Author Topic: Overheard at Work  (Read 8078778 times)

KatieSSS

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Re: Overheard at Work
« Reply #2050 on: March 15, 2014, 06:52:13 AM »
I was recently at a work-sponsored dinner where I was the only one in the room making less than 6-figures. A conversation with one of the high-earning guests went like this:

Guest: What do you hope to be doing in 20 years?
Me: 20 years? I hope to be retired! (I'm in my 20s, btw)
Guest: Retired!? I'm sorry dear, but it is going to take much longer than that for you to retire!
**Laughter ensues from the rest of the table, with nods of agreement toward the guest***
Me: We'll see….

"I dislike the fact that I have to be at my job at least 40 hrs a week. My time on this Earth is limited, and I want to be able to spend more of it in accordance with my priorities and desires. That is the main reason I want to be FI." = EarlyQuit, MMM poster

iris lily

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Re: Overheard at Work
« Reply #2051 on: March 15, 2014, 11:19:29 AM »


Dave has rules for buying cars.  #1 is to buy with cash.  #2 is to only buy a new car if your net worth is over $1 million.  And #3 is for the value of all depreciating assets like cars and boats to total no more than half of your annual take home pay.


That is cool to know Dave's rules for car buying. We follow them only I didn't know "the rules" but they make sense.

iris lily

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Re: Overheard at Work
« Reply #2052 on: March 15, 2014, 11:22:26 AM »
I was recently at a work-sponsored dinner where I was the only one in the room making less than 6-figures. A conversation with one of the high-earning guests went like this:

Guest: What do you hope to be doing in 20 years?
Me: 20 years? I hope to be retired! (I'm in my 20s, btw)
Guest: Retired!? I'm sorry dear, but it is going to take much longer than that for you to retire!
**Laughter ensues from the rest of the table, with nods of agreement toward the guest***
Me: We'll see….

awww Katie, that is too bad that you were laughed at.  They obviously cannot conceive of the Mustaschian Life. Too bad for them.

Cheddar Stacker

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Re: Overheard at Work
« Reply #2053 on: March 15, 2014, 11:29:56 AM »
I was recently at a work-sponsored dinner where I was the only one in the room making less than 6-figures. A conversation with one of the high-earning guests went like this:

Guest: What do you hope to be doing in 20 years?
Me: 20 years? I hope to be retired! (I'm in my 20s, btw)
Guest: Retired!? I'm sorry dear, but it is going to take much longer than that for you to retire!
**Laughter ensues from the rest of the table, with nods of agreement toward the guest***
Me: We'll see….

It's hard to understand why most people don't think this is possible. Even harder to understand when they are all making 6 figures. Good job for sticking to your guns.

I have a CW who's 20 years my senior, been making 6 figures for 10-20 years during a 32 year career, with a significant other making 6 figures on the same track. CW is "worried about retirement" and keeps running the numbers. Will likely retire in 5-8 years, and I will likely not be far behind while 20 years younger.

I once mentioned to CW I'd be fine living on $50K/yr and CW was insistent that is just not enough. I guess it's not enough when you "need" 2 luxury cars, fine wines, 5 star international travel, and all the other lifestyle choices people make. There are 2 sides to the equation, and most people just don't understand lower expenses = retirement.
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AlanStache

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Re: Overheard at Work
« Reply #2054 on: March 15, 2014, 11:30:45 AM »
Quote
awww Katie, that is too bad that you were laughed at.  They obviously cannot conceive of the Mustaschian Life. Too bad for them.

I wonder if any of them are readers here and just going along to get along.  Announcing you intent to retire in 2 years may not be the best career move.

EDIT: "I once mentioned to CW I'd be fine living on $50K/yr and CW was insistent that is just not enough."  Hell if I was guaranteed 50k/year I would retire now, buy a house somewhere cool and devote half my day to running and still have a great (by non mmm standards) savings rate. 
« Last Edit: March 15, 2014, 11:35:15 AM by AlanStache »
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Daleth

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Re: Overheard at Work
« Reply #2055 on: March 15, 2014, 11:31:20 AM »
I guess I should just be glad I won't be her in a few years when she graduates with student loans, credit card debt, a bad work ethic, and a PhD in English literature... :)

English literature?!?! Seriously?! Unless what she's getting is actually a PhD in composition and rhetoric from an English department--which is the only English PhD for which there is a viable job market at the moment; comp/rhet is actually doing pretty well--she is doomed. Had she asked your advice earlier and had you come here to transmit her request, I would've pointed her to the Chronicle.com forum (Chronicle for Higher Education), where hundreds upon hundreds of professors and PhD students are available 24/7 to set her straight.

dragoncar

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Re: Overheard at Work
« Reply #2056 on: March 15, 2014, 12:38:07 PM »
I was recently at a work-sponsored dinner where I was the only one in the room making less than 6-figures. A conversation with one of the high-earning guests went like this:

Guest: What do you hope to be doing in 20 years?
Me: 20 years? I hope to be retired! (I'm in my 20s, btw)
Guest: Retired!? I'm sorry dear, but it is going to take much longer than that for you to retire!
**Laughter ensues from the rest of the table, with nods of agreement toward the guest***
Me: We'll see….

awww Katie, that is too bad that you were laughed at.  They obviously cannot conceive of the Mustaschian Life. Too bad for them.

Yeah, this may be the worst thing I've read in this thread.  Hopefully it was just nervous/awkward laughter and people weren't actually laughing at you.  It's just not that uncommon for people to retire in their 40s to say outright that you aren't capable of it.

Cassie

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Re: Overheard at Work
« Reply #2057 on: March 15, 2014, 12:51:54 PM »
Yes there are internet online programs for both master's and Ph.D.'s  At first it was just for profit schools but now more state universities are joining the crowd. Also many now offer some of their regular courses to obtain a BA online. It is the wave of the future. I really think that degrees at the BA level should be a combo because you do lose something if you never have classroom debate. They discuss issues on a discussion board but it is not the same thing. 

rocksinmyhead

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Re: Overheard at Work
« Reply #2058 on: March 15, 2014, 12:55:10 PM »
Serious, non-facetious question. Are there internet PhDs that are worth the expense of getting them?

Internet PhDs???????? There is such a thing? Please tell me you are joking…

yeah, when I think of a PhD I think of a research degree, so I am confused. is there another kind? I guess maybe in some of the humanities it would be possible to do a distance research degree, but... it would still be weird.

Cassie

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Re: Overheard at Work
« Reply #2059 on: March 15, 2014, 01:27:20 PM »
It really depends on what type of major you want. I agree that it would be easier with the humanities.  I also am not sure if all the degrees can be done online or just certain majors.   

Daleth

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Re: Overheard at Work
« Reply #2060 on: March 15, 2014, 02:01:50 PM »
Serious, non-facetious question. Are there internet PhDs that are worth the expense of getting them?

Internet PhDs???????? There is such a thing? Please tell me you are joking…

yeah, when I think of a PhD I think of a research degree, so I am confused. is there another kind? I guess maybe in some of the humanities it would be possible to do a distance research degree, but... it would still be weird.

Not only weird but AFAIK, professionally useless. You certainly can't become a college professor or instructor with an online PhD, and you also can't parlay an online science PhD into a research or similar position. And AFAIK there are no online PhDs that are accredited by the American Psychological Association, so in most states (possibly all) you wouldn't be able to use such a degree to get licensed as a psychologist.

There must be some avenues for such degrees but they're not the normal PhD avenues. If you're applying for a position and you're up against people with PhD's from bricks-and-mortar schools, your chances of success are extremely slim.

annann

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Re: Overheard at Work
« Reply #2061 on: March 15, 2014, 03:18:43 PM »
Serious, non-facetious question. Are there internet PhDs that are worth the expense of getting them?

Internet PhDs???????? There is such a thing? Please tell me you are joking…

yeah, when I think of a PhD I think of a research degree, so I am confused. is there another kind? I guess maybe in some of the humanities it would be possible to do a distance research degree, but... it would still be weird.

Not only weird but AFAIK, professionally useless. You certainly can't become a college professor or instructor with an online PhD, and you also can't parlay an online science PhD into a research or similar position. And AFAIK there are no online PhDs that are accredited by the American Psychological Association, so in most states (possibly all) you wouldn't be able to use such a degree to get licensed as a psychologist.

There must be some avenues for such degrees but they're not the normal PhD avenues. If you're applying for a position and you're up against people with PhD's from bricks-and-mortar schools, your chances of success are extremely slim.

Anyone looking into a degree needs to do their homework.  When you get a degree, it does not state that it was "on-line."  If you get a degree from an accredited school (especially one with a campus) that is well known, no one will even know how you earned your degree so the impact on your resume and career is identical to one earned "on-campus."  I earned my BS from the University of the State of New York and never set foot in Abany, NY.  It was before the internet but I still did all my work off-campus.  When I applied to schools for my Masters, none of them questioned my undergraduate degree at all.  I earned my MS from Virginia Tech and again never set foot in Blacksburg, VA.  No one has ever questioned by educational credentials.

I have a friend who has been very successful.  He earned his BS at a non-accredited university that no longer exists.  He got a good job because it was a local school and people in the field knew it provided a good education.  When he learned it could become a problem for the future, he did a masters at George Washington University.  He had excellent grades and tested well on the GRE.  They did accept him provisionally--he had to achieve a 3.0 average the first term.  He did and after that, all was well.

Another friend got a BA degree in 18 months using CLEP tests, GRE tests, and some classes at the local junior college.  The entire degree (25 years ago) cost about $1000.  Then she got an MBA at an accredited school where all the classes were on Sat and Sun.  Worked full time whilr she did both degrees.  No down side for her career but then again, she was smart and an excellent worker.

People can waste a lot of time and money getting an education.  There are faster and cheaper ways but most folks don't look into them.

Albert

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Re: Overheard at Work
« Reply #2062 on: March 15, 2014, 03:57:27 PM »
Depends what you want to do with your PhD. If it's in science and for jobs where that degree is required your potential employers will most certainly look into where you did your education, your publication record and probably will call up your academic advisor as well. If you just want to brag about having it then it doesn't matter so much from where it comes.

Cassie

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Re: Overheard at Work
« Reply #2063 on: March 15, 2014, 03:59:02 PM »
I know someone that teaches at a state university with an online Ph.D. She did her dissertation also and flew to the college to defend it.

Travis

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Re: Overheard at Work
« Reply #2064 on: March 15, 2014, 05:03:53 PM »
This school-related tangent reminds me of something I saw on Facebook the other day:

http://www.tickld.com/x/37-slogans-for-college-majors-if-they-were-actually-honest-
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nyxst

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Re: Overheard at Work
« Reply #2065 on: March 16, 2014, 07:22:16 PM »
I'm working on my BA through a brick and morter school that offers the same courses online. I take them online. I think earning the degree online is more difficult because you need to keep yourself incredibly organized and on task. Some teachers keep strict schedules, while others allow you to work at your own pace.  They still require live class work/lectures through streaming. They still expect group collaboration projects so you still meet classmates. I just don't have to drive 45 minutes each way to campus to sit there for an hour. And I don't have to get a sitter for my kids. I have a lot more respect for the online classes (through brick and morter schools, at least) than I ever would have imagined.

grantmeaname

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Re: Overheard at Work
« Reply #2066 on: March 17, 2014, 06:33:36 AM »
A bachelor's is an entirely different thing than a PhD, though. Less than half of a PhD is actual coursework, and even for big parts of the coursework requirement (small seminars), it seems that the online format is a poor substitute.

golden1

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Re: Overheard at Work
« Reply #2067 on: March 17, 2014, 06:37:21 AM »
I had a good one from the other day that made me shake my head.

There is a new person at work, a lady in her 50s who should know better.  We started chatting a bit about finances at lunch and she proudly announced that she wanted to die in debt because "you can't take it with you".  She then went on to say that if you died and had cc debt, only the cc companies would suffer.   Ummmm, no.  That is why interest rates and fees are so high, because people that are irresponsible don't pay their debts.  So actually, everyone pays your debt. 

That story also reminded me of the summer I worked at my step-father's law firm.  I ate lunch with the secretaries and one of them used to moan incessantly about her financial problems.  One days she was telling us about how her ccs were so high she would have to file for bankruptcy "again" (!!!!!). 

MamaStache

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Re: Overheard at Work
« Reply #2068 on: March 17, 2014, 02:21:29 PM »
Here's another one for you about a co-worker that is approx. 50 yr old, and lives paycheck to paycheck.

She left work early on Thursday because her husband was just notified that he would be laid off in June (over 2 months advance notice).   She walked out an hour early teary-eyed, and the following day called in sick to work.

When I went to her desk this morning, I said "I'm sorry to hear about your husband getting laid off.  Has he heard any more details?"

She proceeded to tell me that they are expecting to lose everything (she was starting to get teary eyed again).   He will get 36 weeks severance and they are just going to try and keep the house.

I asked if he will try to find another job and she said that it was pointless because his position is in a dying field.  He is just going to  "take the summer off and spend it at the cabin with his mom." 

I feel like I shouldn't be this pissed off.  I do not feel bad for them.  It is their own fault for not building up any savings (hello emergency fund!?)   

     

randymarsh

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Re: Overheard at Work
« Reply #2069 on: March 17, 2014, 06:06:58 PM »
Wait. 8 week's notice + 36 week's severance + 26 weeks of Unemployment, right? My god, that's like 16 months of time at partial or full salary to find a job. Heck if you get right on it, that's almost time enough to retrain in something completely new. This should not be a crisis.

I didn't think you could collect unemployment if you received severance?
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dragoncar

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Re: Overheard at Work
« Reply #2070 on: March 17, 2014, 06:15:12 PM »
Wait. 8 week's notice + 36 week's severance + 26 weeks of Unemployment, right? My god, that's like 16 months of time at partial or full salary to find a job. Heck if you get right on it, that's almost time enough to retrain in something completely new. This should not be a crisis.

I didn't think you could collect unemployment if you received severance?

Not during the severance period (if it's not a lump sum)

MMMdude

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Re: Overheard at Work
« Reply #2071 on: March 17, 2014, 08:35:01 PM »
Certain people at work get car allowances + all of their auto related costs covered even though in alot of cases they never leave the office for business travel.  They have recently increased the monthly allowance people get, but have taken away reimbursement of repairs, tires, fuel, etc in exchange for a per KM rate on business usage only.  Well most people are up in arms about it.  The allowance is now $800 per month which is absolutely insane.  I spend on average maybe $200 per month all inclusive on my vehicle yet these people are outraged at the change saying they are worse off (ie the increased allowance does not cover their vehicle costs).  One guy was bitching that he spends $150 per month on gas PER WEEK.  He has a long drive and also a 6.7 liter massive pickup truck.....cry me a river!

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Re: Overheard at Work
« Reply #2072 on: March 17, 2014, 08:38:03 PM »
One guy was bitching that he spends $150 per month on gas PER WEEK.  He has a long drive and also a 6.7 liter massive pickup truck.....cry me a river!

$150 per month isn't too bad so i'm guessing it's $150 a week.  Holy crap, that's almost $8000 in gas a year!

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Re: Overheard at Work
« Reply #2073 on: March 18, 2014, 12:43:59 AM »
Someone at work told me his asset allocation for the last 10 years has been $200k in a checking account earning 1%.
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Re: Overheard at Work
« Reply #2074 on: March 18, 2014, 06:05:49 AM »
Someone at work told me his asset allocation for the last 10 years has been $200k in a checking account earning 1%.

I used to work with someone who had been very well paid (somewhere else!) and had a significant lump sat in a bank account being eroded by inflation.  "I really should do something about it" they'd say.

MamaStache

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Re: Overheard at Work
« Reply #2075 on: March 18, 2014, 07:11:36 AM »
Here's another one for you about a co-worker that is approx. 50 yr old, and lives paycheck to paycheck.

She left work early on Thursday because her husband was just notified that he would be laid off in June (over 2 months advance notice).   She walked out an hour early teary-eyed, and the following day called in sick to work.

When I went to her desk this morning, I said "I'm sorry to hear about your husband getting laid off.  Has he heard any more details?"

She proceeded to tell me that they are expecting to lose everything (she was starting to get teary eyed again).   He will get 36 weeks severance and they are just going to try and keep the house.

I asked if he will try to find another job and she said that it was pointless because his position is in a dying field.  He is just going to  "take the summer off and spend it at the cabin with his mom." 

I feel like I shouldn't be this pissed off.  I do not feel bad for them.  It is their own fault for not building up any savings (hello emergency fund!?)   

   

Wait. 8 week's notice + 36 week's severance + 26 weeks of Unemployment, right? My god, that's like 16 months of time at partial or full salary to find a job. Heck if you get right on it, that's almost time enough to retrain in something completely new. This should not be a crisis.

Right, unless you are a lazy idiot.    Question though...   can you get another job while you are still receiving severance from an old company, or would the old company stop paying?   I would be so excited in this situation to earn "double income" and I would work my ass off finding a new job so I could end up ahead.   

AlanStache

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Re: Overheard at Work
« Reply #2076 on: March 18, 2014, 07:37:24 AM »
Quote
I've had that since December (FT job+well paid temp job half time) and DOUBLE SALARIES ARE AMAZING. And I'm so busy working I can't find time to do anything except shove the money into my savings investment account.
FTFY

Remember the IRA income limits - if applicable.
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Re: Overheard at Work
« Reply #2077 on: March 18, 2014, 08:17:42 AM »
One guy was bitching that he spends $150 per month on gas PER WEEK.  He has a long drive and also a 6.7 liter massive pickup truck.....cry me a river!

$150 per month isn't too bad so i'm guessing it's $150 a week.  Holy crap, that's almost $8000 in gas a year!
No, the units are $/time2, i.e. it measures the rate of acceleration of his clown car spending.
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somepissedoffman

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Re: Overheard at Work
« Reply #2078 on: March 18, 2014, 09:36:51 AM »
One guy was bitching that he spends $150 per month on gas PER WEEK.  He has a long drive and also a 6.7 liter massive pickup truck.....cry me a river!

$150 per month isn't too bad so i'm guessing it's $150 a week.  Holy crap, that's almost $8000 in gas a year!
No, the units are $/time2, i.e. it measures the rate of acceleration of his clown car spending.

Haha!

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Re: Overheard at Work
« Reply #2079 on: March 18, 2014, 11:00:29 AM »
He will get 36 weeks severance and they are just going to try and keep the house.

I asked if he will try to find another job and she said that it was pointless because his position is in a dying field.  He is just going to  "take the summer off and spend it at the cabin with his mom." 

I feel like I shouldn't be this pissed off.  I do not feel bad for them.  It is their own fault for not building up any savings (hello emergency fund!?)   


This is sad because they don't even seem to be serious yet (about figuring their plan out). It's like she's given up halfway through the struggle. With that much wiggle room there's so much to do and so many cards they can still play--the defeatist attitude there is the most depressing part.

Hunny156

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Re: Overheard at Work
« Reply #2080 on: March 18, 2014, 11:50:43 AM »
He will get 36 weeks severance and they are just going to try and keep the house.

I asked if he will try to find another job and she said that it was pointless because his position is in a dying field.  He is just going to  "take the summer off and spend it at the cabin with his mom." 

I feel like I shouldn't be this pissed off.  I do not feel bad for them.  It is their own fault for not building up any savings (hello emergency fund!?)   


This is sad because they don't even seem to be serious yet (about figuring their plan out). It's like she's given up halfway through the struggle. With that much wiggle room there's so much to do and so many cards they can still play--the defeatist attitude there is the most depressing part.

One of my good friends is a recruiter, and she sees this happen all the time.  I look at severance as a chance to find a new job before the $$ runs out and maybe even get ahead, but most people look at it like a paid vacation, and a new job will pop up in the nick of time.  I would never be able to enjoy my "time off" if I thought like these people do!

If my employer gave me that much notice and severance, I assure you, my resume would have been out in the market before the end of the 1st day!

zinnie

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Re: Overheard at Work
« Reply #2081 on: March 18, 2014, 01:47:18 PM »
I guess I should just be glad I won't be her in a few years when she graduates with student loans, credit card debt, a bad work ethic, and a PhD in English literature... :)

English literature?!?! Seriously?! Unless what she's getting is actually a PhD in composition and rhetoric from an English department--which is the only English PhD for which there is a viable job market at the moment; comp/rhet is actually doing pretty well--she is doomed. Had she asked your advice earlier and had you come here to transmit her request, I would've pointed her to the Chronicle.com forum (Chronicle for Higher Education), where hundreds upon hundreds of professors and PhD students are available 24/7 to set her straight.

Oh, she is well aware of the landscape/ job market out there. We work in an industry where we have a copy of the latest Chronicle in our break room! :)

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Re: Overheard at Work
« Reply #2082 on: March 18, 2014, 01:56:26 PM »
Another one: my company switched from a bi-monthly pay schedule to a bi-weekly pay schedule (pay divided into 26 checks per year instead of 24). Panic ensued because the checks are smaller, even though they come more often. Excerpt from a discussion this morning:

I am so unhappy about the bi-weekly switch in 2014. All of our bills are based on a per-month schedule and now we have less money each month except May and October, when we have a random third paycheck. Responsible people (like me) must cancel automatic payments to the mortgage company, credit cards, student loan companies, etc. because we are not paid the same time each month. Please put a stop to this personal accounting nightmare!!! I cannot get paid less every month until MAY!

Responsible people not being able to handle this switch is my favorite part of the comment...and that she has less money each month except for the months where there are three paychecks. Because, you know, all that matters in personal finance is how many paychecks you get in a month. Not what it adds up to over time...

AlanStache

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Re: Overheard at Work
« Reply #2083 on: March 18, 2014, 02:06:31 PM »
Honestly if I had to adjust things like auto mortgage payment and hold more cash because of the odd timing I might get annoyed too.  I could cope with the change but still if I had to keep more cash uninvested that is not doing me any favors.  Her attitude of things being all about her does not come off well.
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Le0

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Re: Overheard at Work
« Reply #2084 on: March 18, 2014, 02:13:14 PM »
Me: Did you get you tax return yet... :) I did

cw: no my father does the families taxes so we have given him all the documents yet.

Me: O ok

cw: but I can't even spend any of it on anything fun this year because we have to pay off a new van!

...
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Re: Overheard at Work
« Reply #2085 on: March 18, 2014, 02:39:36 PM »
Honestly if I had to adjust things like auto mortgage payment and hold more cash because of the odd timing I might get annoyed too.  I could cope with the change but still if I had to keep more cash uninvested that is not doing me any favors.  Her attitude of things being all about her does not come off well.

Agree... I am paid biweekly and would much prefer bimonthly.  I typically have extra cash sloshing around my checking account between the last payday of the month (whenever that is) and automatic payments on the first.  It's fine, but I'd probably be annoyed if they changed my paydays around.

Tempe

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Re: Overheard at Work
« Reply #2086 on: March 18, 2014, 02:46:29 PM »
Honestly if I had to adjust things like auto mortgage payment and hold more cash because of the odd timing I might get annoyed too.  I could cope with the change but still if I had to keep more cash uninvested that is not doing me any favors.  Her attitude of things being all about her does not come off well.

Agree... I am paid biweekly and would much prefer bimonthly.  I typically have extra cash sloshing around my checking account between the last payday of the month (whenever that is) and automatic payments on the first.  It's fine, but I'd probably be annoyed if they changed my paydays around.
This discussion of changes to pay makes me think of one of my coworkers. Our pay periods are the 1st to the 15th, then the 16th to the end of the month. We get paid for those pay periods about 5 days after they end. I have a coworker that freaks out every time rent is coming up because they need that paycheck for rent since the rent is due on the 1st-5th. I dunno how they are  blowing through the other paycheck they got mid way through the month *rolls eyes* I dunno how after 5 months they still freak out over rent after knowing when we get paychecks.

Paul der Krake

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Re: Overheard at Work
« Reply #2087 on: March 18, 2014, 03:05:50 PM »
It would make a lot more sense for everyone to be paid once a month. You know, just like virtually every other bill we pay once a month.

homehandymum

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Re: Overheard at Work
« Reply #2088 on: March 18, 2014, 03:12:15 PM »
It would make a lot more sense for everyone to be paid once a month. You know, just like virtually every other bill we pay once a month.

A couple of people I know get paid monthly.  Everyone else just gasps and says "how do you do it!?  That last week must be hell!" 

Because apparently you just spend money in the account until it is all gone, and then hang on for grim death until the next paycheck comes through.
Parenting 4 kids while keeping costs under control.

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nicknageli

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Re: Overheard at Work
« Reply #2089 on: March 18, 2014, 03:18:40 PM »
I get an equal psychic thrill out of funding our IRAs for the year (which I did in one day) as I do from putting $20 in the savings account.


frugalecon

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Re: Overheard at Work
« Reply #2090 on: March 18, 2014, 03:24:05 PM »
It would make a lot more sense for everyone to be paid once a month. You know, just like virtually every other bill we pay once a month.

A couple of people I know get paid monthly.  Everyone else just gasps and says "how do you do it!?  That last week must be hell!" 

Because apparently you just spend money in the account until it is all gone, and then hang on for grim death until the next paycheck comes through.

Last summer we vacationed with some friends who are teachers. Their district had just transitioned from paying every month for 12 months to paying only during the 10 months of school. DH and I had fronted the cost of renting the vacation house, and it took months for them to pay their share to us. My impression was that they were pretty broke long before the paychecks started up again.

Paul der Krake

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Re: Overheard at Work
« Reply #2091 on: March 18, 2014, 03:31:55 PM »
It would make a lot more sense for everyone to be paid once a month. You know, just like virtually every other bill we pay once a month.

Yes, but I want to avail myself of the fun of transferring money to savings/investments as often as possible, as the delight does not scale with the amount invested. This is why I like that the two of us, with three jobs and multiple streams of freelance income, experience payday at least 20 times a month. I get an equal psychic thrill out of funding our IRAs for the year (which I did in one day) as I do from putting $20 in the savings account.
I can appreciate that, the reinforcement is powerful motivator.

Personally, I'm the lazy engineer type who wants to deal with everything at once, exactly once a month, preferably in under 15 minutes. Pay rent, glance over CC bills, write a check for whatever tax is due that time of the year, and allocate everything else to the different investment accounts, done. Which is why I love being paid monthly. Don't let any of my coworkers know I said that, though.

Beaker

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Re: Overheard at Work
« Reply #2092 on: March 18, 2014, 03:44:58 PM »
He will get 36 weeks severance and they are just going to try and keep the house.

I asked if he will try to find another job and she said that it was pointless because his position is in a dying field.  He is just going to  "take the summer off and spend it at the cabin with his mom." 

I feel like I shouldn't be this pissed off.  I do not feel bad for them.  It is their own fault for not building up any savings (hello emergency fund!?)   


This is sad because they don't even seem to be serious yet (about figuring their plan out). It's like she's given up halfway through the struggle. With that much wiggle room there's so much to do and so many cards they can still play--the defeatist attitude there is the most depressing part.

One of my good friends is a recruiter, and she sees this happen all the time.  I look at severance as a chance to find a new job before the $$ runs out and maybe even get ahead, but most people look at it like a paid vacation, and a new job will pop up in the nick of time.  I would never be able to enjoy my "time off" if I thought like these people do!

If my employer gave me that much notice and severance, I assure you, my resume would have been out in the market before the end of the 1st day!

It's great if you can make the timing work. I got laid off last summer. They telegraphed it so far in advance that on the day they laid me off I already had a lunch interview scheduled - my third with that company. Signed the papers for new job 5 days after getting laid off. I did take a few weeks of "paid vacation" in between jobs, though.

It still amuses me to think about the manager apologetically telling me they'd have to let me go - and then looking confused about why I was practically laughing in his face.

skyrefuge

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Re: Overheard at Work
« Reply #2093 on: March 18, 2014, 03:50:06 PM »
I could cope with the change but still if I had to keep more cash uninvested that is not doing me any favors. 

I typically have extra cash sloshing around my checking account between the last payday of the month (whenever that is) and automatic payments on the first.

Hmm, we might need to create an Overmustachian Wall of Shame and Comedy too! If a change from 24 to 26 paychecks gives you mental pains over the extra cash you're leaving uninvested, you might be obsessing over details that won't even be visible in your lifetime financial picture. I'm all for optimizing, but you might have already gone past the point of diminishing returns on this one!

Albert

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Re: Overheard at Work
« Reply #2094 on: March 18, 2014, 04:04:53 PM »
It would make a lot more sense for everyone to be paid once a month. You know, just like virtually every other bill we pay once a month.

A couple of people I know get paid monthly.  Everyone else just gasps and says "how do you do it!?  That last week must be hell!" 

Because apparently you just spend money in the account until it is all gone, and then hang on for grim death until the next paycheck comes through.

Hmmm… I've worked part or full time for 17 years now and I've always been paid monthly. Only after reading this board I found out that it is a problem for some folks.

cdttmm

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Re: Overheard at Work
« Reply #2095 on: March 18, 2014, 04:58:32 PM »
A coworker was printing out all of her year-end statements from her various credit cards at work today...because she needed to give them to her accountant so that she could get an interest deduction on her tax return. I don't think she believed me when I told her that her credit card interest isn't deductible...

dragoncar

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Re: Overheard at Work
« Reply #2096 on: March 18, 2014, 05:01:48 PM »
I could cope with the change but still if I had to keep more cash uninvested that is not doing me any favors. 

I typically have extra cash sloshing around my checking account between the last payday of the month (whenever that is) and automatic payments on the first.

Hmm, we might need to create an Overmustachian Wall of Shame and Comedy too! If a change from 24 to 26 paychecks gives you mental pains over the extra cash you're leaving uninvested, you might be obsessing over details that won't even be visible in your lifetime financial picture. I'm all for optimizing, but you might have already gone past the point of diminishing returns on this one!

Hey, man, I said it's fine.... FINE!  I'm fine.



edit:
A coworker was printing out all of her year-end statements from her various credit cards at work today...because she needed to give them to her accountant so that she could get an interest deduction on her tax return. I don't think she believed me when I told her that her credit card interest isn't deductible...

I believe it used to be, so she's not nuts for thinking that. Her information is just very dated, on a par with knowing how to change the ribbon on your typewriter.*

*To the last 3 typewriter users in the universe. Yes, I know you're here; how very mustachian of you. My point stands.

Actually, if she heads over to Loyal3 and buys stocks on credit, is it tax deductible?  AFAIK, investment interest still is.

Numbers Man

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Re: Overheard at Work
« Reply #2097 on: March 18, 2014, 05:52:05 PM »
A coworker was printing out all of her year-end statements from her various credit cards at work today...because she needed to give them to her accountant so that she could get an interest deduction on her tax return. I don't think she believed me when I told her that her credit card interest isn't deductible...

I believe it used to be, so she's not nuts for thinking that. Her information is just very dated, on a par with knowing how to change the ribbon on your typewriter.*

*To the last 3 typewriter users in the universe. Yes, I know you're here; how very mustachian of you. My point stands.


ROFL - I believe the credit card interest deduction was phased out at least 20 years ago. Good one about the typewriter.

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Re: Overheard at Work
« Reply #2098 on: March 18, 2014, 07:16:09 PM »
Another one: my company switched from a bi-monthly pay schedule to a bi-weekly pay schedule (pay divided into 26 checks per year instead of 24). Panic ensued because the checks are smaller, even though they come more often. Excerpt from a discussion this morning:

I am so unhappy about the bi-weekly switch in 2014. All of our bills are based on a per-month schedule and now we have less money each month except May and October, when we have a random third paycheck. Responsible people (like me) must cancel automatic payments to the mortgage company, credit cards, student loan companies, etc. because we are not paid the same time each month. Please put a stop to this personal accounting nightmare!!! I cannot get paid less every month until MAY!

Responsible people not being able to handle this switch is my favorite part of the comment...and that she has less money each month except for the months where there are three paychecks. Because, you know, all that matters in personal finance is how many paychecks you get in a month. Not what it adds up to over time...

I would definitely not like getting switched to bi-weekly. It wouldn't mean anything really different for my financial situation but it would trigger my OCDness a bit.

frugalecon

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Re: Overheard at Work
« Reply #2099 on: March 18, 2014, 07:22:05 PM »
Another one: my company switched from a bi-monthly pay schedule to a bi-weekly pay schedule (pay divided into 26 checks per year instead of 24). Panic ensued because the checks are smaller, even though they come more often. Excerpt from a discussion this morning:

I am so unhappy about the bi-weekly switch in 2014. All of our bills are based on a per-month schedule and now we have less money each month except May and October, when we have a random third paycheck. Responsible people (like me) must cancel automatic payments to the mortgage company, credit cards, student loan companies, etc. because we are not paid the same time each month. Please put a stop to this personal accounting nightmare!!! I cannot get paid less every month until MAY!

Responsible people not being able to handle this switch is my favorite part of the comment...and that she has less money each month except for the months where there are three paychecks. Because, you know, all that matters in personal finance is how many paychecks you get in a month. Not what it adds up to over time...

I would definitely not like getting switched to bi-weekly. It wouldn't mean anything really different for my financial situation but it would trigger my OCDness a bit.

I get paid biweekly, and it works out well. The two extra pay checks are essentially identical to our property taxes, so I just use them for that purpose. No need to even budget for it.