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Pompous Rhombus posted:From a couple pages back, but for those of you curious about the peculiarities of the Japanese housing market, here's a link to a paper about it: http://www.nri.com/global/opinion/papers/2008/pdf/np2008137.pdf. It's quite interesting, been a while since I read it, but IIRC the authors are arguing that having the single biggest purchase a household makes almost always be hemorrhaging value over time creates a significant net drain/drag on the Japanese economy. As the fellow kiwi goon above said the one who is bad with money is our respective Governments. Insane regulation is the problem in Japan. While it keeps a lot of people employed in the construction industry it's completely artificial, and the mortgage will destroy any wealth with the rapid decline in value of the house. In terms of people bad with money half of my family is a disaster. I have an auntie who bought a small townhouse and had a mortgage when she hit retirement. Living from government pension payment to the next. It's difficult to know what she or my cousins are doing given we severed contact completely. The only contact was via my grandmother who my auntie constantly asked for money thinking half of my grandmother's money was hers. My auntie just hung around like a vulture and didn't care for my grandmother at all. Then I have a number of friends who are just turning 30. Some finally have jobs that they can start improving their financial situations. In response some have increased debts with little to show for the loans and others don't accumulate debt but spend all their money on drinking. It's bad to think that someone drinking all their money is better than those working to go backwards financially.
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Aug 1, 2014 09:55
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froglet posted:Just yesterday it got better - South Australian Senator Nick Xenophon proposed allowing first home buyers to use their superannuation to help them gather that first deposit! Whereas Kiwisaver in New Zealand is a bit more reasonable. The money you draw for a house deposit is an considered to be a good thing. Rather than having to factor in 15 repayment of deposit on top of mortgage repayments which may put housing further out of reach. Although in New Zealand under the current lending rules a 10% deposit sticks you with high interest for the lending on the other 10% of the deposit. I just bought my first house a few months ago and I just came up with a 20% deposit to avoid ridiculous interest rates.
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Aug 1, 2014 23:57
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The talk of there probably won't be a pension when I retire has been a common theme for some time. I found some figures for New Zealand. Apparently there are currently 5 workers per 1 retiree, and by 2050 there will be two workers per retiree. It looks like generation X is in for a lovely time. On the flip side such a large population with a small working population will mean there will be a lot of work around.
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Aug 2, 2014 01:46
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NancyPants posted:Uh, yeah, it probably is too much to ask. It obviously doesn't fuckin work. Well it is a thread about people who make poor life decisions. Condoms are so much more expensive than raising and educating a child.
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Aug 2, 2014 10:19
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legsarerequired posted:- On top of this, his parents still lend him money constantly, give him furniture, etc. He talks a LOT about being the black sheep of the family, but honestly, I don't really see it--they threw his 36th birthday party at their home (which I noticed was in one of our city's wealthiest areas), he seems to be invited to family celebrations, and they help him out constantly with money. He probably is the black sheep as his family most likely tell him to be sensible with his money every time he asks to borrow from them. He may also see things the same way as one of my sisters; he most likely views everyone else as being rich (even though this is just because they don't spend all their money or have been saving their entire life).
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Aug 3, 2014 02:24
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Butt Wizard posted:Pffft like there's going to be anything resembling a state pension when the current under 30s retire in New Zealand. More like under 40s. Although the current system will be falling apart by the time the 47 year olds hit retirement.
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Aug 3, 2014 04:55
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fork bomb posted:It's all about them sweet subsidies. Subsidies are the best thing about socialist governments. Sheep subsidies in New Zealand are what led to 25 million sheep when the human population was only about 2.5 million.
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Aug 13, 2014 01:28
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100 HOGS AGREE posted:I got the check from Fidelity today for my 401k rollover and my uncle told me I should use it to invest in gold It's a great time to speculate in gold while the price is continuously falling.
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Aug 16, 2014 22:33
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oxsnard posted:Yeah it's terrifying the disconnect from people's salary to car price. I make six figures and it still scares me that I bought a 12k Kia. I still don't own a car and I'm not planning to get one. I can't make a business case for a car. Between public transport and taxis I pay less than owning a car, don't need a pay for parking and all the transport expenses are a business write off. I do live in a place where having a car is not really essential. I have been considering buying a winery and I'd need a van for transport/sales. That's about the only time owning a vehicle would make sense to me.
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Aug 18, 2014 04:45
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Volmarias posted:Where in the world do you live where public transit is adequate and taxi response time is low, and where you'd be able to buy a winery? Because it seems like the latter would preclude the former. I live in New Zealand. Transport is not uniformly good but it's pretty good where I'm living. Our large cities are not really very large by international standards which means a short drive by car will put you in wine country. There's also an excess of vines at the moment (good supply and reasonable prices).
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Aug 18, 2014 05:15
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Mister Nobody posted:What is this poo poo? The gently caress if I know. If people want to spend money then great, just don't buy your $300 sunnies on a credit card and repay it at $5 a month.
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Aug 26, 2014 06:04
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illcendiary posted:I can't decide if sunnie is worse than using "brekkie" for breakfast. Sunnies is perfectly acceptable. Saying brekkie is just for people who are bad with money.
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Aug 26, 2014 21:52
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A $2500 phone is a serious status symbol not to be passed on while saving to buy a $600 phone. Why save for four months to avoid spending $1900? Also: https://www.youtube.com/watch?v=0SMKHE26PU8
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Aug 30, 2014 22:05
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FrozenVent posted:Rent to own customers don't have credit cards though. I remember getting my credit card when I was in my first year of university. They literally have a worse credit score than a student. e: I really needed to add this as it's closer to home for me. http://www.scoop.co.nz/stories/WO0406/S00004/2003-draunisalato-award-for-worst-company-in-fiji.htm quote:Burns Philps normally charges 1.7 % monthly interest rates, while Courts charges 1.9 % monthly interest rates. This translates to 20.4 % interest rate or 22.8 % interest rate a year on the goods sold. If the payments are spread over two-three years, the interest rate doubles and triples. In addition, the interest rate is fixed and not based on reducing balance. In the end, the customers may end up paying a total of 40% or 50% interest rates or more on the value of the goods purchased. Devian666 fucked around with this message at 05:28 on Sep 1, 2014 |
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Sep 1, 2014 05:25
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FrozenVent posted:Student cards are a whole different animal though, you're assumed not to have credit in the first place. It's an introductory thing to get used to having a credit card. This is true, that and the student "interest free" overdraft.
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Sep 1, 2014 05:33
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He's also trying to position it as an either or option to justify stealing. He can give the cheque back and move to his new job. When I got my first job I borrowed money to get work suits and to relocate. Job contracts are drat handy for getting a short term loan.
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Sep 3, 2014 05:06
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SpelledBackwards posted:I'm confused about what parts of his story are about college and what are about Hack Reactor. He gets money from cousin to go to college, then begs for money to enroll in Hack Reactor. Then while listening to morning announcements at Hack Reactor (is this some sort of campus?), he says gently caress it and drops out of... college I guess? And then graduates from Hack Reactor? Well he didn't take a writing course and he's an idiot as well. Hack Reactor is apparently a 12 coding bootcamp. Not really a substitute for a CS degree but if he has some job out of it then so be it.
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Sep 3, 2014 07:37
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I often advise people that if they can do a 1-2 year course that gets them a job then they should do it. If he has a job then that's a good time investment, and probably course cost investment. The rest of it is about ripping off his family.
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Sep 3, 2014 07:49
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Radbot posted:This is a fun thread, people just saying "this is bullshit" without any numbers or data to back it up. BFC! The only direct evidence is one post saying they they had a flakey hack reactor graduate quit his job. I don't really see an issue if they train people to fill job positions. If all you need is a lovely coder they don't need a CS degree. I have more of an issue of the guy planning to run off with $21k borrowed from his cousin who has been helping him. Truly a dick.
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Sep 3, 2014 22:38
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Volmarias posted:You don't drive the train with your laptop, nor can you reasonably shovel your laptop into the engine's boiler, so yeah I guess programmers can't be called engineers. I'm an engineer but I rarely deal with trains. Except that I'm just off the phone to a client where we are turning train carriages into a restaurant.
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Sep 4, 2014 01:48
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It's a situation where the long term is not a good idea in the short term. They only need one property to live in and having a pile of debt isn't going to help their cashflow. That and they might realise no actual capital gain when it sells for the same price they bought it.
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Sep 6, 2014 02:46
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froglet posted:Something remarkably similar to this has happened before. A couple who ran a service station in New Zealand discovered $8 million in their account and fled the country. I believe they have been apprehended, but just goes to show - this can and does happen, although most people are too sensible/honest to take the money and run. The wife got shafted and returned to NZ. Later the Chinese Police had tracked down the husband and he was sent back to NZ. They were both found guilty and had to give all the money back, which was an issue because some of the money had already been spent.
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Sep 6, 2014 23:31
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canyoneer posted:It gets even more extreme when you talk the super-inflated cost of university tuition. The cost of education is so expensive now. I've pointed out some free education resources to people recently with University of People (free courses but $100 per exam) which is limited to business administration and computer science. Along with edX which doesn't have any accreditation, only issues "certificates" but is free or minimal cost. The one thing I did like about he University of People courses is they only offer two that are likely to get people jobs, as opposed to other institutions.
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Sep 9, 2014 01:34
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Boris Galerkin posted:I take the bus and I'm not poor??? I take the bus or train to work. Sometimes the guys in the office suggest I should get a car and I ask them to present a business case for having a car. It doesn't financially add up unless you have a family or your hobby.
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Sep 16, 2014 00:08
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Cicero posted:Yeah, a few times I've seen when people ask about what % of their budget they should limit themselves to for housing, someone will respond that they should think of it in terms of housing + transportation cost instead, precisely because of this tradeoff. Seems to be the thing with cars where people willfully ignore the cost of ownership. The sensible approach for cars is when you've bought one you start saving for the next one. In the mean time you have operating costs, repairs and insurance to pay. I know some people leasing vehicles which gives an honest cost of ownership but also the lease is a complete tax write off.
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Sep 16, 2014 21:27
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Florida Betty posted:Only if you insist on inviting everybody you know. My sister's second wedding had a fair bit of money spent. It wasn't over the top but there was a lot of money spent catering for her entire church. I remember looking around wondering who the gently caress all these people were, most seemed detached and only there for the free food. Of course the money was borrowed, a family to look after, large mortgage to pay and keeping up with the church donations. It's a lot of money to cater for so many people that you'll probably never see again.
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Sep 18, 2014 00:29
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CountOfNowhere posted:THIS IS THE "GOONS WON'T SHUT THE gently caress UP ABOUT THEIR FRUGALITY" THREAD That is also a part of being bad with money. Don't end up like some of my family that can't part with money for quality enjoyment of life even when retired.
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Sep 19, 2014 02:39
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Cicero posted:Split thread into two new threads: the Splurging Safe Zone, where people can discuss their monogrammed chocolate toothpicks and multi-stage tropical wedding receptions free from financial bigotry, and the Frugality Firing Squad, where we rag on people for using electricity during peak hours and throwing away food that's just a little moldy. I like both concepts, but I think the frugality firing squad would get a lot of traction. Every poster should have to explain their financial decisions and bring up every financial mistake they've made. Then everyone can pull apart every decision.
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Sep 21, 2014 22:50
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Trilineatus posted:I did get an extra week of vacation and an extra week of personal leave by staying That is worth something. I never have enough time off work.
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Sep 22, 2014 06:09
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Barry posted:Bravo on finding this! This is Grade A, 100% pure bad with money. It's even better because he's so combative and surly and is obviously not telling the whole story. This is the case. He has overspent considerably and is living well beyond his means. He wants to access HIS MONEY which he actually doesn't have because he's maxed out his credit cards and actually owes a lot of money. There's something else going on here where he may have issues with his trading, but maybe not if everything is tied up in assets that he can't or won't liquidate. I wish he had stated how much he owes on those cards as I bet he's had cards where they've increased the limits to an insane level.
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Sep 23, 2014 22:51
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slap me silly posted:Man. If you make 6 figures and you can't come up with $7k, you're doing some *Makes 7 figures but still overspends by $17k and wants to spend another $25k. What I'm gathering from that thread is he's all in on some trade/failed trade. I remember this poo poo in the years running up to the 1987 crash. Might as well mortgage your house to buy high and sell low.
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Sep 24, 2014 01:28
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What I'm thinking is that he needs the $25k for a margin call. It's a situation where he may have to exit positions and lose money in the process. It could be the scenario that's got him flipping out.
Devian666 fucked around with this message at 03:58 on Sep 24, 2014 |
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Sep 24, 2014 02:36
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MAKE NO BABBYS posted:I'd say you've got bigger problems then, son! Or a really good accountant.
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Sep 26, 2014 23:04
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Leaving the country is an easy option and I have friends who have done this with no chance of repaying the debt. Suicide is an effective option but everyone has forgotten that it's possible to spread your cheeks for a debt free future. Unfortunately I met a lot of people who've taken that option because their degree leaves them with very low earning potential (or none). The student loan system in New Zealand isn't perfect but the repayments are based on income and it is taken from your pay as a 10% tax. When I went to University they charged interest while studying and it was pretty painful to pay back. I believe the system has been adjusted so that you don't get charged interest while studying and one of my friends wasn't even being charged interest while working and repaying it. One of the reasons the Government changed the student loan system is because some students would never actually be able to repay their loan even if they worked until they died. I'm pretty sure a lot of colleges in the US are bad with money given that their fees are so high. Where does the $40k+ in tuition go?
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Oct 2, 2014 23:28
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Cicero posted:Since you can't measure college academic performance directly, the value of the degree relative to other colleges is based on its prestige, so colleges spend as much as possible on raising that by blowing money on nice facilities, top-tier research professors, fancy sports programs, etc. The University I went to was focused on publishing a lot of high quality academic papers. It was a standard they held themselves to. The engineering school and chemistry department had a lot of prestige due to the quality of the degrees you could get. All the nice student facilities were funded by students paying to use facilities or from the Student Association (which is independent from the University financially). All this costs a lot less than the crazy fees charged in the US. Maybe people should study tuition free and get degrees that would actually make them employable. The following is accredited in the US but I think was originally designed to help out third world nations. http://uopeople.edu/ BigDave posted:To replacing the state funding that got cut when Republicans took over. poo poo. University Bonds certainly are a way of converting C grade or worse borrowers into AAA bonds.
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Oct 3, 2014 00:40
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Saros posted:It went to 12% 2 years ago and its interest free as long as you live in Nz (cheers Aunty Helen!). 6% interest if you live overseas and they can now confiscate your passport if you return and its too far overdue. Plus it costs $13-15k a year to go to uni now. ~6k tuition plus 8-10k living cost loan which is generally only enough to cover rent. Student allowance still exists but is basically for rich farmers whose parents have "no income" and cant be used for postgrad study. Everyone I know living in NZ is doing alright unless they don't earn enough to pay the loan. Friends who have gone to Australia have been away long enough that they are hosed. Their loans have climbed and there's no way they can make the repayments. IRD has reached out to say they're will to negotiate a deal on repayments (probably writing off unsustainable interest on a case by case basis) but I don't know anyone who wants to deal with them to sort out repayments. It leaves a lot of people in a situation where they will never return to NZ and we'll never get the benefit from their education.
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Oct 3, 2014 01:00
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VideoTapir posted:An oldie but a goodie, on the subject of Universities: It's as if they have no idea about running events. If they were interested in making money they should have booked Skrillex and Deadmau5. Paid them the money and had a packed stadium along with a boost to the local economy via drug dealers.
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Oct 3, 2014 08:07
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Jeffrey posted:optimizing your life for value to society is bad with money This. At my university it was pretty common for science and arts students to look down on commerce students (some commerce students certainly were uninspiring). However the joke is on the arts students as the science and commerce students got jobs. The University of People link I put up earlier only provides two degrees that will be likely to get people jobs anywhere in the world. The degrees are in business administration and computer science.
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Oct 4, 2014 08:15
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Bitcoiner advice boils down to hold bitcoins no matter how much the price goes down. If you can't afford to live then abandon your family and eat at soup kitchens. Now is peak bitcoin financial advice time.
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Oct 5, 2014 04:52
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melon cat posted:Holy hell. I nearly had a panic attack when reading those posts. Especially this one: FUUUUCCCCKKK. I'm bad with money and got a margin call once. I liquidated some shares and had a positive balance. I've never had a NET loss $890,000 before. A loving net loss which means he probably lost over $1m in a stupid trade.
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Oct 8, 2014 08:26
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