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If you lend me a grand I'll buy a quarter pound of weed, turn that around into 2 grand. I give you 1500, you loan me another grand and I put it through the pokies and skip town. That's called business.
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Feb 19, 2021 16:37
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Son of Rodney posted:That's why I said "if you could pay in cash". If you're hosed by losing your job or not having enough savings then why the gently caress are you thinking of buying a house in the first place?? This also assumes you have more restraint than money, outside of people so wealthy they basically couldn’t spend all their cash if they tried I almost never see this work out because even my friends that went into more lucrative careers are going to be working into retirement to pay off their insatiable need to buy more stuff when they have more money. All those op ed pieces about how hard it is to get by on a household income that could reasonably describe in fractions of a million basically boil down to this. Meanwhile people who have the mentality to cover debts or save before spending may not get as big of a snowball investment effect but straight up having minimal bills to pay per month and preference for saving lets you sock away a very stable retirement.
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Feb 19, 2021 17:35
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Son of Rodney posted:That's why I said "if you could pay in cash". If you're hosed by losing your job or not having enough savings then why the gently caress are you thinking of buying a house in the first place?? This is the basis of diversification. Don’t put all your eggs in one basket. I missed your line about cash earlier but tons of people buy houses they can’t/shouldn’t afford.
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Feb 19, 2021 18:00
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BigSexy posted:This is the basis of diversification. Don’t put all your eggs in one basket. I missed your line about cash earlier but tons of people buy houses they can’t/shouldn’t afford. Yeah that's what I assumed, I put the description there in case anybody didn't know about what the logic behind this is. It took me was too long to find out about investing basics.
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Feb 19, 2021 18:31
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After carefully considering the whole situation, and I stand with my back to the wall, walking is better than running away and crawling ain't no good at all. And if guilt is the question, then truth is the answer.
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Feb 19, 2021 18:42
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GABA ghoul posted:Have you already considered that you have to pay taxes on those 7% capital gains, young man? It's still probably gonna be 0.5% free money in the end, but if you lose your job or become disabled while the market is down the bank is gonna skin you alive and eat your balls oh man I didn't think about the taxes which are at worst the same as the taxes I pay on my salary I think I'm gonna quit my job too, cuz taxes
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Feb 20, 2021 01:47
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You do realize the amount of taxes you pay on the gains decides if you win or lose money on this scheme and how much, young man?
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Feb 20, 2021 11:42
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GABA ghoul posted:You do realize the amount of taxes you pay on the gains decides if you win or lose money on this scheme and how much, young man? He is very old.
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Feb 20, 2021 11:45
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Just start your own bank OP and you can lend yourself however much money you want Gonna have to break your own kneecaps if you can't repay tho
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Feb 20, 2021 13:42
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GABA ghoul posted:You do realize the amount of taxes you pay on the gains decides if you win or lose money on this scheme and how much, young man? Um, actually, anyone who starts a sentence with "you do realize" is a dumb rear end in a top hat
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Feb 21, 2021 00:51
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Wow, gbs is into finance now. I woundnt be surprised if someone runs sone ridiculous innovative scheme os stealbitcoin.com and get rich
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Feb 21, 2021 01:18
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All loans are scams. So is credit. Never get a credit card or bank account and just pay for everything with rolls of dimes you obsessively stash away in your yurt, hth op
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Feb 21, 2021 02:34
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Son of Rodney posted:That's why I said "if you could pay in cash". If you're hosed by losing your job or not having enough savings then why the gently caress are you thinking of buying a house in the first place?? This is gambling your house that you won’t run in to cash flow issues at the same time the market is down 40%. Cash flow issues like you lose your job because your company is struggling because the market is down.
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Feb 21, 2021 06:09
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Usury is a sin OP
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Feb 21, 2021 06:12
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Who What Now posted:Usury is a sin OP saying this out loud is what got Jesus nailed to a cross
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Feb 21, 2021 06:36
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Who What Now posted:Usury is a sin OP I don't think borrowing counts as usury, only lending I'm gonna take out all the loans to send the maximum number of lenders to HELL
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Feb 22, 2021 00:45
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find a really good poker player and sponsor them. thats hjow u get the returns
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Feb 22, 2021 01:51
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feelix posted:My question is this So, is this a loan from the bank or the car company? If the car company is the one doing the lending, they are not giving you 7.5k cash money. They're lending you a car. Cash money can be invested to increase in value, cars cannot. If they could wave a magic wand and turn all their cars into piles of cash money, they'd do that instead. Since they don't have magic wands they need to get people to buy cars, including people who don't have 15k cash. If you were buying a new car for 30k they'd offer you 0% APR, because they really want you to buy a new car. If it is the bank lending you the money, they are taking less money in interest than the stock market generates on average because it's safer money. You are more likely to pay back your loan in the next 3 years than the stock market is to generate 8%. And if you don't pay they can always take away your car and sell it for 10k.
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Feb 22, 2021 01:55
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feelix posted:I don't think borrowing counts as usury, only lending Borrowing forces others to loan, thus you are still at fault. Everything is ultimately your fault. You monster.
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Feb 22, 2021 01:56
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Klyith posted:So, is this a loan from the bank or the car company? I’d only add that some of this straightforwardness is dashed to pieces via securitization.
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Feb 22, 2021 01:59
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feelix posted:The jerk store only had your posts in stock and I didn't want any of those Sick burn bro!
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Feb 22, 2021 02:05
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Op, the short answer is no, this is dumb. The long answer is that it’s dumb for these an other reasons: you are not properly valuing risk. You could make 7% or whatever in the stock market on average. Or you could lose 40% tomorrow and spend years catching up to what you started with. You are not calculating the impact of taxes. The short term capital gains is up to your federal tax bracket. Let’s say it’s 30%. Right there you’re already making barely any more than you’re paying in interest. Minor fluctuations in the profits put you in an overall negative. You are dealing with small change here. 7% of $15,000 is about a grand. How much effort are you willing to put in for one thousand dollars ($87 per month)? If that’s a meaningful amount of money for you then you shouldn’t be risking what you have in the stock market. If it’s not a meaningful amount then you are wasting your time.
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Feb 22, 2021 21:53
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People who own property already do this. They aren't putting every bit of spare money into paying off their 30 year mortgage earlier. Instead they are using the value of their home as leverage to also invest in things like their 401k and/or an IRA, or directly in stocks, bonds, other real-estate, etc. Then they get a tax break for the interest payment on the loan.
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Feb 22, 2021 22:08
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The Management posted:Op, the short answer is no, this is dumb. What I'm getting from this is OP needs to borrow alot more.
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Feb 22, 2021 22:17
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taxes aren't really the problem with leveraged investing like this. you'll only have to worry about paying short-term gain rates on profits made during the first year or so, and it sounds like the OP was talking about a much longer-term strategy. after that period you can sell older shares and generally pay a lower tax rate if you need to make loan payments. also in years where the markets have a downturn, you can use tax avoidance schemes like tax loss harvesting to offset. you could have a tax issue if you use the loan to day trade or invest in funds that make a lot of active trades. but if you're just gonna toss it in a passive index fund, then taxes aren't going to be a problem. the major problem is the same problem you have with any loan. if you lose your job at the same time your investment tanks, you end up having to sell your investment at a huge loss to cover the loan, and you end up underwater. it's the same risk that comes from buying a house with a mortgage.
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Feb 22, 2021 22:42
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Weka posted:What I'm getting from this is OP needs to borrow alot more. You can't make REAL money if you're not using other people's money.
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Feb 22, 2021 23:01
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The Management posted:Op, the short answer is no, this is dumb. I know all of these things. They're not hard to figure out and you're not smart because you know them. I mentioned my understanding of risk in literally the OP even though I was drunk as poo poo when I made it. Where the gently caress are you getting 30%? Only an person that is quite rich would pay that much federal tax on capital gains, and only short-term. Are you talking about state taxes too? I live in Florida so that doesn't apply to me, and I doubt you were even thinking about it on that level because you sound dumb as poo poo. lol at your attempt to make $1000 seem small by dividing it into months. That's literally "only look at the monthly payment" logic. I would put in many hours of work to earn $1000, as would anyone who is not quite rich. I don't even know why you're talking about 7% of 15,000 = 1,000 and then making a dishonest effort to downplay it, because those aren't the numbers I was talking about at all. I was talking about 7% of 7.5k, reduce to about 6% for taxes minus 3% for the loan so you end up with like 200 bucks. Yeah that's not worth a big effort. There I made your point for you because you're dumb as poo poo and can't make your own. gently caress you. feelix fucked around with this message at 23:30 on Feb 22, 2021 |
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Feb 22, 2021 23:26
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feelix posted:Ah gotcha, the car loan is cheap because there's a tangible asset they can repo to recover see, this is the real version of this kind of galaxy brain thinking youre trying to engage in a normal person might think that the costs of having to repo a car and re-sell a now-used car that has depreciated would mean that they dont want you to blow off your payments except what if you just keep selling and repossessing a car over and over to people you know will fall behind on their payments, and end up cumulatively collecting more money than the original sticker price of the car? that's capitalism baby
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Feb 23, 2021 01:28
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Wow, op is a VERY rude person. I think he should first invest in manners
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Feb 23, 2021 01:49
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Is it worth having a financial advisor to figure all this poo poo out assuming you aren't a kajillionaire but do have too much money sitting around in a checking account?
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Feb 23, 2021 01:51
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A Strange Aeon posted:Is it worth having a financial advisor to figure all this poo poo out assuming you aren't a kajillionaire but do have too much money sitting around in a checking account? Depends on what your goals and timelines are, from what I can tell. I feel like it's hard to tell who good Financial Advisors are and who are just shills for some package of financial vehicles that they get a commission for signing people up to.
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Feb 23, 2021 01:54
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MrQueasy posted:Depends on what your goals and timelines are, from what I can tell. I feel like it's hard to tell who good Financial Advisors are and who are just shills for some package of financial vehicles that they get a commission for signing people up to. this is what i realized shopping around for benefits on behalf of a small business. i think even if i was in the financial position im not sure i want home ownership in my life
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Feb 23, 2021 02:04
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something something fiduciary duty (i feel like knowing about fiduciary duty is on the same level as knowing about cap gains tax, something that people that just started their financial education love to bring up to show that they know about finances)
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Feb 23, 2021 02:13
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feelix posted:I know all of these things. They're not hard to figure out and you're not smart because you know them. I mentioned my understanding of risk in literally the OP even though I was drunk as poo poo when I made it. Where the gently caress are you getting 30%? Only an person that is quite rich would pay that much federal tax on capital gains, and only short-term. Are you talking about state taxes too? I live in Florida so that doesn't apply to me, and I doubt you were even thinking about it on that level because you sound dumb as poo poo. lol at your attempt to make $1000 seem small by dividing it into months. That's literally "only look at the monthly payment" logic. I would put in many hours of work to earn $1000, as would anyone who is not quite rich. I don't even know why you're talking about 7% of 15,000 = 1,000 and then making a dishonest effort to downplay it, because those aren't the numbers I was talking about at all. I was talking about 7% of 7.5k, reduce to about 6% for taxes minus 3% for the loan so you end up with like 200 bucks. Yeah that's not worth a big effort. There I made your point for you because you're dumb as poo poo and can't make your own. gently caress you. Make this guy a mod, just for the inevitable meltdown. We haven't had a good moderator meltdown in forever.
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Feb 23, 2021 02:55
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feelix posted:I know all of these things. They're not hard to figure out and you're not smart because you know them. I mentioned my understanding of risk in literally the OP even though I was drunk as poo poo when I made it. Where the gently caress are you getting 30%? Only an person that is quite rich would pay that much federal tax on capital gains, and only short-term. Are you talking about state taxes too? I live in Florida so that doesn't apply to me, and I doubt you were even thinking about it on that level because you sound dumb as poo poo. lol at your attempt to make $1000 seem small by dividing it into months. That's literally "only look at the monthly payment" logic. I would put in many hours of work to earn $1000, as would anyone who is not quite rich. I don't even know why you're talking about 7% of 15,000 = 1,000 and then making a dishonest effort to downplay it, because those aren't the numbers I was talking about at all. I was talking about 7% of 7.5k, reduce to about 6% for taxes minus 3% for the loan so you end up with like 200 bucks. Yeah that's not worth a big effort. There I made your point for you because you're dumb as poo poo and can't make your own. gently caress you. Florida? Lol, hope you like reptiles
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Feb 23, 2021 03:15
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Flowers for QAnon posted:Florida? Lol, hope you like reptiles Reptiles are cool. There are lots of other things in Florida which are extremely not cool and you picked reptiles?
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Feb 23, 2021 03:18
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feelix posted:Reptiles are cool. There are lots of other things in Florida which are extremely not cool and you picked reptiles? A gator ate my scrotum
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Feb 23, 2021 03:22
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feelix posted:Reptiles are cool. There are lots of other things in Florida which are extremely not cool and you picked reptiles? I think he meant that if you didn't enjoy reptiles that you would have a bad time because of those uncool things.
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Feb 23, 2021 03:23
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MrQueasy posted:I think he meant that if you didn't enjoy reptiles that you would have a bad time because of those uncool things. Yes, this. (Despite my accident with the gator)
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Feb 23, 2021 03:29
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I saw more than 50 gators on an 18 mi bike ride once
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Feb 23, 2021 04:12
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