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OP on Reddit makes $28k a year for a family of three (soon to be four), has a $140 car payment, has student loan debt but is currently on a $0 monthly income based payment, and is planning to build a $200k house. His father in law will build the house and his mother in law has cosigned for a mortgage so they can totally afford it! Sadly he deleted the post but I found it cached. quote:I'm fresh out of college, making $28,000 per year with a wife, a child, and a second child on the way. We currently live with my mother-in-law who helps us with childcare expenses. However, the section of the house we live in is too small for another child, so we are building a house. https://www.reddit.com/r/personalfinance/comments/6c4xcp/building_a_house_on_28000_per_year/
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Jun 19, 2017 04:12
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Volmarias posted:... and the service to go along with it too. No I missed that part - it's $70/month for service, $30/month for the lease, and $15/month for the Jump Plan and AppleCare So it's actually $1380/year for the phone with service, and the contract's for 2 years to pay off the lease
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Jun 19, 2017 04:16
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EugeneJ posted:No I missed that part - it's $70/month for service, $30/month for the lease, and $15/month for the Jump Plan and AppleCare The $70 sounds like a red herring. That's what I pay for my t-mobile plan for unlimited calling + unlimited data, and I'm not leasing a phone. (Yes, I'm aware that I'm paying T-mobile $70/mo, yes I'm aware of how dumb an idea this is) $30/mo * 24 is $720, which is actually in line with the cost for a high end smart phone. The extra bit to allow upgrading to better phones really seems like a reasonable deal if you constantly need something new.
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Jun 19, 2017 04:27
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Hoodwinker posted:This sounds like you're betting against the actuaries. That's amazing. You're actually betting with them. It's the equivalent of JG Wentworth buying an annuity for pennies on the dollar from someone, but you're doing that to their paid up whole life contract. The offer is usually a little more than the cash value, but way less than the death benefit.
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Jun 19, 2017 05:06
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Stopped by a mattress store today that was going out of business to see if we could pick up a good deal. While we were there the owner was showing me one of the luxery beds - just $52,000 (but now marked down 80% because he was going out of business)! Owner told me that when business was good he had been selling one of those at full price to techbros every 6 months. 0_o
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Jun 19, 2017 06:33
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El Mero Mero posted:Stopped by a mattress store today that was going out of business to see if we could pick up a good deal. While we were there the owner was showing me one of the luxery beds - just $52,000 (but now marked down 80% because he was going out of business)! Owner told me that when business was good he had been selling one of those at full price to techbros every 6 months. 0_o How is this not a bog standard innerspring mattress with a thick layer of froufrou pillowy bullshit on top that may or may not hold out?
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Jun 19, 2017 07:27
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HelloIAmYourHeart posted:OP on Reddit makes $28k a year for a family of three (soon to be four), has a $140 car payment, has student loan debt but is currently on a $0 monthly income based payment, and is planning to build a $200k house. His father in law will build the house and his mother in law has cosigned for a mortgage so they can totally afford it! The part that jumps out at me is this guy's 60-something contractor FiL building a house by himself on the weekends, while presumably working full-time as a contractor. Like, I'm not sure if that's even physically possible.
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Jun 19, 2017 08:24
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Pompous Rhombus posted:The part that jumps out at me is this guy's 60-something contractor FiL building a house by himself on the weekends, while presumably working full-time as a contractor. Like, I'm not sure if that's even physically possible. OP says this about his FIL: quote:He also doesn't really work at all, he is on social security and does work when he wants extra income. Also someone asked about this student loans: quote:Started with $40,000 last year, down to $20,000 now.
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Jun 19, 2017 12:27
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Suspicious Lump posted:This guy is leeching off his in-laws so hard it's GWM. My brother did something similar, free food, free rent, free everything all with a kid and wife. How'd he score that?
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Jun 19, 2017 12:41
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NancyPants posted:How is this not a bog standard innerspring mattress with a thick layer of froufrou pillowy bullshit on top that may or may not hold out? quote:In addition to Vicuña wool, this mattress features just about every premium comfort material in the Vispring arsenal, including Shetland wool; organic cotton; hand-opened long-strand Mooseburger horsetail; and hand-teased, Platinum Certified real Shetland wool blended with cashmere, alpaca, and silk. Each of these comfort materials is luxurious, all-natural, comfortable, and durable. I don't know what Moosebuger horsetail is but I'm pretty sure it's Navajo for BWM.
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Jun 19, 2017 13:31
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captkirk posted:I don't know what Moosebuger horsetail is but I'm pretty sure it's Navajo for BWM. Like I said, froufrou bullshit that may or may not hold out. All the other fibers are known for softness and loft but that's in garments.
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Jun 19, 2017 13:37
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captkirk posted:Moosebuger great now I'm hungry again
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Jun 19, 2017 13:45
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Solice Kirsk posted:The life insurance part is called a viatical settlement. Basically you buy a chunk or all of the death benefit from a policy for less than the actual death benefit is worth and when they die you pocket the difference. It's a pretty gross market. "Hey, person with terminal illness and a 1 million dollar death benefit. How would you like to make us your beneficiary in exchange for, let's say, $100k?" People with AIDS were a big target back in the day.
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Jun 19, 2017 13:51
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Seems like two intersecting themes in almost all these stories: 1. They found an "opportunity" (lot of land, new car, baby, master's, whatever) that they are convinced they just have to do, they are locked into because it's the only chance they will have to do that thing for 1,000 miles in any direction. Of course this is never actually true. 2. Family support- they're still in that childhood mode where they think they need gifts from family every month or whatever and that this is normal. Or dad just pays the car, not sure what it costs. Any time those two converge it's just always a shitshow. Doesn't even seem to matter what the income level or credit worthiness of the person is, just run away from anyone talking about an "opportunity" while mom is paying the CC bill.
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Jun 19, 2017 14:06
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The terminally ill and at risk seniors keep the ball rolling.
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Jun 19, 2017 14:09
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Is it humblebrag if I talk about my brother/family? Please dont probate me  Sic Semper Goon posted:How'd he score that?
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Jun 19, 2017 14:11
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NancyPants posted:Like I said, froufrou bullshit that may or may not hold out. All the other fibers are known for softness and loft but that's in garments. I found it! It is actually 100% just tail hair from horses. I guess you have to do something with the body after the horse sees ants. http://www.moosburger-kg.com/horsehair.html
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Jun 19, 2017 14:35
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Repurposing your dumb money-sink animal into a $52,000 mattress to fleece the gullible rich is pretty GWM, I have to applaud that.
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Jun 19, 2017 14:50
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Horsehair is a pretty commonly utilized material for the super premium segment of mattresses. A Swedish company, Hastens, is widely considered to make the finest innerspring mattress purchasable on the market. https://www.hastens.com/us/beds/vividus https://www.bloomberg.com/news/articles/2016-12-02/hastens-vividus-mattress-review-price this is a $150k mattress
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Jun 19, 2017 15:45
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gvibes posted:It's a pretty gross market. "Hey, person with terminal illness and a 1 million dollar death benefit. How would you like to make us your beneficiary in exchange for, let's say, $100k?" There was a really interesting This American Life episode about this: https://www.thisamericanlife.org/radio-archives/episode/473/loopholes
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Jun 19, 2017 15:51
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Is taking out a loan for a bed GWM? Getting a better night sleep is proven to increase productivity, so I should be looking forward to a higher salary once I'm sleeping in this bed?
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Jun 19, 2017 15:53
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EAT FASTER!!!!!! posted:Horsehair is a pretty commonly utilized material for the super premium segment of mattresses. A Swedish company, Hastens, is widely considered to make the finest innerspring mattress purchasable on the market. I wonder how cheap those fancy weddings feel when they realize they only sprung 2/3 the price of a real mattress.
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Jun 19, 2017 16:02
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Good Parmesan posted:Is taking out a loan for a bed GWM? Getting a better night sleep is proven to increase productivity, so I should be looking forward to a higher salary once I'm sleeping in this bed? Mattress equity.
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Jun 19, 2017 16:04
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EAT FASTER!!!!!! posted:Horsehair is a pretty commonly utilized material for the super premium segment of mattresses. A Swedish company, Hastens, is widely considered to make the finest innerspring mattress purchasable on the market. There is/was a store in Toronto, and I checked out some of their mid-tier (~40K?) mattresses. They were quite comfortable, but I wouldn't say five-figures comfortable.
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Jun 19, 2017 16:10
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Motronic posted:Mattress equinity.
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Jun 19, 2017 16:12
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Motronic posted:Mattress equity.
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Jun 19, 2017 16:12
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captkirk posted:Moosebuger Such a nice man. I'ma gonna give him the double-stitch anyway. Maybe she cost more, but she last forever! That'sa real good-with-money!
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Jun 19, 2017 17:41
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Solice Kirsk posted:The life insurance part is called a viatical settlement. Basically you buy a chunk or all of the death benefit from a policy for less than the actual death benefit is worth and when they die you pocket the difference. I was actually referring to when you take these settlements, bundle them all into securities, and then sell them to other investors.  http://www.nytimes.com/2009/09/06/business/06insurance.html?adxnnl=1&adxnnlx=1252508717-spzSimS+jh Either way, it's disgusting.
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Jun 19, 2017 18:45
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Who cares what fabric your matress is made of since you cover it with sheets immediately anyway?
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Jun 19, 2017 19:46
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Sheets?! Who can afford sheets after making their $700 per month mattress payment?
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Jun 19, 2017 19:53
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GWM and GWL is a hammock
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Jun 19, 2017 19:57
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Suspicious Lump posted:Not sure what considering loans are a big no (absolutely haram.jpg).
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Jun 19, 2017 21:54
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Single mom $70k in cc debt, $50k in student loans, $120k mortgage, <$40k income. Everything's on fire.quote:Hi all, this isn't a troll post. However, I post enough on this sub for some people to know this isn't my situation either. I recently had a long talk with a close friend about her financial situation, and it turned out that the poo poo has hit the fan and is now raining fecal matter everywhere.
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Jun 19, 2017 22:33
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DACK FAYDEN posted:I know profit-and-loss-sharing arrangements exist, are there similar things for large purchases like houses or as demi-investment vehicles? I'm not super familiar with Islamic financial tradition beyond having sat through a single seminar that mentioned the existence of workarounds one time a few years back. A common way they set is up si that the bank buys the collateral, and tjen immediately issues a contract to re-sell over a certain time period to the customer for an increased price in a transaction that looks lile a mortgage in all but name.
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Jun 19, 2017 22:41
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Photex posted:Single mom $70k in cc debt, $50k in student loans, $120k mortgage, <$40k income. Everything's on fire. I've known more than a few people like this. Including, unfortunately, family. Problems in life "happen" to them, not because of lovely decisions they make. I don't see where bankruptcy helps much at all, other than spread some of the cost among the general population. People who get themselves in binds like this really annoy the poo poo out of me.
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Jun 19, 2017 22:47
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Ixian posted:I've known more than a few people like this. Including, unfortunately, family. Problems in life "happen" to them, not because of lovely decisions they make. People who get sick and can't pay for it annoy the poo poo out of you?
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Jun 19, 2017 23:03
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BarbarianElephant posted:People who get sick and can't pay for it annoy the poo poo out of you? 70k in credit card bills, "most" of it due to medical bills, as claimed. There is a big flat screen TV in there somewhere I guarantee it. For the sake of argument though let's assume she got canceraids through no fault of her own and fell through the cracks in the lovely US healthcare system. Take the 70k in CC off the table. Still leaves a trail of other bad decisions.
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Jun 19, 2017 23:15
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Slipping this in while Tiny Brontosaurus is still on probation. Nice move.
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Jun 19, 2017 23:20
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I mean..racking up that much student loans on a graphic design degree is pretty BWM
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Jun 19, 2017 23:34
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Submarine Sandpaper posted:GWM and GWL is a hammock Bad With Spine if you sleep in one overnight, in my experience.
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Jun 19, 2017 23:39
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