Author Topic: Overheard at Work  (Read 7574975 times)

mies

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Re: Overheard at Work
« Reply #19250 on: November 13, 2017, 03:41:34 PM »
My co-worker told me he bought an XBox One X, a 4K TV, and a dog over the weekend. He was chuckling about how he had already spent his tax return. He just replaced his iPhone 7 last week too with a Pixel 2XL with the nebulous "I just don't like Apple stuff anymore" excuse. It's hip to be a he-man Apple hater where I work. I'm guessing he felt some pressure to conform. I just wanted to put my fist through his face and scream at him, "You won't care about any of this shit in a month!". I didn't say anything, but I wish I could nudge him in the right direction. He doesn't make as much as I do, so I'm sure he's put most, if not all, of this stuff on his credit card.
Less is more.

marielle

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Re: Overheard at Work
« Reply #19251 on: November 14, 2017, 06:38:12 AM »
Not really financially related, but at work I told a contractor that I was from Ukraine and he asked if it was a communist country.

A Definite Beta Guy

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Re: Overheard at Work
« Reply #19252 on: November 14, 2017, 08:00:22 AM »
One of my co-workers is apparently a Mustachian. Or at least is familiar with the philosophy. He saw me cruising the forum.

Not terribly surprising. When Vanguard was in the office, he was the only other person who seemed to think "replace 85% of your income in retirement" was a bit silly.

hudsoncat

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Re: Overheard at Work
« Reply #19253 on: November 14, 2017, 08:51:46 AM »
I was joking about how very Monday of a Monday yesterday was with a co-worker this morning. Just one of those days where nothing terrible happens but a bunch of little things just don't go your way.

Me: and to top it off, when I got in my car after work, I realized I had a headlight out.
CW: Off to the mechanic for you, huh?
Me: No. It was just the bulb. I replaced it on my way home.
CW: By yourself?!
Me: Yes. It's super easy in my car. Your car too actually I bet! (We have the same car, though her car is a couple years newer.)
CW: Oh, I wouldn't even try to change it myself. I'd just take it to the mechanic.

I just can't imagine going to a mechanic for something as simple as a light bulb replacement. I get it if your car has a hard to reach headlight something of that nature, but I'd at least try it myself.

Just Joe

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Re: Overheard at Work
« Reply #19254 on: November 14, 2017, 09:00:09 AM »
On a similar theme I once visited Puerto Rico and someone asked if they spoke English there and whether the American dollar was widely accepted.

Just Joe

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Re: Overheard at Work
« Reply #19255 on: November 14, 2017, 09:01:31 AM »
I was joking about how very Monday of a Monday yesterday was with a co-worker this morning. Just one of those days where nothing terrible happens but a bunch of little things just don't go your way.

Me: and to top it off, when I got in my car after work, I realized I had a headlight out.
CW: Off to the mechanic for you, huh?
Me: No. It was just the bulb. I replaced it on my way home.
CW: By yourself?!
Me: Yes. It's super easy in my car. Your car too actually I bet! (We have the same car, though her car is a couple years newer.)
CW: Oh, I wouldn't even try to change it myself. I'd just take it to the mechanic.

I just can't imagine going to a mechanic for something as simple as a light bulb replacement. I get it if your car has a hard to reach headlight something of that nature, but I'd at least try it myself.

A bunch of the auto parts stores will replace the bulb for you for free. I wonder what a mechanic would charge.

RyanAtTanagra

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Re: Overheard at Work
« Reply #19256 on: November 14, 2017, 10:15:10 AM »
I was joking about how very Monday of a Monday yesterday was with a co-worker this morning. Just one of those days where nothing terrible happens but a bunch of little things just don't go your way.

Me: and to top it off, when I got in my car after work, I realized I had a headlight out.
CW: Off to the mechanic for you, huh?
Me: No. It was just the bulb. I replaced it on my way home.
CW: By yourself?!
Me: Yes. It's super easy in my car. Your car too actually I bet! (We have the same car, though her car is a couple years newer.)
CW: Oh, I wouldn't even try to change it myself. I'd just take it to the mechanic.

I just can't imagine going to a mechanic for something as simple as a light bulb replacement. I get it if your car has a hard to reach headlight something of that nature, but I'd at least try it myself.

A bunch of the auto parts stores will replace the bulb for you for free. I wonder what a mechanic would charge.

I worked in a garage, we'd do it for the cost of the bulb if it was a normal/easy replacement.  That's one of those things where it takes 2 minutes and the potential grateful, repeat customer is worth more than the few bucks you could change in labor.  Not all garages think that way though, unfortunately.

ohsnap

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Re: Overheard at Work
« Reply #19257 on: November 14, 2017, 10:37:14 AM »
...He just replaced his iPhone 7 last week too with a Pixel 2XL with the nebulous "I just don't like Apple stuff anymore" excuse. It's hip to be a he-man Apple hater where I work. I'm guessing he felt some pressure to conform...

I have the opposite pressure...not at work, but my circle of friends all have iPhones (although they don't all rush out and buy the newest ones).  I'm frequently given grief over my non-Apple phone choice, solely because it doesn't have the same group-text features. One friend didn't let up the nagging until I told her, "I'll get an iPhone if you'll pay for it."

RyanAtTanagra

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Re: Overheard at Work
« Reply #19258 on: November 14, 2017, 10:38:41 AM »
One friend didn't let up the nagging until I told her, "I'll get an iPhone if you'll pay for it."

Oh, snap

zolotiyeruki

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Re: Overheard at Work
« Reply #19259 on: November 14, 2017, 10:51:28 AM »
One friend didn't let up the nagging until I told her, "I'll get an iPhone if you'll pay for it."

Oh, snap
My boss complained that the camera app on my smartphone took a long time to start.  I replied with something like "I'm not getting paid enough to own a better phone."

marielle

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Re: Overheard at Work
« Reply #19260 on: November 14, 2017, 10:57:43 AM »
One friend didn't let up the nagging until I told her, "I'll get an iPhone if you'll pay for it."

Oh, snap
My boss complained that the camera app on my smartphone took a long time to start.  I replied with something like "I'm not getting paid enough to own a better phone."

I've tried saying stuff like this, but my boss just says I do well for my age and knows I have plenty of money because I pinch pennies, live with a roommate, and don't have a car payment...

mydogismyheart

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Re: Overheard at Work
« Reply #19261 on: November 14, 2017, 01:38:11 PM »
My boss said his goal was for all of us to be using macbook computers.  I told him that that was great but I don't mind the free Dell I was given.  If he wants me to use a macbook he can buy me one and I'll be more than happy to use it.  That pretty much ended that conversation. 

Note: I do really like macbooks, my last one lasted me 10 years before I finally stopped using it.  It still works fine but is slow and since I was given this Dell from my company and it is faster I use it instead.  I would like to eventually invest in a new macbook when I have the money.

One friend didn't let up the nagging until I told her, "I'll get an iPhone if you'll pay for it."

Oh, snap
My boss complained that the camera app on my smartphone took a long time to start.  I replied with something like "I'm not getting paid enough to own a better phone."

I've tried saying stuff like this, but my boss just says I do well for my age and knows I have plenty of money because I pinch pennies, live with a roommate, and don't have a car payment...

mydogismyheart

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Re: Overheard at Work
« Reply #19262 on: November 14, 2017, 01:45:41 PM »
I was having a conversation recently with a co worker about new cars.  I mentioned I was looking at buying a new (to me) vehicle because mine had been in a pretty bad accident and was totaled. I had that car for 9.5 years and really liked it.  I originally paid $3500 for it and with the exception of a new transmission at one point, I had no other issues, just regular maintenance.  His reply was that he only leases cars because with the amount of mileage we put on them (we drive a lot for work but get paid mileage for it) it just makes the most sense and is cheapest.
 

ducky19

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Re: Overheard at Work
« Reply #19263 on: November 14, 2017, 01:56:17 PM »
I was having a conversation recently with a co worker about new cars.  I mentioned I was looking at buying a new (to me) vehicle because mine had been in a pretty bad accident and was totaled. I had that car for 9.5 years and really liked it.  I originally paid $3500 for it and with the exception of a new transmission at one point, I had no other issues, just regular maintenance.  His reply was that he only leases cars because with the amount of mileage we put on them (we drive a lot for work but get paid mileage for it) it just makes the most sense and is cheapest.

That is the absolute WORST scenario for leasing a car! I have yet to see a lease that didn't bend you over for driving too many miles, and most of them are low mile leases.

ketchup

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Re: Overheard at Work
« Reply #19264 on: November 14, 2017, 02:05:08 PM »
I was having a conversation recently with a co worker about new cars.  I mentioned I was looking at buying a new (to me) vehicle because mine had been in a pretty bad accident and was totaled. I had that car for 9.5 years and really liked it.  I originally paid $3500 for it and with the exception of a new transmission at one point, I had no other issues, just regular maintenance.  His reply was that he only leases cars because with the amount of mileage we put on them (we drive a lot for work but get paid mileage for it) it just makes the most sense and is cheapest.

That is the absolute WORST scenario for leasing a car! I have yet to see a lease that didn't bend you over for driving too many miles, and most of them are low mile leases.
Seriously.  I've run the numbers on lease deals and the ONLY way they come even close to penciling out would be by driving more miles than the lease agreement would allow.

mies

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Re: Overheard at Work
« Reply #19265 on: November 14, 2017, 05:10:58 PM »
...He just replaced his iPhone 7 last week too with a Pixel 2XL with the nebulous "I just don't like Apple stuff anymore" excuse. It's hip to be a he-man Apple hater where I work. I'm guessing he felt some pressure to conform...

I have the opposite pressure...not at work, but my circle of friends all have iPhones (although they don't all rush out and buy the newest ones).  I'm frequently given grief over my non-Apple phone choice, solely because it doesn't have the same group-text features. One friend didn't let up the nagging until I told her, "I'll get an iPhone if you'll pay for it."

I've noticed among tech people, it's cool to hate Apple. I hear people at work say Apple sucks when they have to test something on a Mac because they can't find something or it doesn't behave exactly like Windows. It's more lack of familiarity than inferiority of Apple's products.

I'm fairly agnostic when it comes to technology. I use Windows all day at work, Linux at home, and use an iPhone. For the most part, the iPhone just works and you usually aren't a second class citizen when it comes to applications.

Either way, he had a perfectly usable 1 year old phone and traded up for a new one that might be marginally better.
Less is more.

JLee

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Re: Overheard at Work
« Reply #19266 on: November 14, 2017, 05:19:30 PM »
...He just replaced his iPhone 7 last week too with a Pixel 2XL with the nebulous "I just don't like Apple stuff anymore" excuse. It's hip to be a he-man Apple hater where I work. I'm guessing he felt some pressure to conform...

I have the opposite pressure...not at work, but my circle of friends all have iPhones (although they don't all rush out and buy the newest ones).  I'm frequently given grief over my non-Apple phone choice, solely because it doesn't have the same group-text features. One friend didn't let up the nagging until I told her, "I'll get an iPhone if you'll pay for it."

I've noticed among tech people, it's cool to hate Apple. I hear people at work say Apple sucks when they have to test something on a Mac because they can't find something or it doesn't behave exactly like Windows. It's more lack of familiarity than inferiority of Apple's products.

I'm fairly agnostic when it comes to technology. I use Windows all day at work, Linux at home, and use an iPhone. For the most part, the iPhone just works and you usually aren't a second class citizen when it comes to applications.

Either way, he had a perfectly usable 1 year old phone and traded up for a new one that might be marginally better.

That depends what you want out of your phone - I was talking with a friend over the weekend (he recently switched to Android) and he said cross-app integration is far better on Android (i.e. Shazam integration with Spotify, etc).

Feivel2000

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Re: Overheard at Work
« Reply #19267 on: November 15, 2017, 02:34:04 AM »
I was joking about how very Monday of a Monday yesterday was with a co-worker this morning. Just one of those days where nothing terrible happens but a bunch of little things just don't go your way.

Me: and to top it off, when I got in my car after work, I realized I had a headlight out.
CW: Off to the mechanic for you, huh?
Me: No. It was just the bulb. I replaced it on my way home.
CW: By yourself?!
Me: Yes. It's super easy in my car. Your car too actually I bet! (We have the same car, though her car is a couple years newer.)
CW: Oh, I wouldn't even try to change it myself. I'd just take it to the mechanic.

I just can't imagine going to a mechanic for something as simple as a light bulb replacement. I get it if your car has a hard to reach headlight something of that nature, but I'd at least try it myself.
Try to change the bulb on a Citroën C3/C4. I think you need an additional hinge in your arm.

But my mechanic changed them for free if you buy the bulb from him...


Linda_Norway

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Re: Overheard at Work
« Reply #19268 on: November 15, 2017, 03:02:49 AM »
I thought about posting it in the investor thread, but I think I have asked a similar question before. So now just posting as a comment in this thread.

I have one colleague who is always at work looking into stock websites. I asked him whether he changed his funds regularly.
He told me that he has his stocks only in his pension fund. When he has index funds and the index has risen more than 10%, he switches to a bond-profile with 0 risk. When the index has a big dip, he switches back to the high risk profile with index funds. That way, according to himself, you never lose money. He said he made 25% profit the last two years. This person has a history of getting into high debt because of losing money on the stock market. I think this is his new way of wanting to be into the market, but into a saver way.

It does sound like safe strategy to me, but for me this would be challenging I think. I Norway we pay about 30% tax on profits we make when we sell funds. Currently my funds are on a account where I can postpone my tax paying to the moment I take out the money, which is hopefully after FIRE when I have very little income. In this account, you cannot have bond funds, but we can switch between stock fonds as much as we like. But buying bonds would mean having to pay the taxes on top of my current high salary.

I think that if you sell index funds when the fund has more than 10% profit, you will lose out on the big profits. Like one of my index funds has currently 15% profit. But I do sometimes get a little nervous on having so much stash index funds, as I cannot believe the market will go up forever.

But we are back to the eternal question "is investing in the the stock market smart or not" and in the long run it is supposed to be smart. That is why I have my stash there. If we ever get 8% rent on money in the bank, I will put it in the bank. But I think those days might be over.

Imma

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Re: Overheard at Work
« Reply #19269 on: November 15, 2017, 04:34:18 AM »
One friend didn't let up the nagging until I told her, "I'll get an iPhone if you'll pay for it."

Oh, snap
My boss complained that the camera app on my smartphone took a long time to start.  I replied with something like "I'm not getting paid enough to own a better phone."

I've tried saying stuff like this, but my boss just says I do well for my age and knows I have plenty of money because I pinch pennies, live with a roommate, and don't have a car payment...

Yup, my boss has noticed too that I'm frugal. I don't talk about money at work, but he still noticed quite soon. I think there are a number of factors that gave it away, but I'm still surprised that my boss noticed that quickly. I'm a part time office worker (I can't work fulltime due to health reasons) and my s/o is a musician with a side job, so we're not 'obviously wealthy'. He must have done the math and calculated that there must be money left over at the end of the month. 

BuffaloStache

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Re: Overheard at Work
« Reply #19270 on: November 15, 2017, 08:16:13 AM »
^ you all must work in observant places. I keep quiet about money at the office, and no one seems to notice that I'm frugal. Either that or all of my coworkers are.

I think one of the biggest factors is that we don't get a paid lunch break. This causes ~95% of my coworkers to either bring leftovers and eat at their desks to 'work' during lunch, or people to quickly buy something from the cafe and bring it up to their desks. Truly eating out for lunch (going to a restaurant not the in-building cafe) is a rarity.
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RidetheRain

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Re: Overheard at Work
« Reply #19271 on: November 15, 2017, 09:24:40 AM »
^ you all must work in observant places. I keep quiet about money at the office, and no one seems to notice that I'm frugal. Either that or all of my coworkers are.

I think one of the biggest factors is that we don't get a paid lunch break. This causes ~95% of my coworkers to either bring leftovers and eat at their desks to 'work' during lunch, or people to quickly buy something from the cafe and bring it up to their desks. Truly eating out for lunch (going to a restaurant not the in-building cafe) is a rarity.

I agree. My coworkers don't ever notice that kind of thing. Pretty much everyone brings a lunch. The only way to tell is when talking about weekend plans. One of my coworkers likes to go to "rooftop parties" which I'm guessing are pretty expensive. But I like to hike which is more or less free. Really it's less of a frugal thing and more of a personal preference. After all, my life isn't any worse without spending money so how could they notice?
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marielle

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Re: Overheard at Work
« Reply #19272 on: November 15, 2017, 09:40:24 AM »
^ you all must work in observant places. I keep quiet about money at the office, and no one seems to notice that I'm frugal. Either that or all of my coworkers are.

I think one of the biggest factors is that we don't get a paid lunch break. This causes ~95% of my coworkers to either bring leftovers and eat at their desks to 'work' during lunch, or people to quickly buy something from the cafe and bring it up to their desks. Truly eating out for lunch (going to a restaurant not the in-building cafe) is a rarity.

My office is really small, and my boss dictates how much I make so it's not hard to figure out. Everyone is basically a department of one. I also poke fun of myself sometimes for being a cheapskate and they know I drive a 15 year old car. I also have mentioned early retirement as a "joke" but I don't think they know the extent of how much I save. We're getting a 401k at the company soon (fairly new company) so I'm sure the HR lady will have a WTF look when I want to max it to 18k. I think I could have kept it stealth if I really wanted to, at least until the 401k came out.

My boss says I have to work here until I start collecting social security...

trollwithamustache

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Re: Overheard at Work
« Reply #19273 on: November 15, 2017, 10:51:27 AM »
^ you all must work in observant places. I keep quiet about money at the office, and no one seems to notice that I'm frugal. Either that or all of my coworkers are.

I think one of the biggest factors is that we don't get a paid lunch break. This causes ~95% of my coworkers to either bring leftovers and eat at their desks to 'work' during lunch, or people to quickly buy something from the cafe and bring it up to their desks. Truly eating out for lunch (going to a restaurant not the in-building cafe) is a rarity.

My office is really small, and my boss dictates how much I make so it's not hard to figure out. Everyone is basically a department of one. I also poke fun of myself sometimes for being a cheapskate and they know I drive a 15 year old car. I also have mentioned early retirement as a "joke" but I don't think they know the extent of how much I save. We're getting a 401k at the company soon (fairly new company) so I'm sure the HR lady will have a WTF look when I want to max it to 18k. I think I could have kept it stealth if I really wanted to, at least until the 401k came out.

My boss says I have to work here until I start collecting social security...

I bet you will still be in stealth mode after maxing out the 401k. HR -lackey probably has never seen it and while can process the paperwork cannot internally process what you just did. its much easier to just not think about such confusing things and head out early to happy hour.

Imustacheyouaquestion

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Re: Overheard at Work
« Reply #19274 on: November 15, 2017, 02:13:36 PM »
HR called my wife to check if her maxed 457 election was an error because "wow, that's a ton of money!." Yup, that's a whole lot of tax-advantaged space we're filling :)

ysette9

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Re: Overheard at Work
« Reply #19275 on: November 15, 2017, 08:33:16 PM »
Back on the subject of changing the bulbs in a carís headlights, my husband did that in his then 1997 Honda Civic. It took him half a day and he had to go buy some tools he didnít have to pry half the bumper assembly off.
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jfolsen

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Re: Overheard at Work
« Reply #19276 on: November 15, 2017, 09:38:43 PM »
I complained to HR last week that the 401k website where I specified my contribution per pay period didn't accept anything but whole dollars, no decimal places. This was going to make me miss a certain tiny fraction of my contribution.

JLee

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Re: Overheard at Work
« Reply #19277 on: November 15, 2017, 10:03:23 PM »
I complained to HR last week that the 401k website where I specified my contribution per pay period didn't accept anything but whole dollars, no decimal places. This was going to make me miss a certain tiny fraction of my contribution.

HR/payroll should cap your deductions at the IRS limit, so you should be able to bias your last contribution slightly heavy and they'll just cut it short.

JordanOfGilead

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Re: Overheard at Work
« Reply #19278 on: November 16, 2017, 05:56:16 AM »
Back on the subject of changing the bulbs in a carís headlights, my husband did that in his then 1997 Honda Civic. It took him half a day and he had to go buy some tools he didnít have to pry half the bumper assembly off.
That doesn't seem right ...
I've had a '91 crx, a 94 civic LX, a 96 civic DX, and a 98 civic LX and had to change the headlight bulbs on all of them at least once. There's a part in the back that just twist/locks into place. A quarter turn of that piece and you can pull the bulb right out of the back of the headlight assembly. a 5 minute job, tops. The only one I had problems with was the 94 and that was because a previous owner had (poorly) installed xenon headlights.

BDWW

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Re: Overheard at Work
« Reply #19279 on: November 16, 2017, 09:45:25 AM »
Back on the subject of changing the bulbs in a carís headlights, my husband did that in his then 1997 Honda Civic. It took him half a day and he had to go buy some tools he didnít have to pry half the bumper assembly off.
That doesn't seem right ...
I've had a '91 crx, a 94 civic LX, a 96 civic DX, and a 98 civic LX and had to change the headlight bulbs on all of them at least once. There's a part in the back that just twist/locks into place. A quarter turn of that piece and you can pull the bulb right out of the back of the headlight assembly. a 5 minute job, tops. The only one I had problems with was the 94 and that was because a previous owner had (poorly) installed xenon headlights.

I managed an auto parts store for 3 years, and we changed bulbs all the time. The only model I can think of that I gave up on was a first generation new beetle. If memory serves, everything else was relatively easy.

ysette9

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Re: Overheard at Work
« Reply #19280 on: November 16, 2017, 10:13:10 AM »
I suppose he just didn't know what he was doing then. Perhaps that was before you could look up anything and everything on the internet? I remember he had the owner's manuals out for reference. In any case, we haven't had a light bulb go out on us since, thank goodness.
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Imma

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Re: Overheard at Work
« Reply #19281 on: November 16, 2017, 10:50:49 AM »
^ you all must work in observant places. I keep quiet about money at the office, and no one seems to notice that I'm frugal. Either that or all of my coworkers are.

I think one of the biggest factors is that we don't get a paid lunch break. This causes ~95% of my coworkers to either bring leftovers and eat at their desks to 'work' during lunch, or people to quickly buy something from the cafe and bring it up to their desks. Truly eating out for lunch (going to a restaurant not the in-building cafe) is a rarity.

My office is really small, and my boss dictates how much I make so it's not hard to figure out. Everyone is basically a department of one. I also poke fun of myself sometimes for being a cheapskate and they know I drive a 15 year old car. I also have mentioned early retirement as a "joke" but I don't think they know the extent of how much I save. We're getting a 401k at the company soon (fairly new company) so I'm sure the HR lady will have a WTF look when I want to max it to 18k. I think I could have kept it stealth if I really wanted to, at least until the 401k came out.

My boss says I have to work here until I start collecting social security...

I'm in a small company too. I'm the one-woman finance & legal department, so it's already sort of assumed that I know things about money. We don't have a paid lunch break either and no place to buy food close to the office, so my coworkers drive by the grocery store every morning before work to buy ready-made meals and cans of soda. I bring my own food from home and I drink my own instant coffee (sadly, no coffee making facilities at work). I don't own a car and cycle the 3 miles to work every day. My coworkers go on long luxury foreign holidays, I don't. And for every season I have about 6 work outfits. Since I have the luxury of owning a washing machine, I don't really need more office clothes than a full load of laundry and maybe one extra set. I also don't constantly buy new stuff so my coworkers see me wearing the same (neat, representative) clothes all the time. I also only have two pairs of office shoes per season. I live in a working class neighbourhood with cheap homes - actually, the first thing my boss said in my job interview was "I invited you because I wanted to see what an educated persion from neighbourhood X looks like".

Still, I'm not exactly sure how my boss has figured out it's not actual poverty but mustachianism that has caused me to live like this. After all, I only earn Ä1200 per month (for 20/hours per week) from him and he has no idea what my fiance earns as a musician, most people just assume we're poor.

Dollar Slice

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Re: Overheard at Work
« Reply #19282 on: November 16, 2017, 01:20:27 PM »
Just overheard a conversation at work, trying to figure out how much one of them has paid into a life insurance policy.

A: So we've been paying $3000 a year for 22 years... that's, let's see, 22 years times 12 months is...
B: No, no. Just 22 times $3000.
A: Oh, right, right. So, how much is that?
B: $88,000.
A: $88,000! Wow.

Math is hard.
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kayvent

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Re: Overheard at Work
« Reply #19283 on: November 16, 2017, 01:37:30 PM »
Just overheard a conversation at work, trying to figure out how much one of them has paid into a life insurance policy.

A: So we've been paying $3000 a year for 22 years... that's, let's see, 22 years times 12 months is...
B: No, no. Just 22 times $3000.
A: Oh, right, right. So, how much is that?
B: $88,000.
A: $88,000! Wow.

Math is hard.

If math was easy, theyíd not have whole life insurance.

Dollar Slice

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Re: Overheard at Work
« Reply #19284 on: November 16, 2017, 01:49:15 PM »
Just overheard a conversation at work, trying to figure out how much one of them has paid into a life insurance policy.

A: So we've been paying $3000 a year for 22 years... that's, let's see, 22 years times 12 months is...
B: No, no. Just 22 times $3000.
A: Oh, right, right. So, how much is that?
B: $88,000.
A: $88,000! Wow.

Math is hard.

If math was easy, theyíd not have whole life insurance.

I think their job was paying the premiums as a benefit, at which point I guess you might as well. They were just pissing and moaning about the customer service and wanted to know what amount of money to be obnoxious about, e.g., "We've paid you people $88,000 $66,000 in premiums and you're going to nickel and dime me over this paperwork? This is outrageous! I want to speak to your supervisor!"
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marielle

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Re: Overheard at Work
« Reply #19285 on: November 16, 2017, 01:57:32 PM »
What's wrong with whole life insurance? I tried to google it, but figured there was a mustachian answer. Is it more expensive than term?

Uturn

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Re: Overheard at Work
« Reply #19286 on: November 16, 2017, 02:38:39 PM »
Whole life is more of an investment vehicle than just money when/if you die.  However, the interest earned is less than broad market index.  I believe the premiums are higher.  You pay more in order to earn less.  It is a product marketed to less savvy investors.
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marielle

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Re: Overheard at Work
« Reply #19287 on: November 16, 2017, 02:57:47 PM »
Whole life is more of an investment vehicle than just money when/if you die.  However, the interest earned is less than broad market index.  I believe the premiums are higher.  You pay more in order to earn less.  It is a product marketed to less savvy investors.

Wait, so you only get what you pay + ROI? I'm so confused. That's not how it sounded on Wikipedia. Why would anyone get it then?

ixtap

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Re: Overheard at Work
« Reply #19288 on: November 16, 2017, 03:10:10 PM »
Whole life is more of an investment vehicle than just money when/if you die.  However, the interest earned is less than broad market index.  I believe the premiums are higher.  You pay more in order to earn less.  It is a product marketed to less savvy investors.

Wait, so you only get what you pay + ROI? I'm so confused. That's not how it sounded on Wikipedia. Why would anyone get it then?

The sales pitch is that with term life, you just lose your payments. With while life, if you don't die, you get your investment back.

Mathematically, it is better to pay for the cheaper term life and invest the difference between the premiums.

dragoncar

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Re: Overheard at Work
« Reply #19289 on: November 16, 2017, 04:38:22 PM »
Whole life is more of an investment vehicle than just money when/if you die.  However, the interest earned is less than broad market index.  I believe the premiums are higher.  You pay more in order to earn less.  It is a product marketed to less savvy investors.

Wait, so you only get what you pay + ROI? I'm so confused. That's not how it sounded on Wikipedia. Why would anyone get it then?

The sales pitch is that with term life, you just lose your payments. With while life, if you don't die, you get your investment back.

Mathematically, it is better to pay for the cheaper term life and invest the difference between the premiums.

Whole life usually has gigantic sales commissions and lots of fees.

There are a few threads on this kind of thing:

https://forum.mrmoneymustache.com/investor-alley/royal-london-360-i-dun-goofed/150/
https://forum.mrmoneymustache.com/ask-a-mustachian/whole-life-insurance-policy-challenging-mustachian-wisdom/

merula

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Re: Overheard at Work
« Reply #19290 on: November 16, 2017, 04:51:31 PM »
Don't forget selling whole life on children because "if they have health problems later in life they'll never be able to get any life insurance!"

I had an awful time as an adult trying to unwind that mess. The "financial services" company claimed that the premiums paid were less than the payout, but couldn't back it up with anything because their records only went back 7 years. Based on what my parents said, premiums paid had to be 15% or more over the payout, but they couldn't produce the documentation. I gave up when I realized it was <$100 in tax, but I'm still salty about the whole thing.

kayvent

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Re: Overheard at Work
« Reply #19291 on: November 16, 2017, 07:25:58 PM »
What's wrong with whole life insurance? I tried to google it, but figured there was a mustachian answer. Is it more expensive than term?

Whole life has an insurance and a savings section. Think about it like getting an insurance policy and a separate savings account. The return on the latter is comparable to a savings account. Which sounds miserable until you discover that if you die, the savings portion vanishes. Entirely.

The cost for it is astronomical as well. Typically term life insurance is around 7% to 10% the cost of whole life.
« Last Edit: November 16, 2017, 07:33:04 PM by kayvent »

Freedomin5

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Re: Overheard at Work
« Reply #19292 on: November 16, 2017, 09:14:12 PM »
What's wrong with whole life insurance? I tried to google it, but figured there was a mustachian answer. Is it more expensive than term?

Whole life has an insurance and a savings section. Think about it like getting an insurance policy and a separate savings account. The return on the latter is comparable to a savings account. Which sounds miserable until you discover that if you die, the savings portion vanishes. Entirely.

The cost for it is astronomical as well. Typically term life insurance is around 7% to 10% the cost of whole life.

Occasionally, whole life insurance makes sense as a tool for passing on large inheritances to children and minimizing estate taxes. I also keep a small whole life policy to cover funeral-related expenses in the event of both my spouse's and my deaths -- even though I may have lots of money in my bank accounts and index funds, my children often won't be able to access it quickly if we both die at the same time, and I wouldn't want them to have to stress about finding the money to bury us. Insurance typically pays out to the beneficiaries quite quickly -- just fill out a couple forms and send over the death certificate(s)...and the customer service reps are really nice to you, especially if you're calling because of this reason.

Anyway...back on topic...

One of DH's coworkers' spouses was chatting with him about looking for a job. Apparently, he moved halfway around the world and took a job before it was formally offered to him. His wife also took a job, in a different country that is also halfway around world (think along the lines of the husband accepting a job in Canada, while the wife accepted a job in Mexico). Then the husband's job disappeared -- the company went bankrupt - before he could start working there. So now he's stuck in his wife's work country with no job. On top of that, he has health issues and can't qualify for his own health insurance. Health insurance at his wife's job does not extend to the spouse. So now he's desperately asking around to see if anyone knows anyone who is hiring. His list of requirements include:

a) Good salary (by this, I mean more than 5x the average salary in this developing country)
b) Corporate/business job (he has no related corporate experience/education, but the job that fell through was a corporate job so that's what he wants)
c) Good international expatriate health insurance that allows you to access premier healthcare networks

I just had to shake my head...I really don't understand how people can get themselves into such a pickle.


arebelspy

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Re: Overheard at Work
« Reply #19293 on: November 17, 2017, 04:24:46 AM »
Just overheard a conversation at work, trying to figure out how much one of them has paid into a life insurance policy.

A: So we've been paying $3000 a year for 22 years... that's, let's see, 22 years times 12 months is...
B: No, no. Just 22 times $3000.
A: Oh, right, right. So, how much is that?
B: $88,000.
A: $88,000! Wow.

Math is hard.

Math IS hard.

...that's $66,000.

;)

(Unless you typo'd 4,000 as 3,000... twice.)
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merula

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Re: Overheard at Work
« Reply #19294 on: November 17, 2017, 05:03:13 AM »
Occasionally, whole life insurance makes sense as a tool for passing on large inheritances to children and minimizing estate taxes. I also keep a small whole life policy to cover funeral-related expenses in the event of both my spouse's and my deaths -- even though I may have lots of money in my bank accounts and index funds, my children often won't be able to access it quickly if we both die at the same time, and I wouldn't want them to have to stress about finding the money to bury us. Insurance typically pays out to the beneficiaries quite quickly -- just fill out a couple forms and send over the death certificate(s)...and the customer service reps are really nice to you, especially if you're calling because of this reason.

You could also set up a joint savings account with your children's names on the account. You'd have to either trust your kids not to raid it ahead of time or just don't tell them it exists. Maybe keep the account info wherever you would have kept the life insurance paperwork?

OTOH, maybe the relatively nominal amount of funeral expenses would be worth knowing if your children would steal from you.

Imma

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Re: Overheard at Work
« Reply #19295 on: November 17, 2017, 07:42:07 AM »
Occasionally, whole life insurance makes sense as a tool for passing on large inheritances to children and minimizing estate taxes. I also keep a small whole life policy to cover funeral-related expenses in the event of both my spouse's and my deaths -- even though I may have lots of money in my bank accounts and index funds, my children often won't be able to access it quickly if we both die at the same time, and I wouldn't want them to have to stress about finding the money to bury us. Insurance typically pays out to the beneficiaries quite quickly -- just fill out a couple forms and send over the death certificate(s)...and the customer service reps are really nice to you, especially if you're calling because of this reason.

You could also set up a joint savings account with your children's names on the account. You'd have to either trust your kids not to raid it ahead of time or just don't tell them it exists. Maybe keep the account info wherever you would have kept the life insurance paperwork?

OTOH, maybe the relatively nominal amount of funeral expenses would be worth knowing if your children would steal from you.

We are members of a burial society for this reason. It's a low-cost alternative because it's not for profit and the society is very old and all the services are provided in-house. When we die, our relatives call the burial society and they will take care of everything. They will only send a small bill for certain special requests and only after the estate is settled. Whatever happens, even if we die in debt, we will not burden our relatives with funeral costs.

Freedomin5

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Re: Overheard at Work
« Reply #19296 on: November 17, 2017, 08:54:37 AM »
Co-worker was selling tickets to a fundraiser to educate "left behind kids" -- these are the kids who are left behind with neighbors or relatives in poor farming villages across China while their parents seek out more lucrative positions as construction workers or household help in the big city.

She said USD$1500 can help one village. The cost of the tickets? USD$500 per ticket, or USD$5000 if you buy the table (10 seats). For every table they fill, one village can be helped...

Wait a minute...math? What happened to the other $3500? Oh, that's to pay the hotel for the fancy dinner that they serve to the supporters during the fundraising gala.

So why don't I just go online and donate the $5000 directly to the organization?

Errr....

The ironic thing? This lady employs three household helpers and a driver, all of whom left behind their own children so that they could take care of her children.

Apples

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Re: Overheard at Work
« Reply #19297 on: November 17, 2017, 09:31:23 AM »
Just overheard a conversation at work, trying to figure out how much one of them has paid into a life insurance policy.

A: So we've been paying $3000 a year for 22 years... that's, let's see, 22 years times 12 months is...
B: No, no. Just 22 times $3000.
A: Oh, right, right. So, how much is that?
B: $88,000.
A: $88,000! Wow.

Math is hard.

Math IS hard.

...that's $66,000.

;)

(Unless you typo'd 4,000 as 3,000... twice.)

ARS,, you just explained the whole joke.  That was the point of the post. 

MgoSam

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Re: Overheard at Work
« Reply #19298 on: November 17, 2017, 09:41:24 AM »

Wait a minute...math? What happened to the other $3500? Oh, that's to pay the hotel for the fancy dinner that they serve to the supporters during the fundraising gala.

So why don't I just go online and donate the $5000 directly to the organization?


That's a concern I have about galas. In the US (at least from what I've seen) tickets to such charity events cost a set fee, let's say $100, of which attendees are allowed to claim a tax deduction of a portion of it, let's say $20. So what that's saying is that of the $100, $80 of which went towards paying for the fundraiser and only $20 is actually going towards the cause.

I've read a few articles that talk about how throwing a good fundraising actually costs more but sometimes there are title sponsors that pitch in for the event so that more of the individual attendees' money can go towards their cause.

I'm personally not a fan of going to a lavish event in which only a portion of my money goes towards helping people. I feel like it is a way to dress up and feel like you're accomplishing something without actually doing anything. So kinda like watching a TED Talk. But I've spoken to a few people that work at non-profits and such events do help draw attention and get commitments from people.

marielle

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Re: Overheard at Work
« Reply #19299 on: November 17, 2017, 09:47:23 AM »

Wait a minute...math? What happened to the other $3500? Oh, that's to pay the hotel for the fancy dinner that they serve to the supporters during the fundraising gala.

So why don't I just go online and donate the $5000 directly to the organization?


That's a concern I have about galas. In the US (at least from what I've seen) tickets to such charity events cost a set fee, let's say $100, of which attendees are allowed to claim a tax deduction of a portion of it, let's say $20. So what that's saying is that of the $100, $80 of which went towards paying for the fundraiser and only $20 is actually going towards the cause.

I've read a few articles that talk about how throwing a good fundraising actually costs more but sometimes there are title sponsors that pitch in for the event so that more of the individual attendees' money can go towards their cause.

I'm personally not a fan of going to a lavish event in which only a portion of my money goes towards helping people. I feel like it is a way to dress up and feel like you're accomplishing something without actually doing anything. So kinda like watching a TED Talk. But I've spoken to a few people that work at non-profits and such events do help draw attention and get commitments from people.

The fundraising events I've gone to for animal sanctuaries usually have everything run by donations and volunteers, so the ticket price will 100% go to the sanctuary. For example, the dinner will be done by a local restaurant because they're passionate about the cause. Musicians will come in and play for free. The silent auction will be all donated items from local businesses or artists. But these aren't quite as lavish as what you are describing...