Author Topic: Overheard at Work  (Read 8596550 times)

BlueHouse

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Re: Overheard at Work
« Reply #2300 on: April 02, 2014, 09:58:17 PM »
Quote
Due to vesting, I wouldn't get anything but a tiny fraction of the match, so I didn't do it.
To anyone else with similar thoughts:  Please don't let an unfavorable vesting schedule dissuade you from investing at least up to the match. First, plans change and we often stay longer than planned. Second, vesting is one of the most easily negotiated items when leaving a company. Employers can and often do allow someone to be vested fully as part of an exit buyout. You have to ask for it though. You never know what can happen, so don't assume it's not worth it.

Target2018

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Re: Overheard at Work
« Reply #2301 on: April 03, 2014, 07:50:12 AM »
Just this morning in the breakroom, someone is talking about a friend that won 1.2 million with a scratch-off lottery ticket.  A company Director (in his mid 50s) comments, "If I won that I could probably cut the number of years I have left to work by 10". I'd be out of here today

dragoncar

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Re: Overheard at Work
« Reply #2302 on: April 03, 2014, 10:27:04 AM »
Just this morning in the breakroom, someone is talking about a friend that won 1.2 million with a scratch-off lottery ticket.  A company Director (in his mid 50s) comments, "If I won that I could probably cut the number of years I have left to work by 10". I'd be out of here today

Hey, same here!

CommonCents

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Re: Overheard at Work
« Reply #2303 on: April 03, 2014, 11:08:02 AM »
Quote
Due to vesting, I wouldn't get anything but a tiny fraction of the match, so I didn't do it.
To anyone else with similar thoughts:  Please don't let an unfavorable vesting schedule dissuade you from investing at least up to the match. First, plans change and we often stay longer than planned. Second, vesting is one of the most easily negotiated items when leaving a company. Employers can and often do allow someone to be vested fully as part of an exit buyout. You have to ask for it though. You never know what can happen, so don't assume it's not worth it.

Agreed I wouldn't do this now - but at the time I was 21, making a very small salary in an expensive city with expensive student loans.  We all don't optimize.  I'm pretty pleased I walked away from that time of life with no further debt and some student loans paid down.  (And I did leave as planned.)  That said, I'm pretty skeptical that a low level employee would receive an exit buyout.  (I know you say it happens, but even in general, I find it doesn't make sense for the company to agree to it, when you are leaving.)

AlanStache

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Re: Overheard at Work
« Reply #2304 on: April 03, 2014, 12:40:43 PM »
Generic question from someone who has had very few "adult jobs" but what are you negotiating with when you are leaving a company that you could get the vesting taken care of?

Bigote

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Re: Overheard at Work
« Reply #2305 on: April 03, 2014, 12:54:59 PM »
Generic question from someone who has had very few "adult jobs" but what are you negotiating with when you are leaving a company that you could get the vesting taken care of?

I think the idea of negotiating it on your way out is unusual to say the least.   The whole idea of vesting is to give you the incentive to stay.  The one exception (in my experience) is if the company lets you go -  then it is pretty common or even standard to have vesting accelerated.   

Its also common, at least in the investment banking world, for the acquiring bank to make you whole on any unvested stock from the bank you're leaving.  e.g. you quit JP Morgan to go to Credit Suisse, leaving $X worth of shares on the table vesting over 3 years.   Credit Suisse then gives you the equivalent value in their shares vesting over the same timeframe - they've kept you whole, in other words.

Zamboni

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Re: Overheard at Work
« Reply #2306 on: April 03, 2014, 01:29:45 PM »
How about this one:

Our CFO was discussing operating costs with another exec and when he found out the average salary of our employees he said, "How do they live on that?!  I spend more than that each year just on wine!".

Not that anything will be done for any of these nice people, but it disgusts me every time I think about it.

Wow, just wow. 

alphalemming

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Re: Overheard at Work
« Reply #2307 on: April 03, 2014, 01:30:46 PM »
Negotiating accelerated vesting sounds like something more common when negotiating a severance package

ritz

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Re: Overheard at Work
« Reply #2308 on: April 03, 2014, 10:52:01 PM »
A partner, talking about one of her clients with another partner: "That talk you gave <client> really opened his eyes. He sold off $70,000 of his wine collection to pay down some of his debts!"

countdown

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Re: Overheard at Work
« Reply #2309 on: April 03, 2014, 11:41:27 PM »
Man who is consistently unhappy at work for one reason or another: "I don't stay here for the money, I have a side business that pays 2x my salary and have enough in the bank to not need the extra money. I stay for the medical (benefits)."

It makes me want to cry. Especially now that the Exchanges are open, purchasing individual coverage can be done with small investment of time and self-education, freeing up the rest of his life! He didn't want to hear it.

Bigote

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Re: Overheard at Work
« Reply #2310 on: April 04, 2014, 12:47:52 AM »
A partner, talking about one of her clients with another partner: "That talk you gave <client> really opened his eyes. He sold off $70,000 of his wine collection to pay down some of his debts!"

A first step!   Brings tears to my eyes.  lol

SweetLife

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Re: Overheard at Work
« Reply #2311 on: April 04, 2014, 08:47:18 AM »
Ok my antimustachian shame ... I went shopping in the states on the 1st of April and bought a bunch of stuff ... then came back to Canada took husband to shop for a bunch of stuff (groceries etc) ... Spent my entire shipping budget for April in 1 day ...

Yes the freezer is full of yummy meat ... and the fridge is full of veggies BUT most of the rest of the stuff though "on sale" could have waited till half way through the month ...

This month we decided to keep all receipts to make sure we were within the budget I had come up with lol... big FAIL
So face punching myself and leaving all future shopping to  my husband who is much better at "going in getting what we need and leaving ... not cruising the aisles for "deals" ugh "

going2ER

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Re: Overheard at Work
« Reply #2312 on: April 04, 2014, 10:47:57 AM »
"I would be rich if I could stop eating out"

Why yes you would be, but are you actually planning on stopping? There is nothing forcing you to eat out all the time. It's amazing how some people think.

Shor

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Re: Overheard at Work
« Reply #2313 on: April 04, 2014, 08:07:35 PM »
A partner, talking about one of her clients with another partner: "That talk you gave <client> really opened his eyes. He sold off $70,000 of his wine collection to pay down some of his debts!"

A first step!   Brings tears to my eyes.  lol

It makes me want to vomit.... happily.. but... ugh.. more than my salary in wine..

Norrie

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Re: Overheard at Work
« Reply #2314 on: April 04, 2014, 10:25:46 PM »
Man who is consistently unhappy at work for one reason or another: "I don't stay here for the money, I have a side business that pays 2x my salary and have enough in the bank to not need the extra money. I stay for the medical (benefits)."

It makes me want to cry. Especially now that the Exchanges are open, purchasing individual coverage can be done with small investment of time and self-education, freeing up the rest of his life! He didn't want to hear it.

I stay at my job because of the medical benefits, because I have REALLY GOOD benefits through work, and we have a family member with an expensive chronic illness. Our medical bills are ridiculous despite our good insurance, and after looking into the exchange, we weren't comfortable with our options. Any of my co-workers looking in from the outside would probably wonder what in the hell we're doing, because I earn very little, my husband earns more than enough to be a one-income family, and there are a lot of other things that I'd like to do. But our extensive medical needs (which may not be completely obvious to others) make leaving my job a very, very frightening thing to do.

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Re: Overheard at Work
« Reply #2315 on: April 04, 2014, 10:32:41 PM »
Man who is consistently unhappy at work for one reason or another: "I don't stay here for the money, I have a side business that pays 2x my salary and have enough in the bank to not need the extra money. I stay for the medical (benefits)."

It makes me want to cry. Especially now that the Exchanges are open, purchasing individual coverage can be done with small investment of time and self-education, freeing up the rest of his life! He didn't want to hear it.

I stay at my job because of the medical benefits, because I have REALLY GOOD benefits through work, and we have a family member with an expensive chronic illness. Our medical bills are ridiculous despite our good insurance, and after looking into the exchange, we weren't comfortable with our options. Any of my co-workers looking in from the outside would probably wonder what in the hell we're doing, because I earn very little, my husband earns more than enough to be a one-income family, and there are a lot of other things that I'd like to do. But our extensive medical needs (which may not be completely obvious to others) make leaving my job a very, very frightening thing to do.

Quote
The maximum out-of-pocket cost limit for any individual Marketplace plan for 2014 can be no more than $6,350 for an individual plan and $12,700 for a family plan.

https://www.healthcare.gov/glossary/out-of-pocket-maximum-limit/

Am I missing something?  Are there lots of things that aren't "essential health benefits" that you have to pay for?  Is it prescriptions?

Peony

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Re: Overheard at Work
« Reply #2316 on: April 05, 2014, 06:06:50 AM »
@stevesteve, she may live in a state that doesn't have many options under its exchange. For example, Alabama residents have about seven health plans from which to choose; the national average is 53 (based on article from the interwebs that claimed to be citing Dept. of Health & Human Services info).

huadpe

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Re: Overheard at Work
« Reply #2317 on: April 05, 2014, 07:28:51 AM »
Quote
The maximum out-of-pocket cost limit for any individual Marketplace plan for 2014 can be no more than $6,350 for an individual plan and $12,700 for a family plan.

https://www.healthcare.gov/glossary/out-of-pocket-maximum-limit/

Am I missing something?  Are there lots of things that aren't "essential health benefits" that you have to pay for?  Is it prescriptions?

Also, that out of pocket max is for in-network services only.  Most of the ACA plans have somewhat narrow networks, and if you have an obscure condition, there may well be zero specialists who treat it and are within an ACA network.

The reason that work coverage can cover that and an ACA plan won't is that some employers, in order to attract good talent, pay through the nose for extremely good coverage.  I'm talking $2000-3000 per employee per month paid by the employer.

Now, an extremely expensive plan with great out of network benefits like that could be sold on the exchanges or even off-exchange, but it would be a financial disaster for the insurers.  Because only extremely sick people with expensive chronic conditions would buy it.

edited to fix quote messup
« Last Edit: April 05, 2014, 08:18:50 AM by huadpe »

The Mobile Mustachian

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Re: Overheard at Work
« Reply #2318 on: April 05, 2014, 09:35:25 AM »
AnnaD
I could write a book with stories like this. I think my favorite was the employee that came into my office and spent 10 minutes telling me a tale of woe about their financial situation. Finally he said the bottom line was he needed to take out a 401k loan. My response was "you never signed up for the 401k plan!"

This one is my favorite.

greenmimama

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Re: Overheard at Work
« Reply #2319 on: April 05, 2014, 11:51:45 AM »
AnnaD
I could write a book with stories like this. I think my favorite was the employee that came into my office and spent 10 minutes telling me a tale of woe about their financial situation. Finally he said the bottom line was he needed to take out a 401k loan. My response was "you never signed up for the 401k plan!"

This one is my favorite.

And also the saddest.

AlanStache

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Re: Overheard at Work
« Reply #2320 on: April 06, 2014, 10:30:27 AM »
AnnaD
I could write a book with stories like this. I think my favorite was the employee that came into my office and spent 10 minutes telling me a tale of woe about their financial situation. Finally he said the bottom line was he needed to take out a 401k loan. My response was "you never signed up for the 401k plan!"

This one is my favorite.

And also the saddest.

Yeah cant say I am real big on laughing at people in this much trouble because of there own ignorance.  Should they have known better, yes, but I am sure I have messed up lots of times where I did not see it coming from an angle others would have said was obvious.

EDIT: I am more than happy to laugh at people making bad choices, and hearing this sort of story is a great warring for others I just dont like taking it light heartedly.
« Last Edit: April 06, 2014, 11:01:18 AM by AlanStache »

T-Rex

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Re: Overheard at Work
« Reply #2321 on: April 06, 2014, 03:48:15 PM »
Military Facepunch Extravaganza!

Bullshitting with a civilian  consultant:

Consultant: Must be nice to be here tax-free.
Me: Must be nice to make more than three times as much as me.
Consultant: Well, I'm paying more in taxes than your annual salary.
Me: Are you putting any of it into an IRA?
Consultant: A what?
(I explain the concept, but he says he isn't interested in that because he couldn't spend it right away.)

During a lesson about military retirement (warning against borrowing cash from your future pension):

Staff Sergeant: Now, how could you spend $100,000?
Corporal, mockingly: Invest it? RIGHT (Accountant)?
Sergeant, seriously: You could get a car. No, you could afford 3 car payments!

Eating lunch:

Me: How long are you going to be out here?
Contractor: As long as I can. I could use the money.
Me: I don't blame you. If I was making such good money, I'd retire in a couple years.
Contractor: Well, even if I stay the whole deployment I won't be out of debt.
Me: Did you buy a house?
Contractor: No, I have $130,000 in student loans and credit card debt.
Me: Woah, that's a lot, but at least you got a degree out of it.
Contractor: I didn't even get a degree.

(He took college classes at one of those for profit online schools aimed at military, I forget which one.)

furrychickens

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Re: Overheard at Work
« Reply #2322 on: April 06, 2014, 06:04:29 PM »
"$100 is cheap enough to buy it and replace it in a year when I find something I really like."

Zamboni

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Re: Overheard at Work
« Reply #2323 on: April 06, 2014, 08:50:14 PM »
^What is this $100 about?  Because if it's a car, then I agree.  Getting a year out of a $100 car would be pretty sweet.  Is it shirt?  Then not such a good deal.

furrychickens

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Re: Overheard at Work
« Reply #2324 on: April 07, 2014, 04:21:38 AM »
Light fixtures, decorative home goods, that kind of thing.

If it had been a car, I'd be sharing their badassity :P

skunkfunk

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Re: Overheard at Work
« Reply #2325 on: April 07, 2014, 07:03:43 AM »
Light fixtures, decorative home goods, that kind of thing.

If it had been a car, I'd be sharing their badassity :P

I guess I should brag on my coworker! He buys, fixes up, and then sells early 90's ford festivas, all for under $1000. They get 40 mpg if you're normal, 60+ if you are him. He drives it to work. Unfortunately his commute is over 20 miles, but hey, at least he has the least expensive and most efficient car that I have ever heard of.

FunkyStickman

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Re: Overheard at Work
« Reply #2326 on: April 07, 2014, 08:09:10 AM »
Light fixtures, decorative home goods, that kind of thing.

If it had been a car, I'd be sharing their badassity :P

I guess I should brag on my coworker! He buys, fixes up, and then sells early 90's ford festivas, all for under $1000. They get 40 mpg if you're normal, 60+ if you are him. He drives it to work. Unfortunately his commute is over 20 miles, but hey, at least he has the least expensive and most efficient car that I have ever heard of.

I used to have a Festiva, great little cars. I'd recommend one to almost anybody, you'd be surprised what you can haul in one.

Travis

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Re: Overheard at Work
« Reply #2327 on: April 07, 2014, 03:12:13 PM »
Military Facepunch Extravaganza!

Bullshitting with a civilian  consultant:

Consultant: Must be nice to be here tax-free.
Me: Must be nice to make more than three times as much as me.
Consultant: Well, I'm paying more in taxes than your annual salary.
Me: Are you putting any of it into an IRA?
Consultant: A what?
(I explain the concept, but he says he isn't interested in that because he couldn't spend it right away.)

During a lesson about military retirement (warning against borrowing cash from your future pension):

Staff Sergeant: Now, how could you spend $100,000?
Corporal, mockingly: Invest it? RIGHT (Accountant)?
Sergeant, seriously: You could get a car. No, you could afford 3 car payments!

Eating lunch:

Me: How long are you going to be out here?
Contractor: As long as I can. I could use the money.
Me: I don't blame you. If I was making such good money, I'd retire in a couple years.
Contractor: Well, even if I stay the whole deployment I won't be out of debt.
Me: Did you buy a house?
Contractor: No, I have $130,000 in student loans and credit card debt.
Me: Woah, that's a lot, but at least you got a degree out of it.
Contractor: I didn't even get a degree.

(He took college classes at one of those for profit online schools aimed at military, I forget which one.)


I bumped into a SPAWAR contractor (internet cafe maintenance) in Afghanistan a couple years ago.  He was late 20s and making over $200k to fly around and maintain a few of the cafes on the FOBs.  He also bragged that he paid more in taxes than my troops were making (same career field).  He couldn't shut up about the computer equipment and sports car he was going to buy when he got home.  His US-based salary was about $50k.  The conversation ended when I asked about his long term financial goals.  On the opposite end, I was talking to the head generator mechanic at Kandahar Airfield a few weeks later. He was late 50s, early 60s and making around $250k that year.  It sounded like he was pretty much set without this deployment, but he was using the money to buy their retirement home in cash and pay off the previous two he owned to become rentals to fund his retirement. 

I'm deploying again in a couple weeks and just finished a decent series of financial seminars.  Usually the younger troops plan on blowing their money on toys, but a few took interest in fancy new ideas like compound interest and the older crowd looked at how to fine tune their portfolios and debt reduction.

furrychickens

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Re: Overheard at Work
« Reply #2328 on: April 07, 2014, 03:27:01 PM »
I used to have a Festiva, great little cars. I'd recommend one to almost anybody, you'd be surprised what you can haul in one.

Never had a Festiva, but my brother used to have a 87 Civic hatch (similar size). Once hauled enough lumber to patch a 15x15 hole in a deck where a hot tub used to be.

Hedge_87

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Re: Overheard at Work
« Reply #2329 on: April 07, 2014, 03:50:03 PM »
Not overheard but seen today. My coworker and I had to go the city building. It's a VERY small town. Instead of parking in the first available spot on the opposite side of the road and simply walking across the street. We instead drove past the building to the next block, drove all the way around the block so we could be heading the right way to park directly in front of the building right next to the handicap spot. I sat in the car trying to rationalize what I had just witnessed and couldn't come up with anything. It is a 20mph road with very light traffic so saftey in crossing was not an issue. There is no cross walks so it wasn't for fear of jaywalking lol

happyfeet

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Re: Overheard at Work
« Reply #2330 on: April 07, 2014, 08:49:35 PM »
Well, in the neighborhood...a neighbor paid $80 for a few ounces of super fantastic shampoo.  Rolls eyes.

FreeBy45

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Re: Overheard at Work
« Reply #2331 on: April 08, 2014, 08:01:51 AM »
My coworker ran out to buy a brand new SUV yesterday. She was driving a 2 year old GM vehicle which she deemed a "death trap" due to the recalls that have been on the news lately. That is how she justified the purchase.

MamaStache

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Re: Overheard at Work
« Reply #2332 on: April 08, 2014, 08:30:47 AM »
At work yesterday a coworker took off work early to go to HR Block to have his taxes reviewed due to the tax law changes. 

CW: "All I can say is that the amount we are getting back better not go down, or our power is going to get shut off in about 2 weeks.  We are 1,500 behind on our power bill because you know... of the hard winter.  (We are in MN and did experience an especially long, hard winter.)
I guess if we don't get back enough through the tax refund, I'll just have to take a withdrawal from my 401k thingy"


wizlem

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Re: Overheard at Work
« Reply #2333 on: April 08, 2014, 10:59:40 AM »
At work yesterday a coworker took off work early to go to HR Block to have his taxes reviewed due to the tax law changes. 

CW: "All I can say is that the amount we are getting back better not go down, or our power is going to get shut off in about 2 weeks.  We are 1,500 behind on our power bill because you know... of the hard winter.  (We are in MN and did experience an especially long, hard winter.)
I guess if we don't get back enough through the tax refund, I'll just have to take a withdrawal from my 401k thingy"

I mostly understand the hard winter as I'm in IA but I still don't understand how you can be 1500 behind because thats more than 2.5 times my total bill for the last 4 months. This reminded me of a conversation I had with a coworker. I live in a slightly larger house than he does and he told me his 3 bills for Dec/Jan/Feb were 2x what mine were. Thats keeping the thermostat at 68 when we're home, 65 when we sleep, and 60 when we're gone. Guess people don't realize how much those small differences make to your bill.

MamaStache

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Re: Overheard at Work
« Reply #2334 on: April 08, 2014, 11:04:25 AM »
At work yesterday a coworker took off work early to go to HR Block to have his taxes reviewed due to the tax law changes. 

CW: "All I can say is that the amount we are getting back better not go down, or our power is going to get shut off in about 2 weeks.  We are 1,500 behind on our power bill because you know... of the hard winter.  (We are in MN and did experience an especially long, hard winter.)
I guess if we don't get back enough through the tax refund, I'll just have to take a withdrawal from my 401k thingy"
...hope he knows that the IRS is saying up to 3 weeks to get refunds...

Well he better get started on his request to make a withdrawal from the 401k thingggy then!!!!!!!

The Bearded Bank Builder

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Re: Overheard at Work
« Reply #2335 on: April 08, 2014, 11:51:04 AM »
Well, in the neighborhood...a neighbor paid $80 for a few ounces of super fantastic shampoo.  Rolls eyes.

Wow, must be nice stuff. Is it made of Unicorn Tears or is this the Angel's Saliva variety?

BlueHouse

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Re: Overheard at Work
« Reply #2336 on: April 08, 2014, 12:00:17 PM »
I mostly understand the hard winter as I'm in IA but I still don't understand how you can be 1500 behind because thats more than 2.5 times my total bill for the last 4 months. This reminded me of a conversation I had with a coworker. I live in a slightly larger house than he does and he told me his 3 bills for Dec/Jan/Feb were 2x what mine were. Thats keeping the thermostat at 68 when we're home, 65 when we sleep, and 60 when we're gone. Guess people don't realize how much those small differences make to your bill.
You may have a newer, more energy efficient house.    I live in an almost new, LEED certified home and my heating costs are very low considering my square footage.   I know some people with old homes are stuffing towels in the cracks between the doors and doorjambs just to keep the wind out.  It's expensive to heat the whole outside!  ;)

ketchup

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Re: Overheard at Work
« Reply #2337 on: April 08, 2014, 12:12:14 PM »
Well, in the neighborhood...a neighbor paid $80 for a few ounces of super fantastic shampoo.  Rolls eyes.
Yeesh, and I thought $15 for a normal-sized thingy of fancy 100% Pure shampoo that my girlfriend buys was a lot.

CommonCents

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Re: Overheard at Work
« Reply #2338 on: April 08, 2014, 12:21:20 PM »
I mostly understand the hard winter as I'm in IA but I still don't understand how you can be 1500 behind because thats more than 2.5 times my total bill for the last 4 months. This reminded me of a conversation I had with a coworker. I live in a slightly larger house than he does and he told me his 3 bills for Dec/Jan/Feb were 2x what mine were. Thats keeping the thermostat at 68 when we're home, 65 when we sleep, and 60 when we're gone. Guess people don't realize how much those small differences make to your bill.
You may have a newer, more energy efficient house.    I live in an almost new, LEED certified home and my heating costs are very low considering my square footage.   I know some people with old homes are stuffing towels in the cracks between the doors and doorjambs just to keep the wind out.  It's expensive to heat the whole outside!  ;)

+1

We keep the house at 60 when gone, the upstairs at 60 unless we're sleeping there (65 then), the downstairs at 67 when we're up.  We also don't turn on the heat in the morning before we go to work, and don't set it on a thermostat, instead we manually turn it up when we get home (so it doesn't heat up while we aren't there and if we are later than expected it's not heated).

But our house was built in 1933 and we have a ton of large windows that overlook the pond in the backyard.  (That's why we bought the home, so we're ok with it, but it does make it more expensive to heat.)  We are lucky the prior owners redid a bunch of the windows, but historically, you don't make your money back by doing it.  Our kitchen was formerly a sunroom and we think very poorly insulated when it was converted - but a kitchen reno is way more expensive than high heating bills.  We also live in the Northeast, with a supply pipe problem, so our rates went up. 

Don't get me wrong, we're well under an average bill of $375 (1500/4 months), but I just wanted to post because it may not always be possible or worthwhile to fix some aspects.

wizlem

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Re: Overheard at Work
« Reply #2339 on: April 08, 2014, 12:56:22 PM »
I mostly understand the hard winter as I'm in IA but I still don't understand how you can be 1500 behind because thats more than 2.5 times my total bill for the last 4 months. This reminded me of a conversation I had with a coworker. I live in a slightly larger house than he does and he told me his 3 bills for Dec/Jan/Feb were 2x what mine were. Thats keeping the thermostat at 68 when we're home, 65 when we sleep, and 60 when we're gone. Guess people don't realize how much those small differences make to your bill.
You may have a newer, more energy efficient house.    I live in an almost new, LEED certified home and my heating costs are very low considering my square footage.   I know some people with old homes are stuffing towels in the cracks between the doors and doorjambs just to keep the wind out.  It's expensive to heat the whole outside!  ;)

I guess you are right. My house is 21 years newer having been built in 1941. My previous house was built in 1923 and I had lower heating bills there. 1923 house was almost identical in size to coworkers house.
« Last Edit: April 08, 2014, 01:08:04 PM by wizlem »

Eric

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Re: Overheard at Work
« Reply #2340 on: April 09, 2014, 10:30:48 AM »
23 y.o. Co-worker -- I just finished my taxes last night.  I feel like such an adult!
Me -- Nice job.  You are getting old!
CW -- No kidding.  I started thinking that I should put my refund money towards my CC, then I'm like 'No, I'm going to Cabo!' (starts doing a little dance)
Me -- [headdesk]

Albert

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Re: Overheard at Work
« Reply #2341 on: April 09, 2014, 11:47:28 AM »
It's only a facepalm if the said soon to be retired co-worker can't afford all those purchases.

A good friend of mine is shelling out 700k for the second apartment in the mountains, but I believe it's well within her budget plus is likely to appreciate.

mjs111

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Re: Overheard at Work
« Reply #2342 on: April 09, 2014, 04:07:17 PM »
(He took college classes at one of those for profit online schools aimed at military, I forget which one.)

The for-profit colleges are heavily targeting military folks since military education benefits don't fall under the Federal Title IV financial aid program funds. Education financial aid to military members is a different pool of money. 

Colleges are legally prevented from getting more than 90% of their cash-basis revenue from Title IV funds and many of the for-profit colleges are starting to get near that ceiling.  If a college goes over that 90% and stays there then the college won't be allowed to accept any Title IV funding, effectively putting it out of business.  Here are some excerpts from Apollo Group's 10-K (Apollo Group is the parent company of University of Phoenix):

90/10 Rule
To remain eligible to participate in Title IV programs, proprietary institutions of higher education must comply with the so-called “90/10 Rule” under the Higher Education Act, as reauthorized, and must derive 90% or less of their cash basis revenue, as defined in the rule, from Title IV programs. The 90/10 Rule percentage for University of Phoenix for fiscal year 2013 was 83%. The 90/10 Rule percentage for University of Phoenix remains high and could exceed 90% in the future depending on the degree to which its various initiatives are effective, the impact of future changes in its enrollment mix, and regulatory and other factors outside our control, including any reduction in military benefit programs or changes in the treatment of such funding for purposes of the 90/10 Rule calculation.

In addition to Title IV student financial aid, qualifying U.S. active military and veterans and their family members are eligible for federal student aid from various Department of Defense programs, including under the Post-9/11 GI Bill.

The decrease in the University of Phoenix 90/10 Rule percentage is attributable to changes in student mix and their associated available sources of tuition funding. As the University’s enrollment has declined in recent years, the proportion of its student body that uses a lower percentage of Title IV funds for eligible tuition and fees, such as students that receive tuition assistance from employers or that participate in military benefit programs, has increased.

Apollo Group 10-K:
http://www.sec.gov/Archives/edgar/data/929887/000092988713000150/apol-aug312013x10k.htm


Mike

« Last Edit: April 09, 2014, 04:28:52 PM by mjs111 »

mozar

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Re: Overheard at Work
« Reply #2343 on: April 09, 2014, 06:49:00 PM »
Co-worker: My rent is going up 500 a month!
Me: How much is your rent now?
Co-worker: $1,721 for a one bedroom
Me: Headdesk
« Last Edit: May 10, 2018, 11:34:54 AM by mozar »

nikki

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Re: Overheard at Work
« Reply #2344 on: April 09, 2014, 06:58:44 PM »
I haven't received my electricity bill yet (I've lived in this new apartment 1.5 months now and should have seen one...), so I was asking my co-workers/neighbors (faculty apartment building). One person said she got it, but when I looked I had to inform her she was looking at a gas bill, not an electricity bill. Person #2 was bragging about how he never checks his mail, so he has no idea.

I returned to the apartment building at the same time as Person #2 and pushed him to check his mail then and there. What did he find? Lots of junk, some things not even meant for him, and FIVE MONTHS OF OVERDUE GAS BILLS. He seemed enraged that his bill was so high for just one month until I explained to him that it was for five months. "Well I don't even use the gas that much!!! Wait... is the heating gas?" ...indeed.

Adult 101.

PS: This man is my mentor at work. He actually is a wonderful teacher, but not great at paying bills, apparently.

No one has any idea about the electricity bills still, by the way. And no one else seems to care...

aetherie

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Re: Overheard at Work
« Reply #2345 on: April 09, 2014, 07:52:21 PM »
Not at work, but in the student lounge where I was doing homework:
"I have $7 in my account because I bought new boots."

I guess coming from a college student whose parents are probably still paying for everything it's not as bad, but I shudder to think of the habits she's setting up for the rest of her life.

GuitarStv

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Re: Overheard at Work
« Reply #2346 on: April 10, 2014, 07:26:48 AM »
It's only a facepalm if the said soon to be retired co-worker can't afford all those purchases.

I disagree.  A cottage is nearly always a tremendous financial drain for no good reason.  You want to vacation somewhere in the woods for a few weeks a year?  Rent a cottage.  You're not tied to the same tiny plot of land so you can experience different places, don't have to pay for the maintenance, taxes, and upkeep on a building that you're not living in for more than half the year, and can probably afford to rent for a short period a much fancier place than you could afford to buy.

johnintaiwan

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Re: Overheard at Work
« Reply #2347 on: April 10, 2014, 07:33:58 AM »
I haven't received my electricity bill yet (I've lived in this new apartment 1.5 months now and should have seen one...),

I used to get bills every month in Taipei, but since moving south we only get them once every 2 months.

401Killer

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Re: Overheard at Work
« Reply #2348 on: April 10, 2014, 12:38:29 PM »
Co-Worker - So I bought a 1995 Hummer a few months ago.

Me - Holy hell, thats a beast, how much did that cost you if you don't mind me asking.

CW - $25,000, I'm saving up to put a ton of money into it because I want to make it a show truck and bring it to events. I want a custom paint job and new interior.

CW - Wow

CW - Once I get it done I'll buy another one that I can drive daily.





exranger06

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Re: Overheard at Work
« Reply #2349 on: April 10, 2014, 01:06:17 PM »
Co-Worker - So I bought a 1995 Hummer a few months ago.

Me - Holy hell, thats a beast, how much did that cost you if you don't mind me asking.

CW - $25,000, I'm saving up to put a ton of money into it because I want to make it a show truck and bring it to events. I want a custom paint job and new interior.

CW - Wow

CW - Once I get it done I'll buy another one that I can drive daily.
Wow. That makes me feel a LOT better about my car hobby. I may be spending a lot fixing up my project car, but it's nowhere near even the purchase price of that one, let alone the money for the modifications.