Author Topic: Money Talk with Coworkers  (Read 12254 times)

maglomanic

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Money Talk with Coworkers
« on: August 25, 2017, 11:37:06 AM »
So the subject of our bank accounts came up the other day while I was at work. Everyone was talking about how they never use their credit cards because of how much it costs. I'm just like "I only use my credit card because they pay me to use it." Then I mention how I always keep 2 ,000 in my bank account so I can pay any bills that come up from that account. Then I get the response :  "Shut up Emily!" Then in a mocking voice repeat what I said. Then they talk about how they wish they had that much in their accounts. I didn't mention my vanguard and other accounts I had o-o I didn't realize it was so hard for people to save money. I tried to ask them about what they are spending on. They did have an expensive cable bill. Other wise, I don't know what they're doing to themselves o-o

jinga nation

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Re: Money Talk with Coworkers
« Reply #1 on: August 25, 2017, 11:49:48 AM »
Keep on doing what every co-worker is wishing.
(You're the I in FIRE.)

I learnt a long time ago, straight out of engineering school, never talk money (and science depending where you work) with co-workers, adding to the no-nos on sex, politics & religion. I don't waste my time talking or watching sports, as I prefer physical activity to TV time.

They will make you feel like a loser in life. Meanwhile, silently you're winning the race to early retirement.
« Last Edit: August 25, 2017, 11:53:11 AM by jinga nation »
If I genuinely enjoy my profession and workplace, is there a reason to FIRE? Keep Calm and Carry On Milking.

libertarian4321

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Re: Money Talk with Coworkers
« Reply #2 on: August 25, 2017, 12:07:47 PM »
So the subject of our bank accounts came up the other day while I was at work. Everyone was talking about how they never use their credit cards because of how much it costs.

That may not be a bad thing.  At least it keeps them from spending money they don't have.

Or maybe they are followers of Dave Ramsey's ridiculous beliefs about credit cards.

FWIW, I use my credit card for everything, and it costs nothing of course.

cheapass

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Re: Money Talk with Coworkers
« Reply #3 on: August 25, 2017, 12:19:18 PM »
FWIW, I use my credit card for everything, and it costs nothing of course.

No reason to forego a 2% discount on everything you buy!

Your coworkers will certainly wonder how the hell you were able to retire early. Must just be lucky.
Every single decision you make with money either shortens or lengthens your working career.

Hunny156

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Re: Money Talk with Coworkers
« Reply #4 on: August 25, 2017, 12:28:53 PM »
A co-worker and I were venting about bill pay services the other day, and she told me the story about how they have two Credit cards from the same bank, and she keeps sending the payments to the account without a balance.  Her hubby tried to help by deleting that card from their billpay app, but it won't help b/c he sporadically uses the zero balance card, etc.

I shared my dilemma about my hubby accidentally using our personal card for a work expense, which is a major annoyance, since his company is purposely slow in paying expenses.  Like, I've seen things take 4 months to get paid. And this was a $500 charge.

My co-worker responded, that's sucks, b/c then you'll be stuck paying the interest charges on that bill too! I had to catch myself from telling her we never carry a balance, and wiping the stunned look off my face.  I just nodded in agreement instead.

I know that their household is well into the six figure salary range, how can they justify paying interest on a credit card??  They belong to a country club, tennis club and a fancy gym with the family membership!  How about you get your debt in order before paying all those incidental monthly expenses??

Mind blown.

cheapass

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Re: Money Talk with Coworkers
« Reply #5 on: August 25, 2017, 12:40:29 PM »
I know that their household is well into the six figure salary range, how can they justify paying interest on a credit card??  They belong to a country club, tennis club and a fancy gym with the family membership!  How about you get your debt in order before paying all those incidental monthly expenses??

Mind blown.

Learning the difference between "wants" and "needs" is like... 90% of personal finance.
Every single decision you make with money either shortens or lengthens your working career.

sparkytheop

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Re: Money Talk with Coworkers
« Reply #6 on: August 25, 2017, 05:21:30 PM »
The coworkers on my crew pretty much all know I don't have debt outside of my house and property (and, sadly, now a car since mine died last week before I had all the money set aside to eventually replace it).  In turn, I've learned one person is making $3k payments on his credit cards to try to eliminate them before he retires (in about 10 years), one has over $200k in Parent Plus/college loans for a daughter who when to school for 5 years and still never managed an associates degree, etc, etc.  Both guys make over $20k/year more than I do.

It's both scary and motivating. 

A few are doing pretty well though, and have similar financial mindsets to me.

Mac_MacGyver

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Re: Money Talk with Coworkers
« Reply #7 on: August 25, 2017, 05:57:14 PM »
The coworkers on my crew pretty much all know I don't have debt outside of my house and property (and, sadly, now a car since mine died last week before I had all the money set aside to eventually replace it).  In turn, I've learned one person is making $3k payments on his credit cards to try to eliminate them before he retires (in about 10 years), one has over $200k in Parent Plus/college loans for a daughter who when to school for 5 years and still never managed an associates degree, etc, etc.  Both guys make over $20k/year more than I do.

It's both scary and motivating. 

A few are doing pretty well though, and have similar financial mindsets to me.

This could be in overheard at work

Chesleygirl

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Re: Money Talk with Coworkers
« Reply #8 on: August 26, 2017, 08:54:37 AM »
So the subject of our bank accounts came up the other day while I was at work. Everyone was talking about how they never use their credit cards because of how much it costs. I'm just like "I only use my credit card because they pay me to use it." Then I mention how I always keep 2 ,000 in my bank account so I can pay any bills that come up from that account. Then I get the response :  "Shut up Emily!" Then in a mocking voice repeat what I said. Then they talk about how they wish they had that much in their accounts. I didn't mention my vanguard and other accounts I had o-o I didn't realize it was so hard for people to save money. I tried to ask them about what they are spending on. They did have an expensive cable bill. Other wise, I don't know what they're doing to themselves o-o

They don't have 2,000 in their accounts? Just curious...what is the salary range of these people you work with? Do they have a 401K through their employer?

I had a co-worker get mad at me one time when I mentioned I'd contributed to my 401K plan where I had previously worked. She was the one that brought up the topic of 401K, not me. She said she couldn't afford to have anything taken out of her paycheck for that.

My husband was unemployed recently and it wasn't a total disaster because we have a little money in the bank that I've saved (although it won't last forever).

maglomanic

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Re: Money Talk with Coworkers
« Reply #9 on: August 27, 2017, 03:50:32 PM »
None of us make very much. We work for a family owned grocery store ( I recently got a second job at a hotel\spa that's really close to my house) No retirement plans at either place. We live in rural michigan. I make 10.50 at the grocery store after working there for seven years. I bought a 70k house with my boyfriend last year and were down to 50k. I've been putting about 500 a month into vanguard too. Kinda made my own retirement plan I guess.

Sun Hat

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Re: Money Talk with Coworkers
« Reply #10 on: August 27, 2017, 07:37:51 PM »
None of us make very much. We work for a family owned grocery store ( I recently got a second job at a hotel\spa that's really close to my house) No retirement plans at either place. We live in rural michigan. I make 10.50 at the grocery store after working there for seven years. I bought a 70k house with my boyfriend last year and were down to 50k. I've been putting about 500 a month into vanguard too. Kinda made my own retirement plan I guess.

You are awesome!!!

SeaEhm

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Re: Money Talk with Coworkers
« Reply #11 on: August 27, 2017, 08:26:16 PM »
@OP - did they nearly spit their venti frappe from Starbucks out when they heard you have money in the bank?

(be frugal and get a tall)
Just here to feel guilty about my purchases which are often irrational, wants, and in an atypical budget.

obstinate

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Re: Money Talk with Coworkers
« Reply #12 on: August 27, 2017, 09:16:52 PM »
I don't think it's bad to talk money with coworkers. You might help someone who didn't know they were fucking up their future. You just have to be aware of the risks and be ready with an "escape from conversation" plan if things don't go as expected.

Chesleygirl

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Re: Money Talk with Coworkers
« Reply #13 on: August 27, 2017, 10:26:04 PM »
My mom worked for a drugstore for many years, and her co-workers were quite shocked to find out she had money in savings. What did they expect? Lots of elderly people like my mom, do have money saved up. And she wasn't rich at all, but they seemed to think she was.

maglomanic

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Re: Money Talk with Coworkers
« Reply #14 on: August 28, 2017, 09:30:38 AM »
   Thank you XD
None of us make very much. We work for a family owned grocery store ( I recently got a second job at a hotel\spa that's really close to my house) No retirement plans at either place. We live in rural michigan. I make 10.50 at the grocery store after working there for seven years. I bought a 70k house with my boyfriend last year and were down to 50k. I've been putting about 500 a month into vanguard too. Kinda made my own retirement plan I guess.

You are awesome!!!

KodeBlue

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Re: Money Talk with Coworkers
« Reply #15 on: August 28, 2017, 03:37:23 PM »
None of us make very much. We work for a family owned grocery store ( I recently got a second job at a hotel\spa that's really close to my house) No retirement plans at either place. We live in rural michigan. I make 10.50 at the grocery store after working there for seven years. I bought a 70k house with my boyfriend last year and were down to 50k. I've been putting about 500 a month into vanguard too. Kinda made my own retirement plan I guess.

You're a rock star!

marcus0aurelius

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Re: Money Talk with Coworkers
« Reply #16 on: August 28, 2017, 04:31:32 PM »
FWIW, I use my credit card for everything, and it costs nothing of course.

This isn't at all true and I wish people would stop thinking it is. You, me, everybody, pays 3% more for for EVERYTHING because credit card transaction fees are built in.

Except things like guns, which always seem to have a cash price.

paddedhat

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Re: Money Talk with Coworkers
« Reply #17 on: August 28, 2017, 04:40:27 PM »
None of us make very much. We work for a family owned grocery store ( I recently got a second job at a hotel\spa that's really close to my house) No retirement plans at either place. We live in rural michigan. I make 10.50 at the grocery store after working there for seven years. I bought a 70k house with my boyfriend last year and were down to 50k. I've been putting about 500 a month into vanguard too. Kinda made my own retirement plan I guess.

You are awesome!!!


I totally disagree! Awesome is inadequate. If you had access to a huge set of data, and found hundreds of thousands of couples that have similar incomes, similar ages, similar COL, and the ability to purchase a similar house, you would be lucky to find one in a thousand that has their shit together like you do.  On a modest salary, in a location where it's even tough to find a job at all, and you have a home for two years, paid it down by 30%, AND are tossing half a grand in Vanguard every month.........................no, awesome isn't nearly enough. Way beyond awesome.

paddedhat

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Re: Money Talk with Coworkers
« Reply #18 on: August 28, 2017, 04:47:36 PM »
FWIW, I use my credit card for everything, and it costs nothing of course.

This isn't at all true and I wish people would stop thinking it is. You, me, everybody, pays 3% more for for EVERYTHING because credit card transaction fees are built in.

Except things like guns, which always seem to have a cash price.

IMHO, your logic on this one is faulty. First, yes, everybody is paying inflated prices for most goods due to CC fees. But you are powerless to do anything about it, and deciding to boycott credit cards only hurts you, the industry could give a rat's butt hair about you.  OTOH, grabbing that 2% is benefiting you greatly, recovering most of the fee, and putting you ahead.  Hate the game, but admire the smart players.

maglomanic

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Re: Money Talk with Coworkers
« Reply #19 on: August 28, 2017, 05:05:16 PM »
Thanks again for some of those nice comments. I'm just really motivated to become FI as soon as possible. Working ain't fun! I like sleeping in! D<

bigchrisb

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Re: Money Talk with Coworkers
« Reply #20 on: August 28, 2017, 06:57:51 PM »
FWIW, I use my credit card for everything, and it costs nothing of course.

This isn't at all true and I wish people would stop thinking it is. You, me, everybody, pays 3% more for for EVERYTHING because credit card transaction fees are built in.

Except things like guns, which always seem to have a cash price.

Depends on your country.  This has turned full circle in Australia, with differential pricing surcharges for different payment methods.  At my closest supermarket, if I pay with cash, I get the sticker price. If I pay with visa/mastercard, I pay 0.5% as a surcharge.  If I pay with amex, its an extra 1%.  These costs are (somewhat) reflective of the additional costs levied by the card companies. 

More and more retailers here are explicitly passing these costs through.  I prefer it this way, as it provides better pricing transparency, and I can get a point of sale "discount" for paying with a lower cost mechanism without having to run around optimising cards.

IMHO, your logic on this one is faulty. First, yes, everybody is paying inflated prices for most goods due to CC fees. But you are powerless to do anything about it, and deciding to boycott credit cards only hurts you, the industry could give a rat's butt hair about you.  OTOH, grabbing that 2% is benefiting you greatly, recovering most of the fee, and putting you ahead.  Hate the game, but admire the smart players.

Dabnasty

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Re: Money Talk with Coworkers
« Reply #21 on: August 29, 2017, 02:33:51 PM »
Was discussing credit card/bank account bonuses with a coworker and mentioned I got a PNC bonus of $300. I listed the requirements of making direct deposits and 10 purchases on the PNC debit card. Then I was like "Oh ya, and there's a fee unless you put $5,000 in the account"

I got a funny look for that one. I thought nothing of it but then I realized this is acknowledging I have at least that much money. I think of that as a given, but of course it's not. My bad.


marty998

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Re: Money Talk with Coworkers
« Reply #22 on: August 29, 2017, 04:02:16 PM »
FWIW, I use my credit card for everything, and it costs nothing of course.

This isn't at all true and I wish people would stop thinking it is. You, me, everybody, pays 3% more for for EVERYTHING because credit card transaction fees are built in.

Except things like guns, which always seem to have a cash price.

IMHO, your logic on this one is faulty. First, yes, everybody is paying inflated prices for most goods due to CC fees. But you are powerless to do anything about it, and deciding to boycott credit cards only hurts you, the industry could give a rat's butt hair about you.  OTOH, grabbing that 2% is benefiting you greatly, recovering most of the fee, and putting you ahead.  Hate the game, but admire the smart players.
Depends on your country.  This has turned full circle in Australia, with differential pricing surcharges for different payment methods.  At my closest supermarket, if I pay with cash, I get the sticker price. If I pay with visa/mastercard, I pay 0.5% as a surcharge.  If I pay with amex, its an extra 1%.  These costs are (somewhat) reflective of the additional costs levied by the card companies. 

More and more retailers here are explicitly passing these costs through.  I prefer it this way, as it provides better pricing transparency, and I can get a point of sale "discount" for paying with a lower cost mechanism without having to run around optimising cards.

RBA has been busy forcing the CC providers and Banks to cut the interchange fees. Consequently providers like Amex are massively having to cut the reward points schemes to the point where it is uneconomic for people to participate in them.


marcus0aurelius

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Re: Money Talk with Coworkers
« Reply #23 on: August 29, 2017, 04:40:56 PM »
FWIW, I use my credit card for everything, and it costs nothing of course.

This isn't at all true and I wish people would stop thinking it is. You, me, everybody, pays 3% more for for EVERYTHING because credit card transaction fees are built in.

Except things like guns, which always seem to have a cash price.


IMHO, your logic on this one is faulty. First, yes, everybody is paying inflated prices for most goods due to CC fees. But you are powerless to do anything about it, and deciding to boycott credit cards only hurts you, the industry could give a rat's butt hair about you.  OTOH, grabbing that 2% is benefiting you greatly, recovering most of the fee, and putting you ahead.  Hate the game, but admire the smart players.

I buy groceries at a store that doesn't take credit cards, they have lower prices because of it. On the other hand, I do use a rewards card whenever I can because as you said, might as well. I do disagree that grabbing that 2% is putting you ahead though. Your choices are 1% behind or 3% behind, both are crap, but I'll take the 1% behind.

I will never, no way no how, ever admire bankers for what they do and the money they rake in. I just actively try and avoid giving them any more.


SwordGuy

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Re: Money Talk with Coworkers
« Reply #24 on: August 29, 2017, 09:23:59 PM »
OP - you're doing an awesome job!!!!  Bravo!!!


Can it hurt to talk money at work? 

Sure can.   Some co-workers can get really pissy about it.   Some might cause you problems over it.

Others will thank God for the day they met you because the concepts you showed them opened up awesome new possibilities for their lives.

You just have to judge for yourself based on your situation and the risks.

Personally, I say "Share useful info like crazy!"

davisgang90

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Re: Money Talk with Coworkers
« Reply #25 on: August 30, 2017, 03:30:14 AM »
I've been having lunch with a co-worker (I bring mine, he buys) and talking to him about how I'm retiring at 49, slowly introducing him to frugal concepts.  He should be in the same boat as me (active duty military 25-ish years, nice pension/healthcare), but he can't even fathom retiring.  He and his wife both work and he currently invests 1% of his base pay to TSP and wishes he had more saved.  He did just buy a new Mercedes though, so he's got that going for him!

I have another colleague who is in great shape, just sold his big home and moved in to his much smaller house that had previously been a rental.  As soon as he hits 2 years in the current house (to avoid capital gains tax) he is retiring from the Air Force (after 30 years) and he and his wife plan to move back to Michigan and build a small house and a big wood-working shop for his second career.  He's been doing wood-working for years as a side-hustle and is really accomplished.

Check out my blog.  Early retirement from a military perspective.

http://chartprepping.com




talltexan

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Re: Money Talk with Coworkers
« Reply #26 on: August 30, 2017, 07:41:57 AM »
It's interesting the money topics that are/aren't discussed at my office:

Good: Talking about individual stocks we've bought; Forbidden: sharing the totality of investment portfolio

Good: Sharing the mortgage rates we pay; Forbidden: sharing the total loan balance

Good: Describing detailed financial transactions from the 1980's; Forbidden: describing salary in the 1980's (or today, of course!)

PathtoFIRE

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Re: Money Talk with Coworkers
« Reply #27 on: August 30, 2017, 07:49:24 AM »
...smaller house that had previously been a rental.  As soon as he hits 2 years in the current house (to avoid capital gains tax) ...

I think this has been limited now (the capital gains exclusion of a previous rental that has been converted to a primary residence) to only qualifying years, which are defined as actual years the house was a primary residence after 2009 plus any years before 2009 in which it was either primary or a rental. So he can only claim a portion of the deduction, and will have to subtract out first any claimed depreciation and then any rental years between 2009 and when he sells.

M5

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Re: Money Talk with Coworkers
« Reply #28 on: August 30, 2017, 10:27:04 AM »
I don't think it's bad to talk money with coworkers. You might help someone who didn't know they were fucking up their future. You just have to be aware of the risks and be ready with an "escape from conversation" plan if things don't go as expected.

100% agree with you! I was on the typical unassuming consumer path until a former co-worker started throwing little bones out once in awhile. Once he realized I was latching onto them and listening, he opened up and gave me 20 years worth of wisdom. I will be forever grateful. In fact, he is the one who told me to shoot for retiring at 30. That is how I discovered MMM, googled "how to retire by age 30". Most people just blow you off, but there might be one or two who are willing to take the plunge and you will have the satisfaction that you completely changed their life course.

talltexan

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Re: Money Talk with Coworkers
« Reply #29 on: August 31, 2017, 07:48:21 AM »
I've found the MMM blog entry refuting the Elite Daily piece ("If you're saving money in your 20's, you're doing it wrong") to be a good entry point to having these types of discussions, at least back when that piece was being widely circulated.

BTDretire

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Re: Money Talk with Coworkers
« Reply #30 on: September 01, 2017, 10:23:19 AM »
I've found the MMM blog entry refuting the Elite Daily piece ("If you're saving money in your 20's, you're doing it wrong") to be a good entry point to having these types of discussions, at least back when that piece was being widely circulated.

 How can anyone here not think that article is totally tongue in cheek sarcasm?

http://elitedaily.com/life/savings-20s-something-wrong/1214445/
« Last Edit: September 01, 2017, 11:45:25 AM by BTDretire »

Playing with Fire UK

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Re: Money Talk with Coworkers
« Reply #31 on: September 02, 2017, 12:33:30 AM »
None of us make very much. We work for a family owned grocery store ( I recently got a second job at a hotel\spa that's really close to my house) No retirement plans at either place. We live in rural michigan. I make 10.50 at the grocery store after working there for seven years. I bought a 70k house with my boyfriend last year and were down to 50k. I've been putting about 500 a month into vanguard too. Kinda made my own retirement plan I guess.

You are awesome!!!


I totally disagree! Awesome is inadequate. If you had access to a huge set of data, and found hundreds of thousands of couples that have similar incomes, similar ages, similar COL, and the ability to purchase a similar house, you would be lucky to find one in a thousand that has their shit together like you do.  On a modest salary, in a location where it's even tough to find a job at all, and you have a home for two years, paid it down by 30%, AND are tossing half a grand in Vanguard every month.........................no, awesome isn't nearly enough. Way beyond awesome.

Yep, way beyond awesome.

I'm hesitant to share about money in some work places, I have a concern that if they are looking to cut someone's hours or not give a payrise they'll pick me because they think I'm loaded. Depending on the culture, I might display more or less frugality. When I was an hourly worker my colleagues noticed that I always brought leftovers for lunch and I was a student so being poor went with the territory. I got more hours because of it.

dcamnc

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Re: Money Talk with Coworkers
« Reply #32 on: September 02, 2017, 07:00:28 AM »
I try to talk to my coworkers about money. I'll admit I'm more of a doer than a teacher (horrible teacher in fact). I get the eyes glazed over look from my coworkers when I bring up 401k's or similar. Most of them admitted that they've never even logged in to their 401k accounts; pretty sad. They'll happily discuss buying a new vehicle/house though.

Slow2FIRE

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Re: Money Talk with Coworkers
« Reply #33 on: September 03, 2017, 11:16:53 PM »
Discussing money with a younger co-worker, I was able to help them turn off the spending on expensive alcohol at restaurants and expensive brand label clothing and instead they paid off their credit cards and increased 401K contributions.  They do have a little bit of a "chasing returns" mentality though, but I'll leave that as something for them to work through for themselves.

libertarian4321

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Re: Money Talk with Coworkers
« Reply #34 on: September 04, 2017, 11:45:29 AM »
FWIW, I use my credit card for everything, and it costs nothing of course.

This isn't at all true and I wish people would stop thinking it is. You, me, everybody, pays 3% more for for EVERYTHING because credit card transaction fees are built in.

Except things like guns, which always seem to have a cash price.


Regardless of your theories about what goes into pricing, there is ONE PRICE for that pack of Bologna.

It's $1. 

That's the price everyone will pay.

So you can use cash, and pay $1.  Total cost $1.00.  Plus, you have to obtain and carry around little pieces of paper, which is kind of a PITA.

Or you can use a credit card, pay $1, and pay interest if you don't pay it off.  Total cost maybe $1.10.

Or you can use a credit card, pay $1, and get a small 2 cent reward for doing so.  If you pay off the credit card, your total cost is 0.98.

It doesn't take a genius to figure out who's getting the best deal.

So I use a credit card for essentially every purchase. 


clarkfan1979

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Re: Money Talk with Coworkers
« Reply #35 on: September 04, 2017, 02:57:57 PM »
I only talk "money and investing" with one person at work. They are a little older (53) and FI, mostly through real estate. I think we get along because we are on similar paths. My wife and I are just a little younger and more in the beginning stages.

We haven't let anyone else into our circle because we both fear of being excluded at work because we are not broke like everyone else.

TomTX

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Re: Money Talk with Coworkers
« Reply #36 on: September 06, 2017, 07:56:45 PM »
FWIW, I use my credit card for everything, and it costs nothing of course.

This isn't at all true and I wish people would stop thinking it is. You, me, everybody, pays 3% more for for EVERYTHING because credit card transaction fees are built in.

I think this is a logical fallacy.

People ignore the costs of handling cash, because CASH MONEY!!!111

Think retail. You have to count cash into the register drawers in the morning, keep replenishing small bills and change all day (usually with manager oversight), spend time handling cash transactions (receiving cash, counting it, making change, counting it) then count the drawer again every time a cashier changes, count all the cash again collectively at the end of shift (or whatever) - maybe with a counting machine you had to buy - then bundle up the cash, put it in an expensive safe until you're ready to either pay an employee to go deposit it in the bank, or pay a security company to do it for you. And hope they bring back enough small bills and rolled coins for tomorrow.

It's a LOT more effort than letting the customer swipe their card while you bag the groceries or whatever.
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libertarian4321

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Re: Money Talk with Coworkers
« Reply #37 on: September 12, 2017, 06:12:37 PM »
FWIW, I use my credit card for everything, and it costs nothing of course.

This isn't at all true and I wish people would stop thinking it is. You, me, everybody, pays 3% more for for EVERYTHING because credit card transaction fees are built in.

I think this is a logical fallacy.

People ignore the costs of handling cash, because CASH MONEY!!!111

Think retail. You have to count cash into the register drawers in the morning, keep replenishing small bills and change all day (usually with manager oversight), spend time handling cash transactions (receiving cash, counting it, making change, counting it) then count the drawer again every time a cashier changes, count all the cash again collectively at the end of shift (or whatever) - maybe with a counting machine you had to buy - then bundle up the cash, put it in an expensive safe until you're ready to either pay an employee to go deposit it in the bank, or pay a security company to do it for you. And hope they bring back enough small bills and rolled coins for tomorrow.

It's a LOT more effort than letting the customer swipe their card while you bag the groceries or whatever.

In addition, using cash is a PITA.

Having to acquire (ATM, cashing checks, whatever), then carry around, little pieces of paper.  Then exchanging those pieces of paper and getting back even more annoying and generally useless smaller pieces of metal.  Annoying.  To say nothing of how unpleasant it can be if you lose those tiny pieces of paper or those pieces of metal.

Aside from the fat that I AM getting a better deal using the credit card, it's also a Hell of a lot more convenient.

I rarely use cash.  I put $100 in my wallet, and it will last all year.


frugalnacho

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Re: Money Talk with Coworkers
« Reply #38 on: September 13, 2017, 10:02:49 AM »
I talk openly about my taxes, savings rate, investment vehicles, account balances, mortgages etc.  I don't give a fuck.  If anyone wants to listen to me I'm laying it all out there for them.  If they don't, then whatever it's their life and I'm gonna keep plugging away at mine.

Most of it falls on deaf ears, but I've convinced multiple coworkers to start IRAs at vanguard.   I convinced one coworker to purchase a house within a mile of work (instead of the 40 mile commute he was considering to be in the neighborhoods of other coworkers) - I told him they are fucking insane and wasting hundreds of hours and thousands of dollars commuting every year - I purchased a house close to work and invested the rest and I have huge account balances, so what do you want to live out by paul or live closer to work and have tens of thousands of dollars in an investment account in a decade?

sparkytheop

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Re: Money Talk with Coworkers
« Reply #39 on: September 13, 2017, 05:14:55 PM »
This thread reminded me of a conversation I had with a newer, lower-level, coworker several years ago.  We were doing maintenance on a transformer, and I was acting as the watch while another coworker was hanging grounds on the line.  Anyway, newer coworker strikes up a conversation with "I hear you are rich".  I asked him where he heard that, and he said several people had told him that.  I explained that I just lived cheap, saved a lot, maxed my retirement, and prioritized with the rest.  But he kept insisting that I had to be rich, so I asked him what he thought "rich" was.  He said something like "you have $30k in the bank".  I said, well, it's not all in the bank, but... 

Anyway, it's funny that that was the perception.  Not only did I make the same exact amount as 90% of my coworkers, across the fields, but I was the only single mom.  Several of the guys had working spouses.  Apparently, I was one of the few to max my tsp, and the fact that I took awesome vacations meant I was rich (meanwhile, I was driving a rust bucket, didn't go out to eat, don't drink/smoke, etc).  I know we made exactly the same money because all trades are tied to a letter wage, and all of the people have a certain letter.  So, all "A"s make the same, all, "I"s make the same, and all journeymen, no matter the trade, were the same letter, etc.  There were only a few people who made more, with a higher letter, and I wasn't one of those people yet. 

Over the years, after talking to people about tsp accounts, etc, I've learned that I have one of the higher balances, especially considering my age/years of service.  I've since lowered my contribution so that I can save more money for immediate use (like helping DS with college), but will bump it back up when I no longer have him as a tax deduction and have to go from HOH+1 to Single.

This guy wasn't journeyman yet, so he wasn't making as much as we were, but he kept explaining that he could never save that much because he was "into cars".  I explained that it was all about priority, and he would earn enough to save the money and still blow a bunch on cars.  I think he quit after a year or so, not sure what he is doing now, but man, that conversation...

cheapass

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Re: Money Talk with Coworkers
« Reply #40 on: September 14, 2017, 09:20:07 AM »
... he kept explaining that he could never save that much because he was "into cars".  I explained that it was all about priority...

Whenever people say they "can't" do something I always correct them with - "You can, you just choose not to."
Every single decision you make with money either shortens or lengthens your working career.

MgoSam

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Re: Money Talk with Coworkers
« Reply #41 on: September 14, 2017, 10:37:44 AM »
... he kept explaining that he could never save that much because he was "into cars".  I explained that it was all about priority...

Whenever people say they "can't" do something I always correct them with - "You can, you just choose not to."

Yup, I know someone at my gym that doesn't have the money to go to the opera though has expressed an interest in going but spends plenty of money elsewhere. I haven't commented other than offering her a sweet deal on tickets because I take her statement to mean, "It isn't something I want to do," which I would prefer her saying that. When I first brought up that I was going to the opera she gushed about how she's always wanted to go and mentioned that she lives a few blocks away from where performances are being held.

sparkytheop

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Re: Money Talk with Coworkers
« Reply #42 on: September 14, 2017, 12:01:26 PM »
... he kept explaining that he could never save that much because he was "into cars".  I explained that it was all about priority...

Whenever people say they "can't" do something I always correct them with - "You can, you just choose not to."

I also use "it's a choice" quite often.  One of the most WTF comments I got from someone was that I was "lucky to be a single mom."  Seriously?  Who the hell in their right mind would think being a single parent is on the lucky side of a financial situation? 

Anyway, when I hear "it must be nice to go on vacation" or "I can't afford to go on vacation", I reply with "it's a choice".  I just choose not to go out to eat all the time, buy the latest gadgets, pay for big tvs and cable, drive new cars all the time (although I did have to replace my rust bucket last month, which still makes me sad), etc.  I choose instead to save as much as I can for retirement, then use some of my income to travel.  More luxuries in life would mean less travel, so I continue to choose travel, while they continue to choose other luxuries.

Lanthiriel

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Re: Money Talk with Coworkers
« Reply #43 on: September 15, 2017, 04:15:58 PM »
I talk openly about my taxes, savings rate, investment vehicles, account balances, mortgages etc.  I don't give a fuck.  If anyone wants to listen to me I'm laying it all out there for them.  If they don't, then whatever it's their life and I'm gonna keep plugging away at mine.

This is me too. No fucks given. Why are we so weird about talking about what we pay for things, how much we make, etc? Maybe a little more transparency would take some of the mystery out of it for people who are "bad with money."

jinga nation

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Re: Money Talk with Coworkers
« Reply #44 on: September 17, 2017, 06:59:24 AM »
I talk openly about my taxes, savings rate, investment vehicles, account balances, mortgages etc.  I don't give a fuck.  If anyone wants to listen to me I'm laying it all out there for them.  If they don't, then whatever it's their life and I'm gonna keep plugging away at mine.

This is me too. No fucks given. Why are we so weird about talking about what we pay for things, how much we make, etc? Maybe a little more transparency would take some of the mystery out of it for people who are "bad with money."

Maybe it depends where you live in the US. In the southeast, coworkers will talk endlessly about football (the throwing variety), drinking, buying stupid useless shit, big trucks to commute 25 miles each way, AmeriPrise, etc. Any talk about retirement investing (even into the company's Vanguard-run 401k), bringing lunch from home, financial literacy, making your home hurricane-resilient, etc. results in puckering assholes. Which is why I love Sweet Dreams (Eurythmics):

Sweet dreams are made of this
Who am I to disagree?
I travel the world
And the seven seas,
Everybody's looking for something.
Some of them want to use you
Some of them want to get used by you
Some of them want to abuse you
Some of them want to be abused.

My coworkers are that last line.
If I genuinely enjoy my profession and workplace, is there a reason to FIRE? Keep Calm and Carry On Milking.

sparkytheop

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Re: Money Talk with Coworkers
« Reply #45 on: September 18, 2017, 04:12:41 AM »
Had a conversation with one of my coworkers tonight.  My field has two levels.  My level is all the running around stuff, and his level is sitting in a room all day at the computers.  They don't get to leave that room in a 12 hour shift.  My job has the physical work, but a lot of downtime where I can do my own thing (especially on nights).

I hate desk jobs.  And I feel cooped up very quickly.  This room he works in has a kitchen and bathroom attached, but when other people are in there, he can't leave and hide out.  There are no windows to the outside.  It's everything I would hate in a job.  But, it makes $10+ more an hour.

He knows I don't want the job, but has brought it up several times that I may want to change my mind and start setting myself for it now, so that as I get older and less physically capable of my current job, I can still work however long I want.  I plan to retire at my MRA (57) unless something happens that would make getting out earlier more attractive.  I again said that I had no desire for that job, and even though the extra pay would be nice, it's just really not worth it to me.

He finally agreed that "well, if you are doing fine with retirement and everything already, I can see why you don't want it."  That's when some actual numbers came out.  Turns out that at 19 years younger, and at least 6 years fewer on the job (but I think it's closer to 10), I have more in my retirement than he does.  He has two kids, I have one.  He has a wife who, until fairly recently, was working.  He's been at this higher level at least 10 years.  He was impressed at how well I've set myself up.  I hope he can continue to pay down debt, etc, to retire when he wants, instead of when he feels he can.

rdaneel0

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Re: Money Talk with Coworkers
« Reply #46 on: September 19, 2017, 03:20:41 PM »
I will talk money anywhere at anytime. I don't tell co-workers how much I make or how much I actually have, but I make references to saving, figuring out amortized costs, investing, etc.

I've had two different co-workers ask me for references now, a guy who's 25 with about $50k in student loans and $5k in consumer debt and ZERO clues (thinks he's low income even though he's not) and a girl who's 22 and on a great path, she brings her breakfast and lunch every day and talks about saving instead of traveling right now like many of her friends are doing.

Who knows if they'll stick with it, but if over the course of my working life even 1 in ever 50 people is even vaguely influenced I think it's worth it.
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2Birds1Stone

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Re: Money Talk with Coworkers
« Reply #47 on: September 19, 2017, 03:49:07 PM »
I talk in generals with coworkers. I wouldn't care to share my savings rate, net worth, etc in any way.

My coworkers do come to me for advice, because I'm the tax guy, 401k guy, health insurance guy, investment guy, insurance guy, and general don't fuck your life advice up guy.

The number of people I have saved in 3 years with my employer from, whole life, annuities, pay day loans, 401k loans, HELOC (where they had no business taking one ie vacation), vacation homes, boats, car leases, is astounding. No one has a clue I am only a few years from FI, but I have a 2022 year calendar in my cube just crossing off the days.
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mbl

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Re: Money Talk with Coworkers
« Reply #48 on: September 21, 2017, 10:38:57 AM »

I know that their household is well into the six figure salary range, how can they justify paying interest on a credit card??  They belong to a country club, tennis club and a fancy gym with the family membership!  How about you get your debt in order before paying all those incidental monthly expenses??


Did she tell you that she pays interest on credit cards or did she just assume that you pay interest on credit cards?
You can never really know what transpires in someone's personal life.