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GoGoGadgetChris posted:I get this from EVERYONE. I'm 26 and any of my friends/coworkers within 3 years of me in either direction say they just don't care. Or that they "should'nt do that NOW! I'm young!". OK it will be much easier when you have a house payment great job I'm 32 and have been begging my 28 year old coworker to start his 401K. Our company matches 4% if you put in 5%. FREE MONEY. He won't do it. He spends more on coffee every month than the out of pocket difference of his 5% pretax 401k contribution would be. My wife and I started when we got our 'real jobs', and combined we have over 50K, almost 60K already. We're behind the 8 ball from where we should be, but we're way ahead of most of the people we know. No one on my side of the family, parents included have any retirement savings whatsoever. Most of the folks on my wife's side have pensions from their jobs to count on. I probably won't live to see 70, but at least I know my wife will be taken care of after I'm gone. The only funny thing I can think of is a family member that is so deep into the Mary Kay Kool-Aid it's not even funny. Her facebook is plastered with how she's an independent woman, working towards financial freedom and blah blah blah. Last I heard she made under 15K last year pre tax selling Mary Kay. If she put half the energy she puts into MK towards finishing college, or a different career she would make 4 times that amount easily. Can't talk to her about it though.
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Jun 20, 2013 18:40
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dreesemonkey posted:It wouldn't surprise me. When the "budgeting" consists of fake money all written down on paper, it really doesn't mean much to me at least. What you need is real-world experience of "forgot about this birthday present for YYY, a wedding gift for ZZZ, and I'm going camping later this month so I need a tent and and and". I agree, in high school it doesn't seem real. A 70K a year annual salary seems like millions of dollars to a 16 year old kid. My parents never really talked to us about finances, there was just always enough money. I wish my parents would have gone over what it takes to earn that money, and the responsible use of credit and financing. I'm 32 now and have just recently got my financial poo poo together in the last few years. I'm going to do better with my kids.
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Jul 26, 2013 17:51
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I don't think I've ever wished for a post to be a troll/fakepost more than I just did right now. drat dude.
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Aug 15, 2013 03:03
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I used to work with a lady who's husband had worked 35 years for a major phone company. She's about 20 years younger than him (mid 40's) and he turned 65 and was ready to retire. They decided it would be best to take his pension as a lump sum payment instead of getting normal monthly checks. I told them it was a terrible loving idea, but if they were going to do it my advice was to talk to a fee based investment advisor, maybe pay off their mortgage, then split things up between an annuity and stocks/bonds. Try to make the money work for them. The money he earned working 35 years for the phone company. It would have been even smarter for him to take his pension with survivor benefits as she is only in her mid 40's and could draw a check for another 40 to 50 years. I could be off on the numbers, but if the pension just covered him it would have paid about 2K a month, if they did survivor benefits it would have been like 1300/mo. They took the lump sum and they blew it. All. Somewhere in the 400K range or something absurd. They bought 2 vehicles, took a bunch of trips, spent money like they hit the lottery. They didn't even pay off their mortgage with the money. The real kick in the pants is they didn't recognize the tax implications of getting a lump sum like that and now they owe the IRS tens of thousands of dollars or something. He's in not so good health doing contract work again for the phone company, while she's attending community college. They're back to square one and he spent 35 years of his life earning that pension for almost nothing.
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Aug 20, 2013 18:02
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I see it all the time. Folks live their entire lives from paycheck to paycheck and then some money drops in their lap and they lose their loving minds. OK, maybe they don't lose their minds, but all common sense goes out the window. Give a 16 year old 1,000 bucks and watch what happens. Same thing basically. What's really horrifying to me is they didn't blow it on major stuff. He didn't go buy a Corvette or anything, they just pissed it away a little at a time. They bought 2 lightly used vehicles, nothing fancy, a small hybrid SUV and a base model Pontiac Solstice. They took some trips to Vegas, a Cruise or two, bought their kids a decent used car in the 5K range and helped them out with some bills. Just slowly pissed it all away. Nothing to show for it.
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Aug 20, 2013 19:05
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Some people don't trust themselves, or want credit. My sister didn't have any kind of banking relationship for about 10 years. She does now, but from 18 to 28, she was cash only.
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Aug 21, 2013 16:06
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16% APR on a car loan is sub 600 credit score territory.
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Aug 23, 2013 00:47
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Knightmare posted:Go for it dude. Just don't be surprised when some kid halfway through his macroeconomics class tries to show how wrong you are. 401K's are protected assets and you should never take money out of them to pay off debts. I would rather file bankruptcy and leave my retirement intact. My step dad did the same thing though, got hit hard in the housing bust, wiped out his protected retirement accounts trying to delay the inevitable and ended up filing bankruptcy anyway. He probably blew through 500K or so. Now he's in his mid 50's without a dime to his name for retirement.
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Nov 22, 2013 21:52
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HelloIAmYourHeart posted:Yes, I have a question: can you detail the thought process that went into this? Happens all the time in the auto enthusiast circles. Probably a single guy in his mid to late 20s with a really high paying job. Then life changes and the toys have to go. Could have lost his job or is being moved overseas or is getting married or has a kid on the way. It's a hell of a nice truck and worth the 40K.
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Dec 20, 2013 15:22
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Volmarias posted:I don't think that someone selling something with this much effort put into it exactly planned on owning it for like 3 months. Nope, that truck was someones baby and they put a lot of time and money into it, but life happens and sometimes the toys have to go.
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Dec 20, 2013 17:28
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Rudager posted:What the gently caress is this poo poo? You know this story isn't really funny and hits home pretty hard. I'm going to guess the guy has some undiagnosed mental illness and coupled with leaving a very structured life in the military he now has a big problem adjusting to civilian life. My dad was a Vet, did a couple tours in Vietnam, came back and used his GI Bill for college and was a pretty successful CPA... for a while, then eventually PTSD and probably some other forms of mental illness made it so he couldn't even hold down a job at a pawnshop any more. He eventually got on disability but it didn't make things any better, just put a little money in his pocket. Lived out of his car and motels when he could afford it. The check showed up on the 1st and he was broke by the 15th. Life isn't so cut and dry you know.
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Jan 10, 2014 22:06
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Dragyn posted:Definitely not for MK as a whole, I imagine they're current model has an expiration date, but as long we've still got baby boomers and the not-internet-inclined, there's a business there. Someone on my wife's side of the family is heavy into the MK kool-aid. She sold around 20K worth of product last year, so best case she grossed 10K in profit. I'd be surprised if she netted 6K last year She's constantly hustling facebook and anyone she meets for a 'free facial'. If she would put 1/4 of the energy she puts into MK into anything else she would make so much more money. I would love to find out her net MK income and how many hours she put into it and compare it to minimum wage I always thought the Mary Kay cars were part of a bonus structure. You can get the car and as long as you meet sales quotas MK makes the lease payment for you...OR you can get a cash bonus of whatever the lease payment is. So it's not a FREE car, it's a car payment or cash bonus.
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Apr 1, 2014 16:43
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Folly posted:Seriously, who has to fight with their family about buying them too much stuff? The whole thing is beyond stupid. Why does it bother you so much? It's not your job to police your in-laws spending. My mother in law loves to spoil our kids. We make way more money than she does, but it makes her happy and brings her joy. If she wants to send 100 bucks worth of crap in their Easter baskets who am I to tell another person how to spend their money? It used to bother me when my wife and I were first married. My MIL has worked for Wal-Mart for almost 30 years, and I doubt she makes more than 17 dollars an hour, while my wife and I have nice careers that afford us a very comfortable lifestyle. I used to protest that she would spend so much money on us, but it makes her happy, and it's her money, so I've come to terms with it. I'm not sure what's behind your issue with grandparents spoiling their grand kids, but this is definitely your issue just as much as it is an issue with them. I would sit down and seek out a compromise. Explain you're trying to establish a clothing budget and the associated life lessons that goes along with that. Redirect the spoiling somewhere else, or ask them to save up for a big surprise for a holiday or birthday. Work with them, not against them. Nail Rat posted:Also $500 a month daycare is pretty incredible. Is that just one day a week though? Wasn't aware such a thing existed. With most daycare facilities you're paying for a 'spot'. There are regulations regarding the ratio of kids to adults, so if you're taking a spot, you pay for the entire week. Doesn't matter if your kid is there 8 hours a week or 60 hours a week. When we go on vacation for a week, we get to pay half price for them not being there. Some daycare's allow part time for older children at a reduced rate, but a 2 year old is going to be in a more heavily staffed section of the daycare. I spend about 960 dollars a month for daycare for my 2 kids, and that's considered cheap. The going rate is about 200 dollars a week around here.
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Apr 10, 2014 18:58
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