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All the articles about the airbnb empires falling to dust really gets the juices flowing.
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May 4, 2020 22:05
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Heffer posted:I'm catching up on the thread over morning coffee and almost missed this. Their total deposit was $4300, equal to one month's rent, which is standard procedure.
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May 4, 2020 22:14
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WithoutTheFezOn posted:I’m guessing the 5K “basic necessities” is just “normal monthly expenses if you don’t count things like concerts and vacations”. Eh, 5k "basic necessities" is probably just dumb lifestyle inflation. If the dude over-extended on a house and didn't put enough down to avoid the mortgage insurance he could be looking at 3000+ on that alone, easily.
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May 4, 2020 22:56
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It doesn't seem to affect the value from the little I researched it but seeing all those Pop's collections unboxed makes me think they killed the resale value. Maybe a couple years ago you could get some STEM bro or someone with one last credit card that's not maxed out to pay $2K for an exclusive, glow in the dark Baby Yoda with its eyes closed but that ship has probably sailed. It's worse than comic books because you can at least read those. It's just an ugly hunk of plastic that doesn't even work well as a paper weight due to being top heavy. They truly are the refuse of late stage capitalism. Motronic posted:That's why the high income stories are the best. They have a much larger shovel to dig their hole. That's half of why I read this thread, other than stories about taking out payday loans for convention sex parties. It helps lower my anxiety about how I'm doing in life because at least I haven't dug myself into a hole like that person over nerd Hummel figurines.
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May 4, 2020 23:22
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RocknRollaAyatollah posted:It doesn't seem to affect the value from the little I researched it but seeing all those Pop's collections unboxed makes me think they killed the resale value.
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May 5, 2020 00:30
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Pretend moneyball posted this https://www.youtube.com/watch?v=arENYYkYBts
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May 5, 2020 01:11
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I see your funky pops and raise you whatever the gently caress this is:
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May 5, 2020 12:37
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I am the proud loser
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May 5, 2020 12:39
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OctaMurk posted:I'm mad because 150k as a single person sounds like a ludicrous amount of money already, how the gently caress could you end up in debt and not know how to pay it back with that income. Jesus. If you're my parents it's a new TV every year, new computer every year, buying a new car as soon as you finish paying off the old one, and of course, drugs and prostitutes are apparently very expensive.
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May 5, 2020 15:23
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Soylent Pudding posted:If you're my parents it's a new TV every year, new computer every year, buying a new car as soon as you finish paying off the old one, and of course, drugs and prostitutes are apparently very expensive. Do your parents share the drugs and prostitutes, or is that something they do separately?
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May 5, 2020 15:26
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And I’ve been sleeping with his mom for free. 
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May 5, 2020 15:27
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Cacafuego posted:Do your parents share the drugs and prostitutes, or is that something they do separately? Presumably separately considering how often they cheated on each other? But before this gets too e/n my parents had a combined income of almost $300K growing up. Yet my sis and I legit thought we were poor because they were always talking about not having money and credit card debt and stretching the paycheck to last until payday and complaining about the rich people in the nearby country clubs. Filling out financial aid for collage was a shock.
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May 5, 2020 15:40
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Soylent Pudding posted:collage Guess it's good you didn't go then 
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May 5, 2020 15:59
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get my sick zine funded bro
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May 5, 2020 16:08
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Let's check on How America Manages Retirement: Millions of baby boomers are getting caught in the country’s broken retirement system quote:We talked to six Americans who have come to the end of their work lives with no financial cushion, no nest egg. The oldest is 74, the youngest 57: just about the exact span of the baby-boom generation. quote:None of these stories is an outlier. Half of American families in the 56-to-61 age bracket had less than $21,000 in retirement savings in 2016, according to a longitudinal study by the Economic Policy Institute that used the most recent available figures. A less formal survey last year found that little had changed. Forty percent of Americans over the age of 60 who are no longer working full-time rely solely on Social Security for their income — the median annual benefit is about $17,000. quote:By some comparisons, Nancy Koch, a 70-year-old retired psychiatric nurse, counts herself lucky. She had some good jobs over the years. She’s married — for the third time, after two divorces, each of which involved lawyers, the need to set up new households, and a general drain on savings. Her husband, Terry Koch, 69, was a technical writer who worked most recently for a company that makes labels, though his real love is the piano. He’s the improviser; she’s the organizer. She has recovered better than expected from a health scare a decade ago, when back surgery led to unexpected complications. They have an apartment in West Allis, Wis., in a senior living complex that is subsidized through the federal Low Income Housing Tax Credit. What they don’t have is any money. quote:Terry and Nancy Koch (pronounced “Cook”) are part of that 40 percent of retired Americans who have Social Security as their only income. Between them, it comes to about $2,500 a month. Rent for their subsidized two-bedroom apartment, across the street from an abandoned bowling alley, is $975, plus a $20 pet fee for their cat Sam. The rent is about to go up by $30. Premiums for Medicare and supplemental insurance policies cost about $450 a month for the two of them. Beyond Social Security, their retirement savings plans are — totally tapped out. They have no cushion, no nest egg. quote:In Terry Koch’s view, part of the reason they have no money is rooted in the changes that have swept the country, starting with the culture of their own generation, a legacy of the 1960s. quote:Terry and Nancy Koch once had a retirement account, though today they can’t agree as to whether it had $10,000 or $20,000 in it. No matter; they cashed it in, paying taxes and the early-withdrawal penalty, and now it’s about gone. quote:Bates went to work for the local utility company in Milwaukee — now called WE Energies — when he was 18, as a file clerk, and, after four years in the Air Force, eventually worked his way up to budget analyst. He was the only black man in his office, and he never felt comfortable there. He had to take a medical leave when he developed stomach cancer. After he recovered and returned to work, he came down with non-Hodgkins lymphoma. He figured he didn’t have long to live and was fed up anyway with life in “corporate America.” So at the age of 52, he retired. quote:Bates, who is single and has moved in with his elderly mother, went back to college after he recovered his health for a second time, with the help of a student loan. He got a master’s degree and then worked for two years as a special-education teacher in the Milwaukee public schools, making about $40,000 a year. In October he had to go on leave because of a herniated disc in his back, but even as the pandemic was building this spring he was able to take a part-time job, paying $12 an hour, as a personal care provider with the nonprofit Volunteers of America. He still owes about $30,000 on the student loans. quote:David Longabaugh, 62, retired in January from his job as a truck driver for a gravel firm in upstate Brooktondale, N.Y. He has about $10,000 in his 401(k). He has a $12,000 judgment against him for unpaid medical bills. quote:David plans to take Social Security this year, the earliest he can. He’ll receive $1,136 a month. He counts himself as a conservative and thinks Congress should just get out of President Trump’s way. Covid-19 has had a silver lining for him — under a provision of the Cares Act that some Republicans tried unsuccessfully to kill, he will receive an extra $600 a week in unemployment insurance through at least the end of July. https://www.washingtonpost.com/business/2020/05/04/baby-boomers-retirement/
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May 5, 2020 16:27
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quote:“We were a people who said we kind of like to have job satisfaction up front. And so we didn’t think about the long run of things. To not be thinking about the future, to be more of a Zen thing, you know we live today. And it wasn’t pure hedonism. There was some purity. And we’re still very much that way. I would rather be happy today than miserable 25 years from now. And so I made choices based on that rather than on the economics, which, you know, one could argue fairly successfully that I made some pretty stupid decisions.”
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May 5, 2020 16:31
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Did we run out of bitcoin morons and funko collectors and other BWM? Way too much SWM (sad with money) on this page.  Edit: tried to find some, idk maybe they're all just coming off as extremely depressing to me lately My best friend since we were 12 (now 37) is obsessed with 'collectables' as 'assets' and it is sending her broke. (self.personalfinance) quote:Does anyone know of any articles on how worthless this stuff is or any advice on how to gently show her this is a terrible idea? She says I don't understand it enough and that if I understood the numbers I would support it. TIL: Ooshies Sirotan fucked around with this message at 16:58 on May 5, 2020 |
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May 5, 2020 16:46
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It can be sad in the moment, but when you look in the long term you find quotes like that lady's above that make the order of events become very apparent. Most of these people knew more or less what they were doing and made active purposeful decisions that put them in the situation they are now. I mean, the story of the grasshopper and the ant is a few thousand years old now, none of this is especially new or surprising. "Oh no, I have to save now so I have money when I'm unable to work????" The sad ones are the people that are truly stuck in the cycle with no way out their whole lives, not the ones that are finally reaping what they have sown at the end. The people in that story didn't have decades of poverty living, it's only now catching up to them.
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May 5, 2020 17:01
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threelemmings posted:It can be sad in the moment, but when you look in the long term you find quotes like that lady's above that make the order of events become very apparent. Most of these people knew more or less what they were doing and made active purposeful decisions that put them in the situation they are now. I mean, the story of the grasshopper and the ant is a few thousand years old now, none of this is especially new or surprising. "Oh no, I have to save now so I have money when I'm unable to work????"
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May 5, 2020 17:08
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Thanatosian posted:Yeah, if only they'd been smarter and... not hurt their back as a nurse (which is fantastically loving common), or not gotten kidney stones, or didn't live in a country where they have to spend 20% of their income on healthcare or didn't get cancer...? Healthcare costs didn't spiral out of control until recently. Boomers had decades and decades of the world's best economy to save and accrue wealth with very minimal costs. Not to mention they're the ones that hosed up healthcare, and everything else. No safety nets for the disabled? Jeez I wonder what generation did that.
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May 5, 2020 17:12
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SpartanIvy posted:Healthcare costs didn't spiral out of control until recently. Boomers had decades and decades of the world's best economy to save and accrue wealth with very minimal costs. Part of the panic about healthcare right now is that it wasn't a problem for most of the country until recently. I still remember the last of the good times in the mid-aughts where my premiums were practically nothing, co-pays cheap, and co-insurance? What's that? Tens of millions (hundreds of millions maybe?) assumed people who were bankrupt due to medical bills were somehow at fault for their lot in life. And charge the paddles and shock my heart with Boomer retirement woes. 50 years of being the center of the world and voting to dismantle safety nets and NOW you need help.
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May 5, 2020 17:24
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Krispy Wafer posted:Part of the panic about healthcare right now is that it wasn't a problem for most of the country until recently. I still remember the last of the good times in the mid-aughts where my premiums were practically nothing, co-pays cheap, and co-insurance? What's that? Tens of millions (hundreds of millions maybe?) assumed people who were bankrupt due to medical bills were somehow at fault for their lot in life.
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May 5, 2020 17:25
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It's really hard for me to have much sympathy for boomers who suddenly realize having to eat cat food in retirement sucks.
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May 5, 2020 17:32
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Thanatosian posted:Yeah, if only they'd been smarter and... not hurt their back as a nurse (which is fantastically loving common), or not gotten kidney stones, or didn't live in a country where they have to spend 20% of their income on healthcare or didn't get cancer...? Reading the dates her back went out around age 60, which is getting near the point most people expect to be retiring. While it didn't help, it also indicates most of the financial damage was done literal decades ago. That's why I said I feel bad for them now but don't feel bad for their situation in general. It sucks that illness carries such a high cost and I agree it shouldn't be that way. Most of the baby boomer horror stories you see these days could have prepared for it and decided not to. I save my pity for those who never had a chance, the resources should be going to them. I definitely feel for terminal cancer guy, it was irresponsible but I can't disagree with saying "gently caress it lets go on a cruise" after being told you're probably going to die. vvvvv My in-laws are going to be like that. They struggle and truly don't make a ton of money, and from a distance it looks like there's not a lot they can do about it. But he collects Funko pops, her dad gave her contract/commission type part time sales opportunity at his place that she will occasionally halfheartedly participate in. She instead bought all in in lularoe and even if that wasn't a pyramid scam she didn't really put effort into working it as a business so that would have failed either way. They dump the grandkids on their parents even on days off, which isn't BWM per se but definitely an indication of bw-parenting as my MIL complains how often she has to watch two toddlers. But in 40 years they are going to be the people in this article and without those details it'll seem like there's nothing they could have done about it. threelemmings fucked around with this message at 17:50 on May 5, 2020 |
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May 5, 2020 17:32
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I was thinking it was a lot more fun laughing at funko-pop idiots and other entitled children who aren't suffering, really, just BWM to the hilt, while this Boomer porn is just misery, but it's the same loving people, isn't it? Throw generational labels around if you want, 20/30/40 years from now it's the Funko pop collectors who are going to be living on whatever is left of social security and complaining about The Man.
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May 5, 2020 17:38
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Ixian posted:I was thinking it was a lot more fun laughing at funko-pop idiots and other entitled children who aren't suffering, really, just BWM to the hilt, while this Boomer porn is just misery, but it's the same loving people, isn't it? Throw generational labels around if you want, 20/30/40 years from now it's the Funko pop collectors who are going to be living on whatever is left of social security and complaining about The Man.
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May 5, 2020 17:52
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The one that really bugs me is the 62 year old in massive debt who is getting an extra $600 a week because of something the GOP opposed, is going to be entirely reliant on Social Security, and is a die hard trump supporter. I remember around 2009 when an evangelical friend got laid off and was only able to still have medical insurance because of a COBRA expansion Obama pushed through against GOP wishes. The guy was at least honest enough to accept the facts that his health was being protected, but noted that because Obama did it "it's still bad!"
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May 5, 2020 18:01
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Hyrax Attack! posted:The one that really bugs me is the 62 year old in massive debt who is getting an extra $600 a week because of something the GOP opposed, is going to be entirely reliant on Social Security, and is a die hard trump supporter. I remember around 2009 when an evangelical friend got laid off and was only able to still have medical insurance because of a COBRA expansion Obama pushed through against GOP wishes. The guy was at least honest enough to accept the facts that his health was being protected, but noted that because Obama did it "it's still bad!"
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May 5, 2020 18:04
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Hyrax Attack! posted:The one that really bugs me is the 62 year old in massive debt who is getting an extra $600 a week because of something the GOP opposed, is going to be entirely reliant on Social Security, and is a die hard trump supporter. I remember around 2009 when an evangelical friend got laid off and was only able to still have medical insurance because of a COBRA expansion Obama pushed through against GOP wishes. The guy was at least honest enough to accept the facts that his health was being protected, but noted that because Obama did it "it's still bad!" The Ayn Rand approach!
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May 5, 2020 18:16
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threelemmings posted:
Yeah, that one gave me pause because I lost my maternal grandfather (about 70) and my cousin on my mom's side (he was 19) to non-hodgkins lymphoma. It's a real bitch
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May 5, 2020 19:23
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Ixian posted:I was thinking it was a lot more fun laughing at funko-pop idiots and other entitled children who aren't suffering, really, just BWM to the hilt, while this Boomer porn is just misery, but it's the same loving people, isn't it? Throw generational labels around if you want, 20/30/40 years from now it's the Funko pop collectors who are going to be living on whatever is left of social security and complaining about The Man. Yeah this was a lot of my dad’s coworkers and friends in the 80s/90s. Buch of doctors and lawyers and hooooooly poo poo did they ever spend like loving mad and save piss all. I remember as a kid thinking we were poor because my dad wasn’t buying a new car every two years and taking is all on ginormous foreign vacations every school break. The stereotypes about yuppies raising BWM to an art form in the Reagan years is pretty well grounded in reality. Note that we weren’t deprived at all. Solid upper middle class white kid with educated professionals as parents upbringing, never wanted for anything, privileged as all gently caress. Just my parents were saving for retirement and a ton of the people around us weren’t. Which, let me add, I’m soooooo loving grateful for now. I don’t have to worry about my parents. I have a lot of friends who are dreading mom asking to move in with them in another couple years. Being almost 40 in 2020 is a rough go career-wise and financially but goddamn I don’t have to plan how I’m going to support mom and dad.
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May 5, 2020 19:32
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Cyrano4747 posted:Which, let me add, I’m soooooo loving grateful for now. I don’t have to worry about my parents. I have a lot of friends who are dreading mom asking to move in with them in another couple years. Very high up on the list of "the best things you can do for your kid(s)" is "have sufficient retirement savings". This is way above annual european vacations and poo poo.
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May 5, 2020 19:56
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Hoodwinker posted:Well they didn't want to get stable jobs with pensions and be a-holes, you know? I like how in their mind, "Getting a stable career" and "beating your kids" are somehow related behaviors. That part jumped out at me too: pensions are for assholes! You can't live a meaningful life and be financially responsible at the same time... hahaha we were so naive and stupid! It kind of seems like they still ended up being assholes.
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May 5, 2020 20:28
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greazeball posted:That part jumped out at me too: pensions are for assholes! You can't live a meaningful life and be financially responsible at the same time... hahaha we were so naive and stupid! Can you even call it a conspiracy to keep people naive about their future when they are so willing to give you anything to keep the dream alive for just one more year? The underlying spirit of the Bad With Money thread is of immaturity in the face of difficult choices.
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May 5, 2020 20:36
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Hoodwinker posted:immaturity in the face of difficult choices. Bingo. I think everyone goes through that phase in their life where they think they could be happy and poor as long as they can travel/ have their pets / read / study / make their art / whatever. It's that whole "do what you love and you'll never work a day in your life" thing. The difference is that most people realize by the time they hit their mid 30s that they won't be young forever and they better start saving because, poo poo, 50 isn't THAT far off and 60 isn't far behind it. I mean, the perfect spherical GWM person in a temptationless vacuum starts putting aside 10% of what they make into retirement starting the moment they leave their parents house but plenty of people don't figure that out until they're in their 30s and manage to knuckle down, start saving, and get something put aside so they're not depending purely on social security. But it takes a special kind of immature to look around as your 30s begin to tick towards your 40s and decide that YOLO is still the way to go.
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May 5, 2020 20:47
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Seriously, thank loving god for my parents because Cyrano4747 posted:Yeah this was a lot of my dad’s coworkers and friends in the 80s/90s. Buch of doctors and lawyers and hooooooly poo poo did they ever spend like loving mad and save piss all. I remember as a kid thinking we were poor because my dad wasn’t buying a new car every two years and taking is all on ginormous foreign vacations every school break. The stereotypes about yuppies raising BWM to an art form in the Reagan years is pretty well grounded in reality. We started off as immigrants with my parents in their 40s AND went to school (alternately - dad first, then mom) so we got a very late start. But my parents lived through the shittiest of lovely times in China so they just hoarded all their money. I don't think they actively thought of it as a sacrifice but they definitely sacrificed their entire lives to get to where they are, which is quote:Which, let me add, I’m soooooo loving grateful for now. I don’t have to worry about my parents. I have a lot of friends who are dreading mom asking to move in with them in another couple years. Being almost 40 in 2020 is a rough go career-wise and financially but goddamn I don’t have to plan how I’m going to support mom and dad. exactly here. And not only that, their attitude and this (as well as the 101 and long-term savings) thread made this kind of attitude towards saving a no-brainer: quote:I mean, the perfect spherical GWM person in a temptationless vacuum starts putting aside 10% of what they make into retirement starting the moment they leave their parents house (full disclosure: Although for personal reasons (i.e. I wasn't mature enough to hold a job) I took a gap year after college to teach English in Japan which coincided with the financial crisis which meant I was happy to keep some semblance of employment and turned the year into 4 (this is my rationalization).) Meanwhile, I'm talking to my coworkers who are older than me and have been working for even more years than that (no gap years..) but way less net worth (debt + poor savings) and just laugh and say "WELL I GUESS I'M WORKING FOREVER!  " like it's some badge of pride and I'm pissing my life away not buying a new car every two years. Yeah man, having a new car is definitely worth working until I'm 80.Yeah I guess I'm not living the imagined life of an instagram influencer but for all their "gently caress THE MEDIA" and "SCREW THE SYSTEM" rhetoric, they sure buy into it a lot thinking that's what their lives need to be or they're failures. threelemmings posted:I definitely feel for terminal cancer guy, it was irresponsible but I can't disagree with saying "gently caress it lets go on a cruise" after being told you're probably going to die. Yeah :/ A lot of situations, I'm able to think "Oh well, this is what I'd like to do in that situation" fully understanding that, okay, maybe that's not how I actually react. Like if I see someone in danger, I'd like to think "Yeah I'll totally rush up and help them" but in reality maybe I'm just standing around gawking because I'm actually just as useless as everybody else. But with something like this.. how do I even WANT to react? No loving clue. Hard to blame the guy. Can't believe you were so irresponsible with your life savings for 30 years later when you thought you had 6 months to live lol. Or well, you're on your deathbed but at least you COULD HAVE retired comfortably! poo poo, what do you even do? :/
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May 5, 2020 21:09
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Most Boomers retirement plans are to leach off their already poor millennial children while simultaneously calling them lazy and entitled.
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May 5, 2020 21:47
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All this retirement talk reminded me of my first boss. I liked the guy, and he was a pretty good boss, but he apparently had made some pretty bad financial decisions for a while. At the time, he was around 50, and had virtually nothing saved for retirement. He kept talking about accelerating payments on his house, and maxing out his 401k because he was trying to catch up. At least he became GWM, but starting your retirement fund at 50 is a baaaad sign. He had no kids, and I think was supporting his mother who was well retired at that point. He had a pretty well paying job, so I don't think this was killing him a lot, but it definitely means he'll be working a lot longer than he wanted to.
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May 5, 2020 21:56
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One of the root causes in one of those stories was TWO DIVORCES that poo poo is fuckin expensive if you get lawyers involved in it
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May 5, 2020 22:28
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totalnewbie posted:Seriously, thank loving god for my parents because
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May 5, 2020 22:29
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