I should be talking to my CPA but let me poke around you turkeys first....
Anyone have any knowledge on IRA's? Traditional and ROTH?
I don't have one, or any retirement account...I don't want to miss out on all the fun. Help?
Get yourself a financial advisor. And not one from :CF.
just google roth vs traditional and all your answers are pretty cut and dry
investopedia.com breaks it down for you fairly well
The easiest thing to get started is donating a percentage of your paycheck to a 401K, especially if your company is matching it. It's as easy as filling out 1 or 2 papers and giving them to whoever handles payroll...
Nowadays and for the next 20 years till the baby boomers all die, below is your best bet...
(http://thebsreport.files.wordpress.com/2009/06/money-in-the-mattress-772122.jpg)
Interestingly enough...I have been doing just that recently...but not exactly under my mattress.
Quote from: hbionic on February 12, 2010, 01:38:36 PM
Interestingly enough...I have been doing just that recently...but not exactly under my mattress.
not enough room with all of the gay porn in there, I'm sure.
Gotta' have a safe, and make shore it's bolted to the floor.
chuggie already has a wall safe hidden behind his menudo poster.
just get rich....thats what i did
(http://www.pluslicens.se/images/B1Chuggington.jpg)
get ahold of FF, he's not only a money lover, he works in the financial industry
What forest is the rock located in that he's trapped under?
Endor?
Quote from: hbionic on February 12, 2010, 06:03:04 PM
What forest is the rock located in that he's trapped under?
Make a right turn...and keep walking...
Quote from: PhillyGirl on February 12, 2010, 08:20:42 PM
Quote from: hbionic on February 12, 2010, 06:03:04 PM
What forest is the rock located in that he's trapped under?
Make a right turn...and keep walking...
(http://sc.tri-bit.com/images/d/d1/C6QJPRHW4QF6KFDP7XJNW24TNDI4YNF2.jpg)
Does anyone own a credit cards that earn miles?
Which do you recommend?
Quote from: hbionic on April 23, 2010, 03:13:09 PM
Does anyone own a credit cards that earn miles?
Which do you recommend?
The southwest mastercard is pretty good.
I have a capital one card that i havent traded miles in for yet a ticket, but will soon...
Need some advice, and since some of you seem like smart fellers I'll throw this here.
Baby's momma and I split in August. I got my own place. She couldn't make rent so she had to move and break the lease. The apartment complex (bunch of thieving iceholes) says she owes them $4,000 even though our rent was only $1000 per month. I guess $2000 was for the 2 months she didn't pay rent, $1000 for the buyout clause then another $1000 for some other bullshtein. She didn't dispute this with the complex and just accepted it. So they essentially evicted a single mom after 1 month of not paying rent. I gave her half the money for the buyout clause considering my name was still on the lease, and she agreed to pay the balance since she stayed and I left (I gave her the option of leaving).
So now she can't pay it and it's gone to a collection agency. They said they'd knock it down from $4000 to $3200 without reporting it to the 3 major credit agencies. I tried go half with baby's momma but she couldn't come up with her end. So now my credit is shot. I've had halfway decent credit my entire life and aside from $3000 in student loans have zero debt.
So my question is what are my options at this point? I have a buddy who's an accountant, he says eventually the credit agency will want to settle for something, like maybe $1000, it will reflect as a negative on my credit but it will be paid and won't be so toxic. Is he correct?
All settlements are reported, and you'll end up having to pay taxes on what isnt paid back to them, since its considered income by the government depending on the collection agency, and their 1099 practices. You're buddy is right, the longer you wait, the better the settlement offer will be, but the impact to your credit score in the interim will be pretty bad. Check with him about the 1099c on this bad boy. I'm not really familiar with leases, and how those type of obligations work, just a bankers background.
That sounds pretty legit, but also sounds like it's going to do some damage to your credit that could take a couple years to recover from and since you say your credit is only "halfway decent" to begin with, I don't know if I'd want to damage it any more. Perhaps you can try and get a loan from the VA to pay off the large debt now and then pay it back in small amounts over 12 months?
I know since Todd moved to Browntown, there's a Sushi joint down a bicycle delivery boy. Have you considered picking up a new p/t job to make some more cheddar?
Quote from: Sgt PSN on May 12, 2010, 02:29:45 PM
That sounds pretty legit, but also sounds like it's going to do some damage to your credit that could take a couple years to recover from and since you say your credit is only "halfway decent" to begin with, I don't know if I'd want to damage it any more. Perhaps you can try and get a loan from the VA to pay off the large debt now and then pay it back in small amounts over 12 months?
I know since Todd moved to Browntown, there's a Sushi joint down a bicycle delivery boy. Have you considered picking up a new p/t job to make some more cheddar?
I have good credit, not halfway decent [my bad]. They already reported it to the credit agency so does it really matter at this point? The one thing I'm thankful for is so many peoples credit is farged because of the economy that having bad credit is the norm (or so I'm told). I'm not planning on making any large purchases (house/car etc.) for another 5-10 years so I have time.
its better to take care of it than let it linger and eat your credit. Go to annualcreditreport.com and take a look at your stuff, its free, and you can look at it once per year, maybe two now. If i'm you SD i find a way to get a loan to work out a settlement and get rid of that crap.
Quote from: Seabiscuit36 on May 12, 2010, 02:41:51 PM
its better to take care of it than let it linger and eat your credit. Go to annualcreditreport.com and take a look at your stuff, its free, and you can look at it once per year, maybe two now. If i'm you SD i find a way to get a loan to work out a settlement and get rid of that crap.
Good call, I just checked my credit reports and it's not on there yet. I'm thinking they just threatened me with that to force me to settle. At this point I'm thinking of calling and making $100 monthly payments until it's paid off.
Quote from: SD on May 12, 2010, 02:50:37 PM
Quote from: Seabiscuit36 on May 12, 2010, 02:41:51 PM
its better to take care of it than let it linger and eat your credit. Go to annualcreditreport.com and take a look at your stuff, its free, and you can look at it once per year, maybe two now. If i'm you SD i find a way to get a loan to work out a settlement and get rid of that crap.
Good call, I just checked my credit reports and it's not on there yet. I'm thinking they just threatened me with that to force me to settle. At this point I'm thinking of calling and making $100 monthly payments until it's paid off.
i know as a bank we offer payment plans, and settlements, and obviously legal action. If you setup a payment plan they may keep it off the books if its a structured settlement over a period of time, but i'd make sure you get anything agreed to on paper.
Since the money thread has been resurrected, I figured I'd throw this out there. It's basically how I've been living for the last 3 or 4 years and have dramatically improved my credit score during the process:
I got a credit card with a $25,000 limit. Then I set up all of my monthly bills to be autopaid with my credit card (mortgage/rent, satellite, cell phone, car payment, etc). I also pay monthly bills that fluxuate like electricity or water online with the credit card.
I have a $300 grocery budget that I pay with the card. Same for gas. Basically, when it's all said and done, I've got roughly $3000 budgeted towards my normal monthly bills that gets put on the card. Once the statement comes in at the end of the month, I go online and pay it off with my check card.
So basically, every single month I charge at least $3000, but I never carry a balance over to the following month. It's always paid off. As a result, my credit score went from bad (low 500's) to pretty damn good (720's).
In addition, I've got one of the "rewards based" credit cards, so I get like $50 back for every $1000 I put on the card.....so I basically make $150/month. I forget exactly how much it is because I have those vouchers sent to my mom and she deposits them in a savings account for me that I don't have access too (because I'm stupid and will probably blow it), but I'm still actually making a few bucks a month with that.
Obviously, I have to maintain some serious discipline to not over spend but so far, I've been really good about it and have never gotten a bill at the end of the month that I didn't have the cash to pay off immediately.
Anyone see any major flaws with what I'm doing? It seems like since damn near every credit card out there these days has some sort of rewards system in place, it's almost dumb not to use it as much as possible as long as you're not spending more than you can afford to pay off on a monthly basis.
Quote from: Seabiscuit36 on May 12, 2010, 02:53:52 PM
Quote from: SD on May 12, 2010, 02:50:37 PM
Quote from: Seabiscuit36 on May 12, 2010, 02:41:51 PM
its better to take care of it than let it linger and eat your credit. Go to annualcreditreport.com and take a look at your stuff, its free, and you can look at it once per year, maybe two now. If i'm you SD i find a way to get a loan to work out a settlement and get rid of that crap.
Good call, I just checked my credit reports and it's not on there yet. I'm thinking they just threatened me with that to force me to settle. At this point I'm thinking of calling and making $100 monthly payments until it's paid off.
i know as a bank we offer payment plans, and settlements, and obviously legal action. If you setup a payment plan they may keep it off the books if its a structured settlement over a period of time, but i'd make sure you get anything agreed to on paper.
Here's my next question: What are the chances of me calling the collection agency and settling for say $2000?
Quote from: SD on May 12, 2010, 03:25:41 PM
Quote from: Seabiscuit36 on May 12, 2010, 02:53:52 PM
Quote from: SD on May 12, 2010, 02:50:37 PM
Quote from: Seabiscuit36 on May 12, 2010, 02:41:51 PM
its better to take care of it than let it linger and eat your credit. Go to annualcreditreport.com and take a look at your stuff, its free, and you can look at it once per year, maybe two now. If i'm you SD i find a way to get a loan to work out a settlement and get rid of that crap.
Good call, I just checked my credit reports and it's not on there yet. I'm thinking they just threatened me with that to force me to settle. At this point I'm thinking of calling and making $100 monthly payments until it's paid off.
i know as a bank we offer payment plans, and settlements, and obviously legal action. If you setup a payment plan they may keep it off the books if its a structured settlement over a period of time, but i'd make sure you get anything agreed to on paper.
Here's my next question: What are the chances of me calling the collection agency and settling for say $2000?
it really depends. You probably have a better chance by waiting towards the end of the month. They're desparate to close back stuff, and will be more willing to meet you where you want to be. Just call and tell them you're interested in settling, but can only afford x amount. If they can get it approved they will, they may have to go up the ladder.
Quote from: Sgt PSN on May 12, 2010, 03:11:17 PM
Since the money thread has been resurrected, I figured I'd throw this out there. It's basically how I've been living for the last 3 or 4 years and have dramatically improved my credit score during the process:
Anyone see any major flaws with what I'm doing? It seems like since damn near every credit card out there these days has some sort of rewards system in place, it's almost dumb not to use it as much as possible as long as you're not spending more than you can afford to pay off on a monthly basis.
No flaws so long as you make sure you pay it off each month. Since you have a military job, you have the job security and don't have to worry about losing your job and stuck with a large cc balance. Just make sure you keep the discipline to pay it off each month. I do almost the same thing since we get around $40 cash back each month and like you said, it helps your credit rating.
SD,
It hasn't hit your reports yet, but it will. It depends on how often the collection agency reports to Equifax, Trans Union, and Experien.
Your best bet is two options, and both center on you getting a loan for that amount and paying the apartment complex off. And you better get that loan before that collection hits your credit reports because once it does, they will not give you anything.
1. Go get a loan for $4000 (or however much you need to make the payment)
2. Call the apartment complex and make them an offer. Tell them you will come in and make the whole payment of $4000 but in return you want them to recall the collection request. That will back the agency off of you and they will re-call the report from the three bureaus. That is essentially a "pay for delete" or "PFD". They will usually jump on this shtein because they get their cash and that's all they give a shtein about.
3. Sign up for www.myfico.com
I have the "SCOREWATCH" and it monitors my Equifax daily. I pay $8.95 a month for it. This way you can ensure that they do remove the collection (if it hits) or that it does not hit your reports.
If the complex does agree to do that...GET IT IN WRITING! If they don't put it on paper, you're farged.
You're farged anyway. Don't pay anyone anything. farg them, farg their stupid system. Live by cash.
Quote from: Diomedes on May 12, 2010, 08:45:27 PM
You're farged anyway. Don't pay anyone anything. farg them, farg their stupid system. Live by cash.
remember
DIO is anti establishment
Phreak has some experience with this as far as apartments work. I'm not entirely familiar with how they can collect, but its always better to get rid of it sooner than later.
Mine was actually with a rental house that the roomies farged up, but same situation for the most part.
And I read a lot about credit repair to help my mother clean hers up. That's when I discovered myfico.com and creditboards.com.
There's invaluable information found on those sites.
The other thing I forgot to add...
If you pay it off via the collection agency it will not be removed from your reports. It will show as "paid collection" and still appear on there as a collection.
I am not sure of PA's statute of limitations on collections, but its probably 7 years that it wil hang on there.
Quote from: PhillyPhreak54 on May 12, 2010, 10:15:23 PM
I am not sure of PA's statute of limitations on collections, but its probably 7 years that it wil hang on there.
Thanks for the good info Jay.
Here's my thing, I don't need good credit for shtein for the next 5-10 years. I'm not planning on buying a house and my truck is paid off So I can wait it out. I'm already in an apartment that I'm happy with. I'm basically done with school (I'm taking some bullshtein classes to finish out my GI Bill), so once that's done I'll be working full time.
Quote from: SD on May 12, 2010, 11:30:01 PM
Quote from: PhillyPhreak54 on May 12, 2010, 10:15:23 PM
I am not sure of PA's statute of limitations on collections, but its probably 7 years that it wil hang on there.
Thanks for the good info Jay.
Here's my thing, I don't need good credit for shtein for the next 5-10 years. I'm not planning on buying a house and my truck is paid off So I can wait it out. I'm already in an apartment that I'm happy with. I'm basically done with school (I'm taking some bullshtein classes to finish out my GI Bill), so once that's done I'll be working full time.
No prob..
But here's the catch; when you do decide to buy a house it will show. Apparently when mortgage companies are pulling your records they pull a certain type of report that shows your entire history, including collections that have fallen off on your "normal" reports. So this could still haunt you in the future. Same with potential employee credit pulls for conditions of employment, etc.
Good luck in whatever route you take, man.
That's why I'm considering waiting it out, then letting it dwindle to a reasonable price, then paying it off. It will still count as a negative but it will be a paid negative.
you need to make your baby mama hit the pavement to earn you some money
It's a rigged system. People should stop playing along.
I agree, but bitches be crazy. You've been warned.
Any of you jerks use one of the on-line trading sites?
I've been looking at Scottrade lately but want to get more opinions about it before I pull the trigger.
interest rates are so low right now i am thinking about going to a 15 year mortgage which would only cost me 400 more per month
Quote from: PhillyPhreak54 on June 24, 2010, 09:23:34 PM
Any of you jerks use one of the on-line trading sites?
I've been looking at Scottrade lately but want to get more opinions about it before I pull the trigger.
I've had Scottrade in the past and it's a little cheaper than most but I switched over to Sharebuilder about a year and a half ago. It links right up with your ING Account if you have one. Super easy to just transfer in and out and between accounts, and is less than $10 a trade.
Nice.
And I think Continental Airlines have a OnePass mileage deal with sharebuilder too. I will look into it
Has anyone read "Rich Dad, Poor Dad" and if so, what are your thoughts on it?
Is that an Oprah book?
Nah, from what I gather is its a self help financial book that is on the aggressive side rather than the traditional safer investing.
Someone recommended it to me today.
I don't read self help books.
isnt a self help book the ultimate oxymoron
I always thought the ultimate oxymoron was
jumbo shrimp
lol
holy bat signal
don't let it go to your head boss
Quote from: ice grillin you on June 25, 2010, 07:15:46 AM
interest rates are so low right now i am thinking about going to a 15 year mortgage which would only cost me 400 more per month
If you have any other debt, it's probably better to go with a 30-year. Then you can pay extra every month once you pay off the car, et al. If not, have at it. Pretty cool to get that close to paying off your crib.
Quote from: PhillyPhreak54 on June 27, 2010, 09:02:27 PM
Has anyone read "Rich Dad, Poor Dad" and if so, what are your thoughts on it?
Yes. It will give you some good ideas, but keep this in mind:
-The guy is a cocky shtein and feels that with dedication and hard work, anyone can become absolutely filthy rich.
-The guy is absolutely filthy rich. Made his money first from real estate but mostly from getting suckers like us to buy his books and attend his seminars. If you don't think you will make a ton of money like that, you're better off buying a book about budgeting.
I'm pretty good about budgeting, but I want to learn investing. I want to be able to know the ins and outs of the markets so I can grow my savings.
Quote from: FastFreddie on June 28, 2010, 12:13:14 AM
Quote from: ice grillin you on June 25, 2010, 07:15:46 AM
interest rates are so low right now i am thinking about going to a 15 year mortgage which would only cost me 400 more per month
If you have any other debt, it's probably better to go with a 30-year. Then you can pay extra every month once you pay off the car, et al. If not, have at it. Pretty cool to get that close to paying off your crib.
no debt whatsoever...but we still may go in that direction as ill probably be getting a new car in the next couple years
Quote from: PhillyPhreak54 on June 28, 2010, 12:31:31 AM
I'm pretty good about budgeting, but I want to learn investing. I want to be able to know the ins and outs of the markets so I can grow my savings.
Rich Dad Poor Dad will teach you nothing about investing.
Quote from: ice grillin you on June 28, 2010, 07:03:48 AM
no debt whatsoever...but we still may go in that direction as ill probably be getting a new car in the next couple years
GOAT - FYI, I did the math on a 15 vs 30 and figured if I made the same payment amount from the 15-year at the 30-year rate, it would take 15 years and 9 months to pay off.
If your ladyfriend has a gubment job too, might as well go with the 15. Mad job security. Plus, you'll just blow the difference on air travel and chain restaurants.
We have a mortgage, college loans, and a note on the kid carrier.
In the last four or five months, three of the four credit cards I hold have instituted a yearly membership fee of something like sixty bucks. The only card which hasn't is the Sears Mastercard.
I'm a good customer, though I rarely use plastic, when I do, I pay it off on time. They don't admittedly make much money on me because of this, but all the same, you'd think they'd want to keep a customer they've had for 10+ years who pays his bills. Nope. All three made it clear: pay the yearly fee or cancel the card.
I cancelled all three. Now my credit rating is damaged, because I have about 30 thousand less available credit.
These are the rewards you can expect for being fiscally responsible.
Now if I want to bring that credit rating back up, I have to go out and find a couple cards that don't charge yearly fees, just so I can demonstrate an ability to have (but not overuse) available credit. And of course, every inquiry against my account in an attempt to apply for a new card will be logged, and will be seen as a red flag on the credit rating.
The whole system is a scam.
This game is rigged, man. We like the little bitches on a chessboard.
Quote from: FastFreddie on June 28, 2010, 11:27:12 AM
Quote from: PhillyPhreak54 on June 28, 2010, 12:31:31 AM
I'm pretty good about budgeting, but I want to learn investing. I want to be able to know the ins and outs of the markets so I can grow my savings.
Rich Dad Poor Dad will teach you nothing about investing.
Quote from: ice grillin you on June 28, 2010, 07:03:48 AM
no debt whatsoever...but we still may go in that direction as ill probably be getting a new car in the next couple years
GOAT - FYI, I did the math on a 15 vs 30 and figured if I made the same payment amount from the 15-year at the 30-year rate, it would take 15 years and 9 months to pay off.
If your ladyfriend has a gubment job too, might as well go with the 15. Mad job security. Plus, you'll just blow the difference on air travel and chain restaurants.
yeah shes IRS...job security isnt an issue...its being able to change your current comfort for the long term...
even if its the right thing to do it isnt easy to pull the trigger
Quote from: SD on June 28, 2010, 12:13:44 PM
This game is rigged, man. We like the little bitches on a chessboard.
You're a soldier, Bodie.
its a cold world man
thought you said it was gettin warmer?
world goin one way people another
Quote from: PhillyPhreak54 on June 28, 2010, 12:31:31 AM
I want to be able to know the ins and outs of the markets so I can grow my savings.
You and everyone else.
Dont use savings for investing.
Unless you want to be watching the market every minutes of every day as a day trader, get a decent chunk of money... about $15,000 or so and find two or three mutual funds of various risk levels and put 10,000 in them, then use the other 5000 on individual stocks.
Thats actually kind of what I was thinking about doing, $5K and $5K.
Dio,
That blows. And you lose your life of accounts being opened, so even if you get new cards you've lost some of that good history.
fargin scamming ass credit card companies.
Blame the people who said that Risk Based pricing was predatory, now everyone pays
The whole credit card thing is a hassle anyway. You've got "real" money, printed up by whatever government has power at the time you happen to be alive. Then add onto that, people willing to give you some of that real money, if you give them more of it back later.
A scam built on a scam.
I should thank them for getting me off their lists.
get the eagles mastercard....no fees and lots of free eagles stuff if you spend enough money...just in the last year ive gotten a authentic pimp throwback and a really nice cooler
Eagles Mastercard is switching over to being owned by Barclays
what does that mean for it
no more nfl rewards?
because when i went on the other day to get my pimp jersey there was a clock counting down that you had to sepnd your pts by...sometime in the next six months or something
yep, from what i read the points will stay for a period of time, thereafter everything goes to Barclays and theydont have to honor the current point system.
bye bye eagle card
actually i just saw an article that they will be offering a rewards program...i guess they just arent honoring pts accumulated under mbna
they should offer a kelly green card....i might even pay a fee for that
I dont know what barclays is gonna offer, but i'd imagine it has to be something comparable since they bid crazy money to get the NFL's business, doesnt make sense alienating the customer base they bought. I personally use a Charles Schwab card, and Amex, both have good points programs, the Schwab specifically for cash, they have a great contract and i get 500 bucks for 50k points.
I'm thinking about asking for a raise. It's been two years since my last (and only) one. Is it too early to ask for another? My previous one was small and I'd like another 10-15% in base salary.
It is not too early, but management will likely tell you it is "given the current economic climate." Also, there is no way you get better than 3%.
Ask for the raise, accept whatever they give you, update your resume and start looking. The only way you'll get the bumb in salary you want is to move jobs.
Good luck.
Yep. It is rare to get a double-digit % bump, especially if you are going to them to ask. You have to go external.
And hire drew rosenhaus
Well, I am putting together some notes to highlight how my territory has performed in the last two years since my last bump. In a down market I've helped to grow the territory by quite a bit, so I want to have the exact #'s in case I need them.
Last time I asked my boss agreed on spot.
I also looked at the median salary of others in my field in the state and I'm below average on base but above average on commission.
Like I said, good luck.
Thanks, man. :yay
You missed the sarcasm I think.
Update that resume.
lol, yeah I missed it.
I will post the results, whether they laugh at me or cake me off.
At the risk of sounding redundant: bring your CV up to date, get your suit dry-cleaned, and be prepared to start looking.
Ten bucks to you if they offer better than 3%.
Well, I am not ready to jump ship. This isn't an ultimatum type thing. I am making a nice amount, but I would like to be brought up to the level of others within the company. If they told me to bide my time for another 6-12 months, I would be ok with that.
Fair enough. It's good to know where you stand.
I've got a thousand saved, nothing to do with it. That is, it's a thou saved on top of/aside from normal savings. I'm willing to risk it on something smarter than a game of black jack, or lend it out for a period of time. In other words, my first money for investing in anything.
Should I back my local pot dealer on a package, or call a stock broker?
The market's due for another little dip soon. Go for the other option.
anyone ever tried one of those micro loan sites? as in, loaned to someone through one?
Never did the loan thing. Seems a little shady to me.
If you invest, you should do it on your own. You can't do a lot of trades with that amount of loot b/c the fees would kill you. Just find a stock that suits your risk level and go for it.
Or maybe try some arbitrage on Ebay.
Quote from: Diomedes on September 16, 2010, 01:45:54 PM
Should I back my local pot dealer on a package?
Yes, then come tailgate with us.
Make micro-loans to people who need them here (http://www.prosper.com/)
nm
Quote from: SD on May 12, 2010, 02:17:16 PM
Need some advice, and since some of you seem like smart fellers I'll throw this here.
Baby's momma and I split in August. I got my own place. She couldn't make rent so she had to move and break the lease. The apartment complex (bunch of thieving iceholes) says she owes them $4,000 even though our rent was only $1000 per month. I guess $2000 was for the 2 months she didn't pay rent, $1000 for the buyout clause then another $1000 for some other bullshtein. She didn't dispute this with the complex and just accepted it. So they essentially evicted a single mom after 1 month of not paying rent. I gave her half the money for the buyout clause considering my name was still on the lease, and she agreed to pay the balance since she stayed and I left (I gave her the option of leaving).
So now she can't pay it and it's gone to a collection agency. They said they'd knock it down from $4000 to $3200 without reporting it to the 3 major credit agencies. I tried go half with baby's momma but she couldn't come up with her end. So now my credit is shot. I've had halfway decent credit my entire life and aside from $3000 in student loans have zero debt.
So my question is what are my options at this point? I have a buddy who's an accountant, he says eventually the credit agency will want to settle for something, like maybe $1000, it will reflect as a negative on my credit but it will be paid and won't be so toxic. Is he correct?
So I haven't paid this yet, and I don't have the need for a credit check in the foreseeable future as I'm fine renting at the place I'm at now. It's been well over a year since the debt went to collections. I was doing some research and statute of limitations on contracts in PA is 4 years. So if I wait this out another 3 years am I in the clear?
farg thost bloodsucking cocks from hell. I'd tell them I have two grand, take it or leave it. If they say so, tell them good luck trying to ever get a cent from you again.
I am not offering advice, but I wouldn't pay them anything or bother to tell them as much.
Quote from: SD on February 21, 2011, 05:13:55 PM
Quote from: SD on May 12, 2010, 02:17:16 PM
Need some advice, and since some of you seem like smart fellers I'll throw this here.
Baby's momma and I split in August. I got my own place. She couldn't make rent so she had to move and break the lease. The apartment complex (bunch of thieving iceholes) says she owes them $4,000 even though our rent was only $1000 per month. I guess $2000 was for the 2 months she didn't pay rent, $1000 for the buyout clause then another $1000 for some other bullshtein. She didn't dispute this with the complex and just accepted it. So they essentially evicted a single mom after 1 month of not paying rent. I gave her half the money for the buyout clause considering my name was still on the lease, and she agreed to pay the balance since she stayed and I left (I gave her the option of leaving).
So now she can't pay it and it's gone to a collection agency. They said they'd knock it down from $4000 to $3200 without reporting it to the 3 major credit agencies. I tried go half with baby's momma but she couldn't come up with her end. So now my credit is shot. I've had halfway decent credit my entire life and aside from $3000 in student loans have zero debt.
So my question is what are my options at this point? I have a buddy who's an accountant, he says eventually the credit agency will want to settle for something, like maybe $1000, it will reflect as a negative on my credit but it will be paid and won't be so toxic. Is he correct?
So I haven't paid this yet, and I don't have the need for a credit check in the foreseeable future as I'm fine renting at the place I'm at now. It's been well over a year since the debt went to collections. I was doing some research and statute of limitations on contracts in PA is 4 years. So if I wait this out another 3 years am I in the clear?
I know in some states they are allowed to sell it off to another collection agency to put the statute of limitations back on the clock as a new debt to keep perpetuating the process. I also heard there was a movement afoot to outlaw the practice but as far as I know it never came to pass.
A lot of things that can come up where they check your credit (car loan, new job application, backround checks, credit cards, interest rates, etc.) so it might be less costly in the long run to pay off what ever you can get them to settle for. Sucks about the X situation, seen it a bazillion times.
In other words, the game is rigged. They claim you owe, so you owe. Either pay up or be turned into a second class citizen. Either way, you're farged.
any of you bitches that mess with stocks get in on the LinkedIn IPO yesterday?
i tried to get in around $50 but that mofo just kept rising and rising until i didn;t think it was worth it.
got all the way to 122/share until finally dropping to 90s at end of day.
regardless, anyone who invested doubled their money yesterday, at a minimum .
it reminded me of google..i tried getting in at $150 back when that IPO'd, but by days end, I was priced way out.
How much money would you have to have in order to buy some stock like that. I don't understand the system, so correct me if I'm wrong..but if you're small fry like me, you are literally not able to get in on something like the LinkedIn IPO.
Let's say I had an extra thousand dollars yesterday and the time to go online during the day--fantasy both--could I have bought some stock? I think the answer is probably no. So how much would I have needed to spend to get in at 50 or 60 per share, and how would I place the buy order...through a real live human broker or through an online brokerage?
you open an etrade account online--very easy to do.
if you have a grand to spend at $50 a share you get a whopping 20 shares.
So assuming I had the funds and an etrade account on the day of an IPO by some company like LinkedIn, I could buy some shares..in this case, 20 or so?
Quote from: Diomedes on May 21, 2011, 05:37:28 AM
So assuming I had the funds and an etrade account on the day of an IPO by some company like LinkedIn, I could buy some shares..in this case, 20 or so?
Yes.
but you pay a commission normally of about $10 per transaction.. so your 1000 is 990 for shares.
it's actually fairly easy.
I'm surprised to learn this. I was under the impression that IPOs are not accessible to small fry...that big investors had first shot at it or something along those lines.
Thanks.
Any of you guys ever dipped into the real estate market at all? My cousin has been trying to talk me into buying gov't operated housing properties with him in Paterson, NJ. Each house has 4 single units, and each unit is paid for by the govt under some program. We would hire a local guy who my cousin knows to be the "super" to take care of all the day-to-day shtein, alleviating me from getting shot while looking at or working on my property. He worked the numbers out for me, and it seems like it could be a nice little investment but Im not sure if the risk outweighs the reward..thoughts?
What are the risks you are looking at and what are the rewards?
Some investors look at the rate of return on their money. Some just want positive cash flow, some just want the write off.
How much would it cost you to invest and what kind of return are you looking at?
Quote from: DH on July 06, 2011, 01:14:05 PM
Any of you guys ever dipped into the real estate market at all? My cousin has been trying to talk me into buying gov't operated housing properties with him in Paterson, NJ. Each house has 4 single units, and each unit is paid for by the govt under some program. We would hire a local guy who my cousin knows to be the "super" to take care of all the day-to-day shtein, alleviating me from getting shot while looking at or working on my property. He worked the numbers out for me, and it seems like it could be a nice little investment but Im not sure if the risk outweighs the reward..thoughts?
Sounds like sec. 8 housing. Although your money is pretty much sure thing, there are big time headaches that come with it. I've known supers who do everything up to changing light bulbs for people who are laying on their couch watching tv, and when they move out, there is ususally major, major damage thats been done. Also, most section 8 housing I've seen, pest control is a day to day operation. Just saying.
Quote from: DH on July 06, 2011, 01:14:05 PM
Any of you guys ever dipped into the real estate market at all? My cousin has been trying to talk me into buying gov't operated housing properties with him in Paterson, NJ. Each house has 4 single units, and each unit is paid for by the govt under some program. We would hire a local guy who my cousin knows to be the "super" to take care of all the day-to-day shtein, alleviating me from getting shot while looking at or working on my property. He worked the numbers out for me, and it seems like it could be a nice little investment but Im not sure if the risk outweighs the reward..thoughts?
I know a guy who does exactly that for a living. He swears by it, because the state sends him a check directly. He does everything himself, though, and doesn't have a middle man. Basically, he's a slum lord. It wouldn't be for me, but he seems to make enough money on them.
Weird.
I know that it is hard to get to the top of the line of section 8 and they usually do not want to risk losing their section 8 so the idea is that they try to maintain the unit. To my understanding there are inspections conducted by the government agency approving the section 8. The inspection is also meant to prevent zesty living conditions.
But yeah, I guess each area is different.
I would still take a chance depending on the cash flow. Unless you have another financial vehicle that can provide you the same cash flow, this would seem like a good risk to take.
Yup, it's section 8..
The main risk would be putting up my cash (10% the value of the home) for a place that I will NEVER see, in an area which is very well known for its violent criminal activity. Should something happen, insurance would cover it, but the headache that could be a drug deal gone bad in my house, etc. would probably be never-ending..
I feel like when I ask people how this guy or that guy made all his money, the answer, more often than not, is real estate; I'm just not sure if this is the type of real estate that can get me rich.
This isnt intended to be my sole income by any means at all. I'm perfectly happy with my job/career so the main idea here would be to throw a bit of money into this, hoping to bank a few extra grand a year and if it works, increase the spend next year..
you're asking us if you should become a slum lord? go in with the government on warehousing the disenfranchised and unemployable, for money?
for money?
come on man. leave that game to dirtbags...surely you can find a less predatory way of getting some cash flow and diversity in your porfolio
become a golf pro?
okay...less predatory but also less douchey
like rehab a house and rent it. or put some money up in partnership with people who do that kind of thing.
I don't know.
Sec. 8 is a disaster. Making money off those people and that system is kinda like taking welfare yourself when you don't need it. Sure, it's legal, but christ it's cynical.
There is nothing wrong with the section 8 program that isn't wrong with every other entitlement.
There's abuse. There's corruption. But overwhelmingly the system helps those who can't help themselves.
The only thing cynical about it is our reaction to those who desperately need housing but can't afford it for a multitude of reasons.
I don't see too much wrong with the concept or making money off of it, and my cousin is kind of a greasy lawyer so this kind of thing is right up his alley..he's driving the train on this one, I'm just deciding whether or not to jump on. I never would have thought to even do this before he asked me if I was interested, so I'll probably stay away, but it does seem like a pretty easy and legal way to make some nice extra money.
the people who make money off the destitute (or for that matter the government) usually are greasy
just sayin'
(http://ecx.images-amazon.com/images/I/51YGS5Q277L._SL500_AA300_.jpg)
If you want to get rich you should just bet against the Heat.
Does anyone here have a life insurance policy? How much do they run?
Yes, through my employer. I'm not sure of the cost.
Why are you thinking about life insurance?
Quote from: hbionic on July 22, 2011, 06:55:25 PM
Does anyone here have a life insurance policy? How much do they run?
Depends on a number of factors: level of coverage, age, weight, whether you're a smoker, etc.
i had perfect health and got a standard 100,000 dollar policy when i was 31 for $125
Quote from: Susquehanna Birder on July 22, 2011, 09:33:37 PM
Yes, through my employer. I'm not sure of the cost.
Why are you thinking about life insurance?
Thinking of killing myself for some quick cash. :)
I was tossing around the idea of speaking to a financial planner...but I'm a bit hesitant because 10 years ago, I spoke to one, opened up two mutual funds and was on my way for life insurance...but...got laid off, and everything fell through. I don't remember what these policies cost on the monthly.
I know you do not need a financial planner to set up a couple of mutual fund accounts...you can do that through your bank now days, but just tossing some stuff around...even an IRA. I just have to get a little more serious about money now.
IGY, $125 per month? Aren't there some policies that you can borrow against? Or am I thinking 401k's?
is e-trade a good way to get started on investing and what not? Do they make it easy for normal people like me who don't know the 1st thing about finances/investing?
Quote from: hbionic on July 22, 2011, 11:55:56 PM
Quote from: Susquehanna Birder on July 22, 2011, 09:33:37 PM
Yes, through my employer. I'm not sure of the cost.
Why are you thinking about life insurance?
Thinking of killing myself for some quick cash. :)
You do realize that if you did that you wouldn't be around to use the $, right?
So, you'd have to first make out a will stating who on CF would inherit what from you.
Can you give us any previews?
This might actually be a nice opportunity for anyone here who wishes to contribute what they would bequeath to some of us as their final token of love, esteem and appreciation.
Quote from: Munson on July 25, 2011, 12:34:41 AM
is e-trade a good way to get started on investing and what not? Do they make it easy for normal people like me who don't know the 1st thing about finances/investing?
Be careful as you're on your own. It's not as easy as the commercials imply. IF you have plenty of time to study and learn about the investments you are interested in, that will help. I've heard it's safe but I'd still be careful.
The company that used to be Sharebuilder is now owned by ING direct. If you want to "dabble" or teach yourself about the market, this is a less expensive way to do it. You really need to keep an eye on your monthly membership charges.
If any of you want, I'll give you a couple of picks later in the week.
http://finance.yahoo.com/news/Bank-of-America-to-charge-5-apf-1381425092.html?x=0
BOA is going to charge a $5 monthly fee if you use your debit card. Are they out of their farging mind? I'm tired of their nickle and dime shtein, been a customer with them for almost 15 years but now I'm through. Gonna bank with USAA instead.
I know a guy who was a big shot exec at Kodak in the sixties and seventies, been retired forever. I'm reading that the company is going bankrupt, which will hit their pensioners hard.
Made me wonder...is there such a thing as pension insurance? As in, you pay a third party as a backstop in case the company who is obligated to cover your pension fails?
If not, I claim rights to the idea. I'll be rich, bitch!!
Pays the pensions BOOOOIIII!
buy insurance on that idea just in case.
and i'm not going to do research but i'm sure it's possible. you can buy insurance on anything if you are a vagina like most people. gimme my health insurance and i will gamble with the rest.
Anyone use credit score monitoring services? Decided to try one out (freecreditscore.com) because I figured if nothing else, it might not be a bad idea for me to review everything since I'll be hitting the unemployment line in 90 days. I hear that some employers can/do check credit reports for applicants (any truth to that?) so I should probably make sure they are impressed if they check mine.
Anyway, 7 day free trial and then $15/mo after that. Is it worth it or should I just cancel after my free trial now that I've gotten to look at my scores and everything?
I would not pay anything to know my credit score, ever. That's like paying for commercials. farg them.
i hear that free credit report website is hard to cancel, kind of scammy.
you're allowed one free credit report a year by the 3 major credit companies (equifax, transunion, something else)
https://www.annualcreditreport.com/cra/index.jsp
i usually do it once or twice a year just to make sure no farg faces are using my ss# or anything to open credit cards.
Quote from: Sgt PSN on January 13, 2012, 08:19:48 PM
Anyone use credit score monitoring services? Decided to try one out (freecreditscore.com) because I figured if nothing else, it might not be a bad idea for me to review everything since I'll be hitting the unemployment line in 90 days. I hear that some employers can/do check credit reports for applicants (any truth to that?) so I should probably make sure they are impressed if they check mine.
Anyway, 7 day free trial and then $15/mo after that. Is it worth it or should I just cancel after my free trial now that I've gotten to look at my scores and everything?
Yes employers can, and a lot do, perform credit checks.
I have used myfico.com for years now. I am paranoid about having someone jack my identity so having this helps. It's also good because you can buy your Equifax and TransUnion reports on there (Experian doesn't participate any longer - you have to buy it directly from them).
The site runs an ongoing monitor of your Equifax report; any changes (account added, balance increase, etc) and you get an email about the activity. I pay $12.95 a month for it.
The drawback to using freecreditreport.com (and the others offered by CC companies and other businesses) is that its not a true FICO score that you get from them. Credit scores obtained by the other services are commonly called FAKO's because they're known to be different than the actual FICO number. Myfico.com is pretty spot on.
I pull my reports about twice a year and also pulled them before I bought my trucks so I knew what I was looking like before going into the dealership.
Quote from: phattymatty on January 13, 2012, 08:39:23 PM
i hear that free credit report website is hard to cancel, kind of scammy.
you're allowed one free credit report a year by the 3 major credit companies (equifax, transunion, something else)
https://www.annualcreditreport.com/cra/index.jsp
i usually do it once or twice a year just to make sure no farg faces are using my ss# or anything to open credit cards.
Thanks for the reminder, sir. I do this every January.
Have we covered this before?: Looking to open a mutual fund...so I can throw like $100 bucks a month at it...any suggestions/recommendations as to where to go....financial planner or investment house like a merril lynch, etc?
Gracias amigos. Vaya con dios.
Vanguard or Fidelity.
Former is a non-profit, quite good rates and fees. Latter is the company I use because it was the one my former company had us with and I like them. Plus, a certain money lover I "know" spoke highly of them.
You're probably going to have to get a pile of money together before you can buy into a mutual fund. I think they require a $2k or $2.5k minimum go get into.
edit: Vanguard is not a non-profit. The company is owned by the funds, which are in turn owned by the investors...so I don't know what to call it. But "non-profit" is most certainly not the correct term.
Thanks...looks like the fidelity commercials pay off.
I've never had a single interaction with Fidelity that left me feeling jobbed or spoken down to, or like the person on the other end was anything but competent.
That said, the next fund I open will be with Vanguard. I want to have piles of money in different places, so when I die it will be like a treasure hunt. For small piles. Worthless ones, really.
Don't trust Fido. They hired me. Then I left. But still.
I like Fidelity a lot. We switched our 401k to them and they've been awesome.
I'm thinking of doing a Roth IRA. Good choice?
Roth is a great idea. I believe the max contribution is still $5k per year? The big plus is if you ever take money out you don't get taxed on it as you would borrowing against your 401K. Uncle Sam will rape you a new one if you borrow against your 401k.
http://www.bizjournals.com/mobile/nashville/news/2012/04/11/bank-of-america-sues-itself---no-joke.html
That would but farging hilarious if it weren't so utterly tragic.
About eight years ago my mother purchased the house next door to my grandparents place. The guy who lived here died and the only family he had was a sister who was a nun. She purchased the house from her as executor of his estate. She is now gone as well.
The guy was a hoarder and saver before hoarding was popularized. I am talking serious keeping of everything; wore the same clothes (would go buy new pants and shirt when the two pairs he had wore out) and never spent money on anything.
The majority of his stuff was cleaned out but in the attic there are still a lot of his things (old models, machinery, tools, etc).
I was digging through there the other day and found $50,000 worth of matured/nearly-matured EE series US Savings Bonds. He is listed as the sole owner.
I have spent a few hours looking at the US Treasury site to try and find out what recourse we have and it appears that its a tough shtein deal as they will only cash them to whomever is listed as the owner on the bonds or the executor of the estate.
But what if there is no one? His parents are dead, he's dead, his sister is dead and neither of them had kids (he never married and always lived alone and the sister was a nun).
Anyone have any ideas?
nothing you can do....they are non transferrable....in fact i dont even think if he had family alive they could cash them (unless they were legally willed to a specific individual)...im pretty sure they are non transferrable from the name of the individual on the bond itself to ANYONE
burn them
For $50K, I'd check with an attorney first.
Quote from: ice grillin you on November 27, 2012, 10:33:11 PM
nothing you can do....they are non transferrable....in fact i dont even think if he had family alive they could cash them (unless they were legally willed to a specific individual)...im pretty sure they are non transferrable from the name of the individual on the bond itself to ANYONE
burn them
If he had family they would be able to claim them as part of his estate. But alas there is no one - dude's entire tree is done.
Good idea Sus - I wonder what kind of attorney would handle that? I just found a US Treasury Dept number that I will call tomorrow.
If it wasn't so much cash I wouldn't sweat it but $50k would be a nice hit to eating away at my mother's medical bills from the last year!
Quote from: rjs246 on April 12, 2012, 07:07:10 PM
That would but farging hilarious if it weren't so utterly tragic.
Speak English, then shut up.
Good luck, Phreak
J, keep us posted. That's a hell of a find.
Quote from: Tomahawk on November 28, 2012, 12:25:18 AM
Quote from: rjs246 on April 12, 2012, 07:07:10 PM
That would but farging hilarious if it weren't so utterly tragic.
Speak English, then shut up.
Good luck, Phreak
There are few things in this world that are butt-farging hilarious
Phreak, your next phone call should be to an Estate Attorney. They handle wills, living trusts, llc's, incorporation.
The estate attorney is your first stop. Then, talk to three of them at least. See what they all say. Then, a CPA.
Quote from: hbionic on November 28, 2012, 04:05:31 AM
Phreak, your next phone call should be to an Estate Attorney. They handle wills, living trusts, llc's, incorporation.
going out on a limb here but i doubt the guy willed them to j
but hey its worth a shot i guess....or play powerball.....or burn them
Not that he willed them to Phreak silly. But an estate attorney would know how to handle property left like that and advise him on what to do. Would you rather have him get advice from a worker's comp attorney?
he's saying phreak doesn't need any more advice because igy has spoken
The attorney route is your best bet. From what I've experienced if there's a loophole they'll find it. Might cost you 20% but you're still $40,000 richer than you were yesterday.
there is no loophole.....he cannot cash them EVER
the only way to make money off them is to put them on ebay and hope some MA thinks he can cash them and try to get a couple g's off someone
or burn them
Quote from: hbionic on November 28, 2012, 12:21:27 PM
Not that he willed them to Phreak silly. But an estate attorney would know how to handle property left like that and advise him on what to do. Would you rather have him get advice from a worker's comp attorney?
theres nothing to "handle"....and to tell j to come out of pocket for an attorney thats going to tell him he has no recourse is retarded
time for some weekend at bernies shtein, phreak
Quote from: ice grillin you on November 28, 2012, 02:32:41 PM
theres nothing to "handle"....and to tell j to come out of pocket for an attorney thats going to tell him he has no recourse is retarded
Initial consultations are usually free.
Quote from: hbionic on November 28, 2012, 02:38:05 PM
Quote from: ice grillin you on November 28, 2012, 02:32:41 PM
theres nothing to "handle"....and to tell j to come out of pocket for an attorney thats going to tell him he has no recourse is retarded
Initial consultations are usually free.
the initial one is free....not the only one
Yes...but at that point Phreak would know how to proceed.
I figure its almost as good as getting advice from the professionals here at :CF
Well it appears igy is right - although I will probably call an attorney just to be safe. I emailed the UST and they echoed what I have read and what igy said.
However I have read about cases where property left in houses was able to be transferred to the new owner of the house if there was no living family of the seller.
I would only pay for an attorney if they believed they could recover the money - as his cut would come from that. And honestly, I would be willing to pay $10k in order to pocket $45k.
Case closed?
Is anyone here self-employed and if so, do you have any retirement accounts set up? I'm looking at the fidelity investments website, and I'm sure I should call them first, but thought I'd consult with one of you before I made that call. Any suggestions on what type of IRA to start up? I have a corporation and launder write off everthing through there.
I'm self employed.
I have a Fidelity IRA. It's a rollover from when I was working for the man, and I put a small amount into it monthly. A standard IRA..not Roth.
I am looking forward to opening a different one with Vanguard.
I'm gonna start from scratch, so, nothing to rollover. I see quite a few options on the Fidelity Investments site, seems bit overwhelming, I'm not too well versed in that financial arena. But it looks like I have to do some reading so I can at least familiarize myself with the concepts of how each vehicle works. Why do I have to grow up?
Probably a long shot but anyone here a CPA or close to it?
Quote from: SD on February 24, 2013, 11:41:51 AM
Probably a long shot but anyone here a CPA or close to it?
a good friend of mine is....if you have a question i can forward it to him...just PM me
http://nymag.com/daily/intelligencer/2014/03/michael-lewis-flash-boys-could-shake-wall-street.html
I am buying this book.
Anyone see the segment on 60 Minutes last night? This was the first I'd heard of this high frequency trading but it is enough to get your blood boiling.
Thank goodness some smart dude from Royal Bank Canada figured it out and was able to beat the HFT. But it is still going on and investigations have been opened by the FBI and others.
But I have no hope that it will lead anywhere. Wall St and the white collar criminals always get off unscathed.
Steal a thousand buck and you're a criminal.
Steal ten million and you're a businessman.
i dig michael lewis and have read most of his books. i already have this...the quote on the first page is:
A man got to have a code.
- Omar Little
Sold!
http://abcnews.go.com/blogs/politics/2014/03/caterpillar-inc-avoided-2-4-billion-in-u-s-taxes-senate-report-says/
http://www.cbsnews.com/news/investors-punish-walgreens-for-not-avoiding-taxes/
http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106?page=6
Damning piece on how Chase weaseled out of liability for their part in the 08 crash.
It's sickening how corporations get to run roughshod over people.
i dont feel proud about it but that shtein doesn't even bother me any more....it will never ever change...ive been beaten down
its why i focus on social issues now...i give to the people who are less off than me as much as i possibly can....but satan reagan made sure big business would run this country and he won....because it always will....you cant go back from here
Maybe I'm just naive and always will be to this - but I cannot fathom how companies can get away with things like this. With government aid!
And the corporations don't just cover it up but they flaunt the fact they were not smacked down.
I dumped Chase because of their role in the crash and immoral business practices.
Find me a politician who will legit fight these corps and I'll not only vote and donate but volunteer for them. Citizens should not be allowed to be farged by big business.
elizabeth warren....thats it thats the list
Bernie Sanders
http://m.huffpost.com/us/entry/6117340
Just finished reading this and came to see igy's post on Warren
McConnell is trash
Quote from: PhillyPhreak54 on November 07, 2014, 11:15:02 PM
Find me a politician who will legit fight these corps and I'll not only vote and donate but volunteer for them. Citizens should not be allowed to be farged by big business.
We need a few hundred politicians on our side before there could be a legit fight.
But make sure to vote anyway
this sucks....they were together forever it seemed....i love my amex....farg citi
Costco announces Citi will become exclusive issuer of its co-branded credit card & Visa will replace AmEx as exclusive card.
So...I know the graduated payment plan for student loans over 10 years would amount to me paying about $1300 more over those 10 years IF I make the minimum payments every month. But if I'm looking to pay more (and/or a lot more) than the minimum every month, then I don't think that matters, correct? My total paid over the lifetime of the loans would go down if I'm paying significantly more than the minimum early on?
I just like the idea of having a smaller "monthly expenses" line I have to give a mortgage broker if I look to buy sometime in the next few years, which picking the graduated plan would allow me to do.
Any thoughts?
Do you really plan to own in a few years? Because, the ball starts rolling now, not in a few years if you truly want to buy in a few years.
How much debt do you have?
How much do you want your mortgage payment to be? Impounds included (taxes & insurance in the payment)?
How much do you have saved now? How much will you need to buy a home? (Down Payment plus the same amount for closing costs)
Most importantly, how much can you save now by making only the minimum payments to your debt vs. accelerating the payoff on your loans?
I think you need to answer those first...then you start seeing the path to your goal materialize.
Quote from: hbionic on May 07, 2015, 10:47:46 PM
Do you really plan to own in a few years? Because, the ball starts rolling now, not in a few years if you truly want to buy in a few years.
How much debt do you have?
How much do you want your mortgage payment to be? Impounds included (taxes & insurance in the payment)?
How much do you have saved now? How much will you need to buy a home? (Down Payment plus the same amount for closing costs)
Most importantly, how much can you save now by making only the minimum payments to your debt vs. accelerating the payoff on your loans?
I think you need to answer those first...then you start seeing the path to your goal materialize.
Will probably be looking to buy in 3 years time, 4 at the latest. By then, even with the graduated payment plan for student loans being on 'step 2', the minimum payment would be lower than if I take the standard repayment plan. My hope is to actually have most of, if not all of the loan paid off in 4 years time. The balance is at $19,780 at the moment, and I have 6 months until two of the loans start accruing interest. The biggest loan with the biggest interest rate, at 6.8%, is the one I'll be concentrating on first, though I'll be throwing a little extra at each loan each month (all federal loans all from the same loan servicing company, but 4 'different' loans, 2 subsidized and 2 unsubsidized, with 3 different interest rates...slightly annoying, but got low interest rates on 3 of the 4 loans, so not complaining)
Though this will only allow me to get a few thousand stashed away from a down payment, I am lucky that my significant other's parents paid for her college which has allowed her to build up quite a savings. So I have no doubts we'll be able to afford a down payment large enough to get a reasonable mortgage in a good area, I just want every advantage I can get to get the lowest interest rate possible when the time comes, and having a smaller debt to income ratio helps with that as I understand it, which is why I want my minimum payments to be as low as possible.
Where I live in Delaware is a good area for buying, where homes in good neighborhoods are affordable. So I'm lucky on that front.
Of course, a thousand things could screw up the best laid plans...unexpected break up, unexpected expenses, The Fed deciding they finally want to raise the interest rates just in time for me to buy, etc....but I like at least attempting to have a plan going forward.
I'm repaying student loans too and have been throwing in way more than the minimum per month. If your loans are anything like mine, paying extra doesn't change the monthly minimum, it just cuts out payments at the end of your loan. My monthly is around $130 on a 10 year loan. If I pay $1000 one month, that will cut off the last 7 months of the loan (give or take, whatever it is), it doesn't adjust/lower the monthly min based on the outstanding length of the loan. I mention this because if a true "monthly expenses" line matters when you're looking to buy, then that line will be the same until your loan is paid off or restructured. But yes, you would have less debt and less extra $$ you are forced to pay.
Quote from: Dillen on May 08, 2015, 02:09:10 PM
I'm repaying student loans too and have been throwing in way more than the minimum per month. If your loans are anything like mine, paying extra doesn't change the monthly minimum, it just cuts out payments at the end of your loan. My monthly is around $130 on a 10 year loan. If I pay $1000 one month, that will cut off the last 7 months of the loan (give or take, whatever it is), it doesn't adjust/lower the monthly min based on the outstanding length of the loan. I mention this because if a true "monthly expenses" line matters when you're looking to buy, then that line will be the same until your loan is paid off or restructured. But yes, you would have less debt and less extra $$ you are forced to pay.
Yeah, for some reason the calculator on the website was showing that I'd be paying a couple thousand less in interest, but my total paid wasn't going down at all. I'm assuming it was just a glitch with the calculator.
Pay off as much as you possibly can now. If you're getting close enough that you can squeeze it into a year, then take out a 0% loan from one of the Credit offers, pay off the loan at the higher %. We financed my wife's Masters solely thru 0% offers.
Quote from: Seabiscuit36 on May 08, 2015, 04:23:23 PM
Pay off as much as you possibly can now. If you're getting close enough that you can squeeze it into a year, then take out a 0% loan from one of the Credit offers, pay off the loan at the higher %. We financed my wife's Masters solely thru 0% offers.
Hah, that's a great idea.
I get sent offers all the time from my credit card companies for 0% loans, will definitely keep an eye on that.
The main thing is to just use that card just for that loan, otherwise the bucket allocation can foul up where your payments go. The one thing to take into account is the transaction fee, some cards are 0% but have no cap on the fee. So on your calculation, consider that fee as interest paid up front.
Also if your purchasing a home sooner than later than keep in mind this is considered an unsecured debt and will have a different effect on your home loan. Good luck.
anyone here know taxes?
i usually get a decent sized refund, but also file a 1099 MISC for freelance sports writing. so this year, according to tax slayer and turbo tax, i owe the gubment roughly $230 and get NO refund.
last year, i had the MISC form and a half years w2 from texas. this year, i have 10 months worth of a w2 from my job in PA. texas has no state tax, of course, but is that the difference in me not getting a refund of any kind?
Usually you can claim state/local income taxes or state/local sales tax on your federal return, so if anything PA's state tax should help you out on the federal return. If you were claiming Texas' sales tax on your federal returns though, that could have possibly been getting you a bigger return than claiming PA's income tax.
Probably just as simple as you either 1. Making more money this year or 2. Your employer not taking enough federal taxes out of your check. Or a tax credit running out ala you paid off all student loans and no longer get the credit for the interest paid.
Might be worth talking to a live tax prep professional though.
I owe three grand this year. Ditch digging makes you rich, apparently.
http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/index.html?sr=twCNN090816wells-fargo-created-phony-accounts-bank-fees0741PMVODtopLink&linkId=28533545
Daaaamn!
Them and BOA are the worst.
direct competitor of ours. commercial leasing wise.
the ripple effect from this is far from over. far.
I didn't read all the article, maybe they covered this, but how much you wanna bet that brown people were victimized by these shysters far more than whites.
They didn't do a breakdown but my thought was more wealthy people/businesses would be targeted because they may not notice small sums missing.
Sean...I checked their stock price and it was only down like $0.13 so I am interested to see what happens tomorrow. And the CEO should be shtein canned and those 5300 people arrested.
Quote from: PhillyPhreak54 on September 08, 2016, 05:23:21 PM
And the CEO should be shtein canned and those 5300 people arrested.
I think you forgot how we treat bankers in the US.
Good point.
A raise and praise from Trump tomorrow
Quote from: Diomedes on September 08, 2016, 04:25:27 PM
I didn't read all the article, maybe they covered this, but how much you wanna bet that brown people were victimized by these shysters far more than whites.
Doubtful - the big banks don't tend to have branches in minority areas.
When I was at BofA this was a common practice. As I have been reading the allegations and fall out, all I could think was that if they replaced Wells Fargo with BofA in the stories I would not have been surprised at all.
Keep in mind one thing - most of the 5300 people fired were people trying to make a living. If they didn't hit targets, they likely didn't get paid much that month - literally 50% or more of their comp was based on hitting these goals. In addition, while the media is focusing on cases where customers got hit with fees (all refunded from what have read) most of these fake accounts were created for themselves or friends/family trying to help them out.
In the final analysis, this is the culture created by these enormous banks. With interest rates near zero, the only way for them to make money anymore in the retail channel are these "add on" services. Wells isn't the only one - I guarantee you that. The sales targets at BofA were ridiculous too, and we often had to cannibalize old Merrill accounts to meet quotas. Literally shifting money around internally to meet goals.
Before any of you get your panties in a bunch...I am not defending this practice. Just saying the underlings were trying to survive. The higher ups have more to do with this than will ever be told.
my kid got hit with this shtein. pretty sure he already got his funds back.
bill is spot on - the "add-on services/fee income" big here too, even on the commercial side.
Quote from: Butchers Bill on September 14, 2016, 02:04:26 PM
Quote from: Diomedes on September 08, 2016, 04:25:27 PM
I didn't read all the article, maybe they covered this, but how much you wanna bet that brown people were victimized by these shysters far more than whites.
Doubtful - the big banks don't tend to have branches in minority areas.
When I was at BofA this was a common practice. As I have been reading the allegations and fall out, all I could think was that if they replaced Wells Fargo with BofA in the stories I would not have been surprised at all.
Keep in mind one thing - most of the 5300 people fired were people trying to make a living. If they didn't hit targets, they likely didn't get paid much that month - literally 50% or more of their comp was based on hitting these goals. In addition, while the media is focusing on cases where customers got hit with fees (all refunded from what have read) most of these fake accounts were created for themselves or friends/family trying to help them out.
In the final analysis, this is the culture created by these enormous banks. With interest rates near zero, the only way for them to make money anymore in the retail channel are these "add on" services. Wells isn't the only one - I guarantee you that. The sales targets at BofA were ridiculous too, and we often had to cannibalize old Merrill accounts to meet quotas. Literally shifting money around internally to meet goals.
Before any of you get your panties in a bunch...I am not defending this practice. Just saying the underlings were trying to survive. The higher ups have more to do with this than will ever be told.
That isn't shocking at all. I remember BOA got smoked for processing debits to where they would eat up available funds and then smack people with the fees associated with it. They're all pretty much scumbags.
The govt should be tearing them apart. They feel invincible.
I use USAA and Chase. USAA is pretty damn good. Wells and BOA can farg off.
On a side note...my company decided to switch us off of Fidelity's 401k to MassMutual. Of course to save money on fees. But I hate MassMutual. My first interaction with them was because they didn't carryover my contribution percentage. Fidelity's website was so much better. And when I called them I'd have a person on the phone in 5 minutes. Mass? lol...on hold a half an hour.
people rob banks - they go to jail.
banks rob people - bonuses !!
Fortunately I'm in an FCU. They've been good to me.
Quote from: smeags on September 14, 2016, 03:28:14 PM
people rob banks - they go to jail.
banks rob people - bonuses !!
(https://s-media-cache-ak0.pinimg.com/236x/45/cc/70/45cc70c743e0d207682d1c5aa4aed9ef.jpg)
I seem to recall Wells Fargo being particularly racist in who they preyed upon during the lead up to the great collapse and recession, hence the comment.
Perhaps they weren't racist this time. Congrats?
I remember Countrywide (now BofA) being racist. Wells may have been as well I just remember Countrywide was overtly racist in their dealings leading up to the crisis.
$175M fine. Pocket change.
http://usatoday30.usatoday.com/money/industries/banking/story/2012-07-12/wells-fargo-fine-discrimination-settlement/56170446/1
I saw where the government is investigating
I'm sure they'll do a thorough investigation and all involved will be condemned and punished
heads will roll !
Ok, back to life insurance.
Who has it and what type do you recommend?
Thanks.
Do you have a wife/SO and/or kids? And significant assets that need to be protected for your heirs?
Yes, and yes.
Gotcha. It's a personal decision, but my feeling is that I insure to make sure that the wife can continue to live in the house and not have a significant loss in lifestyle. Many insurance salesmen will play on your sense of guilt and sell you champagne wishes and caviar dreams for your heirs. I tend to think that it should be about nothing more than replacing what might be lost should I kick the bucket.
Does your employer offer some kind of term life? That tends to be the best cost solution, especially if you can get a good group deal through work. Then if you want to supplement with some other policy, you can do that at a relatively low cost. The gaggle of "investment" policies is popular, but not terribly practical in my book. You'll get a better return by getting the cheapest term policy you can get, then investing the difference on your own.
http://www.nytimes.com/2016/02/20/your-money/life-insurance-buyers-guide-what-type-how-much-and-who-will-benefit.html?contentCollection=smarter-living&hp&action=click&pgtype=Homepage&clickSource=story-heading&module=second-column-region®ion=top-news&WT.nav=top-news
Good luck Chuggie. Don't give the wife too much of an incentive to wipe you out. Also, check the insurance companies financial ratings with AM Best and check out their complaints with the NAIC (https://eapps.naic.org/cis/).
Thanks guys.
I'm self-employed and have been skating by with no insurance, but maybe a recent passing has put 'life' into perspective and should at least have the baby momma and kid hooked up in the event the Eagles give me a massive heart attack.
Self employed means male prostitute, amirite?
I'd still do some shopping for the best term rates, and like crew said, make sure it's a reliable company.
Thank god for Chase's fraud dept
Someone got a hold of my debit card and tried to run up about $5k worth of purchases this morning
corksucking thieves
Amex is pretty good about it, too. I got a notice that somebody used my card number to get an Uber somewhere in Canada. The last place I used my card was for "incidentals" at the Clarion hotel in Essington the night of the Cowboys game. I didn't realize that "incidentals" meant "let me give your number to some person in Canada."
lol I thought Canadians were nice people!
They're running the gamut through my cards now. Capital One, Discover and Chase so far.
What a pain in the farging ass
You fell for the classic Peruvian catfish long con.
weird someone is running through my debit card right now also. must have been skimmed somewhere in philly on saturday because i still have it in my wallet.
weird though they're just doing a bunch of small $20-30 transactions in georgia and california.
Quote from: General_Failure on January 09, 2017, 11:45:52 AM
You fell for the classic Peruvian catfish long con.
Haha I wish that was it bc then I'd know whose ass to beat
Best Buy
Adidas
AT&T
T-Mobile
Concert tickets
Those are where most of the charges were attempted.
I got a tenant in my rental. She's paying less than the mortgage.
I am very good at the business.
Bullet hole discount or no?
No, family discount.
She asked if she ought to wear a bullet proof vest at the dinner table. I said, only if you're going to sit at the window. We laughed.
With the debt limit threatening to be a thing again watch for the idiot in chief to float the idea of letting a default happen. Then watch the markets lose their minds. Could be a good money making opportunity. Just saying.
All that bleating by Trumpers about the market?
It has fallen eight days in a row. Started off slow today but is up 80 points.
Last time it dropped nine days in a row? When Jimmy Carter was in office.
buy buy buy
Quote from: rjs246 on March 17, 2017, 08:39:55 AM
With the debt limit threatening to be a thing again watch for the idiot in chief to float the idea of letting a default happen. Then watch the markets lose their minds. Could be a good money making opportunity. Just saying.
Happened in 2011. Could be a repeat.
The Global economy right now is OK - any significant pullback (not this recent "Dow is off 8 days in a row" nonsense that CNN is pushing) is a buying opportunity.
For those that care, the S&P is off ~3.5% since February. A significant pullback is 10% or more.
I'm making decent money lately and hope to keep it up. But I will indeed use when the market tanks or has a slowdown to needle Trumpers. They're all about bragging about it rocketing up the last couple months which had zero to do with president fargface
Or maybe he'll just flirt with starting a war to tank the markets. Whatever. One way or another this farging icehole is going to spark a market downturn. Be ready.
Time to raise some cash kids. Not a ton mind you, but 10-20% cash right now is probably gonna work in your favor. Valuations across the board are stretched, earnings season is over, and geopolitical risks abound.
The correction (not a recession...yet) is coming. Keep some powder dry.
lol...
If I have an extra hundred dollars at the end of the month for retirement savings, I'm lucky.
there is no money down here. it's all in rich people's bank accounts.
I hear you. After having done this for going on 20 years now I am getting pretty jaded...hearing rich folks bitch about losing $25k from their million dollar IRA gets a little old from time to time.
Money... what's money?
I'm about to pay off my college loan. When I do, that monthly payment will be directed to a new retirement fund. As it stand, I'm literally saving only $50 a month in an IRA. That will go up to $200 in a year or so. At 42 years old that's pathetic, but it's what I can do after paying tuition and mortgage. With any luck, the rental house helps us in the long run. I do have an all stock IRA from when I was corporate which is a small nest (80k or so current market) but I can't really bear to think about how far behind I am, so I don't.
I live close, save what I can, and hope for the best.
Quote from: Diomedes on August 17, 2017, 12:58:37 PMsave what I can, and hope for the best.
This is essentially my retirement plan. :'(
The Orange fargtweeter trashed Amazon (an American company) yesterday and it lost $5,000,000,000 of its stock value.
Typically (meaning every other single time in history) a President would bend over backwards to avoid something like this happening. Not this clown, though.
Keep it up, icehole. You might have ordinary retarded Americans snowed but if you start farging with millionaires and billionaires, you might end up leaving that 'dump' feet-first.
That stock market correction is coming, and it's going to be a nasty one.
But the market is up!
The only cry from Trumpers lately.
I winced when I looked at my stuff today. Not good.
it's def more gambling than investing, although possibly not much riskier than the real market right now, but I made about 20K in cryptocurrency (ethereum) in the last 10-12 months off a very small amount (like 500-600 bucks). it could disappear any second but it's nice to have. bought 50 shares at about $9-15 each and it's now at 300. was up to 420+ last month.
I'm mad I sold my BTC when it was at $1000. :boom
yeah I try not to think about it. I had a ton of BTC about 2-3 years but started spending it on certain roads that are no longer in existence.
new crypto that i am in is called litecoin. bought some at 28 about 3-4 months ago and it's already up to 45.
I've never heard of that one
Gonna have to read up
The only reason I was into btc was because of online betting. Now that I have a bookie I haven't used it. Looked at Coinbase the other day and almost cried lol
coinbase sent me a threatening letter a few weeks ago that if I use any of it for gambling my account would be suspended.
Wait, are you investing in bitcoin? How does that work?
Quote from: Rome on August 17, 2017, 07:54:49 PM
The Orange fargtweeter trashed Amazon (an American company) yesterday and it lost $5,000,000,000 of its stock value.
Typically (meaning every other single time in history) a President would bend over backwards to avoid something like this happening. Not this clown, though.
Actually, it happens all the time. Presidents, and prospective Presidents, all have certain policies that benefit some industries and not others.
Nobody cares but....
Paid off my student loans this morning
Liberating
That is a good feeling; congrats!
I'm $2,500 away from killing mine. Turned 43 a couple days ago.
Ditch digging school ain't cheap ;-). And happy birthday.
Yeah, I went to a very expensive liberal arts college. Great education, don't regret it one bit. Don't even regret the loans. What I got was worth every penny.
Wasn't Dio some corporate slob in NYC before he ditched that life for ditch digging?
He was. SAP, as I recall. And I recall that because I'm working on literally the world's largest SAP implementation and i've never wanted to dig ditches more.
lol
One of the few benefits of attending a state university was the reasonable cost. I wish I'd taken every dime and invested in Apple or Microsoft. Or hookers and blow. Something worthwhile.
Congrats, SD. The real pimp move would've been to have some broad pay them off for you!
I have $1800 left and I'm killing it next month.
Just read about the equifax data hack
And how people in the company sold stock before it was announced
Lock their asses up
Ok, so I know pretty much nothing about the stock market. About 20 years ago my dad's employer gave him some stock in a company that made semiconductors. He had forgotten about it completely and just recently found the stock certificates in a box. Looks like the company merged with another company a few years ago. When that happens, what happens to the stock? How would I go about finding out if these things are worth anything?
Quote
Companies often get sold or merged in the growth phase. When one company (or an investor) wants to buy another company, it proposes a deal to make an "acquisition" or buyout, usually by taking ownership of the company stock. Investors who hold shares of a company targeted for a buyout may have some options to consider.
Tender Offers
In order to take control of the company the company desiring to acquire another company will propose buying shares at a price that is higher than the market price. Doing so current stockholder will have the financial incentive to sell. This is known as tender offer.
Cash or Stock Mergers
For shareholders, mergers can occur two ways. In a cash exchange, the controlling company will buy the shares at the proposed price, and the shares will disappear from the owner's portfolio, replaced with the corresponding amount of cash. Other times, companies will announce a stock-for-stock merger, in which holders of shares of the takeover company will have that stock replaced with shares of the new company. Often, the deal is structured as a combination of both methods, with shareholders receiving some cash and some stocks.
I would contact the new company to follow up.
Equifax breach settlement. Only takes a few minutes to fill out. You can get free credit monitoring for 6 months or $125 (take the money). You're all eligible
https://www.equifaxbreachsettlement.com/
Here's the site to see if your info was compromised (mine was)
https://eligibility.equifaxbreachsettlement.com/en/eligibility
Oh snap.
I was affected. Taking the money.
Good looking out. I haven't seen an wacky shtein on my credit reports (I use MyFico monitoring).
$125? Whoops, that's a typo. Now it's up to $125. Everybody's getting a quarter.
25 years I've had this one credit card. Sears, the f'n crooks. They gave me credit when I was basically a child, in College. I used that thing a lot before I learned better, and it's been more than a decade since I used it much if at all. Got a letter from them saying that I hadn't used the card recently enough to avoid having my credit limit reduced. I keep the card for emergencies and the last thing I need in my life is one more payment to track (or fail to track, and be late on, which is I think what they are angling for), just for the benefit of keeping my "unused" available credit elevated.
So I cancelled the card. It drops the "unused available credit" associated with my credit history by more than it would have dropped if I just ignored the letter, but now at least I don't have to get or read these letters. My credit rating is good enough that I don't really care about the ding I'll take.
Had Sears left well enough alone, they wouldn't have lost a longtime customer, but I don't think they care. And I know you don't care, but when has that stopped anyone from doing anything?