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I feel most people conflate an emergency fund and savings. Or just ask if they have both or either or?
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May 29, 2022 19:37
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Edgar Allan Pwned posted:I feel most people conflate an emergency fund and savings. Or just ask if they have both or either or? Isn't an emergency fund just a subset of savings?
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May 29, 2022 19:37
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An emergency fund needs to be in cash or other highly liquid investments. Long-term savings don't.
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May 29, 2022 19:49
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Edgar Allan Pwned posted:I feel most people conflate an emergency fund and savings. Or just ask if they have both or either or? I conflate them because I have neither.
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May 29, 2022 19:49
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ultrafilter posted:An emergency fund needs to be in cash or other highly liquid investments. Long-term savings don't. Long-term savings is also a subset of savings. Retirement accounts, HSAs, emergency funds, that investment account you're putting money into for a mortgage down payment, they're all savings.
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May 29, 2022 19:52
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It's a purely semantic distinction. Is the pocket change in my key bowl short term savings? I dunno, probably, but it's not really worth talking about. From where I sit savings is money you are consciously setting aside for the future (as in, not just money in the checking account you haven't gotten around to spending yet) and an emergency fund is a subset of savings set aside specifically for emergencies.
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May 29, 2022 19:57
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twerking on the railroad posted:If you live in a country with access to SWIFT and you have a bank account, a bank transfer is easier and cheaper. The only times this fails is when someone has an illegal intent on the other side. My cousin wanted to send me money, to then send him money while he lives in bumfuck Cambodia, to dodge taxes, and I told him I'd take no part in it. Like poo poo, how hard is this to understand? At a time when crypto became 3-5x my savings in the bank, I liquidated it to become 3-5x my bank savings. Do the taxes suck? Yes. But it's profits, so whatever. Outside of this 99% of crypto charges at least around 0.2% of the loving *total* to convert back to fiat. If that's not stupid I don't know what is. And now they're starting propaganda against a cbdc, brought on by .....the Luna ponzi. So rather than stabilize with government support they'd rather cut off the nose to spite the face. It's really just people being insanely greedy and desperate for having a thousand possible lotto tickets. Even now some folks I know who got insanely rich are bleeding every day because they never knew what to do with it and are a good scam away from giving it all up to some ponzi.
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May 29, 2022 23:18
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Sounds like it's time to offer them some investment opportunities.
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May 30, 2022 00:22
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Vahakyla posted:Does this thread collectively remember the absolute fanfic "I got laid" plus "I used cryptocurrency and it saved my life in South America" travel story of how bitcoin can help all? I tried to find it. gschmidl posted:https://forum.bitcoin.com/bitcoin-discussion/how-bitcoins-saved-my-life-long-some-nsfw-t308.html Uh except the guy doesn’t get laid he just jerks off all over the girls 15 year old sister in the middle of the night and gets run out of town
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May 30, 2022 00:40
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notwithoutmyanus posted:It's really just people being insanely greedy and desperate for having a thousand possible lotto tickets. Even now some folks I know who got insanely rich are bleeding every day because they never knew what to do with it and are a good scam away from giving it all up to some ponzi. Yes exactly this. The one quality these “poor rubes” share is greed. I’ve got very little sympathy for the woe is me sob story that you didn’t get to harm society as much as you’d hoped. I think it was this thread that pointed out that people who make risky bets, make risky bets. Those who were successful at getting big $$$ out of crypto are also extremely likely to lose it being less lucky next time. People don’t often win the one bet they ever made, then pack it in and never make a bet again. No, people who tell you about their lucky wins usually have many more losses (or will, eventually).
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May 30, 2022 18:29
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LeafHouse posted:Uh except the guy doesn’t get laid he just jerks off all over the girls 15 year old sister in the middle of the night and gets run out of town Lol. Yeah I remembered wrong. I guess bitcoiners will fall for anything but even they wouldn’t fall for a fellow bitcoiner getting laid.
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May 30, 2022 18:31
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This week I found out my husband lost our life savingsquote:This week I found out that my husband lost all of our life savings, totaling $70,000. quote:When we would do things like live in a house flip, that was a sacrifice we were making for our future, to create wealth. Actually, right now we are sleeping on a mattress because I was too cheap to buy a bed frame in Mexico. You can't imagine the stark reality of the sacrifices I am making in our present living situation, just for the sake of living cheaply, to generate more wealth. Now, I don't really have plans. I have a short-term goal of finding a job, and a rental. quote:yes he was qualified to trade but already we have learned that his business and financial markets acumen did not translate into personal trading because he does not have enough emotional intelligence. We have gone through all his trades and we are writing a playbook and strategy for trading in the future. We will trade and budget together, for one, and stay away from trading options. We are thinking we will invest in travel/hospitality stocks (not a lot) while they are low in the coming months, when we are on our feet and fully employed. Just hold them until the economy recovers. 
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May 30, 2022 18:51
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Wait I’m confused was it a painting business or did they just paint the house they renovated? Because I don’t understand why they stopped the business when they flipped the house. It just seems like a massive waste of time
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May 30, 2022 18:54
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CharlestheHammer posted:Wait I’m confused was it a painting business or did they just paint the house they renovated? It seems like their goal was to be -*dIgItAl NoMaDs*- while the husband used his awesome day trading skills to make enough money to live on until they could start their next guaranteed money-making business.
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May 30, 2022 19:02
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The numbers generally seem two orders of magnitude off what would make sense. They ran a home renovation and painting business for two years with a net income of $100k? (ok, that's actually probably typical) They were planning on retiring on $70k, using $30k to generate 3,600% annual returns to fund their retirement?
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May 30, 2022 19:03
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AreWeDrunkYet posted:The numbers generally seem two orders of magnitude off what would make sense. They ran a home renovation and painting business for two years with a net income of $100k? (ok, that's actually probably typical) They were planning on retiring on $70k, using $30k to generate 3,600% annual returns to fund their retirement? That’s what makes it confusing, any halfway decent finance job would make that in like a year? So it seems they lost money on that endeavor?
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May 30, 2022 19:08
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my sense is that they wanted to live some kind of nomad fire lifestyle, so they closed/soldoff the business when they hit their number, but that number was laughably low and their success was predicated on the husband being able to continually turn straw into gold with penny stocks for the rest of their life also i'm kind of skeptical that they were running an actual successful business rather than some kind of weird grind-core lifestyle on an app like taskrabbit
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May 30, 2022 19:10
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Could the problem really be flawed math from the guy pursuing a lucrative salary in finance while also daytrading and painting houses?
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May 30, 2022 19:14
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Yea, none of those numbers add up. They sold a house and apparently just stopped running a money making painting business instead of selling it? It definitely seems like they were doing gig work and not running a real business. Husband’s job must not have been that lucrative if he quit to paint for a living. After it was all said and done, they managed to eek out what should’ve been one year’s salary over a period of two years. BWM decisions from start to finish.
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May 30, 2022 19:26
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Redditor graduates from Harvard Law and quits biglaw job to make art "Art" in question How do you not feel bad about setting $300k on fire?
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May 30, 2022 19:30
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Nirvikalpa posted:Redditor graduates from Harvard Law and quits biglaw job to make art Having a number of friends and family members in various corners of the business and listening to their stories for about 30 years I can't really blame anyone for quitting law at any point in the engagement. Best not to start at all, but better to step off now than to hate your life when you're halfway through.  those loans though.
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May 30, 2022 19:47
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Midjack posted:Having a number of friends and family members in various corners of the business and listening to their stories for about 30 years I can't really blame anyone for quitting law at any point in the engagement. Best not to start at all, but better to step off now than to hate your life when you're halfway through. Loans? She went to HLS and then decided to make “art.” Loans? What does your heart tell you?
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May 30, 2022 20:52
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Bird in a Blender posted:Yea, none of those numbers add up. They sold a house and apparently just stopped running a money making painting business instead of selling it? It definitely seems like they were doing gig work and not running a real business. Husband’s job must not have been that lucrative if he quit to paint for a living. After it was all said and done, they managed to eek out what should’ve been one year’s salary over a period of two years. BWM decisions from start to finish. Yeah I'm pretty sure the painting business is "he paints in exchange for money" rather than the sort of business you can actually sell
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May 30, 2022 21:42
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I don’t think that guy was really good at his finance job…
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May 30, 2022 21:43
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Midjack posted:Having a number of friends and family members in various corners of the business and listening to their stories for about 30 years I can't really blame anyone for quitting law at any point in the engagement. Best not to start at all, but better to step off now than to hate your life when you're halfway through. You could always get a different job though. Having a JD could get you some other professional job instead of working on crappy art.
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May 31, 2022 03:58
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Nirvikalpa posted:You could always get a different job though. Having a JD could get you some other professional job instead of working on crappy art. Would any non-legal job process care about the JD? Seems like it would check the same box as any random BA for most office positions. Come to think of it, if I came across a resume with a Harvard JD, I would be wondering if they were disbarred or something to be applying for something that didn't require their expensive, specialized degree. They might get an interview just out of curiosity. AreWeDrunkYet fucked around with this message at 04:09 on May 31, 2022 |
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May 31, 2022 04:05
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There are a few jobs where a non-bar holding JD is a nice add on but yeah for the most part it’s a big shrug. I’ve worked alongside a JD like that in a data entry job I did did as a short term thing when I needed money. Dude bailed after graduating because his family basically pressured him into it and he hates lawyers. Was a hosed up guy.
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May 31, 2022 04:21
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AreWeDrunkYet posted:Would any non-legal job process care about the JD? Seems like it would check the same box as any random BA for most office positions. You know, just for the sake of argument, I would actually be interested in someone with an appropriate JD in, say, environmental law or water law in the various consulting/"adaptation" work I do. I could see someone with a lot of knowledge of those fields getting burnt out and deciding they want to go raise hell somewhere a bit less stable.
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May 31, 2022 04:22
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Vahakyla posted:Lol. Yeah I remembered wrong. Those Brazilian Wank Memoirs were a hell of a ride 
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May 31, 2022 05:39
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Guest2553 posted:Those Brazilian Wank Memoirs were a hell of a ride Brazil.txt claims another one.
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May 31, 2022 05:59
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Fasdar posted:You know, just for the sake of argument, I would actually be interested in someone with an appropriate JD in, say, environmental law or water law in the various consulting/"adaptation" work I do. I could see someone with a lot of knowledge of those fields getting burnt out and deciding they want to go raise hell somewhere a bit less stable. Dik Hz fucked around with this message at 21:02 on May 31, 2022 |
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May 31, 2022 14:48
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Nirvikalpa posted:You could always get a different job though. Having a JD could get you some other professional job instead of working on crappy art. a JD doesn't help you get a job that is not being a lawyer and tends to be a net negative for any non-lawyer job however there are a lot of very smart people who are very burned the gently caress out on being a lawyer that transitioned to other jobs and people assume the JD helped them get it (and the people may suggest it did): it is not true.
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May 31, 2022 14:53
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Getting a JD at Harvard Law is what you do in your spare time while not making ivy league connections which is how you make the real money when one of your college buddies' dad who's an executive at some fortune 500 company can just drop your resume on some hiring manager's inbox. Well unless you spent the whole time discovering shrooms and doing art I suppose
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Jun 1, 2022 09:59
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Cyrano4747 posted:It's a purely semantic distinction. Is the pocket change in my key bowl short term savings? I dunno, probably, but it's not really worth talking about. I've only recently had enough saved to consider putting some away where I can't get at it in a hurry if needed. But I've just blown more than half of it on getting the house double-glazed instead; seems like the investment with the best returns in present circumstances.
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Jun 1, 2022 10:07
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Runcible Cat posted:I've only recently had enough saved to consider putting some away where I can't get at it in a hurry if needed. If you own your home, you have access to a HELOC if you really need it. Your mortgage payment is sort of a way of saving, provided housing prices don't take a dive.
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Jun 1, 2022 10:35
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Ham Equity posted:If you own your home, you have access to a HELOC if you really need it. Your mortgage payment is sort of a way of saving, provided housing prices don't take a dive. HELOCs as such aren't a big thing in the UK yet AFAIK, but yeah I own, and I live in a bit of London that's rocketed since I bought thanks to new transport links so I've got home equity out the wazoo. Which will be handy if I'm ever desperate.
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Jun 1, 2022 13:16
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One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey Finds (actually this is mostly bad with living in very high cost of living areas, but still yikes)
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Jun 1, 2022 18:30
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Ham Equity posted:If you own your home, you have access to a HELOC if you really need it. Your mortgage payment is sort of a way of saving, provided housing prices don't take a dive. eh, lenders willingness to extend a heloc shouldn't necessarily be relied on to be there in an emergency. following the great financial crash, banks were decreasing or canceling helocs for owners who still had positive equity
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Jun 1, 2022 18:31
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Rich people living "paycheck to paycheck" are almost certainly using it to mean "after fully funding my IRA and 401(k) and paying for all my cool rich person things (private school for kids, ski vacations, his-n-hers leased BMWs, etc.) there just isn't a whole lot left at the end of the month".
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Jun 1, 2022 18:47
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drk posted:One-Third of Americans Making $250,000 Live Paycheck-to-Paycheck, Survey Finds quote:Housing expenses, which typically take up large chunks of the budgets of wealthier people, have skyrocketed during the pandemic. For example in Orange County, California, a top-tier home cost $1.7 million in April, up from $1.2 million in February 2020, based on Zillow Group Inc. data. A mortgage on that house, assuming a 20% down payment, would cost about $100,000 per year. That’s 40% of a $250,000 annual pre-tax income.  These articles are written by an intern, aren't they?
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Jun 1, 2022 18:48
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