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

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

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Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

I want to be hosed

# ? Feb 14, 2018 01:29

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# ? Apr 26, 2024 22:20

Good Tuesday: Feb 13, 2012; Anyone can be racist, even me.

Don't argue with me about gun control or I'll call you out on your racial heritage!

Moneyball posted:

I want to be hosed

so just buy btc

# ? Feb 14, 2018 01:34

I would blow Dane Cook: Dec 26, 2008

I think we can all agree that winning the Lottery is bad with money.

# ? Feb 14, 2018 02:19

GoGoGadgetChris: Mar 18, 2010; i powder a
granite monument
in a soundless flash

showering the grass
with molten drops of
its gold inlay

sending smoking
chips of stone
skipping into the fog

I hear all these cautionary tales and I bet they're all valid and true

... but I still think I could make it work

# ? Feb 14, 2018 02:22

Solice Kirsk: Jun 1, 2004; .

If I won the lottery I would instantly invest all of the winnings in strippers and cocaine. Times may change, but strippers and cocaine will always be in demand.

# ? Feb 14, 2018 02:25

a dingus: Mar 22, 2008; Rhetorical questions only; Fun Shoe

If I won and had all of those people trying to sue me I'd gently caress off and move to Europe or somewhere in Asia and leave all of those rednecks angry and broke in the trailer park.

# ? Feb 14, 2018 02:30

Harry: Jun 13, 2003; I do solemnly swear that in the year 2015 I will theorycraft my wallet as well as my WoW

XIV and SVXY are the gifts that keeps on giving. Long story short, massive gains in 2017 then 80% drop in February.

https://www.bogleheads.org/forum/viewtopic.php?f=2&t=241547&sid=7ca2926561da9fb305c2c251ee8c890d

quote:

Made a very stupid decision and decided to trade volatility and VIX. I had SVXY shares on margin and on February 5th, the price fell from $90 to $11 in 15 minutes after hours.

Tdameritrade closed out my positions the next day and now I have a negative $110,000 account balance with them because of the margin. I am yet to hear from them about the balance, but I assume they will have collection agents calling soon.

I've lost everything, completely wiped out close to 500k. I never thought something like this would happen, but I knew the risks and even studied them. I have no one to blame but myself here.

Here is my current financial situation now:

I will owe the IRS and state estimated about $20,000 in taxes for last years 2017 capital gains.
I will owe TDamiertrade $110,000 for my negative account balance.

I am in my 30's and currently have no job, and live with my parents. I have almost no assets except, around 15K cash in the bank right now. My car and almost all my other assets are so valueless that they will be exempt in chapter 7 bankruptcy and I will get to keep them.

The taxes I will owe unfortunately can not be discharged for 3 years so I will have to pay them. I can use my current cash to pay the taxes and will have almost no assets at all that can be taken from me in bankruptcy, I believe I am allowed to keep about 5K in cash.

I would like to know what you guys would do in my situation? Is it best to just claim the chapter 7 bankruptcy and move on with my life, especially considering I have no assets that can be taken from me? This is what I believe I will have to do at this point as paying back $110,000 will take me years if I find work again.

Please offer some advice. I know how I lost my money was stupid and don't need advice on that, I really need to know how to go forward with my life at this point. Should I claim bankruptcy?

# ? Feb 14, 2018 02:31

Phanatic: Mar 13, 2007; Please don't forget that I am an extremely racist idiot who also has terrible opinions about the Culture series.

Nocheez posted:

They glossed over the fact that he was drugged at a strip club while in possession of hundreds of thousands of dollars in cash. The man was not some angel who just wanted to help his community, he was getting into some good ol' boy antics when he was drugged and robbed.

And you're glossing over the fact that it was friends who robbed him, which is exactly the point being made: simply having that much money changes the nature of the interpersonal relationships that predate the lottery win. And that even if you do good things with your money, people will bitch and complain about the other things you're doing with your money and resent you for not doing more good things with your money.

quote:

Whittaker's car was twice broken into, by trusted acquaintances who watched him leave large amounts of cash in it. $500,000 and $200,000 were stolen in two separate instances. The thieves spiked Whittaker's drink with prescription drugs in the first instance. The second incident was the handiwork of his granddaughter's friends, who had been probing the girl for details on Whittaker's cash for weeks.

Even Whittaker's good-faith generosity was questioned. When he offered $10,000 to improve the city's water park so that it was more handicap accessible, locals complained that he spent more money at the strip club. (Amusingly this was true).

Harry posted:

XIV and SVXY are the gifts that keeps on giving. Long story short, massive gains in 2017 then 80% drop in February.

VIX is possibly being manipulated as hell:

https://www.marketwatch.com/story/how-wall-streets-fear-gauge-is-being-rigged-according-to-one-whistleblower-2018-02-13

quote:

One of the most popular measures of volatility is being manipulated, charges one individual who submitted a letter anonymously to the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The letter makes the claim to regulators that fake quotes for the S&P 500 index SPX, +0.26% are skewing levels of the Cboe Volatility Index VIX, -2.50% which reflects bearish and bullish options bets 30-days in the future on the S&P 500 to gauge implied stock-market volatility (see excerpt from the letter below).

The flaw allows trading firms with sophisticated algorithms to move the VIX up or down by simply posting quotes on S&P options and without needing to physically engage in any trading or deploying any capital. This market manipulation has led to multiple billions in profits effectively taken away from institutional and retail investors and cashed in by unethical electronic option market makers.

The whistleblower�s claims are consistent with those documented by John Griffin, professor of finance at the University of Texas and Ph.D. candidate Amin Shams in May 2017 in research that says the cost of manipulating less-liquid SPX options would be more than paid for by a successful bet on the direction of the VIX. The paper is consistent with the whistleblower�s conclusion�that manipulators are moving prices of the SPX options by spoofing at settlement�entering quotes for trades that are never executed�to �paint the tape� and, therefore, influence the value of expiring VIX derivatives.

# ? Feb 14, 2018 02:47

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

Maybe don't carry $500,000 on you idk :confused:

# ? Feb 14, 2018 02:49

Hotel Kpro: Feb 24, 2011; owls don't go to school; Dinosaur Gum

military cervix posted:

There is a story like this that ends with actual murder, but maybe not in the way you would think: https://en.wikipedia.org/wiki/Jennifer_Pan

There was another story like it on Forensic Files http://abcnews.go.com/2020/story?id=7470379&page=1

I guess be wary if your kid isn't going to college and he says he is

# ? Feb 14, 2018 02:56

Solice Kirsk: Jun 1, 2004; .

Phanatic posted:

And you're glossing over the fact that it was friends who robbed him, which is exactly the point being made: simply having that much money changes the nature of the interpersonal relationships that predate the lottery win. And that even if you do good things with your money, people will bitch and complain about the other things you're doing with your money and resent you for not doing more good things with your money.

VIX is possibly being manipulated as hell:

https://www.marketwatch.com/story/how-wall-streets-fear-gauge-is-being-rigged-according-to-one-whistleblower-2018-02-13

Well if that whistle blower ever gets the payout they will have to read up on how to handle lottery winnings too.

Just kidding, they never pay out those rewards

# ? Feb 14, 2018 03:53

meat police: Nov 14, 2015

Moneyball posted:

I want to be hosed

My main man I�ve got three words for you: time-share horse.

# ? Feb 14, 2018 04:26

therobit: Aug 19, 2008; I've been tryin' to speak with you for a long time

meat police posted:

My main man I’ve got three words for you: time-share horse.

This is entrapment.

# ? Feb 14, 2018 04:35

Hoodwinker: Nov 7, 2005

meat police posted:

My main man I�ve got three words for you: time-share horse.

Make this man the President.

# ? Feb 14, 2018 04:57

I would blow Dane Cook: Dec 26, 2008

meat police posted:

My main man I�ve got three words for you: time-share horse.

http://www.equi-timeshare.co.uk/prices.html

Surprisingly affordable.

# ? Feb 14, 2018 05:02

Bird in a Blender: Nov 17, 2005; It's amazing what they can do with computers these days.

So with all these stories about lottery winners being harassed, why aren�t people constantly beating down Warren Buffet�s door? Or are people doing that and we just don�t hear about it?

I would hope I could handle a huge influx of money like that, but I�d probably just donate most of it, keep enough to get by on, and just lie to everyone that I gave it all away.

# ? Feb 14, 2018 05:03

Moneyball: Jul 11, 2005; It's a problem you think we need to explain ourselves.

Hyundai camouflage.

# ? Feb 14, 2018 05:07

Virtue: Jan 7, 2009

Bird in a Blender posted:

So with all these stories about lottery winners being harassed, why aren�t people constantly beating down Warren Buffet�s door? Or are people doing that and we just don�t hear about it?

I would hope I could handle a huge influx of money like that, but I�d probably just donate most of it, keep enough to get by on, and just lie to everyone that I gave it all away.

Private security to keep the poors away. The begging still happens but it's from guys in suits at fundraising events.

# ? Feb 14, 2018 05:47

Krispy Wafer: Jul 26, 2002; I shouted out "Free the exposed 67"
But they stood on my hair and told me I was fat; Grimey Drawer

Bird in a Blender posted:

So with all these stories about lottery winners being harassed, why aren�t people constantly beating down Warren Buffet�s door? Or are people doing that and we just don�t hear about it?

I would hope I could handle a huge influx of money like that, but I�d probably just donate most of it, keep enough to get by on, and just lie to everyone that I gave it all away.

They are. People are constantly trying to get Buffet or Gates or Musk to invest in some harebrained scheme or pay for their new kidney. But they have layers of underlings keeping them isolated from all that. And since none of their friends or family are poor, they don't have any guilt going on when they're rich, but people they care about can't afford their rent or medicine.

Well-off people tend to hang out with other well-off people so things don't get weird. Which is why you see conflict when that one successful sibling comes to Thanksgiving dinner, because you're kind of obligated to see your family even if you aren't on the same social-economic scale as them.

Lottery winners can't or won't detach themselves from their old friends and family so they get more pressure to invest in their sister's MLM or their niece's horses.

# ? Feb 14, 2018 05:59

an actual dog: Nov 18, 2014

# ? Feb 14, 2018 06:26

Panfilo: Aug 27, 2011; EXISTENCE IS PAIN😬

Most of those lottery horror stories have more to do with lovely friends and family that are just tolerated. Look at all the R/relationships stories that involve a spineless person putting up with way too much poo poo. Maybe if you win all that money you can afford to grow a pair when it comes to lovely friends and family.

I mean what kind of idiot leaves 500k in his car? In one of the poorest parts of West Virginia of all places? He got robbed not because he won the lottery, but because he's an imbecile.

The US is so classist that I think a lot of lottery winners go out of their way to flaunt their wealth and it just backfires on them.

# ? Feb 14, 2018 06:40

bob dobbs is dead: Oct 8, 2017; I love peeps; Nap Ghost

I would blow Dane Cook posted:

http://www.equi-timeshare.co.uk/prices.html

Surprisingly affordable.

the horse poo poo isn't kicking in anymore
first the horse makeup being cheap, now this

# ? Feb 14, 2018 06:43

Colin Mockery: Jun 24, 2007; Rawr

Bird in a Blender posted:

So with all these stories about lottery winners being harassed, why aren�t people constantly beating down Warren Buffet�s door? Or are people doing that and we just don�t hear about it?

I would hope I could handle a huge influx of money like that, but I�d probably just donate most of it, keep enough to get by on, and just lie to everyone that I gave it all away.

Rich people know to buy kidnapping insurance for all their children.

# ? Feb 14, 2018 07:13

Ghost Leviathan: Mar 2, 2017; Exploration is ill-advised.

I think it was Chris Rock who said there's a big difference between 'rich' and 'wealth', and lottery winners illustrate that terrifyingly well. Even people who become wealthy more steadily through a sports or entertainment career have more opportunity to adjust and may occasionally not end up broke (Oprah comes to mind) while lotto winners find that that, ironically, a rich person's lifestyle isn't something you can just go to a store and buy.

We haven't really come too far from feudalism when it comes to the sheer divide between the wealthy and the proles, illustrated so well when one tries to rise above their station.

# ? Feb 14, 2018 07:21

Palladium: May 8, 2012; Very Good
✔️✔️✔️✔️

In Singapore, lottery winnings are 100% lump sum next day payout, 0% tax and complete anonymity other than anti-money laundering regulations against selling the winning ticket.

I have no idea why U.S is so hosed over there in this regard.

# ? Feb 14, 2018 07:40

therobit: Aug 19, 2008; I've been tryin' to speak with you for a long time

Palladium posted:

In Singapore, lottery winnings are 100% lump sum next day payout, 0% tax and complete anonymity other than anti-money laundering regulations against selling the winning ticket.

I have no idea why U.S is so hosed over there in this regard.

See, this is why we just got downgraded to "flawed democracy."

# ? Feb 14, 2018 07:44

Vox Nihili: May 28, 2008

Palladium posted:

In Singapore, lottery winnings are 100% lump sum next day payout, 0% tax and complete anonymity other than anti-money laundering regulations against selling the winning ticket.

I have no idea why U.S is so hosed over there in this regard.

Makes one wonder why we run lotteries at all, even. :thunk:

# ? Feb 14, 2018 09:41

Xenocides: Jan 14, 2008; This world looks very scary....

Vox Nihili posted:

Makes one wonder why we run lotteries at all, even.

It is the only acceptable regressive tax left. Plus we can say all the money is going to schools and veterans to dupe idiots into thinking it is a charity.

# ? Feb 14, 2018 11:00

Palladium: May 8, 2012; Very Good
✔️✔️✔️✔️

Vox Nihili posted:

Makes one wonder why we run lotteries at all, even.

Because when you have license to print free money and then double dip again on that with taxes, you are just going say quits.

Of course, you can always socially rationalize yourselves by giving a laughably small portion of profits to charity when you run the equivalent of a huge casino table at only a mere 37% house edge 3 times every week like in Singapore.

Palladium fucked around with this message at 13:05 on Feb 14, 2018

# ? Feb 14, 2018 13:00

Subjunctive: Sep 12, 2006; ✨sparkle and shine✨

Xenocides posted:

It is the only acceptable regressive tax left.

Let�s not be so quick to ignore the mortgage interest deduction.

# ? Feb 14, 2018 14:05

Krispy Wafer: Jul 26, 2002; I shouted out "Free the exposed 67"
But they stood on my hair and told me I was fat; Grimey Drawer

Xenocides posted:

It is the only acceptable regressive tax left. Plus we can say all the money is going to schools and veterans to dupe idiots into thinking it is a charity.

Some states do give lottery profits to schools and then conveniently defund the schools in other ways. I think Florida pulled that trick.

Other states use the money to pay for something that was never covered previously. Georgia pays all 4 years of your tuition to a state school as long as you keep a B average. The best part is, it's now a third rail like Social Security and taxpayers will murder any politician who suggests ditching it. It's still a regressive tax that benefits the middle class over the poor, though.

# ? Feb 14, 2018 14:05

BattleMoose: Jun 16, 2010

So this 21(m) dude posts this in a finance forum I follow.

https://forums.whirlpool.net.au/forum-replies.cfm?t=2704711&p=1

quote:

I've cashed out $1,000,000 and am fortunate enough to benefit from the 50% reduction in capital gains tax. $400,000 i gave towards my parents to pay off all their debts, leaving me with $400,000 give or take in my bank (this is all after tax). I am keeping a mil in crypto because i'm continuing to test my luck hoping lightning will continue to strike and maybe i can turn that 1 mil into a couple mil over the next few months. although this big correction over the last month or two hasreally tamed things in the crypto world, i just like most other crypto enthuasists are hoping it was just a long overdue correction before the next bull run to a trillion dollar market cap. My personal opinion on crypto is theres still some time to go before 95% of the coins which are vaporware become worthless...

quote:

for those who dont believe it, i dont blame you. the way i done it was simple. invested maybe 5-6k back in late 2016. went all in on litecoin, followed by all in on ripple, followed by all in on neo, followed by all in nxt, followed by all in on vechain. some other trades in between which lost me money.. (if it wasnt for stupid fomo trades i would probably have 5x my current amount).

This segways well from lottery winnings actually. This dude scored big on crypto (if the story is to be believed) which is gwm and might be bwl, but honestly with the amount of goons playing with crypto there is bound to be some jackass that doubles down and wins on the roulette wheel 5 times in a row. But he is electing to keep over a million $AU in crypto and most of the comments encourage him to do that. I basically want to pin him down and yell at him to sell his goddamn crypto, learn how stocks work and live a life with complete financial freedom. But no, he is going to continue to gamble and take advice from financial advisers instead of learning himself.

This will end badly, I just hope he posts about it when it does.

# ? Feb 14, 2018 14:26

BEHOLD: MY CAPE: Jan 11, 2004

Subjunctive posted:

Let�s not be so quick to ignore the mortgage interest deduction.

The good news is that because like 98% of taxpayers will no longer itemize, the mortgage deduction has been nuked into a tiny shell of its former self. Also there are lots of other very regressive taxes such as sales taxes, social security taxes, gas taxes etc.

# ? Feb 14, 2018 14:30

AreWeDrunkYet: Jul 8, 2006

Xenocides posted:

It is the only acceptable regressive tax left. Plus we can say all the money is going to schools and veterans to dupe idiots into thinking it is a charity.

Good news!

http://www.foxbusiness.com/politics/2018/02/13/trump-administration-weighing-gas-tax-hike-to-pay-for-1-5t-infrastructure-revamp.html

Taxing gasoline makes sense to make up for the externalities of burning it, but it is pretty damned regressive. Especially when an increase is being proposed as an offset for the revenue shortfall created by making income taxes less progressive.

# ? Feb 14, 2018 14:36

SlapActionJackson: Jul 27, 2006

Palladium posted:

a mere 37% house edge 3 times every week like in Singapore.

Advantage to Singapore again. Most US lotteries are run with 50% rake.

# ? Feb 14, 2018 14:42

Solice Kirsk: Jun 1, 2004; .

BattleMoose posted:

So this 21(m) dude posts this in a finance forum I follow.

https://forums.whirlpool.net.au/forum-replies.cfm?t=2704711&p=1

This segways well from lottery winnings actually. This dude scored big on crypto (if the story is to be believed) which is gwm and might be bwl, but honestly with the amount of goons playing with crypto there is bound to be some jackass that doubles down and wins on the roulette wheel 5 times in a row. But he is electing to keep over a million $AU in crypto and most of the comments encourage him to do that. I basically want to pin him down and yell at him to sell his goddamn crypto, learn how stocks work and live a life with complete financial freedom. But no, he is going to continue to gamble and take advice from financial advisers instead of learning himself.

This will end badly, I just hope he posts about it when it does.

Financial advisors won't be telling him to stay in crypto. They'll be telling him to invest in managed fund accounts so they can get paid.

# ? Feb 14, 2018 15:25

Subjunctive: Sep 12, 2006; ✨sparkle and shine✨

Depends on their payment model. With enough money in play you can get ones that are just fee for service. %age of assets under management is even easier to find.

# ? Feb 14, 2018 15:36