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You all need to shut the gently caress up and start posting stories about people who are bad with money. This thread turned into a dickwaving contest about who can be more frugal and that's basically what the entire rest of BFC is for. This thread specifically is for stories about people who are bad with money. So shut up about peacoats and consumer psychology.
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# ¿ Dec 18, 2013 07:17 |
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# ¿ May 16, 2024 19:58 |
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spwrozek posted:I would say going pay check to paycheck working 2 jobs to get by to having $10k is pretty life changing. Is it? You'll still be working two jobs. If you spend more than you make you'll eventually run through that 10k and end up where you started. If you spend exactly as much as you make 10k is a really nice buffer but you still aren't getting ahead, not exactly life changing. The real way to change your life is to increase your earning power and to some extent decreasing your spending. A one time smallish cash infusion is at best a good buffer to keep you from spiraling into debt, at worst it simply delays the inevitable. It really takes a big sum to become "life changing" I'd say. $100,000, a million even, isn't going to last as long as it needs to if you want to retire.
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# ¿ Apr 14, 2014 20:58 |
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Cicero posted:FI enthusiasts generally assume a safe withdrawal rate is 4% (safe meaning you can withdraw this much in perpetuity even after accounting for inflation), so a million dollars means you get a free 40k income forever. You may indeed be able to retire on that in a cheap cost of living area, especially now that we have Obamacare subsidies. I concede the point, so long as you live within your means and manage your money well. Most people think of a million-dollar lifestyle when they think of that much money, not a $40k lifestyle. Even that takes shrewd investment and discipline. The number of "great business opportunities" and conman "investment advisors" that come out of the woodwork when they smell money is staggering.
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# ¿ Apr 14, 2014 21:24 |
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Nocheez posted:You can get a cross-fit style workout without the price tag. My friend got 2 tractor tires for free from the local Wingfoot dealer. One is 238 lbs, the other is almost 500. We flip them, do farmer walks, smack them with sledge hammers, and do box jumps. If it's raining, we go to the gym down the road, where paying for a whole year upfront is only $250. As much fun as it must be to hoot and holler at some ole tires while smashin em good with a hammer, the reality is that us city folk don't have access or space for that.
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# ¿ Apr 15, 2014 23:52 |
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Folly posted:This is layered bullshit. That person was not actually giving advice. She was, in fact, bragging about how hard she wants you to think she works. At the same time, she is convincing herself that they money she's spending to be lazy is worth it. She probably highlights every drat word in her casebook. She'll be padding her hours soon enough. This is not "bad with money" so much as "people spending money in ways I don't think they should be". Some people really like Disney, unless you can show that they are missing mortgage payments to pay for those passes you really have no place to talk.
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# ¿ Apr 22, 2014 18:19 |
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Folly posted:Well, he was maxing out his student loans at the time. Is that good enough? It's still really small-minded and petty. It's just people who aren't you spending their money in ways that you wouldn't. It isn't a problem with them (they're saving money with the annual pass for god's sake). The fact that other people's value judgements can be valid is something you'll have to learn eventually. For real "bad with money", just look back in this thread for the guy with 10 maxed out credit cards, a bunch of poo poo from a rent to own store at 300% cost, and a fixed income. That's the real poo poo, that's what makes this thread good.
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# ¿ Apr 22, 2014 18:38 |
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Paiz posted:Here's an idiot on Reddit. Dude moves, applies to a new job and quits his current job without waiting to get offer from the place he applied to. Of course it ends badly. If this stupid motherfucker has $60 in his bank account, how was he planning on surviving the two weeks+ until the first paycheck at the job he assumed he would get?
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# ¿ May 14, 2014 21:48 |
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moana posted:America.txt.. people work themselves to the bone to eat chicken parm at Olive Garden and takeout for lunch every day and complain about their credit card debt. You are attacking an argument no one made. He said that life is not about who can make their bank account grow faster. He is absolutely right. What is the point of "working yourself to the bone" if you only have bank statements to show for it? There is a trend in this thread to call any expenditure of money "bad with money" if it isn't 1. necessary to live or 2. something that the poster would do with their own money. The only problem is spending beyond your means, not specifically dogs or shoes or new cars. If someone has positive cash flow you really have no right to call them bad with money for spending on magic cards or vintage cabbage patch kids or whatever.
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# ¿ May 24, 2014 21:58 |
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a worthy uhh posted:You sure don't like God and blah blah blah. I've never leased before, but "Take whatever the dealer's offering to turn the car in early" sounds wrong. He thinks the dealer will give him money to return his lease early? That can't be right. I applaud him for saving $13k on a $25k salary, but drat he really needs to forget that new cars even exist, they aren't an option for him. He can get a solid used car for $5k. Saves on insurance too.
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# ¿ May 24, 2014 22:10 |
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EugeneJ posted:I have obscenely low mileage and my car has higher Blue Book value than the end-of-lease buyout. There's equity there. If you get to the end of the lease and pay the residual, yes. But on a quick search, the dealership is going to assess a penalty for breaking the lease early. You should probably look at the text of your contract before you go any further down that road.
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# ¿ May 24, 2014 22:31 |
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Butt Wizard posted:Unless there's something unique or interesting about the car you're after, I'm not sure why anyone would buy anything other than a Corolla or whatever is the cheapest thing to run/most reliable thing you can get hold of in your area. This is something a child would say. Like asking why anyone would eat anything but pizza, because pizza tastes so good.
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# ¿ May 25, 2014 08:38 |
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No Wave posted:Pizza makes you fat. Owning the minimum viable product car makes you lean and mean. This is a bad analogy, in that what is silly and unhealthy about the pizza statement does not transfer at all to the car statement. Ok....the point is that, like a child, he doesn't understand the wide variety of reasons that people buy cars, and because he doesn't understand it, implies that the only acceptable car is a Corolla. Unless of course you are genuinely " not sure why anyone would buy anything other than a Corolla". If that's the case I can explain it for you in a later post. Just let me know.
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# ¿ May 25, 2014 09:34 |
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Jeffrey posted:There is precedent in Cyprus, I'm sure some guy who took his money out the week before feels awfully vindicated. Granted it'd take a lot greater of a crisis for it to happen in the US, but . The population of just California is 33 times more than the entire population of cyprus. The two are not comparable at all.
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# ¿ Jun 2, 2014 20:55 |
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Stealthgerbil posted:I had a credit card and I owed money on it and never paid because I was a dumb 18 year old. It was like $800 max and when I went to check my credit report to figure out what was going on, I didn't see it on there. Just my usual bills. It has been like 7 years since then. I am bad and dumb but I wanted to pay it and fix that but I cant even figure out who has the loan since it went to collections and its not on there. If it isn't on your credit report, then pretend it never existed. Whoever held the debt has long since written it off or sold it to debt collectors, trying to dig it up now could only hurt your credit score.
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# ¿ Jun 9, 2014 00:11 |
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Jastiger posted:I would literally have triple the savings and probably have positive equity into a house if not for student loans. They account for over half of our monthly expenses and something like 80% of our total debt. Would you have your job (or whatever prospective career) without your degree though?
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# ¿ Jun 11, 2014 02:00 |
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LogisticEarth posted:While obviously it gets misinterpreted, overtime does end up getting taxed at the earner's top marginal rate. So as you work more overtime, your hourly compensation goes down due to taxation. Of course, it will never go negative, which is what some people think. "I got kicked into a higher tax bracket! I see what you're saying but this is a really stupid way to look at it. You will never ever take home less money by working more. Period. Putting it in terms of hourly wages just muddies the issue. Talking about 1x pay overtime confuses things even more because that doesn't exist in the US, that's just called regular work hours. People are very very stupid when it comes to money and taxes so its worth it to be very clear and not bring up a technicality like that. The important thing is take home pay, which can only increase when you work more (barring a few edge cases)
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# ¿ Aug 6, 2014 21:59 |
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LogisticEarth posted:For what it's worth, gold has been hovering around 1300 for a while since coming back up off it's lows in January. Still. Dumping your entire 401k into it? I mean even gold bugs like Peter Schiff and Mark Farber still only recommend like 10-20% of your portfolio in precious metals. True gold bugs recommend holding 100% physical gold and silver. There is a guy on the Fatwallet forums who made a huge bet on gold a few years ago. The original post explains it better than I can: quote:Nov. 7, 2010 @ 9:45p Spoiler: gold and silver dropped a lot, PLUS his "gambling losses" cover story turned out to be a little too real: quote:Mar. 14, 2013 @ 12:13p http://www.fatwallet.com/forums/finance/1041394/?start=800
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# ¿ Aug 17, 2014 01:13 |
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enraged_camel posted:Speaking of LA, one of my college friends moved there last year from NY. He and his girlfriend got a really nice one bedroom house right on the hills overlooking Dodger Stadium. A year later they broke up when he found out that she was cheating on him with a celebrity. So he kicked her out, but instead of moving out himself, he decided to keep living there and just pay the $1650/mo rent by himself. yeah yeah great stuff, which celebrity?
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# ¿ Aug 21, 2014 03:52 |
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NancyPants posted:A u-lock can be defeated in 10 seconds with a thin piece of aluminum like from a pop can. You jam it into the key hole just right and it pops right open. That sounds like way easier said than done.
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# ¿ Aug 24, 2014 00:56 |
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Weatherman posted:Wait wait wait. You mean ignition locks as in "insert the key and turn to unlock the steering wheel and start the car"? And cars didn't have them in the 90s? What a strange country you live in. My late 90s accord was stolen by putting a flathead screwdriver in the key slot and turning.
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# ¿ Aug 25, 2014 07:10 |
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ReverendCode posted:I will sell you a bullet proof vest for $1 million. It is for safety, so the price is irrelevant, even if you probably will never need the vest. I would buy a $1 million bullet proof vest if I was in the middle of a firefight in Iraq. Are you telling me that in the same situation an OSHA actuary would turn it down because his disability-adjusted life-years remaining are too low to justify the cost? Please. "A life" has some dollar value associated with it on paper as it regards product liability and health care costs etc. "Your life", on the other hand, has infinite value to you, objectively. You would have to be an idiot to mix the two up.
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# ¿ Aug 25, 2014 22:30 |
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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! If major universities are fudging placement numbers, its practically guaranteed that an extremely expensive non-degree course is fudging even more.
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# ¿ Sep 3, 2014 21:10 |
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pathetic little tramp posted:So I checked my checking account and when I expected to see around 2500 I saw around 760,000! I know it was a mistake. But I transferred 20,000 to an external account that isnt the same institution. If they fix the error but don't do anything about the 20,000, am I ok? You figure they'll just shrug their shoulders at a missing $20,000? No. They'll call the cops on you if you refuse to give it back, too.
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# ¿ Sep 6, 2014 06:56 |
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Dr. Eldarion posted:Depending on the city hall, it's possibly waaaay nicer than any other typical wedding venue. Here's San Francisco's: You know its going to be full of people the entire time though right? They don't serve the same purpose at all.
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# ¿ Sep 18, 2014 06:12 |
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yeah gently caress that guy for getting a discount (?)
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# ¿ Sep 20, 2014 06:04 |
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moana posted:Apart from houses, those are the two biggest financial mistakes people make in their lives. It's pretty easy to see why they show up so often in this thread. Or maybe you have a better story for us? You really don't know anything about these people. What if they were a deaf couple and texting is faster than signing? Or one of them is a singer and needs to save their voice between gigs? Or any number of other possibilities that you crotchety judgmental types never consider. God forbid that other people have a private dinner in a way that you don't approve of.
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# ¿ Sep 21, 2014 20:54 |
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Guinness posted:/r/personalfinance delivers again: I want to murder this person. It was bad enough that he said "shiat" six times, then he said "vaca" and I started seeing red. This loving moron makes $100k a year. gently caress me. Life is really unfair.
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# ¿ Sep 23, 2014 21:09 |
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Zo posted:That's also irrelevant since football programs are generally revenue net-positive (sometimes massively so). I don't think that's really true outside of the best teams.
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# ¿ Oct 3, 2014 04:13 |
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melon cat posted:Yeah, that's all AMEX really is- an illusion of exclusivity with fancy packaging. High-end, difficult-to-get credit cards do exist, but they don't openly market them. And they sure as hell won't hawk them at your local department store/Costco like AMEX does. You really hate AMEX huh? I like AMEX (ones issued by amex, not just any card with the amex logo) for a few reasons. They have plenty of no-fee cards these days, with average rewards. I don't revolve so APR doesn't matter to me. But the big thing for me is that AMEX has insanely good customer service, and they have a reputation of nearly always siding with the consumer in chargeback situations. I have better rewards cards for everyday purchases, but I use my amex for stuff that looks a little shady. The high merchant fees mean nothing to me, since I don't pay them. Also, for people concerned with their credit score, Amex is the only company that backdates new cards, so if you got your first amex in 1988, you can get another one today and it will show up on your credit report as being open since 1988, giving you a big boost to your average age of accounts.
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# ¿ Oct 12, 2014 20:56 |
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Switchback posted:This morning my boyfriend talked about bitcoin, and how he wants to get a wallet and how he could have made soooo much money if he'd got in like two months ago. Probably, because even a regular-level idiot would check and see that bitcoin is down almost 17% from two months ago.
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# ¿ Nov 16, 2014 08:50 |
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Rurutia posted:If you read the thread, nebby generally backs his poo poo up. I know people don't often agree with him, but he's one of the last people here I'd accuse of that. I don't know enough to argue the truth or falsity of his basic premise, but his logic is wrong. He claims that asset-class diversification is not good enough, and you should instead diversify along some other means. Then he says the market is too unpredictable to do that, so you should just "make your guesses". That's just silly. If simple diversification isn't perfect, and the alternative method is impossible to realize, that doesn't mean you give up on diversification as a strategy! It means you use the most proven, most practicable method available to you, i.e buying the market. Sounds to me like a very wordy self-justification for someone who has invested their ego and time in being "the stock picking guy". Edit: the other thing is that his advice (to the extent that it is correct) can only apply to people who are really really in to investing. 99% of the population does not have the time to do enough research to understand his post, let alone implement his strategy. Simple diversification gets 95% of the value for 99% of people, and it can be accomplished in about 10 minutes, one time. Magic Underwear fucked around with this message at 23:21 on Nov 29, 2014 |
# ¿ Nov 29, 2014 23:12 |
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I really wish this thread would get back to people we can all agree are bad with money. This is boring and petty, let's talk about this guy who hasn't paid his car payment since September, or was it August? Or his insurance, or his phone. http://www.reddit.com/r/personalfinance/comments/2o4v5u/about_to_lose_my_car_due_to_bad_luck_and_poor/
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# ¿ Dec 3, 2014 22:21 |
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BEHOLD: MY CAPE posted:Really? You sure about that? It would have to be a 20% improvement in fuel economy to cover the price spread, and I sincerely don't believe that modern engines lose 20% efficiency with the wrong octane grade gasoline put in them Premium costs 20% more where you are? Where I am it is 20 cents a gallon more, well under 10% even with the huge crash in gas prices.
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# ¿ Dec 18, 2014 00:26 |
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BEHOLD: MY CAPE posted:I get what you're implying but not everybody that happens to be in the same car as a joint is a drug dealer and the fact that you're just assuming the guy is lying is precisely the problem with civil forfeiture No, but in the same car as weed AND 20k cash is extremely suspicious. Plus he won't even give any alternate explanation for the money. I think he should have a chance to get his money back but this is exactly the thing civil forfeiture was made for, before it was abused by greedy pigs.
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# ¿ Jan 4, 2015 13:01 |
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pig slut lisa posted:Found in I am 15 and live as the 1% (wealthy) in America, AMA: That's a real stretch. Poor people are allowed to have hobbies and it sounds like he upgrades rarely. I'm more mad at the kid getting an A6 at age 15.
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# ¿ Jan 27, 2015 01:11 |
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melon cat posted:But the thing is, he didn't just take third-hand investing "advice". He invested in Radioshack. Of all of the companies to make braindead investment decisions on. But dude, "Zimmerman's Litespeed Management LLC disclosed an 8.1% in RadioShack", whatever that means. It was sure to explode into the stratosphere. It's just too bad that he was in that part of Africa with zero phone or internet access for a month straight.
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# ¿ Feb 8, 2015 21:27 |
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Krispy Kareem posted:I was trying to figure that out. Even if his money is bound into non-liquid corporate shares, wouldn't that still count as assets in a bankruptcy court? Or maybe he has all his millions in non-revocable trusts. Rich people are allowed to cheat at these kinds of things. I have no doubt his lawyers will produce a document proving beyond a doubt that Curtis Jackson had to eat chinese food from a trashcan just to get the energy to walk the 12 miles to the courtroom that day.
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# ¿ Jul 14, 2015 00:06 |
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BloodBag posted:What kind of priveliged life do you have to lead to think that 35 hours a week is backbreaking? JFC Maybe he's referring to the nature of the work and not the quantity. 35 hours a week of non-stop ditch digging would qualify as back breaking, for example.
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# ¿ Jul 23, 2015 11:31 |
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Dillbag posted:So all you needed to save a few hundred dollars a year was a lovely addiction to over the counter stimulants? Goddamn, sign me up! He clearly already had that addiction. What are you, chairman of the Christian Temperance Union?
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# ¿ Sep 22, 2015 18:48 |
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# ¿ May 16, 2024 19:58 |
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Nail Rat posted:I pay for spotify premium, but we also are putting over $3100 into tax-advantaged accounts each month, so whatever Don't do this. Driveby humblebragging is the fastest way to make this thread really lovely.
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# ¿ Sep 26, 2015 00:13 |