Author Topic: Overheard at Work: The Anti-Antimustachian Edition  (Read 485478 times)

Travis

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1000 on: March 12, 2018, 10:55:42 AM »
One of my former soldiers is a successful real estate agent in Florida.  The last two days he's posted the following on FB:

"People, there is a difference between good debt and bad debt. Focus on building an asset before you take that "baller" Liability

I'm tired of people not being able to afford that dream house because they just had to had that new tv or fancy car...

Cash flow does not solve your debt problems.
#beacheapass #bebroke #assetsbeforliabilities #saynotothatcar #saynotothattv"

He also posted the anti-MLM comment attached.

zolotiyeruki

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1001 on: March 12, 2018, 11:10:13 AM »
One of my former soldiers is a successful real estate agent in Florida.  The last two days he's posted the following on FB:

"People, there is a difference between good debt and bad debt. Focus on building an asset before you take that "baller" Liability

I'm tired of people not being able to afford that dream house because they just had to had that new tv or fancy car...
I'm curious about what sort of TV would affect a person's finances so dramatically as to prevent them from purchasing a house.  I can see a car doing that (see the $104k F350 or whatever it was), but a TV?

marcela

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1002 on: March 12, 2018, 11:16:45 AM »
One of my former soldiers is a successful real estate agent in Florida.  The last two days he's posted the following on FB:

"People, there is a difference between good debt and bad debt. Focus on building an asset before you take that "baller" Liability

I'm tired of people not being able to afford that dream house because they just had to had that new tv or fancy car...
I'm curious about what sort of TV would affect a person's finances so dramatically as to prevent them from purchasing a house.  I can see a car doing that (see the $104k F350 or whatever it was), but a TV?

https://www.samsclub.com/sams/88-uhd-smart-240hz-4-hdmi/prod21395370.ip?xid=plp1088-elec:product:1:1
Ok so the $20k tv I linked is an extreme example, but I see plenty of $2-4k tvs when I go to stores. That could easily wreck your credit if you buy one on financing and get behind on payments. Or it's not just the tv. Now that you have the $3K tv, you need the surround sound and the recliner theater seats and the upgraded cable package so you can watch everything on ultra HD.

Travis

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1003 on: March 12, 2018, 11:39:42 AM »
One of my former soldiers is a successful real estate agent in Florida.  The last two days he's posted the following on FB:

"People, there is a difference between good debt and bad debt. Focus on building an asset before you take that "baller" Liability

I'm tired of people not being able to afford that dream house because they just had to had that new tv or fancy car...
I'm curious about what sort of TV would affect a person's finances so dramatically as to prevent them from purchasing a house.  I can see a car doing that (see the $104k F350 or whatever it was), but a TV?

That $3k television could have set them back a few months depending on their savings rate.  Buying it on credit means an even bigger bite out of the budget.

Warlord1986

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1004 on: March 13, 2018, 02:27:55 PM »
My supervisor thrifts, and high-fived me when I said I got my pants from Goodwill.

I told another co-worker that I'm trying to save money by eating in more (I've had some slip-ups lately), and she said she was making an effort to eat only groceries. 

Goldielocks

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1005 on: March 14, 2018, 12:59:09 AM »
My supervisor thrifts, and high-fived me when I said I got my pants from Goodwill.

I told another co-worker that I'm trying to save money by eating in more (I've had some slip-ups lately), and she said she was making an effort to eat only groceries.
\

LOL !  As opposed to eating the cleaning supplies and paper towels?    I think my mind forgot that take out / restaurants are the norm for some people... I could only picture my grocery shopping trip items.

Primm

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1006 on: March 14, 2018, 03:41:31 AM »
After the issues the NHS had around getting hacked last year, health organisations the world over have cracked down on access to networks, including ours. There are a limited number of computers you can use to access external websites.

Our department has 2. When the stock market had its little "correction" last month, there was a queue of 5 people waiting to use said computers. To buy more.

Dicey

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1007 on: March 15, 2018, 08:24:16 AM »
After the issues the NHS had around getting hacked last year, health organisations the world over have cracked down on access to networks, including ours. There are a limited number of computers you can use to access external websites.

Our department has 2. When the stock market had its little "correction" last month, there was a queue of 5 people waiting to use said computers. To buy more.
Love this!

TheGrimSqueaker

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1008 on: March 15, 2018, 02:57:49 PM »
My supervisor thrifts, and high-fived me when I said I got my pants from Goodwill.

I told another co-worker that I'm trying to save money by eating in more (I've had some slip-ups lately), and she said she was making an effort to eat only groceries.
\

LOL !  As opposed to eating the cleaning supplies and paper towels?    I think my mind forgot that take out / restaurants are the norm for some people... I could only picture my grocery shopping trip items.

There was a trend involving a "cotton ball diet" a year or two ago. And the Venomous Spaz Beast has been known to chow down on unattended Kleenex.

Adventine

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1009 on: April 03, 2018, 06:23:21 AM »
Coworkers were talking today about investing in blue chip stocks! I would join the conversation except I'm not that close to them and would feel like I was intruding on their conversation.

Still, I am so pleased they're talking about that instead of the latest dumb celebrity!

jinga nation

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1010 on: April 03, 2018, 07:33:23 AM »
Coworkers were talking today about investing in blue chip stocks! I would join the conversation except I'm not that close to them and would feel like I was intruding on their conversation.

Still, I am so pleased they're talking about that instead of the latest dumb celebrity!
Probably because mainstream media is reporting on Peter Navarro's spouting of "Buy the dips".
https://www.cnbc.com/2018/04/02/peter-navarro-if-we-hit-all-points-of-trumps-agenda-market-will-go-up.html

Adventine

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1011 on: April 03, 2018, 07:54:06 AM »
Coworkers were talking today about investing in blue chip stocks! I would join the conversation except I'm not that close to them and would feel like I was intruding on their conversation.

Still, I am so pleased they're talking about that instead of the latest dumb celebrity!
Probably because mainstream media is reporting on Peter Navarro's spouting of "Buy the dips".
https://www.cnbc.com/2018/04/02/peter-navarro-if-we-hit-all-points-of-trumps-agenda-market-will-go-up.html

But I live on the other side of the world, in a country where less than 0.1% of the population invests in the stock market ;)

ducky19

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1012 on: April 05, 2018, 09:49:46 AM »
Just had a refreshing conversation with a fellow manager here at MegaCorp. He was talking about how he'd like to work for a financial adviser when he retires and only help low/negative net worth people, working for free. He then started talking about a Backdoor Roth and how he took advantage of it, so I turned him on to the idea of the Mega Backdoor Roth. He was heading back to his desk to start doing some research... I think this is the first of many finance discussions we'll be having! He's definitely higher income and probably more of a Boglehead than Mustachian, but it's always refreshing to meet people who've got their shit together.

talltexan

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1013 on: April 13, 2018, 08:56:05 AM »
I've been very vague about the details of my backdoor Roth at work: it's easier for me to express mustachian values than for me to just straight up admit having earned too much money for the front-door Roth.

Sibley

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1014 on: April 15, 2018, 05:24:46 PM »
A coworker is quite young - 22/23, and overall quite uneducated about personal finance. She had a problem with her taxes earlier this year and I helped her out a bit. She was asking another coworker about investments this week and I quietly sent her the J Collin's site. She's smart, seems pretty level headed, and since she's asking questions so young I think she'll be just fine.

Taran Wanderer

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1015 on: April 19, 2018, 08:42:14 PM »
A colleague told me about just paying off her husbandís $100k in student loans at 8.5%, and then we discussed what they would prioritize next - maxing our both their 401ks and their IRAs, and maybe holding off on their car loan which is at 0% interest.

HappierAtHome

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1016 on: April 19, 2018, 08:50:36 PM »
A younger team mate told me this morning that she wants to be good with her money so she has options when she has kids :D

Warlord1986

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1017 on: May 01, 2018, 11:02:11 AM »
Went down to heat lunch up in the communal microwave. Since that takes forever and a day I got to talk to the guy restocking the vending machines. We had a conversation about how expensive and unhealthy it is to eat out and how we couldn't understand people who did it all the time.

He was cute too.

LPG

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1018 on: May 01, 2018, 11:32:45 AM »
The accountant at my company recently told me about the plan he and his wife have for the next few years. Once they're done paying for their kids college, they're going to buy an RV, quit their jobs, and live off of savings. Not die-hard mustachian, but he's till talking about getting out of the rat race in his early 50s based partly on low cost of living (Buying a RV is a pittance compared to the $700k minimum to buy a house in this town).

dragoncar

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1019 on: May 01, 2018, 12:18:00 PM »
Went down to heat lunch up in the communal microwave. Since that takes forever and a day I got to talk to the guy restocking the vending machines. We had a conversation about how expensive and unhealthy it is to eat out and how we couldn't understand people who did it all the time.

He was cute too.

Of corse he doesnít eat out.  His home is filled with delicious hostess cakes and chip bags.

TheGrimSqueaker

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1020 on: May 01, 2018, 12:35:33 PM »
Went down to heat lunch up in the communal microwave. Since that takes forever and a day I got to talk to the guy restocking the vending machines. We had a conversation about how expensive and unhealthy it is to eat out and how we couldn't understand people who did it all the time.

He was cute too.

Of corse he doesnít eat out.  His home is filled with delicious hostess cakes and chip bags.

One of those enterprising young people who take their work home with them?

dragoncar

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1021 on: May 01, 2018, 12:37:55 PM »
Went down to heat lunch up in the communal microwave. Since that takes forever and a day I got to talk to the guy restocking the vending machines. We had a conversation about how expensive and unhealthy it is to eat out and how we couldn't understand people who did it all the time.

He was cute too.

Of corse he doesnít eat out.  His home is filled with delicious hostess cakes and chip bags.

One of those enterprising young people who take their work home with them?

I assume he is frugal and sleeps in the back of the vending machine

ducky19

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1022 on: May 01, 2018, 12:47:13 PM »
Coworkers were talking today about investing in blue chip stocks! I would join the conversation except I'm not that close to them and would feel like I was intruding on their conversation.

Still, I am so pleased they're talking about that instead of the latest dumb celebrity!
Probably because mainstream media is reporting on Peter Navarro's spouting of "Buy the dips".
https://www.cnbc.com/2018/04/02/peter-navarro-if-we-hit-all-points-of-trumps-agenda-market-will-go-up.html

But I live on the other side of the world, in a country where less than 0.1% of the population invests in the stock market ;)

Wait, if you're on the other side of the world, wouldn't you want to buy the blips and not the dips?

chaskavitch

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1023 on: May 01, 2018, 12:48:48 PM »
One of my coworkers has moved on to recommending new friends based on their level of frugality/interest in savings, lol.  We always talk about our retirement savings plans, and he's currently working on a huge debt snowball of his and his wife's cars, student loans, and their house.  Today, though, he was like "So, do you know so-and-so?  You should talk to him, he likes to talk about stuff like this, he's good at saving." 

I love that we're building a secret network of frugal friends :)

WalkaboutStache

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1024 on: May 08, 2018, 10:54:13 PM »
so they announced they needed 24 people to get off the plane, of which 10 could fly out the same night and get $400 or leave the following day on any flight and get $800 plus hotel...my hand shot up pretty quick to volunteer...
You know, if I had the option to fly one day later and get a hotel room and 800$ for it, I would fly a day later every day!
Doesn't that mean you would never get to were you thought you were going?

:o)

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1025 on: May 09, 2018, 12:10:37 AM »
so they announced they needed 24 people to get off the plane, of which 10 could fly out the same night and get $400 or leave the following day on any flight and get $800 plus hotel...my hand shot up pretty quick to volunteer...
You know, if I had the option to fly one day later and get a hotel room and 800$ for it, I would fly a day later every day!
Doesn't that mean you would never get to were you thought you were going?

:o)

I'd take $292k for a year of being redirected... You can do whatever you want in the mean time.

SimplyFinanciallyFree

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1026 on: May 09, 2018, 07:10:14 AM »
We try to gently give some guidance to some close friends who seem to live a frugal Mustachian lifestyle without being pushy or intrusive and they are usually receptive.  They recently closed on their first home (a nice reasonable one within their budget) and decided to refinish the wood floor before moving in.  While the floors were being redone they stayed with us for 3 nights.  One morning the wife was trying to figure out what to do for lunch.  We had a little leftover from the taco dinner from the night before (no more tacos left but plenty of fillings) that I had put in a tuperware when I cleaned up the night before.  We already had our own lunches planned so I gave this to her and she was psyched to have something to take with her.  That night she exclaimed how great it was but was even more excited that she had't broken her streak.  Since starting her new career as a PT last summer she has managed to bring her lunch every day.    I am so psyched they seem to be doing so many things right!  I also recently created a spreadsheet for them to track their net worth as I personally find it motivating.  I mentioned it to the husband when we went for a run together then shared it with the wife one of the nights when she was at the house.  When we saw them a few nights later she said how excited she was about it.  I think we have some Mustachian's in the making!

Car Jack

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1027 on: May 09, 2018, 09:23:37 AM »
I'll leave this here as I don't see a better place for it.

Yesterday, I had lunch with my college age son.  He tells me that his girl friend's parents have just figured out that they have nothing for retirement saved.  Now, they're around 50, both working in management for megacorp, currently have 3 kids in college, own 2 boats and have either 3 or 4 crap cars and the mother is talking about buying a range rover.  Their lifestyle matches their sail boat.  It's moored at the yacht club which has an annual fee of "if you have to ask, you can't afford it".  No, really, when you go on their web page, that's what it says.  They also have a power boat that appears to be a lawn ornament.  They do use the sail boat a lot and from what my son tells me, it sort of eats watches and fancy pants iPhones and wallets from people falling overboard or saving other people who have fallen overboard.  So I guess they had not counted on the costs of college for their 3 kids and now are going to see a financial guy to figure out what to do.  Heck.....I know what to do.  Sell the freaking boats, cancel the yacht club membership, put money into a freaking 401k (I looked up their company on glass door and the match is awesome) and stop throwing money into the water.

/rant

SwordGuy

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1028 on: May 09, 2018, 10:37:33 AM »
so they announced they needed 24 people to get off the plane, of which 10 could fly out the same night and get $400 or leave the following day on any flight and get $800 plus hotel...my hand shot up pretty quick to volunteer...
You know, if I had the option to fly one day later and get a hotel room and 800$ for it, I would fly a day later every day!
Doesn't that mean you would never get to were you thought you were going?

:o)

All of life is but a journey...

HappierAtHome

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1029 on: May 09, 2018, 06:33:21 PM »
I'll leave this here as I don't see a better place for it.

Yesterday, I had lunch with my college age son.  He tells me that his girl friend's parents have just figured out that they have nothing for retirement saved.  Now, they're around 50, both working in management for megacorp, currently have 3 kids in college, own 2 boats and have either 3 or 4 crap cars and the mother is talking about buying a range rover.  Their lifestyle matches their sail boat.  It's moored at the yacht club which has an annual fee of "if you have to ask, you can't afford it".  No, really, when you go on their web page, that's what it says.  They also have a power boat that appears to be a lawn ornament.  They do use the sail boat a lot and from what my son tells me, it sort of eats watches and fancy pants iPhones and wallets from people falling overboard or saving other people who have fallen overboard.  So I guess they had not counted on the costs of college for their 3 kids and now are going to see a financial guy to figure out what to do.  Heck.....I know what to do.  Sell the freaking boats, cancel the yacht club membership, put money into a freaking 401k (I looked up their company on glass door and the match is awesome) and stop throwing money into the water.

/rant

Wrong thread - this one is for sharing stories about mustachians in the wild :-)

HappierAtHome

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1030 on: May 09, 2018, 06:39:57 PM »
Not overheard, but a coworker told me he's paying an extra grand off his mortgage every month :D so happy for him.

(I'm in Australia where the "pay down the mortgage" maths is different, so no need to start that old debate).

UnleashHell

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1031 on: May 10, 2018, 09:21:47 AM »
Not overheard, but a coworker told me he's paying an extra grand off his mortgage every month :D so happy for him.

(I'm in Australia where the "pay down the mortgage" maths is different, so no need to start that old debate).

but, but...

oh ok.

wish we had offset accounts though....

jinga nation

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1032 on: May 10, 2018, 01:33:42 PM »
I'll leave this here as I don't see a better place for it.

Yesterday, I had lunch with my college age son.  He tells me that his girl friend's parents have just figured out that they have nothing for retirement saved.  Now, they're around 50, both working in management for megacorp, currently have 3 kids in college, own 2 boats and have either 3 or 4 crap cars and the mother is talking about buying a range rover.  Their lifestyle matches their sail boat.  It's moored at the yacht club which has an annual fee of "if you have to ask, you can't afford it".  No, really, when you go on their web page, that's what it says.  They also have a power boat that appears to be a lawn ornament.  They do use the sail boat a lot and from what my son tells me, it sort of eats watches and fancy pants iPhones and wallets from people falling overboard or saving other people who have fallen overboard.  So I guess they had not counted on the costs of college for their 3 kids and now are going to see a financial guy to figure out what to do.  Heck.....I know what to do.  Sell the freaking boats, cancel the yacht club membership, put money into a freaking 401k (I looked up their company on glass door and the match is awesome) and stop throwing money into the water.

/rant

Hoping your son's GF is low-maintenance and not like her parents.

jinga nation

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1033 on: May 10, 2018, 01:41:48 PM »
3 days back I watched on youtube jlcollinsnh at Google Talks.

Joined a new company recently. Team sitting next to me are contractors, different employer. Today I heard the guys talking about the same youtube video. They were going to check their 401k for the total stock, bond, sp500 funds. Later, coming back to my desk, one guy is reading jlcollinsnh stock series. Gave him a thumbs up.

Might have a bunch of savvy's sitting in my 'hood. Chuffed.

HappierAtHome

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1034 on: May 10, 2018, 07:20:22 PM »
Not overheard, but a coworker told me he's paying an extra grand off his mortgage every month :D so happy for him.

(I'm in Australia where the "pay down the mortgage" maths is different, so no need to start that old debate).

but, but...

oh ok.

wish we had offset accounts though....

Offset accounts are the perk we get for having to live upside down ;-)

Miss Piggy

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1035 on: May 11, 2018, 08:42:27 AM »
Not overheard, but a coworker told me he's paying an extra grand off his mortgage every month :D so happy for him.

(I'm in Australia where the "pay down the mortgage" maths is different, so no need to start that old debate).

but, but...

oh ok.

wish we had offset accounts though....

Offset accounts are the perk we get for having to live upside down ;-)

Well, since you put it that way, I guess it sounds fair. But you also have kangaroos and koalas, so there's that...

MoseyingAlong

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1036 on: May 11, 2018, 08:52:13 AM »
and wombats!
Wombats are cool.

LennStar

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1037 on: May 12, 2018, 11:41:03 AM »
and wombats!
Wombats are cool.

Oh yes, definitely.

My local Pirate Party (Germany) even did Wombat election posters - not for a special reason, just because they are cute :D

barbaz

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1038 on: May 14, 2018, 12:46:31 AM »
Not overheard, but a coworker told me he's paying an extra grand off his mortgage every month :D so happy for him.

(I'm in Australia where the "pay down the mortgage" maths is different, so no need to start that old debate).

but, but...

oh ok.

wish we had offset accounts though....

Offset accounts are the perk we get for having to live upside down ;-)

Well, since you put it that way, I guess it sounds fair. But you also have kangaroos and koalas, so there's that...
And now the “John Oliver Koala Chlamydia Ward” XD

imadandylion

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1039 on: May 21, 2018, 07:18:34 PM »
We have an intern at work we took to lunch (on the office dime, of course... I always bring my own lunch otherwise!) and he was talking about his second job that's he's starting up again. He is in school and is interning for the summer, and he works at a restaurant chain in through the school year and is able to do a transfer for the summer here. Just like he did last year when we interned with us. Anyway, I always thought that was great and he's a hard worker, but when he was talking about this again to my coworkers, I missed the beginning of the conversation but he was saying he wouldn't give up that part time job because he wouldn't want to give up the 401k. Oh, and he bikes instead of drives to the office. It's closer this year, but last summer he biked for 1 hour each way! And the summers here are brutal.

Smart kid! The other intern we had after him last year spent his money as fast as he could earn it.

Kyle Schuant

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1040 on: May 21, 2018, 07:38:33 PM »
Offset accounts are the perk we get for having to live upside down ;-)
On the other hand, I saw an ad the other night for personal loans, boasting about a fixed rate of "only" 11.99%.... about 13.5% comparison rate.

People do apparently take this up. Can you not just... save up? I mean, if you don't have spare cash or can't budget, okay, fair enough... but if you can afford payments of $X a week on a loan, then you can afford savings of $X a week.

Then of course there's "afterpay"...

Did no-one else as a kid have to save their pocket money to build a model aeroplane or scooter or something?

chaskavitch

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1041 on: May 22, 2018, 06:31:14 AM »
Offset accounts are the perk we get for having to live upside down ;-)
On the other hand, I saw an ad the other night for personal loans, boasting about a fixed rate of "only" 11.99%.... about 13.5% comparison rate.

People do apparently take this up. Can you not just... save up? I mean, if you don't have spare cash or can't budget, okay, fair enough... but if you can afford payments of $X a week on a loan, then you can afford savings of $X a week.

Then of course there's "afterpay"...

Did no-one else as a kid have to save their pocket money to build a model aeroplane or scooter or something?

It's even worse than that.  I just googled "payday loans" and opened the first result that wasn't an ad.  Rapid cash, in Washington State, gives an "example finance charge" table - if you borrow $500, you have a finance charge of $75 (assuming all payments are made as scheduled), which they calculate as an APR of 391% if you get a 14 day loan, or 182.5% for a 30 day loan.  Even with no extra fees, that's 15%. 

If someone is bad enough off that they need $500 immediately, and then they have to pay it back on their next paycheck, it seems likely that their next pay cycle is going to be any better and they'll just end up $75 more in the hole every month :(

Ouch.  I just looked it up for Colorado.  Borrow $400 for 5 months, pay $269.49 in financing charges (!!!!), for a total repayment amount of $669.49.  "Finance charged - you will pay 45% per annum of the principal balance with a one-time origination fee of $20 per $100 on loans up to $300 plus $7.50 per $100 for $301 to $400, plus $7.50 per $100 per month for maintenance after the first month."

How is this shit legal?

Miss Piggy

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1042 on: May 22, 2018, 03:39:12 PM »
How is this shit legal?

Those places are ALL OVER my area. Makes me sick. They are predators.

TheGrimSqueaker

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1043 on: May 22, 2018, 05:02:55 PM »
How is this shit legal?

Those places are ALL OVER my area. Makes me sick. They are predators.

They also serve a part of the population that, for whatever reason, cannot have a bank account or obtain a conventional loan. Most of them are poor or low-income and nearly all are bad credit risks. Many have no fixed address but do have a steady income. Unlike a bank loan or a credit card, you get the money the same day and you don't need to have a mailing address or multiple pay stubs. If you're having trouble with the language or have a learning disability, the application process is tailored to make it easy to apply. You don't have to plow through stacks of papers and re-re-re-redo the applications. There's so much in the way of "process-ease" at a mainstream bank that people could be excused for not wanting to do business with them.

I'm not a fan of the exorbitant interest rates but I do notice that it's generally cheaper for a person to take out a 2-week loan for the rent money than to get evicted or to bounce multiple checks. Also, the companies that provide payday loans are *way* better at communicating the total cost of a loan, and there aren't any extra "gotcha" fees or hidden penalties such as banks enjoy dishing out.

Some of us have discussed the "poor tax" elsewhere on the forum. But short-term loans and pawn facilities do have a legitimate place in society. They won't ever be the financially optimal way to do business; they're a last resort for people who don't have other choices.

aetherie

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1044 on: May 22, 2018, 06:08:26 PM »
I started my new job yesterday. Today I was told I'll "fit in well" because I made a comment about a free lunch being the best lunch. Then one coworker told me the story of how another coworker once ate week-old Kraft mac & cheese leftovers.

Uturn

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1045 on: May 23, 2018, 06:24:32 AM »
How is this shit legal?

Those places are ALL OVER my area. Makes me sick. They are predators.

I have never understood the concept of predatory lender.  I'm not defending anyone or trying to start an argument, but someone needs to explain it to me.  If I open a storefront and sell a product that does exactly what it is supposed to, only I charge way more than others, how does that make me a predator? 

chaskavitch

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1046 on: May 23, 2018, 06:54:42 AM »
How is this shit legal?

Those places are ALL OVER my area. Makes me sick. They are predators.

They also serve a part of the population that, for whatever reason, cannot have a bank account or obtain a conventional loan. Most of them are poor or low-income and nearly all are bad credit risks. Many have no fixed address but do have a steady income. Unlike a bank loan or a credit card, you get the money the same day and you don't need to have a mailing address or multiple pay stubs. If you're having trouble with the language or have a learning disability, the application process is tailored to make it easy to apply. You don't have to plow through stacks of papers and re-re-re-redo the applications. There's so much in the way of "process-ease" at a mainstream bank that people could be excused for not wanting to do business with them.

I'm not a fan of the exorbitant interest rates but I do notice that it's generally cheaper for a person to take out a 2-week loan for the rent money than to get evicted or to bounce multiple checks. Also, the companies that provide payday loans are *way* better at communicating the total cost of a loan, and there aren't any extra "gotcha" fees or hidden penalties such as banks enjoy dishing out.

Some of us have discussed the "poor tax" elsewhere on the forum. But short-term loans and pawn facilities do have a legitimate place in society. They won't ever be the financially optimal way to do business; they're a last resort for people who don't have other choices.

I agree that exorbitant interest rates are cheaper than losing your house or your job for lack of transport, but >40% interest is, for lack of a different word, heartbreaking.  I hate that there is nothing else in our system that can help people who need a (relatively) small amount of cash for an unexpected event.  I unfortunately have no suggestions for a better way of doing things, because I have no idea how the banking industry works. 

How is this shit legal?

Those places are ALL OVER my area. Makes me sick. They are predators.

I have never understood the concept of predatory lender.  I'm not defending anyone or trying to start an argument, but someone needs to explain it to me.  If I open a storefront and sell a product that does exactly what it is supposed to, only I charge way more than others, how does that make me a predator? 

To me it isn't the fact that someone is charging way more than others, it's the fact that the whole payday loan industry does it as a standard.  For some of these people there is no other recourse to get the money, and they don't have any option besides paying a LOT for it.  I understand that making a profit is important, but I can't reconcile that with the part of me that feels like people are practically being robbed because they don't have choices.  Like I said, I have no good solutions, it just makes me sad that this is how things are.

zolotiyeruki

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1047 on: May 23, 2018, 08:03:26 AM »
I think it's also important to remember that the payday lenders also have little recourse if the borrower defaults, and the interest rates reflect that risk.

LennStar

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1048 on: May 23, 2018, 09:20:52 AM »

I agree that exorbitant interest rates are cheaper than losing your house or your job for lack of transport, but >40% interest is, for lack of a different word, heartbreaking. 

There is a word. Several in fact. My translation website says:

Substantive
              extortion           
              racketeering           
              usuries           
              gombeen [FINAN.]           
              usury [FINAN.]           
              daylight robbery (Amer.)

I never read gombeen before. Looks Victorian-age for me :D

Dabnasty

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Re: Overheard at Work: The Anti-Antimustachian Edition
« Reply #1049 on: May 23, 2018, 09:41:21 AM »
How is this shit legal?

Those places are ALL OVER my area. Makes me sick. They are predators.

They also serve a part of the population that, for whatever reason, cannot have a bank account or obtain a conventional loan. Most of them are poor or low-income and nearly all are bad credit risks. Many have no fixed address but do have a steady income. Unlike a bank loan or a credit card, you get the money the same day and you don't need to have a mailing address or multiple pay stubs. If you're having trouble with the language or have a learning disability, the application process is tailored to make it easy to apply. You don't have to plow through stacks of papers and re-re-re-redo the applications. There's so much in the way of "process-ease" at a mainstream bank that people could be excused for not wanting to do business with them.

I'm not a fan of the exorbitant interest rates but I do notice that it's generally cheaper for a person to take out a 2-week loan for the rent money than to get evicted or to bounce multiple checks. Also, the companies that provide payday loans are *way* better at communicating the total cost of a loan, and there aren't any extra "gotcha" fees or hidden penalties such as banks enjoy dishing out.

Some of us have discussed the "poor tax" elsewhere on the forum. But short-term loans and pawn facilities do have a legitimate place in society. They won't ever be the financially optimal way to do business; they're a last resort for people who don't have other choices.

This is a good explanation, it's really a tough situation and I don't know of a better solution. If you put legal limits on what these businesses can charge, at what limit would they still be profitable? They provide a service and they need to be profitable. If on the other hand if they are extremely profitable as it is, then maybe there is room to place limits on fees.

But now that we can't hate on payday loan businesses, may I suggest hating rent-to-own appliance and furniture stores? Those guys are the worst.