/biz/ - Business & Finance

They define themselves through materialism and want to "keep up with the jones"

>>15443200
Uh no that's just a dumb outdated meme. The truth is the cost of living has skyrocketed while wages have not. Hope this helps

It's predatory finance, pure and simple.

Don't give me the whole spiel about "MUH INDIVIDUAL DECISIONS".

People are easily swayed by impulse, which is what advertising is: conditioning you with an impulse to purchase a particular product.

As for the interest rate;

Most major banks will give savers 1% for their deposits.

A credit card will charge you 10%-%20.

The official Fed funds rate is 2.25% IIRC.

What did they mean by this?

>>15443221
that's called communism

>>15443224
sounds like a personal problem

>>15443239
Sounds like Ben Shapiro

>>15443224
Because of women. Women as a whole, have no idea about saving money. They are purely about materialism and “fakeness” if you will.

>>15443188
Because people are fucking stupid. Why do you think we have things like products being sold for $4.99 instead of $5.00? Capitalism is good because it allows those who were born with the brains to manipulate and control the dumb and ignorant ones economically, like how most other areas work.

>>15443188
It's usually not completely free since the intro 0% APR often does not cover balance transfers, which this is. However in the case that it does, most credit card companies also issue a 3% one time fee on balance transfers. Just be aware of that.

Either way it's a much better option than a 13 or 26% APR on an existing line of credit and you should definitely do it if you have an intro 0% APR on balance transfers, but just be aware it's likely you will at minimum get hit with a one time 3% or so fee.

>>15443221

A few months ago I saw a really good chart tracking prices from 1999 to 2018 in a variety of areas, it's too bad I can't find it. I think it was from Fed figures.

Basically, Healthcare, Education, Housing, Legal services, etc etc, everything that can't be outsourced is up massively since 1999.

Everything that can be outsourced or done by recent migrants/illegal immigrants has either stagnated or declined in real terms. Think electronics, crops, textiles, toys, manufactured goods (cars are much cheaper in real money vs the 90s).

Inflation is there, but it's inflating things that aren't normal everyday purchases.

>>15443224
>>15443246

so, businesses shouldn't advertise? or maybe you just shouldn't borrow money because you're obviously either scared or bad at it?

>>15443270
Jew detected

>>15443239

It's not a personal problem, it's a societal one. Obesity for example is a symptom.

>>15443248

https://edition.cnn.com/2019/08/29/economy/single-women-economy/index.html

>There are more single women in the workforce than ever, and that's having a profound effect on the US economy.
Working women contribute more than $7 trillion to America's economy. By 2030, 45% of working women aged 25 to 44 in the United States will be single. That will be the largest share in history, according to research by Morgan Stanley (MS), using data from the Bureau of Labor Statistics.

>In 2018, single women made up 41% of working women in that age range.

>Women have always tended to be the principal shoppers in American households, and single women outspend married women, the Morgan Stanley research says.

It's about destroying families to create more individual consumers, as the woman who has no man and has no children will be working her entire life and no splitting costs across her family. Also, it leaves more disposable income for frivolous shit.

Building race cars is expensive

Leverage. I maxed out all my cards to buy LINK so I could be a millionaire.

>>15443188
OP advice is useless for someone with poor credit. I'm in the low 500's, a 0% balance transfer is impossible

>>15443270

The father of modern advertising was the nephew of Sigmund Freud. Does this strike you as odd?

I think there should be an IQ cut off for finance. If you don't understand compounding, then you shouldn't be able to get a credit card or take out a loan.

>>15443318

What's your interest rate on those credit cards?

You're not the first person to do this you know. If your asset doesn't outperform the interest rate, you're fucked. See: sub-prime crisis 2007-2009.

>>15443359
>If your asset doesn't outperform the interest rate

Faggot, he can just claim bankruptcy and start over. Or get a shitty job to make payments to the debt collectors after haggling with them to lower the payment and/or interest. I bet you have nothing to lose either, especially since you're here. Some anons acknowledge they have nothing to lose and make a leap of faith. Unlike you, faggot centrist who "plays by the rules". Go watch Dave Ramsey.

>>15443359
Also like to point out that those interest rates on those credit cards are APR, as in ANNUAL percentage rate. If it's 20%, he only gets dinged 1.5%ish every MONTH. Who gives a fuck? Chainlink will easily do another 20% or more in the next 12 months, and he will be able to square away his debt easily. Fags like you need to stop with the pretentious faggotry in regards to other anon's personal finances. Fuck you

There are people who literally think borrowed money "isnt theirs"

>>15443406

It's not a personal attack, it's just a criticism of the system that we live in which is all about perpetual debt. There is a very real prospect given the volatility of crypto that the interest could eat him alive.

I really don't care about the creditors, but undoubtedly it's a bad thing for the person taking out the loan too.

I've made my leap of faith, I'm leveraged x3 into an ETF with 130K. It's not much, but it's everything I have.

>>15443427

>Chainlink will easily do another 20% or more in the next 12 months, and he will be able to square away his debt easily. Fags like you need to stop with the pretentious faggotry in regards to other anon's personal finances. Fuck you

That's a bet made on future gains. You're no different to Boomers with their mortgages.

Retroactively it will either be a great move or a very shit move, but regardless he still needs to make a 20% gain annually from his average price otherwise he is underwater.

I'm allowed my opinion about finances. Fuck you.

>>15443450
Alright well other fags that come onto /biz/ with their Dave Ramsey textbooks and Dave Ramsey Adult Diapers™ inflict a MAJOR crab in the bucket mentality onto anons who are making leaps of faith. Fuck them. We're all here because we know the whole system is fucked and we're trying to GTFO out of the entire thing before it all blows. Some of us have a bigger clubs than others (higher credit limits, bigger loans, more assets to pawn off to dump cash into BTC/LINK/etc) and are swinging them as hard as we can to lift ourselves up.

And I'll say good luck to you on your ETF investment.

>>15443188
People understand interest but they dont care. This is the power of short term thinking.

>>15443188
google 'paradox of thrift'

>>15443469
>You're no different to Boomers

I said "fuck you" earlier, but that's fucking rude, anon. Too far.

>>15443224
Its good to transfer financial power from idiots to smart ones.

>>15443281
>da jooooooo

>>15443188

The previous generations (boomers, genX) shame the current generation into living an unsustainable life style. It's
a generational ponzi scheme.

>>15443300

>women contribute

Stopped reading there. Women as a group hold over 66% of the debt in north america and pay no net taxes.

>>15443470

Time only shows whether you're a genius or retarded when you make highly speculative plays. I think it's admirable either way, just so long as you acknowledge the risks involved in such a play regardless of the outcome.

>>15443490

If you fuck the middle and lower classes too hard anon, you end up with your head in a guillotine or watching your entire family get systematically get shot by Jewish Bolsheviks.

>>15443188
A fool and his money are soon parted, giving fools a magical infinite money card only makes that worse.

>>15443188
Most people I know with cc debt was like this:
>moved for a new job and had to supplement income at first
>got a deadly illness and had to offset costs
>lost job
>used it to create a business that didnt work then just never paid
>bought a lot of bitcoin via paypal->virwox in 2014 and never paid, moved to another country to retire
>college student who maxed it out and then told them they dont have a job and so they told em just to pay like $180

lmao they literally give you free shit for paying it off on time and interest doesn't accrue if you pay it off in full

fucking poor people

I have rewards cards that I use for literally every possible thing that I buy. I pay 95% of the balance every month, get tons of travel rewards, and built a 790 credit score in the process. I pay about $40 of interest annually.

Only dipshits who don't know how to use credit properly end up with balances they can't pay.

>>15443688
you can max it and not pay it, nothing happens, you get 100% off.

>>15443696
>paying interest at all

>>15443300

so society as a whole is responsible for a percentage of the population that sucks at managing money?
none of you are making sense. just admit you can't even manage the change in your pocket.

obesity is caused by eating too much and moving too little. once again, a personal problem that is easily controlled. EAT LESS, MOVE MORE.
>b-b-but the mcdonalds keeps playing the big n tasty commercial and it's making me crave it! they are using red and yellow colors that have a psychological effect on me that makes me think i'm hungry! they are using marketing tactics that are making me empty my bank and shove 10,000 burgers down my gullet and make me obese!
marketing and advertising has come a long way. a lot of tactics work. but here's the catch.... THEY ONLY WORK ON DUMB FUCKS.

you sign a contract when you open a line of credit. all the terms and conditions are right in front of you. there's no tricks, just fine print. nobody has a gun to your head saying you HAVE to borrow money. you're a fucking idiot if you think it's a "societal" problem. "society" doesn't open a line of credit. an INDIVIDUAL does.

>>15443702
>not carrying a small balance for dem easy credit gains

never gonna make it

>>15443835
L
M
A
O

>he literally thinks he needs to carry a balance to have his credit go up

I really hope that was bait

>>15443835
>actually believing the myth of having to carry a small balance on your credit card to trick you into paying interest

never gonna make it.

>>15443762
You are naive to think this, they made the fine print so small for obvious reason. If they can get away with not giving ppl the fine print they would.

>>15443896
but they can't so they don't. they also are legally obligated to notify you of policy updates and changes which you may disagree to and cancel your account.
i could also argue that you could say you're going to pay them back when you borrow money, but don't. if you could get away with it, you would!

cope more

>>15443896
here's another piece of credit card statement from a different card

boy the jews sure are fucking me hard on this interest i'm paying. ugh fml!

>>15443950
>>15443932
based

I am personally in debt because I'm building my own company and surviving while doing that is really not easy. Especially with a wife and kid on the way.

If you're a wagie living off someone else's risk then yes, there is no excuse.

>>15443224
Literally don’t buy what you can’t afford.
A stronger argument would be to say that, “just because someone can’t maintain themselves financially doesn’t mean they don’t contribute, so society should step in.”
Because you’ve already admitted, and everyone already knows, that many people are simply unfit financially and will run themselves into the ground given the opportunity and the slightest nudge.
If we used money as our only measure for success, these people would be better off as debt slaves because otherwise society would have to haul them around to no benefit in the name of pure “humanitarianism” which would eat itself and create backlash as the burden failed to diminish.
Social Darwinism is the natural conclusion if money is the sole metric.

>>15443958
Just cancel the wife and kid order retard

>>15443697
technically true, and it's even easier to do if you live in a different country, you can just cycle through cards and never pay it. They can't really harass you since finding someone in a foreign country takes up a lot of resources/time. Especially if you move somewhere like China. I did that to finance my trip in South Korea, I lived on credit cards and just a small amount of cash for a few months. I never paid the cards back, just went somewhere else.

Only reason I do is because medical expenses. after Obama care health costs went way up.

>>15443967
Yeah, not the time to go long on family.

Because using credit cards instead of my cash allowed my savings to build up so I could afford rental properties, and then use another credit card to pay for renovations, and then use all my savings to go balls deep in crypto, and also take additional loans against the properties, and now I have half a million in crypto, 25k of debt at 18% (oh my gawwwwd), while you have... erm... The moral high ground?

>>15443446
oh the borrowed money it's their alright
but they themselves belong to the lender now :)