- cosmic gumbo
- Mar 26, 2005
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A car salesman politician wants to change laws to add more parking spaces for cars, give people who are more likely to buy cars more money back from taxes, and add more lanes for cars even though studies have shown that adding more lanes does not decrease traffic.
Can't figure out how the 3rd one ties into his principal business but GWM getting elected and then using the government to improve your business model.
1) https://www.washingtonpost.com/news/in-theory/wp/2016/03/03/how-parking-requirements-hurt-the-poor/?utm_term=.9ada5df47c7f
4) https://www.wired.com/2014/06/wuwt-traffic-induced-demand/
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May 5, 2017 17:43
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May 18, 2024 09:59
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- cosmic gumbo
- Mar 26, 2005
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IMA
- GRIP
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http://www.hollywoodreporter.com/features/johnny-depp-a-star-crisis-insane-story-his-missing-millions-1001513
This article has more details about Johnny Depp's money issues.
Guy spends $30k/month on wine, bought a $10m yacht that he spent another $8m renovating, at one point owned 14 residences (including a 37 acre hamlet in France), and impulse-bought a $400k diamond cuff at sticker price.
He is claiming damages from his money people for tax penalties from filing his taxes late, but they say that Johnny Depp never had the cash in April to pay them on time 
Reminds me of this article about an accountant for celebrities http://nymag.com/thejob/2017/04/the-accountant-who-tries-to-keep-celebrities-from-going-broke.html
quote:The hard part is when you try to help people and they won’t let you. A lot of times, we’ll go to a client and say, “Listen, you’re overspending. You need to cut back.” They’re just wasteful and dumb, and it’s frustrating if they won’t listen, if they won’t even look at a piece of paper. They don’t want to hear it. They don’t want to know it.
Or they go, “Yeah, yeah, yeah. I know, I know, I know.” And they just continue to spend. You try to rein them in, to put limits on their credit cards or whatever, and they have complete and utter hissy fits about it. And then, six months or a year down the road, they go, “Where’s all my money? What did you do with it?”
quote:For awards shows, the gowns and jewelry they wear are usually borrowed. But depending on the person, hair and makeup can run anywhere from $2,000 if you’re very lucky to a more likely $10,000 to $20,000. And the thing that makes me crazy about that is that a lot of these people are beautiful to begin with. When you have someone who is absolutely stunningly beautiful without hair and makeup, how does it cost that much money?! And then they’re like, “Oh, and we need the massage before, and then we need the pedicure …” Oh for god’s sake! And it’s getting worse with men, because they’re getting stylists and all that. And they’re getting hair extensions, too. Then there is private security and the car on hire, which of course they keep for the entire night, so if they leave their house at 5 p.m., and then they go to the after-parties, it’s usually 12 to 14 hours. So that could be $5,000, $6,000, $7,000, just for the car that is basically sitting there doing nothing. The private security is anywhere from $500 to $1,000 an hour, plus expenses, plus you probably have to get them a hotel, plus they want per diem, plus you probably flew them out. All of it, it’s just out of control.
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May 11, 2017 01:01
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- cosmic gumbo
- Mar 26, 2005
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I don't think I'll ever be able to wrap my head around people blowing huge fortunes. And I say that despite being hugely irresponsible with money. Back a couple years ago when the Powerball (or w/e lottery it was) jackpot got astronomically high I sat down and had a good, hard think about what I'd do with that kind of money and honestly I couldn't even come up with enough frivolous things to wipe out even the first annuity payment.
Don't worry that's what friends and family and 3rd cousins are for.
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May 12, 2017 03:20
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- cosmic gumbo
- Mar 26, 2005
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IMA
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BWM: Negative Income Rental Properties
quote:Using a throwaway for obvious reasons. Disclaimer, my husband is a faithful, loving, handsome partner and amazing father, and he makes a ton of money in a stable career (as do I, this isn't a trophy wife situation). He generally is a good partner about sticking to a monthly budget and otherwise using our money sensibly. Which is why I'm still married to him despite what a total loving idiot he is about this one thing. (we've been married for 5 years if it's relevant)
Before we were married, he made a financial decision that was, objectively, terrible -- he bought not one but TWO rental condos that together give a negative monthly cash flow of $500. There is little to no chance these condos are going to appreciate faster than inflation. There is about $400K in equity that I would like to extract and save for either the kids' college or our early retirement. However, any attempt to reason with him about the loving Condos results in him completely shutting down, becoming defensive, and refusing to listen to either emotional appeals or cold hard numbers. I gave him spreadsheets and powerpoints that went into great detail about why it was such a bad idea, his response was just "well, you made a lot of assumptions" and then a refusal to discuss further.
His father made a ton of money by buying real estate in Korea in the 1970s and therefore has the attitude of "BUY ALL THE REAL ESTATE EVERYWHERE FOREVER". So maybe my husband thinks that admitting the loving Condos were a bad idea and selling them would be an insult to his father. That's the only reason I can think of for why he's so sensitive about it.
Because we both make a lot of money and can easily afford the $500, this has not reached the point of being a financial emergency. However, it's becoming a major sticking point in our relationship as we're behind on saving for both the kids' college and the early retirement I would like to take due to our age difference. I'm reaching the end of my patience with this obstinate bullshit. He refuses to see a financial advisor. Any other strategies that have worked for anyone here?
tl;dr: Otherwise great husband is a complete loving idiot about this one aspect of our finances and refuses to listen to reason or see a financial advisor. Please tell me how you fixed such a situation. (For the sake of discussion, I'd like to take it as a given that the condos are a bad decision.)
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May 15, 2017 21:28
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- cosmic gumbo
- Mar 26, 2005
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https://www.reddit.com/r/relationships/comments/6bbuyh/i_33_f_am_really_struggling_with_my_husbands_45m/
The OP deleted it right after I opened it so I caught the text.
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May 16, 2017 02:25
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- cosmic gumbo
- Mar 26, 2005
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GWM: Your dad winning the lottery and giving you more than a million dollars
BWM: Spending all of the money and then suing for more
https://www.theguardian.com/uk-news/2017/may/18/lottery-millionaires-son-spent-16m-then-sued-his-father-for-more-cash?CMP=twt_gu
quote:A man who was given nearly £1.6m by his father after he won £101m in the Euromillions has had his claim for more cash thrown out by a judge.
Michael Dawes, 32, took his father, Dave, and stepmother Angie to court after they stopped giving him more money. He claimed the couple had promised to ensure he and his partner, James Beedle, 34, would never have to worry about money again.
The central London county court heard that they had been given more than £1.5m in the two years following the lottery win in 2011, but two years later most of the cash had been spent.
....
Michael Dawes has not spoken to his father and stepmother since a falling out at her birthday party when he demanded £5m more and verbally abused Angie Dawes. He has also accused them of being arrogant and ungenerous of spirit.
Michael Dawes told the court: “I saw how over time their attitude changed from being relatively humble to being rather grand. They expected the people around them to treat them differently because of their money.”
The couple’s QC, Richard Wilson, said they had shared their good fortune with their family, giving away some £30m to relatives and close friends, as well as setting up a charity.
The judge concluded: “Michael was provided with the funds to have a comfortable life, but for his own reasons he chose not to take that opportunity. I therefore dismiss the claim.”
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May 18, 2017 20:43
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- cosmic gumbo
- Mar 26, 2005
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IMA
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BWM Bingo Alert: Family members involved in MLM scheme
https://www.reddit.com/r/relationships/comments/6eeyhd/my_23f_familys_involvement_in_a_multilevel/
quote:Hi, Internet.
Three years ago, my Aunt A became involved in a multi-level marketing organization called Plexus. For those of you who are unaware, Plexus markets itself as a healthcare company. It is akin to Herbalife, AdvoCare, Limu, etc. They claim that their "Pink Drink" and other products support a healthy glucose metabolism, are packed with probiotics, help people lose weight, etc. It should come as no surprise that these claims are false. A quick investigation into Plexus will show you that their products are banned from Australia, Amazon, and that the company has been issued countless FDA warnings. TL;DR – Plexus is bullshit.
With that being said, I never said anything to Aunt A about Plexus. I didn't care. Her posts were harmless. However, over the past year and a half, things have changed.
My Grandma, Aunt B, and Aunt C have also become involved in Plexus through Aunt A. They are constantly pushing the products on our family members and friends. When I visited my grandparents for the holidays, my Grandma was relentless in her pursuit to get me to take some Plexus supplement that she claimed would increase my energy. She also wanted me to try to the "Pink Drink," which is also known as Plexus Slim. It looks like Crystal Light (powdered drink mix in a small tube, for those unfamiliar) and apparently regulates your "gut health," according to my relatives. I politely refused each time, but also raised the question of Plexus' validity.... to which I was met with anecdotal evidence that it works.
Recently, my Aunt B has been posting about a new product called Vital Biome. Here is the status:
NEW PRODUCT ALERT!!!!! Got stress, anxiety, sadness, or anger and looking for something PROVEN (clinical studies) to get to the ROOT of it? Here is a healthy and NATURAL way! let's chat like ASAP!! It's available NOW!! See comments...
Normally, I would ignore their statuses, but this one made me angry. It's one thing to tempt people with the idea of weight loss, but claiming that Plexus can get the "root" of anxiety and other issues is absolutely asinine. I left a short comment on my Aunt B's status that this was ridiculous. Plexus can't address mental health issues, and I found it dishonest that the company was claiming it can. I also wrote that, while I am skeptical, many people are not. I said it worried me that someone might see her status and opt for Plexus over professional treatment. My comment was instantly deleted, and Aunt A and Aunt B both sent me insane text messages.
Aunt B told me that I needed to read articles about gut health and mental illness because I don't know what I'm talking about. My Aunt A sent me a much longer text message about how I was being disrespectful, I don't know what I'm talking about, I'm insulting our family, I don't really "know" our family, I need to Google "gut health," etc. I haven't responded to these messages because I think they both sound insane. I understand that they may feel empowered by Plexus (especially Aunt A), but their involvement in it is going to destroy our relationship. I love them, but I am not going to stand by and allow them to spread false health information so they can make $200/month and get a discount on their products.
Is there anything I can do, beyond ignoring them when they talk about Plexus? More importantly, is there any way that I could convince them to stop participating in this scam?
tl;dr: Multiple family members are involved in a multi-level marketing (pyramid) scheme. They have began spreading false health information and I want them to stop.
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Jun 1, 2017 00:24
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- cosmic gumbo
- Mar 26, 2005
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I hope this doesn't turn into a wedding derail but BWM: not paying your photographer $150, lose a 1 million dollar lawsuit
https://www.washingtonpost.com/news...m=.6dba929970a5
quote:An autumn affair at the Petroleum Club in downtown Dallas, the union of a full-time beauty blogger and the love of her life, appeared to be a gorgeous thing — marred by one misfortune.
Three months after the ceremony, in front of a local television crew, Andrew and Neely Moldovan showed off a box of empty picture frames.
Their photographer was withholding the images, they told NBC affiliate KXAS in January 2015, and was demanding an extra $150 when they’d already paid thousands.
“It’s heartbreaking, because, you know, these are our memories,” Neely Moldovan said.
And many agreed.
“Wedding photographer holds couple’s pictures hostage,” blared the Daily Mail a few days later.
The Moldovans’ sympathizers descended on photographer Andrea Polito’s review pages, calling her a scam artist, or worse.
Her reputation was ruined, her business dried up and she closed her studio.
And then the story changed.
Polito sued the Moldovans, claiming all they ever had to do to get their glossies was fill out a form, choose options for their wedding album and pay a small charge they had long known about.
...
But a judge let the case go forward. And on Friday, the jury sided with Polito, whose complaint described the couple as “dead set in their pursuit of publicity and public shaming.”
After an afternoon of deliberation, a majority of jurors agreed that the Moldovans had defamed and disparaged Polito and her studio, and conspired to do so. The total price to make good was just over $1 million.
It’s not certain that Polito will ever see the money. Her lawyer, Dave Wishnew, said he expects the couple to challenge the verdict before a judge orders them to pay.
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Aug 1, 2017 20:14
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- cosmic gumbo
- Mar 26, 2005
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From the stock trading megathread:
I think the much more common scam was selling the new dinar (not from Saddams regime) and also saying that it would assume the the value that it had in ~1979. E.g. the 25,000 dinar bill they bought for 20 bucks would be worth 80,000 USD.
And the Zimbabwe dollar scam was spun off from the iraqi dinar scam after the scammers realized they had a captive audience of total retards that would buy any currency they told them to, at a massive markup. E.g.:
http://ireport.cnn.com/docs/DOC-1258844
tldr this woman spent her life savings (like 12 grand) to go to Zimbabwe in order to redeem the 800 bucks of zimbabwe dollars she bought off ebay for their 1.2 trillion dollar USD "real value."
"We had also expressed extreme desire to invest in the country through charitable foundations and organize our own as we have been tracking the suffering of Zimbabwe's people"
I.e. after they gave her 1 trillion USD she would invest some of that money back into Zimbabwe charities.
We have spent our life saving and have been Bullied, Stomped on Shoved around and told we have NO rights..
Our long term speculative investment was legal and confirmed exchangeable during this demonization process of the ZIM dollar yet again confirmed at z$35,000 to every $1 USD on the news reports as by the RBZ itself.
The International monetary forex rates z$1
To USD $0.002.
That'd mean her demonetized 100 trillion zim note, purchased on ebay or amazon for anywhere between 5 and 25 bucks as a novelty, and never worth more than 4 or 5 bucks back when it was legal tender, would be worth roughly 29 million dollars. And she'd bought enough of them that it added up to over a trillion USD.
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Aug 31, 2017 17:07
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- cosmic gumbo
- Mar 26, 2005
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It's hard not to bold this whole post.
https://np.reddit.com/r/RealEstate/comments/70fpyw/my_bf_and_i_are_buying_our_first_house_together/
quote:Like I said, we're looking at one that is only about 1/3 higher than our budget called for. But this house is adorable and absolutely perfect. I've already shown my mom and sisters and they agree with me. It's basically everything I've ever wanted and it's not even that big but I'm ok with that. The inside is completely redone too.
Bf however is skeptical and is only interested in a few that are pretty drab tbh, although fall right in the middle of our budget. None of them are good enough to actually live in though, not even for a short time before upgrading. And he knows how I feel about this. I also hate hate hate moving and all the lost expenses to hire movers who inevitably will break things anyways.
So the plan is what my mom and realtor refer to as "growing into it financially." My bf is looking to get a decent raise in a year or two depending on how things work out with his boss. And it would put our income right where it needs to be for this home. A home is an investment, and real estate usually goes up. So it would be a lot better to get this house now than wait two years and get one similar that will probably be a lot more expensive. It's like getting into an investment early. It's also an investment in our relationship. But from a logical standpoint, it's the financially wise move, so our home can grow in value and we'll look back knowing we got it on the cheap. I've already explained all of this to him.
He's worried about "stress" because in order to make the mortgage payments work he'd have to cut back on most unnecessary luxuries he does in his spare time. I'm already pretty thrifty and have agreed to going out to dinner only twice a month and on special occasions. With a little hard work and wise spending the numbers do work out and we'll be able to make the payments on it. The problem is he's thinking short-term and being "financially stressed" as he says and I'm looking at a long-term investment opportunity for the both of us.
Please tell me in better ways than I know how to say about the advantages of working hard and making sacrifices when you're young for long-term financial gains.
On a second note, I've told him we're going to both be on the deed, or title, or whatever it's called since we're doing this together as a couple. Due to some medical and legal issues I'm not actually able to work and don't have credit to get a loan, we're on a single income but I'll be supporting the home. He told me it's not really necessary for me to be on the title since he'll be paying and taking out the loans, but there's definitely an advantage to both people being on it I'm sure. I'm assuming it's better for taxes, or if something happens to one of the people the other has the legal ability to make decisions or whatnot, but please let me know all of the advantages of having both people on the title.
I'm currently living at home and it's getting old fast. He's only in a one-bedroom apartment right now while we've been saving for the down payment and it's frankly too small for the both of us. So we're trying to get this done fast. And I don't know how long this gem is going to last for if we don't make an official offer soon. My realtor suggested we even offer a little above asking price so it doesn't get taken by someone paying with all cash.
I'll be showing him all the best replies directly, I'll print them.
Thank you.
tl;dr Looking to make a long-term housing investment that we'll grow into financially. Bf is on the fence and I'm giving him all the reasons why it makes the most sense financially. Also looking for the advantages of both of us being on the title to help him make his decisions.
Edit: We're in the USA
quote:
[–]BfWants [S] -4 points 11 hours ago
I'm committed in this relationship and we're doing this together. That's how it works.
My mom has her own house with my dad and my sisters have their own things going, none of them are apart of this besides my real estate agent who is a good friend of my mom's.
quote:
I didn't pay my credit cards because I didn't have any money. Not because I was unorganized with the bills.
I'm more organized than he is and I'll be taking care of the finances so he doesn't have to worry about them.
quote:
I'll be in charge of making sure the automatic payments are done right, and that will even leave me time to focus on other things related to the house.
Also, the repairmen aren't going to accept automatic debit payments obviously, there will be a lot of check-writing and balancing.
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Sep 17, 2017 03:16
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- cosmic gumbo
- Mar 26, 2005
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Good news: the high-end horse market has finally recovered from the great recession.
https://www.bloomberg.com/news/articles/2017-09-28/risk-on-trade-reaches-horse-market-as-500-000-colts-sell-fast
quote:The bull market that has spread in the U.S. from stocks to junk bonds to real estate has now made its way into a more obscure corner of the financial world: thoroughbreds.
In the Keeneland auction ring in Lexington, Kentucky, demand was so robust this month for the most blue-blooded of young colts and fillies that the half-million-dollar price mark was tripped again and again.
Forty-seven hit that benchmark level in the first day alone, including one filly that went for $2.7 million to a group of Irish breeders. And by the time the final gavel fell on the two-week auction, that number had climbed to a decade-high of 119. In total, 2,555 horses were sold for more than $300 million, setting an average price record of $120,487.
It’s been a slow climb back for the thoroughbred market since it collapsed amid the panic of the global financial crisis. (Lehman Brothers declared bankruptcy right in the middle of the 2008 edition of the Keeneland sale.) Half-million-dollar purchases sank to a post-crisis low of just 28 in 2010 before rebounding to 60 by 2013 and 93 last year.
“The horse business in general, while it is a business, there’s an element of luxury goods to it as well, especially in the upper echelon of the market,” said Doug Cauthen, a bloodstock agent based in Lexington. “So it has to be the people that have wealth feeling like they can go out and spend it.”
The return to the market this month of some of the big buyers of yesteryear who had backed off during the crisis -- including Dubai Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum -- suggests the rally isn’t over, Cauthen said. “It’ll continue, bar an economic downturn.”
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Sep 28, 2017 17:34
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- cosmic gumbo
- Mar 26, 2005
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https://www.reddit.com/r/personalfinance/comments/7acy28/should_my_friend_borrow_out_of_their_roth_401k_to/
quote:Should my friend borrow out of their ROTH 401k to pay off massive CC bills?
So a friend just confided in me they have racked up ~40k in credit card debt across a few cards, as well as having ~40k in student loan debt. Annual salary is ~100k, most of the CC debt was taken on before getting this job. Monthly FIXED expenses (rent, car, insurance, etc) are a little north of 2500 (they live in an expensive city and this will be difficult to reduce in the near-term)
https://www.reddit.com/r/personalfinance/comments/7a4oxs/brother_constantly_using_mothers_ssn_for_quick/
quote:Brother constantly using mother's SSN for quick cash loans
My brother is repeatedly taking out quick cash type loans using his own mother's social security number. My other siblings and I wanted to contact police after it happened last month, but Mom begged us not to. She only found out about the loan when she started getting harassing phone calls about it. He scrounged together the money to pay if off (in person, with Mom present) with the understanding that this can never happen again.
Mom calls me today to say he has done it again. She discovered a new loan for $1,800 or so on her credit report.
I know she needs to report the identity theft online, but can anyone offer some insight as to what will happen if she reports this to the police? Since we know who is doing it, does it change the process?
Is there anything she can do to stop him from using her social? I have read the PF Wiki about freezing your credit, but unfortunately she is trying to move to a senior apartment complex and is worried they won't be able to pull her credit to approve her application.
Edit: will be adding more details in the next couple of hours! (By 9pm central) Last I saw this only had 6 comments...thank you all!
Edit 2: Before I add some more details for the curious, I wanted to confirm that Mom did contact the police department and they came to her apartment to take a statement. We will be helping her through the process of freezing her credit. Thank you all so much for your advice!
My mom is 76. She has been divorced for decades and lives solely on her social security payments. She has no debt, other than the loan issues from my brother.
The son in question, her oldest, is 54 and has a long record of being an awful person. He was employed at a Check N Go type place in 2010 and was arrested and charged with forgery and two counts of fraud for (I believe) taking out loans in customers' names who did not request it. All of those charges were listed as felonies, it seems, and I have no idea how he is not currently in prison, nor ever went for more than a few days. I just pulled his criminal record and it does appear he was found guilty of all charges. Excuse my ignorance on how all of that works.
I do not believe there are any drug addiction issues, but with him being so estranged from the family it is hard to say. I know he seems to spend money extremely frivolously - constant new cars, a new Harley last year. He also posted a gofundme to FB a few months ago to help pay for 'legal troubles' that seem to be related to an ex-roommate and her young daughter. It is possible he is having more than his usual money problems in relation to that mess.
I believe another issue with my Mom hesitating to press charges initially, is that my brother is in fairly poor health. I'm sure she fears he would not survive long in prison. Again - she did contact police this evening and they took a statement and got his information. We'll see where things go from here.
https://www.reddit.com/r/personalfinance/comments/7acft3/scammed_11k_what_do_i_do_now/
quote:Scammed 1.1k what do I do now?
Okay, I know I acted stupid I just wanted to help out. I was walking home from school when these two ladies seemed like they really needed help and asked if I could cash in their paycheck and take the cash deposit out. They said they worked in an elderly home nearby and had their wallets stolen. One of them was a single mother who lived paycheck by paycheck to support her and her son and the other was barely getting by on her rent. I felt really bad and just wanted to help out (yes I know I’m dumb). I figured if the checks went through, there shouldn’t be any problems. The checks went through the ATM, which totaled out 1.2k. We exchanged numbers since the money wasn’t yet readily available but they took whatever cash I had in my account which was 400. Later that night one of them kept calling me to pick up the rest of the money and their money did deposit so my account had 700. She wanted all 700 but I told her I needed some money myself. I gave her 500 so she could pay her rent (she doesn’t have my address we met at a nearby place). It turns out all the checks got bounced. I don’t even think these were actual paychecks anymore. My accounts frozen right now and I’m wondering if I look really suspicious to the bank. My balance right now is like -800. I don’t know what to do.
UPDATE: I texted her, telling her the rest of her money’s been deposited and that we should meet up soon. She wants to meet up soon. Should I go to the police station?
Update 2: On my way to the police station
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Nov 2, 2017 20:07
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- cosmic gumbo
- Mar 26, 2005
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- GRIP
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https://www.reddit.com/r/relationships/comments/7ak8dr/me_34m_with_my_wife_35f_10_years_we_are_taking/
quote:Me [34M] with my wife [35F] 10 years, we are taking our first vacation since having kids (8 years). She insists we take separate flights which will cost up to $1000 extra. She's afraid of a crash but this means we have much less money to do stuff on the trip
Hello everyone, using a throwaway.
My wife and I are about to leave on our first vacation since we've had kids 8 years ago. We've planned for over a year and we leave the Sunday before thanksgiving. Both sets of our parents are coming to our town to have a huge thanksgiving and get the kids to school while we get some time away. We are heading to Hawaii and while we are not "scrimping" by any means, we aren't super wealthy people and we are having to look for deals in order to get to do everything we want to do.
Over the weekend my wife aparently talked to her best friend who imparted on her that we NEED to take separate flights because if the plane were to crash our kids would be without both parents. I actually thought she was kidding at first and made the mistake of saying "that's so ridiculous it's not even funny." She got really mad at me and didn't speak to me until Tuesday morning. I realized that she was really upset so I started looking into changing the flights.
Basically for us to get there on the same day it would cost us $1094 extra from the tickets we've already purchased. There are other options but the option that's affordable would mean one of us would miss about 4 days of the 10 day vacation.
She is insisting that this is so worth it to her that she's willing to forgo some of the activities we had planned (stuff I was really looking forward to doing like scuba and surf lessons, even a helicopter ride).
She is unwilling to bend and every time I tell her how safe it really is she gets really mad at me and even broke up a coffee cup this morning she said she was so tired of hearing my "bullshit."
Do I need to just bite the bullet and exchange one ticket and make her happy?
tl;dr: My wife and I are going on our first vacation in 8 years. she is insisting at about the last minute we get two separate flights in case of a plane crash. Should I just buy the ticket despite the cost?
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Nov 3, 2017 18:09
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- cosmic gumbo
- Mar 26, 2005
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Me [47 M] with my wife [45 F] 16 years married, her family asking us to go in on a joint investment. She wants to and I don't.
https://www.reddit.com/r/relationships/comments/7bbz4w/me_47_m_with_my_wife_45_f_16_years_married_her/
quote:My Wife's brother is asking us to go in with other family members to buy her parents spare cottage on their property to give the parents some liquidity.
The bank loan will be in her and her siblings names (not the respective partners). As I am the main breadwinner I would have to service the joint loan for her.
I do not want to be told how to invest my money esp. when I have little spare after my own costs. We already have our own hefty mortgage and have 3 young children (15, 13, 11). I currently pay 85% of all our costs and she the remainder.
I am the only one out of ten siblings and respective partners who is baulking at this. They feel that there is money to be made by renting out the house on 'Air bnb'. My wife is furious with me that I never join in on her families joint ventures. There was once a race horse that they all purchased (except for me) - another story!
My Wife in her anger said to me that she needs to be involved in this as it is part of her inheritance. I pointed out that it didn't seem fair that I pay the loan and her name is on the investment. Come to think of it, our house is in her name and I pay the loan (security reasons), I pay for her car and it is in her name etc.
My wife really has no money sense and wants for nothing as I give her want she wants. But this seems to be a big ask. Family gatherings will be awkward if I am the only one not involved. My wife's brother, the instigator and eldest sibling (47 M), is seen as a bit of a 'hero' by her family so what he says goes! Kinda guy that orders the wine on behalf of others at a restaurant and you don't get a say!
Greatly appreciate some advice. I feel my choice is to say 'ok, Let's do this' or 'I am outer here, let's see how you handle things without me' - How do I handle this?
tl;dr: Wife's brother wants us to go in on an investment with her family. Investment will be in her name but as the bread winner I service the loan. She is in, I am not. Big problem.
1. I really want the horse story.
2. At least this guy is smart enough to realize that this is a bad idea.
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Nov 7, 2017 16:53
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- cosmic gumbo
- Mar 26, 2005
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IMA
- GRIP
- N
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Original post deleted but comments here: https://www.reddit.com/r/relationships/comments/7dbn9y/inlaws_want_husband_and_i_30s_to_gift_a_property/
In-laws want husband and I [30s] to gift a property to SIL [28F] and her fiance. Husband agrees but I am torn.
quote:I'll try to lay everything here as objectively as possible. I'd just like some feedback on this situation as it's been a private family affair so I haven't been able to talk about it to real life friends.
So husband and I (15 years married) bought an investment property 10 years ago along with our in-laws. We split it roughly 60-40 between us and the in-laws in terms of down payment, and resulting mortgage has been us alone. We have only a few years left (as we've paid relatively high rates throughout for a short-term).
We bought this property at a time when the market dipped and we thought it'd be a good investment. In-laws wanted in as well and we combined assets to purchase what we thought would skyrocket in value later on. We were right and our property has nearly doubled in value now (although it is still a relatively small place).
Well, 4-5 years ago my SIL and her boyfriend were looking for a place to rent. In-laws suggested our house and SIL was interested and we eventually gave her a very, very good rate (as she earns a lot less than in-laws or husband and I). She's been a very good tenant, always paid rent on-time, fair with maintenance requests, etc. over the years.
So recently in-laws sat husband and I down to talk about the property. They want to basically transfer their stake to SIL and her fiance as an upcoming wedding present, and they want to ask us to do the same, which would essentially make the house a big present for SIL. Their reasoning is that SIL and her fiance's future earning power will be much, much less than husband and I or them, and they want to make sure their future is taken care of to an extent. Based on SIL/fiance's own earnings, it would take them decades to buy their own place (SIL has a medium/low-paying job, but her fiance is legally disabled and relies on disability welfare) so I completely get where in-laws are coming from.
Husband is way more lenient and he's willing to take the loss, but I'm conflicted. It's true that we earn a lot more than his sister, and we're genuinely not hurting for money, but the house is still a huge asset that I've always assumed would yield us huge turnover one day. We own the house we're living in right now, but I've always imagined selling our investment property and using our share of cash to add to a downpayment on a larger home (that we'd like to buy in the next 5 years as our kids get older). There are literally a million things we could do with the money to improve our lives, but I guess we don't technically need it.
However, my husband believes we should just let this one go, as he is also concerned for his sister and wants her to be set up for life. I guess a selfish part of me also feels like it's too large of a gift? I'd be happy to let them live there on discounted rent, but gifting the property as a whole seems too much. Part of me also resents the fact that I had used my own savings (from before I got married) to put into the house, and that was money I could have used to do so many things in my 20s. Instead, I sucked it up and saved money because I imagined it would eventually pay off.
How should I approach this with my husband? Do I have a right to say no to this, or should I just let this one go like he said? Am I being selfish/stingy?
tl;dr: In-laws want husband and I to gift a property to SIL and her fiance as a wedding present. Husband is onboard but I'm not so sure. We're not hurting for the money, but it's been a long-time investment that I've been anticipating for a long time.
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Nov 16, 2017 19:01
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- cosmic gumbo
- Mar 26, 2005
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IMA
- GRIP
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A few years ago after our mom passed away we had to do something with her car. We offered it to our youngest sister since she needed a car and was just starting college but she decided that she needed a brand new car and didn't want it. We sold it to Carmax and went on our way. A few months later she leased a Honda Fit and borrowed $4,000 from our dad as a down payment. We all told her that was a dumb thing to do but people that are bad with money tend to be really stubborn.
Her lease is up in December and she decided she can't afford the car payment (still in college, sort of, even longer story) so she plans on giving it back to the dealer and this time buying a new car and financing it so the monthly payment is around $200 a month.
I am thankful every day she is not into horses or MLM schemes.
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Nov 21, 2017 20:17
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- cosmic gumbo
- Mar 26, 2005
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IMA
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I'd put an asterisk on "don't buy a new car in 2017" with "except a Honda Fit". Great value, inexpensive car, and holds value on the used market really well.
In all fairness, Honda FITs are up there in the least bad with money cars possible to drive and short of great returns on speculative investment vehicles the best possible with money (BPWM) new cars to buy, high reliability, highly desirable compact Hondas that depreciate almost linearly and are frequently sold with great manufacturer incentives.
This may be true if you buy but a 20 year old leasing a car for 3 years with no plan on how she is going to pay for the car once the lease expires is certainly BWM.
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Nov 21, 2017 22:58
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- cosmic gumbo
- Mar 26, 2005
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IMA
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All this horse talk reminded me of my former colleague. In high school, she raised and trained show horses as a hobby in southern Illinois. I think she had a stable of four to six horses. When she went to pharmacy school, she sold off four of them to pay her way through school. Ended up with half the debt load of the average student.
I asked her why she was so quick to sell off presumedly cherished horses. "They're work animals. They either work for me or I sell them to someone who makes them work." I naively asked who would pay such a price for a show horse. She looked me in the eye. "Never underestimate girls and horses."
The answer to "If it wasn't for my horse I wouldn't have spent that year in college".
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Dec 12, 2017 17:23
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- cosmic gumbo
- Mar 26, 2005
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IMA
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https://twitter.com/lordbeef/status/942860814377037824
Fool proof retirement strategy.
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Dec 18, 2017 22:04
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- cosmic gumbo
- Mar 26, 2005
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IMA
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The color scheme is triggering me
For me it's the poorly drawn pyramid sections:
https://twitter.com/frknbns/status/942862797066645511
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Dec 18, 2017 22:23
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- cosmic gumbo
- Mar 26, 2005
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IMA
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My [27F] bf [26M] wants to quit his job to drive for Lyft
https://www.reddit.com/r/relationships/comments/7nkhyj/my_27f_bf_26m_wants_to_quit_his_job_to_drive_for/
quote:
My bf and I have been dating for a year, living together for 3 months. We live in a big city so rent is not cheap. I make almost double what my bf does so I end up covering more rent than him and covering all of the utilities. This is almost one full paycheck for me (I am paid every two weeks). I am very lucky to have had the privilege of getting a college degree and I have a fairly good job in my field. But because of the costs I’m covering each month which also include any entertainment costs, all meals out and groceries, and my student loans, I live pretty much paycheck to paycheck.
My bf does not have a college degree and has worked mostly retail jobs his adult life. Recently I got him a job at my company. While it’s low on the totem pole, he makes more money than he ever has and has the opportunity to move up in the company despite his lack of degree. He was told that if he continued at the company in his current position for a year, he could move into a better paying position in a department he expressed interest in when he was hired. We got into a big argument tonight because he wants to quit and drive for Lyft. He’s unhappy at his current job (which I get, I wouldn’t really want to do the job either) but I’m upset because if he sticks it out for a year he has a chance to build a career in a new field without a college degree which isn’t easy to do. There are a lot of people in my company who have come from his department that are now in great jobs because my company likes to do a lot of on the job training and promote within. I told him that Lyft is too unreliable and I’m upset because I’m already pulling so much financial weight and now he wants to quit to take a gamble of a job where we have no idea if he would even make enough for rent. There’s also no upward mobility with this and he’s back at square one. I just feel like he doesn’t understand that you have to put in the grunt work to get a good job. My current job didn’t just fall into my lap. I worked retail jobs to help pay for rent and college and worked jobs I hated outside of my field before I found this one.
Am I being unreasonable here? Am I being blinded by my cushy job to get where he’s coming from? I don’t want him to be unhappy which he is in his current position but I also feel like it’s way too much pressure to take on the financial burden if he quits this job; I’m already struggling as is. It’s also really hard to imagine a future with someone where I’m taking on most of the finances all the time. I want to have kids someday and we definitely couldn’t afford a kid with how things are currently going.
Edit: I also want to add that he does pull his weight in a lot of nonfinancial ways. He cooks probably 75% of our dinners, packs my lunch often, does a lot of cleaning, etc.
TL;DR Bf wants to quit job where he has a chance to move up for a job with unreliable income, putting more financial burden on me.
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Jan 2, 2018 17:16
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- cosmic gumbo
- Mar 26, 2005
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IMA
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My (25f) fiance (25m) of 3 years lost his entire savings betting on the NCAA tournament (about $30000). This isn't "my" money but I have to leave him right?
https://www.reddit.com/r/relationships/comments/85slpf/my_25f_fiance_25m_of_3_years_lost_his_entire/
quote:I know this is a dumb question and the answer should be obvious but I've never been in love like this and I never saw this coming from a million miles away
My fiancé decided he was going to bet all the early round "easy wins" in order to make some extra money to buy a new jeep. Well he lost 4 big games and then chased it and lost everything. This was all the money he had saved from working and a small inheritance.
He's devastated, and I think sinking into a deep depression. I'm personally disgusted with him but I'm trying to be sympathetic. The only consolation I can come up with is that he didn't blow "my" money and maybe he learned his lesson. But the counter is he went through $30000 in less than a week gambling.
I feel like I have to leave him but I love him so much it hurts but I don't know if I can get past this and would panic about him ever handling "our" money.
What should I do?
Tl;dr: fiance gambled away $30000 on basketball.
Based on the comments it looks like he bet large sums on favorites with low payouts and lost.
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Mar 20, 2018 15:12
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- cosmic gumbo
- Mar 26, 2005
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IMA
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Should I sell my bar of gold in order to invest with my uncle who provides an average of a 9% ROI? Location NYC
https://www.reddit.com/r/personalfinance/comments/85uc1c/should_i_sell_my_bar_of_gold_in_order_to_invest/
quote:Edit: my uncle manages the families money and gives out mortgages and loans. He gives out 9% ROI every year to the family. This is brokerage is located in Canada. I already have $131k with him so this would add to that money.
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Mar 20, 2018 22:13
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- cosmic gumbo
- Mar 26, 2005
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IMA
- GRIP
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https://www.reddit.com/r/relationships/comments/86h39l/me_27f_with_my_husband_29m_moved_to_horse_farm_my/
This is a long one. Quoting all of it in case it gets deleted
Me [27F] with my husband [29M]: moved to horse farm (my dream!) after 1 year of marriage; he wants to get rid of the horses in a year or divorce
quote:tl:dr: husband of two years dropped that he is no longer interested in having horses and doesn't want to live on our property once we can move in ~1 year. I have to choose - keep the horses and end up divorced or give up my life's hobby/passion for my husband
My husband and I ran the numbers last spring and decided to move to a horse property; because of our age and finances, an acreage we could afford and both (at the time) found suitable involved commuting an hour or more to our workplaces each way. Our previous townhouse still required us to commute (45 minutes or so each way, me longer than him) and the horse boarding situation was very expensive and rather unsatisfactory in the care department.
We bought the property we did knowing it needed a bit of work in the barn department; the list of projects grew after we discovered the land is extremely wet and needed drain tile to prevent knee deep mud for weeks after a rain. Then we needed more storage.. and then something else. The previous owners (who were getting divorced, oh the irony!) had not done a lot of property maintenance and had made some decisions that screwed us over more than we anticipated. The first summer of our farm life was very long and full of hard work. All of our projects ended up busting their budgets. We are currently in debt, and the plan to pay it off will take 1 year, though through the virtue of 0% interest, it is not going to grow.
This fall my husband lost his job, but got a new one with a great salary (95k + 1100$ a month in teaching salary from 65k. I did and still make 60k). Excited about his new job, he kitted out a home gym in our basement (which, for the record... he has used once), his home office which he uses 3 or so days a week most weeks, and traded in and purchased a new truck. The truck ended up having a higher monthly payment than he told me when we had discussed it, but I gave in because he seemed utterly enraptured with the vehicle. The job loss derailed my debt plan and changed up our budget, and basically left us tighter than we were previously.
He works and teaches, and doesn't seem to have much in the way of hobbies or interests beyond his industry (network security) and watching tv; he had been into the gym when we met but that ceased almost immediately once we began dating. He purchased a long distance rifle last summer for 2k, stating he wanted to get into shooting, but has only fired it once. We also have hunting dogs, but he does not hunt them except for a single weekend at a hunt club so far, which was financed by a wealthy friend.
As for me, I've had horses since I was 14 and have been riding a large portion of my life; I had horses and was very dedicated to competing and training when we met, and he was supportive and came along and learned as much as he could (had to stop learning to ride due to 3 consecutive knee surgeries) and helped care for my two horses. I have basically ceased competing but have really enjoyed training since we were married, mostly due to the lack of finances, and have also started a small business doing equine photography, which is usually the income I used to take lessons or go to shows. My day job is a salary and doesn't evoke a lot of passion or interest from me, but it's money. I am actively looking for a more lucrative position, but don't love what I do.
On the farm, I do all of the horse care, which is about 1-1.5 hours per day, depending on the weather and how messy the horses were. Come summer, they will be out which will lessen the required work each day. I also did 90% of the mowing and other maintenance; my husband did the projects with help we hired or family assistance. I spend about 300$ a month on bedding and feed for our small herd now, of 3 horses and a donkey, and we spent about 2200$ last summer on hay - I am selling some of this at a profit currently as we over bought. This seems much better than the 960+$/month + extra feed and general care costs we were spending on care per month for two horses, and I don't have to deal with any of the issues of having people who don't care (or teenagers) not caring for my animals as agreed to with barn management. There are other costs involved with having horses - vet, farrier, etc - but those are items we now save for monthly in our newly re-implemented budget.
My husband is coming off of a 5 week engagement of certification course teaching, where he teaches 3 week nights after work (instead of 1) and all day Saturday. He took this engagement to help make money to pay down the debt, and it will help immensely. I've been doing all of the animal care (dogs, horses), plowing, shoveling, cooking, cleaning and laundry. Outside of this recent schedule, I still did the majority of these things but he was slightly more able to care for himself.
However, he called the other night on his way home from teaching and informed me of the following:
He is tired of "living poor"
He is tired of seeing no return for all of the money he makes
Living in the country does not bring him joy; he hates commuting and hates our house (which admittedly wasn't constructed very well, like many houses)
He resents that I am always doing chores and not spending time with him
He is never going to be ok with spending so much money on horses, which does not bring any returns or value to his life
He also said "If you made 120k, we could discuss, but you don't"
And basically has given me an ultimatum/decision: get rid of the horses when we can move in a year or so, or get divorced in a year or so. He has talked about divorce before; it seems to be his go-to strategy for whenever he is unhappy or doesn't feel like our relationship is what it should be, but this time he wasn't yelling, which makes me more apt to "believe him" and think this is not just him having a tantrum because we aren't having enough sex.
I don't want to choose; I want to choose option #3, which is move to another property that doesn't have issues and is closer to hubby's job and continue living my dream. Riding horses (though lately haven't had a lot of time to do so) brings me immeasurable joy and is very beneficial to my mental and physical health, ability to cope with anxiety and generally makes me a nicer person to live with.
What would you do, and any advise to remedy the situation in the year to come so I don't have to decide?
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Mar 23, 2018 14:52
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- cosmic gumbo
- Mar 26, 2005
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IMA
- GRIP
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Fiancés mom spent $1100+ on her (my fiancés) credit card, without her knowing.
https://www.reddit.com/r/personalfinance/comments/86kuuo/fianc%E9s_mom_spent_1100_on_her_my_fianc%E9s_credit/
quote:First of all I just want to say I cannot make this up. My fiancés brother just went to jail for shooting a B.B. gun at a Taco Bell window because they didn’t give him “the correct change”, very stupid I know. Her mother asked her to co-sign on a loan to bail him out, obviously she said no. Her mother had one of her credit cards and has apparently been using it for months without her knowledge. A lot of charges on the card talking to her brother in jail is how we found out. Recently she tried to get it back and her mother wouldn’t give it to her. She originally had it to “help build her credit” about a year ago. I didn’t know about this. The statements have been going to her moms address from where she lived before we moved into our own place. Her mother finally gave the card back yesterday and the balance was over $1100+. She also asked my fiancé to do a cash advance for almost $2000 to help bail him out and we said no. Now she’s saying she will not pay for the balance on the card and has blocked our numbers. Because we won’t bail him out of jail. We have called the bank and closed the card. Reported it to the fraud department and will file a police report if no response from her mother within the next few days.
I would like to add it is just her name on the card, not her mother’s. I did not know about this or I wouldn’t have let it happen. She trusted her mother too much I guess.
Has anyone experienced something similar to this? What are our best options?
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Mar 23, 2018 19:03
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- cosmic gumbo
- Mar 26, 2005
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Wife and her sister inheriting father's home with $240K mortgage. We'll need to refinance to keep it. Wife's sister's finances are a mess. [USA][MA]
https://www.reddit.com/r/personalfinance/comments/8coggd/wife_and_her_sister_inheriting_fathers_home_with/
quote:tldr; I'm seeking info about how to handle refinancing a mortgage on a property soon to be inherited by my wife and her financially irresponsible sister. It's a property we want to keep since it's been in family 3 generations. I need help with the following questions: 1. When it comes to refinancing, how might my sister in law's lovely finances affect the outcome? 2. How should we use a $100k life insurance payout to help augment payment of the mortgage? One lump sum before refinancing to reduce remaining mortgage or to buy us time, using it for monthly payments, until sister in law gets her act together to help out financially? 3. The FIL's 2nd wife gets to stay in home as long as she wants after his passing, despite it going into my wife and her sister's names. How do we ensure the 2nd wife helps with mortgage until she leaves the home?
LOTS OF DETAILS BELOW: My father in law is terminally ill and will pass his home to my wife and her sister. It's a nice beach cottage that we want to try to keep since my wife and her sister will be the 3rd generation in family to own it (re: sentimental value). I have only been a part of a few discussions about this and know probably 90% of the details. My wife and her sister will look at me to eventually help with all the financial aspects of this inheritance because I did all the mortgage research, purchase leg work and manage a rental property my wife and i own. However, the sister in law here adds complexity to all that
About the home: It's worth close to $1 million and is located on the water in a beach town. It's a nice beach cottage that my FIL and his second wife have been living in full time for last 8 years. Upone my FIL's passing, the home will be placed into a trust, managed by his 2nd wife (which scares me) and the named trustees are my wife and her sister. The home has about a $240K mortgage left on it with a $2900 monthly payment. Taxes are $11K annually. My FIL also has a $100k life insurance policy payout that will go to my wife and her sister; he has been pretty clear this is to help with the mortgage left on the home.
My wife and I make great salaries but are not in a position to pay $2900 per month for this home. We rent a vacation property in VT that we hope to use for ourselves someday when we have kids in addition to living in Boston and paying a ton of money for rent. We are financially comfortable before inheriting my FIL's home.
My wife's sister is a different story. She's younger than my wife (27 years old and 31 years old), still lives with her mother, after having to move out of her boyfriend's place after a nasty breakup. She is about to lose her job at an insurance broker because the work environment is toxic and she suffers from some anxiety issues that cause her mental anguish by high stress situations. She has a degree in art. I try to be empathetic to her situation in life, but do not want any legal or financial ties to her (nor does my wife). She's a disorganized, impulsive person who can't manager her own simple finances. She believes the $100K insurance policy is free money to be split in half with my wife and then spent however they want to; she does not see it as a way to help with the house. When you try to help her with them, her anxiety takes over and she flips the gently caress out...really not a person I want financial ties to and not someone who is any position to help with mortgage payments.
When this house and mortgage come to my wife and her sister, they (and now me) are on the hook for the mortgage. We will have to refinance to be able to afford it. And here's more poo poo to add to this pile: the 2nd wife gets to stay in it after my FIL passes until she decides to leave. The 2nd wife shares a lot of the same traits as my sister in law: terrible with money, impulsive, and suffers from anxiety issues; she's 57 and "retired" when my FIL did and refuses to go back to work in financial product sales which was a well paying job (6 figures). Oh, and the cherry on top of this pile, her daughter from her previous marriage is a 23 year old heroin addict and has a 15 month old baby that the 2nd wife is forced to take care of. The heroin addict daughter is not in the home, but in and out of rehab centers.
So, I need to help my wife and sister figure out how to make this all work. My wife and I are willing to maybe move into the home for a time and suffer through 1.5 hour commutes. We also could rent the home out and do very well covering the mortgage, but can't rent it while the 2nd wife is occupying it (with a toddler). Wife and her sister will not sell home (which I think is the best plan) because of the sentimental aspects. Any other advice besides the questions up top is also welcome if others have had similar experiences.
There is no way this doesn't end with an update where they spend their share of the mortgage and don't wind up with anything to show for it.
cosmic gumbo fucked around with this message at 19:49 on Apr 16, 2018
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Apr 16, 2018 19:37
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- cosmic gumbo
- Mar 26, 2005
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- GRIP
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https://www.reddit.com/r/relationships/comments/8dlvsm/my_22f_future_motherinlaw50sf_is_asking_way_too/
My (22F) future "mother-in-law"(50sF) is asking way too much from me
quote:I have been dating my boyfriend for about 5 years now, so I guess you can say we are in a long term serious relationship that could possibly lead to marriage.
For the past year, my boyfriend's mother has been suggesting different things I should do to secure my future with her son. The first thing she did was suggest that I start a life insurance policy and add my boyfriend as a beneficiary. The agent came to their house and we had a 3 hour long discussion about the different policies and she was pushing me to go for the policy which would cost about $300/month. Although I have a decent paying job, I am in no position to pay that much every month for life insurance when I am only 22 years old. I filled out the application and provided my bank routing and account number for the initial deposit, but I decided not to go through with it right now.
After the whole life insurance policy discussion went away, she started suggesting my boyfriend and I get a safe deposit box together and put our income in there as savings. No way in hell would I do that, so I declined, but my boyfriend went ahead and opened the safe deposit box on his own and added his mother to it.
Now just recently, she has been pressuring us to buy plots in the cemetery as "security," saying that we can sell it in the future if we desperately need the money. She also said that open plots are hard to come by in this specific cemetery so we have to buy it now before it is all filled. Unbeknownst to me, they decided to go ahead and purchase the plots without my knowledge, each costing about $14,500 and we are contracted to 3 plots (one for me, one for my boyfriend, one for his mom). There is also an initial down payment of $5,000 and I would have to pay about $250/month for 60 months to pay off the plot for myself. This whole situation makes me INCREDIBLY upset because they went ahead and did this without my knowledge and I have to be stuck with a stupid piece of land I won't even utilize until I'm dead for who knows how long. The crazy thing is that I'm not even on the deed so if we break up, there's no guarantee I will get my money back. Although $250 a month won't be a huge hit for me, it still makes absolutely NO sense as to why I would need to throw away close to $15,000 when I could use that money towards my new car or down payment for a mortgage.
I expressed my displeasure with the whole situation to my boyfriend but he basically just brushed it off saying it'll be good for our future. Regardless of what happens, I still have to pay it monthly, but how can I prevent things like this from happening in the future when we get married? He comes from a really superstitious Chinese family and is a momma's boy, so he believes EVERYTHING his mom tells him, even if it makes absolutely no sense. Would it also be weird for me to have legal documents involved in regards to the cemetery plots and my payments? I am really close to his family and I am certain they won't do anything shady if push comes to shove, but I do need to my own security.
TL;DR: Boyfriend's mom is trying to make unnecessary financial decisions that has little to no benefits, but claiming it will secure our future. Now I am stuck paying $14,500 for a cemetery plot for the next 5 years and my name isn't even on the deed. How do I prevent similar things from happening in the future? Should I get legal papers involved for the plot?
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Apr 20, 2018 15:44
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- cosmic gumbo
- Mar 26, 2005
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IMA
- GRIP
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I'm a fan of putting your savings in cash in a lockbox that the mom has access to.
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Apr 20, 2018 16:10
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- cosmic gumbo
- Mar 26, 2005
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IMA
- GRIP
- N
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Bought an IHG Vacation Club Timeshare. Did I just make a huge financial mistake?
https://www.reddit.com/r/personalfinance/comments/8k6y58/bought_an_ihg_vacation_club_timeshare_did_i_just/
quote:For context: - 24 y.o. male - never owned a timeshare in my life - gainfully employed >70K/yr - got offer "thru lottery system (only 16k people get it a year)" by having an IHG membership and staying at an embassy suites a year ago, I received a phone call about a $200 stay at a number of IHG hotels (went to myrtle beach) for 4 nights. Overall, nice stay and I received the 200 back after the presentation along with another 100 dollar rebate to use later. - presentation seemed legitimate enough and I think I'm decent enough at seeing thru salespeople's BS
The offer: Vacation Club Timeshare ownership WHICH MEANS you can spend your points on any one of their resorts in the world to stay there or on any RCI resort in the world which costs usually from 50K-100K (half for RCI?) points for a week with a single bedroom. Gold membership, late cancelation/early request, discount on down payment. $3000 down payment and $118/month for 10 years (14.5%) and the grand total is 11,000~ that I can pay the rest off within a year for no penalty. The other fees attached (maintenance membership and taxes) total to around $650/yr This is biennial so I get 100,000 pts/every other year and 50K bonus pts. in 6 months.
Am I stupid for buying this?
EDIT: Thank you for the input everyone, I just got off the phone with them and I'm going back tomorrow morning to cancel it (I bought it yesterday). The idea of paying maintenance and taxes along with membership fees is overboard for me. Hopefully I can get out of this without paying a penny.
Enormous financial mistake
https://www.reddit.com/r/personalfinance/comments/8etlwq/enormous_financial_mistake/
quote:My good friend and his family (siblings, parents) have been in dire financial straights the past number of years but the upshot was always that they owned a rental property in an expensive area that they planned to someday sell. My friend's mother had inherited the property and they planned to eventually sell it and use whatever equity it had to pay off some of their personal debts. A few years ago, the parents decided to sell the property for $1 to my friend and his siblings because they thought it would protect the house from creditors, and the family all lives together and share their resources so what's the harm - it's just a change in ownership on paper, right? It seems they might have miscalculated because now that they're on the verge of selling it, they were told that my friend would owe an enormous capital gain sum (around $100k) because he "purchased" the house for a dollar and is selling it for a small fortune. This all seems unnecessarily cruel to a family that is on food stamps and is on their last leg. What I'm wondering is A) is this true - do they really owe this tax? and B) is there any way to reverse the ownership or remedy the situation otherwise?
Would a home equity line of credit be a possible solution for me?
https://www.reddit.com/r/personalfinance/comments/8h2byq/would_a_home_equity_line_of_credit_be_a_possible/
quote:I am currently dealing with a nightmarish situation at home that has virtually ruined my life. I have a long post history you can look through, but long story short, I own a horse farm that I inherited from my grandmother. My mother remained in the upstairs apartment hoarding 10 dogs and hoarding in general. It has prevented me from being able to open the farm for business due to the way the place would be perceived. Even after repairing everything and buying insurance for boarding horses, there was constant barking dogs, her making a mess, her causing problems overall. Without droning on, it has ruined my professional life.
With that said, I need to come up with $750 as soon as possible to hire a lawyer for an eviction. I'm doing my best to avoid more debt but coming up with work fast enough to pay for the lawyer, plus while trying to pay bills is going to take a while and I need this situation resolved ASAP as it'll take over a month to even get done with the proceedings.
I pretty much have no family that will help me. I may reach out to a couple possibilities but this has been going on for years and they've known so it's likely nobody wants to get involved as usual.
I currently have a run down farm house with 97 acres in New York that I could use as equity. This situation has resulted in debt as you can imagine. It's not an unmanageable amount but it's more than I've had in the past and I'm afraid it probably effected my credit score. That's about my only option for a quick solution. Do you have any suggestions for a place that might help me? Or any other options?
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May 17, 2018 22:03
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- cosmic gumbo
- Mar 26, 2005
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IMA
- GRIP
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Just found out my [30F] best friend [30F] of 10 years stole $20,000 from me.
https://reddit.com/r/relationships/comments/8nnc0k/just_found_out_my_30f_best_friend_30f_of_10_years/
quote:
A couple of weeks ago, I discovered several unauthorised Uber Eats orders on one of my credit cards. I cancelled the card immediately and informed my bank.
While waiting for my credit card company to give me an update, I messaged Uber directly with the full list of fraudulent charges (a total of 688 over 12 months) and they gave me the name of the person who was linked to my credit card. It's an uncommon name, so I knew immediately who had been using it. I also cross-checked certain dates when there was no activity only to find out she had been away during these times, so it is definitely her.
Over the course of 12 months, she spent $20,000 on Uber eats food orders and Uber rides by using my credit card without my permission.
I'm honestly at a loss here and don't know how to bring this up with her.
So- what would YOU do? At the moment, I'm leaning toward ghosting her and letting the bank deal with it, but I don't really want her to get a criminal conviction, which I have been advised could happen.
TL;DR my long-time friend defrauded me of $20,000 on Uber and I don't know what to do about it.
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Jun 1, 2018 04:54
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- cosmic gumbo
- Mar 26, 2005
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IMA
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Oh, poo poo, have we discussed penny auctions yet?
These are loving amazing. Okay, it's like ebay, but the way the auction works is that you have to *pay the auction site money* to place a bid, and each bid increases the price of the item.
Like, the site auctions a $1000 laptop at a starting price of $1, and each bit raises the price of the item by a penny *and* extends the duration of the auction by some interval. To bid, you need to pay a dime to the auction site, just to place the bid. So you pay a dime and bid $1, because getting a $1000 laptop for a payout of $1.10 is an amazing bargain. The price of the item is now $1.01. If someone wants to bid $1.01, they need to pay a dime. But it's a $1000 laptop, bidding $1.02 plus twenty cents for your two bids is still an amazing deal, so you then pay another dime to bid again. Repeat until the $1000 laptop sells for a few hundred bucks but everyone has paid a bunch of money to the auctioneer just to place their bids and all the losing bidders collectively paid well more than $1000 and wind up with nothing.
It's *brilliant*.
Years ago I worked at Chase dealing with credit card disputes. This was one of the top complaints we got on a regular basis. They would pay a few hundred dollars for the bids when joining the site, get mad when they never won anything, and then try to dispute the charge because they didn’t get what they paid for since they didn’t win anything.
Of course what they paid for were the points which they did receive so those disputes were never reimbursed.
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Jun 7, 2018 04:23
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May 18, 2024 09:59
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- cosmic gumbo
- Mar 26, 2005
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IMA
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https://money.stackexchange.com/questions/99097/i-want-a-brand-new-car-thats-43-668-at-17-18-years-old
I want a brand new car that's $43,668 at 17-18 years old
quote:I'm Kyle from Arizona. I'm looking to get a brand new Jeep Wrangler Rubicon that's around 43,000 at 17 years old. I turn 18 in 4 months. I work at one job where I usually make around 1200 a month. Right now I have 600$ in my bank account and I'm not planning to spend any more money at all until I turn 18. The down payment is 10% so around $5,000. The APR of the place near me that sells them is 4.28%. The duration is 60 months and it's around $800 a month.
I'm 17 so I don't have any credit at all. My friend told me to ask my parents to put my name on a credit card to add to their account so I can gain credit when they use their cards? Not too sure how that works. Can someone tell me a good way of going about this so I can try to get that car on or around my birthday?
My mom does a lot of finance stuff for a big company and all she has told me is that I should get a cheaper car, but I desperately need this one and I'm willing to work for it. I'm getting a second job to get more money rolling in. My mom said the only way it would work is if I did a downpayment of 20 or 15k. Also, she said not everyone can qualify for a car like that. What can get me to qualify asap as soon as I turn 18?
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Aug 28, 2018 15:22
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May 5, 2017 17:43
