/biz/ - Business & Finance

>I can time the market

>>651225
"Have any good stock tips?"
"I don't use direct deposit. Sometimes they try to scam you."
"We only have two payments left on our couch."

I don't think I've ever actually heard someone say that last one.

>"I'll take out student/car loans and 'invest' the difference"
>"I keep all my money in gold / silver that I bury in my back yard"

>buying a car/house in cash is a scam! Credit is the way to go.

>the FED is ruining my life

>>651232
It was actually my grandma who said the last one. She somehow racked up 20 fucking grand of debt and had to sell the family beach house.

>Tfw your family kinda sucks with money

>"I wish I was born in the medieval times"

>"I save my loose change

>"I am grateful for the Affordable Care Act"

>"I am the 99%"

>>651232
I knew a girl that would really only pay the minimums

>i'd rather pay extra money in interest than see all my money go away at once
She's retarded.

>it aint gonna matter when SHTF
>bitcoin is the wave of the future

>Credit score is important

>"I'm getting in/out of the market this week."
>"I don't invest in stocks, except this one."
>"I got all my money in gold right now."
>"All companies care about is money."
>"The 1% need to start paying their fair share."
All of this from one coworker of mine.

>>651233
auto loans are bretty gud when you have amazing credit and only pay 0.9% APR.

Cars are depreciating liabilities anyways so I would rather just make monthly payments and invest what I would have paid for the car cash somewhere else.

>>651298
>>"I don't invest in stocks, except this one."
>>"I got all my money in gold right now."
This reminds me of that retard on reddit that lost his life savings in Bitcoin trading
http://www.reddit.com/r/Bitcoin/comments/1r88vl/need_advice_on_inheritance_arbitrage_family_etc/
>Mfw he bought high and sold low

>Credit cards are evil I only carry cash
>Banks are evil because they take away your house
>xxx industry (e.g. pharma, oil) is evil, just look at their profits!
>College should be free

>>651315
Wow that reddit thread. What a retard. I hope the sister sues him and takes all of whatever is left.

>>651234
>this

> money isn't everything

> I'd rather work with my hands than sit behind a desk

>>651459
>2015
>not working a trade making upwards of 50k a year
>not starting your own business and making upwards of 100k a year

Yeah fuck workong with your hands lol pleb lulllzzzz

>>651477
>Yeah fuck workong with your hands lol pleb lulllzzzz

Enjoy the crippling pain that comes with a life of manual labor.

>>651479
>not having a hunter s thompson retirement plan
rofl

>>651225
*Company will match your 401k contributions, up to 8% of your pay*
>I do 2% every paycheck, that's all I can afford.

Does "money is the root of all evil" count?
Maybe "more money more problems"?

>>651506
wow what company matches 8%?

>6 months zero interest, sign me up!
>I'd like to cash out my pension for a lump sum
>investing is a pyramid scheme

>>651517

>I'd like to cash out my pension for a lump sum

Father pulled his pension in a lump sum, and they went belly up a year later. Smart decision on his part.

>>651514

ConocoPhillips matches 900% of 1% of your paycheck


http://www.bloomberg.com/infographics/2014-07-22/401k-plan-comparison.html#/50000/3.00/5/2.40/6.20/scorings/assets

>>651521
Depends on the situation. I knew a guy who took TXN stock when it was >100 bucks a share instead of a pension and the stock has never been close since.

>Hi, I'm with Vector Marketing.
>I can't wait for those dividends to roll in!

>>651509

oh God yes thank you.

"money is the root of all evil" is actually a misquote.

The real quote is: "FOR THE LOVE OF MONEY, is the root of all evil". basically saying that those that love money more than anything are the root of earth's ills. which i mostly agree with.

and "more money more problems" is complete bullshit. It only applies if you use your money to get invonlved in more and more shit, buy way too much shit, and live a complicated life.

I can promise you this, give me $1 million, and I would live a very fucking simple life. little cabin in the mountains, pickup truck, qt3.14.

>>651225

>I browse /biz/
>I work for someone else
>I got married
>I had kids
>I have a time share
>I really don't care if my wife has sex with a black man and does a shitty job of hiding it from me, really I dont, if I wanted to have sex with another woman that's fine we have a trusting relationship, I just can't be bothered
>I'm a cuck
>I listen to david ramsey on my 2 hour commute
>I'll work out eventually
>I take high blood pressure medication and off-brand prozac
>I'll get back to europe one day
>I'll never be able to retire
>I have kids that need braces
>I make a good wage but my family blows it all and I have to keep up with the jones' so I'm up to my eyeballs in debt
>I own apple products
>I hate myself

kill me now

>>651528
>more money more problems,
It usually comes in the form of taxes.
Rich people have to do a ton of tax planning.
>I should live outside NYC and only go there when I have a business appointment so I don't become a NYC resident
>I need to remember to gift my kids $11,000 (or w/e the exemption) each year
>property basis, improvements, transfers, partnership liquidations, etc.
>Oh I should live here 2 years so I get $250,000 gains for free? But I don't like this house too much...
There is also estate planing, writing wills, making sure relatives don't eat your wealth.
Insurance, insurance, and more insurance. One good lawsuit can take a _really_ good bite out of your wealth.

Another form is the psychological factor. You start to think everyone is after your money and nothing else.

>>651225
>"I don't trust banks."
This comes from foreigners too. A Chinese friend's parents put their money into a non-FDIC insured bank. When it went belly up, they had no recourse. They either didn't know about the FDIC or didn't trust the US gov't.
>"You can make a lot of money selling door-to-door."
In another day and age, this used to be viable. Sometimes it still can be with certain products like butchered meats.
>"There is nothing wrong with paying the minimum on your credit card statement."
If the balance is miniscule, so will the minimum payment be. Carrying a small balance used to be good for the credit score; today it isn't, I'm not sure if that is a regulation thing.
>>"I am the 99%"
No, this is said by dumbasses. When I worked down in FiDi, I tried to talk to some of those OWS idiots. They couldn't speak basic finance let alone Wall street. Don't remind me.
>>Credit score is important
Try getting a car loan without getting buttsech'd without a good score
>College should be free
I agree that it is retarded, but I understand the sentiment. US public school education is so terrible that a high school diploma leaves student prepared for nothing but college, where they learn skills that are actually worth money.
> I'd rather work with my hands than sit behind a desk
What's wrong with that? Not everybody can be a hedge fund manager. Getting some trade certs and being willing to travel can earn a good wage as well.

>>651535
>You start to think everyone is after your money and nothing else.

>>651551
Why are gooks so wary of banks? I know a Vietnamese family that keeps all their money in gold and cash in a safe, in their home

>>651551
>Carrying a small balance used to be good for the credit score; today it isn't, I'm not sure if that is a regulation thing.
I'm not so sure it's ever actually been a thing. It's just one of those financial myths. It's not even reported.
>Try getting a car loan without getting buttsech'd without a good score
>getting a car loan
>a car loan
Good one.

>I spent so much at the bar this weekend
>My cell phone bill was [insert any amount over $50] this month
>A new car is better than a used car
>buying a house is cheaper than renting(this is in Canada mind you)

>>651590
> A car loan

I financed my last car at 0.9% interest, which is less than inflation, and put the remainder into investment accounts that have earned 12.49%.

So yea, hahahahaha car loan hahahhahaha

lrn2managemoney you fucking idiot.

>>651592
>So yea, hahahahaha car loan hahahhahaha
Yep.
>lrn2managemoney you fucking idiot.
Learn to finance.

It's sad that you think you actually did well.

>>651594
Because I'm feeling generous:

The 0.9% apr gave me a 1% annual discount on the value of the loan because inflation is around 2% give or take a few tenths.

On top of that, I can use the money that I didn't sink into paying cash for a depreciating asset for other investments that made more money.

But hey, if you've got a NPV analysis that can show that leveraging a low-interest position to invest one's remaining liquid assets into growth assets is worse than paying cash without the loan, I'm all ears.

>>651604
It's called negotiation, fees, risk-adjusted return, and taxes. Using a car loan for leverage is retarded.

>>651609
> Taxes and fees

Value of the car is value of the car. I'm paying that tax regardless of whether I pay cash or finance. In fact, the taxes are lower if I finance because of the 0.9% apr.

Oh, and who buys a new car without negotiating for the dealer to pay license and registration fees? Are you pants-on-head retarded?

> Negotiation

What makes you think I never negotiated for the car?

> Risk-adjusted return

My investments weren't all that risky and they are all in long-term accounts, which further evens out the risk.

> Using a car loan for leverage is retarded

Not taking a car loan that is less than inflation is retarded.

>>651604
>0.9% apr
Was the loan only for 1 year? .9 seems incredibly low.

>>651604
Dude, most car loans have similar interest to mortgages (3-4%), so your loan is really the outlier here

>>651621
Yeah, I don't understand the rate he received. I mean, the company who made the loan would have been better off putting it into a high-yield savings account. They would have made .10% more than loaning it to him.

>>651620
I got a 72 mo 0.9% with only one credit card for history a couple years ago

>>651616
>taxes
I'm talking about the investments fool.
>fees
What are origination fees and other paperwork fees they throw at you?
>negotiation
Your position is automatically weaker if you're financing. You can pretty much always get a better deal paying cash.
>12.49%
>not all that risky
Sure bub. You still need to adjust.
>Not taking a car loan that is less than inflation is retarded.
Nope. This is definitely one of those things poor people say.

>>651620
>>651621

His loan isn't an outlier. I also got 0.9% for a 60 month loan. Just don't have nigger credit.

>>651623

He probably got the rate from the dealers themselves. They can afford to take losses like that if it means pushing more cars.

>>651627
It IS an outlier though. For normal people the rate is similar to pic related

If you have god-tier credit and a great lender or dealership, fine. But don't pretend these are typical rates, fucko.

>>651628
Apparently that's the case as it seems there are also dealerships that offer 0% loans. So yeah, it must just be to move inventory.

>>651625
> taxes on investments...

Well, yes, making money gets taxed. Why thank you for reminding me captain obvious.

> paperwork origination fees.

$0. It's like you've never bought a car from a dealership besides some used car swindler.

> you have a better position for negotiating with cash.

No, you don't. Dealerships are more willing to take a hit with loans.

>>651630
Learn to time your car buying and don't have nigger credit. My interest rate isn't abnormal in today's economy.

>>651479

>sit behind a desk all your life
>time spent commuting in and out of rush hour traffic amounts to years
>become fat, health declines as a result
>huurr durr still better than people who don't sit in front of a desk all day

>>651635
I guess I need to calm down, thanks. Congrats on getting that ridiculous low rate, although I'm pretty convinced that it is a promotional rate, and not the norm.

Unrelated:
>Tfw my thread gets frontpaged with a nice, robust discussion

>>651635
>Why thank you for reminding me
You did seem to have forgotten, so you're welcome.
>$0
Sure it was bucko, sure it was. It's not like dealerships routinely add hidden fees or anything.
>No, you don't.
Yes, you do.

>>651225

>We should tax the rich more, they make way too much
>He shouldn't have shot him, it was just a toy gun
>It's because I'm black

>>651640

My local bank offered me the same 4% bullshit that you showed in your other post. That's why I didn't get a loan through them.

0.9 is a typical rate for those who buy cars the right way.

>>651641
Look, just admit that you never bought a car before. No shame in that. Dealers don't charge hidden fees, they try to upsell you on warranties and options when you sit down with the financial guy. Just decline and move on.

And yes, you have a better position with loans because the big man is getting the kicker from interest. There is no incentive for a dealership to give you below sticker price for cash. Even if you wanted to pay up front, you should take the loan and oay in full the first month.

>>651638

>While we are all living longer, some of us are living longer than others. In particular, white-collar workers—salaried and non-union members—have made gains in life expectancy at double the rate of blue-collar workers.

>Blue-collar workers typically don’t live as long as white-collar workers. Their work is more physically taxing and they earn less money, both factors that correlate with a shorter life expectancy.

>The actuarial data reveals that even gains in life expectancy have accrued disproportionately to white-collar workers. Since 2000, life expectancy for white-collar men aged 65 increased by almost three years, to 88.1. Blue collar workers’ projected spans increased by less—up a little less than two years, to 85.6. Put another way, in 2000, a white-collar worker could expect to live 1.4 years longer than a blue-collar worker; by 2014, that gap widened to 2.5 years.

>mfw I'll be pudgy sitting at my desk and you'll be dead

>>651225

>FED

>>651648
>Look, just admit that you never bought a car before. No shame in that.
Except that I literally grew up around dealerships.
>There is no incentive for a dealership to give you below sticker price for cash.
Except for the obvious incentive of having all the money up-front with no chance of default.
>Even if you wanted to pay up front, you should take the loan and oay in full the first month.
This is beyond stupid. It's like you're intentionally trying to point out the worst financial moves you can make.

>>651646

>Money isn't everything
>The government will take care, it's America sheesh
>You do credit right? (corner store)


And of course
>Hey there's this program I'm in called 5linx
>You think your electricity is too much? I work for "insert electric company pyramid scheme name"

>>651630
You're quoting individual auto loans that include used car loans. A new car loan is 0.9-1.9% through the dealer, with promotions as low as 0-0.5%.You don't need god tier credit, you just need to buy at the end of the model year like every other smart person does.

>>651229
>"I don't use direct deposit. Sometimes they try to scam you."
Wow. That is pretty fucking funny.

>>651651
> I grew up around dealerships.

And I grew up around teachers, doctors, nurses, etc. Doesn't make me one. You clearly have no experience with buying or selling cars.

> Risk of default.

That's why they do a credit check. They don't take a huge loss just to have the money up front, they take it to earn it back in interest. No interest means no deal below sticker.

> This is beyond stupid...

No, it's not. You make sure there is no early repayment penalty in the loan and it boosts your credit to pay off a big loan like that.

>>651662
>You clearly have no experience with buying or selling cars.
Whatever you have to tell yourself.
>They don't take a huge loss ... below sticker
>implying
You do understand what sticker price is, right?
>make sure there is no early repayment penalty in the loan
Most intelligent thing you've said.
>it boosts your credit to pay off a big loan like that.
Not by enough to be worth talking about. You do realize that installment loans affect your score differently than revolving credit, right?

>>651313
Or even better, buy a Korean or Jap shitbox and run it into the ground.

>b-but muh dignity!1
real men drive 1.2 litre Fiat Pandas

>>651579
Tax evasion.

Vietnamese in my country run fuckload of convenient shops, sell goods stolen from neighbor countries and never give you a receipt.

Also they run organized crime like import of counterfeit products, producing and selling drugs, prostitution. Then they use legal businesses like restaurants, nail and hair studios, massage parlors and the shops mentioned above to launder the profits.

Basically they are fucking leeches.

>>651228
Can someone explain this to me? If the stock market is completely unpredictable why bother buying shares at all? I believe you can't predict tops and bottoms but you can do it to a certain degree of accuracy.

When I started trading paper I was a very poor researcher and I kind of see what you mean but as I learned more I started to gain more successes than failures, usually I sell prematurely or wait too long to buy but generally take out more imaginary money than I put in, before imaginary fees. I'm seriously considering saving up $1000 and putting it into something low risk then as I save more money I will start to invest in individual stocks.

>>651228
To clarify, by "to a certain degree of accuracy" I mean close enough to the top or bottom, not right at the top or bottom. For example you buy oil when it reaches $45 even though it goes down as low as $44, then you sell at $47 even though it will go up as high as $54

>>651551
>I agree that it is retarded, but I understand the sentiment.
What sentiment? That money grows on trees? Nothing is free in this world.

>>651228
WB can do this and he is not a poorfag.

Also
>I will "invest" in Bitcoin

>News say this stock is about to take off

>I'll have a child, I need some meaning in my life!

>>651742
>implying he "times the market"
You seem to have no fucking idea where his wealth comes from.

Protip: it's not from gambling (also called "timing the market").

>>651672

>>651528
>I can promise you this, give me $1 million, and I would live a very fucking simple life. little cabin in the mountains, pickup truck, qt3.14.

Sorry, but you wouldn't get a qt3.14 if you lived in a cabin in mountains with a pickup truck.

qt3.14's go for guys who flash their wealth.

You would get a 5/10 plain Jane maybe.

>>651225
>investing in the stock market is the same thing as gambling

Tfw my dad said this to me when I told him I was going to start investing at 19. Having to even give your own dad investing 101 at 19

>but anon, I don't want to feel miserable in life, I want to have nice things now
>oh anon, it's just not possible to save, there are so many expenses each month, I have all these credit payments too
>I like to spend money, this is just my personality type, mmm'kay?
>a-anon can I borrow some money? I don't have any right now and I already have an appointment with dentist/hairdresser/etc.
GOD DAMMIT MOM

>>651769
It is gambling though, you can't predict what might happen with 100% certainty.

>>651315
>http://www.reddit.com/r/Bitcoin/comments/1r88vl/need_advice_on_inheritance_arbitrage_family_etc
Jesus Christ, this was hard to read.

Hard as in someone actually did that.

>>651771
Not entirely. My dad literally sees the stock market as putting a coin in a slot machine and hoping to hit the jackpot. I don't know where he got this idea from. Also at least when you invest you can research a company first and notice patterns. Again I'm talking about investing not trading.

>tfw parents are separted and mom is going to buy me and my sister disney stock when it was around $20 a share and my dad talks her out of it because "muh gambling"

>>651773
>giving your children huge inheritance without giving them a shred of financial education beforehand
What the fuck was this father thinking?

>>651764
>qt3.14's go for guys who flash their wealth.
There are around 3.5 billion women in this planet.
If 2% are qts, we'd have 70 million qts. You just made a statement that blankets them 70 million people.
It's basically the amount of people living in Turkey.

>>651804

And there are many millions of men with wealth who are willing to show it.

And guess what, those women would rather share those men than settle for someone who isn't proclaiming their good fortune.

>>651225
> "I like to keep my assets and my bills separate. "
> a woman with 20k in credit card debt when I had concrete proof she had over 200k in available cash but was still paying the minimum on her credit cards.

I was dumbfounded and couldn't figure out a way to explain to her that she should pay off all her debts in my capacity as a credit analyst. It almost sounded like she thought I was the dumb one. Her money was from saving for retirement and she was pretty old.

>>651649

enjoy those extra 2.5 shitty years in a bed dying from some disease from being a fat ass who worked in an office all day long.

>>651783
His father probably grew up in a simpler time in a conservative town.

>>651848
>all women are gold digging whores

uhhh, no

gtfo of your basement once in a while m8

>>651534
>>I really don't care if my wife has sex with a black man and does a shitty job of hiding it from me, really I dont, if I wanted to have sex with another woman that's fine we have a trusting relationship, I just can't be bothered
>>I'm a cuck

dude wat

>"One day... One day I will escape middle class!"

tfw

>>651848
Read how to make friends and influence people, and then apply these concepts. You'll learn loads from people.
This is sincere advice.

>I'm already saving for my next vacation
>I have a private pension and life insurance
>I have no money (two weeks after recieving paycheck)
>I'm buying my new sound system with my credit card

>I majored in finance
Hope you like office politics and deepthroating.

>>651888
>I can't afford to repair my car, so I'll drive till it breaks
>I can't afford winter tires for my car
>I can't drive to x because I have no money for fuel
>I have no money for going out and eating a pizza in a restaurant

>>651267
>tfw so cheap starting to save change
>tfw richest of my friends

>>651604
this nigga dun good. People just be mad jelly with no toast because they don't qualify for such god-tier rates.

>>651891
>I bought lottery tickets
>I'm going to do this and this (stupid shit) if I win the lottery and I'm a millionaire
>It's not fair that I have no money, fuck the rich people
>I'm paying 70€ a month for my phone bill, and I'm proud of my new iphone
>check out this bruno banani (or whatever these gaylords are called) t-shirt/jean

>I have no money, cost of living is too high
> oh yeah check out my new iPhone 6+
>I paid 850 so I wouldn't have a contract with evil companies

>>651888
>saving for a vacation
>not taking vacation when you want
>not being on permanent vacation
>being this much of a wage slave

kek I hate people who "save for vacation". they mostly vacation on credit and when they return, they are miserable because of the debt load they have accumulated.

>b-b-but I earned it

no you haven't.

>>651621
>>651623

In Canada at least you can even get 0% financing now.

I bought my car outright cuz I don't like debt but the option is there

>>651898
my faggot friends are the same way.

>durr durr I bought a new iphone
>paid cash no contract
>phone companies are evil
>mfw they have been with the same company for over 10 years.

I have no face for this. I still have my Galaxy S (yes the original one) and when this bitch dies I will get a galaxy s3 or some cheap shit like that. I don't go on contract because my plan is grandfathered in and the jews want to force me to a jew phone plan.

>>651899
So, you hate the majority of people? I know a few people/families that spend all their savings for a shitty 2-3 week vacation. And wheb they come home they are even more "stressed" (I hate this word; it's your personal classification (if that's the right english word)and you are responsible for this) than before.

>>651804
Lol not everyone is between the age 18-30 retard. You actually think 70 million represents our dating pool?

>>651903
I'm still on a pay as you go service even though I can easily afford a regular plan.

>>651315
>http://www.reddit.com/r/Bitcoin/comments/1r88vl/need_advice_on_inheritance_arbitrage_family_etc/
I have no words

>>651694
Because timing the market putting all yoyr eggs in one basket (investing in one stock) is retarded. Buy and hold and invest in index funds.

>>651506
Jesus, 8% is godly.

>>651898
Where I live the contract you get is way too much than I actually need
So I just bought a 200$ phone instead

>>651657
I will enjoy them even more since you'll already be dead. Enjoy your "salt of the earth" routine in the meantime.

>>651225

> I overslept my job interview
> Even though they offered to hire me, I didn't like their product
> I overslept my benefits meeting, so now they are going to pay me less next month
> I forgot to go to the benefits website and do some clicking so now they are going to pay me less next month
> (after moaning about having a 400 dollar overdraft), I bought 250 dollars worth of drugs
> (after actually giving up on a MLM scheme he spent over 1000 dollars on), "yeah I want to start selling that product again, I just need to apply myself"

One person

My best friend

But god DAMN he needs to get his act together

>"ugh my life sucks so much my student loans are so high how will i ever pay them off with my minimum wage job?"
>buys drugs every 2 days
>Still owes me 2000$, yet I see him spend his money on useless shit

>>651665
Welp, you can't cure stupid.

We'll talk again when you lrn into NPV analysis.

>>651969

>year of the lord 2012+trinity
>lending people money

didnt know god still made people that dumb

>>651976

I was made in 1991. Thankfully god also made people capable of learning from horrible mistakes.

>>651892
>tfw richest of my friends

Feelsgoodman

>i have massive student loan debt but i need my own place
>i got a great interest rate on this tv
>leasing is actually a better deal than buying
>I am doing a worthless major but that is ok because it is what I am interested in
>I need a truck

>Greece leaving the Eurozone is just overblown hysteria, it won't affect the markets in any way

THE US ECONOMY IS DOOMED
BUY GOLD
THE DOLLAR IS WORTHLESS!!!!!

>I eat takeaway 3 or more times per week
>I own shares that don't pay a dividend
>Trade unions fight for my rights
>The construction industry isn't cyclical
>I need to own a pet
>Everything on TV is true

>>651855
>thinks he will have the same good health up in till death after back breaking labour his whole life
Top kek

>>651298
>>"The 1% need to start paying their fair share."
I do agree with this.

There are way too many tax avoidance loopholes man that only the wealthy have access to.

>>652076
Except the top 1% are populated with people who work hard dor their money - professionals, small business owners, etc. Those are the people paying 38% income tax.

It's not until you wnter the top 0.1-0.05% where you can start leveraging tax advantaged investments amd long term capital gains rates to drive down what you owe to uncle sam and still have enough left over to drop $5k on a cheap dinner.

>>652076
How about you eat a dick you fucking parrot
Pic related: You

>>652080
I don't understand why you're mad.

You're saying that poor people should pay tax but rich people shouldn't? So you want the playing field to be uneven? You're a smart guy.

>>652079

the 1% is a disgrace. Don't try to distinguish between the people in the 1% any one of them would have your throat slit if it saved them a dime. Tax them at 75% like every other developed nation. You don't want doctors? Fuck them, you don't want lawyers? Fuck them too let's see where they all go when their wages actually go UP because of increased tax revenue.

>>652101
Here is the list of regressive taxes in the USA:
packs of cigarettes
Obamacare

Name me a single high income individual who pays proportionally less in taxes than a lower income individual in this country.
>protip: you can't

if you say something unironically in this thread then you are essentially admitting you are being a poorfag

of course I am saying this unironically also, but then I can admit that I am a poorfag

>>652113
All sales taxes are regressive. Most people end up spending money on the same shit - house, things to put in that house like furniture and shit, food, clothes, car, a couple of extra-curricular activities like a gym membership or softball league or some shit.

Past that, the wealthy put their money into investments. The working/middle class try to keep a modest savings account or pay off debt. Proportionally, the lower income earners pay more toward sales tax than top income earners. It's not about discipline, it's about what's left over when you're done buying the things that you want to live a reasonably comfortable life.

>>652107
You need to be 18 to visit this board, bub.

There absolutely is a difference between a trust-fund baby handed millions in an escrow account and someone who worked hard to create his own business. There's also a difference between someone who works 80-100 hours a week to make his business or professional practice succeed, and someone who is handed the reigns to an established large company.

Most of the former are the top 1% - people who make $250-500k a year. You could be the top 1% if you really wanted to, all it takes is a lot of hard work, a friendly professional demeanor, and some calculated risks. You cannot be part of the top 0.1% without some combination of god-tier talent or luck.

>fucking Jews have all the money
>You a "goy" if you have a credit card
>lehappymerchant.jpg

>>651225

"Hey are you down for (enter restaurant name) tonight?"

>>652170
Fuck these people, inviting me to a 50 dollar a plate restaurant. God damn, it's like the American middle class WANTS to live paycheck to paycheck

>>651225
OP here, gonna shamelessly self bump

"It's hard to save money when your bills are so high."
>mfw I find out the people who say this have an $80/month unlimited iPhone plan

>>651769

except hes right

>>651771
>>652223
If your portfolio is diversified enough, it's not gambling. Your stock gains will generally follow the S&P 500 if you hold a number of large-cap stocks. People who say
>stocks are gambling
are retards that think buying in to one stock is 'investing', when it clearly is not.

>>651773

>yfw you realized the father spent his whole life building that nugget and the kid blew it in a month

>>652226
More likely inflation ate away his father's "nugget" by the time he inherited it since he was skeptical of investing.

>>652224

>holding only one type of asset
>diversified

>>652231
Good point, forgot to mention in my post to hold some bonds and REITs as well

I was just focusing on diversifying one's stock portfolio

>>651771

Holding anything for less 1 year is gambling.
Holding stocks that don't pay a dividend is gambling.
Holding an undiversified portfolio is gambling.
Selling and making a loss is gambling.
Selling at the peak is not necessarily gambling.

The only thing you need to look at is the dividend. Pick your stocks based on that. If there is a crash (which there will be) and you don't sell before then your money is locked away for 4 to 5 years while it rebounds. But it ALWAYS rebounds. If it didn't rebound that means the global economy has literally been annihilated and you have far bigger problems to worry about than your dosh.

>>652138

The link below is a great breakdown of the top 1% and the nuances of it as you get closer to .001%

A suggested read

http://www2.ucsc.edu/whorulesamerica/power/investment_manager.html

>>652313
>http://www2.ucsc.edu/whorulesamerica/power/investment_manager.html

stopped reading at: "Since I knew she held a critical view of investment banking, I asked if her colleagues talked about or understood how much damage was created in the broader economy from their activities." No thanks.

>>652313
Exactly what I was trying to point out.

What's funny is that most upper middle class people I've spoken to bitch about the '1%.' Then their eyes go wide when I tell them that they are in the top 5% and will probably approach the 1% in their late 40s/early 50s.

For every college educated 30-something couple making $150k annually with combined incomes, there are 100 high school educated people working retail and fast food. If you are what most people consider 'middle class,' you're probably in the group that Uncle Sam considers the top 1%.

>>652322
What is the velocity of money?

>>651764

I used to live in a mountain town, and there were hot bitches errywhere man.

I had to leave cause there was no work there.

I'd like to go back...

>>651225
>I can't wait for pay day! I can go out again!
Poorfags can't budget for shit and are broke before the next payslip.

>>652322
because most large mergers create value am i rite?

>>652079
>Except the top 1% are populated with people who work hard dor their money - professionals, small business owners, etc. Those are the people paying 38% income tax.

What happen in the future if somehow the middle class keeps shrinking and more and more people fall under the 0% income tax bracket ?

>>652107
> All 3 million 1%ers share the same mentality!
> I am not a retard hear my moan on the internets

>>652107
why do people who hate business browse /biz/?

>>651225
boards.4chan.org/biz/ is a good business and finance forum

>I get sound business/financial advice from /biz/
>you have $100, how do you double it
>can I work online from home and make minimum wage?
>I have $10,000 what should I invest it in
>BUTTCOINS IS GOING TO THE MOOOOOOOOOOOOOOOOOOOOOOOOON

I generally consider 90% of /biz/ to be poorfags by conservative estimates

>>652107
>the 1% is a disgrace.

Fuck you, you lazy fuck.

I'm 30 and I'm part of your mythical 1%.

>get 2200+ on SATs
>double major in finance and computer science
>still have good time in college, but forego LOTS of partying and fun times to lock myself in the library to study
>get accepted for joint MS-BS comp sci program (only 1 year after undergrad and I had an MS, sweet program)
>immediately after starting first job as quantitative programmer for a bank, I start studying for the CFA
>acquire CFA after 3 years of arduous studying and 4 years of qualified work exp
>more years of self discipline. no living large. cheap rent in mediocre part of town. drive shit car. don't eat out. small bars tabs when I do go out maybe once a month.
>meanwhile, friends making only $40k live like kings, spend entire paychecks, get all the latest gizmos and gadgets and clothing, dine out almost every day
>yfw I'm just busy saving $3k+ per month, they're busy saving nothing
>I have over $700k in total assets, therefore I'm part of the super evil 1%
>some asshole says that I'd "slit his throat to save a dime" on a cantonese crocheting board because he made poor life choices

fuck you. i sacrificed more than you ever will to get where I am now.

>muh evil 1%! gibs me dat!

lmao!

>wages going up from increased taxes

LOOOOL!

>>652598
I save around $60k/year and I'm only in the top 5% I think. It's based on income brah.

>>652568
The same reason people who hate video games browse /v/.

>>652598
Sounds like your too upright bro.

Also saving ALL your money and hoarding it is not good for the economy. Your spend happy friends are actually helping the economy and their countrymen by spending their money.

>>652598

lol it's only based on income you spaz

but seriously i dont know how anyone can still support laffer curve supply side fag shit when, since the roth tax cuts, we've seen median income stagnate, m2 money velocity drop to its lowest levels, and ceo to worker earning increase 6x. shit is not "trickling down" anything but the side of the middle class' face. im as much of a temporarily embarrassed millionaire as you guys, but sometimes you gotta look in the mirror and realize reagan was wrong and the 1950s nostalgia he predicated all his bullshit on was possible because of enormous corporate taxes

>>652614

>investing isn't good for the economy
>spend spend spend!

good goy

>>652600

I use this calculator

http://www.globalrichlist.com/

perhaps you're top 5% in the US whereas I was talking global.

you need to make 400k/year to be in the top 1% according to CNN's calculator.

>>652598
>bragging this hard on a cantonese crotcheting board

>>651225
>"Why wouldn't you want equity?"
>"I'm getting a bonus this season"
>"Let's go to the bar"

>>652062
Sick of this dividend thing. Buy low hold and sell high And it wont matter faggle

>>652598
>$700K
>top 1%
Sorry bub, that's only top 2.5%.

>>652635
Maybe there's more to the stagnation of income than just not taxing companies and people into the ground? One sure way taxes being lower can improve a persons income is if they bothered to invest. The more money you have, the more you can save and make money work for you.

The cold hard truth is that most people end up where they are because of the poor choices they make. Did lower taxes mean people had to save less shown by pic related?

>>652639
I'm no keynesian, but he's right. All that cash isn't shit unless you do something with it.

>>652735
>Mfw my thread devolves into a taxation argument

>>652809
Sorry, anon, didn't think that trying to put some perspectives on those knee jerk reactions would cause the thread to derail. At least we are hearing what the poor people have to say, so it isn't a total loss.

>>651225

Overheard at work today

>You don't need a down payment to buy a home
>You don't need good credit to buy a home
>Renting is just throwing your money away! Buy, buy, buy!

This faggot who make $45k/year with no savings and a newborn child just bought home with nothing down and no credit. And he was trying to convince another guy from work (who doesn't have a kid) to do the same.

Jesus fucking christ.

>>652825
>Renting is just throwing your money away! Buy, buy, buy!

It isn't?

>>652825
Not as bad as what Ive read
>fgt with new kid on the way buys a house
>tells us in case something happens, "the credit line is my backup".
I dont even know what to say.

>>652834
Not necessarily. In practice many people who rent are not savers. But in theory, if you rent instead of buy, you can invest the money you would have spent on a downpayment in an investment that appreciates at a better rate than your house.

start hiding money from your wife, and take your kids to europe if they're not little shits

Read revolutionary road, it will motivate you

>>652834

So is paying interest on your massive loan.

>>652598
>dat cool "I'am part of the 1%" story
>the lame " cantonese crocheting board" joke again

I call bullshit son

>I'm with amway. I know a millionare come to my meetings!

>>652790
It's his money though. Let him do what he wants with I can say the same for collectors who collect things and never use them.

>>652862
>start hiding money from your wife
This is always a good idea

Succubi will take your life savings nigga

>Linkedin title: "President & CEO" of their shitty start-up that has literally zero clients other than a lady from his mom's book club
>actually bags groceries at Trader Joe's


"I'm an independent business owner"
>works for Amway

"I've done 100+ job applications and still nothing"
>thinking cold applying is relevant
>has not reached out to one hiring manager on Linkedin or via email and has made no attempt to network himself

"I need to travel to europe on my parents' dime so i can FIND MYSELF"
>when in reality it's just an excuse to escape from their shitty life and put off being an adult for a few more months
>not realizing you don't FIND yourself, you create yourself

"I NEED my starbucks every morning"
>$5/morning on starbucks, $100/month
>not realizing that it's been scientifically proven that 85% of the energy you build in the morning is through a hormone called cortisol (or something like that, i forget the exact name) and the caffeine is merely psychosomatic, so they're literally throwing money away

"College is pointless"
>they don't understand that if you do well in a strong major, and learn the time management required to be successful in college, it can pay itself back in less than 5 years, 1-2 years if you do well

>On Facebook "Studied at: The School of Hard Knocks"

>>651315
https://www.reddit.com/user/Bitcoined

Hilarious in a horrible way. I feel bad for the sister.

>>652862
> getting legally attached to a money eating goat
> having spawn
> year of our lord

>>652635
> the 1950s was the golden age of the U.S.!

Yeah, life is easy when the whole world, except for the U.S., was in ruins, AND you have an artificial cap on the labor market keeping unemployment down

The rest of the world recovered, and the US allowed women and minorities into the labor force, then shockingly everything went downhill!

Reagan did what he could with what was presented to him, but you want to go back to the "golden age" of the U.S.? You'll have to bomb Europe, China, Japan, Korea, India, and the Middle East back to the Stone Age so that you can upsell them again when they attempt to rebuild

Also you'll have to also outlaw minorities from taking any jobs, and outlaw women from taking most jobs, then wages will be forced to go up because the labor market only has white men left in it

Welcome to the 1950s

>>651892
>tfw you have 2- 5 gallon buckets full of change
getting a little out of hand

>>651899
>kek I hate people who "save for vacation". they mostly vacation on credit and when they return, they are miserable because of the debt load they have accumulated.
If they saved for vacation why would they be using credit?

>>651479
the idea of having a trade is to be running a business once you are in your 40s having other people do the work

>>653005

> Works at: Full time mommy!!!
> Studied at: The University of Life :D

>i'm studying an over-saturated profession at college, but the government is at fault for not giving me any jobs, so i move abroad to do the dishes at a more developed country
>rich people should pay more
>minimal wage should be raised
>taxes should be lowered

>i buy the lowest quality food because only saving this way can i survive, but i still have the newest smartphone

>>653066
God, I forgot about those ones.

>>652598
See this is what's ridiculous,
1% is the wrong number, Who gives a shit unless you have billions of dollars influencing politics.

That's what I don't get about the whole 1% movement.

>>653001
>not realizing that it's been scientifically proven that 85% of the energy you build in the morning is through a hormone called cortisol (or something like that, i forget the exact name) and the caffeine is merely psychosomatic, so they're literally throwing money away...

I know you're not saying that caffeine is a placebo.

Having said that, you are correct that the best time to drink coffee is at 10am and right after lunch when your cortisol levels dip. That's why Spain takes siestas.

>>652835
Tell him that credit card companies will reduce the amount of credit available to him if he loses his job.

>>651773

>literally buys high and sells low
>got ripped off by a salesman, didn't price shop
>thinks salesmen are supposed to be fair and kind, thinks them making profit off an idiot with more money than sense is bad
>makes a goddamned whining thread on reddit playing the victim

I wonder if his sister thinks about killing him in his sleep.

>this man was handed a mil (if he had gotten better prices)
>your parents will never leave you anything

>>651777
>sees the stock market as putting a coin in a slot machine

My ex was like that. I expressed interest in learning finance and investment, and he flipped a shit about it being gambling. He never read anything about the subject, just decided his opinion in two seconds and was adamant that he was right. Joke's on him, I'm now accounting/econ major with mandatory finance courses. He's broke and dating a single mom, doing manual labor.

>>651854

I don't have words. Well, just let her be; she'll be dead within the decade anyway, so it doesn't really matter.

>>651903
>galaxy s3

I have this. 120 refurbished, works perfectly and not a scratch on it. Otterbox with felt bag for extra protection (bike commute, don't want it getting banged around.)

>brother is a butcher
>he hates working for idiots, wants to open his own shop
>is an excellent butcher but an imbecile when it comes to money
>he once pissed 40k away by handing it to some shady nigger who said he'd pay it back double, no contract, no note
>he wants not only his own shop, but to sell only organic grassfed meat
>we live in a povertous area, not even the major grocery stores can move organics
>tell him he should sell organic on the side, and regular to pay the bills, because organic won't sell enough to cover rent and expenses
>say he needs capital to invest, and he's currently beyond broke, doesn't have 20 bucks to his name
>he isn't having any of it, his mind is made up
>ask him to at least read a few books on business first
>he refuses

>his wife is driving a shitmobile with 300k miles
>has to put money into it every other month to fix this and that
>she works part time retail at the mall
>she still owes me 200 from her last vacation
>they went to puerto rico twice over the last summer
>now they want to go to florida during spring break with their entire family (four kids), because someone they know (a broke-ass no-job druggie) has a timeshare there
>"The hotel will only cost 300 for a week!"
>including gas, time off, food, and other expenses, will be more than a thousand for them, which is the price of a used car
>going to kill their vehicles by driving to florida from the northeast
>they are on food handouts from the church, literally cannot afford to put bread on the table
>three vacations in one year
>"I want to go somewhere TROPICAL. It's cold here."
>they don't even have potable water in their house, and don't have a residence license (as in, the house is deemed unfit to live in)
>both drive falling-apart gas guzzlers and live 20 miles from civilization

They're the nicest people you could meet, but it's like watching a trainwreck. It's willful ignorance at this point regarding personal finance and business decisions for them.

>>651892
>tfw so cheap starting to save change

Well what the fuck else do you do, throw it away?

>>651225
>I dumped all of my extra savings from my job at Mcdonalds into Bitcoin this year. One day it will make me a millionaire and I wont have to work.

> Mortgage rates <5%
> I bought my house in cash

>>651459
>I'd rather work with my hands than sit behind a desk


The people who say this shit 9 times outta 10 are people who've never worked a trade or construction job in their fucking life. They've romanticized it to a insane degree and would be outta there within the first hour of the job. They'd break the first 100 degree day and be begging for a cushy office job. Some people do enjoy the trades but most do it cause they need the money.

>>651855

>implying he won't just easily pay his premium and see a doctor for whichever medical condition ails him.
stay blue collar pleb.

>>651315
>http://www.reddit.com/r/Bitcoin/comments/1r88vl/need_advice_on_inheritance_arbitrage_family_etc/
If my older brother did this I would kill him

>>653264
Firstly "investing" in bitcoin (assuming you can do that remotely knowledgeably) then doing it hilariously wrong. Jesus Christ, that guy is beyond redeemable.

>>653197
>tfw I've seen this story before
>can't decide if this is a pasta or just a story that annoyed the fuck out of you, so you keep reposting it

>>651653
>You do credit right? (corner store)
Fuck's wrong with using a credit card for everything you can?

Seriously, tell me a downside to complete consumer protection and a little bit of cash back.

>>651225
>"I live in Cyprus and I trusted banks."
>"I live in the US in 2017 and I trusted banks."
>"I have an obligation to repay debts to bailed out banks."

>"get a good paying government job"
>the pay is decent but the benefits are great
>just get an 80 month car loan
>I pay with things for cash instead of making the payments on a loan that is less than the yield of my investments
>you need college to be successful
>I can't wait to get (insert new electronic)
>renting is stupid, I need a house
>buying a rental property is stupid, too much work
>setting up an S corp for tax advantages is too much work
>I day trade
>long term investments are boring
>7% yield? That's so low

>>651770
Teach your mom how to do this shit properly. Let her know that if you're out of the picture she will HAVE to manage her finances if she wants to continue owning a house and driving a car. She wasted a ton of time raising you, try to appreciate that.

>>651848
>And guess what, those women would rather share those men than settle for someone who isn't proclaiming their good fortune.
Trust me anon, I despise women too, but not all of them are gold digging whores. If you go for the ones who don't drink, do drugs, or "party", you'll have a much better time.

Don't get me wrong, there are gold digging whores who appear to be good girls and don't do any of that human-trash tier shit, but you're working with maybe 80% not-whores as compared to picking up a girl at a party or a bar and dealing with maybe 10% not-whores.

>>653290

Are you fucking stupid?
That "cashback" comes from prices which were inflated in the first place.

Also enjoy letting your bank know everything about you.

What you buy, where you buy, when you buy it.

Hey geez, on October 14th,2012 you bought a pizza at Domino's downtown, and then bought a six pack up at Joe's gas station 50miles away just half an hour later!

Musta been speeding a helluva a lot.

Better fine ya don't ya think?

Fucking retard.

>>653354
>>autism intensifies

>>653303

>renting is stupid, I need a house
>buying a rental property is stupid, too much work

The first suggest that renting is a good deal for the tenant, the second suggests that renting is a good deal for the land-lord.

So which is it?

>>653354
>That "cashback" comes from prices which were inflated in the first place.
Then why would you want to pay the premium with cash or debit when you could just balance out the inflated price with cash back?

>Also enjoy letting your bank know everything about you.
It's the same thing with debit cards. I have nothing to gain by hiding from them right now.

>Some arbitrary hypothetical situation where they would find your exact speed and then send you a ticket based on credit card reports
I'm not saying that can't ever happen, but it doesn't happen now and almost certainly won't happen in the future. Besides, I don't speed.

Do you have anything to actually discuss or are you just idly posting?

>>652999
>>653023
Except my wife is way more financially responsible than I am, plus makes more than I do. Wait... Does that make me the succubus?

>>653285

I've posted more than once, sorry. It's an ongoing irritation for me because they keep talking about this shit.

>That money's not gonna do me any good when I'm old! I need to live life while I'm young!
>Live every day like it's your last, because it might be!

My gf has a friend who's constantly spouting shit like that. Then she goes and crashes her car and has to take the bus to work since she doesn't have any savings. But no, she doesn't learn a damn thing and keeps saying shit like that, and tries to convince my gf she's right.

>>651907
I don't think he said that anywhere.

Nigga my parents have declared bankruptcy 3 TIMES since I was born, and im only 24.

Now they think I am a richfag for making 15/hr with my Info Tech Management degree.

I dont want to hear shit about bad parents

>>653458
>3 TIMES

Same. Mom did it once, dad twice, dad keeps refinancing his house. Dad also has 30k in credit card debt. 30 fucking thousand dollars. That's his wage for an entire year. Can you imagine the interest on that?

He has a shitshack in the ghetto, valued at 70k, he owes 68k on it. Been living there more than twenty years and he hasn't paid it off in the least. Now he bitches at me that he won't make anything from selling it. NO SHIT. You should have realized that constantly refinancing and paying minimums or less would mean that. Plus he does no maintenance to it. Roof has leaked for ten years, mold all up in the ceilings. He's a goddamned construction worker and lets his own house go to ruin.

My mom may live in a shitty trailer, but at least she owns it in full and the land, too. Dad could have the bank kick him out on his ass.

>>653396
>Does that make me the succubus?

Nope. Nothing sexy or alluring about a scrub-ass manchild.

>>653292

>>653474
>Shitshack

My parents live in a house rented to them from a family friend for 300/m

I pay 200/m in rent (I am moving out soon as I found a decent apartment near my work for <1000+utilities, which is super fucking hard even though I live/work in Nowhere,PA)

This house is a fucking shitshow
>Floorboards all broken in my room, no one gives a shit. Half tempted to rip up the carpet and put plywood down on top
>Wood Windows that draft so bad my curtains blow in the wind even when its closed
>Heaters are all rusted
>The house overall is so drafty you can see your breath inside in the winter
My parents response: Ignore all of it, buy more space heaters

I refuse to help, because every time I mention something they get offended. Then again, these are the people who NEVER EVER EVER get a legit oil change, then wonder why their car is in the shop every month

Literally they just put more oil in. I even explained to my dad that you need to drain it but he just said "I know but its not worth it"

>>651225
>I don't trust banks
That's perfectly reasonable, idiot.

>>651517
Depends on the state of the pension fund you stupid fucking idiot.

>mfw my cunt aunt and alcoholic uncle have 150k in credit card debt

>>651517
>6 months zero interest, sign me up!
If you know you can pay it there is zero reason to not do this. Shit looks good on your credit reports and you get whatever that much quicker.

The only time its bad is when idiots dont know about accrued interest and after 6months have 70% of the principal + accrued interest to send them deep underwater

>>651315
Sounds like a fucking bait topic.
I'm mad at same thought of wasting such money.

>>653526
I'd just keep going at that stage, get one more card with enough credit to buy a plane ticket anywhere.

Basically an easy 150k

>No im not unemployed, im an entrepreneur!
>I want to get married !
>I will make billions of dollars once my startup takes off
>Im the next mark zuckerberg
>College is money down the drain
>I CANT live without getting the new IPHONE!
>Money is everything !!! Get rich or die trying !!!
>Why my family didn't get born rich T_T

dude fuck off you are loser who still lives with his mom after high school who cant have a job worth shit because you don't have a major and you will be stuck in your debt for the rest of your pathetic of excuse life

>man I really want a Mustang
>my state school engineering degree is worth twice as much as your Ivy League Philosophy degree
>man look at my Polo shirt bro, I'm so rich
>pass the Ciroc bro
>I'm insecure so I'm gonna get a bunch of credit cards to buy shit to impress people

Anything in this commercial

https://www.youtube.com/watch?v=r0HX4a5P8eE

>>653621
>anybody on earth should do literally anything to help me in life, because I deserve it
>my goal in life is to get married as soon as possible out of college
>my girlfriend's a sorostitute but I'm sure we'll have a great relationship after college
>people can only tell if you're successful by the way you look
>all we gotta do is make my social networking app man, it's gonna be like twice as good as Instagram all you gotta do it program it and I'll give you 10% of the revenue

>>653609
God damn that's, like every guy in my major. Really funny though after a while. Some guy literally comes into classes everyday bald, wearing a black turtleneck and glasses like Steve Jobs.. because he thinks that's what Steve Jobs looked like when he was 20.

>>653621
>>my state school engineering degree is worth twice as much as your Ivy League Philosophy degree

What a wrongfag. It's worth at least four times as much.

>people actually major in philosophy

It's like you want to work at Starbux.

>>653609
>>I want to get married !

Nothing wrong with this. Enjoy dying alone.

>>653637
>Nothing wrong with this
>giving a women half of you life

i fail to see the concept ,, im okay with kids but a half of me ? HELL NO !

>>653637
lol, right. I assume I'll be meeting you in Cupertino this May?

>>653621
is that barney off parks and rec in that commerical

>>653645
prenup with a shit ton of clauses for me or im not marrying you bitch

>>653627
whats your major ? CS ?

>>651888
>>I'm buying my new sound system with my credit card
newfaf here, could you explain what's wrong with this? what should I use my credit card for and what should I buy with cash?

>>653493
Holy shit dude, you need to get away from those people. As soon as you can.

>>653676
i think he is implying that when people say that they usually dont have the money to pay for it straight up so they put it on credit card and dont pay it off immediately
but if you pay for it with a credit card and have the cash for it then its fine as long as you pay it off immediately

>>653621
>that commercial
Kek, it's so much more funny now that I'm older

>>653627
>my girlfriend's a sorostitute but I'm sure we'll have a great relationship after college
Agh... fuck. My girlfriend is in a sorority and I have that thought every day. The only thing is she's studying mechanical engineering, will graduate with two internships under her belt, and is already pretty much guaranteed a full time position at a design/build firm as a project manager.

I'm pretty much in the situation most girls purposefully put themselves in. I hate her so much but she's gonna be making a pretty good amount right out of college.

>>651313
Depreciating assets. Not liabilites

>>653681
This is what confuses people a lot. Idiots on /biz/ who spew "DON'T EVER GET A CREDIT CARD, YOU'RE AN IDIOT IF YOU USE ONE" think everyone is as retarded as them and can't treat a credit card the same as a debit card.

If you have cash to pay for something, there's no reason not to use a credit card. Better consumer protection, cash back, no chance of your checking account getting cleared out.

There is *literally* no reason not to use a credit card if you otherwise have the cash to pay for something.

>>653645

Don't marry a bitch, don't marry some low-income gold digger. Problem solved.

When you fall in love, you'll understand why you want to get married. You just need to have a gf for a while and then you'll grow up and stop posting on /r9gay/.

>>653691
> There is *literally* no reason not to use a credit card if you otherwise have the cash to pay for something.

Well, there is one reason - if you don't want anyone being able to track your purchases. I'm not just talking tinfoil hat government spying, I'm also talking about snooping gf/wife.

>>651579
Probably because they've experienced countries where the rule of law is not as strong. "Sure, the United States LOOKS secure now, but what about in the future?" Twisted or not, that's more than likely the reasoning. You can say it's a dumb idea, but if we were to ever find ourselves facing a government that felt confiscation was a-ok the egg would be on all of our faces instead. People are a product of the environments they grow up in. Their kids will more western views of money.

>>653726
Remember all that gold confiscation back in the day?

>>651579
The Vietnamese are only a few generations removed from communist dictatorships. The type of dictatorships that seize assets and reeducate the bourgeois

>>653687
Eh the engineering ones I've found are pretty big sluts while in school, but are have a good work ethic and shape up after graduation.

>>653709
Okay, that's true. Under "typical" circumstances, there's no reason not to use a credit card.

>>652790
>Spending your dollars at the wal-mart helps the economy more than investing it in companies

Man, I didn't think I'd have be able to find good fodder for this topic INSIDE this topic.

>>653687
gf use to be a slut but isnt now. whatever Ive come to terms with it. I would be lying though if I said it didn't bother me a bit. fucking kikes

>>653197
It's like you just described my dad.

>>653621

>Ivy League Philosophy degree

Unless you are planning on going into academia, I simply don't see that being a very sought after degree.

>>653848
i know several people with ivy league philosophy degrees
they're all either unemployed, or in jobs where their peers are bottom tier state school social studies majors (or equiv).

>>653187
nice. I am the same nigger who you commented on. I will be buying a S3.

Sorry to hear about your bro. Not even Superman can save them all.

>>651514
>>651506
i work for a fortune 10 company and i do 2%, they match to 8% = 4x free money. also generous pension, healthcare, etc. you can probably guess the industry

>>653320
Dude I tired explaining this shit to her like a million times but its like talking to a fucking wall. The argument always comes down to
>anon I have so little fun in this life and you're asking me to make myself even more miserable by denying myself these nice things
I think the problem is deeply psychological so just "giving her advice" is not going to do much good. She's like neurologically wired to spend everything above 0 on her account and later rationalize it as "unexpected, but needed" spending. Good thing my dad is the financially responsible one and always budgets accordingly so they have food on their plate. I dread the day he kicks the bucket first leaving her alone.

>>652598
You're saying all I need is 700K to be 1%? I thought you had to have at least 10 million. Lol I aspire to be 1%, didn't know I was there already.

>>653290

I'm the guy who posted that, I was reffering to people using store credit for hot chetos...lol

>New cars are the best deal. Just use the warranty for all maintenance and sell the car when it's up.

>>651641
>Sure it was bucko, sure it was. It's not like dealerships routinely add hidden fees or anything.
There is no such thing as 'hidden fees' just things that most people ignore or don't bother reading.

>>652716
Hahahaha oh wow

>>651315
This is why the poor stay poor.

"Renting houses and leasing cars is NEVER a good idea because you don't own anything."

>>651267
>"I save my loose change"
It may be something poorfags say but it's a good idea.

>>652289
+1 for realistic outlook
>If there is a crash (which there will be) and you don't sell before then your money is locked away for 4 to 5 years while it rebounds. But it ALWAYS rebounds. If it didn't rebound that means the global economy has literally been annihilated and you have far bigger problems to worry about than your dosh.

>>654401
The fuck are you guys talking about? If you have a stock of the company that gets obliterated in depression then you lose your money forever. That particular company is never coming back.

>>653382
Voluntary exchange creates good deals for both parties.

It's hard to sell a home you live in to someone else who will also live in it. It's easy to sell a home that has a renter in it already. So, interestingly, it is actually better, if you need or have full time employment outside of your rental properties, to rent your home while also owning rental properties.

It's actually a top-quality hedge.

>>653659
You do know that judges wipe their asses with prenups 95% of the time, right?

>>653396

If you're a male then you'd be an incubus, not succubus.

>>652790
Being in the bank means the money is used for loans... again helping economic growth.

>everyone needs credit cards
>you can't live without good credit
>credit cards are worth it because I get a few cents back each month
>you can't rent an apartment, buy a car, or buy a home without good credit
>CCs are better than cash because what if you get mugged ?!?!

>>654423
technically succubus and incubus aren't gender exclusive, one consumes the souls of men through their semen and the other fucks bitches while they're asleep and makes them pregnant. Technically, that should make incubus male only but they are demons to begin with and it's not like a demon cant just magic a dick onto themselves regardless of their gender.

The more you know!

>>654404

That's why you don't just hold one stock m8. It's called diversification.

> I WILL DO LITERALLY ANYTHING TO GET RICH
> I WILL LIE CHEAT STEAL MURDER ANYTHING
> (doesn't get job)

>>651236
... Did she not own a shovel?

>>654519
>everyone needs credit cards
Well, if you're responsible it still helps credit for when you end up getting a mortgage for your house
>CCs are better than cash because what if you get mugged ?!?!
I like debit cards and ccs more than cash because it's easier to keep track of spending and budgeting

Anon please

There seems to be a lot of gold hate in this thread. What's up with that? What do you have against buying gold?

>>651225
>>"I don't trust banks."
This isn't so dumb. It's always good to have an account in more than one bank if it's affordable. Fuck, I had a Washington Mutual account which looked like it might get fucked by the bank collapse just a few years ago. Waiting for FDIC is a bitch as well.

If you have more than $3000, having accounts at more than one bank is a good idea. Also good to keep some cash in the house just in case. It's just smart.

>>654796
I was talking about people who don't keep any money in a banking institution and keep it all in gold or cash. It's just not a smart thing to do anymore.

>>654766
>helps credit for when you end up getting a mortgage for your house
Getting a mortgage is stupid.

>I like debit cards and ccs more than cash because it's easier to keep track of spending and budgeting
If you need CCs to budget your money you are doing it wrong.

>anon please
Please what?

>>651225
>You can make a lot of money selling door-to-door."

People say this? I knew full well I wasn't going to make squat when I did door to door. I did it with the sole purpose of learning Cold selling.

>>654840
Yes, I know people that fall for multi-level marketing
>Partylite candles
>Vector
>Avon

Girl scout cookies, on the other hand, are wildly successful.

>I've earned this break
>I work hard at my part time shitty job
>I'll study later
>I can go to class next week
>I'm financially independent mostly (oh except my parents pay my rent)

>>651770
>tfw your parents are actually highly responsible financially even if they're very unambitious, but for some reason they never taught me one single thing about finance

>>653474
>He's a goddamned construction worker and lets his own house go to ruin.

lol

>>653876
Oil

XOM?

>>653223
hows that new wallet treating ya

>I don't need insurance

Poorfag here but am I wrong for thinking this? Insurance feels like gambling but with a strong house edge.
Here's my reasoning:
>insurance company estimates total value of claims I am expected to file
>charges *more* than that in premiums to pay employees and make a profit
Considering they probably have a good idea about how much I cost to insure, wouldn't I be better off setting aside and accruing interest on that amount than paying it to an insurance company?

>>655065
Also I realize the insurer might underestimate my risk, but I feel like they would know my risk better than I could. Since it's apparently illegal to lie or withhold information from an insurer, I don't see how the average individual isn't getting screwed by insurance companies?

>>655006

D2d is not equal to mlm. There's plenty of tried and true products out there.

>>651225
>>"I don't trust banks."
I see nothing wrong with this so long as they mean they do their banking with a credit union as opposed to a "Bank"

if they mean they don't have a bank account of any sort then yes I don't understand these people.

>>655072
they pool risk at very low margins

Heard a good one today-"they are putting a lot of money into our plant so I moved all of my (401-k) fund into company stock". The work they are doing is painting the outside of the building and we are one of like 50 plants nationwide.

>>652834
Opportunity cost of down payment vs investing
Interest on loan balance
Fees associated with buying and selling, easily 5-10% of the houses value

>>655300
This anon knows what's up.
If you're not planning to permanently reside in a location (or rent it out), buying on mortgage just not a good idea.

Some of us are yuppies with little to no restraints in our live that may change jobs frequently.

Friends GF.

>Its better to use credit cards and travel the world while you are in your early twenties

>It's ok, I will marry a rich guy!
My 26yo sister who is about 50lbs overweight and has ~$25k in cc debt and makes just over minimum wage at her part time job. Buys all kinds of clothes, shoes, boots, and other crap she doesn't need.

>>655354
Is this notion of girls being shitty at personal finance just a thing?

>>655365
I really don't know. She always claims that no one ever taught her this stuff but she grew up in the same house as me I and our parents always tried to teach this shit. And of course any time I try to give advice she just ignores it and goes into how it is so different for me because I am rich.

>Rich
>I make $55k...

>>655380
>Calls $55k rich
>Maxes out CCs on min wage

I will never understand the clusterfuck that is the female mind

>>655365

No, women have virtually no concept of money.

A girlfriend from a few years ago, who was a student and unemployed, had only 5K to her name, which was all gifts from family. She took it and bought a used Mustang with 100k miles because "she had to have that car". Found out later that she went to a private art college. I am glad I got off that train before it went off the rails.

My last ex literally bought every single new Apple product released. She bought a $6 coffee from Starbucks. She also had a 10gb data plan, and all she used it for was Facebook. Right before we broke up, she bought a brand new Honda Accord and literally paid sticker price. I asked her how much she haggled the dealer down and she responded with "He said they don't do that". All of this was on top of the fact that she had like $20k in student loans and only made $70k, while working 60 hours a week and having a 6 year old son. Again, glad I got off that one too.

If you find a bitch who doesn't think credit is magic money, then put a tally mark in the wifey column

>>655397
This reinforces my view of never getting married. Don't let me fall into confirmation bias, tell me about money skillful women.

>>655397
Sounds like you have shitty taste in women to begin with

>>655958
Wife is debt free and has been maxing her 401k and Roth since she graduated. She's foreign and her parents spent all their money sending her to the best schools in her home country so she is very money conscious. I have a hard time getting her to buy new clothes if they dont have a hole, even if it's a fraying work shirt lol

At least we'll never be poor

>>655380
Anyone who complains that they weren't taught something in the internet age isn't trying

>>653813

I got news for you...

>>656000
Thanks. I hope to find one who is qt enough too.

>I'm in debt but I'm going to have a kid anyway, just because it's the natural thing to do.

>>656434
Better than that is the unspoken voice of the breeding machines who pop out a kid every 2 years. Meanwhile their husband had to forgo college and work 60 hours a week just so this girl doesn't have to grow up and get a real job.

>>656434
I know people who have kids while they're IN COLLEGE (undergrad)

It's like they're fucking themselves over in debt before they even get started. I will never know why.

>>656518
I have a wife and a son and I'm wrapping up my batchelors but I have academic scholarships and work full time to afford a house wife and aside from my car I am debt free and house shopping


Just don't be a lazy fag got good grades aren't hard

Fiance major btw

>>656564
Well good luck mate, I hope you and your family make it

Meanwhile I commute to college and will never get a gf

>>656564
Same boat. It's all about how you approach it. For me I got married in the army and went to school when I got out. Just a different path is all.

"I heard about this stock on /biz/"

>>652289
>If there is a crash (which there will be) and you don't sell before then your money is locked away for 4 to 5 years while it rebounds. But it ALWAYS rebounds. If it didn't rebound that means the global economy has literally been annihilated and you have far bigger problems to worry about than your dosh.

http://en.wikipedia.org/wiki/Sunk_costs#Loss_aversion_and_the_sunk_cost_fallacy
Waiting for a stock to rebound may not be the best use of your time and money. Even if we can assume that all stocks which survive will eventually surpass whatever value they are at right now you always have to gauge whether that $100 you spent on a stock worth $75 now is worth waiting five years for it to return to $105 or moving that $75 into something that will yield more than that over the same period.

Though I think your overall point is solid. Emotionally running away from something that has done badly in the near term is not good money sense. You have to evaluate things based on how you think they'll perform over the future period irregardless of the past.

>>651477
>not starting your own business and making upwards of 100k a year

Actually, I've been waiting for an opportunity to post this. I was watching Dragons Den CA the other day and there was this guy with a Parkour Gym who said his revenue was like $130k and the profits he alone took home was 90k. Then he had the balls to walk into the Den and say "I just don't have enough money to expand my business". Nobody even called him out on it. Why do people think anything that's not a maintenance cost is pure profit. You reinvest into your business to make a better/more efficient/less costly product you dumb fucks.