Author Topic: My Soon-To-Be Millionaire Family Members  (Read 238951 times)

Davnasty

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Re: My Soon-To-Be Millionaire Family Members
« Reply #200 on: April 11, 2018, 12:28:03 PM »
I think what we (me, my parents) have realized is that they feel no heartburn about the ridiculous amount of borrowed money because the father-in-law (lender of the cash) feels no heartburn about lending it. I think it's becoming clear to us that there is virtually no risk here for them, because the in-laws will just continue to support them through any disaster that comes their way. BIL fails his boards again? No worries, just float them for another 6 months. Practice opens and not enough cash flow? No worries, just float them until they're in the black. I don't get the feeling that there's any stress from any party. It's all sunshine and rainbows over there.

They're currently on vacation for a week with the in-laws, taking a much-deserved break. They'll be back on Saturday, and then they'll be jetting off to TN on Sunday for another week-long vacation (a friend from chiropractic school is opening his practice in TN and they're going for the grand opening.) I'm thinking the first week of his practice opening might give them a look at what the first week(s) of THEIR practice opening might look like, and re-calibrate their expectations a little. I can't imagine people will be busting down the door on day 1. After that, they've got another 2-week vacation planned in June. Gotta get that R&R!

Also unclear about the status of the sister's new "job" with the spin class. Hard to lead spin classes when you're out of state for a month!

Regardless of the money situation, I don't know if I could take multiple vacations away from not working and enjoy myself. The guilt of seeing my friends and family working full time jobs would be too much. Then again...

Nederstash

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Re: My Soon-To-Be Millionaire Family Members
« Reply #201 on: April 13, 2018, 10:13:04 AM »
Also unclear about the status of the sister's new "job" with the spin class. Hard to lead spin classes when you're out of state for a month!

God told her not to work, so I guess it's better for her to be on holiday?

Linea_Norway

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Re: My Soon-To-Be Millionaire Family Members
« Reply #202 on: April 13, 2018, 10:26:28 AM »
Regardless of the money situation, I don't know if I could take multiple vacations away from not working and enjoy myself. The guilt of seeing my friends and family working full time jobs would be too much. Then again...

Then I presume you don't want to FIRE?

We are weird anyway. I feel guilty when I am on an extra vacation, because there is so much to do at work. While the reason that I can take up an extra week of vacation is having a pile of overtime. I can't wait to be FI and do the following RE.

avalanchecity

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Re: My Soon-To-Be Millionaire Family Members
« Reply #203 on: April 13, 2018, 10:33:56 AM »
Regardless of the money situation, I don't know if I could take multiple vacations away from not working and enjoy myself. The guilt of seeing my friends and family working full time jobs would be too much. Then again...

Then I presume you don't want to FIRE?


i assumed dabnasty meant that they couldn't see taking vacation from not working using someone else's money - if dad is supporting you, not your own job or FI, and you claim you need a vacation to get away from it all...i would have a hard time not feeling guilty about that, too!

edited, because i put the wrong name while typing distractedly
« Last Edit: April 13, 2018, 01:00:16 PM by avalanchecity »

Davnasty

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Re: My Soon-To-Be Millionaire Family Members
« Reply #204 on: April 13, 2018, 12:09:26 PM »
Regardless of the money situation, I don't know if I could take multiple vacations away from not working and enjoy myself. The guilt of seeing my friends and family working full time jobs would be too much. Then again...

Then I presume you don't want to FIRE?

We are weird anyway. I feel guilty when I am on an extra vacation, because there is so much to do at work. While the reason that I can take up an extra week of vacation is having a pile of overtime. I can't wait to be FI and do the following RE.

I have no idea what I want to do, just gonna see what happens :)

But I did mean vacation as in traveling to a place and staying in a hotel kind of vacation. Plus, even if I FIREd I anticipate "working" on projects that may or may not create income. I did question myself when I wrote this hence the "then again..."

FIREmydebt

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Re: My Soon-To-Be Millionaire Family Members
« Reply #205 on: April 13, 2018, 02:59:04 PM »
Posting to follow-- this whole thread had me laughing!  And terrified for this couple.

frugalfoothills

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Re: My Soon-To-Be Millionaire Family Members
« Reply #206 on: April 25, 2018, 11:39:50 AM »
Things are not looking up for the Future Millionaires (at least, from my perspective.) Newest bad decision is that my sister is getting wrapped up in an MLM. A chiropractor-turned-SAHM is peddling a new non-toxic makeup brand all over Facebook, and naturally my sister is getting sucked in. She's hosting a "workshop" on Facebook this week about why this makeup brand is amazing, and I'm assuming it is only a matter of [short] time before she starts buying product to sell herself.

MarciaB

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Re: My Soon-To-Be Millionaire Family Members
« Reply #207 on: April 25, 2018, 11:57:20 AM »
OMG!! Just when you thought it couldn't get any worse...can you tell us the MLM brand?

frugalfoothills

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Re: My Soon-To-Be Millionaire Family Members
« Reply #208 on: April 25, 2018, 12:28:22 PM »
OMG!! Just when you thought it couldn't get any worse...can you tell us the MLM brand?

A makeup called Crunchi, I think? I looked at their website and it actually seems like they offer a pretty nice product with truly clean ingredients (hard to find in cosmetics.) Too bad I won't support an MLM on principle.

Just Joe

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Re: My Soon-To-Be Millionaire Family Members
« Reply #209 on: April 25, 2018, 12:40:38 PM »
From afar the MLM sound hilarious. Your SIL finds a new brand, falls in love and immediately wants to get out there and teach the world about how wonderful it is.... Typical MLM I'm sure.

I have things that I'm really enthusiastic about but no public "pontificating" until after the "long term testing". ;)

Slee_stack

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Re: My Soon-To-Be Millionaire Family Members
« Reply #210 on: April 25, 2018, 01:30:34 PM »
Maybe God uses Crunchi?   God did say to 'just wait' afterall.  Maybe divine makeup is what He was referring to and this astute business couple won't even have to open a clinic afterall!

All this idle time was merely part of God's plan!  Its miraculous how things work out.

Beard N Bones

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Re: My Soon-To-Be Millionaire Family Members
« Reply #211 on: April 25, 2018, 01:45:12 PM »
my sister is getting wrapped up in an MLM.

This hurts my head.  It makes me angry and nauseous all at the same time.
Go ahead and be financially illiterate and irresponsible - but don't commit financial suicide by getting involved with a MLM.
Why can't people do the math and come to the conclusion that MLMs are not a business to get involved with?

patchyfacialhair

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Re: My Soon-To-Be Millionaire Family Members
« Reply #212 on: April 25, 2018, 01:48:09 PM »
my sister is getting wrapped up in an MLM.

...
be financially illiterate and...
do the math...

Well there's your problem right there.

Cezil

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Re: My Soon-To-Be Millionaire Family Members
« Reply #213 on: April 25, 2018, 01:53:24 PM »
I am so curious to see what happens with this story!  Regarding the MLM world she is being sucked in to, it's interesting that it's being peddled by a chiropractor-turned-SAHM.  SAHM because of a new child, or because the chiro business wasn't bringing home the bacon?  Do you think perhaps there's a light-bulb desperately trying to flicker on above her/their heads, and the potential to dive in to MLM territory may be their semi-realization that "Hey, maybe this first plan might not work out as originally intended (like the SAHM)..we need a back up plan?" and she's feeling some pressure to get a job of some sorts to bring in some money?  The MLM is just a misguided attempt?

frugalfoothills

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Re: My Soon-To-Be Millionaire Family Members
« Reply #214 on: April 25, 2018, 02:17:24 PM »
my sister is getting wrapped up in an MLM.

This hurts my head.  It makes me angry and nauseous all at the same time.
Go ahead and be financially illiterate and irresponsible - but don't commit financial suicide by getting involved with a MLM.
Why can't people do the math and come to the conclusion that MLMs are not a business to get involved with?

Why do the math when hashtags on the internet are telling you you can #beyourownboss #girlboss #beyourownCEO?

I've never understood why these women believe they are the CEO of their own company, while working for a company with an actual CEO. ??????????

TheGrimSqueaker

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Re: My Soon-To-Be Millionaire Family Members
« Reply #215 on: April 25, 2018, 02:31:39 PM »
my sister is getting wrapped up in an MLM.

This hurts my head.  It makes me angry and nauseous all at the same time.
Go ahead and be financially illiterate and irresponsible - but don't commit financial suicide by getting involved with a MLM.
Why can't people do the math and come to the conclusion that MLMs are not a business to get involved with?

Why do the math when hashtags on the internet are telling you you can #beyourownboss #girlboss #beyourownCEO?

I've never understood why these women believe they are the CEO of their own company, while working for a company with an actual CEO. ??????????

It's because they have no idea what a CEO actually does. They can spell CEO, so they think that gives them business acumen. Besides, a hashtag is also called a "number sign", so using lots of them makes them think they're good with numbers.

talltexan

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Re: My Soon-To-Be Millionaire Family Members
« Reply #216 on: April 26, 2018, 07:20:05 AM »
I just had to listen to the quarterly earnings conference call of Ford motor company for work yesterday (it's a duty I asked for because the wife owns 400 shares). Really gives you a renewed respect for how hard it is to be a CEO of a company that size.

FI40

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Re: My Soon-To-Be Millionaire Family Members
« Reply #217 on: April 26, 2018, 09:03:04 AM »
Just seeing this thread now, and posting to follow. It certainly seems like a disaster waiting to happen, but people can always learn and change their ways, especially with a safety net like they have. How long do you figure the in-laws will bankroll their lifestyle and business before cutting them off or slowing them down? I mean, I may have missed it but we don't know if FIL is struggling to get by as well, or is a multimillionaire.

Tuskalusa

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Re: My Soon-To-Be Millionaire Family Members
« Reply #218 on: April 26, 2018, 09:28:45 AM »
This thread is as good as and TV drama. Can’t wait to hear what happens next with the Future Millionaires!

tomsang

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Re: My Soon-To-Be Millionaire Family Members
« Reply #219 on: April 26, 2018, 11:36:25 AM »
Wow!!!  Crazy thread.  I feel bad about laughing about all the updates and the snarky replies.  I hope the OP is enjoying this vs. feeling worse about her sister and BIL. 

I feel like I have an advantage on the date as I just found this thread and have more info then many when they picked their dates.  I am going to throw out July 7th.  They are not going to want to beg for money or let the family know that their amazing venture is not going well on July 4th.  They will throw some hints to moneybags, but the big discussion is going to occur on Saturday the 7th.

The part that was confusing (most of it because nothing makes sense to a Mustachian mind), was that he has not passed the state test boards.  That also explains why he "can't" work.  Do you get a sense that he is cracking the books hard?  Do you get a sense if the school that they went to sets them up for failure.  IE teaching them cray cray beliefs vs. what is on the boards?  If the board give an example of someone wanting help for cancer.  Will they answer the board certified way that they would refer them or recommend that they go to see an Oncologist or whatever the main stream answer would be or would they fill in the blank to use a healing crystal and a spinal adjustment?   

I assume that these folks have no credit or bad credit.  Did the landlord require Father In Law to co-sign on the lease?  How long are they on the hook?  5 years?

My personality would be to have a sit down with my family member. I would have guilt if I saw this train wreck occurring and just sat their quietly.  After airing my concerns, I would not harp on it, but I would personally need to let them know that this is troubling on many fronts.

Thanks for keeping this thread updated.  It is very interesting if not a bit disturbing.  I hope that they don't lose his parents over this cluster.

Slee_stack

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Re: My Soon-To-Be Millionaire Family Members
« Reply #220 on: April 26, 2018, 12:13:48 PM »
While they will undoubtedly become Future Millionaires [insert extreme eyeroll emoji]....

...they kind of already are living the 'Millionaire' lifestyle today...

vacations.... from leisure...
...a house and (loosely termed) 'work' space...that will open 'someday'...
...a lawnmower to save them all the time they aren't using...

All on someone else's income/savings.  Thanks pop!

I wonder if we only got a snippet earlier when the wife mentioned that God told her to just wait....

....for FIL's next check..... perhaps?


Should we call this lifestyle disconnect being a....Millionaide?




Laura33

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Re: My Soon-To-Be Millionaire Family Members
« Reply #221 on: April 26, 2018, 02:24:52 PM »
This is far and away my favorite guilty pleasure thread.  Every time I see a new post, I want to grab the popcorn and settle in.  And it truly does just keep on giving.  Thank you, thank you.

Ok, as a reasonable human being, I do hope they get their shit together and grow up and don’t get taken for a ride more than they already have.  But does it make me a bad person to want to enjoy the ride for as long as they continue to ostrich?

Davnasty

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Re: My Soon-To-Be Millionaire Family Members
« Reply #222 on: April 26, 2018, 02:36:57 PM »
I don't feel bad laughing. As long as they really are as oblivious as they seem, they're loving life right now.

When and if reality hits, I will feel bad for them. Best case scenario - reality will straighten them out and the hole they've dug won't ruin their financial life forever but I do want them to struggle for at least a bit to get back on their feet. Best case scenario seems unlikely though...

Kay-Ell

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Re: My Soon-To-Be Millionaire Family Members
« Reply #223 on: April 26, 2018, 04:32:29 PM »
This is my favorite thread too!  And of course it makes us bad people for laughing, but do we care?  I like to imagine someone in my family is on another board somewhere talking about my crazy financial decisions, and all of the other forum members think I'm a lunatic.

"Then she quit her job, and buys everything from yard sales and craigslist!  And when I asked what she planned to do if the economy goes belly up, she just shrugged her shoulders and said she guesses she'd have to find a way to earn money!  But when she was actually offered another job, did she take it?  No, she turned it down saying she didn't think she'd need the money.  And bear in mind this person is not a multi-millionaire.  Like AT ALL!  But somehow she's deluded herself into thinking she can live off of savings and real estate investments, because "frugality!"

mausmaus

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Re: My Soon-To-Be Millionaire Family Members
« Reply #224 on: April 26, 2018, 08:39:51 PM »
Back in my day, we used to call this # a pound sign... which incidentally gives new meaning to the "me too" movement.

Not cool, man

Linea_Norway

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Re: My Soon-To-Be Millionaire Family Members
« Reply #225 on: April 26, 2018, 11:24:53 PM »
This is my favorite thread too!  And of course it makes us bad people for laughing, but do we care?  I like to imagine someone in my family is on another board somewhere talking about my crazy financial decisions, and all of the other forum members think I'm a lunatic.

"Then she quit her job, and buys everything from yard sales and craigslist!  And when I asked what she planned to do if the economy goes belly up, she just shrugged her shoulders and said she guesses she'd have to find a way to earn money!  But when she was actually offered another job, did she take it?  No, she turned it down saying she didn't think she'd need the money.  And bear in mind this person is not a multi-millionaire.  Like AT ALL!  But somehow she's deluded herself into thinking she can live off of savings and real estate investments, because "frugality!"

:-D
That is a very good analogy.

barbaz

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Re: My Soon-To-Be Millionaire Family Members
« Reply #226 on: April 27, 2018, 12:16:03 AM »
This is my favorite thread too!  And of course it makes us bad people for laughing, but do we care?  I like to imagine someone in my family is on another board somewhere talking about my crazy financial decisions, and all of the other forum members think I'm a lunatic.

"Then she quit her job, and buys everything from yard sales and craigslist!  And when I asked what she planned to do if the economy goes belly up, she just shrugged her shoulders and said she guesses she'd have to find a way to earn money!  But when she was actually offered another job, did she take it?  No, she turned it down saying she didn't think she'd need the money.  And bear in mind this person is not a multi-millionaire.  Like AT ALL!  But somehow she's deluded herself into thinking she can live off of savings and real estate investments, because "frugality!"

:-D
That is a very good analogy.
Please tell me this place exists

talltexan

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Re: My Soon-To-Be Millionaire Family Members
« Reply #227 on: April 27, 2018, 08:07:32 AM »
Sometimes these things work out. eighteen months ago I was exasperated by my BIL and SIL buying a house that was utterly extravagant and monstrous when compared with their incomes. What was particularly disorienting was my MIL--who'd always criticized my household for spending too much and irresponsibly taking on debt--suddenly seemed to think her son was his generation's Ben Graham for finding a zero percent financing deal on a lawn mower.

But I just checked zillow today, and they've already got about $40,000 of extra equity. That will pay for a lot of lawn mowers.

I'm a red panda

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Re: My Soon-To-Be Millionaire Family Members
« Reply #228 on: April 27, 2018, 08:10:16 AM »
Sometimes these things work out. eighteen months ago I was exasperated by my BIL and SIL buying a house that was utterly extravagant and monstrous when compared with their incomes. What was particularly disorienting was my MIL--who'd always criticized my household for spending too much and irresponsibly taking on debt--suddenly seemed to think her son was his generation's Ben Graham for finding a zero percent financing deal on a lawn mower.

But I just checked zillow today, and they've already got about $40,000 of extra equity. That will pay for a lot of lawn mowers.

Equity doesn't pay for anything unless they sell it though.

All it does is mean property taxes are higher.

TheGrimSqueaker

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Re: My Soon-To-Be Millionaire Family Members
« Reply #229 on: April 27, 2018, 08:49:16 AM »
Sometimes these things work out. eighteen months ago I was exasperated by my BIL and SIL buying a house that was utterly extravagant and monstrous when compared with their incomes. What was particularly disorienting was my MIL--who'd always criticized my household for spending too much and irresponsibly taking on debt--suddenly seemed to think her son was his generation's Ben Graham for finding a zero percent financing deal on a lawn mower.

But I just checked zillow today, and they've already got about $40,000 of extra equity. That will pay for a lot of lawn mowers.

Equity doesn't pay for anything unless they sell it though.

All it does is mean property taxes are higher.

Unless of course they refinance to pull some of that equity out. That move was common during the last big housing boom because interest rates were low enough to make people think they could get a better ROI elsewhere. Second mortgages or lines of credit were common. The risk is that if housing values fall the heavily leveraged homeowner will be underwater. Also, there was a problem with appraisers artificially inflating the value of the home for refinancing purposes, which meant that people were borrowing against value that didn't exist.

bgsnyder

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Re: My Soon-To-Be Millionaire Family Members
« Reply #230 on: April 27, 2018, 09:45:52 AM »
Sometimes these things work out. eighteen months ago I was exasperated by my BIL and SIL buying a house that was utterly extravagant and monstrous when compared with their incomes. What was particularly disorienting was my MIL--who'd always criticized my household for spending too much and irresponsibly taking on debt--suddenly seemed to think her son was his generation's Ben Graham for finding a zero percent financing deal on a lawn mower.

But I just checked zillow today, and they've already got about $40,000 of extra equity. That will pay for a lot of lawn mowers.

Equity doesn't pay for anything unless they sell it though.

All it does is mean property taxes are higher.

Also Zillow is extremely generous with the estimates. My house was up $15K the first year and with a partially finished basement now they went from $145k - $195k

Petuniajo

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Re: My Soon-To-Be Millionaire Family Members
« Reply #231 on: April 27, 2018, 10:26:16 AM »
This is my favorite thread too!  And of course it makes us bad people for laughing, but do we care?  I like to imagine someone in my family is on another board somewhere talking about my crazy financial decisions, and all of the other forum members think I'm a lunatic.

"Then she quit her job, and buys everything from yard sales and craigslist!  And when I asked what she planned to do if the economy goes belly up, she just shrugged her shoulders and said she guesses she'd have to find a way to earn money!  But when she was actually offered another job, did she take it?  No, she turned it down saying she didn't think she'd need the money.  And bear in mind this person is not a multi-millionaire.  Like AT ALL!  But somehow she's deluded herself into thinking she can live off of savings and real estate investments, because "frugality!"

I love this so much.

AMandM

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Re: My Soon-To-Be Millionaire Family Members
« Reply #232 on: April 27, 2018, 04:18:23 PM »
Unless of course they refinance to pull some of that equity out. That move was common during the last big housing boom because interest rates were low enough to make people think they could get a better ROI elsewhere spend more money.

FTFY.

gerardc

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Re: My Soon-To-Be Millionaire Family Members
« Reply #233 on: April 27, 2018, 10:39:10 PM »
The sad thing is, they're going to live better lives than their frugal, responsible counterparts. They're basically acting like they're FIREd already, relaxed, healthy and enjoying life. The only difference is they'll get handouts from their parents, they'll have to pay less for liability if they get sued (because they'll have no savings) and they'll jump straight to medicaid in their old age, instead of slaving away for the "pride" of building their own stash and legacy like most of us do. I wish socialists would understand that it's always what happens when handouts are given.
« Last Edit: April 27, 2018, 10:41:06 PM by gerardc »

fredbear

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Re: My Soon-To-Be Millionaire Family Members
« Reply #234 on: April 28, 2018, 09:44:52 AM »

Unless of course they refinance to pull some of that equity out. That move was common during the last big housing boom because interest rates were low enough to make people think they could get a better ROI elsewhere.
...
Ms Squeaker, you're being charitable again.  I reckon not one in a hundred of the people who ATMed their homes in the last RE bubble did it based on a rational calculation that they could get a better ROI elsewhere./*  Nah, they used it for down payments on water lice, road lice, and pervert wagons.  (Jet skis, ATVs, winnebagi.)  Livin' the dream, with the house an endless fountain of cash to dreckify the perpetual appreciation.  Livin' the dream, and learning how a margin cascade works.
__
/* After all, it was true.  They could have.  And if they had, they'd still have the house now; their credit rating would gleam with the brilliance of a thousand suns instead of looking like something the septic tank pumper brings up; they' have big chunks of index funds; and financial reporters would be interviewing them about their genius and their stick-to-itiveness. 

Kay-Ell

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Re: My Soon-To-Be Millionaire Family Members
« Reply #235 on: April 28, 2018, 03:05:44 PM »

Unless of course they refinance to pull some of that equity out. That move was common during the last big housing boom because interest rates were low enough to make people think they could get a better ROI elsewhere.
...
Ms Squeaker, you're being charitable again.  I reckon not one in a hundred of the people who ATMed their homes in the last RE bubble did it based on a rational calculation that they could get a better ROI elsewhere./*  Nah, they used it for down payments on water lice, road lice, and pervert wagons.  (Jet skis, ATVs, winnebagi.)  Livin' the dream, with the house an endless fountain of cash to dreckify the perpetual appreciation.  Livin' the dream, and learning how a margin cascade works.
__
/* After all, it was true.  They could have.  And if they had, they'd still have the house now; their credit rating would gleam with the brilliance of a thousand suns instead of looking like something the septic tank pumper brings up; they' have big chunks of index funds; and financial reporters would be interviewing them about their genius and their stick-to-itiveness.

I refinanced my house one year after I purchased it to remove PMI and get a lower interest rate. A coworker of mine was also refinancing her house and we struck up anconversation about the paperwork. That’s when she said “don’t you just love refinancing?” I gave her a quizzical look and she continued “every year you just talk to you lender and they tell you how much money your house has made!” This was in 2015. I cringe to think what might happen in the future if every drop of equity is wrung out of their home every year.

TheGrimSqueaker

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Re: My Soon-To-Be Millionaire Family Members
« Reply #236 on: April 30, 2018, 10:08:33 AM »

Unless of course they refinance to pull some of that equity out. That move was common during the last big housing boom because interest rates were low enough to make people think they could get a better ROI elsewhere.
...
Ms Squeaker, you're being charitable again.  I reckon not one in a hundred of the people who ATMed their homes in the last RE bubble did it based on a rational calculation that they could get a better ROI elsewhere./*  Nah, they used it for down payments on water lice, road lice, and pervert wagons.  (Jet skis, ATVs, winnebagi.)  Livin' the dream, with the house an endless fountain of cash to dreckify the perpetual appreciation.  Livin' the dream, and learning how a margin cascade works.
__
/* After all, it was true.  They could have.  And if they had, they'd still have the house now; their credit rating would gleam with the brilliance of a thousand suns instead of looking like something the septic tank pumper brings up; they' have big chunks of index funds; and financial reporters would be interviewing them about their genius and their stick-to-itiveness.

I'm trying *so* freaking hard to de-snarkify and be nice.

Should I just stop?

adamb

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Re: My Soon-To-Be Millionaire Family Members
« Reply #237 on: April 30, 2018, 11:10:18 AM »
The sad thing is, they're going to live better lives than their frugal, responsible counterparts. They're basically acting like they're FIREd already, relaxed, healthy and enjoying life. The only difference is they'll get handouts from their parents, they'll have to pay less for liability if they get sued (because they'll have no savings) and they'll jump straight to medicaid in their old age, instead of slaving away for the "pride" of building their own stash and legacy like most of us do. I wish socialists would understand that it's always what happens when handouts are given.

so a couple directly benefiting from a capitalistic society of free handouts for the failsons of the elites while the rest work for scraps is an indictment of socialism?

I label this post 'Close But No Potato'.

ScreamingHeadGuy

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Re: My Soon-To-Be Millionaire Family Members
« Reply #238 on: April 30, 2018, 02:05:36 PM »
This is my favorite thread too!  And of course it makes us bad people for laughing, but do we care?  I like to imagine someone in my family is on another board somewhere talking about my crazy financial decisions, and all of the other forum members think I'm a lunatic.

"Then she quit her job, and buys everything from yard sales and craigslist!  And when I asked what she planned to do if the economy goes belly up, she just shrugged her shoulders and said she guesses she'd have to find a way to earn money!  But when she was actually offered another job, did she take it?  No, she turned it down saying she didn't think she'd need the money.  And bear in mind this person is not a multi-millionaire.  Like AT ALL!  But somehow she's deluded herself into thinking she can live off of savings and real estate investments, because "frugality!"

:-D
That is a very good analogy.
Please tell me this place exists

I want to join that forum and lurk.  They would have a "Non-Spendres and Misers' Wall of Comedy" to bitch about folks like us.

Kay-Ell

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Re: My Soon-To-Be Millionaire Family Members
« Reply #239 on: April 30, 2018, 10:09:41 PM »
This is my favorite thread too!  And of course it makes us bad people for laughing, but do we care?  I like to imagine someone in my family is on another board somewhere talking about my crazy financial decisions, and all of the other forum members think I'm a lunatic.

"Then she quit her job, and buys everything from yard sales and craigslist!  And when I asked what she planned to do if the economy goes belly up, she just shrugged her shoulders and said she guesses she'd have to find a way to earn money!  But when she was actually offered another job, did she take it?  No, she turned it down saying she didn't think she'd need the money.  And bear in mind this person is not a multi-millionaire.  Like AT ALL!  But somehow she's deluded herself into thinking she can live off of savings and real estate investments, because "frugality!"

:-D
That is a very good analogy.
Please tell me this place exists

I want to join that forum and lurk.  They would have a "Non-Spendres and Misers' Wall of Comedy" to bitch about folks like us.

The next best thing would be to create a thread where we all mock ourselves and try to imagine what our spendy-pants friends and relatives would say about us. :-D

Clookie

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Re: My Soon-To-Be Millionaire Family Members
« Reply #240 on: May 01, 2018, 05:37:40 AM »
This is my favorite thread too!  And of course it makes us bad people for laughing, but do we care?  I like to imagine someone in my family is on another board somewhere talking about my crazy financial decisions, and all of the other forum members think I'm a lunatic.

"Then she quit her job, and buys everything from yard sales and craigslist!  And when I asked what she planned to do if the economy goes belly up, she just shrugged her shoulders and said she guesses she'd have to find a way to earn money!  But when she was actually offered another job, did she take it?  No, she turned it down saying she didn't think she'd need the money.  And bear in mind this person is not a multi-millionaire.  Like AT ALL!  But somehow she's deluded herself into thinking she can live off of savings and real estate investments, because "frugality!"

:-D
That is a very good analogy.
Please tell me this place exists

I want to join that forum and lurk.  They would have a "Non-Spendres and Misers' Wall of Comedy" to bitch about folks like us.

The next best thing would be to create a thread where we all mock ourselves and try to imagine what our spendy-pants friends and relatives would say about us. :-D

That would be awesome

Laura33

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Re: My Soon-To-Be Millionaire Family Members
« Reply #241 on: May 01, 2018, 06:58:39 AM »

Unless of course they refinance to pull some of that equity out. That move was common during the last big housing boom because interest rates were low enough to make people think they could get a better ROI elsewhere.
...
Ms Squeaker, you're being charitable again.  I reckon not one in a hundred of the people who ATMed their homes in the last RE bubble did it based on a rational calculation that they could get a better ROI elsewhere./*  Nah, they used it for down payments on water lice, road lice, and pervert wagons.  (Jet skis, ATVs, winnebagi.)  Livin' the dream, with the house an endless fountain of cash to dreckify the perpetual appreciation.  Livin' the dream, and learning how a margin cascade works.
__
/* After all, it was true.  They could have.  And if they had, they'd still have the house now; their credit rating would gleam with the brilliance of a thousand suns instead of looking like something the septic tank pumper brings up; they' have big chunks of index funds; and financial reporters would be interviewing them about their genius and their stick-to-itiveness.

I'm trying *so* freaking hard to de-snarkify and be nice.

Should I just stop?

Yes.  Your snark skills are too highly refined not to share with the rest of us plebes.

TheGrimSqueaker

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Re: My Soon-To-Be Millionaire Family Members
« Reply #242 on: May 01, 2018, 08:04:43 AM »

Unless of course they refinance to pull some of that equity out. That move was common during the last big housing boom because interest rates were low enough to make people think they could get a better ROI elsewhere.
...
Ms Squeaker, you're being charitable again.  I reckon not one in a hundred of the people who ATMed their homes in the last RE bubble did it based on a rational calculation that they could get a better ROI elsewhere./*  Nah, they used it for down payments on water lice, road lice, and pervert wagons.  (Jet skis, ATVs, winnebagi.)  Livin' the dream, with the house an endless fountain of cash to dreckify the perpetual appreciation.  Livin' the dream, and learning how a margin cascade works.
__
/* After all, it was true.  They could have.  And if they had, they'd still have the house now; their credit rating would gleam with the brilliance of a thousand suns instead of looking like something the septic tank pumper brings up; they' have big chunks of index funds; and financial reporters would be interviewing them about their genius and their stick-to-itiveness.

I'm trying *so* freaking hard to de-snarkify and be nice.

Should I just stop?

Yes.  Your snark skills are too highly refined not to share with the rest of us plebes.

Whew! That's quite the relief. Now I no longer feel like I'm about to explode from sphincter paralysis.

Sibley

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Re: My Soon-To-Be Millionaire Family Members
« Reply #243 on: May 01, 2018, 10:06:13 AM »

Unless of course they refinance to pull some of that equity out. That move was common during the last big housing boom because interest rates were low enough to make people think they could get a better ROI elsewhere.
...
Ms Squeaker, you're being charitable again.  I reckon not one in a hundred of the people who ATMed their homes in the last RE bubble did it based on a rational calculation that they could get a better ROI elsewhere./*  Nah, they used it for down payments on water lice, road lice, and pervert wagons.  (Jet skis, ATVs, winnebagi.)  Livin' the dream, with the house an endless fountain of cash to dreckify the perpetual appreciation.  Livin' the dream, and learning how a margin cascade works.
__
/* After all, it was true.  They could have.  And if they had, they'd still have the house now; their credit rating would gleam with the brilliance of a thousand suns instead of looking like something the septic tank pumper brings up; they' have big chunks of index funds; and financial reporters would be interviewing them about their genius and their stick-to-itiveness.

I'm trying *so* freaking hard to de-snarkify and be nice.

Should I just stop?

I LOVE your posts.

RWD

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Re: My Soon-To-Be Millionaire Family Members
« Reply #244 on: May 01, 2018, 10:10:51 AM »
I'm trying *so* freaking hard to de-snarkify and be nice.

Should I just stop?

Yes.  Your snark skills are too highly refined not to share with the rest of us plebes.
I LOVE your posts.

Yes, I'd like to third this. Keep the snark coming, @TheGrimSqueaker.

MrMoogle

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Re: My Soon-To-Be Millionaire Family Members
« Reply #245 on: May 01, 2018, 10:16:22 AM »
Some of yall have had pretty bad experiences with CPs.  I went to one for a while.  My first visit he told me I was causing my problem and if I chose to do X, Y, or Z, I wouldn't have to keep coming back, oh and here's how you do X.  He helped me get back to a good place and I did Y, so I stopped going back. 

My first visit took a while because he did X-rays and had to determine what was going on.  But after that, he had appointments every 10 minutes.  You'd come in, he'd check you out quickly, then set you up on a machine to warm up your muscles.  Then he'd go finish 1 or 2 others, then finish you after you're warm.  He was in production mode.  I never had to wait long to be seen and after that I was usually out within 10 minutes.

It was just him and a receptionist and they could do 6 per hour.  But, I could always get a same day appointment, so I doubt they were doing 6 every hour.  Not including first visits.

Do to other things going on I've stopped doing Y, so I've been doing Z, but only sporadically, so I may go back soon before I start Y back up.  A good CP was totally worth it for me.

Kay-Ell

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Re: My Soon-To-Be Millionaire Family Members
« Reply #246 on: May 01, 2018, 01:57:51 PM »
Some of yall have had pretty bad experiences with CPs.  I went to one for a while.  My first visit he told me I was causing my problem and if I chose to do X, Y, or Z, I wouldn't have to keep coming back, oh and here's how you do X.  He helped me get back to a good place and I did Y, so I stopped going back. 

My first visit took a while because he did X-rays and had to determine what was going on.  But after that, he had appointments every 10 minutes.  You'd come in, he'd check you out quickly, then set you up on a machine to warm up your muscles.  Then he'd go finish 1 or 2 others, then finish you after you're warm.  He was in production mode.  I never had to wait long to be seen and after that I was usually out within 10 minutes.

It was just him and a receptionist and they could do 6 per hour.  But, I could always get a same day appointment, so I doubt they were doing 6 every hour.  Not including first visits.

Do to other things going on I've stopped doing Y, so I've been doing Z, but only sporadically, so I may go back soon before I start Y back up.  A good CP was totally worth it for me.

I've also had good experiences with CP's, including ones who ran their office like a production line.  Totally fixed my chornic migranes, to the point I'm totally fine and get adjusted a couple times a year if I feel like I need it.

But let's do the math here for a second (on behalf of the soon-to-be-millionairs).  To make a million dollars in the first year he would need 6 patients an hour, for 8 hours each day, 365 days per year, charging $60 per visit FROM DAY ONE.  He'd even end up with an extra 50k from that business model - which he could use to pay for rent, utilities, insurance, staff, or maybe he could afford to take thanksgiving and chirstmass off.  Even if the demand existed, which it does not, he couldn't possible adjust at that pace for a whole year (let alone a whole career).

dogboyslim

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Re: My Soon-To-Be Millionaire Family Members
« Reply #247 on: May 02, 2018, 11:32:50 AM »
Your math doesn't include other revenue options beyond adjustments.  Its still REALLY unlikely, but there are more revenue options than what you described.  Consider the prepaid wellness program...pay up front, includes x adjustments as needed for the family, as well as a supplement regimen, a personal trainer with x #of visits with a few basic machines, some massage folks with n # massages, a nutritionist (who recommends the supplements).  Each of these folks you could hire as employees, or work with as referrals, but each could drive revenue.

grandep

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Re: My Soon-To-Be Millionaire Family Members
« Reply #248 on: May 02, 2018, 04:44:21 PM »
I just wanted to chime in and say that I also have had a great experience with a chiropractor. I hurt my lower back (L5S1 disc) weight lifting in college and had constant back pain for over a year. I finally went to a chiropractor and he sorted me right out. He never tried to sell me on any wacko stuff though, and I would have ran the other direction if he had.

Also, props to @frugalfoothills for the riveting storytelling. I can't wait to see how this all unfolds.

calimom

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Re: My Soon-To-Be Millionaire Family Members
« Reply #249 on: May 02, 2018, 06:50:16 PM »
Your math doesn't include other revenue options beyond adjustments.  Its still REALLY unlikely, but there are more revenue options than what you described.  Consider the prepaid wellness program...pay up front, includes x adjustments as needed for the family, as well as a supplement regimen, a personal trainer with x #of visits with a few basic machines, some massage folks with n # massages, a nutritionist (who recommends the supplements).  Each of these folks you could hire as employees, or work with as referrals, but each could drive revenue.

Exactly. I go to a chiropractor who has done wonders with my back which has been tweaked by schlepping too much heavy stuff around through my work. We have a barter; I met her in a business networking group when we both started our businesses. She has pre-paid plans, wellness plans with some progressive health conscious employers and does some car accident work. She sells Standard Process supplements, along with rollers and health related books and such. In the building she purchased, space is rented for a yoga practice, an acupuncturist and several massage practitioners. Unlike the OP's hapless family members, she worked and hustled and planned for her success, and has a hardworking partner. They didn't just loll about dreaming of fantasy riches.

And agreed: the OP is a wonderful storyteller. The updates are wickedly fun.