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FrozenVent posted:Yeah but she needed cash now. It's likely her payday loan was going to charge more than $262k in interest in two months. She shouldn't have borrowed that $100.
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May 3, 2017 04:06
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Leon Trotsky 2012 posted:We had somebody quit today because they were moving in a couple of months with their husband. Cloks posted:What the gently caress.
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May 3, 2017 04:14
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- Bad Derail Post -
Jack2142 fucked around with this message at 04:45 on May 3, 2017 |
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May 3, 2017 04:21
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Jack2142 posted:To be fair she already made the questionable choice of having a kid in her teens if they are going to college and shes in her mid thirties. 
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May 3, 2017 04:25
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Leon Trotsky 2012 posted:If she lives to be 80, then she got that 8k in exchange for 270k over 18 years. Joke's on them. I don't plan to live that long. 
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May 3, 2017 04:28
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Jack2142 posted:To be fair she already made the questionable choice of having a kid in her teens if they are going to college and shes in her mid thirties. "Soon" could simply mean the kid is in high school. A 37-year-old could easily have waited until after college age to have a kid who's in high school by now. And bwl, judging people's family planning in a country without full reproductive freedom.
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May 3, 2017 04:35
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Tiny Brontosaurus posted:"Soon" could simply mean the kid is in high school. A 37-year-old could easily have waited until after college age to have a kid who's in high school by now. And bwl, judging people's family planning in a country without full reproductive freedom. My bad, I misread the ages on that also yes that was a dick move. I am too also just baffled on the turning down the money, if you needed that $8000 you could have covered a decent chunk of that by just continuing to work for the two months needed, and honestly there are few times when its a good idea to say this... probably better off just using a credit card to cover the difference than kill that Pension. Jack2142 fucked around with this message at 04:44 on May 3, 2017 |
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May 3, 2017 04:39
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Jack2142 posted:My bad, I misread the ages on that also yes that was a dick move. Yeah that's a great point! A job with a pension that good probably isn't paying minimum wage. She could have covered at least half, maybe the whole thing.
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May 3, 2017 04:46
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I like the part where she was repeatedly told why this was a bad idea and went ahead with it anyway. I hope she doesn't wake up in a cold sweat later when the impact of this all returns to her.
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May 3, 2017 04:48
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Hoodwinker posted:I like the part where she was repeatedly told why this was a bad idea and went ahead with it anyway. I hope she doesn't wake up in a cold sweat later when the impact of this all returns to her. I hope she does. Who knows though. Maybe she'll have the last laugh when the pension is raided in 15 years and her $8k is far more than anyone else gets from it.
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May 3, 2017 05:03
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Last week a coworker came to me for advice in a panic because he needed to come up with $20k to finish the last year of his M.Ed, otherwise he wouldn't be able to graduate or he'd lose all his credits or something. He couldn't get a HELOC because the other joint owner of his house refused to agree. The consequences were dire and I felt really bad for him. Today he bought a puppy. I guess he was able to find that $20k.
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May 3, 2017 05:34
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Mantle posted:Last week a coworker came to me for advice in a panic because he needed to come up with $20k to finish the last year of his M.Ed, otherwise he wouldn't be able to graduate or he'd lose all his credits or something. He couldn't get a HELOC because the other joint owner of his house refused to agree. The consequences were dire and I felt really bad for him. If they hadn't recently filed for bankruptcy I would ask if he financed said puppy via Wags Lending because that would be double-dipping BWM right there.
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May 3, 2017 05:46
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lostleaf posted:I'm one of those people that took a year off. I did it lifting myself up by my bootstraps by just plain hard work and gumption. I attribute it all to how amazing I am and how much of a ayn randian superhero. ME ME ME. Welcome to BWM 2.0, home of the new and exciting thread guidelines! pig slut lisa posted:Therefore, without further ado, here are the BWM thread guidelines: pig slut lisa fucked around with this message at 05:57 on May 3, 2017 |
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May 3, 2017 05:54
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Leon Trotsky 2012 posted:We had somebody quit today because they were moving in a couple of months with their husband. Nooooooooooooooooooooooooooo
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May 3, 2017 06:05
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Pension office should have hired a goddamn puppeteer to explain the situation in a way she could understand. She just lit $250k on fire, good god.
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May 3, 2017 06:08
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Need energy healing for your horse? Look at these fantastic rates for distance energy healing. http://animalhealings.com/reiki-rates.html quote:We also offer Double Reiki (2X) provided by both Reiki Master Healers, Thom and Jonquil Williams, See more info on our Double Reiki info page.
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May 3, 2017 06:21
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If the total payout would have been 270k over 18 years and it is the average of the three highest earning years, then assuming that her highest earning years are the three most recent she is making at least 30k. Not a ton of money but if she has a working spouse it is certainly workable. She would have make 5k gross by working those two months, for over half of the payout. I will assume that the payout would be taxed as well, so that isn't a factor, although healthcare premiums may be ( but there is also a chance she is on her spouse's plan for that anyway). I can't imagine premiums at a place with that kind of pension (it is inferred it is a public job I think?) exceeding 500/mo so half is a very conservative estimate of what she would have come up with. Frankly I can't imagine many situations that would have me making that kind of tradeoffs forces now over a lifetime benefit, assuming not being in crippling poverty (which we can assume since we have a decent approximation of her income). You can't even blame it on ignorance since they held her up for an hour to try and advise her against it. This person is just a dumb dumb.
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May 3, 2017 06:37
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Hoodwinker posted:I was at the Chicago Comics and Entertainment Expo (C2E2) a couple of weekends ago, and there were multiple booths set up with nothing but wall-to-wall "loot" boxes. I'm sure some people enjoy the surprise of finding out what random assortment of tchotchkes they had purchased the rights to, but the idea of paying $30 for $15 (or less) worth of stuff seems inherently stupid. Slot machines are a hell of a drug
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May 3, 2017 06:39
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Slot machines at least have a chance of paying out. Small story: Roommate and friend co-bought an arcade cabinet with me. Not BWM, the cabinet was nice and a good deal. The BWM part was that he decided to try "fixing" the monitor by using percussive maintenance, and ended up damaging it further. Because he was a dumb dumb he'll be paying the $100+ to have it repaired. Don't fix what ain't broke.
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May 3, 2017 07:03
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Is the 270k inflation-adjusted? If not, we can assume 2% inflation so it's only worth around $164,000. If she invested that $8,000 (unlikely) at 5% rate of return after inflation, that's around $27,000 at 25 years. So it wasn't a terrible decision that lost her $262k, just one that lost her around $137,000. Wow.
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May 3, 2017 11:17
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Mantle posted:Last week a coworker came to me for advice in a panic because he needed to come up with $20k to finish the last year of his M.Ed, otherwise he wouldn't be able to graduate or he'd lose all his credits or something. He couldn't get a HELOC because the other joint owner of his house refused to agree. The consequences were dire and I felt really bad for him. A M.Ed program that costs 20k total let alone 20k a year is extremely bwm.
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May 3, 2017 11:24
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NancyPants posted:I hope she does.
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May 3, 2017 12:56
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Devian666 posted:She could have looked at it as working for 60 more days for $270k + full pay. Maybe $5k per day of work. Seems like a good reason to stay on for two months. Well, it's $270k over 18 years starting whenever she turns 62. $15k a year, paid out around 30 years from now, is worth something like $30k in todays money. I didn't run that through a calculator, that's just my recollection. I have a pension that's worth about the same, and there was talk of a buyout, so I ran the calculator about a year ago. Either way it's a poor decision, but it's not really hundreds of thousands of dollars.
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May 3, 2017 13:06
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Leon Trotsky 2012 posted:We had somebody quit today because they were moving in a couple of months with their husband. Holy Christ, it might just be because I'm drinking coffee on an empty stomach but this post made me shudderingly, physically ill.
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May 3, 2017 13:13
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Krispy Kareem posted:From what I heard, Intel was cheating and had to pay AMD a fraction of the profits they made. AMD poured that money into R&D and finally made a competitive chip. Apple doesn't make chips, and AMD/Intel are still super profitable since they make the processors that run the entire rest of the internet and (AMD at least) makes the processor in both the Xbone and PS4
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May 3, 2017 13:13
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paternity suitor posted:Well, it's $270k over 18 years starting whenever she turns 62. $15k a year, paid out around 30 years from now, is worth something like $30k in todays money. I didn't run that through a calculator, that's just my recollection. I have a pension that's worth about the same, and there was talk of a buyout, so I ran the calculator about a year ago. Actually it's $98k discounted at the 30 year treasury rate. Not sure how you got anywhere close to $30k.
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May 3, 2017 13:21
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ate all the Oreos posted:Apple doesn't make chips AMD doesn't either, they sold their fabs ages ago. They do what Apple does: design in-house and have someone else produce silicon.
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May 3, 2017 13:36
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ohgodwhat posted:Actually it's $98k discounted at the 30 year treasury rate. Not sure how you got anywhere close to $30k. Plus, need to price for a haircut.
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May 3, 2017 13:38
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http://wealthgenerators.com/get-started-us/ "Set up a brokerage account with the capital you want to "invest", give us access to it and pay us $150-$200 a month and out bot will automatically trade for you and probably* earn you money. Just look at those past returns that clearly indicate the likely future results*" *not guaranteed Not BWM enough? It also includes a https://www.youtube.com/watch?v=KO6GYTFk7fk
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May 3, 2017 13:47
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Tamba posted:http://wealthgenerators.com/get-started-us/ Are you arguing against the whole class of roboadvisors, or against financial instrument advertising as a whole, or what? There are billions under management by roboadvisors, and every financial instrument advertises based on historical results with that disclaimer. This may be a lovely one, but I think you'll need to go into more detail to say why.
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May 3, 2017 13:51
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therobit posted:If the total payout would have been 270k over 18 years and it is the average of the three highest earning years, then assuming that her highest earning years are the three most recent she is making at least 30k. Not a ton of money but if she has a working spouse it is certainly workable. She would have make 5k gross by working those two months, for over half of the payout. I will assume that the payout would be taxed as well, so that isn't a factor, although healthcare premiums may be ( but there is also a chance she is on her spouse's plan for that anyway). I can't imagine premiums at a place with that kind of pension (it is inferred it is a public job I think?) exceeding 500/mo so half is a very conservative estimate of what she would have come up with. Frankly I can't imagine many situations that would have me making that kind of tradeoffs forces now over a lifetime benefit, assuming not being in crippling poverty (which we can assume since we have a decent approximation of her income). You can't even blame it on ignorance since they held her up for an hour to try and advise her against it. She made almost exactly $30k and I don't know what healthcare plan she was on, but the cheapest one is about $30 a month for the employee (employer covers about 1.1k a month) and the most expensive is about $300 a month for the employee (this is a spouse + kids plan version of the most expensive HMO option) It was a public job. She just kept repeating to the HR and Pension people: "I want my money now. I don't want you to hold on to it forever. I understand that I will get much more, but that is in 20+ years and we will have better jobs and a house almost paid off by then, so we don't need the hassle of keeping the state updated with our address and holding onto our money for 20+ years. It will be more useful now and I just don't want to have it hanging over my head for so many years." She eventually got mad that they were keeping her there for over 45 minutes and got suspicious that they were pushing her so hard to "let them keep her money." It was legit painful.
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May 3, 2017 13:56
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I'm not sure "take financial advice from employer regarding pension choices" is always a slam dunk either, mind.
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May 3, 2017 14:05
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Subjunctive posted:Are you arguing against the whole class of roboadvisors, or against financial instrument advertising as a whole, or what? There are billions under management by roboadvisors, and every financial instrument advertises based on historical results with that disclaimer. This may be a lovely one, but I think you'll need to go into more detail to say why. More serious robo-advisors tend to take a low yearly fee (like 0.2-1% of the assets managed), instead of $200 a month, don't include MLM schemes as their main selling point and don't promise growths of multiple percent per month.
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May 3, 2017 14:06
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Leon Trotsky 2012 posted:We had somebody quit today because they were moving in a couple of months with their husband. I've got a similar one: same thing, public employee with a state pension plan. Same 3 highest earning years, but we're vested after 5 years. Payout is a percentage based on years of service credit. Regardless, you are owed the amount you put in, so even if you die 2 years into retirement, your beneficiary gets the remainder that you contributed plus interest. Otherwise, you'll get paid for life, even if you outlive your contribution. We are able to start collecting a reduced benefit at 60, and the full benefit at 65. This employee is 59.5, and would like a full refund right now. In other words, definitely wants money NOW, rather than waiting 4 months to be able to collect a small percentage for life or 5 years and 4 months for a significantly larger payout for life - with the same minimum payout with any option. Plus this way there are early withdrawal penalties and additional taxes up front. And to clarify, you don't have to work that 4 months, it's vested, so it just needs to sit there. For an extra cherry on top, it'll take at least 1.5 months to process since it's an early payout, so really it's down to a 2.5 month wait. BUT IT'S MY MONEY AND I WANT IT NOW!
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May 3, 2017 14:06
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Subjunctive posted:AMD doesn't either, they sold their fabs ages ago. They do what Apple does: design in-house and have someone else produce silicon. For some reason I thought that was only for their graphics chips but I guess I misread that, okay 
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May 3, 2017 14:11
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I wonder if pension lady has some immediate debt she needs to pay off. Perhaps a gambling addiction or a car she can't afford. That is practically the definition of selling your birthright for a mess of pottage.
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May 3, 2017 14:12
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ate all the Oreos posted:For some reason I thought that was only for their graphics chips but I guess I misread that, okay Pretty sure it's all GloFo now.
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May 3, 2017 14:12
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silicone thrills posted:Do we know the same guy? A guy at my office has been jerking off to AMD for the past year and keeps swinging buy to chat with the dude in the cube next to me about how his AMD stock is gonna finally pay off. Also his watercooled rig. It's kind of to be expected out of desktop techs but also retarded when you work for a non profit with a really stupidly good 401k that he could increase his contribution to. My guy also doesn't contribute to his 401k at all either (even to get the match) because he's sure he's gonna make a million dollars by age 30 through day trading or something so why should he waste all that possible investment money!? However we don't work for a nonprofit and I don't think his gaming rig is watercooled 
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May 3, 2017 14:12
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Subjunctive posted:Pretty sure it's all GloFo now. Ah ok. Actually thinking about it I remember getting a PC Gamer in the mid 2000's that had a big full-page ad AMD took out saying like "we just poured all our money into this fabulous 90nm process fab factory aren't we great " and in the same PC Gamer there was a bit about Intel getting close to releasing the 60nm chips, and I think that was the exact split second that AMD stopped being good
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May 3, 2017 14:15
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Vox Nihili posted:Pension office should have hired a goddamn puppeteer to explain the situation in a way she could understand. She just lit $250k on fire, good god. To be fair, any promise of a pension in 25 years not from the federal government is probably worth far less than the promised value given the general success private companies have had in the last couple of decades with reneging on pensions their retired workers were depending on.
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May 3, 2017 14:25
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