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As far as I can tell from the information I've been able to pry out of them, my aunt wanted to sell her daughter their used car but the daughter didn't have enough money. It's a pretty common problem with an unusual solution. While my folks would probably float me the remainder (hey, I'm good for it! Or rather, they're willing to absorb the relatively low risk I'm not) my aunt was understandably unwilling. They decided to have her sell it to a dealership so that the daughter could get a loan to buy it from the dealership instead of a face-to-face transaction. I suspect the dealership was one of those "anyone can get a loan guaranteed" type places - she is well on her way to a second bankruptcy  I'm still not 100% sure this isn't a scam to get the car paid off during the 2nd bankruptcy.
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Jun 25, 2013 18:03
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particle409 posted:What? That dealership is going to squeeze the hell out of the daughter. Can you find out the terms of the financing? I wonder how much of a break they gave the daughter since the sale was already worked out. Then again, if she had already declared bankruptcy once, probably not much of a deal. We're not exactly close with that part family, but I'm pretty sure the terms of the situation were hilariously bad. Next time I talk to them (in years, most likely) I'll be sure to drop into Mk4 of this thread and share a new crazy story of puppy mills for fun and profit or a cautionary tale of why you shouldn't buy a mess of slummy houses unless you really want to be a slumlord.
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Jun 25, 2013 21:47
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Tomfoolery posted:On the other extreme: I worked with a highly competent consultant who quickly rose through the ranks, making on the order of 150k annually after bonus, etc. Keeping that in mind:  Highly competent indeed! If he's relatively savvy with what he does with all the money he's saving, he could be in great shape for the rest of his life in just a few years. If he likes living that way, that would be a pretty good start on freeing yourself from having to work without killing yourself in the process.
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Jun 28, 2013 16:47
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canyoneer posted:I heard a guy on the radio interviewed during a news piece about the student loan rate going up. He's the student body president at the University of Arizona. My experience with people racking up that much in student loan debt is they are usually floating a middle-class lifestyle on an annual salary that is significantly in the red (they are paying for the privilege of working, effectively). Some people are legitimately spending that much on tuition and the like, but it's sad watching someone chain themselves to a ton of debt so they can keep the quality of life they had growing up with their relatively well off parents. FWIW though, the University of Arizona puts their university around $25K a year so he could have racked up that much debt without being super extravagant. Probably should note their budget includes the normal tuition and room'n'board, but also such things like 2.5k worth of 'travel' on it.
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Jul 3, 2013 22:57
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How do you even...?? Why would you go into $70k worth of student loan debt for a polisci degree from a school 
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Uranium 235 posted:I'm confused--why would anyone offer 0% financing if they weren't going to make money off of you some other way? Why would they assume risk (that you will stop making payments) without any possible reward? If the reward isn't from interest, then it's from something else... The loan is from the dealership, as long as you take the car they're making their money. The bank loan has interest because, as you described, they get nothing if it wasn't for the interest. E;FB, beaten like a poor person in a Dickens novel
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Jul 5, 2013 19:05
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I wonder if there is something to be said about just saying 'fuckit' once you are deep enough and not even try and live in a manageable way. Dead people don't have to pay off credit cards  These people sound like the financial equivalent of the 550-lb guy with no intention of stopping eating so much. EDIT: Also, when you said $600/mo on drugs, I was thinking expensive liquor, pills, or blow. That much a month in weed is... heroic, to say the least. EDIT 2: Are they also literally the 550-lb guy (/ woman)? I couldn't eat out that much and not look like poo poo. Delta-Wye fucked around with this message at 22:43 on Jul 10, 2013 |
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Jul 10, 2013 22:38
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tuyop posted:Yeah a Financial Independence thread would be great. "Early Retirement" is such a loaded term. I like 'financial independence'. I don't think I would quit my job or anything, but not having to worry about getting fired/not being able to find another job/etc is invaluable. I like working, it's just nice knowing I'm not chained to someone else's desk.
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Jul 15, 2013 23:30
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Somewhere I picked up the apparently mistaken impression that child support was for supporting, you know, children.
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Aug 18, 2013 00:47
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Aquatic Giraffe posted:It's a once in a lifetime event, it's okay to splurge a bit. Aren't you precious  (USER WAS PUT ON PROBATION FOR THIS POST)
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Aug 24, 2013 00:36
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Shipon posted:What is the point of even earning money if you never end up doing anything with it beyond the bare minimum for survival? So they paid off a mortgage far before it was due, but the sacrifices they made to make that happen are insane and a drop in a standard of living they otherwise could have afforded. Sure, it's not being bad with money in the same way someone who overextends themselves far beyond their means is, but they are certainly misusing their money and harming their lives because of it. Perhaps they made a conscious decision that immediate sacrifices will improve their standard of living in the future enough to justify it? Even with a modest interest rate, they could have saved somewhere in the neighborhood of 50% the value of the house just in interest.
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Aug 27, 2013 05:17
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I think the best thing I picked up from Mr. Money Mustache's blog is the idea that it's okay to spend money, but you need to be honest about the true costs of the spending. He pushes against the (obviously stereotypical example) of a Starbuck's drink every day as the present value of that small trickle of money now is much higher than most people realize. I figure, if you look at the lost value of spending money on that coffee instead of investing it or other uses, and still decide to go ahead and do it at least it's an informed decision. Very few people would be content living life as a self-imposed pauper. You make a decent wage and if you are able to provide a lifestyle you like while providing enough savings to provide for the future I figure you might as well go hog wild. That said, there is always some low hanging fruit to save money on and you may be able to find a better use for it. The idea being something as simple as bringing a bag lunch a couple times of week can turn into a vacation every couple years. Or something to that effect. If you decide going out for lunch is better than the vacation, why not do it instead though?
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Aug 29, 2013 16:40
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Thesoro posted:To be fair, a sock-a-day habit is substantially cheaper than a pack-a-day habit, and we don't look at smoking as a weirdo habit. My dad has a funny story about this when he would crab fish out of Dutch Harbor. They would get back from fishing and like all of the crabbers getting into town, pretty flush with cash. They would go into town and everything was amazingly expensive - you're talking a tiny fishing town on an island in the Aleutian islands where things started stupid expensive and then were jacked up to get as much out of the fishermen as possible. He looked at the prices for doing laundry at the only laundromat in town and realized it was cheaper to just throw away his whole wardrobe and buy new clothes when they got into town. Not really a 'bad with money' story, but the crazy economics required to make hot water, electricity, and soap more expensive than clothes? 
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Aug 29, 2013 18:13
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WampaLord posted:You are the first person I've ever seen use this phrase with no trace of sarcasm or irony. Unless that line was tongue-in-cheek.  No trace of sarcasm or irony? Serious question, is english your first language?
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Sep 11, 2013 20:00
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If it doesn't come in a plastic jug with a handle, it's too expensive 
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Sep 18, 2013 20:20
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At least you guys were splitting the parking pass rather than two cars, two passes, etc. 
Delta-Wye fucked around with this message at 22:51 on Oct 1, 2013 |
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Oct 1, 2013 17:58
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FrozenVent posted:Wait you can get a mortgage on a timeshare? You may only get the timeshare for a week, but you do get to enjoy the mortgage year round! What a deal!
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Nov 9, 2013 03:42
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Captain Trips posted:Yeah, bad decisions were made on both sides. Captain Trips posted:She can't pay her share of rent, and once again I'm left buying all of the groceries. To be quite honest, I think she made a very financially prudent choice dating you.
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Nov 28, 2013 08:55
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cowofwar posted:The situation is depressing because ignoring the fact that it was their actions that put them in that situation, the family is now destined to a much lower standard of living because of poor financial skills. Which is an avoidable situation, not avoidable by mocking them and telling them to pull up their boot straps, but by providing financial literacy skills in school and providing a reasonable standard of living and social safety net for everyone so that those skills can be applied. How can you ignore that little fact? How can you hand wave away the fact that they sold their residence and then blew the proceeds? There is 'financial illiteracy' and then there is 'stupid to the point of probably being a mental health issue.'
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Dec 3, 2013 00:14
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Maybe they have a leaky pipe after the meter? I've seen even a slow leak end up costing tons of money because it's effectively running 24/7.
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Dec 6, 2013 23:47
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FrozenVent posted:I've heard quite a few people argue that buying your kid a house to live in while they go to college (Or buying yourself a house / condo near your college) is a great investment. Because you can rent it out once they move out, or just sell it back I guess. I had some people I know do this, but they had 4 kids (+ non-blood family + boyfriends/girlfriends) going to the same university over the course of 7-8 years and came out waaaay ahead. Totally not a one-size fits all solution though, that's for sure. GoGoGadgetChris posted:Anecdotal, but I've noticed my medical/dental/law school friends tend to take on HUGE amounts of debt while in school. Pre-rewarding themselves for all their future hard work and even more future high income? Why do morbidly obese people eat 15,000 calories a day? It's self-harm 
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Dec 16, 2013 22:33
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Trilineatus posted:I would say the usual suspects: Tech (young, undersocialized, handed a pile of money), oil fields/rigs (young, undersocialized, handed a pile of money), and the military (young, undersocialized, handed a pile of money). Back home it was fishing. When a kid just out of highschool makes 60k in a week, it tends to disappear quickly. Which sucks when you're out of work most of the year and don't plan ahead for it 
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Dec 18, 2013 19:57
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NancyPants posted:It's really irresponsible obviously, but it's not hard to see why it happens. If you're not working the other 51 weeks a year, what the hell are you doing with your time? Self improvement and learning are for pussies. Southern Alaska in the 80s. Sorry! Used to be a great way to flip cars; sell them a jalopy when they get back, and then buy another for half off a month before the season when everyone has spent their money. Simply rinse and repeat. Delta-Wye fucked around with this message at 23:14 on Dec 18, 2013 |
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Dec 18, 2013 23:00
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Weatherman posted:What exactly are the thought processes behind someone seeing the sentence "spend the mortgage money on _______" and filling in anything except "the mortgage"? Don't be so humbug!
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Dec 22, 2013 06:37
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TLG James posted:Honestly, it seems like that unless you are a handy man type of guy, there isn't a lot of money to be made. And it can end up poorly if stuff like you need to replace the furnace or something like that. That could take years to pay back with rent. It seems like small-time landlord is a pretty risky business because all of your eggs are in a relatively small basket. Most of the people I know with an extra house as an investment property seem to be using equity gain as their primary method of 'making money' on the deal. Tony Montana posted:When you convert that to USD or AUD, throw in the European economy in comparison to those economies.. gently caress that poo poo. Glad I'm not him. Not just 'the Eurpoean economy' but Ireland in particular
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Jan 19, 2014 20:24
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 Your move, "Turnaround King's" Cardone
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Jan 21, 2014 17:38
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I'm glad I still live at home so that I can afford the payments on this sweet Porche 
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Jan 25, 2014 21:24
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ninjahedgehog posted:(might require archives) Was it Zaurg or Cornholio that posted the picture of his rotting foot under an alt? I am OK posted:All of this post is wrong as hell.
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Jan 28, 2014 18:45
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HelloIAmYourHeart posted:You'll never see that money again. Sometimes being responsible costs money
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Feb 1, 2014 07:38
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Saros posted:http://www.reddit.com/r/personalfinance/comments/1y9dff/i_just_keep_messing_up_i_got_out_of_a_big_hole/?sort=confidence If he spent 25K in the last three months, I think his party/play money might be a tad over 55% of his income 
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Feb 18, 2014 21:10
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He sounds mentally ill - maybe he's otherwise awesome and can get help? 
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May 9, 2014 15:29
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MAKE NO BABBYS posted:Many places require items that are considered "societal ills" and thus subject to excise taxes to include messages like that in their advertising. So casinos and lotteries will have Gamblers Anonymous messages, liquor companies remind you to "enjoy responsibly," etc. The casino doesn't really have a choice in it and let's face it, they probably don't actually want people to get help at all. I think its the word choice he was commenting on. It seems like an insensitive place to make a pun. Edit: VVV I couldn't give two shits honestly; I love puns and don't really care about the delicate feelings of gambling addicts. Delta-Wye fucked around with this message at 23:26 on May 20, 2014 |
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May 20, 2014 20:47
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Necc0 posted:Is the program ABET accredited? Y/N Can you get your PE stamp? Y/N
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Sep 4, 2014 16:36
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I can't wait until txting is telepathic and you'll have whole tables of people sitting quietly staring blankly at each other. The future is neat!
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Sep 21, 2014 20:44
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Ya'll are retarded and not seeing the forest for the trees (or the kcups for the bicycles or something, I don't know). MMMs big revelation isn't that cars are evil and you should bike everywhere, it's that you can put a value to everything, and if an expenditure has a higher value to you than the sacrifice you're making, it is reasonable thing to spend money on. He's got an engineering background, so I don't find his approach surprising and it sits with me well. You need to do a quantitative analysis to see what your qualitative decision is going to cost you. For example, cutting out $20 in coffee a month and investing the difference gives future-you more than $10,000 in 20 years with a pretty reasonable rate of return. It's not a lot of money but if you do a bunch of trimming of the small daily costs most of us don't think about, you can take years off of your working life. Another example, if you need your car to get to work, work out how much it costs and see if it's worth it or not. A 200/month car payment plus 30 mile commute each way at us average gas and insurance is around $650 a month. Extra costs like maintenance, new tires, etc, just go on top of that, and this is assuming that your ~1 hour a day is worthless. If you can find a job that is close enough to walk or bike for within $10k of your current post-tax take home pay, ditching the car may be economically sound even if you are making less. It may even result in an improvement in quality of life by stopping the wasted time of the commute. If this isn't feasible because of ~*~reasons~*~, that's no problem, but you need to work out how much of a sacrifice you are making either way.
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Dec 2, 2014 22:52
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opus111 posted:No it hasn't. You're super weird with this crap. It's almost like he's trying to rationalize his own poor life choices 
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Dec 22, 2014 02:56
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Devian666 posted:Some funny things turn up when you search. I have found a law firm that specialises in RV and boat debt forgiveness. If that's the entire focus of the law firm that really says something about the debts people are clocking up. quote:Fast forward to today, where many people are now stuck with dream RVs or Boats they can’t afford. What happened? Well, at least they're not wrong!
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Jan 13, 2015 04:59
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Grouco posted:Pssh, who doesn't budget their bulk weed purchases 18-months in advance based on their consumption habits? Now if only there was a futures market... My understanding is that there is a vibrant self organized futures market in the Washington state mmj industry.
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Jan 17, 2015 02:43
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MJBuddy posted:This entire derail is because people aren't recognizing that housing isn't a commodity. Don't treat it like a widget or a barrel of oil. This thread is full of econ101-level analysis. Laffer would be proud!
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Jan 29, 2015 03:13
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I actually find it very uncomfortable that a framework like insurance (used for risk mitigation) as a payment method for regular/foreseeable costs. I think wanting catastrophic insurance for proper emergencies while budgeting for the rest is very responsible, even of it doesn't fit well with our current regulatory framework. While it's probably not a great idea in the end, the guy seems to be trying to estimate risk and calculate the costs from those guesses. Could be worse with money
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Feb 11, 2015 23:35
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No Butt Stuff posted:Unless it's from an ivy league school and he's made crazy connections... Yeah it's still not going to happen. Well, if he's working the fry-u-lator, it may jump him up to general manager? 150k in student loans well spent! 
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Apr 17, 2015 14:20
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