Author Topic: Overheard at Work  (Read 8481932 times)

Goldielocks

  • Walrus Stache
  • *******
  • Posts: 5541
  • Location: BC
Re: Overheard at Work
« Reply #19300 on: December 04, 2017, 01:47:34 PM »
I mentioned to a coworker friday that my paychecks are a lot bigger now that I've maxed out my 401k for the year. He replies by saying "Wow, and thought I put a lot in. I thought I put more in than anyone else here." Impressed, and happy to have another big saver at work I asked him how much he puts in. "9%" I'm still dumbfounded that someone only putting 9% into the 401k can think they are the biggest contributor!

This is a little old, but here's my 401k contribution story.  Between 401k and ESOP, our company contributes 10% of our salary (even if you put nothing in), so it's pretty good.  At the beginning of last year, they switched 401k providers.  If you were already contributing to your 401k, they kept your rate alone, but if you were not, they automatically enrolled you into it at 5%. 

They sent out a pamphlet talking about all this, and I read it, since you know, it's about my money.  Then the first paycheck of the year, I made sure my contribution rate was what it was before, and it was. 

6 weeks later, our department head makes a comment in one of our meetings, because he just figured out where his money was going.  He was auto-enrolled, and no one told him!!  We all should check ours to see if we were auto-enrolled too, and to fix it if it wasn't what we wanted.  Then about half the people in the meeting get upset and go set their percentage back to 0 after the meeting.  They both never read the pamphlet or changed to back to 0%.  I'm guessing some of the rest had read it and already changed it.

I'm guessing 9% is above the median here.
Hey,  maybe they are all financially secure and don't need anything more than 10% (or even the company 10% is excessive for them).

i know that I am FIRED now, and if I went back to work, it would be for immediate spending / vacations / car purchases / restaurant money, not for FIRE so I would want it all today.   I actually turned down a job 8 years ago for another one, because the first one had a "forced" 18% contribution rate to a pension that could not be touched until retirement, yet I was almost fully funded for FIRE and needed the salary money in the current year for kid related expenses.

tallen

  • Stubble
  • **
  • Posts: 158
Re: Overheard at Work
« Reply #19301 on: December 04, 2017, 02:33:25 PM »
I mentioned to a coworker friday that my paychecks are a lot bigger now that I've maxed out my 401k for the year. He replies by saying "Wow, and thought I put a lot in. I thought I put more in than anyone else here." Impressed, and happy to have another big saver at work I asked him how much he puts in. "9%" I'm still dumbfounded that someone only putting 9% into the 401k can think they are the biggest contributor!

How much do you put in then?

I set it at 30%

tallen

  • Stubble
  • **
  • Posts: 158
Re: Overheard at Work
« Reply #19302 on: December 04, 2017, 02:42:05 PM »
I mentioned to a coworker friday that my paychecks are a lot bigger now that I've maxed out my 401k for the year. He replies by saying "Wow, and thought I put a lot in. I thought I put more in than anyone else here." Impressed, and happy to have another big saver at work I asked him how much he puts in. "9%" I'm still dumbfounded that someone only putting 9% into the 401k can think they are the biggest contributor!

How does your matching work (if you have any)? Are you leaving money on the table by maxing before your final paycheck of the year (if that's the case) or nah?

Also I assume he doesn't make $200k haha. Most people at my old job only did 4% to get the employer match.

Not leaving anything on the table, they match 3% and put it in lump sum sometime during the 1st quarter of the following year. Definitely not making $200k, lol. Our base pay is right around $50k, but it's pretty easy to add another $10-20k of overtime pay to that during the year.

dragoncar

  • Walrus Stache
  • *******
  • Posts: 8065
  • Registered member
Re: Overheard at Work
« Reply #19303 on: December 05, 2017, 01:58:49 AM »
I contribute 110% to my 401k, the same amount of effort I put in everyday at work

arebelspy

  • Administrator
  • Senior Mustachian
  • *****
  • Posts: 27160
  • Age: -999
  • Location: Traveling the World
Re: Overheard at Work
« Reply #19304 on: December 05, 2017, 11:48:04 AM »
I contribute 110% to my 401k, the same amount of effort I put in everyday at work

Ditto. Only have to remove the two leading ones for me.
We are two former teachers who accumulated a bunch of real estate, retired at 29, and now travel the world full time with two kids.
If you want to know more about me, or how we did that, or see lots of pictures, this Business Insider profile tells our story pretty well.
We (occasionally) blog at AdventuringAlong.com.
You can also read my forum "Journal."

ice_beard

  • 5 O'Clock Shadow
  • *
  • Posts: 50
  • Location: East Bay, CA
Re: Overheard at Work
« Reply #19305 on: December 05, 2017, 06:40:02 PM »
A security guard at my workplace was commenting on how she needed overtime hours because she just bought a $682 pair of shoes. 
This comment was made to a co-worker who I know for a fact is good with her money, because she is retiring in a few weeks.  I commented that amount of money was like over 2 months of my grocery bill which is my second highest monthly cost.  The thrifty co-worker one upped me by stating that was more like 5 or 6 months groceries for her. 

$680 is probably about what that girl grosses in a week, maybe more.  I can't imagine.  I won't spend $682 on shoes over the next two years.

RWD

  • Handlebar Stache
  • *****
  • Posts: 2315
  • Location: Mississippi
Re: Overheard at Work
« Reply #19306 on: December 05, 2017, 08:03:01 PM »
I won't spend $682 on shoes over the next two years.

That's more than we (two people) have spent on all our clothes, including shoes, annually. $682 would probably buy me at least a couple decades worth of shoes.

couponvan

  • Magnum Stache
  • ******
  • Posts: 4382
  • Location: Illinois
    • My journal
Re: Overheard at Work
« Reply #19307 on: December 06, 2017, 07:26:46 AM »
Coworker I know is very much in debt and just did Financial Peace University this year....Bought a new 7.5' Christmas tree at Costco ($289) because she had a $120 rebate check to spend so it made it the same price as other not at nice trees not at Costco.  Her old tree was "shedding" and the light strands didn't all work. This one has both white and LED lights.  Sigh.  I love her, but the math does not add up. She's in IT, I'm in accounting.  I just listen vs. recommend now.  She's doing so much better in a lot of areas. We have a 12 year old tree from Costco that is missing lights in 2 spots.  She knew I was looking at trees too.  I will be buying my next tree AFTER Christmas, but I've been saying that for 2 years now.... 

partgypsy

  • Handlebar Stache
  • *****
  • Posts: 2219
Re: Overheard at Work
« Reply #19308 on: December 06, 2017, 07:51:46 AM »
I prefer live trees but would be open to getting an artificial pre strung tree, and keeping it for at least 10 years for both the cost but mostly the convenience. But my kids insist on a live tree. Our tradition is to pick it out at a local non-for profit organization, it's around $60. Maybe this weekend. 

TexasRunner

  • Pencil Stache
  • ****
  • Posts: 741
  • Location: Somewhere in Tejas
Re: Overheard at Work
« Reply #19309 on: December 06, 2017, 08:00:15 AM »
So....  someone blasted out a company-wide email this morning.  Text is posted below.
Even worst, they did it from a proxy account, apparently not wanting to put their own name on it (instead it says "Purchasing_Department@company.com"). 

"
If you have not heard of Bitcoin yet, they say it is the money of the future. Internet money. I was given this video to watch and it really opened my eyes to it. Since August my wife and I have gained 175% on our investment. Better then any banking institution can ever give you.
 
Do some research for yourself. At the starting of this year, Bitcoins were $759.64 each, now they are over $12887.01 each. They are expected to rise very quickly.

 
https://youtu.be/7Ua3H9J3ibE
 
https://www.bitcoin.com/
 
Thanks
"

[bolding emphasis the writer's]


Not trying to start a bitcoin / cryptocurrency debate...  but LOL!  Company wide.

Dollar Slice

  • Magnum Stache
  • ******
  • Posts: 3435
  • Age: 41
  • Location: New York City
Re: Overheard at Work
« Reply #19310 on: December 06, 2017, 08:17:02 AM »
Just hearing the phrase "internet money" makes me want to run away from that 'investment'.

ketchup

  • Magnum Stache
  • ******
  • Posts: 3430
  • Age: 27
Re: Overheard at Work
« Reply #19311 on: December 06, 2017, 08:50:38 AM »
Just hearing the phrase "internet money" makes me want to run away from that 'investment'.
Yeah, that's a really awful way to try to drum up support for Bitcoin.  And I say that as someone bullish on Bitcoin and excited about the tech behind it.

TheGrimSqueaker

  • Handlebar Stache
  • *****
  • Posts: 1997
  • Location: A desert wasteland, where none but the weird survive
  • www.theliveinlandlord.com
    • The Live-In Landlord
Re: Overheard at Work
« Reply #19312 on: December 06, 2017, 08:52:51 AM »
So....  someone blasted out a company-wide email this morning.  Text is posted below.
Even worst, they did it from a proxy account, apparently not wanting to put their own name on it (instead it says "Purchasing_Department@company.com"). 

<snipped for length... basically an investment endorsement>

Not trying to start a bitcoin / cryptocurrency debate...  but LOL!  Company wide.

Where I work, and in many other places as well, people can lose their jobs for spamming the company with a commercial message like that. It's considered a misuse of company resources and it's taken very seriously. It doesn't matter if you're hawking MLM products, the chocolates your kid is selling for his sport team's fund raiser, an investment opportunity, a betting pool, a hot new penny stock, or a timeshare offer. An E-mail like this is a blatant attempt to drive the price of bitcoins up for speculative purposes. The fact it was sent from a proxy account is evidence the person who sent it knew it was wrong to use the computer system that way, obviously. If I worked at that company I'd have the IT department track down the originator of that E-mail and start disciplinary proceedings.

ketchup

  • Magnum Stache
  • ******
  • Posts: 3430
  • Age: 27
Re: Overheard at Work
« Reply #19313 on: December 06, 2017, 09:00:27 AM »
If I worked at that company I'd have the IT department track down the originator of that E-mail and start disciplinary proceedings.
As half of an IT department, I would love be in charge of hunting them down.  It probably wouldn't be hard.

Dollar Slice

  • Magnum Stache
  • ******
  • Posts: 3435
  • Age: 41
  • Location: New York City
Re: Overheard at Work
« Reply #19314 on: December 06, 2017, 10:23:16 AM »
Just hearing the phrase "internet money" makes me want to run away from that 'investment'.
Yeah, that's a really awful way to try to drum up support for Bitcoin.  And I say that as someone bullish on Bitcoin and excited about the tech behind it.

It sounds like the sort of thing you'd say if you were trying to scam a little old lady into buying Bitcoins for all her grandkids for Christmas. (And then the "Bitcoins" turn out to be gift cards to BlTCOlN.com or something.)

TexasRunner

  • Pencil Stache
  • ****
  • Posts: 741
  • Location: Somewhere in Tejas
Re: Overheard at Work
« Reply #19315 on: December 06, 2017, 10:37:54 AM »
Ya, there were several follow up emails about internet policy, "things you need to know before investing in bitcoin" and the proxy email account guidelines.  I'm betting the person gets a pretty strict talking to but probably not terminable.

As a mustachian and investor, I get the idea behind bitcoin and diversification into new markets (albeit entering them conservatively), but this was just really really bad phrasing and method of sending it out.

It probably wouldn't have been a big deal at all if (1) they had asked first and (2) they had made the email an invite to a lunch-and-learn or something similar and less like a spam-bot.  lol

Either way, goes to show how imbalanced (not sure if thats quite the right word) people are about investing, and the fact that I'm probably one of three people here who has anything even closely resembling an investment strategy.

mm1970

  • Walrus Stache
  • *******
  • Posts: 5722
Re: Overheard at Work
« Reply #19316 on: December 06, 2017, 01:14:08 PM »
Coworker I know is very much in debt and just did Financial Peace University this year....Bought a new 7.5' Christmas tree at Costco ($289) because she had a $120 rebate check to spend so it made it the same price as other not at nice trees not at Costco.  Her old tree was "shedding" and the light strands didn't all work. This one has both white and LED lights.  Sigh.  I love her, but the math does not add up. She's in IT, I'm in accounting.  I just listen vs. recommend now.  She's doing so much better in a lot of areas. We have a 12 year old tree from Costco that is missing lights in 2 spots.  She knew I was looking at trees too.  I will be buying my next tree AFTER Christmas, but I've been saying that for 2 years now....
I paid $99 for my fake tree in 1994.  Every year, it sheds.  Every year, I think this is the last year. 

Still going strong.  No lights on it or anything.

RidetheRain

  • Bristles
  • ***
  • Posts: 360
  • Age: 26
Re: Overheard at Work
« Reply #19317 on: December 06, 2017, 01:49:00 PM »
Coworker I know is very much in debt and just did Financial Peace University this year....Bought a new 7.5' Christmas tree at Costco ($289) because she had a $120 rebate check to spend so it made it the same price as other not at nice trees not at Costco.  Her old tree was "shedding" and the light strands didn't all work. This one has both white and LED lights.  Sigh.  I love her, but the math does not add up. She's in IT, I'm in accounting.  I just listen vs. recommend now.  She's doing so much better in a lot of areas. We have a 12 year old tree from Costco that is missing lights in 2 spots.  She knew I was looking at trees too.  I will be buying my next tree AFTER Christmas, but I've been saying that for 2 years now....
I paid $99 for my fake tree in 1994.  Every year, it sheds.  Every year, I think this is the last year. 

Still going strong.  No lights on it or anything.

My tree is $65 and I'm really excited for a long distance move that will justify tossing it and getting a fresh $65 tree!

MgoSam

  • Magnum Stache
  • ******
  • Posts: 3622
  • Location: Minnesota
Re: Overheard at Work
« Reply #19318 on: December 06, 2017, 02:46:01 PM »
Coworker I know is very much in debt and just did Financial Peace University this year....Bought a new 7.5' Christmas tree at Costco ($289) because she had a $120 rebate check to spend so it made it the same price as other not at nice trees not at Costco.  Her old tree was "shedding" and the light strands didn't all work. This one has both white and LED lights.  Sigh.  I love her, but the math does not add up. She's in IT, I'm in accounting.  I just listen vs. recommend now.  She's doing so much better in a lot of areas. We have a 12 year old tree from Costco that is missing lights in 2 spots.  She knew I was looking at trees too.  I will be buying my next tree AFTER Christmas, but I've been saying that for 2 years now....
I paid $99 for my fake tree in 1994.  Every year, it sheds.  Every year, I think this is the last year. 

Still going strong.  No lights on it or anything.

My tree is $65 and I'm really excited for a long distance move that will justify tossing it and getting a fresh $65 tree!

I don't care for a tree in my house but I did enjoy setting up the fake tree we had each year with my siblings. My mom would just buy a tree every few years after Christmas.  I know shocking......., I bet no one on MMM ever thought to do that ;-).

Apple_Tango

  • Bristles
  • ***
  • Posts: 307
Re: Overheard at Work
« Reply #19319 on: December 06, 2017, 04:32:31 PM »
I drive around a lot for work, and a new worker was shadowing me one day. I usually listen to podcasts, and I happened to be listening to Dave Ramsey that day. So he goes off on his debt-free spiel, and the coworker (who is at least a decade older than me, with a few kids) said "oh no, that's ridiculous. No one can be debt free!" I low key asked her about her investment strategy and she said that she doesn't invest. Not even in the 401k. I felt really bad for her but didn't want to overload her with info so I didn't say too much beyond recommending that she look into the 401k program. 

RidetheRain

  • Bristles
  • ***
  • Posts: 360
  • Age: 26
Re: Overheard at Work
« Reply #19320 on: December 06, 2017, 05:47:27 PM »
I drive around a lot for work, and a new worker was shadowing me one day. I usually listen to podcasts, and I happened to be listening to Dave Ramsey that day. So he goes off on his debt-free spiel, and the coworker (who is at least a decade older than me, with a few kids) said "oh no, that's ridiculous. No one can be debt free!" I low key asked her about her investment strategy and she said that she doesn't invest. Not even in the 401k. I felt really bad for her but didn't want to overload her with info so I didn't say too much beyond recommending that she look into the 401k program.

Ouch. That hurts. I had a friend say something similar and I made a joke that 30-yr mortgages do seem like forever. They definitely looked at me like I was crazy. Apparently, mortgage debt wasn't the kind of debt they were thinking about... oops...

Linda_Norway

  • Magnum Stache
  • ******
  • Posts: 3238
Re: Overheard at Work
« Reply #19321 on: December 08, 2017, 01:18:12 AM »
I drive around a lot for work, and a new worker was shadowing me one day. I usually listen to podcasts, and I happened to be listening to Dave Ramsey that day. So he goes off on his debt-free spiel, and the coworker (who is at least a decade older than me, with a few kids) said "oh no, that's ridiculous. No one can be debt free!" I low key asked her about her investment strategy and she said that she doesn't invest. Not even in the 401k. I felt really bad for her but didn't want to overload her with info so I didn't say too much beyond recommending that she look into the 401k program.

This sounds like a very good advise, to get her started somewhere.

But let's hope she prioritizes paying off her hair-burning debts first.

My DH has read a newspaper article that suggested that our society today is causing people to easily get in a difficult situation. If you start with consumer debt, and of course only pay the minimum amounts, the debt will grow enormously and it might seem impossible for people to come out of it.
There might be something to it. Back in time people didn't have credit cards and wouldn't be granted a loan for buying stuff they don't need. Nowadays those people get encouraged to get credit cards. You even get rewarded for it.

shelivesthedream

  • Magnum Stache
  • ******
  • Posts: 3729
  • Location: London, UK
Re: Overheard at Work
« Reply #19322 on: December 08, 2017, 01:33:21 AM »
I drive around a lot for work, and a new worker was shadowing me one day. I usually listen to podcasts, and I happened to be listening to Dave Ramsey that day. So he goes off on his debt-free spiel, and the coworker (who is at least a decade older than me, with a few kids) said "oh no, that's ridiculous. No one can be debt free!" I low key asked her about her investment strategy and she said that she doesn't invest. Not even in the 401k. I felt really bad for her but didn't want to overload her with info so I didn't say too much beyond recommending that she look into the 401k program.

This sounds like a very good advise, to get her started somewhere.

But let's hope she prioritizes paying off her hair-burning debts first.

My DH has read a newspaper article that suggested that our society today is causing people to easily get in a difficult situation. If you start with consumer debt, and of course only pay the minimum amounts, the debt will grow enormously and it might seem impossible for people to come out of it.
There might be something to it. Back in time people didn't have credit cards and wouldn't be granted a loan for buying stuff they don't need. Nowadays those people get encouraged to get credit cards. You even get rewarded for it.

I was talking to my husband about those awful high street rent-to-own furniture places and payday loan shops and how insidious they are, and jokingly wishing that all loans could be given out by real loan sharks who hang around on street corners and break your legs if you don't make your payments because at least then it would feel like you were getting a dodgy and inadvisable loan, rather than just buying furniture or getting a little advance.

Playing with Fire UK

  • Handlebar Stache
  • *****
  • Posts: 2287
Re: Overheard at Work
« Reply #19323 on: December 08, 2017, 02:17:57 AM »
I was talking to my husband about those awful high street rent-to-own furniture places and payday loan shops and how insidious they are, and jokingly wishing that all loans could be given out by real loan sharks who hang around on street corners and break your legs if you don't make your payments because at least then it would feel like you were getting a dodgy and inadvisable loan, rather than just buying furniture or getting a little advance.

I would strongly support this. Maybe it could look similar to the fridge efficiency traffic-light charts, but instead of a deep red colour, it has a picture of a shark carrying a baseball bat.

Having said that: how messed up are the collective priorities when it is mandatory to have an incredibly intuitive sticker on a fridge, but not the eye-wateringly expensive rent-to-buy agreement to buy the fridge. When Mustachians come to power I will nominate @shelivesthedream as the Minister of Finance.

FrugalByChance

  • 5 O'Clock Shadow
  • *
  • Posts: 16
  • Age: 45
  • Location: The Netherlands
    • Net Worth Progress
Re: Overheard at Work
« Reply #19324 on: December 08, 2017, 02:51:14 AM »
In the Netherlands there are rules for ads that involve credit. The requirement is to include the credit warning "Watch out! Borrowing Money Costs Money" (Let op! Geld lenen kost geld) in any credit advertisement, other than those related to mortgages,


Linda_Norway

  • Magnum Stache
  • ******
  • Posts: 3238
Re: Overheard at Work
« Reply #19325 on: December 08, 2017, 02:55:47 AM »
In the Netherlands there are rules for ads that involve credit. The requirement is to include the credit warning "Watch out! Borrowing Money Costs Money" (Let op! Geld lenen kost geld) in any credit advertisement, other than those related to mortgages,



Wow! Smart!

Een goede zaak.

shelivesthedream

  • Magnum Stache
  • ******
  • Posts: 3729
  • Location: London, UK
Re: Overheard at Work
« Reply #19326 on: December 08, 2017, 03:32:51 AM »
I was talking to my husband about those awful high street rent-to-own furniture places and payday loan shops and how insidious they are, and jokingly wishing that all loans could be given out by real loan sharks who hang around on street corners and break your legs if you don't make your payments because at least then it would feel like you were getting a dodgy and inadvisable loan, rather than just buying furniture or getting a little advance.

I would strongly support this. Maybe it could look similar to the fridge efficiency traffic-light charts, but instead of a deep red colour, it has a picture of a shark carrying a baseball bat.

Having said that: how messed up are the collective priorities when it is mandatory to have an incredibly intuitive sticker on a fridge, but not the eye-wateringly expensive rent-to-buy agreement to buy the fridge. When Mustachians come to power I will nominate @shelivesthedream as the Minister of Finance.

I had a brief but surprisingly successful flutter with politics at university but ultimately decided my heart wasn't in it. It just isn't the best politicians and policies who get elected and I couldn't get on board with all the stuff you have to do that isn't "governing the country better". That said, when we settle down somewhere I might consider standing as a local councillor. But there isn't a party I feel I could affiliate with and it's a lot of personal work to get elected as an independent.

shelivesthedream

  • Magnum Stache
  • ******
  • Posts: 3729
  • Location: London, UK
Re: Overheard at Work
« Reply #19327 on: December 08, 2017, 03:34:09 AM »
In the Netherlands there are rules for ads that involve credit. The requirement is to include the credit warning "Watch out! Borrowing Money Costs Money" (Let op! Geld lenen kost geld) in any credit advertisement, other than those related to mortgages,



Whoever designed that logo should get some kind of Mustachian Nobel Personal Finance Prize!

partgypsy

  • Handlebar Stache
  • *****
  • Posts: 2219
Re: Overheard at Work
« Reply #19328 on: December 08, 2017, 06:08:21 AM »
I do think it is too easy to get credit, and for a lot of people, it means getting in trouble, because the interest compounds. I also worry now that we are in the future losing our safety nets, particularly health care, that it is going to be more and more likely people will end up over their heads. I'm not sure what the solution is.

I still remember in the corrected- EARLY 90's, just graduated from college, had a job, had a checking and savings account and I applied for a credit card, and I was turned down! Insufficient credit history. I had to open up a store credit card use it for a few months and apply again before I could qualify. Compared to now students entering college walk past tables with free tshirts and freebies so they will sign up for that credit card.
« Last Edit: January 02, 2018, 11:51:01 AM by partgypsy »

leviticus

  • 5 O'Clock Shadow
  • *
  • Posts: 1
Re: Overheard at Work
« Reply #19329 on: December 08, 2017, 07:14:08 AM »
Finally managed to read the whole thread (it only took a month or so), and honestly I learnt a lot, particularly that my colleagues don't talk about money and the only anti-mustachian thing they seem to do is buy lunch in the work canteen every day.

BuffaloStache

  • Pencil Stache
  • ****
  • Posts: 687
  • Location: Colorado
Re: Overheard at Work
« Reply #19330 on: December 08, 2017, 09:24:30 AM »
In the Netherlands there are rules for ads that involve credit. The requirement is to include the credit warning "Watch out! Borrowing Money Costs Money" (Let op! Geld lenen kost geld) in any credit advertisement, other than those related to mortgages,



Whoever designed that logo should get some kind of Mustachian Nobel Personal Finance Prize!

Brilliant!

Inaya

  • Handlebar Stache
  • *****
  • Posts: 1529
  • Age: 33
  • Location: Chicago, IL
Re: Overheard at Work
« Reply #19331 on: December 08, 2017, 12:24:00 PM »
I do think it is too easy to get credit, and for a lot of people, it means getting in trouble, because the interest compounds. I also worry now that we are in the future losing our safety nets, particularly health care, that it is going to be more and more likely people will end up over their heads. I'm not sure what the solution is.

I still remember in the late 90's, just graduated from college, had a job, had a checking and savings account and I applied for a credit card, and I was turned down! Insufficient credit history. I had to open up a store credit card use it for a few months and apply again before I could qualify. Compared to now students entering college walk past tables with free tshirts and freebies so they will sign up for that credit card.
You have to have debt before they'll let you go into debt. When I graduated from college in 2011, with a job, nobody would give me a credit card. Then I bought a pickup truck with an auto loan co-signed by my dad (who has spectacular credit). (Pre-Mustache days, and I sold that truck after a year, but I still miss it.) I had no trouble getting the next credit card I applied for after that auto loan.

Just Joe

  • Handlebar Stache
  • *****
  • Posts: 2061
Re: Overheard at Work
« Reply #19332 on: December 08, 2017, 12:37:10 PM »
Coworker is displeased with the MPG of their daily driver SUV.

Coworker lives so close to work that they could walk or bicycle so the miles driven weekly must be low.

Coworker admits the vehicle is otherwise fine and will last many years. Plans to buy something new or newish.

Coworker plans to give the vehicle to the child going away to college who will presumably be driving alot more than coworker and the coworker will still be paying for the fuel it consumes.

That's some fuzzy logic. Don't know why coworker shares this info with me. I never asked. ;)

RyanAtTanagra

  • Pencil Stache
  • ****
  • Posts: 945
  • Location: SF Bay, CA
Re: Overheard at Work
« Reply #19333 on: December 08, 2017, 12:39:59 PM »
I do think it is too easy to get credit, and for a lot of people, it means getting in trouble, because the interest compounds. I also worry now that we are in the future losing our safety nets, particularly health care, that it is going to be more and more likely people will end up over their heads. I'm not sure what the solution is.

I still remember in the late 90's, just graduated from college, had a job, had a checking and savings account and I applied for a credit card, and I was turned down! Insufficient credit history. I had to open up a store credit card use it for a few months and apply again before I could qualify. Compared to now students entering college walk past tables with free tshirts and freebies so they will sign up for that credit card.
You have to have debt before they'll let you go into debt. When I graduated from college in 2011, with a job, nobody would give me a credit card. Then I bought a pickup truck with an auto loan co-signed by my dad (who has spectacular credit). (Pre-Mustache days, and I sold that truck after a year, but I still miss it.) I had no trouble getting the next credit card I applied for after that auto loan.

Wonder why both your experiences are so different from mine.  I went to college in 1997, same time partygypsy got out, and I got a bunch of free tshirts.  Had to do a lot of CC cancellations when I ran my credit report for the first time 10 years later.  Had no credit to start with.

RyanAtTanagra

  • Pencil Stache
  • ****
  • Posts: 945
  • Location: SF Bay, CA
Re: Overheard at Work
« Reply #19334 on: December 08, 2017, 12:41:51 PM »
Coworker plans to give the vehicle to the child ... and the coworker will still be paying for the fuel it consumes.

That part alone is 'wtf?' enough

RidetheRain

  • Bristles
  • ***
  • Posts: 360
  • Age: 26
Re: Overheard at Work
« Reply #19335 on: December 08, 2017, 01:08:11 PM »
Coworker plans to give the vehicle to the child ... and the coworker will still be paying for the fuel it consumes.

That part alone is 'wtf?' enough

Lol this happened to me. My parents wanted a two-seater car so they leased a very fancy Audi convertible. At the end of the lease, I got the worlds biggest guilt trip when I told them that I had no intention of buying it and taking it to college. They offered to pay insurance and gas on it. Their logic was that I needed a car after my junker car was hit while parked on the street. After the year or two of them paying the ridiculous insurance and gas on this car, I would have had to pay it :P plus of course the cost of the car. And whatever repairs when it inevitably gets hit by some college idiot. They still rag on me for giving it up.

GnomeErcy

  • 5 O'Clock Shadow
  • *
  • Posts: 98
Re: Overheard at Work
« Reply #19336 on: December 08, 2017, 01:32:31 PM »
Coworker got rear-ended on his way in to work today. I didn't see any pictures but it can't be that bad since he still came in and just had a little bit of a sore back.

He said he's going to go buy a brand new car over the weekend.

Even if it was totaled...brand new...ugh.

SMH.

Roe

  • Stubble
  • **
  • Posts: 195
Re: Overheard at Work
« Reply #19337 on: December 09, 2017, 05:56:51 PM »
Finally managed to read the whole thread (it only took a month or so), and honestly I learnt a lot, particularly that my colleagues don't talk about money and the only anti-mustachian thing they seem to do is buy lunch in the work canteen every day.

Congrats, it's some achievement getting through this behemoth of a thread. I tried, but skipped as much foam as I could.

What dwells below... I thought the same at first, but now that im listening for it I hear much more anti-mustachian stuff than before.

chaskavitch

  • Pencil Stache
  • ****
  • Posts: 502
  • Age: 32
  • Location: Fort Collins, CO
Re: Overheard at Work
« Reply #19338 on: December 10, 2017, 06:14:26 AM »
I do think it is too easy to get credit, and for a lot of people, it means getting in trouble, because the interest compounds. I also worry now that we are in the future losing our safety nets, particularly health care, that it is going to be more and more likely people will end up over their heads. I'm not sure what the solution is.

I still remember in the late 90's, just graduated from college, had a job, had a checking and savings account and I applied for a credit card, and I was turned down! Insufficient credit history. I had to open up a store credit card use it for a few months and apply again before I could qualify. Compared to now students entering college walk past tables with free tshirts and freebies so they will sign up for that credit card.
You have to have debt before they'll let you go into debt. When I graduated from college in 2011, with a job, nobody would give me a credit card. Then I bought a pickup truck with an auto loan co-signed by my dad (who has spectacular credit). (Pre-Mustache days, and I sold that truck after a year, but I still miss it.) I had no trouble getting the next credit card I applied for after that auto loan.

Wonder why both your experiences are so different from mine.  I went to college in 1997, same time partygypsy got out, and I got a bunch of free tshirts.  Had to do a lot of CC cancellations when I ran my credit report for the first time 10 years later.  Had no credit to start with.

Seriously.  I didn't go to college until 2003, but right after I turned 18 I *accidentally* signed up for an Old Navy card because I thought it was like a King Soopers card where you got rewards and stuff.  I had to get my dad to help me cancel it, I had no idea how to do that.  And then I got suckered in by the free tshirt scam in college and ended up in $4000 of "gas and grocery" debt.

SwordGuy

  • Magnum Stache
  • ******
  • Posts: 4263
  • Location: Fayetteville, NC
    • Flipping Fayetteville
Re: Overheard at Work
« Reply #19339 on: December 10, 2017, 08:59:12 AM »
And then I got suckered in by the free tshirt scam in college and ended up in $4000 of "gas and grocery" debt.

Those credit cards didn't come with $4000 of gas and grocery debt.  You added that all by yourself.  Accept responsibility. :)

chaskavitch

  • Pencil Stache
  • ****
  • Posts: 502
  • Age: 32
  • Location: Fort Collins, CO
Re: Overheard at Work
« Reply #19340 on: December 10, 2017, 11:11:00 AM »
And then I got suckered in by the free tshirt scam in college and ended up in $4000 of "gas and grocery" debt.

Those credit cards didn't come with $4000 of gas and grocery debt.  You added that all by yourself.  Accept responsibility. :)

Oh, I know.  When I got the card I told myself I'd only use it for gas and groceries, which I was obviously going to buy anyhow, so I could obviously afford to pay off :)  And then I just kept buying little extra things here and there, which never seemed to cost very much at all, and next thing I knew, $4000.

It took me a good year to pay it off working summers and part time during college, but it made me far more responsible in the long run. 

Engineer93

  • 5 O'Clock Shadow
  • *
  • Posts: 25
  • Age: 25
  • Location: East Coast
Re: Overheard at Work
« Reply #19341 on: December 11, 2017, 12:02:18 PM »
I do think it is too easy to get credit, and for a lot of people, it means getting in trouble, because the interest compounds. I also worry now that we are in the future losing our safety nets, particularly health care, that it is going to be more and more likely people will end up over their heads. I'm not sure what the solution is.

I still remember in the late 90's, just graduated from college, had a job, had a checking and savings account and I applied for a credit card, and I was turned down! Insufficient credit history. I had to open up a store credit card use it for a few months and apply again before I could qualify. Compared to now students entering college walk past tables with free tshirts and freebies so they will sign up for that credit card.

I applied for my first credit card a little over a year ago when I graduated college to start building credit.  I had 20k saved up and was making about 60k a year.  I was approved for a card with a limit of $500 a month and if I made all my payments for 6 months it would go to $1000 a month.  My girlfriend had a card with a limit of $10,000 a month making half what I made a year.  It blew my mind. 

zephyr911

  • Magnum Stache
  • ******
  • Posts: 3642
  • Age: 40
  • Location: Northern Alabama
  • I'm just happy to be here. \m/ ^_^ \m/
    • Pinhook Development LLC
Re: Overheard at Work
« Reply #19342 on: December 12, 2017, 07:38:16 AM »
I do think it is too easy to get credit, and for a lot of people, it means getting in trouble, because the interest compounds. I also worry now that we are in the future losing our safety nets, particularly health care, that it is going to be more and more likely people will end up over their heads. I'm not sure what the solution is.

I still remember in the late 90's, just graduated from college, had a job, had a checking and savings account and I applied for a credit card, and I was turned down! Insufficient credit history. I had to open up a store credit card use it for a few months and apply again before I could qualify. Compared to now students entering college walk past tables with free tshirts and freebies so they will sign up for that credit card.

I applied for my first credit card a little over a year ago when I graduated college to start building credit.  I had 20k saved up and was making about 60k a year.  I was approved for a card with a limit of $500 a month and if I made all my payments for 6 months it would go to $1000 a month.  My girlfriend had a card with a limit of $10,000 a month making half what I made a year.  It blew my mind.

Every company is different, and every card program is different, but negotiation can also make a difference. Around the time I finished college and joined the USAF as an officer, I applied for a card from Capital One and got a limit of around $400, IIRC. At the time, that was two or three days' pay. I called them to say the purchasing power was insufficient to even make it worth having the card, and that I was therefore cancelling my new account, and they bumped it up substantially to change my mind. It's been too long to remember exactly, but maybe $1200?

I had had a couple of cards in college, way too easy to get, like some describe here, and I didn't manage them well. That probably had something to do with the low limit. It surprised me how easy it was to talk them into a higher one.

zolotiyeruki

  • Magnum Stache
  • ******
  • Posts: 2708
  • Location: State: Denial
Re: Overheard at Work
« Reply #19343 on: December 12, 2017, 08:06:52 AM »
When DW and I got married in college, we figured we'd need some sort of credit history when we graduated in order to buy a house.  We got a card with a $500 limit, and we basically just used it for groceries for a couple years until we graduated.  It was good enough to get us our first mortgage.

AMandM

  • Pencil Stache
  • ****
  • Posts: 562
Re: Overheard at Work
« Reply #19344 on: December 12, 2017, 10:10:03 AM »
I still remember in the late 90's, just graduated from college, had a job, had a checking and savings account and I applied for a credit card, and I was turned down! Insufficient credit history. I had to open up a store credit card use it for a few months and apply again before I could qualify. Compared to now students entering college walk past tables with free tshirts and freebies so they will sign up for that credit card.

OTOH, back in my day, when I graduated from college I could rent an apartment in a strange city with no credit history.  I get the impression that it's a lot harder to find housing unless you have a good credit score.  And if you want to buy a house any time soon, the longer your credit history, the better.

ketchup

  • Magnum Stache
  • ******
  • Posts: 3430
  • Age: 27
Re: Overheard at Work
« Reply #19345 on: December 12, 2017, 01:31:48 PM »
I mentioned to a coworker friday that my paychecks are a lot bigger now that I've maxed out my 401k for the year. He replies by saying "Wow, and thought I put a lot in. I thought I put more in than anyone else here." Impressed, and happy to have another big saver at work I asked him how much he puts in. "9%" I'm still dumbfounded that someone only putting 9% into the 401k can think they are the biggest contributor!

This is a little old, but here's my 401k contribution story.  Between 401k and ESOP, our company contributes 10% of our salary (even if you put nothing in), so it's pretty good.  At the beginning of last year, they switched 401k providers.  If you were already contributing to your 401k, they kept your rate alone, but if you were not, they automatically enrolled you into it at 5%. 

They sent out a pamphlet talking about all this, and I read it, since you know, it's about my money.  Then the first paycheck of the year, I made sure my contribution rate was what it was before, and it was. 

6 weeks later, our department head makes a comment in one of our meetings, because he just figured out where his money was going.  He was auto-enrolled, and no one told him!!  We all should check ours to see if we were auto-enrolled too, and to fix it if it wasn't what we wanted.  Then about half the people in the meeting get upset and go set their percentage back to 0 after the meeting.  They both never read the pamphlet or changed to back to 0%.  I'm guessing some of the rest had read it and already changed it.

I'm guessing 9% is above the median here.
Hey,  maybe they are all financially secure and don't need anything more than 10% (or even the company 10% is excessive for them).

i know that I am FIRED now, and if I went back to work, it would be for immediate spending / vacations / car purchases / restaurant money, not for FIRE so I would want it all today.   I actually turned down a job 8 years ago for another one, because the first one had a "forced" 18% contribution rate to a pension that could not be touched until retirement, yet I was almost fully funded for FIRE and needed the salary money in the current year for kid related expenses.

OMG I"m so sorry to hear that you got fired.
I see you're new here.  FIRE: Financially Independent, Retired Early. :)

GnomeErcy

  • 5 O'Clock Shadow
  • *
  • Posts: 98
Re: Overheard at Work
« Reply #19346 on: December 12, 2017, 01:51:14 PM »
I mentioned to a coworker friday that my paychecks are a lot bigger now that I've maxed out my 401k for the year. He replies by saying "Wow, and thought I put a lot in. I thought I put more in than anyone else here." Impressed, and happy to have another big saver at work I asked him how much he puts in. "9%" I'm still dumbfounded that someone only putting 9% into the 401k can think they are the biggest contributor!

This is a little old, but here's my 401k contribution story.  Between 401k and ESOP, our company contributes 10% of our salary (even if you put nothing in), so it's pretty good.  At the beginning of last year, they switched 401k providers.  If you were already contributing to your 401k, they kept your rate alone, but if you were not, they automatically enrolled you into it at 5%. 

They sent out a pamphlet talking about all this, and I read it, since you know, it's about my money.  Then the first paycheck of the year, I made sure my contribution rate was what it was before, and it was. 

6 weeks later, our department head makes a comment in one of our meetings, because he just figured out where his money was going.  He was auto-enrolled, and no one told him!!  We all should check ours to see if we were auto-enrolled too, and to fix it if it wasn't what we wanted.  Then about half the people in the meeting get upset and go set their percentage back to 0 after the meeting.  They both never read the pamphlet or changed to back to 0%.  I'm guessing some of the rest had read it and already changed it.

I'm guessing 9% is above the median here.
Hey,  maybe they are all financially secure and don't need anything more than 10% (or even the company 10% is excessive for them).

i know that I am FIRED now, and if I went back to work, it would be for immediate spending / vacations / car purchases / restaurant money, not for FIRE so I would want it all today.   I actually turned down a job 8 years ago for another one, because the first one had a "forced" 18% contribution rate to a pension that could not be touched until retirement, yet I was almost fully funded for FIRE and needed the salary money in the current year for kid related expenses.

OMG I"m so sorry to hear that you got fired.
I see you're new here.  FIRE: Financially Independent, Retired Early. :)

But what is the D?

Can't tell if trolling or not....but I'll bite.

FIRE = Finance Independence, Retire Early
FIRED = past tense, as in he has become financially independent and actually did retire early.

ketchup

  • Magnum Stache
  • ******
  • Posts: 3430
  • Age: 27
Re: Overheard at Work
« Reply #19347 on: December 12, 2017, 02:43:59 PM »
Ok I'll bite too.  My boss recently sold his car to a coworker for 100 USD and bought a new car.  His reason?  Oh well I had to take it in for repairs and you know how once one thing needs fixed on a vehicle it'll just happen again and more things will need fixed.  Supposedly it had less than 50K miles on it.  In the past he also gave away his leather couch because it was getting old.  In its place he got a new...leather couch.
Care to let me know when his next new car is nearing 50k miles? 

I used to have a friend from high school I'd meet up with every two years to buy his "old" smartphone from him for $20.  Unfortunately, he's now come to his senses.

RidetheRain

  • Bristles
  • ***
  • Posts: 360
  • Age: 26
Re: Overheard at Work
« Reply #19348 on: December 12, 2017, 03:39:27 PM »
Ok I'll bite too.  My boss recently sold his car to a coworker for 100 USD and bought a new car.  His reason?  Oh well I had to take it in for repairs and you know how once one thing needs fixed on a vehicle it'll just happen again and more things will need fixed.  Supposedly it had less than 50K miles on it.  In the past he also gave away his leather couch because it was getting old.  In its place he got a new...leather couch.
Care to let me know when his next new car is nearing 50k miles? 

I used to have a friend from high school I'd meet up with every two years to buy his "old" smartphone from him for $20.  Unfortunately, he's now come to his senses.

LOL you sound like such a good friend :-)

I can so relate to you, see my coworkers are so proud of their smart phones, even though they can't come up with any money for the 401k match.  They're all like, but I wouldn't have any money!!  So I broke down and got the cheapest smart phone I could...can't even find the alarm only volume option on this thing, boy is it dumb.  Whats worse is the boss calls them at like 7 or 8 pm on friday nights to talk about work, so like yeah you're gonna take money out of your retirement to buy a fancy phone to talk about work after hours?  That's backwards!

Now that's just poor work life balance management. My boss tried to call unexpectedly after hours and I told her point blank that if they were going to call my personal cell phone then they were going to pay for my personal cell phone. It backfired a little - they paid for my cell phone.

Greenback Reproduction Specialist

  • Bristles
  • ***
  • Posts: 431
  • Location: Running barefoot thru Idaho mountains
    • Black Sheep With Feet
Re: Overheard at Work
« Reply #19349 on: December 12, 2017, 04:05:47 PM »
Overheard this in the hallway today, couldn't help but laugh a little inside.... I don't know why or what they were talking about.

Person 1: "A million particles all bursting at the speed of light?"
Person 2: "Basically yea…."
Person 3: "So we should all just go home, haha"