ITT: personal finance horror stories from our own experiences, family, friends, etc
>my sister
>goes to community college for 3 years, drops out, no degree, $15,000 debt
>has 2 PT min wage jobs
>gets married at 22
>husband works pt at grocery store, no license or car
>has 5 year old car w/95000 miles, financed at 11 point fucking 9 APR
>joint CC from bank - maxed out at $5000
>Husband's CC maxed out at $3000
>Fucking Kohl's CC maxed out at $600
how the fuck do you get in that deep, and how the fuck do you dig yourself out of that?
mfw
>>999017
cont
>ask her how she's been doing on the payments
>"paying what i can each month" - read "minimum payments"
>facepalm.bitmap
>she says after a year of paying on her maxed out bank CC (maxed at $5000) her principle is $4900
>howthefuckeven.rtf
pic hilariously unrelated
>>999017
typical american: the tread
>>999020
*thread
>>999023
i just don't get how you can be that fucking stupid. I mean, i use my CC, but pay it off at the end of every month.
and the worst part is they're always buying those stupid fucking FUnko Pop figures, literally a room in her house filled with 100+ depreciating collectibles.
it's fucking infuriating, and now she's hitting my disabled mom up for money for her car payment.
thank fuck i moved out and taught myself budgeting, personal finance, and investing. god damn
>>999024
Im recently married myself and i've made it quite clear to her that she gets nothing from me. if she wants financial advice, sure, but no money or anything.
I'm a strong believer of getting yourself out of your own mess.
but fuck
>>999017
>Girl i know from faculty
>Got 2 of those small rat dogs
>spend ~50-70% of her month income on a very expensive apartment.
>Taking max student loans (and did so for the last 3 years where she tried another degree but failed).
>working full time while studying so probably gonna fail this degree aswell
>just got pregnant
aaaand the legends continues!
>>999029
Learning to Live Within Your Means should be a fucking high school course
Austriac fag here.
Is that how murricans live? How much debt the average murrican got? Do people there realize how stupid they are?
How the fuck do you go to community college for three years?
Dude your sister was retarded from the get go.
>>999034
>>999035
from what i understand she was going for teaching to get her gen eds out of the way, but got an underage drinking (automatically disqualifies you in the state of PA), switched to human services, then dropped out.
so yes, anon, you are correct
>>999037
A debt of almost $100K ?
Is that average? For real?
I am pretty sure that people can retire in a small Caribbean island with that money.
>>999041
and now millenials are starting life with huge amounts of debt that can't be bankruptcied away.
I think i saw an article saying on average the college graduate in 2015 wouldnt have their student loans paid off until about 2030. I'll see if i can find the source
>>999041
Well it's $100k debt on an asset worth $160k, so it isn't really all that bad.
>>999045
Especially given today's interest rates, not bad at all.
>>999045
I find it a bit scary that the average family did not even pay half of their house, with basically no savings or investments.
It is one thing to be in that situation when you are single, but as a couple? That is supposed to save a shitload of money.
>>999044
So, basically a generation of slaves?
>>999051
Being a couple doesn't help if your incomes only add up to $43k.
What do you mean they didn't pay half of the house? As a downpayment? They'll have the house paid off in years.
>>999051
your first point, that part of why i got married. splitting expenses between two people, tax breaks, and working as a team financially are just a few of the benefits.
and yes, a generation of slaves. at least with Dept of Education loans you can go on an income based repayment plan, which then wipes out your loans after 25 years. but through an independent/private bank? fuck son, hope you like default and a fucked credit score.
student loans literally stay with you until you pay all that shit off or die
>>999027
someone married you with an attitude like that?
>>999054
IBR is pretty much the sole reason I'm not freaking out about being a college dropout with $50k in debt
Getting a degree is going to be a bitch and a half now though, might have go to Germany or something
>>999055
shit sorry, i meant to add more onto that and my context was fucked up.
should read: i recently got married myself, and i have my own shit to worry about, so my sister won't be getting anything from me, etc etc
>>999061
it's great if all your loans are sub/unsub through uncle sam. I've used it some years in my life when things got rough, but i still hate having that debt hanging over my head
and 50k anon? see if your credits transfer and try night school or some shit, why waste all that money and have nothing to show for it?
>>999055
>someone married you with an attitude like that?
How is his attitude bad?
If his family member keeps doing beyond retarded things, repeatedly then why is it his responsibility?
There's a big difference between getting laid off then breaking your leg to where you can't work for a few months and getting some help and consistently doing foolish things where no amount of help will save you.
>>999053
I suppose that you are right, I forgot how terrifying fat and lazy those families must be.
>>999066
My mistake I think - I thought he was referring to his wife and not his sister.
>>999073
all good, again, i should have added more onto that, i definitely see where it could be taken out of context.
What are some good financial habits you all have?
For one, anytime i or my wife get any kind of money from family as gifts or anything like that, we automatically bank at least 60-75% of it. killing off some low interest/low principal CC's then we'll be opening an investment account
>>999079
I have two bank accounts for my checking. Money comes into one, and out the other. I have to manually transfer any money in order to spend it. I only ever put my budget into it. I feel like it helps me keep a closer eye on my budget because when I had my paychecks coming into the account, it was easier to spend more.
>>999089
That's a really good idea, more input required to get to the money, less likely to frivolously spend it. Unrelated, but i don't buy anything on credit unless i have the money in the bank (checking) on hand. No spending above means
>>999079
The best financial decision I've made so far is not having children. I want one, but it's not gonna happen unless I someone win the lottery.
My brother and his wife just spent over $20k for infertility treatments and IVF.
>>999079
Try "meeting couples online", so you will go to their house and they will provide everything. When the time comes to switch spouses, make up an excuse and get out.
This way you will save a lot on food and entertainment, plus, some awesome tales.
>>999095
So far we're good with that. Several times we've had the discussion that we'd rather have money and the freedom afforded by money than have children.
>>999096
You're insane. You're just like someone I used to know. They would catfish men online in order to get them to buy plane tickets. They'd use that tactic to save money on air fare when they wanted to go on a vacation.
Step Mom
age 53
Doctor - Salary 35k works 2 days/week
75k in CC debt
15k Mutual Fund
>>999037
>160k for a house in good condition
Pretty fucking optimistic for a majority of americans.
>>999106
This is weird.
Me and a friend used to pretend to be gay in order to exploit old guys looking for "a great time".
Being a con artist is really thrilling and exciting, you should try it, anon.
>>999110
are u china
>>999110
75k in CC debt and she's only working 2 days a week?
not trying to bust on your moms, tripfag, but damn, how does she live? hopefully her interest rate isn't too crazy
>>999051
$160K is the average home price, how is an average family making $43K a year going to save $80K within a few years with living expenses and possibly starting a family on top of taxes?
>>999128
Don't get kids before you have a roof over your head, maybe?
>>999017
hit 100k net worth this year. only thing i owe is the house (81k). have about 40k equity/assets/cash with a 60k 401k account. Saving Rate is around 25-30% of take home pay
im 29.
mom living with me so she can save up and volunteers at habitat for humanity. they will build her house in march.
the struggle is real but im doing ok senpais
>>999079
>5% into 401k, company matches 5% plus gives me 1% automatically.
>$500/month into stock portfolio split between 12 sectors (mostly blue chip)
>Pay off credit card every week
>Use gym at work to save $300-$500/year
>Use Santander Free20 Checking for $250/year
>Push for new projects at work constantly and push for a raise ASAP.
My biggest problem is real estate though. I need to find a roommate I can tolerate to save $500/month (rent is $1100 per month in a mediocre 2 bedroom with undrinkable water). MA Real estate is fucked, I'll finish my security fund in February and move to a better state in 2017 unless the housing market finally crashes.
>>999133
>29
>only 100k net worth
what the fuck have you been doing for the last 10 years? just spending spending spending?? ffs. This is truely a finance horror story
>>999134
See if you can find a deaf/mute roomate. I had one for an entire year, they are the best that you could wish for.
>>999133
Well done anon. I'll be where you are around age 32.
>>999104
But then what's the ultimate point of having money if you have no legacy?
>>999134
South Central PA is nice, depending on what line of work you're in. Dirt cheap real estate, close proximity to major cities, and a lot of boomers retiring out of high paid positions
>>999135
Don't be such a faggot anon.
>School until 22
>Pay off loans religiously until 25
>4 years, taking home 25k/year after taxes, expenses, insurance, food, housing, etc.
The anon's done well, far better than most americans.
>>999140
Leave a scholarship behind/donate it to a school, organization, or non profit that has had a profound impact upon my life. Use my hard earned worth so that others will have chances i didn't have.
>>999143
>ITT: personal finance horror stories from our own experiences, family, friends, etc
:^)
>>999135
Yeah it sucks choosing to take care of your parents through their worst financial trouble right when you get a decent career after college. If she didn't need me so much I'd have the house paid off by now.
Can't choose your situation just your actions. I've got the seeds of financial literacy growing in her and hopefully that will ear some fruit with the new house in March.
Posting on my phone btw if my ID is different
>>999147
idk, he's got a point. 25k cashflow to all go into investments
>>999138
>See if you can find a deaf/mute roomate. I had one for an entire year, they are the best that you could wish for.
Where can I find one of these?
This would be amazing holy shit
>>999152
Just fyi; I thought it was funny that you posted this in a thread about personal finance horror stories since your obv knowing what you are doing and doing far better than many people i know
>>999029
It's a free house for you Jim!
>mom
>debt of about $50,000
>she's 52 years old
>will literally have no money to retire on
>makes bad financial decisions all the time
>can't follow a budget at all
I feel sorry for her, but at the same time I don't want to spend a large part of my wealth just so she can get into debt again.
>>999121
totaled together its moderate b/c medicine. but I don't know the full damage.
Dad followed this guys >>999027 program, but went full enabler mode and is now locked down with financial time bomb.
A good wife, according to Family Fortunes, is fully financially capable and well versed in tort, corporate structure, and can handle complicated investment regimes.
>>999157
Yeah... I should stick to the thread and tell actual horror stories.
>Be me one year ago.
>mom moved into my house in order to it be homeless. Is actually able to save money plus help me with expenses instead of ask my 2 brothers and I for money every month
>planting seeds of financial stability, building an emergency fund of at least 1k is a good idea mom
>your right anon good idea
>find out mom has spent 700$ on "help" from a website claiming to assist with inventing.
>has idea to invent numbered candles and sell them somehow.
>you can literally buy a 3D printer and use wax to make your business a reality.
>gets "package" basically telling her to give more money
>have older brother break the news to me about her "idea", shows me how this website is riddled with negative feedback
>die a little inside. My mom is only 54, how can she not realize what scams are
>>999167
>>999157
Anon you may be a faggot but you're right. Here's my personal horror story:
>Parents spent 20k in 1983 on a van with stereospeaker system because they thought they'd live in it and be hippies.
>Yes, 20k in 1980s money. They are truly the lords of haggling.
>Mom gets pregnant in 1984, buy a foreclosure in MA, still fucktons of debt.
>1990, parents looking to invest.
>Stocks? Bonds? Real Estate? Fuck that, let's give 20k to my aunt's creepy friend for his great idea.
>They never hear from him again, can't find or contact him.
>Dad is a lawyer, but he's a defense attorney.
>Never makes more than 35k per year for the next 20 years.
>Complains that being a defense attorney only makes you enemies and doesn't pay well
>Never uses his experience, connections, or knowledge to change job roles or career in TWENTY YEARS.
>Dad gets laid off, unemployed for 6 years
>Turns out he didn't even look for a job for the first 5 years.
>Inevitable divorce, second mortgage on the house to pay off dad so he'd leave and mom keeps the house.
I owe 100% of my work ethic to my parents. My mom for being a hard working human being who raised children while working full time and doing all the chores everyone else neglected, and my dad for showing me what not to do.
>>999176
lucky for me my wife holds a business degree and comes from a fairly well off family on Long Island who taught her finance. we are literally in power couple planning mode right now
>>999187
Ye its funny how many parents dont know shit about the stock market.
My dad is just buying stocks if he reads an article about them. No education and never read a book about stocks.
>>999135
Anon I'm 28 and I only just finished college this year. I have 0 debt because I worked while taking classes. Net worth only $26k or so. It will double next year. I will purchase a home in 3 or 4 years, and I will have no trouble retiring more than comfortably if I stay on my current path.
>>999208
Okay i approve of that plan
>>999037
they're too White to be americans
>>999156
Deafs are anyways grunting and making weird gargling noises
>>999220
They'll be gargling on my dick desu senpai.
I've always wanted to have a qt disabled gf.
>>999117
If you actually did that, I hope you turn unquestionably gay but remain sexually attracted only to women.
>>999208
>t worth only $26k or so. It will double next year. I will purchase a home in 3 or 4 years, and I will have no trouble retiring more than comfortably if I stay on my current path.
sounds like me currently in University with a networth of 20k. Don't rely on family for money. Worked since I was 17. Family's financial situation is total shit. I don't understand it.
After high school, I went to community college for 5 years as a STEM major. I was 1 month away from transferring to a university but cancelled because I was accepted into a Caribbean med school. I had no money to pay for it since I couldn't take out loans to pay for an out of country school so I decided to work for a year to save to pay for it.
I ended up drinking my life away for the next 2-3 years. Managed to rack up an $11k car debt 17% APR, $3k in CC debt and a $2500 loan with a 50% APR. I <$20k a year the whole time. What a fuck up.
In the last 6 months I paid off all my debt and my car and now have $1k in the bank with more in the pipeline. Feels so good.
My goal is to save 70% of my income into savings for investments and aim for Millionairdom.
>>999313
>70% of your income.
Fuck man, taxes take away more than that.
>>999228
Mr. Man, that isn't a very nice thing to say.
>>999313
honestly you are probably better off than if you went to Caribbean med.
Would have been paying out the ass with a huge risk of not getting back to the U.S.
>>999017
I used to be a financial planner. Most frustrating job in the world. Baby boomer clients would come in hell bent on blowing their whole retirement. I remember a 54 year old wanted to close out his entire IRA and buy a 300k car. All I could say is "I can't stop you, its a horrible idea and you'll pay tons of penalties and you won't be able to retire anytime soon." Shit like that would happen all the time.
>>999406
what is the absolute worst case you saw.
>>999017
that is literally MY sister
You're not one of my brothers, are you?
>>999017
Credit cards are usury and really shouldn't be allowed.
>>999502
Related:
>Some of the earliest known condemnations of usury come from the Vedic texts of India. Similar condemnations are found in religious texts from Buddhism, Judaism, Christianity, and Islam (the term is riba in Arabic and ribbit in Hebrew). At times, many nations from ancient China to ancient Greece to ancient Rome have outlawed loans with any interest. Though the Roman Empire eventually allowed loans with carefully restricted interest rates, the Christian church in medieval Europe banned the charging of interest at any rate (as well as charging a fee for the use of money, such as at a bureau de change).
Basically every historic group worth a shit knew that loaning money for interest was the business of greedy parasites.
>>999502
In what way?
No one is forcing you to use them.
If you're getting at "Well it's there so it tempts people" then that's ridiculous because you might as well treat it as if it didn't exist by not using it.
I cringe at hearing my friends financial situations. All of their problems are because they can't grasp the concept of saving money or budgeting.
>>999141
Especially if you get a cozy place out in the country by the Maryland border line. Cheap, great view, great neighbors, plenty of deer to shoot.
>this fucking thread
Most of you are americans right? Holy shit what's with the fucking debts
>>999208
>>999211
>>999240
You're doing alright, anon. But honestly, this is not a plan I would recommend. You should've taken the loans and not worked part-time. Worked hard on school and graduated 6 years ago. You would make way more money by now with a full time job and a degree. And have a lot more than $26k to you name.
>>999017
I'm thinking your sister should just declare bankruptcy. It won't clear the school debt. But once the banks stop giving her cerdit cards, might as well just start the hell over.
> Mr and Mrs Duncan both work for me
> Real names because fuck them
> Household income is $80k a year, I know because they work 60 hours a week and that's what I pay them.
> have 2 young kids
> No college, shitty van, so zero debt
> live in trailer park for $650 a month
> landlord calls and says they are behind two months rent
> Mrs Duncan comes to me for 100 to feed their kids for the weekend
> confront them about their finances
> mfw they spend 90 a day on food from convenience store.
> mfw the rest goes to the casino and meth
>>999502
Retard alert
>>999017
Youngfag here. I don't want to be in a deep hole when I'm old and I actually want to be comfortable for me and my future children. What advice does /biz/ have?
I manage retirement accounts.
I have seen some shit. I can't even be bother to type out 1% of it because none of us have that much time.
>my name is Demarcusa Jefferspin.
>I'm behind on my 1200 per month rent
>going yo get evicted if I don't pay 4 grand in rent and late fees
>cash out my only retirement plan
>get even on rent
>this happened because I don't actually make enough to like in a 1200 dollar apartment
>next month I can't pay my rent and get evicted on the spot
>not I have nowhwere to live and I cashed out my 401k for nothing
>I was told I have to pay taxes on that money, but I wasn't listening so I'm going to get zapped at tax time too.
That, friends, is how to pay 4000 dollars for one month in an apartment.
>>999573
The average American, with some help from their parents and part time work, and living on campus, owe 25k when they've graduated. Plus interest that comes out to 33k, and it's got a stricter repayment system unless you know your way around the system. I have a friend in the UK and we owe the same amount (he studied abroad here, poor bastard), but his payments are so much better.
>His UK Repayment on 33k
Pay $55/month for 10 years, with slight increases once he starts making good money. At the end of 10 years his debt is forgiven.
>My USA Repayment of 33k
Pay $275 every month for 10 years regardless of income. At the end of 10 years I've paid it all off because that's the god damn minimum requirement.
Americans have a lot less spending money, and companies are finally starting to feel the economic hit from that in the form of major retailers getting BTFO (Walmart, Macy's, Target). With less spending money, it takes more time to pay off other debts like mortgages or car payments, and some struggle with rent/groceries.
This is a generalization btw, I paid off my 25k in debt after 2 years so the interest only added up to about 27k and I buy decent used cars with cash. I make decent money though so I essentially live like a Baby Boomer who started life 3 years late.
>>999785
US has income based repayment. Pretty much every loan has that. You just didn't learn how to settle the account.
You just call them and say you can't afford $275, if they're unwilling to work with you they lose everything.
>>999823
Income based repayment heightens your interest rate and you still pay all of it. UK income based repayment is standard (no interest rate hike) and you end up only paying 30%-60% of your debt.
>>999731
ditch your wife at 40 for a younger model. you'll be in a smaller hole.
>>999017
My sister isn't in that deep, but it was a similar situation.
> I was in the Navy at the time
> Sister wants to buy parents a holiday
> we go halves and I need to pay in $2000
> no problem - I have a fat back account and nothing to spend it on
> send her the money
> don't hear anything for months
> she asks me for another $1000
> I don't mind - give her the money
> a year passes
> I travel back home for Christmas
> ask my parents about this supposed trip (sister said she wanted to keep it a secret)
> they know nothing
> confront my sister
> admits she spent it
> confront my parents
> turns out my sister had a shopping addiction and racked up 15k debt on various credit cards and lending money from family
> she works part time at a bar and is studying to be a fashion designer
> lives in a nice apartment with her boyfriend
> she swore she would pay it all back
> she has made a few payments in $20 installments
> 3 years later has paid back less than $100
> says she will pay me when she is rich and famous
> mfw
My parents are just as bad. Before I moved out I used to oversee their expenses and bills to make sure they weren't overspending or buying things they didn't need. I come back from the Navy and move back home to find $120 internet bills (per month), $90 pay TV bills with hundreds of channels they don't even watch, stupid time share and holiday packages costing thousands a year and other stupid crap.
If that wasn't enough, my cousin-in-law recently became a billionaire (tech start-up) and decided to give my aunt a million dollars just because. She decides to buy an investment property (which is a run down shithole) for the full amount and then realises she has no more money to use to fix the place up. She doesn't want to ask her son-in-law for the money because of muh pride and instead asks my parents to lend her money. Of course they dig into their savings and hand over 30k like its nothing while they are struggling with credit card debts and bills
>>999854
>Aunt spends 1m on a property
>Exactly 1m after taxes, can't scrounge 30k for repairs.
>>999867
I couldn't believe it either.
The property was around 1.14 mil with taxes and fees. She used the 1 mil from her son-in-law and coughed up the remaining 140k herself - which apparently was every cent she owned.
If that wasn't rich enough, my dad is going to be working on the property for a month for free just to help out (he is a builder).
My aunt is a real special case. She used to drive this Nissan Prairie that would never get repaired. Once the radiator cracked and instead of fixing it she drilled a whole in the dash and ran a hose pipe to the radiator. While she drove she would get the passenger to fill the radiator with water through a funnel.
She is just one of those people who never had a lot of money and kind of developed a way of living without it - often to hilariously disastrous results.
Did I mention this property is inhabited by welfare parasites who are active drug users and are unemployed.
I just...have trouble processing how my aunt sees the world.
>>999229
You gotta give the old folks some adrenaline, pal, nothing wrong with making a profit while you do that.
>>999583
>open a convenience store
>open a casino
>become a meth dealer
>have them PAY to work for you
It is like you don't want to claim your white heritage, anon.
>>999888
>kill your aunt
>take her property to cover the debt that she owns to your family
>fix shit properly
>get rich
>fuck bitches
Increase the average IQ of your country, kill the dumb.
>>999017
>goes to community college for 3 years, drops out, no degree, $15,000 debt
>has 2 PT min wage jobs
>gets married at 22
>husband works pt at grocery store, no license or car
>>999017
>Me
>Going to Uni with financial aid.
>Rough semester, drop below GPA average (Had an 89/90)
>Whatever, go talk to financial aid for the next semester while I get my financial aid back
>Parents tell me don't take out a loan since I shouldn't be worrying about money
>Tell me they'll pay for it
>thanksm8.mp4
>Go that semester
>Get most of financial aid back + qualify for work study
>Try to register two semesters later because they said I still owed money and was working to save some up.
>Parents say they paid it off for realz this time; I only have a bout 1.5 grand saved from dealing with hour-stingy management.
>Cool, get a desktop for school ($650) and a Christmas present for my sibling ($100), rest is slowly whittling down from phone bill and gas.
>Drive 185 miles to campus to finally register.
>Can't; told I still owe money
>Check with account services
>Debt turned over to a collection agency
>Parents totally did not have it paid for; told me not to take out a student loan and just let me have straight debt to the uni instead.
>Check credit to see if it fucked up my score or anything
>Unrelated student loan from when I was 17 on credit history
>Didn't need a student loan when I was 17
>Was never informed I had a loan out when I was 17
>Never got mail about it
>Loan has stopped being paid on months ago, credit score in low 400's
>Tell parents
>"We think your identity has been stolen!
>Run investigation
>Investigation says it hasn't been
>They stole my identity
>Trying to work 80 hours a week at min. wage to pay off the $8000 I have to pay before even being eligible to return to school.
>Has been out a full year, can't return in January either.
>Manager is at least cool now and giving me a full 40 hours, but the DM doesn't want to give overtime because he knows as long as I don't scrape up $8000 I'm guaranteed to work there and work harder than most employees.
>Want to kill yourself every day.
>>999924
Why have enemies if you have your parents. My mom did the same to me, I cut her off and I'm much better situated now, far from her.
>>999924
Good lord... you've got to sue your parents & report them to popo m8
>>999974
That just makes an even bigger mess for my sibling, though. And it's not like they have the money, so I still wouldn't be back in school until I pay for it myself.
I just intend to scrape up enough to live out of a car while I'm working to pay this off; realistically I probably won't go to college anymore.
>>1000004
I hope things chance and you can go to college sooner or later! Be the better one and once you're able to, adios parents. Better alone than in such terrible company! Good luck!!
>>999987
It is collapsing. In 4-5 years our primary generation (25-35) will have nothing to keep the system afloat with.
>>1000009
Thanks, Anon.
>>999037
>The house is worth $160,000
How the fuck do americans get such cheap houses? I'm struggling to find a fucking house worth €300k that isn't the size of a shed.
>>1000027
America's a big place, and there's a shitload of places where land is cheap from low demand and high supply.
>>999854
Your family is dumber than a pile of shit. I would never associate with my sister ever again if she pulled that shit on me. And your parents are just dumb as fuck.
oh my god. im a month behind on rent and feel like im the shittiest at finances and then i see this lel.
>>1000027
https://en.wikipedia.org/wiki/Population_density
>>1000030
Housing is cheaper when built by illegal mexicans :^)
>>1000060
Wrong.
Only unskilled Mexicans cross the border - the ones that build good homes stay there and make some good money.
A shitty cheap house will cost you more on the long run than a well-built one.
21 years old
Last year of economics degree
No debts school and cc paid off asap always
1027$ CAD in the bank
Not really finance but..
>22 next month
>Unemployed
>Been going to the same community college for 4 years
>Only 58 credits completed
>2.2 GPA
Feels really bad dude. I don't have debt, but I have to redo like 4 classes to get my GPA over a 2.5. No university will accept me with a 2.2
>>999017
These are the people who make it possible for me to rent my condo for way more than the price of owning it.
There is no solution for your sisters problem or anyone else like them. The reason is their financial losses are others financial gains.
It's the same reason fat people think taking a magic pill will make them thin. They lack discipline.
>>999041
It's not technically average, but its the calculated average when you add up everyone's debt and finances and divide it.
The upper middle class areas are the worst with debt. Many of them buy houses out of their comfortable price range to live in borderline rich or rich areas.
On top of this, they have a penchant for buying overly expensive things, but the cheap (relatively) and unreliable models, all on credit, so the replacement and repair costs absolutely destroy them. They will generally keep these financial drains no matter what, despite them costing in the end 3-5 times more than the expensive and reliable models they didn't choose.
Here's a story of a very upper middle class family who is a financial Wreck.
>father manages to buy a shipping company and in the first financial year it saw very good growth with the forecast predicting far more growth
>the mother of the family just got promoted in citibank corporate, and just had her first child
>in celebration and because of their now newfound wealth, which looks to be growing, they buy a 1.4 million dollar home in a gated neighborhood within a north shore community on long island
>fast forward to modern day
>post housing bubble, the home they bought while it was being constructed is now worth 700k, but is probably less because of the bad choices by the family
>the accessories put in the house and property were all very cheap and built to low standards, as the family spent too much on the base house
>the central air they put in breaks down constantly and is completely inadequate for the size of the house as well as using far more electricity than it should
>despite this, they refuse to replace it, and because of the maintenance fees and replacement parts, costs 10x what it originally did
>they put in an extremely cheap pool after the zoning for a 12 foot deep one, that is filtered and heated by a waterfall landscape that is also built to no standard and is always in repair
>cont
>>1000138
>the pool itself is a thinner than it should be Vinyl liner, bought despite them having dogs, and is always being replaced and leaks constantly
>most of the time they are indefinitely refilling the pool with the hose, and their water bill is Astronomical, which brings me to the plumbing
>the plumbing is very cheap and very badly installed
>the water pressure is terrible and the pipes that run by the outside walls are badly insulated and are prone to bursting after extremely cold weather. Leaks are constant and the water damage cost is also massive
>the worst part of the plumbing is that the waste pipes are extremely narrow, so hair clogging the drains of the shower build up over time and sometimes cause total clogs throughout the waste line of the house
>in 15 years of owning the house, the waste pipes have leaked or even burst, 10 times
>while fixing they do not replace these pipes with wider ones, but instead continue to allow the problem to continue, and even installed narrower ones recently for some fucked up reason
>the insulation is terrible, the windows are all built to look nice but are single pane while the window frames have visible gaps in the sides. The boiler is made for ranches and goes through oil like Saddams retreat
>the only part of the house that hasn't failed multiple times is the electrical system
>the cost of maintenance and replacement parts as well as the water damage costs is only 100k away from matching the original cost of the house, and when they are forced to sell the house, the selling price will ruin them
>the children are extremely spoiled, and the daughter alone spends 5-10k on clothes every month while the son takes up extremely expensive hobbies just to drop them immediately after taking them up
>the father is extremely wasteful and is addicted to expensive possessions and wasteful buying
>constantly buys clothes, suits, watches, and pinky rings, and every 2 years he buys the newest CLS model despite never driving it
>>1000172
>cont
>he stores the CLS poorly thus ensuring that the selling price will be dramatically low when he buys the new model
>his daily drive is a 4 door jeep sahara, but he had it customized and souped up, guaranteeing that he must spend far more money on gas than he should and making the engine unreliable due to poorly planned and installed upgrades
>while having an affair, spent 20,000 dollars on Christmas gifts for his lover, and buys the newest and most expensive models of iPhone to use as burner phones for his affairs
>books extremely expensive and lengthy vacations constantly, many of which are overseas vacations for him alone
>the wife is in panic, and tries her very hardest to save the family from bankruptcy and foreclosure, but cannot make a dent due to her husband
>the husbands shipping company ceased to grow any further due to his idiocy, and actually shrank for a few years
>he makes absolutely no extra capital in the business, and any funding he could use to expand the company is used on personal possessions
>still goes to parties with other shipping business owners, many of whom are millionaires
>the wife unfortunately got fired during 2008 and was rehired at a lower paying position
>she works 12-16 hours a day out of necessity now that she has a lower paycheck, but would only barely break even even if the husband wasn't wasteful
>the son was on his way to a Division I lacrosse scholarship before becoming a lazy pothead and losing it
>the daughter is lazy and has very poor grades. Shes known as a party girl, and goes after much older guys
I feel bad for the Mother, but Jesus Christ that family. I have no idea the exact amount of debt they are in, but I imagine the number is frightening. A few months ago when i last saw the family, the house no longer had real food and had tons of bargain junk food and frozen burgers from BJ's. The fridge used to be filled with steak and fresh fruit, as well as all organic food.
>mfw watching them squander
>>1000214
>mfw watching them squander
I thought that doing stuff that you don't like to buy shit that you don't need was the basis of the american dream...
>>999888
poverty is a disease of the mind my friend
>>999924
No, No, you definitely had you identity stolen by your parents.
You absolutely have to fight this man, its going to affect you for life. Also 17 year olds cannot take out loans you could challenge the lending company on this.
Good luck getting this off your records.
>>999044
I am 32 years old. I left college at 24 with 130k in debt. After 8 years of paying on the Income Based Repayment plan I currently owe 135k and my projected pay-off date is currently June of 2037 at which point the government expects to forgive roughly 200k in debt
>>1000138
*second child
It was actually her first and only son. They planned to have more but the mother tied her tubes because finances.
>>1000181
Last year I accidentally dated the daughter. She lied about her age and had a fake ID. I was 25 at the time and she was 16. I met her through a 22 year old friend girl who didn't know either.
Found out she lied about nearly everything, her age included, and noped out of there at the speed of light.
The mother still likes me. I was the only one that could possibly check on her 91 year old mother when they went on vacation so that was the last time I saw the inside of the house. She fell asleep in the sun outside and was wrinkly lobster mode when i arrived.
>broken oven
>downstairs bathroom ripped up with the toilet and sink removed. Water damage on the walls and ceiling
>pool was empty, waterfall was removed along with the landscaping near it
>all of the lights were off, and the expensive chandeliers in the entrance hallway and dining room were removed completely. Most ceiling lights lacked light bulbs and there were lamps to use for light instead
>surround sound speakers, giant TV, and giant comfy couch were replaced by a conservatively sized TV and a used, small, and fabric couch. No speakers
>most decorated and expensive room that was in the house was a reading room next to the garage. It had an extremely expensive light fixture in the bookshelf, antique and expensive hand built couch, chair, and what looked like an old therapy futon.
>The bottom of the chairs and couch were metal that was electroplated with gold, while the fabric was exquisitely designed and mad fucking comfortable
>they didn't have many books, so the shelves were mostly pictures with gold leaf embroidered wooden frames, along with the most valuable object in the house (strangely enough not bought, but passed down), a precious gemstone globe with a gold stand
>all of it was gone, and the room was completely empty and bare
>>1000138
>On top of this, they have a penchant for buying overly expensive things, but the cheap (relatively) and unreliable models, all on credit, so the replacement and repair costs absolutely destroy them. They will generally keep these financial drains no matter what, despite them costing in the end 3-5 times more than the expensive and reliable models they didn't choose.
>>1000067
>A shitty cheap house will cost you more on the long run than a well-built one.
>>1000292
My fucking god.
Move to a different country, start from zero. Fucking USA destroyed your life! No way you can have a good life here anymore!
>>999187
>thank you dad for showing me what not to do
>although it still is preety obvious that those things are bad and I would've known not to do them without you taking a bullet for me, but ok you tried...
>>999017
My dad is weird
>continually contrinured to his work's retirement plan
>retired with about 120k
>owes the IRS 35k
>gives 40k to my mom to send home to the Philippines
>defaulted on his first and only house
>has been renting for almost 10 years
>still wants to build another house
>is almost 50
He made 100k/year before retirement between his 2 jobs. Now he only makes 60 from his one job.
My mom makes about 30k yet they may have about 5k max between the both of them right now
I just don't know where it all goes. They never made house payments so it wasn't that and he's been driving the same beat up Buick for almost 15 years now.
He could be living like a king by now.
>>1000705
I'm kinda mad now that I'm thinking about it. He took on both jobs when he married my mom 30 years ago. He's made 3 million dollars since then.
Of course expenses and whatnot but we live in bumfuck Alabama so we don't have a high cost of living.
He could have even lived semi-frugally and easily have had a million by now. i was always under the impression that we were kinda broke until I got a copy of his W-2s for financial aid. I'm not mad or anything. Just kinda sad that he doesn't really have anything of his own.
>>1000716
*mad at him or anything
>>999999
>>999113
Very. 160k gets a decent house in the shitty part of town and I live in a pretty low cost of living area.
>>1000716
Hookers are expensive.
>>1000748
I honestly just needed to vent. I'm 21 and doing pretty well for myself all on my own. It's just he'll be coming to my house for the holidays well before he'll ever have a house of his own.
I think he fell for the McMansion meme and never recovered.
>>1000748
Oh ok one last thing. His fucking degree is in Computer Science. Almost 30 years as a programmer and he's still at the same job.
He could have taken that knowledge literally anywhere and have been disgustingly rich. Blows my mind. Love the guy to death but damn.
>>1000264
The company was the department of education and the other 8 grand I can't do anything about.
Really I want to say fuck it and give up since I don't know what to do with my life now. Going to college is just fucked up beyond happening any time soon and now I'll have deal with shit credit while trying to move out.
>>999113
Depends where you live.
We bought a 2100 sqft home with .35 of an acre lot in one of the best of school districts in our town. We live in texas though and got a great deal. (the lady was dying and the house needed some interior work)
Not talking huge sums here, but the compared to the living standard here, it's pretty dire.
>A friend from work
>Salary is about €900 per month
>"Hey anon, I got my first credit card with a limit of €1000! I'm only going to use it for emergencies though"
>One month later, it's maxed out mainly due to partying.
>"It's going to be really tough repaying the principal on this. For a whole year I need to save almost €100. It must be done though."
>Next month, he raises his limit to €3000 and buys an iphone 6 for about €1000.
>It's maxed out after 2 months of other frivolties.
>Owes 30% of wage for 10 months in principal.
>"Bro I'm so broke m8, I needed to borrow money from my mum to fix my subaru"
>"My car is an old piece of shit. I should buy a used 2009 Mercedes on finance. It's only €200 a month. This is a foolproof idea"
>>999034
We the murricans aye
Credit Culture & Debt Trap
>brother and his wife live paycheck to paycheck in a home worth 30k (complete dump)
>can't even drink the tap water, never fixed it, spent money on a boat that doesn't work and four wheelers they don't use instead of fixing the water for 10 years
>wife's dad dies, leaves her 30k, which is more than they could ever hope to save up at current rate
>she gives it all to a friend of a friend of brother who promised to be a big rap star soon
>no contract or anything, never saw the guy nor the money again
>they open up a small business a few years later on loans
>find out they sell organic and only organic meat
>we live in an extremely poor area and no one can afford to buy it
>try telling them they should sell both regular and organic to have a wider market base
>try telling them 90% of small businesses fail and they should try doing what it takes to keep afloat the critical first few years
>they ignore me and go with the organic only pipe dream
>they have zero savings, their only car just broke down despite buying it 4 months ago
>they let people (child of scumbag friend who is now a teenage parent) live in their house for free
>(thirty dollars a month rent to cover...actually it doesn't cover even the food they eat.)
>guy steals from them and they know it, but let him stay anyway
>brother started his business halfway through deer season (he butchers the deer), missed half the business
>deer season will be over soon, they have no way to stay afloat in a few months
>they don't actually have the license to sell meat yet
>he is using my mom as slave labor at the store, can't afford to pay an assistant
>she also has to give him a ride to work
>wife works in retail part time for like 10 an hour
>she has school loans from a degree she never finished at one of those online scam schools
>they go on three lavish vacations a year (priorities)
>ongoing
Friend has maxed out credit card
works three jobs, somehow doesn't have ANY money despite never drinking or smoking
bank account always in the red
literally every mutual friend I have with him he owes money including me
his entire existence is bumming rides off people and sleeping at their place. He lives with his grandmother but can't stand being at home, so on top of all of this he doesn't practice basic hygiene.
I don't know how he exists right now
>>1001370
>their 19 year old daughter was going to go to college
>went less than a month and dropped out because she couldn't play on her phone in class
>started working as a stripper, pizza maker, and waitress
>thought she was rolling in money, acting smug and like she's better than her mom
>got knocked up by her bf of 3 months
>now 8 months pregnant, only works pizza now
>just bought a 2015 brand new car
>guy barely makes anything, she makes shit and the baby is due in 2 months
>they've been living with his father
>she went crying to her mother, my brother's wife, for help
>who btw doesn't even have a working vehicle of her own and has zero savings, no spare money, and tons of debt
>she told her she couldn't help
>the daughter went on fb and roasted the mom over how mean she is and how her family won't help her
>but her mom is throwing a huge baby shower for her to try and get stuff for the kid, because they can't afford anything
>huge drama, mother is crying hysterically
>I'm just sitting back and watching at this point
>if any of them come to me for money they know I'll laugh them out of the room
>sounds mean but I've given them loans before, no interest, and they took over a year to pay me back a few hundred bux
"The fool and his money are soon parted"
"You can't fix stupid"
This thread is basically proof that no matter how much a person makes/inherits, they will be poor if they're a spender.
>>1000172
>the daughter alone spends 5-10k on clothes every month
I fell back in my chair for a solid minute. That's more than five times what I even live on, JUST on clothes.
It's a majestic trainwreck.
>>999888
>While she drove she would get the passenger to fill the radiator with water through a funnel.
This would make a fantastic sitcom.
>>999924
Sue them. Are you stupid?
>>1001381
Good lord. One of my brothers & his wife are pretty terrible with money but this is some shit-tier white trash shit you got going
>>1001402
No, but I have a younger sibling and can't go full scorched earth without making shit affect them.
>>1001606
Would they reach adulthood before your statute of limitations runs out?
It isn't fair that you're forced to work to pay a debt your parents incurred fraudulently in your name, and also have your credit ruined by this.
>>1001711
No, I've got 7 years on them.
>>999096
Sssh, save this for the next frugal thread
>>999051
>So, basically a generation of slaves?
we're living in the second gilded age
>>999104
Heheh. Trust me, one day her biological alarm clock is going to go off and she'll start "forgetting" to take her birth control, or your condoms will start developing mysterious holes. Control the damage by putting aside baby money now.
>>999406
Seconded for more stories please.
>>999505
And instead they had feudalism, slavery, theocracy and hereditary rule, which is clearly superior to the farcical system we have. Retard.
>>999583
Jesus fucking Christ.
>>999999
>>987654
>>999854
That physically hurt to read.
>credit card
Why do ameriblubbers use credit cards instead of debit? Did you miss out on the "don't buy shit you can't afford" talk from your parents when growing up?
>>1002111
because good credit and shit gets you a car and a house, and debit doesn't build credit
but people who max out their credit line in a week are a special kind of moron
>>999079
I live frugally, work as much as I can and buy dividend aristocrat companies for 75% of my salary. Also do other work with my father on the family farm in order to perhaps get a side business going(renting out summer cabins).
>finish high school
>go to university
>rack up $40,000 in HECS debts
>get degree that might maybe land you an ok job
>take out $300,000 to $400,000 loan from bank to buy house
>everyone must have minimum 4x2 with theatre
>not enough deposit, extra $25,000 on top of loan for "mortgage insurance"
>pay off house loan over 30 years, including extra $350,00 just on interest.
>"it's ok, it's an investment" stupidity
>get credit card limit of $10,000, max that out on holidays, TVs, pets and clothes.
>get car loan, another $20,000
>get married, another $15,000 loan, get 12 month interest free startup CC to pay for it.
>everyone convinced you're "doing well, so successful"
>have 1-2 kids
>"living the dream"
OR
>finish high school
>skip higher education
>get low to mid range labor job
>no real skill or trade
>same as above, minus uni debt
>have 3-4 kids instead of 1 or 2
>live pay check to pay check
>0 savings
Literally EVERY SINGLE LOW-MIDDLE CLASS PERSON IN AUSTRALIA. Then i try to explain that taking out a $350,000 loan from the bank and paying $300,000 in interest over 30 years is neither normal nor OK.
15 years of re-programming by our government and financial institutions has convinced every person in the country that borrowing $350,000 to $400,000 to buy a house is a-ok. Yet when i try and explain how much better off over the 30 years you would be investing that excess money while renting and I'm a fucking social pariah.
>>1002114
Hm. Over here they just look at your income and assets when deciding if to give you a loan or no.
>>1002187
Ah, over here they do not. That's the debt trap. If you have a bad credit score you're fucked and essentially can't get a mortgage or car loan. If you do get one, you pay double/triple interest rates.
>>1002220
I should also point out, an unused credit score IS bad.
>>1002148
You also forgot
>Spend nearly $100 a week buying 2x Farmer's Union Iced Coffee and lunch from the local sandwich bar every day
>Take out a loan for sick mags and a Chevrolet badge for the Commodore/Statesman.
>>1000027
anywhere outside of New york, California, and the coasts
Be me
Checking $1
Savings $104
Credit Cards $9,799
I woke up before the damage was irreversible. I have paid 40% of my debt, no bills were ever late and I'm committed to change, so I most of my paycheck goes towards debt. Will be free in 5 months and I have learned a lot about finances. This will never happen again.
>>1002336
Reduce that CC limit. I had a credit card with a limit of $10,000. Needless to say i got as low as -$7,800 on it. Now i could easily pay it back and did. But all it is is potential debt waiting to happen.
So i rang my bank and reduced the limit to $2000. Even maxed out, i can pay that off in a month if i have to. Now i use it for things like cheap flight deals when they pop up, then quickly pay it off.
Hang on, you said
>credit cards
You have multiple credit cards?
>>1002354
I have 2 credit cards. I have asked them to reduce limit before, which reduced the ration utilization and my credit score went down. I no longer call them to reduce credit limit, I'm going to pay both cards off, leaving the ration utilization to 0%, I found out when it's 0% I can cancel the credit card without hurting my scores.
Also, I haven't used the cards for a long time, I pay cash for groceries, gas and other basic needs.
>>999017
>currently $19,000 in cc debt between 3 cards.
>$32,000 in vehicle loan debt, 2 vehicles (I OWNED a truck and some nigger totaled it so had to get another)
>$1600/month in rent
>mfw bank won't give me a mortgage because of my credit even though I'm making $60,000, not including my wife's income as well.
>mfw I could easily pay credit cards off but I have no self control
>mfw I haven't even used the credit cards in 12 months and they're almost the same amount they were 12 months ago.
>mfw I'll save up 3-4 grand and then blow it on random shit.
going through college now because I'm limited out at making $60,000(service industry) and I'm afraid I'll have to take a pay cut to get into the business world so fml.
>>1002370
Ah, this American "credit score" con i keep hearing about. You must get into debt and stay in debt before you can get into even more debt.
In civilized countries they simply asses your income. Check how much you earn, how long you've been earning it and any other debts you may have. Owning a credit card at all counts as potential debt (regardless of if you use it) and can hurt your chances of getting a loan.
>>1002422
"In civilized countries" - Also, in civilized countries, the government works for the population. In US, this is the opposite.
The whole idea of credit score sounds stupid to me. Very useless.
>>999019
Bowling like that probably fucks your wrists up
>>1002428
Tell me about it
Had my identity stolen for about 20 days before it was noticed.
That was two years ago.
Not to mention my father (drunk) and I have the same name and guess what?
His unpaid shit gets put onto my credit score so I have to check once a month to make sure nothing is added. Something of his was on there for 4 months, brought me down 60 points and it didn't recover after it was removed so whatever.
>>1002456
>not knowing how to use credit
Credit cards are basically large-scale money transfers from people who cannot control their finances to people who can.
I charge almost everything to my credit cards to get 1.5%+ cash back, pay off the balance every month.
>>1002459
To be fair, my second implying arrow at least offers the smart thing to do if you do take credit cards (probably should ignore the part after that or, though, for cash back profiteering)
Feels good being american and studying on a foreign country state university for a degree and only paying 100 buck a year on tuition.
>>1002114
Why are you defending an anti-consumerist system that requires you to get into debt?
>>1002635
No it's pure freedom to have de facto enforced debt fucking yuropoor
>>1002691
YOO ESS EY
YOO ESS EY
YOO ESS AY
>>1002148
Because renting is fucking foul. Landlord's are cunts and it's impossible to raise a family in someone elses home that could be sold out from under you and leave you fucked.
I've just bought a 389k 4x2 and no i didn't have the 20% deposit so I copped a little LMI. But no kids, a job that pays 79-91k a year, have a dependable car that will last me another decade or so.
No credit cards or personal loans. I live within my means and take modest holidays when I can.
You sound like boring bastard, living at your mum and dad's and driving an ancient rusty corolla because it "owes you nothing". Dispensing uninvited advice and bragging about your share portfolio in the lunchroom. Just enjoy your life and stop being a dickhead
>>999017
>Fucking Kohl's CC maxed out at $600
lmao. I used to work at one. these things are so dumb. so many people would come into my customer service area later and be like "I hate this thing, I'm paying it off forever and closing it". whoever invented store credit cards is a genius.
Fuck, my dad opened up a sears credit card just to pay for some small car expense and now his bill ballooned to over $500 months after he did the procedure. I think it's even more than that.
>>1002422
>You must get into debt and stay in debt before you can get into even more debt.
You're a retarded yuropoor I see.
>pay for groceries and small purchases every week on credit card
>convenient and easy, one swipe to pay, no cash or change needed
>pay off credit card from bank account at end of month with a few clicks online
>???
>zero interest paid, good credit score
Think of credit scores as an idiot tax and understand why we are better than you. Credit scores allow even someone poor but intelligent to get an edge over the competition by having good financial habits. And they work against shit for brains because bad credit scores increase their interest rates and make it harder for them to get housing and loans (to buy a house or start a business, etc.) In other words, it's a free advantage for anyone with two neurons to rub together. If two candidates apply for an apartment or to buy a house, all else equal, the one with the better credit score wins. Meritocracy.
>>1002829
>Landlord's are cunts
I feel this on a deep level. My landlord gives me all sorts of trouble... "You have to pay this because it's the law, you can't do that because it's the law." When it isn't actually the law, and then I find the real law and slam it in his face. The vast majority are utter scumbags, and the ones who aren't scum get screwed over by a scumbag tenant eventually and then get jaded and bitter for the next tenants.
>>1002881
I thought buying a house was primary if your offer got accepted.
>>1002881
You don't know what board you're on. You have just opened the gates of hell beneath yourself
Inb4 privileged tenant replies.
inb4 tenant protections are coddling
inb4 b&
>>1002881
>muh credit score
You guys always crack me up!
>>1002892
>>1002894
I like that you felt the need to reply to me twice. Do you know what board you're on? We have ID here.
Fact is that landlords try to fleece tenants because they think the tenants are stupid, which is true 95% of the time. There are numerous cases of landlords trying to unfairly charge tenants for things or keep their security deposit without justification. Most tenants won't fight it. My landlord is going to learn the difference between a business student and an art major the hard way.
>>1002899
Go back to your cuck shed, Sven.
>>999037
These stats only reflect how weird things get when you take averages over an entire population. The truth is more a reflection of how fucked up it is a the bottom end.
>>999035
I know someone who went for 5. I think he got his degree.
>>999113
Housing costs are the one good thing about living in flyover country. I could get a good (but old-ish) 2-bedroom house here for $75,000. On the other hand, the problem is that there aren't enough houses in the $150,000-$200,000 range for young middle-class families. So if you have multiple kids and need to move into something bigger, you're looking mostly at old, huge, inefficient moneypits.
>>999132
Practically nobody puts 50 percent down. If you're putting that much down, it's because you're simultaneously selling a house that you have a lot of equity in. People who put 50 percent down just because they have the cash to pay cash for the whole price.
>>999035
Its very common.
>>1002881
>credit score
Interest or no, it's still fucked up and you have slave mentality for accepting it. "Me good so massa reward me!!!"
>>999167
THE HOUSE IS FREE
THE HOUSE IS FREE
>>999823
Are you Chinese?
>>1002881
>You can only prove you're good with finances by perpetually getting into debt
>"This proves you're good with money" :3
>This is perfectly logical to the most indebted country in the world
You can keep it. Meanwhile, in a country regarded as having the highest standard of living on the planet
>Dont get into debt, be a good little saver
>Lending institutions calculate your risk to them based on a number of factors including:
>Employment history: How stable has it been and in what industries
>Net income: How much do you earn vs outgoings
>Current level of debt, other incomes, assets.
>Asses documentation supporting the above including pay slips, bank statements etc
>Doesn't punish fiscally responsibly young adults just because they aren't credit whores.
It almost makes TOO much sense.
>>1003924
The USA doesn't reward you basic responsibility, they reward you for business responsibility. Look up every problem you think you'll have, every 2 years, and you'll always discover more. Knowing in advance keeps you ahead of the crowd.
>>999061
>might have go to Germany or something
>to Germany
>Ger
>ma
>ny
You don't want to do that to yourself. This country will start paying 2000+ euro/year in taxes just to fund the leeching lifestyle of 1.2+ Mio unemployed Arab "refugees". I will just get my free M.Sc. and flee this caliphate asap. Come here only if you wish to be a slave serving your carefree Arab masters.
Best regards
a German
>>999037
i understand how averages work but this image is implying all these at the same time on a single family, so:
>has $3,800 in bank
>cant pay off $2,200 credit card
none would be dumb enough not to pay off the CC and use it instead of cash if needed.
>house worth $160k
>approved for a loan on a 160k house with a dual income of 43k. even a single income of 43k with amazing credit score would be a stretch to get $160k loan.
>family owns 40% equity on a low APR loan but wont borrow to pay off CC.
>be me
>go to college
>get on academic probation
>pick up 4k of student debt
>feel like a bum and burden on my parents, try to kill myself
>school kicks me out of college, tells me to get therapy and then I can come back
>get therapy
>going back
Ironically my parents didn't really care all that much that I've been in college for like 6 years, they view the whole thing as a process instead of a certification center.
>>1004019
>1.2 million refugees
>assuming each of them gets 1000€ a month, it costs 15€ per inhabitant
We all know massed refugees can and will bring trouble, but come on m8
>>999140
>legacy
Vastly overestimating the value of your genetic pool.
>>999785
Jesus Christ
>>999026
>i just don't get how you can be that fucking stupid
teach her some basic financial math, let her know that she's wasting her money by not paying everything each month.
most people don't know basic math, and the whole credit card profits from this people. how do you expect them understand this?
>>1004238
15/month for their allowance, yes.
Then you have education centers, housing, food programs, mosques, and employment programs to make sure the refugees get jobs even though there aren't that many to give.
Their allowance is a fraction of the cost to accept refugees in bulk.
well, I'm now reminded of the situation I'm in...
I won't tell a random chinese forum about it, but I'll just say it's really stupid and shaming
I should really kill myself, I've wanted to since I was ~12, I'm 30 now, and see no reason to not do so.
>>1005423
do tell
>>1002379
>mfw bank won't give me a mortgage because of my credit
>even though I'm making $60,000
>>1002422
>You must get into debt and stay in debt before you can get into even more debt.
> buy a candy bar with credit card for $1.50.
> credit card gives 1% off purchases.
> candy bar is now $1.485; saved $0.015.
> xfer $1.50 from bank to credit card
Now lets maximize that on a larger scale without green-text for more detail:
You have car insurance, electric, cell phone, gas, food, and other purchases in order to live day-to-day. Lets compare two separate individuals involving their purchases.
[0] Anna - No Credit / Bad Credit
- Car Insurance: $100 month
- Electric: $120 month
- Cell Phone: $50 month
- Gas: $60 month
- Food: $180 month
- Other: $50 month
Total: $560 a month / $6,720 a year
Anna has to pay for everything listed above with either cash or debit. Anna doesn't receive anything in return being a responsible conductive member of society.
[1] Maria - Average Credit / 2% Credit Card
- Car Insurance: $100 month
- Electric: $120 month
- Cell Phone: $50 month
- Gas: $60 month
- Food: $180 month
- Other: $50 month
Total: $560 a month / $6,720 a year
Maria pays for everything listed above with her 2% credit card. She receives 2% off every listed item above, for being a responsible individual. But how much does she actually save/gain though? Is it actually worth it for Maria? Lets find out:
- Car Insurance: $100 - 2% = [ $98 month ]
- Electric: $120 - 2% = [ $117.6 month ]
- Cell Phone: $50 - 2% = [ $49 month ]
- Gas: $60 - 2% = [ $58.8 month ]
- Food: $180 - 2% = [ $176.4 month ]
- Other: $50 - 2% = [ $49 month ]
Total: $560 - 2% = [ $548.8 a month ] / $6,720 - 2% = [ $6585.6 a year ]
By simply swiping her credit card, she has saved $134.4 a year and $11.2 a month.
>>1005615
You can buy the most common things for $134 or have done:
1. Oil change
2. Dinner & a movie
3. Netflix & chill for a year ($8 * 12 = $96)
You can think of it in bills as well: $134 equals 2 months of cell phone bill, 2 months of gas, 1 month of electric, 1 1/2 month of car insurance, 1/2 month of food, or 2 months of other.
We can even dig deeper into a simple example with flipping/reselling between websites such as eBay, Amazon, and even craigslist as well using credit cards. What I mean by this is simply using a credit card to purchase items and flipping them on one of those three sites or similar.
> buy item from china for $1.87
> credit card gives 1% off purchase
> item is now $1.8326; saved $0.0374
> resell item on eBay for $6
> profit including fees is $3.01
In the above example, you would have gained $2.97 without using credit. By using credit, you've gained $0.04, for a total of $3.01, compared to an individual not using credit.
That is what makes 'merica.
Not exactly a personal finance horror story.. but I work as a stripper and I've recently been asking some of the other girls in my club about their finances (I'm hella into numbers and finance which is essentially why I do my job).
An average night for me is $500-$700 and most of us work about 3 nights a week, give or take.
It's pretty normal to make over a grand a week. I made 50k last year working 2 nights a week while studying full time at uni, shit's cash. (literally)
I've been trying to sus out what the girls are doing with their stashes of money, to give me more of an idea of what I should do with mine... and a surprisingly HUGE amount of them have NO savings. One girl proudly said "I have $750 in the bank"...
... $750 is a medium to good NIGHT'S work.
I was so fucking surprised that hardly anyone has ANY savings. How can you NOT have savings making $1000 a week? How do you spend that much money? It's so fucked. The world is full of idiots.
>>999017
>how the fuck do you dig yourself out of that?
make "sell your gf" and cuccold porn
>>1002431
That's why they have wrist straps anon
>>999017
You declare bankruptcy that's what
>>1007022
>there are strippers on 4chan RIGHT NOW
>have $800 in account
>drive 500km to see concert
>concert is cancelled as I enter city
>drown my sorrows back at the hotel
>get 5/10 drunk
>party in the city all night long
>get 10/10 drunk
>wake up forget everything
>buy a coffee in the morning
>declined
>check transactions
>spent $800 on cigarettes, booze, strippers, food etc.
>forget everything
>fuck
>>1005615
>>1005635
Issue in Europoor is:
1. There are no credit cards that pay you anything meaningful back. (except maybe our meme Paybackcard that pays around 0.5% but is a pain in the ass)
2. Credit score here is only influenced by income and definite defaults on payments.
Most people don't even have a real credit card e.g. if I pay with my Visa card the money is directly charged from my normal bank account.
3. All Euro bank transactions are free so we just use the normal banking system. e.g. rent, gas, water, phone bill is just automatically taken from bank account and there is not even the option to pay this with a credit card.
>>999017
>Go to State University
>Work throughout high school summers, work throughout college, get tuition paid off by scholarship
>Graduate, owe 25k due to "fees", turns out tuition is only 1/6 of what the college charges for simply attending.
>Live at home, pay off debt at 25
>Get better job, making 80k, move out
>Car dies, buy another decent used car for 6k
>mfw thought I did everything right, all I have is 15k emergency fund after 26 years of being responsible.
Still 2 more years of laboring to have a security deposit, another life expense that makes my savings immediately disappear. If I skip marriage and kids I can finally have my own money at 30. Some, at least.
>>1008105
>all I have is 15k emergency fund after 26 years of being responsible.
Do a reality check for every other 26 year old in your country and you'll be happy
>>1007022
>An average night for me is $500-$700 and most of us work about 3 nights a week, give or take.
>It's pretty normal to make over a grand a week
Your maths sucks
>been trying to save 10% of every paycheck
>should have 5k+
>only have 2k
fugg
>>1008105
Wait are you really 26 or are you like...51?
If you are seriously complaining about a 15k emergency fund at age 26 you might be a huge troll cunt. Also how dare you call every year of your life being responsible, lol I am sure you did it all your parents didn't make you be responsible to 18 lol.
>>1008126
I was estimating to the minimum. This last week I worked 3 nights and barely made $800 so my maths isn't so bad.
>>1008235
There's a variable missing from your calculations. You said it was common to make 500-700 a night and work 3x a week.
3x 600 for sake of argument is 1800. You then go on to say you make 800-1000 a week.
There's a big cut missing. Does the strip joint take a big cut? How much tax, if any, do you pay.
We can only go on the info you give us and there are big holes in your numbers.
>>1008104
This. Credit cards here are only used by ultra rich and ultra poor
>>999017
>Ex-Friend of mine
>Gets gf pregnant at 16
>moves in with her
>rents all of the furniture
>can't hold down a job because he always gets fired
>she doesn't want to work
>They break up
>He's left with two cats, a goldfish and all the rented furniture, whitegoods, electronics, plus the rest of the lease
>lives with parents
>he can't claim centrelink anymore
>bankrupt at 18
![ray-liotta-laughing-in-goodfellas-laugh-4b3fbc19ddaedd9d0a34ec98b07663f3-smaller-400213[1].jpg](https://i.imgur.com/yNGevPe.jpg "ray-liotta-laughing-in-goodfellas-laugh-4b3fbc19ddaedd9d0a34ec98b07663f3-smaller-400213[1].jpg")
>>1008283
>he can't claim centrelink anymore
mfw reading the most Australian sentence ever
>>999017
>how the fuck do you get in that deep
I don't know. I have an uncle that owes money to every bank, every mall and every person he knows in my city, and still, he has nothing, like he flushed all that money through the drain.
He even had to go to another country just to not go to jail.
Damn this thread is depressing.
>Mom's best friend dies
>For about the last year they had become enemies
>Months before he died he took my mom off his will but she convinced him to keep me on it.
>I get 60k inheritance
>Of course I don't want it because I never did anything with the guy and it was her work that got it anyway
>She insists and gives it to me anyway
>We buy a shitty house for 35k in 2013 from a lady who quote "can't handle it anymore"
>2 years later its worth 90k
>I've been living for free in it and charging two of my friends basically nothing to live there because I love them
>Make money doing side jobs
>5k a yr from draft kings
>5k a yr from stocks
>5k a yr from tutoring
>10k a yr from contracting jobs (helping my mom work on properties)
>mom is so impressed we'll probably spend the rest of her years investing in properties together
>I plan to retire by investing in more and more properties
My only issue is that not having a steady job means I can't spend time learning. For my next five years I'm going to buckle down and save so that I can spend the next five years after that learning more about programming.
>>1008283
This makes me glad that in the five times I've had sex, only one time I didn't use a condom.
>>1008238
I'm going on averages here. I've already factored in the club's cut. Sorry to keep being unclear! I'll try to explain.
I keep a spreadsheet with every single cent I own from work (it's all cash in hand, I don't have to keep track, I'm just a big numbers and finance geek and knowing exact amounts gives me power and graphs and extrapolation).
My average is 500-700 a night depending on time of year and other factors. When my brother died it went down to under 300. It's data like THAT that I love about keeping my spreadsheet.
Last week I worked 3 nights, made 470, 375, and 60 (it was a bad night, a bit of an outlier in my charts), so in total, under a grand.
The week before I made 410, 215, 1035, and 1205 (4 nights), nearly 3k total.
I'm proooobably one of the better-earners in my club, so I was underestimating to factor in the other girls.
Hope that makes sense!
>>1007022
Is that really surprising to you? Most people aren't known for their good choices, strippers even less so.
>>1008353
Yeah, a lot of them are pretty hardcore into drugs. I work in a more 'dodgy' club. It's basically a front for the drug-ring out back. I stay clear of that shit and just get in, get cash, and get out.
I just don't understand.. there's a girl there who makes 2k-3k a week easy. Top earner most nights. She's saved only 5k in like 2 whole years. You can't drink and smoke all that money, and if you bought shit with it, your house would be literally overflowing with stuff. She lives like a povvo too! It's mind-boggling.
>>999406
story time please
>>1007022
It's pretty horrifying that people getting paid that much couldn't pay one month's rent (let alone the six months to a year's worth of rent you should ideally save up) on their savings.
>>1000292
What the fuck? Just...
>FUCK
>MY
>FINANCES
>UP
I essentially got bullied into getting my own place by my girlfriend.
We were looking at places together, when I finally admitted to myself (and her) that that wasn't what I really wanted, and when I said a roomie would have been better, she got butthurt because it wouldn't be with her.
So now I'm paying $900 a month for my own place (which is great), but I only make $2600 a month. I need to get some place cheaper when my lease expires in a few month, but I'm dreading that conversation.
>>1002881
>Americans actually defending their credit slavery
>>1008431
man up you fucking pussy holy shit
>>999583
Can I work for you for 80k a year? I wont do meth or blow it in a casino
>>1008431
$2600-$900=$1700
That's not enough left over to pay car, bills, enjoy life and save?
>>1008484
After groceries, electricity, mandatory insurances, gas, and retirement? Fuck no. It'll take anon 10-15 years of labor to save up am emergency fund, a car fund, and a 20% down payment on a house. Assuming he doesn't have a wedding or kids, he'll finally have spending cash at 40.
>>999326
Want to avoid taxes? Work for the government. I got a 457, a 403b (and pension) so I can save $36,000 pre-tax. And the 457 doesn't have an age limit on withdrawals. >>1000292 You also get earlier loan forgiveness by working in some government positions. The government usually does pay less, but with all that plus other benefits like free healthcare, you do alright. Plus I've got like 2 hours of work to do a week. So I've been trying to start an internet business while I "work".
Funny thing is, the hard working, good savers in China own a lot of this American debt. There isn't going to be much they can do to get it back (Japan played this game with us back in the 80s.)
>>1002459
>>1002881
Good credit and credit cards are great! I just got another card. They paid me $200 to open it. After the required time limit passes, six months, I will cancel it. Opening and closing it takes about an hour total. That's more hourly than I make consulting!
>>999037
>$2200 credit card balance
this figure seems way too low to be average
>>1007022
Marshmallow test.
Drugs and liquor can get expensive, then your tolerance goes up.
Clinton Portis
http://profootballtalk.nbcsports.com/2015/12/19/despite-making-more-than-40-million-clinton-portis-is-broke/
Made $40million pretax but declared bankruptcy owing:
>450k to IRS
>500k to mom LOL
>400k to a reporter (wat)
>400k alimony to 4 different women
>300k to a casino
>invested 2million in a ponzi scheme
>invested 8million in a casino that lost 32million before folding
top lel
>>1008337
hey faggot, do you know how to read? this thread is about HORROR stories...
>>1002942
>My landlord is going to learn the difference between a business student and an art major the hard way.
Feels god don't it?
>He didn't renew my lease though
>>1007022
>(I'm hella into numbers and finance which is essentially why I do my job).
A U S T R A L I A
