might never recover Uhhh want to at least give us a tldr?
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Oct 8, 2018 23:12
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Make your own thread, this is specifically the don't talk about yourself thread fe: guess I shoulda refreshed
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Oct 8, 2018 23:18
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Residency Evil posted:Uhhh want to at least give us a tldr? TLDR: FedLoan Servicing (don’t let the name fool you, it’s still a lovely private loan servicer) is slipshod, terrible to communicate with, unwilling to make updates or changes to their “qualifying payments” even faced with evidence of qualifying payments and employment, and doesn’t give a poo poo if your loans are ever forgiven. I’ve been working for the government for 5 years and still somehow have 9 (out of 10 needed) years of payments left according to their haphazard calculations, including different numbers of payments on each individual loan despite making unified payments once a month. Someday when I have the time and energy I’ll get into a verbal fistfight with them again. Edit: sure, it’s self posting, but it’s bad with money for a ton of rubes who thought they could get a break by doing good for the world
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Oct 8, 2018 23:20
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oh damnit i thought this WAS the questions thread from the name (i read the title as in "i'm bad with money, help") and I didn't look at the stickies r;c;p, ciaphas, you know better  soz folks
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Oct 8, 2018 23:27
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Mocking Bird posted:different numbers of payments on each individual loan despite making unified payments once a month. I've got this one too in my case it's only one payment difference though, and it stems from the month when I switched servicers to fedloan. I've gone back and forth with them I think 3x on it and at this point I think I'm just gonna eat the extra $1k payment at the end. At least they've got me on track other than that.
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Oct 9, 2018 00:17
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Australia's university repayment scheme kicks in in stages once you start earning above a certain (liveable) threshold and is indexed to the official inflation rate, not whatever number a bunch of British bankers have decided amongst themselves will bring the most profit for the day. This won't work in Glorious Freedomland because _____________________
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Oct 9, 2018 00:29
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B-but... the invisible hand of the market 
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Oct 9, 2018 00:31
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Mocking Bird posted:B-but... the invisible hand of the market 
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Oct 9, 2018 00:35
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Weatherman posted:Australia's university repayment scheme kicks in in stages once you start earning above a certain (liveable) threshold and is indexed to the official inflation rate, not whatever number a bunch of British bankers have decided amongst themselves will bring the most profit for the day. This won't work in Glorious Freedomland because _____________________ TBF in the US student loan interest rates are fixed and set based on the whims of congress, not British bankers. This is totally better cuz.... The exact detail (for all loans originated after July 1, 2013) is that it is the highest yield of 10-year treasury notes as auctioned prior to June 1 + 2.05% (Which is how the current year's 5.05% came about, 3% treasury rate + 2.05% = 5.05%) and is set annually. Statutory maximum is set at 8.25%. This can be changed going forward at any time and has been many times in the past. It is usually a treasury yield + fixed percentage tho. As mentioned though, any originated at any given rate is fixed for the life of the loan as set by the MPN; so it at least won't fluctuate over the course of the loan itself. Totally not arbitrary.
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Oct 9, 2018 00:44
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My father in law bought a race horse together with 2-3 others. The horse requires $1,000/mo in maintenance and it hasn't placed better than 6th in a race yet.
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Oct 9, 2018 03:05
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https://old.reddit.com/r/antiMLM/comments/9mgk1m/crazy_mlm_lady_kills_her_horse_using_oils_and_is/ Horse owner puts essential oils on horse's cut. Cut gets infected, horse dies. Poor freckles. Owned by a moron and died. Quote: Day 4: She posts picture of a close up of the horses wound. It looks red, swollen, and infected. She captions it "Horses Name's wound turned out to be alot worse than I originally thought. But don't worry I'm pulling out the big guns! I've applied some really expensive oil blend to the the wound and been adding some other oil blend to his feed to help fight any infection" The comments are, a bunch of praying hands, hoping for a speedy recovery comments, some those oils are great!
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Oct 9, 2018 03:10
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So how many dollars worth of glue is a horse worth, anyways? These good, good boys have a very good horse bit at the beginning of the latest episode, 428. Hoodwinker fucked around with this message at 03:28 on Oct 9, 2018 |
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Oct 9, 2018 03:22
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Modest fashion boutique I can almost guarantee is an Instagram-based "boutique" reselling and/or dropshipping stuff from China.
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Oct 9, 2018 04:40
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Raldikuk posted:This is all true. However, there are income driven repayment plans available that help reduce the level of loving you receive here. If you are on an IDR then the total amount of interest that can be capitalized is capped (as low as 10% of the original principal) and capitalization events only happen if you fail to meet the plan requirements. They can also substantially reduce the payments one owes and will also allow for your loan to be discharged after a certain number of qualifying payments (if your required monthly payment is $0 those count; periods of deferment do not) with the amount discharged subject to taxation. Also interest rates right now are 5.05% for undergraduate federal loans.
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Oct 9, 2018 04:42
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please knock Mom! posted:Yeah this is correct. They don't whine about it, they complain about it, because it's a valid complaint to make and not whining. You whine about cold soup or bird poo poo on your car. The pathetic way the richest and most powerful country treats its unconnected, lower class citizens isn't nearly as inconsequential But way to quote me out of context, delete half my post, and then rail on about some SJW bullshit and miss the point.
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Oct 9, 2018 04:45
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Dik Hz posted:The unconnected, lower class citizens get overtime and compensated for working more. All the unconnected, lower class citizens I know love working 60 hours a week because they get double pay checks. The people I know that complain about working 60 hour weeks are actually working 45 hour weeks. And they're only doing that because they have poo poo time management skills and are under-performing. New name and av, same
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Oct 9, 2018 05:12
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BMan posted:New name and av, same wat? I've had the same user name for a bit now. And the same av for awhile.
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Oct 9, 2018 05:14
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My bad, I thought you were GGGC lol. But the post was still terrible
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Oct 9, 2018 05:17
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BMan posted:My bad, I thought you were GGGC lol. But the post was still terrible
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Oct 9, 2018 05:19
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Hoodwinker posted:So how many dollars worth of glue is a horse worth, anyways?
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Oct 9, 2018 05:48
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