Bad With Money 2018: When I die, bury me in the blockchain.

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Bad With Money 2018: When I die, bury me in the blockchain.

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Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Switchback posted:

She went back

# ¿ Mar 5, 2018 12:31

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# ¿ May 5, 2024 18:05

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

It's impossible to lose money gambling if you do it correctly, his mistake was that he stopped gambling. All he needs is a hot streak to win it all back, the money's only really lost once you give up on winning it back!

# ¿ Mar 8, 2018 18:21

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Well, it's still negative value because he either wins tax-free money (because of brought forward losses) or loses post-tax money, so if there's any house edge it's still a bad idea.

This all makes the generous assumption that he declared and paid tax on his past gambling winnings :v:

# ¿ Mar 8, 2018 21:02

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

I have analysed the financials, and my conclusion is that you should put everything on XIV, then borrow another 1.5m and put that on XIV as well, and also short the loving VIX why not

# ¿ Mar 30, 2018 18:11

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

I think it's called "organised crime"

# ¿ Apr 1, 2018 10:35

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

It's an accountant who thinks that you can make money by borrowing at 4% and investing at 3%, I'm going to get out my pitchfork, drat it! :argh:

What are the standards for becoming a CPA in the US, can you do it through some kind of online diploma mill or do you just send in a registration sheet filled in with crayons?

# ¿ Apr 12, 2018 21:10

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

I know it's been 382 pages, but holy poo poo there's a lot of people who can't money

# ¿ Apr 13, 2018 17:47

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Moneyball posted:

I wish this fit as the title.

My eyes have glossed over reading about that investment scheme, but wouldn't they lose out up front due to loan fees, etc?

Now you're just baiting people to start discussing it again :argh:

Even if there is no risk, no fees, no relevant factors whatsoever other than the rates 3% and 4%, it will always be worse to borrow at 4% to invest at 3% than it is to not borrow at 4% to invest at 3%.

# ¿ Apr 13, 2018 19:39

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Look, the poor man is only making at $500,000+ a year. If they charge him 37% on all of that, that leaves him with only $315,000 a year to cover his expenses. Have you ever tried to live on only $315,000 a year? Next door to impossible!

yes i'm ignoring tax brackets, he'd have significantly more

# ¿ Apr 14, 2018 10:19

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

How do you even get a $210 phone plan and $170 broadband? You'd think after a certain point even his provider would start to feel bad for screwing him that hard.

# ¿ Apr 29, 2018 09:29

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

But yeah, if he actually gets that $100,000 job and manages not to spend the entire $40,000 differential, that story is pretty GWM overall. Nepotism is GWM.

# ¿ Apr 29, 2018 09:32

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

So to avoid the risk of losing whatever she paid to some scammy diploma mill, she guarantees a loss of about half her income by going down to 20 hours a week.

Is this online law school also incredibly expensive? I can't tell whether she is trading a potential small loss for a guaranteed large loss, or whether she is investing a small fortune in a useless degree. I need to know precisely how idiotic this is, drat it!

# ¿ May 24, 2018 17:29

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

I mean, his main problem is that his wife experienced an actual miracle and somehow survived a 4,000 foot drop, foiling his plan. That feels like a crime that should have been pretty GWM but wasn't.

# ¿ May 25, 2018 20:49

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Elephanthead posted:

Well the loss is a paper loss caused by aggressive tax depreciation rates. You are in effect trading higher income tax rates for lower capital gain tax rates when you recapture the depreciation at disposal. It is GWM. You also get the benefit of the time value of money by delaying the payment of your taxes to the disposal date.

You can depreciate your investment property and deduct the depreciation from your taxable income? That sounds both GWM and hilariously open to abuse. Even if the value of the property doesn't rise at all it should still be a tax benefit.

# ¿ Jun 20, 2018 12:56

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

SiGmA_X posted:

This is normal. But state side you depreciate the structure over 39yrs, with shorter lives for things like carpet.

Oh OK, so it's not just Australia. In the UK you deduct depreciation through a system called capital allowances, and land and buildings are specifically excluded (based on the idea that the actual land and buildings won't normally lose value over time the way that a $35,000 truck will).

# ¿ Jun 20, 2018 15:18

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

SiGmA_X posted:

Also, let property? I thought Brits spoke English. Reading the UK tax publication is hard. "Income tax when you let property"...."If you've more than one UK property"...
(1986 reform, bot that it matters; unless this offsetting rule predates the major reform... I think it was mostly all in the 1986 reform)

Maybe you Yanks should learn to speak proper English. :smug:

Actually, no, "let" is perfectly OK but I have to admit that writing "If you've more than one property" is just anarchy.

I think excluding land and buildings makes perfect sense, though. If you're letting a home, chances are the value is going up, not down, so you don't need a tax break.

Enchanted Hat fucked around with this message at 20:32 on Jun 20, 2018

# ¿ Jun 20, 2018 20:30

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Lysandus posted:

This is my favorite but there are plenty more.

Taking people's ~~money~~ buttcoins and never giving it back: GWM

# ¿ Jun 20, 2018 20:42

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

SlapActionJackson posted:

Buildings really do depreciate though, and in cases where they don't you pay recapture tax which is not as favorable as capital gains.

E: you've is a perfectly acceptable contraction for "you have" ????

Man, we have surviving buildings from the BCs. I'm not an expert on buildings, but as long as you do proper maintenance, I'd expect a house to remain standing for a really, really long time. And I think maintenance expenses are deductible, but don't quote me on that, I know very little about this area of tax.

And as OneTruePecos says, it's weird to see "you've" used like this. If it's referring to ownership of a house, I'd expect either "if you have a house" or "if you've got a house", but "if you've a house" just looks and sounds incorrect.

# ¿ Jun 20, 2018 22:11

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Vox Nihili posted:

Unless you're building your house out of hand-carved stone blocks like the Incans, it's probably going to fall apart and require a full rebuild in less than a century. The timescales for building depreciation do seem very generous though.

Oh, really? I had no idea, my bad! I thought you could keep a brick house standing pretty much indefinitely.

# ¿ Jun 20, 2018 22:32

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

sale on Banksy art posted:

Depreciation is an accounting and tax concept for matching the costs of acquiring some large asset to the revenue it generates over a long period of time. It is not a description of the actual condition or lifespan of the physical asset, nor is it a description of the market value of the asset.

The IFRS defines depreciation as the systematic allocation of the depreciable amount of an asset over its useful life, so it is a reflection of the lifespan of the physical asset. The other depreciation method in IAS 16 is the revaluation method where you periodically revalue the asset and set its value to the fair (market) value. So under IFRS, depreciation is in fact a description of the lifespan of the physical asset or a description of the market value, depending on the method you use.

I feel bad about putting boring accounting chat in the BWM thread, so I'm going to derail bird myself.

# ¿ Jun 21, 2018 09:56

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Struggling with huge debt for years, thinking about declaring bankruptcy
https://www.reddit.com/r/personalfinance/comments/8s0ky9/struggling_with_huge_debt_for_years_thinking/

quote:

I've been struggling with debt for years, and it has hardly gone down. I'm barely able to sustain myself and I've been lagging behind on bills more and more. I think I need to do something about this soon.

Basically, my debt comes down to two major ones: My auto loan and credit card. My family made a huge mistake of trading in two underwater cars, and I have a monthly payment of $600. I've gotten my payments delayed much as possible, and even then I've been paying late constantly. I still have $34k to pay off and my car's estimated value is less than half of that, not to mention I've had to hold off maintenance on it. I owe $11k on my credit card because of hard times a few years ago. The minimum payment is about $230, and I lose about $130 on interest, and I can't afford to pay it down. I also have about $3.5k worth of debt in store credit, although most of those are getting paid down.

I make about $2100 a month right now and my family has been lending an inconsistent amount of money to help. My sister is supposed to help pay it off, but her employment has been unsteady and is also awful at managing her finances. We're all hoping to be making more money soon, but then again that's what I've been telling myself for years.

The credit card I could consider consolidating, but the car payment is absolutely the most oppressive one. I wish I could sell my car and buy something much cheaper, but auto loans just don't work that way. I'm about $16-18k in deficit. My boss is suggesting one option I could try is to buy a used car (He could help me get one without going into a monthly plan) and then let the lender collect on my current car then declare bankruptcy. Even getting rid of the car payment alone would help me a lot, and I really need to do something about it. But is declaring bankruptcy worth it in my case?

$18k underwater on a $34k car is almost impressive. He'd be fine if his financially irresponsible sister would help him pay off all these stupid debts like she's supposed to! :bahgawd:

# ¿ Jun 21, 2018 17:02

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Mr.Radar posted:

someone who is good at the economy please help me budget this

# ¿ Jun 23, 2018 18:47

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Not even shares, they went all-in on options.

"But a celebrity on twitter told me to!"

# ¿ Jul 29, 2018 11:19

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

"lmao why would anyone care what other people do with their money even if it's inefficient and wasteful?" - a poster in the Something Awful Bad with Money thread

# ¿ Aug 2, 2018 10:44

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Lockback posted:

Because OKEx has a �socialized clawback� policy for such instances, it will force futures traders with unrealized gains this week to give up about 18 percent of their profits.

That's hilariously GWM

# ¿ Aug 3, 2018 22:01

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Ebola Roulette posted:

don't cosign

Fixed.

# ¿ Aug 3, 2018 22:02

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Why should not being able to afford it stop you?

# ¿ Aug 8, 2018 00:24

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

All the posts about ignoring and banning John Smith are more annoying than John Smith's own posts imo (because I've ignored the latter)

# ¿ Aug 9, 2018 11:59

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Sic Semper Goon posted:

Then travel to Sydney. You'll be estatic.

It's less funny when other people agree with the overvaluation. Then it's just a price bubble. Or are houses in Sydney really not selling because everyone refuses to sell at a market price?

# ¿ Aug 9, 2018 13:21

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Maybe he's been reading economic theory and thinks his house is a Veblen good?

# ¿ Aug 9, 2018 13:44

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Sepherothic posted:

I assume the fear would be that she wouldn't pay the monthly payments and I would end up getting my credit screwed up and owing money.

Why is the credit rating always the first thing these people think about!?

"I could be on the hook for a $140,000 loan, I guess, whatever, but MY CREDIT RATING!!!"

# ¿ Aug 9, 2018 15:53

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

I am relieved to learn that spraying yourself in the face with pepper spray for some stupid livestream is, ultimately, BWM.

# ¿ Sep 10, 2018 16:24

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

There's nothing so BWM that someone won't defend it as being GWM.

# ¿ Sep 19, 2018 13:49

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Lockback posted:

I freakin love shady payment schemes

My boss is fuckin around on my paychecks, basically forging them, I think(PA)
https://www.reddit.com/r/personalfinance/comments/9j8lux/my_boss_is_fuckin_around_on_my_paychecks/

Wait, OK, so bear with me, I don't know anything about US employment tax. But the way I'm reading that is:

1) The boss is paying the OP $400 which is supposedly after withholding income tax (it isn't, obviously).

2) He gets in trouble with the taxman and now has to start actually withholding taxes, which is why the OP is only being paid $315.

3) According to the OP the boss should only be withholding $66 rather than $85.

So the boss gets contacted by the tax authority, and instead of 1) starting to pay the tax he said he was paying (which would cost him money) or 2) actually withholding tax from the gross pay of $400 (which would be free), he decides to 3) withhold $66 or whatever from the gross pay and then scrape another $19 for himself? This guy is a master of turning lemons into lemonade if he is somehow making a profit from being reported to the IRS!

# ¿ Sep 27, 2018 16:25

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Dawncloack posted:

The symbol and distinctive element of my home town is a water tower that was built and never used.

Also the mayor had to step in after the financial crisis so that kindergartens didnt have their power cut bc of non-payement.

In honor if this thread, please have a chuckle at our coat of arms

At least the coat of arms is 100% guaranteed bat-free.

# ¿ Oct 1, 2018 09:21

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

please knock Mom! posted:

"So I just talked to her and the idea behind signing the quick claim was 2 step process. First sign the quick claim. Second get her name off the mortgage. Apparently it was required to take the name off the deed before it could be taken of the mortgage. After the quick claim was signed, the ex stopped talking to her and laughed about it. But your right we need to explore all our options."

That's just amazing. I'm siding with the rear end in a top hat ex, he is clearly great with money.

# ¿ Oct 11, 2018 09:10

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

That's what really confuses me about stories like that. Why would you maintain a large bank deposit that you could use to immediately eliminate most of your expensive credit card debt? Are you that impatient to buy a house you can't afford?

# ¿ Oct 22, 2018 17:12

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

I think this is really innovative, and it sounds like it could have all sorts of applications. Just think about all those people working unpaid internships and getting lots of valuable experience. For free! It's time for all those freeloaders to pony up.

# ¿ Oct 25, 2018 21:53

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Ur Getting Fatter posted:

I have no doubt that the inhouse legal team will probably prosecute just to get their metrics up, but in the end the "damages" they're trying to recoup will probably be dwarfed by the legal feels they'll rack up. Mom will probably have to go into debt and daughter will end up having to bail her out even worse.

Maybe you work in the industry and can tell me otherwise, but I feel like OP's mom incidence in the identify theft epidemic is trivial compared to that of organized crime.

What's the point of prosecuting crime unless it's the worst crime

# ¿ Nov 13, 2018 22:34

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# ¿ May 5, 2024 18:05

Enchanted Hat: Aug 18, 2013; Defeated in Diplomacy under suspicious circumstances

Having other people subsidise my free checking account is GWM though.

# ¿ Nov 14, 2018 02:07

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Bad With Money 2018: When I die, bury me in the blockchain.

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