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I think any plan that involves a 24-year old asking "Can I get on Medicare or something?" is probably pretty well thought out and researched.
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May 2, 2017 20:56
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I don't even understand how you could get nearly 10k underwater on a car loan during that time-frame. According to his post history, he is 21, almost 22, and got his car in college. How do you end up 10k under water in 0-3 years without getting a 25% interest rate and driving it into a wall right off the lot.
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May 3, 2017 01:02
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We had somebody quit today because they were moving in a couple of months with their husband. Why did they quit now instead of in a couple months when they move? Because they have been here for 9 years and 10 months. You become vested in the pension plan at 10 years (50% of your average salary for your 3 highest earning years of service until death, starting at age 62 unless you do at least 20 years) and if you quit before you become vested you get your pension contributions back with no interest. She took a payout of about $8,000 instead of the pension and even had the HR Office and Pension Office repeatedly try to tell her not to quit just for this reason. If she lives to be 80, then she got that 8k in exchange for 270k over 18 years. Leon Trotsky 2012 fucked around with this message at 03:14 on May 3, 2017 |
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May 3, 2017 03:11
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FrozenVent posted:...and I Need Cash Now... This was literally it. They spent 45 minutes begging her to stay and giving her a breakdown of how much they would be getting. She is currently 37 and basically kept repeating: - We need it for the move. - My kid is going to college soon. - Having to keep the State updated with my current address for 25 years seems like a lot of work and hassle - I just want the money now and to have it done. I don't want to deal with the pension later. It was probably the most BWM thing I have ever witnessed in real life and it was painful. She eventually got mad that the HR Office and Pension Office had kept her for almost an hour to try and talk her out of it.
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May 3, 2017 03:29
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therobit posted:Wow. That is a fantastic pension plan, and I would consider changing jobs just to get that. What a hilariously bad with money decision. That woman is a retard. The even worse part of it is that they actually made the pension plan worse for new employees, but she was grandfathered in under the old plan. The new plan is still very good, but you have to do 20 years to get to the 50% level instead of 10 and the contribution is 5% of your salary for the same benefit that she paid 3% for.
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May 3, 2017 03:49
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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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LLCoolJD posted:I disagree with her decision, but I must point out that it's almost certain that the pension plan does not mean you get a full 50% benefit for a mere ten years of service. If it's anything like other plans, she would get a fraction of the 50%, and perhaps even that would be reduced further due to not working the full 30 years or so. Under the old plan, you are vested after 10 years and get full benefits after 15 (if you're older than 60) or 20. They did away with that plan, but she was grandfathered in. The new plan is much less generous, but still pretty good. I just calculated her plan to check and she would have gotten about $9,100 per year starting at age 62. Jake Mustache posted:I wonder if her new husband knew about the pension and what she was doing. She's been married to the same guy and I have no clue if he knew or not. Leon Trotsky 2012 fucked around with this message at 16:42 on May 3, 2017 |
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May 3, 2017 16:30
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LLCoolJD posted:Holy poo poo that's a drat good plan. I know.  She is never going to have another chance like this because it is literally gone.The new one is still very good, but nowhere near as generous. Mandatory contributions are 5% of salary instead of 3% Vested after 10-years, but at 25% the benefit. 20 years for "full benefit" but you lose .4% for each month under 30 years you have unless you are over 60. 30-years for full benefit with no penalty. Max benefit is 46.5% of salary instead of 50%. They were trying to go over every angle: lower taxes on payments in retirement, that updating your address is not a big deal, the actual amounts of money, etc. She still took the 8k. Also, a tiny BWM issue in comparison, but if she had stayed the extra 2 months she could have cashed out her remaining sick and vacation days at a higher rate and probably gotten an extra 2k or so if she was capped or near capped. No idea what she had and I can't find out. Our pension office rep was almost literally begging her to take the money. Leon Trotsky 2012 fucked around with this message at 17:06 on May 3, 2017 |
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May 3, 2017 16:58
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They used to have Home Economics that included things like balancing a checkbook and whatnot. It was not especially useful because 16-year olds didn't pay attention and the ones that did forgot by the time they were required to do it 3 or 4 years later.
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May 3, 2017 19:57
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I kind of want to have a conversation with a Youtube or Twitch star in the 20's or 30's and ask them what they assume their career trajectory is going to look like over the next 30 years. Are they just gambling that Call of Duty will persist for 30 years, Call of Duty Youtube channels will persist for 30 years, and their specific channel will persist with the same monetization and growth rate for 30 years?
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May 4, 2017 02:31
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SweetSassyMolassy posted:That pension lady made me gag. Just reminded me of all those television scenes where they say "and he was just two weeks from retirement". A very popular strategy is to "double-dip" pensions by retiring from the military and get a job as a bailiff at a Court. The military has very accelerated vesting processes and many people join very young, so it is very possible to get your 20 years in, retire at 40, get a job as a bailiff, then retire at 60, and collect $6,000 a month. Additionally, almost every single state has a preferred hiring process for veterans and veterans are exempt anti-discrimination hiring rules that most states have, so you can actively choose them over someone else. Well run and rich counties and states are actually the places with the best pension plans. Montgomery County Maryland, Fairfax County Virginia, San Francisco, Delaware, Massachusetts, the Federal Government, and parts of New Jersey have the best run pensions. Leon Trotsky 2012 fucked around with this message at 03:00 on May 4, 2017 |
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May 4, 2017 02:51
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SweetSassyMolassy posted:I mean... Rising pension costs a growing problem in budget-weary Fairfax County Rising costs being a problem doesn't mean it's not well run. Pensions are only 6% of the county budget, they are still completely solvent, they are very generous, and they can make it solvent for the foreseeable future by just making the minimum retirement age 60 for new employees and having some economic growth.
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May 5, 2017 00:25
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Volmarias posted:You're not actively trying to vote in an apocalypse, however. This is the exact attitude that led to the mismanagement of the bullet farm.
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May 5, 2017 15:34
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I should find it and scan it, but the local newspaper where my parents live had an interview with the owner of several car dealerships in the area who was running for the state legislature. He answered one of the questions with the response, "I've been in business for decades and one thing I've learned is that the most efficient answer isn't always the most obvious one. We need to make smart investments that hold value into the future. I always advise customers coming onto my lots to get a car that will hold its value. Don't settle for a base model. Packages that include DVD Players and rear-view cameras might seem like luxuries, but they will more than pay for themselves during resale in a few years when those features become standard and people will expect them. I tell people to think of the whole cost of the car and what it can do to work for you, even after you sell it. We need to get the state running with that kind of foresight and not just looking at the next budget or election cycle." (This is a rough paraphrase, but about 95% word for word. Also, he won.) Leon Trotsky 2012 fucked around with this message at 16:41 on May 5, 2017 |
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May 5, 2017 16:34
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Hoodwinker posted:BWM: most of the country electing officials who are not like that guy. If you took his advice and allowed a car dealer to up-sell you like that, then you would never make back your "investment" in car trim or a luxury model. Nor is it wise to buy a new car with the plan of reselling it in a couple years to get your money back and buy a new one.
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May 5, 2017 16:50
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ate all the Oreos posted:Being able to sell ideas using sleazy car salesmen tactics and massive oversimplification is something republicans are really good at and while I'm not sure what this guy's political party is or anything it's nice to see someone using it to get things done instead of to convince people killing them is good for freedom or whatever. He was a Republican and his campaign platform was: 1) Eliminating "Smart Growth" rules to allow the building of a mall and allow shopping centers to build bigger parking lots 2) Changing the state tax code to give bonuses based on age, so seniors could get larger caps on credits and college students who live with their parents don't get credits that they don't need. 3) To fight a court order by the Housing and Urban Development Department halting a proposal to tear down an affordable housing unit and sell it to Marriott. 4) Add more lanes to our back-roads and downtown main streets.
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May 5, 2017 17:09
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Same.
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May 5, 2017 19:06
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https://www.reddit.com/r/personalfinance/comments/69cchg/buying_empty_lot_adjacent_to_my_house_to_keep_it/ Man wants to take out a second mortgage or cash out his stocks to buy an empty lot across the street and keep it empty to make sure nobody moves in. It's a nice sentiment dude, but maybe just let your son and his friends play in your backyard? quote:Buying empty lot adjacent to my house to keep it an empty lot?
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May 5, 2017 19:29
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Ghostnuke posted:Dude sounds like he has all his bases covered. Could be a lot worse. He's got a high income and (except for a decent mortgage) not much debt. But just lol at the idea that he needs to buy a lot because he'd rather have his kid and his friends play kickball there instead of his backyard. And to try and justify it by saying that he doesn't have a lot of market exposure to real estate.
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May 5, 2017 19:39
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Just gonna post the title for this one.quote:Need a vehicle for work. Credit is bad and I can't save enough for a down payment because I spend $600/month Ubering to work.
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May 5, 2017 19:42
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Another "How did this even happen before you turned 20?" story from the Army. https://www.reddit.com/r/personalfinance/comments/68xwlp/20m_leaving_army_with_nothing_but_debt/ quote:20M, leaving Army with nothing but debt. The army really needs to just let people co-habitate or ban wives from the bases. The amount of married 18-year olds is crazy. They also have a new mandated financial education class for all recruits, but it doesn't seem to be doing anything to stop these situations.
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May 5, 2017 19:55
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Twerk from Home posted:I don't want to internet detective the guy, but a quick peek shows him posting about meeting a stripper 10 months ago, married her, got her pregnant, and now this divorce mess is happening all within the same year. That's bad with life, not just money. If you remove the stripper part, then that is about 50% of all Army Marriages under the age of 21.
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May 5, 2017 20:16
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Tiny Brontosaurus posted:That's depressing as hell, and a very easy situation for someone to get trapped in if they live somewhere with no public transit. In the post he says that he doesn't want to uber to a bus stop because he doesn't like public transportation and that he doesn't want to bother his coworkers by asking to carpool because he just started a new shift. Also, he was rejected for a payday loan. He's in a bad situation, but his goony awkwardness and previous financial issues are stopping him from being able to be bailed out. Leon Trotsky 2012 fucked around with this message at 20:32 on May 5, 2017 |
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May 5, 2017 20:30
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paragon1 posted:
Me either. He also says that he is close enough to bike to work, but that he doesn't do it because it "is a death sentence."
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May 5, 2017 20:44
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I didn't even know that was physically possible.
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I had someone pull a really awkward BWM power move during the hiring process yesterday. - This guy got the job - We made him the official offer with the same salary posted on the job posting - This is a government job, so legally we can't pay him much more than we offered (we could have paid him a little bit more, but they always leave room for cost of living raises so that they don't need to deny people raises or reclassify them) - He knew the salary going in. (it was about $35,000 a year; the cap for his title is about $39,000 per year) He said that he had to "politely decline the offer because I need at least $50,00 a year." Our HR person told him that they legally can't pay him that much and the offer is $35,000 (which is 135% of median salary for the position) He said, "My mom always told me to know your worth. I know my value and I know my skill set. I'm afraid that I am going to have to decline. I appreciate your time. You can get in touch with me if you change your mind. Thank you." They hired the 2nd choice an hour later. Today, he called our HR rep back to ask if they had reconsidered their offer and that he would go down to $40,000 a year (still higher than the max allowed for the position) and take the job. When they told him that it had already been filled, he asked them to reconsider and that he would take the original salary and to please not do this to him. It was painfully awkward.
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May 9, 2017 15:49
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ate all the Oreos posted:How old was he 28
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May 9, 2017 15:52
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Fitzy Fitz posted:I wonder if he got that entire negotiating strategy from his mom. I learned years ago not to listen to job advice from baby boomers. They have no idea how things work now. We had a lady in her 50's apply to be an Administrative Assistant to a major state-wide agency head. She had 20+ years of secretary/admin experience, but she: - Flat out told us that she wouldn't learn how to use Microsoft Outlook, she had tried before but it was just no use, and that she had good references despite that. - That the world managed to get by without Microsoft for most of recorded history, so it wasn't a necessary skill to succeed. - When asked how she would schedule events across the state and with different agencies, she said that she would do it by hand and then ask someone else to do it in Outlook. She thought it was funny and completely crazy to expect someone "at my age" to know how Outlook, Word, and PowerPoint work. She also showed up to the office, before she had filled out an application online, to request a meeting with her potential future boss to drop off a paper copy of her resume in person.
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May 9, 2017 16:12
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monster on a stick posted:Make sure to mention that you mom advised you to make the counter-offer and you won't listen to her again. And make sure to make two counter-offers that are above the salary they are allowed to legally pay you as a public employee.
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May 9, 2017 19:25
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Droo posted:This whole conversation started with a 28 year old guy trying to negotiate and losing the job an hour later. OP didn't specify the race, but it's a 28 year old guy telling a potential employer that his mom told him to ask for more money. He was black. But the point is that he was close to the legally allowed limit they could pay him for his position and both of his counter offers were higher than he could be legally paid. The salary grade is publicly available and on the application. He also declined the offer and then thought they were going to call him back the next day. He got some bad advice somewhere along the line.
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May 9, 2017 20:53
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John Smith posted:Hey, hey. What is with all the selection bias for celebrities who are BWM? Let's have some uplifting stories that reflect how wonderful with money many of them are! I will start first. There was a football player for either Cleveland or Cincinnati that played for a couple of years, made several million dollars, invested all of it in Washington, D.C. real estate in the 1980's and is now a 100+ millionaire real estate tycoon from a couple years of footballing.
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May 11, 2017 18:35
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22 Eargesplitten posted:Tell them that it's an investment that the government can't take taxes out of. Emphasize how they're sticking it to the man and not getting taxed as much. I used to work for a major lobbying firm in D.C. and we had people with J.D.s - some of whom were lobbyists who worked on public policy issues - that thought 401(k)s were run by the government.
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May 12, 2017 19:30
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We had an "Employee Appreciation Day" last week. It is for employees at a government agency, so all funds have to be raised from the employees themselves; no public money or office money for anything. To "make up" for the fact that the employees have to pay for their own appreciation event, the Managers give out awards to hourly employees and give the winner in each section a free day of PTO. One of our Managers gave an award to one employee for "staying until 7 pm almost every single day to make sure that we never fall behind." There is currently a budget directive that bans anyone from authorizing overtime. The head of our agency pulled the manager aside and asked her why she had been approving overtime. She told him to not worry because she hadn't, she just never paid him for all the time he worked. That is super illegal and they withdrew the award from that guy, gave him the day of PTO anyway, and paid him for 2 months of overtime. They took the money from the general expense and office supply fund for that department and now the manager is telling everyone that they aren't getting new computers because "they had to pay out Jose." BWM: Working for free. Even more BWM: Giving an award for wage theft when the head of the Department of Labor and OMB is in attendance.
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May 15, 2017 17:54
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Tomie knows me posted:Am I reading that story right that the manager committing wage theft didn't get fired? She said that she never explicitly told him to stay. She just said that it needed to get done and Jose volunteered for it once and then kept doing it voluntarily. Jose defended her too. She would have gotten fired if she didn't say it was accidental and Jose didn't support her.
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May 15, 2017 18:01
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This might not be actual BWM content, but our open enrollment period for healthcare recently ended. Someone was up in our HR office today asking if their deductible would affect their withholding or if they just apply it all at once during tax season. Apparently, they thought that the "deductible" on their health insurance plan was the amount that you were allowed to deduct from your taxes and that picking a higher deductible meant you got more back on your taxes. They ended up accidentally picking the plan that was best for them anyway, but that could have gone pretty wrong. Having your office right next to the HR/Benefits office is a terrifying insight into how bad with money people can be.
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May 15, 2017 18:38
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pig slut lisa posted:Leon how do you constantly come up with the best BWM stories canyoneer posted:The answer is in the question It's not really the government agency aspect of it. I think it is just a much smaller scale version of the NFL Player syndrome. A lot of people in the administrative/clerical side of the agency came in as entry-level positions with high-school educations. They are chronically understaffed and underpaid, so they have huge turnover and it sucks working there. But if you stick it out for 10+ years then you can become a manager and make very good money for someone with just a HS degree (60k, pension, and benefits) without ever having real experience. Once you get that relatively large pay upgrade that you never thought was happening + only having a high school education + general badness with money of most Americans + general badness with money that being poor for a long time teaches you = several dozen people who are primed to make awful mistakes. That's not even getting into the general poor decisions/bad luck that happens to a lot of lower income people. Having your office next to the HR/Benefits office is a terrifying experience. It's 50% BWM stories and 50% people fighting over FMLA requests. Leon Trotsky 2012 fucked around with this message at 14:13 on May 16, 2017 |
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May 16, 2017 14:08
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Someone filled out a reimbursement form for travel and turned it in to HR today. They had to call them up because his reported miles were 147 on a trip that should be about 90 miles. Apparently, he drove an extra 57 miles (about 28 miles each way) to go to a gas station that had gas at 11 cents per gallon cheaper to try and save the agency money.
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May 19, 2017 14:45
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No Butt Stuff posted:But are you going to pay it? They are giving him the fleet rate instead.
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May 19, 2017 14:47
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melon cat posted:I think it'll be a slow burn. Instead of one traumatic crash (sorry, ahem, "correction") consumer purchasing power will steadily erode, inflation will keep pushing food prices up, and household debt will continue to climb while the Federal Reserve/Bank of Canada/whatever try their best to keep interest rates artificially low because it's the only thing propping up the economy. Kind of like how Japan has been keeping itself in a low interest rate climate for about 25 years, now. People are very wary of a 2008-style crash and will flip their collective poo poo if they see signs of it, but are less likely to notice the more subtle signs of a gradual (but steady) re-structuring of the economy. And most people won't get thrown into a panic as long as their real estate values are stable. Inflation has been at historic lows (and was indeed so low that it holding back growth during the great recession), the Federal Reserve has been raising interest rates, and low interest rates are not the only thing preventing a crash. So, I would say that you can put the gun down and you'll probably be fine as long as you don't buy an investment property on an interest-only mortgage in Toronto.
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May 19, 2017 16:15
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ate all the Oreos posted:When I did it I was reimbursed for miles traveled (for 'time and wear on the car' or something) and a tank of gas separately but i'm pretty sure that's because we were exploiting that other company so That's how we do it. If you have a trip that includes a lot of stops or an indefinite amount of time, then they will reimburse you for miles (wear and tear) and expenses (including gas) from the trip. If you are going directly from one office to another, then they give you the "fleet rate" which is a flat amount per trip + tolls.
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May 19, 2017 17:06
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U.S. President Donald J. Trump, the man who was so BWM that he ran 3 different casinos that went bankrupt, is... GWM(?) when it comes to horses?quote:President Trump's one-time dabble in horse racing reportedly left a thoroughbred named "D.J. Trump" nearly dead and without front hoofs, The Washington Post reports.
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May 19, 2017 19:35
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