Author Topic: Overheard at Work  (Read 8462873 times)

Mr. Green

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Re: Overheard at Work
« Reply #17300 on: April 19, 2017, 01:00:29 PM »
A co-worker's wife's brand new Mercedes ($70,000 SUV) was hit by someone else and sustained extensive damage. Now that it's fixed, they want to get a different car. They want to sell it quick before the damage has a chance to hit the Carfax report and devalue the car. However, he doesn't have the $10,000 to float for the likely difference in the sale price and the balance of the loan. My co-worker also just bought a $100,000 BMW 750.  I was floored that they just bought $170,000 worth of cars but don't have 10k rattling around.

Selling the car before the Carfax report is updated to hide the damage from the buyer is a pretty low-down, dirty thing to do. I'd be pretty ticked off someone did that to me. By deliberately concealing the wreck information, the seller is basically ripping the buyer off for the difference between the selling price and the car's actual value based on the Carfax report. The buyer wouldn't find out about the accident until he or she went to sell the vehicle and pulled the Carfax report.

Concealing damage to a vehicle or information that would dramatically affect its value is fraud by concealment. If the difference in value ends up being more than $1000 or so, and it easily could on a vehicle that expensive to begin with, that's a felony level crime. Is he seriously willing to do time because he "wants a different car"?

While this is pretty shady, I think it is technically legal as long as the seller doesn't claim the vehicle has never been in an accident. Carfax is not the only way to determine if a vehicle has been in an accident. Any buyer should be having the vehicle inspected by a third party mechanic regardless of what the Carfax report says.
I had a 2006 that needed frame repair and the replacement part was laser cut with precision. When my car came out of the shop it was almost impossible to tell work was done. I'm not saying that makes it okay but I think most people still think of frame damage as something that means the car is never the same.

Mr. Green

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Re: Overheard at Work
« Reply #17301 on: April 19, 2017, 01:02:13 PM »
I was floored that they just bought $170,000 worth of cars but don't have 10k rattling around.

Any idea of their total income? Even an estimate?

With this sort of spendypants business going on I would assume that your coworker has several other antics that would fit on this thread.
I think their combined income is in the neighborhood of 400k.

marielle

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Re: Overheard at Work
« Reply #17302 on: April 19, 2017, 01:25:26 PM »
In my new role here there are a few people around me who get takeout food every day for lunch during the workweek. I realize that for this particular thread that is nothing worth posting about, but it has been particularly interesting for me because it highlights how most people at work don't buy food and most bring their own lunch. Thankfully it is just that way things are, so me bringing my lunch doesn't stand out but is totally normal. I would guess that by the nature of our work and industry, most people at work earn between $100-200k depending on how long they have been working.

It's not even that bad when they make that much. People where I work still buy food and some make as little as $10.50 an hour, or 21k a year before overtime. Granted, it's stuff like Taco Bell and McDonald's, or maybe Zaxby's, but still $5 minimum...

MgoSam

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Re: Overheard at Work
« Reply #17303 on: April 19, 2017, 01:28:30 PM »
In my new role here there are a few people around me who get takeout food every day for lunch during the workweek. I realize that for this particular thread that is nothing worth posting about, but it has been particularly interesting for me because it highlights how most people at work don't buy food and most bring their own lunch. Thankfully it is just that way things are, so me bringing my lunch doesn't stand out but is totally normal. I would guess that by the nature of our work and industry, most people at work earn between $100-200k depending on how long they have been working.

It's not even that bad when they make that much. People where I work still buy food and some make as little as $10.50 an hour, or 21k a year before overtime. Granted, it's stuff like Taco Bell and McDonald's, or maybe Zaxby's, but still $5 minimum...

That shit adds up! I started meal prepping and one of my favorite things to make is a chicken burrito bowl. It has black beans, rice, vegetables, chicken, shredded cheese, and salsa and like 4 meals is under $10 and tastes way better than Taco Bell and is loads healthier.

RyanAtTanagra

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Re: Overheard at Work
« Reply #17304 on: April 19, 2017, 02:29:09 PM »
A co-worker's wife's brand new Mercedes ($70,000 SUV) was hit by someone else and sustained extensive damage. Now that it's fixed, they want to get a different car. They want to sell it quick before the damage has a chance to hit the Carfax report and devalue the car. However, he doesn't have the $10,000 to float for the likely difference in the sale price and the balance of the loan. My co-worker also just bought a $100,000 BMW 750.  I was floored that they just bought $170,000 worth of cars but don't have 10k rattling around.

Selling the car before the Carfax report is updated to hide the damage from the buyer is a pretty low-down, dirty thing to do. I'd be pretty ticked off someone did that to me. By deliberately concealing the wreck information, the seller is basically ripping the buyer off for the difference between the selling price and the car's actual value based on the Carfax report. The buyer wouldn't find out about the accident until he or she went to sell the vehicle and pulled the Carfax report.

Concealing damage to a vehicle or information that would dramatically affect its value is fraud by concealment. If the difference in value ends up being more than $1000 or so, and it easily could on a vehicle that expensive to begin with, that's a felony level crime. Is he seriously willing to do time because he "wants a different car"?

While this is pretty shady, I think it is technically legal as long as the seller doesn't claim the vehicle has never been in an accident. Carfax is not the only way to determine if a vehicle has been in an accident. Any buyer should be having the vehicle inspected by a third party mechanic regardless of what the Carfax report says.

Withholding information that you should reasonably believe would change the mind of the buyer can still be considered fraud, if I recall my business law classes correctly.

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Re: Overheard at Work
« Reply #17305 on: April 19, 2017, 02:52:21 PM »
A co-worker's wife's brand new Mercedes ($70,000 SUV) was hit by someone else and sustained extensive damage. Now that it's fixed, they want to get a different car. They want to sell it quick before the damage has a chance to hit the Carfax report and devalue the car. However, he doesn't have the $10,000 to float for the likely difference in the sale price and the balance of the loan. My co-worker also just bought a $100,000 BMW 750.  I was floored that they just bought $170,000 worth of cars but don't have 10k rattling around.

Selling the car before the Carfax report is updated to hide the damage from the buyer is a pretty low-down, dirty thing to do. I'd be pretty ticked off someone did that to me. By deliberately concealing the wreck information, the seller is basically ripping the buyer off for the difference between the selling price and the car's actual value based on the Carfax report. The buyer wouldn't find out about the accident until he or she went to sell the vehicle and pulled the Carfax report.

Concealing damage to a vehicle or information that would dramatically affect its value is fraud by concealment. If the difference in value ends up being more than $1000 or so, and it easily could on a vehicle that expensive to begin with, that's a felony level crime. Is he seriously willing to do time because he "wants a different car"?

While this is pretty shady, I think it is technically legal as long as the seller doesn't claim the vehicle has never been in an accident. Carfax is not the only way to determine if a vehicle has been in an accident. Any buyer should be having the vehicle inspected by a third party mechanic regardless of what the Carfax report says.

If their goal is to not reveal something that might devalue the car, then admitting it's been in an accident will drive down the value just the same as the Carfax report would, and there would be no benefit to concealing the Carfax information.

cheapass

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Re: Overheard at Work
« Reply #17306 on: April 19, 2017, 03:28:11 PM »
I was floored that they just bought $170,000 worth of cars but don't have 10k rattling around.

This reminds me of a director at my job. He bought a Mercedes and she bought an Infiniti. Turns out, she liked his car more than hers. So they just bought another Mercedes. And kept the Infiniti.

I just.. 3 cars... 2 drivers... Aaahhh!!!

The best part? He does FINANCIAL ANALYSIS for a living.


Chris22

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Re: Overheard at Work
« Reply #17307 on: April 19, 2017, 04:07:58 PM »
I was floored that they just bought $170,000 worth of cars but don't have 10k rattling around.

This reminds me of a director at my job. He bought a Mercedes and she bought an Infiniti. Turns out, she liked his car more than hers. So they just bought another Mercedes. And kept the Infiniti.

I just.. 3 cars... 2 drivers... Aaahhh!!!

The best part? He does FINANCIAL ANALYSIS for a living.

Meh, I do FINANCIAL ANALYSIS for a living too, and we have 3 cars for 2 drivers.  One of them is a fun car.  I guess the difference is, my two cars are long paid for, and have a combined value of probably half the Mercedes or Infiniti.  I got 2 cars by buying one, paying it off, and keeping it when I bought the second one instead of trading it.  No regrets.

kayvent

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Re: Overheard at Work
« Reply #17308 on: April 19, 2017, 04:37:15 PM »
A co-worker's wife's brand new Mercedes ($70,000 SUV) was hit by someone else and sustained extensive damage. Now that it's fixed, they want to get a different car. They want to sell it quick before the damage has a chance to hit the Carfax report and devalue the car. However, he doesn't have the $10,000 to float for the likely difference in the sale price and the balance of the loan. My co-worker also just bought a $100,000 BMW 750.  I was floored that they just bought $170,000 worth of cars but don't have 10k rattling around.

Selling the car before the Carfax report is updated to hide the damage from the buyer is a pretty low-down, dirty thing to do. I'd be pretty ticked off someone did that to me. By deliberately concealing the wreck information, the seller is basically ripping the buyer off for the difference between the selling price and the car's actual value based on the Carfax report. The buyer wouldn't find out about the accident until he or she went to sell the vehicle and pulled the Carfax report.

Concealing damage to a vehicle or information that would dramatically affect its value is fraud by concealment. If the difference in value ends up being more than $1000 or so, and it easily could on a vehicle that expensive to begin with, that's a felony level crime. Is he seriously willing to do time because he "wants a different car"?

While this is pretty shady, I think it is technically legal as long as the seller doesn't claim the vehicle has never been in an accident. Carfax is not the only way to determine if a vehicle has been in an accident. Any buyer should be having the vehicle inspected by a third party mechanic regardless of what the Carfax report says.

So you think caveat emptor applies here? I think if I went to civil court and such an activity was found (after an accident the car was quickly sold), the judge or peers would employ caveat venditor and say that whether it was intentional or not, the seller should be liable for the price differential that withholding that information incurred.

Edit: I was able to find one court applying caveat venditor to used car sales in Kentury. http://law.justia.com/cases/kentucky/court-of-appeals/1954/268-s-w-2d-627-1.html
« Last Edit: April 19, 2017, 04:58:34 PM by kayvent »

BuffaloStache

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Re: Overheard at Work
« Reply #17309 on: April 19, 2017, 08:27:25 PM »
That shit adds up! I started meal prepping and one of my favorite things to make is a chicken burrito bowl. It has black beans, rice, vegetables, chicken, shredded cheese, and salsa and like 4 meals is under $10 and tastes way better than Taco Bell and is loads healthier.

Totally agree. Even at $5 a pop you are talking ~$1,250 a year. for someone making ~$21k/yr, that's 5% of your salary. I'll have to try your burrito bowl idea, I typically just eat leftovers or bring a sandwich for lunch.

marielle

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Re: Overheard at Work
« Reply #17310 on: April 20, 2017, 05:57:56 AM »
That shit adds up! I started meal prepping and one of my favorite things to make is a chicken burrito bowl. It has black beans, rice, vegetables, chicken, shredded cheese, and salsa and like 4 meals is under $10 and tastes way better than Taco Bell and is loads healthier.

Totally agree. Even at $5 a pop you are talking ~$1,250 a year. for someone making ~$21k/yr, that's 5% of your salary. I'll have to try your burrito bowl idea, I typically just eat leftovers or bring a sandwich for lunch.

Yep, but I think a lot of them spend more than that. They also get stuff out of the vending machine, sometimes multiple times a day. A soda is $1.50 and some snacks are $1.00. A lot of people make more than $21k with overtime or positions that pay slightly more, but still no where near the salaries people make on this forum, and we all bring our lunches. One guy told me he gets extra food from taco bell to save for later, so I imagine some could be spending $7-9 easily.

MgoSam

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Re: Overheard at Work
« Reply #17311 on: April 20, 2017, 08:57:26 AM »
That shit adds up! I started meal prepping and one of my favorite things to make is a chicken burrito bowl. It has black beans, rice, vegetables, chicken, shredded cheese, and salsa and like 4 meals is under $10 and tastes way better than Taco Bell and is loads healthier.

Totally agree. Even at $5 a pop you are talking ~$1,250 a year. for someone making ~$21k/yr, that's 5% of your salary. I'll have to try your burrito bowl idea, I typically just eat leftovers or bring a sandwich for lunch.

Let me know if you have any questions, the only thing I don't know how to do is make the salsa that I use as it's my mom's recipe and I haven't bothered to learn it yet. I absolutely love this dish and it's very easy to make.

Dave1442397

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Re: Overheard at Work
« Reply #17312 on: April 20, 2017, 09:26:51 AM »
This was at my previous job. We had a board of Directors meeting, and I happened to be sitting in the break room when a couple of the Directors came in, and one of them opened the fridge and took out a brown bag lunch.

I was just thinking to myself that he's pretty frugal, when he starts telling the other guy that he has his lunch made by a service that delivers it to his door in Manhattan every morning...and it only costs $45 a day!

cloudsail

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Re: Overheard at Work
« Reply #17313 on: April 20, 2017, 09:33:21 AM »
This was at my previous job. We had a board of Directors meeting, and I happened to be sitting in the break room when a couple of the Directors came in, and one of them opened the fridge and took out a brown bag lunch.

I was just thinking to myself that he's pretty frugal, when he starts telling the other guy that he has his lunch made by a service that delivers it to his door in Manhattan every morning...and it only costs $45 a day!

*picks jaw up from floor*

JAYSLOL

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Re: Overheard at Work
« Reply #17314 on: April 20, 2017, 09:43:08 AM »
This was at my previous job. We had a board of Directors meeting, and I happened to be sitting in the break room when a couple of the Directors came in, and one of them opened the fridge and took out a brown bag lunch.

I was just thinking to myself that he's pretty frugal, when he starts telling the other guy that he has his lunch made by a service that delivers it to his door in Manhattan every morning...and it only costs $45 a day!


Wait, what!?!?  Is that just for lunch or also breakfast and dinner for a day?  Our family of 3 can typically eat a meal out at an actual restaurant for less than that, including a big tip!  I wonder if he charges it as a business/work expense?

ketchup

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Re: Overheard at Work
« Reply #17315 on: April 20, 2017, 10:58:51 AM »
This was at my previous job. We had a board of Directors meeting, and I happened to be sitting in the break room when a couple of the Directors came in, and one of them opened the fridge and took out a brown bag lunch.

I was just thinking to myself that he's pretty frugal, when he starts telling the other guy that he has his lunch made by a service that delivers it to his door in Manhattan every morning...and it only costs $45 a day!

*picks jaw up from floor*
Yeah, I think I need to get in on this business.

RidetheRain

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Re: Overheard at Work
« Reply #17316 on: April 20, 2017, 11:13:06 AM »
This was at my previous job. We had a board of Directors meeting, and I happened to be sitting in the break room when a couple of the Directors came in, and one of them opened the fridge and took out a brown bag lunch.

I was just thinking to myself that he's pretty frugal, when he starts telling the other guy that he has his lunch made by a service that delivers it to his door in Manhattan every morning...and it only costs $45 a day!

*picks jaw up from floor*

I know you're not joking, but I can't help but think you're joking. This messes with my world view so bad.

Dollar Slice

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Re: Overheard at Work
« Reply #17317 on: April 20, 2017, 11:27:04 AM »
There are tons of high-end/boutique lunch delivery services in Manhattan and I don't think I've ever seen one that cost more than $20 a meal. Maybe that's for more than one person? :-/  Let's hope.

marielle

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Re: Overheard at Work
« Reply #17318 on: April 20, 2017, 11:37:22 AM »
My average living expenses are less than $45 a day, including health insurance (which is cheap for me), rent, everything. :/ Not including years with unexpected expenses like a car of course.

Maybe it's for all 3 meals...I'll just pretend it's that so I don't feel as sad.

LennStar

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Re: Overheard at Work
« Reply #17319 on: April 20, 2017, 12:08:45 PM »
This was at my previous job. We had a board of Directors meeting, and I happened to be sitting in the break room when a couple of the Directors came in, and one of them opened the fridge and took out a brown bag lunch.

I was just thinking to myself that he's pretty frugal, when he starts telling the other guy that he has his lunch made by a service that delivers it to his door in Manhattan every morning...and it only costs $45 a day!

*picks jaw up from floor*
*has to go down 6 stairs to the cellar to find it*

MgoSam

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Re: Overheard at Work
« Reply #17320 on: April 20, 2017, 01:39:14 PM »
I wonder if it really costs like $15 but his assistant (presuming he has one) says its $45 and pockets the difference. That would be $150 a week, or $7800 a year tax-free.

Fomerly known as something

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Re: Overheard at Work
« Reply #17321 on: April 20, 2017, 03:37:06 PM »
I recall some services that were aimed at dieting being advertised when I lived in NYC for about $45/day.  It was for 3 meals and 2 snacks so I'm guessing at that price it isn't just lunch.

ETA:  Yup found it, ZoneManhattan 14 day plan $42.95+ tax.  Go for 31 days it's only $37.95+tax.
« Last Edit: April 20, 2017, 03:40:29 PM by neverrun »

TomTX

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Re: Overheard at Work
« Reply #17322 on: April 20, 2017, 05:14:01 PM »
Anyone who is not looking for a new job when they are eligible to retire is lying (pension position).

My thoughts, unless they actually are planning to retire.

No, I know a guy who is less than 2 months away from a 100% pension. He could have retired (easily) a decade ago. If he retired at the end of this month (gotta be end of month), he'd get a 99.8%

However, if you actually do the math: He has been literally paying to work therefor years - because the pension payment doesn't have 10% taken out to fund the pension (paycheck does) and the pension payment doesn't have SSI taken out either - another 7.5%

This guy could walk out the door, and his pension would be 17.3% higher than his current paycheck. And he has the same medical for life.

Now, it will probably be slightly less because the pension is based on your "high 3 years" - and he probably got a few percent bump within the last 3 years. Still. Walk away, make 15% more. And you don't have to work. Or you can do something else. Whatever.

Dave1442397

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Re: Overheard at Work
« Reply #17323 on: April 20, 2017, 07:14:00 PM »
I recall some services that were aimed at dieting being advertised when I lived in NYC for about $45/day.  It was for 3 meals and 2 snacks so I'm guessing at that price it isn't just lunch.

ETA:  Yup found it, ZoneManhattan 14 day plan $42.95+ tax.  Go for 31 days it's only $37.95+tax.

That's quite possible. I was still sitting there figuring out how many lunches I can make for $45 after he left. It came to 24 lunches, and that's using the more expensive meat from the Wegmans deli.

The last time I bought lunch in Manhattan was in December, and we found a hole-in-the-wall pizza joint where we got $1/slice pizza and a can of soda for $1.


JLee

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Re: Overheard at Work
« Reply #17324 on: April 20, 2017, 10:33:54 PM »
I recall some services that were aimed at dieting being advertised when I lived in NYC for about $45/day.  It was for 3 meals and 2 snacks so I'm guessing at that price it isn't just lunch.

ETA:  Yup found it, ZoneManhattan 14 day plan $42.95+ tax.  Go for 31 days it's only $37.95+tax.

That's quite possible. I was still sitting there figuring out how many lunches I can make for $45 after he left. It came to 24 lunches, and that's using the more expensive meat from the Wegmans deli.

The last time I bought lunch in Manhattan was in December, and we found a hole-in-the-wall pizza joint where we got $1/slice pizza and a can of soda for $1.

Those places are everywhere.  It's really convenient to be able to get a couple slices of pizza and a drink in such a generally expensive area for $3.

Fomerly known as something

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Re: Overheard at Work
« Reply #17325 on: April 21, 2017, 05:37:29 AM »
I recall some services that were aimed at dieting being advertised when I lived in NYC for about $45/day.  It was for 3 meals and 2 snacks so I'm guessing at that price it isn't just lunch.

ETA:  Yup found it, ZoneManhattan 14 day plan $42.95+ tax.  Go for 31 days it's only $37.95+tax.

That's quite possible. I was still sitting there figuring out how many lunches I can make for $45 after he left. It came to 24 lunches, and that's using the more expensive meat from the Wegmans deli.

The last time I bought lunch in Manhattan was in December, and we found a hole-in-the-wall pizza joint where we got $1/slice pizza and a can of soda for $1.

Those places are everywhere.  It's really convenient to be able to get a couple slices of pizza and a drink in such a generally expensive area for $3.

Yup worked there for 8 years, get to go back on business at least once a year.  I roll my eyes at my co-workers who complain about the expense.  Yes since I get per diem I likely will pay $10 for lunch and $20 for dinner but I could easily find a $3-5 place without much trouble.

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Re: Overheard at Work
« Reply #17326 on: April 21, 2017, 06:43:18 AM »
"I spend $20 a week on groceries."

My friend at work has a young family of four! I'm in the process of learning from her just how she does it!!

(We're allowed to post positive things on here I hope?)


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Vindicated

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Re: Overheard at Work
« Reply #17327 on: April 21, 2017, 06:52:35 AM »
"I spend $20 a week on groceries."

My friend at work has a young family of four! I'm in the process of learning from her just how she does it!!

(We're allowed to post positive things on here I hope?)


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Super impressive.  We must know more!

RWD

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Re: Overheard at Work
« Reply #17328 on: April 21, 2017, 07:16:15 AM »
(We're allowed to post positive things on here I hope?)

Technically the most appropriate place would be in the anti-antimustachian thread:
https://forum.mrmoneymustache.com/antimustachian-wall-of-shame-and-comedy/overheard-at-work-the-anti-antimustachian-edition/

BTDretire

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Re: Overheard at Work
« Reply #17329 on: April 21, 2017, 07:34:10 AM »

That shit adds up! I started meal prepping and one of my favorite things to make is a chicken burrito bowl. It has black beans, rice, vegetables, chicken, shredded cheese, and salsa and like 4 meals is under $10 and tastes way better than Taco Bell and is loads healthier.

Quote

Let me know if you have any questions, the only thing I don't know how to do is make the salsa that I use as it's my mom's recipe and I haven't bothered to learn it yet. I absolutely love this dish and it's very easy to make.

I've been using warmed low fat refried beans mixed with a little water, I mix shredded cheese to the beans after it is warmed. Pace organic salsa, mixing shredded lettuce with peas and chopped celentro. I then take my favorite chip, put a little refried beans, a little salsa and put the lettuce mixture on top. It is a little messy, but a leisurely snack that will fill you up. We had some guacamole the other day, I spread some of that on too.
 I add a little of our homegrown hot peppers to the salsa. I only use the Pace because my wife stocked up on it, and it's good!
 I think this would also be good wrapped up in a tortilla.
« Last Edit: April 21, 2017, 12:04:35 PM by BTDretire »

dandarc

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Re: Overheard at Work
« Reply #17330 on: April 21, 2017, 08:54:02 AM »
"I spend $20 a week on groceries."

My friend at work has a young family of four! I'm in the process of learning from her just how she does it!!

(We're allowed to post positive things on here I hope?)


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Super impressive.  We must know more!
Could go either way - "Actually super easy  - we usually get takeout!"

Maenad

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Re: Overheard at Work
« Reply #17331 on: April 21, 2017, 10:51:21 AM »
That shit adds up! I started meal prepping and one of my favorite things to make is a chicken burrito bowl. It has black beans, rice, vegetables, chicken, shredded cheese, and salsa and like 4 meals is under $10 and tastes way better than Taco Bell and is loads healthier.

Totally agree. Even at $5 a pop you are talking ~$1,250 a year. for someone making ~$21k/yr, that's 5% of your salary. I'll have to try your burrito bowl idea, I typically just eat leftovers or bring a sandwich for lunch.
I use this one: http://iowagirleats.com/2014/08/29/easy-homemade-burrito-bowls/

This one talks about how to split the bowls into warm and cold for optimal reheating: http://gimmedelicious.com/2017/01/07/meal-prep-chicken-burrito-bowls/

BuffaloStache

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Re: Overheard at Work
« Reply #17332 on: April 21, 2017, 10:54:19 AM »
"I spend $20 a week on groceries."

My friend at work has a young family of four! I'm in the process of learning from her just how she does it!!

(We're allowed to post positive things on here I hope?)


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Super impressive.  We must know more!
Could go either way - "Actually super easy  - we usually get takeout!"
[/quote]

That's what I was wondering too. Let us know if you find out more!

lifejoy

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Re: Overheard at Work
« Reply #17333 on: April 21, 2017, 12:33:19 PM »
"I spend $20 a week on groceries."

My friend at work has a young family of four! I'm in the process of learning from her just how she does it!!

(We're allowed to post positive things on here I hope?)


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Super impressive.  We must know more!
Could go either way - "Actually super easy  - we usually get takeout!"

That's what I was wondering too. Let us know if you find out more!
[/quote]

I am also wondering!!! I'll post an update as soon as I have one :) She wasn't super forthcoming on the details, but I believe she is not exaggerating. Her husband is unemployed and she works part-time. She's a frugal master.

Fi(re) on the Farm

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Re: Overheard at Work
« Reply #17334 on: April 21, 2017, 03:49:16 PM »
Anyone who is not looking for a new job when they are eligible to retire is lying (pension position).

My thoughts, unless they actually are planning to retire.

No, I know a guy who is less than 2 months away from a 100% pension. He could have retired (easily) a decade ago. If he retired at the end of this month (gotta be end of month), he'd get a 99.8%

However, if you actually do the math: He has been literally paying to work therefor years - because the pension payment doesn't have 10% taken out to fund the pension (paycheck does) and the pension payment doesn't have SSI taken out either - another 7.5%

This guy could walk out the door, and his pension would be 17.3% higher than his current paycheck. And he has the same medical for life.

Now, it will probably be slightly less because the pension is based on your "high 3 years" - and he probably got a few percent bump within the last 3 years. Still. Walk away, make 15% more. And you don't have to work. Or you can do something else. Whatever.

I worked with a guy who absolutely hated his job, really truly hated to come to work every day.  He was eligible for a pension of 70% of his pay and there'd be no fica or union dues or parking and he still wouldn't retire because he'd be short $30 a week after doing all the calculations. He was a life insurance actuary - he knew the risk of early death and still wouldn't leave until his pension matched his pay!

Playing with Fire UK

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Re: Overheard at Work
« Reply #17335 on: April 22, 2017, 12:52:20 AM »
I worked with a guy who absolutely hated his job, really truly hated to come to work every day.  He was eligible for a pension of 70% of his pay and there'd be no fica or union dues or parking and he still wouldn't retire because he'd be short $30 a week after doing all the calculations. He was a life insurance actuary - he knew the risk of early death and still wouldn't leave until his pension matched his pay!

That is brutal.

Goldielocks

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Re: Overheard at Work
« Reply #17336 on: April 22, 2017, 01:51:58 AM »
"I spend $20 a week on groceries."

My friend at work has a young family of four! I'm in the process of learning from her just how she does it!!

(We're allowed to post positive things on here I hope?)


Sent from my iPhone using Tapatalk

Three ways this is possible come to mind:

Like my cousins who farm, a lot of food is made / preserved on farm, and they only need to buy milk and a few other things weekly.  (Buy and butcher meat once per year, so that doesn't count in weekly budget, buy in bulk from Amazon for flour, etc)

Like my SIL saying they only spent $150 per month (family of 4) at the time when grandma was providing full time child care -- Grandma was buying 70% of the grocery bill for the house, because there was no food to serve the kids and she had a costco membership.  SIL was only buying things like rice and some of the veg, maybe a little fresh meat now and then.  All the breakfast foods, eggs, bread, yogurt, cheese, packaged food, lunches, and most of the food for dinner was bought by her.

Like my DH -- he spends $20 a week on groceries, and a lot on eating out lunches.. and  I spend the remaining $150 per week on groceries...!   

:-)  I hope it is more of the first than the last.

Shalamar

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Re: Overheard at Work
« Reply #17337 on: April 22, 2017, 12:58:59 PM »
I have a coworker who's very close to retirement.    Tthe other day, I overheard her ask "Wait, what's the difference between a defined benefit pension and a defined contribution pension?   And which one do we have?"

Siiiigh.   I could almost understand it if she were a youngster just starting out, but this is important stuff that is going to affect her REALLY soon!

Fi(re) on the Farm

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Re: Overheard at Work
« Reply #17338 on: April 22, 2017, 05:04:59 PM »
I worked with a guy who absolutely hated his job, really truly hated to come to work every day.  He was eligible for a pension of 70% of his pay and there'd be no fica or union dues or parking and he still wouldn't retire because he'd be short $30 a week after doing all the calculations. He was a life insurance actuary - he knew the risk of early death and still wouldn't leave until his pension matched his pay!

That is brutal.

The worst part was he had a 45 minute commute each way.

Playing with Fire UK

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Re: Overheard at Work
« Reply #17339 on: April 23, 2017, 02:27:27 AM »
I worked with a guy who absolutely hated his job, really truly hated to come to work every day.  He was eligible for a pension of 70% of his pay and there'd be no fica or union dues or parking and he still wouldn't retire because he'd be short $30 a week after doing all the calculations. He was a life insurance actuary - he knew the risk of early death and still wouldn't leave until his pension matched his pay!
That is brutal.
The worst part was he had a 45 minute commute each way.

Were costs of working included in his calculations? There are very few people who have a free 45 minute commute. Or people who work in insurance who don't have to buy fancy work clothes.

Debts_of_Despair

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Re: Overheard at Work
« Reply #17340 on: April 23, 2017, 09:36:06 AM »
Anyone who is not looking for a new job when they are eligible to retire is lying (pension position).

My thoughts, unless they actually are planning to retire.

No, I know a guy who is less than 2 months away from a 100% pension. He could have retired (easily) a decade ago. If he retired at the end of this month (gotta be end of month), he'd get a 99.8%

However, if you actually do the math: He has been literally paying to work therefor years - because the pension payment doesn't have 10% taken out to fund the pension (paycheck does) and the pension payment doesn't have SSI taken out either - another 7.5%

This guy could walk out the door, and his pension would be 17.3% higher than his current paycheck. And he has the same medical for life.

Now, it will probably be slightly less because the pension is based on your "high 3 years" - and he probably got a few percent bump within the last 3 years. Still. Walk away, make 15% more. And you don't have to work. Or you can do something else. Whatever.

I worked with a guy who absolutely hated his job, really truly hated to come to work every day.  He was eligible for a pension of 70% of his pay and there'd be no fica or union dues or parking and he still wouldn't retire because he'd be short $30 a week after doing all the calculations. He was a life insurance actuary - he knew the risk of early death and still wouldn't leave until his pension matched his pay!

We basically have a building full of people like this at work.  The problem is that they need 100% of their current salary to maintain their lifestyle. 

MrDelane

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Re: Overheard at Work
« Reply #17341 on: April 23, 2017, 10:06:26 AM »
I have a coworker who's very close to retirement.    Tthe other day, I overheard her ask "Wait, what's the difference between a defined benefit pension and a defined contribution pension?   And which one do we have?"

Siiiigh.   I could almost understand it if she were a youngster just starting out, but this is important stuff that is going to affect her REALLY soon!

I will see your uniformed coworkers and I'll raise you....

I had a coworker ask me recently if I thought it would be worthwhile for them to enroll in the company offered 401k.  This coworker is in their mid 40s and has been at the company for 15 years.

Another coworker overheard us and asked, completely sincerely, "wait, do we have to sign up for it?  I never did and they take money out of my paycheck for it every month."   Apparently this coworker was under the impression that the 'benefits' category in their paystub referred to their 401K.  I had to break the news that it was money they were paying for their health insurance.  That coworker has been at the company for over 7 years. 

I have been at this company for a significantly shorter time than both of them and enrolled in the 401K the day my paperwork went through. 


swick

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Re: Overheard at Work
« Reply #17342 on: April 23, 2017, 10:18:29 AM »
Hubby's younger co-worker with slightly more seniority due to starting with the company right out of school vs. my husband who has worked at a couple of companies was trying to coach him on financial matters.

Co-worker: You should wait to cash out all of your OT until we get our cost of living increases in a couple of months.

Hubby: "That was the plan, going right to our investment accounts, as is the cost of living increase. What are you doing with yours?

Co-worker: "Well waiting to cash out IS is a good idea. But my truck needs new tires. They are about 1,000 each. I'm picking them up this weekend"

*face palm*

shelivesthedream

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Re: Overheard at Work
« Reply #17343 on: April 24, 2017, 02:07:01 AM »
I have a coworker who's very close to retirement.    Tthe other day, I overheard her ask "Wait, what's the difference between a defined benefit pension and a defined contribution pension?   And which one do we have?"

Siiiigh.   I could almost understand it if she were a youngster just starting out, but this is important stuff that is going to affect her REALLY soon!

I will see your uniformed coworkers and I'll raise you....

I had a coworker ask me recently if I thought it would be worthwhile for them to enroll in the company offered 401k.  This coworker is in their mid 40s and has been at the company for 15 years.

Another coworker overheard us and asked, completely sincerely, "wait, do we have to sign up for it?  I never did and they take money out of my paycheck for it every month."   Apparently this coworker was under the impression that the 'benefits' category in their paystub referred to their 401K.  I had to break the news that it was money they were paying for their health insurance.  That coworker has been at the company for over 7 years. 

I have been at this company for a significantly shorter time than both of them and enrolled in the 401K the day my paperwork went through.

The day that company pension schemes in the UK became opt-out rather than opt-in was a good one.

stylesjl

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Re: Overheard at Work
« Reply #17344 on: April 24, 2017, 02:34:53 AM »
So I overheard a co-worker today describe a friend of his, this friend earns over 200K per year but a little while back he had to borrow money from co-worker (which was paid off by next month, to his credit). My co-worker was shocked given that he earns so much less than this guy. But he wasn't so surprised later on when he learns about just how the guy spends his money such as having a 1000$ daily transaction limit on his card (which in an act of self control he doesn't raise) but then he goes to the casino, gambles away the 1000$, waits until midnight so he can then gamble another thousand (in a lack of self-control) as being just one of the ways this guy can blow through wads of money...

jinga nation

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Re: Overheard at Work
« Reply #17345 on: April 24, 2017, 06:40:38 AM »
I have a coworker who's very close to retirement.    Tthe other day, I overheard her ask "Wait, what's the difference between a defined benefit pension and a defined contribution pension?   And which one do we have?"

Siiiigh.   I could almost understand it if she were a youngster just starting out, but this is important stuff that is going to affect her REALLY soon!

I will see your uniformed coworkers and I'll raise you....

I had a coworker ask me recently if I thought it would be worthwhile for them to enroll in the company offered 401k.  This coworker is in their mid 40s and has been at the company for 15 years.

Another coworker overheard us and asked, completely sincerely, "wait, do we have to sign up for it?  I never did and they take money out of my paycheck for it every month."   Apparently this coworker was under the impression that the 'benefits' category in their paystub referred to their 401K.  I had to break the news that it was money they were paying for their health insurance.  That coworker has been at the company for over 7 years. 

I have been at this company for a significantly shorter time than both of them and enrolled in the 401K the day my paperwork went through.

The day that company pension schemes in the UK became opt-out rather than opt-in was a good one.
My employer's benefits include 4 weeks of vacation and auto-enrollment in our pro-Vanguard 401(k) plan, being fully vested from Day 1 of enrollment. The company matches 100% of the first 3%; this is the default contribution. Then an additional 50% match if you choose to contribute an additional 3-5%. So if you put in 8%, you get 5.5% from the company.
Yet most in my office choose to opt-out. Some have the default 3%. The one guy everyone thinks is a bumbling idiot contributes 8%. Boss is 8%. I'm the only one maxing out, no one knows. Almost everyone here makes over $100k and their spouses have decent to well-paid jobs.
Source: Tax season is when EVERYONE is talking about this. The braggadocios of El Stupidamundo.
If you give the option of opt-out, people WILL take it.

cheapass

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Re: Overheard at Work
« Reply #17346 on: April 24, 2017, 08:20:33 AM »
I have a coworker who's very close to retirement.    Tthe other day, I overheard her ask "Wait, what's the difference between a defined benefit pension and a defined contribution pension?   And which one do we have?"

Siiiigh.   I could almost understand it if she were a youngster just starting out, but this is important stuff that is going to affect her REALLY soon!

It is absolutely baffling to me how many people will spend DECADES working when there's other things they'd likely rather be doing, but can't be bothered to spend an hour or two researching how to optimize their finances and shave months/years/decades off their necessary working career.

I guess it's just a default mindset that you retire at 65 or later, no sense in thinking about it before that?

I worked with a guy who absolutely hated his job, really truly hated to come to work every day.  He was eligible for a pension of 70% of his pay and there'd be no fica or union dues or parking and he still wouldn't retire because he'd be short $30 a week after doing all the calculations. He was a life insurance actuary - he knew the risk of early death and still wouldn't leave until his pension matched his pay!

$30 a week... he makes himself miserable every day rather than cutting $4 a day out of expenses. Wow

Chris22

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Re: Overheard at Work
« Reply #17347 on: April 24, 2017, 08:47:44 AM »
Anyone who is not looking for a new job when they are eligible to retire is lying (pension position).

My thoughts, unless they actually are planning to retire.

No, I know a guy who is less than 2 months away from a 100% pension. He could have retired (easily) a decade ago. If he retired at the end of this month (gotta be end of month), he'd get a 99.8%

However, if you actually do the math: He has been literally paying to work therefor years - because the pension payment doesn't have 10% taken out to fund the pension (paycheck does) and the pension payment doesn't have SSI taken out either - another 7.5%

This guy could walk out the door, and his pension would be 17.3% higher than his current paycheck. And he has the same medical for life.

Now, it will probably be slightly less because the pension is based on your "high 3 years" - and he probably got a few percent bump within the last 3 years. Still. Walk away, make 15% more. And you don't have to work. Or you can do something else. Whatever.

I worked with a woman like this.  At my last employer, long time employees (she was there ~35+ years) were eligible for a pension that paid out something like 80% of their last salary or something once fully vested.  She was fully vested.  Then we fell on hard times and all took a 10% pay cut.  She was literally working for 10% (at her wage probably $8k).  BUT, it gets better...she drove a big V8 Grand Cherokee ~100 miles A DAY to work.  I mean, I'm a car lover and can justify some car related bullshit, but 100 miles A DAY in a V8 Grand Cherokee?  And not 100 easy freeway miles, 100 miles of suburban roads.  She probably got 14mpg.  That's 7 gallons of gas A DAY.  Times, what, $3?  $21 a day.  That's $5250 a year.  So now she's down to $8k - $5250 = $2750, and we haven't touched depreciation of driving a $50k Jeep 25k miles a year....

She was literally PAYING to come to work every day.  Crazy.

zolotiyeruki

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Re: Overheard at Work
« Reply #17348 on: April 24, 2017, 08:52:54 AM »
Anyone who is not looking for a new job when they are eligible to retire is lying (pension position).

My thoughts, unless they actually are planning to retire.

No, I know a guy who is less than 2 months away from a 100% pension. He could have retired (easily) a decade ago. If he retired at the end of this month (gotta be end of month), he'd get a 99.8%

However, if you actually do the math: He has been literally paying to work therefor years - because the pension payment doesn't have 10% taken out to fund the pension (paycheck does) and the pension payment doesn't have SSI taken out either - another 7.5%

This guy could walk out the door, and his pension would be 17.3% higher than his current paycheck. And he has the same medical for life.

Now, it will probably be slightly less because the pension is based on your "high 3 years" - and he probably got a few percent bump within the last 3 years. Still. Walk away, make 15% more. And you don't have to work. Or you can do something else. Whatever.

I worked with a woman like this.  At my last employer, long time employees (she was there ~35+ years) were eligible for a pension that paid out something like 80% of their last salary or something once fully vested.  She was fully vested.  Then we fell on hard times and all took a 10% pay cut.  She was literally working for 10% (at her wage probably $8k).  BUT, it gets better...she drove a big V8 Grand Cherokee ~100 miles A DAY to work.  I mean, I'm a car lover and can justify some car related bullshit, but 100 miles A DAY in a V8 Grand Cherokee?  And not 100 easy freeway miles, 100 miles of suburban roads.  She probably got 14mpg.  That's 7 gallons of gas A DAY.  Times, what, $3?  $21 a day.  That's $5250 a year.  So now she's down to $8k - $5250 = $2750, and we haven't touched depreciation of driving a $50k Jeep 25k miles a year....

She was literally PAYING to come to work every day.  Crazy.
And don't forget that the $5250 is after all the taxes.

BuffaloStache

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Re: Overheard at Work
« Reply #17349 on: April 24, 2017, 02:11:21 PM »
^these stories are why I read this thread. Sad, yes. Hilarious, yes.