|
Motronic posted:[URGENT] Found out that my husband owes $73k to the IRS. PLEASE HELP (self.personalfinance)  is literally her only saving grace since they got married 6 months ago and the IRS is not after her
|
#
?
Jan 5, 2019 21:50
|
|
|
|
| # ? May 2, 2024 12:35 |
|
|
She makes $20,000 and has a chronic illness that may keep her from working full time. Her next few years are going to be awful, married to that dingus or not.
|
|
#
?
Jan 5, 2019 21:57
|
|
|
Short video + article: Yahoo: Confessions of a broke financial advisor quote:He once charged his credit card for the down payment on a new car, and also spent his MBA tuition reimbursement checks from his company on a trip to Vegas to see a Madonna concert. He and his partner were spending > $800 / week dining out. quote:“When we pared down our dining out, we saved about $30,000 per year,” Schneider says.
|
|
#
?
Jan 5, 2019 22:24
|
|
|
Motronic posted:Got a friend a disciplinary and went behind bosses back? How to stop this spiraling out of control? Non-Romantic Going over your boss' head to email the board out of the blue during the holidays complaining about your raise 
|
|
#
?
Jan 5, 2019 23:47
|
|
|
Thread is starting off incredibly strong between the raise fiasco and the IRS. good poo poo.
|
|
#
?
Jan 6, 2019 00:37
|
|
|
Motronic posted:No payments have been made (obviously, since he never filed) Not even how taxes work!
|
|
#
?
Jan 6, 2019 00:42
|
|
|
Motronic posted:Got a friend a disciplinary and went behind bosses back? How to stop this spiraling out of control? Non-Romantic This one is breaking my brain so badly that I want to say it's fake, but I know in my heart that it's all too real.
|
|
#
?
Jan 6, 2019 00:54
|
|
|
Subjunctive posted:Not even how taxes work! Multiple Payday Loan RUTTTTTTTTT https://www.reddit.com/r/personalfinance/comments/aczh6c/multiple_payday_loan_ruttttttttt/ quote:Good Morning or Afternoon all!
|
|
#
?
Jan 6, 2019 01:50
|
|
|
I caught some asinine radio show called Bulls & Bears on my drive home. First it started on how to make money in a down market with [surprise] short selling. They described the process of shorting a stock at $21 and covering your short at $13 for a nice return. No where did they mention what happens if the stock jumps to $28 a share. But at least they weren’t talking about trading on margin. 10 minutes later...how you can use 20 to 1 leveraging to maximize your returns. All of this was specifically being marketed to Boomers who can’t recover from the kind of losses they’re likely to experience.
|
|
#
?
Jan 6, 2019 02:08
|
|
|
https://www.reddit.com/r/personalfinance/comments/acy7qb/19k_credit_card_debt/ $19k Credit Card Debt quote:Hi everyone! I've been trying to get my CC debt and budget under control but I haven't had any luck; any advice is appreciated!
|
|
#
?
Jan 6, 2019 02:28
|
|
|
Krispy Wafer posted:I caught some asinine radio show called Bulls & Bears on my drive home. First it started on how to make money in a down market with [surprise] short selling. They described the process of shorting a stock at $21 and covering your short at $13 for a nice return. No where did they mention what happens if the stock jumps to $28 a share. But at least they weren’t talking about trading on margin. Its ok, most brokers make you click a checkbox saying you know what you are doing before allowing that stuff.
|
|
#
?
Jan 6, 2019 03:52
|
|
|
Krispy Wafer posted:I caught some asinine radio show called Bulls & Bears on my drive home. First it started on how to make money in a down market with [surprise] short selling. They described the process of shorting a stock at $21 and covering your short at $13 for a nice return. No where did they mention what happens if the stock jumps to $28 a share. But at least they weren’t talking about trading on margin. Short selling is explicitly on margin already, just not highly leveraged.
|
|
#
?
Jan 6, 2019 04:09
|
|
|
$200,000+ Debt Emergency - Advice Needed https://www.reddit.com/r/personalfinance/comments/acy70b/200000_debt_emergency_advice_needed/ quote:I'm trying to help my brother and sister in-law with what I would describe as a debt emergency. Over the holidays, I sat down with my wife, her parents and her sister and brother-in-law to discuss potential options. At the conclusion of that meeting, we thought we had a best course of action but have recently met with some hurdles. Here's a breakdown of their current financial situation, options we proposed and where we're at now. I wanted to see if anyone here has ideas we haven't come up with yet. Also, I should mention that they have two small children under the age of 4 which is relevant when discussing expenses. quote:Their personal and credit card debt got so high because they were living beyond their means, not living extravagantly by any means but just not watching their money. As the credit card balances grew, they took out personal loans to pay them off but kept spending more than they made every month. They did this until lenders denied them for new personal loans. No one in the extended family knew this was happening until about a month ago and now the situation is dire. quote:$15k of the student debt are Sis-in-law's federal student loans SiGmA_X fucked around with this message at 05:01 on Jan 6, 2019 |
|
#
?
Jan 6, 2019 04:57
|
|
|
Doesn't matter how many examples I see I never cease to be amazed at how badly student loan debt has hosed people in the last decade or so. Up through when I graduated college in the early 90's this was almost unheard of, and probably beyond then. Did it really start going bad in 2005 with the credit act that made them all but impervious to being discharged? I mean, a strong argument could be made that the financial industry, aided and abetted by the government, along with schools raising costs to as much as the new loan market can bear, are the real culprits, but how do people willingly walk in to so much debt, often with so little in return? For the borrowers they are likely the worst loans they will ever take out in their lives, and that is saying something.
|
|
#
?
Jan 6, 2019 05:09
|
|
|
Ixian posted:...how do people willingly walk in to so much debt, often with so little in return? They are children.
|
|
#
?
Jan 6, 2019 05:34
|
|
|
SiGmA_X posted:$200,000+ Debt Emergency - Advice Needed Declare bankruptcy and restructure all the nutty credit card and personal loan debt. The house will be protected in bankruptcy and their housing situation will become very precarious if they start renting and tank their credit. Selling the house to save $300/month and partially pay off a bunch of unsecured debt is crazy since they are probably going to default on all of those loans in the end anyways.
|
|
#
?
Jan 6, 2019 05:38
|
|
|
SpelledBackwards posted:Short video + article: We're "ordinary people" yet being able to send 30k/year on food and not go bankrupt but you should still listen to my advice even though I do the opposite.
|
|
#
?
Jan 6, 2019 06:53
|
|
|
SiGmA_X posted:Dude is a contractor, if he didn't pay anything, nothing was paid...? She said that it was obvious that he didn’t pay because he didn’t file. He could have been paying quarterly, or paid an estimated amount, and never got around to filing the return. I did the latter one year when I was super depressed.
|
|
#
?
Jan 6, 2019 06:53
|
|
|
The real BWM here is the people who keep giving this guy credit.http://ogc.osd.mil/doha/industrial/2018/17-02006.h1.pdf posted:The status of the debts, based on record evidence including Applicant’s
|
|
#
?
Jan 6, 2019 08:11
|
|
|
baquerd posted:Short selling is explicitly on margin already, just not highly leveraged. The way they described it, you short a stock from your brokerage's portfolio and the money from that 'sale' goes into your brokerage account but you can't spend it. Then when you cover the short, the difference is yours. I have no idea how accurate that is because I'm not that kind of investor. The infuriating part was that they kept stressing how you make money whether the market goes up or down. I'm assuming they mean you've hedged your bets and if one of your investments goes down the other goes up. But if you're always losing money when you're making money then you aren't generating a return. Hedge fund managers don't necessarily make money from investments, they make it from fees. Everything they were saying were best case scenarios entirely dependent on you timing the market that's currently being influenced by a loving madman. They also said 401k's are terrible in a down market, which is bullshit because the beauty of 401k's is how much more your dollar buys when stocks are cheap. That show made me so angry.
|
|
#
?
Jan 6, 2019 14:13
|
|
|
Krispy Wafer posted:The way they described it, you short a stock from your brokerage's portfolio and the money from that 'sale' goes into your brokerage account but you can't spend it. Then when you cover the short, the difference is yours. That's accurate, but the thing is that if you short sell, you are borrowing the stock from your brokerage's portfolio, and because your potential losses are unlimited as the stock price goes up, you have to have extra funds to cover these losses. If you don't have enough of those funds (e.g. the potential losses get too high), you can get margin called and forced to cover the short (essentially by returning the borrowed stock, which you have to pay for at market price).
|
|
#
?
Jan 6, 2019 14:55
|
|
|
Youth Decay posted:The real BWM here is the people who keep giving this guy credit.
|
|
#
?
Jan 6, 2019 15:31
|
|
|
Krispy Wafer posted:Hedge fund managers don't necessarily make money from investments, they make it from fees. The big money there is from carried interest, though, which is predicated on investment returns, right?
|
|
#
?
Jan 6, 2019 15:35
|
|
|
Subjunctive posted:The big money there is from carried interest, though, which is predicated on investment returns, right? All deals and firms are different but in general hedge funds make money from a combination of fees and performance incentives. There has to be a balance between stable guaranteed income and performance based incentives to best align the fund operators' interests with their investors. When compensation all comes from fixed fees, operators are only incentivize to create the maximum number of deals regardless of quality or success. When compensation all comes from hurdles or other performance incentives, operators are incentivised to seek excessively risky deals that function as outsized call options on their investment of equity.
|
|
#
?
Jan 6, 2019 15:52
|
|
|
Subjunctive posted:The big money there is from carried interest, though, which is predicated on investment returns, right? Hedge funds make a lot in fees. Carried interest is their share of whatever the hedge fund makes. Which can be really good, except since 2008 hedge funds are up about 22% whereas the S&P is up 85%. So it doesn't sound like most hedge fund managers are getting a lot of carried interest money. https://www.cnbc.com/2017/08/09/buffett-challenge-hedge-funds-vs-index-funds-9-years-on.html
|
|
#
?
Jan 6, 2019 15:53
|
|
|
Ixian posted:
I know this is self posting, but it’s BWM self posting, which turns out to be GWM for me. I racked up about $110k in student loan debt, including maxing out federal loans and getting an additional $36k in personal loans. My ex racked up about $60k in federal loans. We also had racked up >$20k in cc debt. We each had gotten a BS from a state university while we were in state. I then got a second, accelerated BSN and there were some MS courses in there too. My parents and hers were very GWM, so it wasn’t learned behavior. In her case, it was always wanting to live beyond our means. In my case, I never knew what we earned or spent because every time I asked, she broke down crying and I didn’t want to push it. Despite both working (lovely) full time jobs all throughout school, we each maxed federal loans and used the loans to pay rent or cc debt for extravagant purchases - vacations, anything she wanted (clothes, a new computer, etc), but nothing I wanted (we just don’t have the money). It took a really long time, but I eventually put my foot down and ed. With my degrees, I’ve got an awesome job that pays really well and I’ve paid off all my cc debt and ~ 33% of my student loans in 5 years. I’ve got a plan to pay the rest off within the next 5. The last time I talked to her years ago, she told me she “just doesn’t pay” her loans. That would be a pit of BWM, but I’m not going to touch the poop to generate fodder for this thread  E: forgot to mention the house that we bought in 2006 at the height of the mortgage crisis - we never should have been approved for a mortgage with horrible credit scores and a history of not paying cc debt, but somehow we did. We bought for $167k, did some DIY renovations and sold for $180k 6 months later when she “didn’t want to feel so tied down to a place”. Unfortunately, we had a lovely mortgage loan with early repayment penalties in addition to closing costs, which left us owing $12k, which of course, we didn’t have. I then drained my 401k of ~$8k and paid all the penalties and my parents loaned us the rest to get out of it. My life is a BWM—->GWM story. Cacafuego fucked around with this message at 16:56 on Jan 6, 2019 |
|
#
?
Jan 6, 2019 16:49
|
|
|
Ixian posted:Doesn't matter how many examples I see I never cease to be amazed at how badly student loan debt has hosed people in the last decade or so. Up through when I graduated college in the early 90's this was almost unheard of, and probably beyond then. Did it really start going bad in 2005 with the credit act that made them all but impervious to being discharged? There are definitely some structural problems with student lending, in particular the undischargeable hell debt aspect of them is probably bad policy, but in my opinion the crisis of student lending is somewhat overblown. Even at current tuition prices, almost every economic study agrees that going to college, ON AVERAGE, is a good value in terms of lifetime wage earnings and career prospects, and as a non-economic societal good we generally agree that educating people beyond high school is highly worthwhile. Certainly there are many people who pay too much tuition at private or out-of-state schools for degrees with too little long-term value, and there has certainly been a large crop of for-profit operators actively taking advantage of students. It is probably true that prior to the 2000s, college was underpriced, and it is a worthwhile societal debate to what extent college should be subsidized and for whom.
|
|
#
?
Jan 6, 2019 17:05
|
|
|
BEHOLD: MY CAPE posted:There are definitely some structural problems with student lending, in particular the undischargeable hell debt aspect of them is probably bad policy, but in my opinion the crisis of student lending is somewhat overblown. Even at current tuition prices, almost every economic study agrees that going to college, ON AVERAGE, is a good value in terms of lifetime wage earnings and career prospects, and as a non-economic societal good we generally agree that educating people beyond high school is highly worthwhile. Certainly there are many people who pay too much tuition at private or out-of-state schools for degrees with too little long-term value, and there has certainly been a large crop of for-profit operators actively taking advantage of students. It is probably true that prior to the 2000s, college was underpriced, and it is a worthwhile societal debate to what extent college should be subsidized and for whom. Yes, the problem is the debt is forever. If it was regular debt it wouldn't be a problem because lenders wouldn't let you borrow as much and that would have acted as an effective brake on tuition costs. As it stands, lenders can give 18 year olds fantastical amounts of money because it's never getting discharged. I think this thread overstates the student loan problem in part because we hear the worst examples. It's still a burden that's been borne disproportionately by one generation and that all the older generations are like 'LOL WUT' when you bring it up.
|
|
#
?
Jan 6, 2019 17:21
|
|
|
Cacafuego posted:My life is a BWM—->GWM story. 
|
|
#
?
Jan 6, 2019 18:41
|
|
|
19yo joining the military wondering about how to invest $14k of unexpected income while in the service. https://www.reddit.com/r/personalfinance/comments/ad604j/19yo_joining_the_military_wondering_about_how_to/ quote:A few days ago I received an unexpected check for about 14 thousand dollars from the US Treasury (long story, tl;dr SS backpay), and it is currently sitting in my savings account. I leave for basic next month, my contract expires in July 2022 (3yr 22wk). I was thinking I should put this money into a cd or some other low-risk investment that I can also have access to once I am out, in case I need it. What do you guys think are some good options for me to consider? Thank you in advance! quote:Came here to say don’t buy the Mustang. quote:I bought a Mustang after getting no girls. Now I still got no girls and a $25,000 debt. quote:I'm a Veteran, I'll give you some insight from what I saw. Your already ahead of your peers with this mentality, most of them spend it on cars or guns. I had a PV2 buy a mustang and at 19% APR and didn't even have a license...
|
|
#
?
Jan 6, 2019 21:01
|
|
|
I bought a Mustang after getting no girls. Now I still got no girls and a $25,000 debt. Too long for a thread title 
|
|
#
?
Jan 6, 2019 21:10
|
|
|
Lol. Liking cars is one thing, liking cars because you think it's going to impress women is another thing. Going into debt for a car hoping to impress women is yet another and sadder thing
|
|
#
?
Jan 6, 2019 21:32
|
|
|
ma i married a tuna posted:Sounds like, although this is 25k in pounds, in a country where salaries are lower. In any case, way to make sure he stays at the bottom. 25k in the UK is still very low for any job with 'manager' in the title that doesn't also include 'McDonalds'.
|
|
#
?
Jan 6, 2019 21:42
|
|
|
Is 25k rich?
|
|
#
?
Jan 6, 2019 21:44
|
|
|
Murderball posted:Is 25k rich? It is 'been in a middle claas job for a couple of years maybe'. You're probably 24 and renting a room in a shared house.
|
|
#
?
Jan 6, 2019 21:47
|
|
|
feedmegin posted:It is 'been in a middle claas job for a couple of years maybe'. You're probably 24 and renting a room in a shared house. About the same in most cities in the United States Edit: although honestly I don't think I've ever heard anybody United States talk about a "middle class job" although I understand from extensive research (watching Downton Abbey) this is a distinct concept in United Kingdom that has been used to describe most any office job like a lawyer or accountant as distinguished from laboring or the income of landowning gentry BEHOLD: MY CAPE fucked around with this message at 21:51 on Jan 6, 2019 |
|
#
?
Jan 6, 2019 21:48
|
|
|
Murderball posted:Mustang, no girls, and a $25,000 debt.
|
|
#
?
Jan 6, 2019 21:50
|
|
|
There are ads in front of me on the train for an investment app that lets you "invest", from your smartphone, according to "theme". Idea being that you pick your area of interest and invest in that. The themes featured as the main pictures on the two ads I can see are "cats" and "cosplay". The others listed as examples are "drones", "social gaming", and "sushi". This is going to end up very BWM for a bunch of cashed-up commuters and very GWM for the company taking commissions for funnelling cash into the
|
|
#
?
Jan 7, 2019 00:22
|
|
|
Weatherman posted:There are ads in front of me on the train for an investment app that lets you "invest", from your smartphone, according to "theme". Idea being that you pick your area of interest and invest in that. you gotta give us a name. presumably it isnt robinhood (which is its own fount of bwm)
|
|
#
?
Jan 7, 2019 00:24
|
|
|
|
| # ? May 2, 2024 12:35 |
|
|
bob dobbs is dead posted:you gotta give us a name. presumably it isnt robinhood (which is its own fount of bwm) https://folio-sec.com No English interface but you can see the delightful collection of "themes" on the front page along with a totes-sustainable percentage-gain figure for the past three years.
|
|
#
?
Jan 7, 2019 00:26
|
|