Author Topic: Overheard at Work  (Read 6041287 times)

Nudelkopf

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Re: Overheard at Work
« Reply #6350 on: January 09, 2015, 05:19:06 PM »
Before this Pandora thing, remember those baby shoe charms thingies? They had options that hit all markets, versions with platinum/ gold/ diamonds, or versions with gold plating/rhinestones. Then back in my day there were Add-A-Pearl necklaces. Also there were classic charm bracelets, where, again, high end and low end existed in the marketplace for all levels of spending.
I knew about charm bracelets, but I thought charm bracelets were for children.  I had one when I was young.  My mother kept her childhood charm bracelet in her jewelry box.  I don't know if I've seen an adult wear a charm bracelet. 
Welp, for the first time I actually feel Anti-Mustachian. I have a gold charm bracelet which I still add charms too... Even worse, I don't wear it. I keep it as like a 'diary' of my life's events, and I have a summary in my jewelry box which describes what each of the charms mean. E.g. I have a mortar board depicting my honours degree, an apple for my education degree, and a Tower Bridge for the time I represented Australia at this maths thing in London as a teenager. Shit like that. I'll pass it onto my [yet to be born] daughter when I die, probs.

People collect all kind of crap. At least mine 'means' something (lol) and is small enough to be kept in my underwear drawer.

CAtoTX

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Re: Overheard at Work
« Reply #6351 on: January 09, 2015, 09:40:47 PM »
So I'm talking to this girl at work and she is talking about how frugal she is....well except she is trying to save for her wedding but keeps blowing the budget...and then she tends to buy nice things when she is stressed, and of course the wedding is stressing her out...and she also likes to go out for a nice dinner once a week which she says is at least $200 for her and her boyfriend with drinks and appetizers and entrees and dessert....so suddenly she can't pay off the credit card every month....
I smiled and let her talk. But then a few days later she is suddenly talking to another person about how hard it is to park big trucks. And come to find out she has gone out and bought a newer (new to her) Toyota Sequoia and it's out in the parking lot wedged between the other cars.

GrayGhost

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Re: Overheard at Work
« Reply #6352 on: January 09, 2015, 11:05:21 PM »
A few weeks ago, some guys from work and I were volunteering at a Habitat for Humanity project. Turns out one of them is a landlord.

Mortgage is $800. He rents out the house for $1000. Property manager fee is $100. So, he says that he makes about $1000 a month after all is said and done...

Before property taxes. Before insurance. Before maintenance and repairs.

I guess you could say that he's probably going to spend $100+ a month for twenty+ years in order to own a home free and clear at the end of that term, but even then, so what? He'll have a thirty year old house that will likely need significant renovations in order to rent out for good money or to live in.

It's not quite as bad as credit card debt or wasteful spending, but this is really not the best you could do as far as investments are concerned.
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gooki

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Re: Overheard at Work
« Reply #6353 on: January 09, 2015, 11:23:09 PM »
$100 a month for 20 years is $24,000. Sounds like a fucking good buy to me.
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auntie_betty

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Re: Overheard at Work
« Reply #6354 on: January 10, 2015, 02:41:45 AM »
$100 a month for 20 years is $24,000. Sounds like a fucking good buy to me.

And then it will bring in $12,000 a year. It's what I'm using for my pension.

mnsaver

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Re: Overheard at Work
« Reply #6355 on: January 10, 2015, 06:26:38 AM »


Then i asked how often guests come over to stay, and they all say a couple to a few times a year. I asked if it made more sense to get a smaller place for like... literally 500k to 1M less and use the saving to rent a hall  for big parties and pay for hotel rooms for the close friends or family who would stay over 1 or 2 times a year. I thought I was a genius and had just saved them oodles of money... but the idea was not taken well :(

I've done that. I live downtown and it was about 50K for the difference between a 1 and 2 bedroom. Most people who stay can sleep on my couch or an air mattress but I figure at times it will be easier for me to pay/help out with a hotel (like once my brother and his wife have kids).

Goldielocks

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Re: Overheard at Work
« Reply #6356 on: January 10, 2015, 09:58:30 AM »
While researching MER's today, I recalled a good one from last year.

Our Group Retirement plan sent out a fancy letter announcing large reductions in their management fees on some of their products they offer us.    Indicated that they have among the lowest management fees in the industry, and show the old and new %'s listed beside 5-6 funds.

These were impressive numbers for a managed fund, all between 1% and 1.5%.  But I was confused at the low low numbers, as all of them were for their fancy "wrap" products (e.g., target retirement date, funds that invest in other mutual funds, etc.)  So I took the time to look into it.

Turns out the MER's were still among the highest in the industry and in their group of offerings.   only the Management fee portion was reduced.  No mention of MERs on the letter.

This was designed to fool somewhat financially savvy persons into thinking that MERs were now low, and that these were the lowest fee funds around.   

Instead, it was a  Management fees announcement disguised as MER announcement.  Media heavily talks about MERs and mutual funds over 2% to be avoided...  Nearly no one hears management advice / info for Management fees separately.

I mentioned my frustration with this type of misleading advertising to my boss, as we were getting coffee from the pot.  A few others were around, and between the blank looks ("MER"?) and "I never read the financial announcements from our retirement plan provider"... I realized that this otherwise savvy group, who I think have excellent retirement savings themselves, and area all within 3-10 years of retirement, really had no idea..


Winston

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Re: Overheard at Work
« Reply #6357 on: January 11, 2015, 09:19:32 AM »
$100 a month for 20 years is $24,000. Sounds like a fucking good buy to me.

It's not. If it's before taxes and maintenance costs, it's terrible. There's a reason that most real estate investors assume that 50% of gross rents go to expenses. This guy is probably at least -$200 per month when all is said and done, he just doesn't realize it (or doesn't want to admit it).
« Last Edit: January 11, 2015, 09:42:14 AM by Winston »

mm1970

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Re: Overheard at Work
« Reply #6358 on: January 11, 2015, 09:39:41 AM »
So things are pretty slow at my job. We are union and due to all the rules, they can't just fire people which is kind of nice. However, they can shave people's schedules. My co-workers are making in the low 100K/yr. I'm pretty excited to work a few fewer hours per week which just means more free time which I am all for.

However, there is one woman in particular who is having a meltdown over this. She is a single parent with 2 teenage kids so that's not all cheap I understand. BUT she drives a new Volvo SUV, goes new clothes shopping all the time, and is having a lavish second wedding. It sounds as if just working 2 hours a week fewer is going to put her in the poor house.
I wonder about this too.  I have a couple of coworkers, married to each other.  We've had two layoffs, they both survived the layoffs, because they are both awesome people and workers.

But we cut so deep the second time that the wife got demoted (her position was eliminated and we opted to move her back to her old position).  So, while she didn't get a pay cut, she lost her "lead" differential and her "shift" changed so that extra amount got cut too.  And we changed shifts so that there was no more overtime.

She seems desperate for overtime now (which they get occasionally).  They don't seem to be spendy.  I think they rent out their house in their old town.  They live in a motorhome and only pay space rent.  I think she seems to be helping out others a lot, maybe that's the issue.  And there might be economic outpatient care for their adult children.

mm1970

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Re: Overheard at Work
« Reply #6359 on: January 11, 2015, 09:45:59 AM »
$100 a month for 20 years is $24,000. Sounds like a fucking good buy to me.

It's not. If it's before taxes and maintenance costs, it's terrible. There's a reason that most real estate investors assume that 50% of gross rents go to expenses. This guy is probably at least -$200 per month when all is said and done, he just doesn't know/realize it.

It depends on the market over the next years/decades, right?

So I have a friend who I tease is becoming a slum lord.  He doesn't really like 401ks.  So he bought a condo, lived in it.  Then he bought another condo (foreclosure) when the market was down, and rents it out.  This one is very cash positive.  Then he bought a house for his wife and kids and him to live it, and rents out the first condo.  But the first condo isn't cash positive - it breaks even before taxes.

Overall, he's a little cash positive.

The housing market has swung so much the last 15 years that it depends on when you buy.  But right now a 2BR house or condo is renting for $3000+ a month.  Now, if we rented our house, based on when we bought (bad time), that would pay mortgage, taxes, insurance, nothing left over.

However, 10 years from now, if rents are $4000/month, it would be cash positive.  Same with my friend.  In the long run, if rents keep increasing, he will have two cash positive rentals.

It's very market dependent though.  Small towns with not a lot of jobs wouldn't fare as well, I expect.

Winston

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Re: Overheard at Work
« Reply #6360 on: January 11, 2015, 10:33:47 AM »
It depends on the market over the next years/decades, right?


*Everything* depends on the market, though. Personally, I think it's a bad idea to bank on future valuation increases (see: housing market bubble), especially when your investment is costing you money every month. My stock market portfolio may be in the toilet any given month/year/decade, but it's not debiting my bank account like a house will. It's also not costing me time and aggravation like dealing with house/tenant stuff will (even with a property manager).

I understand that the approach can work and does work for some... but isn't it worth it to just hold out until you find RE that is cashflow positive?

Anyway... I feel like we're getting off topic here and that this discussion belongs in the RE/Landlording subforum. My apologies for that.

robotclown

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Re: Overheard at Work
« Reply #6361 on: January 11, 2015, 05:39:17 PM »
A coworker told me I should buy a sports car, because it would make me happier.  I couldn't help laughing at him.

Later we were talking about stocks, and he unimpressed that I don't have anything that's up 4000% this year (not that he does either, all his cash flow goes to sports car payments at 8% interest.)  I tried to explain dividends and compounding and tax efficiency, but, he started to zone out.

BlueHouse

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Re: Overheard at Work
« Reply #6362 on: January 11, 2015, 05:45:26 PM »
This company will continue to do amazing.  I promise. 

You must not have lived through previous fads.  :)
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Primm

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Re: Overheard at Work
« Reply #6363 on: January 11, 2015, 05:53:05 PM »
A coworker told me I should buy a sports car, because it would make me happier.  I couldn't help laughing at him.

Later we were talking about stocks, and he unimpressed that I don't have anything that's up 4000% this year (not that he does either, all his cash flow goes to sports car payments at 8% interest.)  I tried to explain dividends and compounding and tax efficiency, but, he started to zone out.

I have a sports car. It makes me happier. But I have never paid interest on it, that's just stupid.

Fuzzy Buttons

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Re: Overheard at Work
« Reply #6364 on: January 12, 2015, 06:54:51 AM »
I went to one of those places last week. They have $1 beers (which I didn't want early on a Saturday morning) but I didn't think the price was terrible for the big city.

Now I can't get the idea of beer with hair clippings in it out of my head.  Yech.

fantabulous

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Re: Overheard at Work
« Reply #6365 on: January 12, 2015, 08:26:13 AM »
I went to one of those places last week. They have $1 beers (which I didn't want early on a Saturday morning) but I didn't think the price was terrible for the big city.

Now I can't get the idea of beer with hair clippings in it out of my head.  Yech.

Depending on the beer, it would enhance the flavor to swallow the hair clippings.
« Last Edit: January 13, 2015, 01:10:52 PM by fantabulous »

notquitefrugal

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Re: Overheard at Work
« Reply #6366 on: January 13, 2015, 09:49:33 AM »
I went to one of those places last week. They have $1 beers (which I didn't want early on a Saturday morning) but I didn't think the price was terrible for the big city.

Now I can't get the idea of beer with hair clippings in it out of my head.  Yech.

Lol, I thought that as well, but they cover your drink with the cape. Soft drinks were free.

cavewoman

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Re: Overheard at Work
« Reply #6367 on: January 13, 2015, 02:14:26 PM »
Every so often I think we need an "overheard/observed in family".  But I'm not so sure if it would be a good idea... any thoughts?

skunkfunk

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Re: Overheard at Work
« Reply #6368 on: January 13, 2015, 02:18:19 PM »
Every so often I think we need an "overheard/observed in family".  But I'm not so sure if it would be a good idea... any thoughts?

We should change the thread title to "Overheard at *"

MgoSam

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Re: Overheard at Work
« Reply #6369 on: January 13, 2015, 03:07:34 PM »
Later we were talking about stocks, and he unimpressed that I don't have anything that's up 4000% this year (not that he does either, all his cash flow goes to sports car payments at 8% interest.)  I tried to explain dividends and compounding and tax efficiency, but, he started to zone out.

That in a nutshell is a huge reason why many professional athletes are broke. I finally watched the 30 for 30 documentary "Broke," on this and they interviewed a few investment planners that stated that almost none of the athletes would touch mutual funds. They wanted sexy investments like restaurants, and things that would have a 400% investment.

jordanread

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Re: Overheard at Work
« Reply #6370 on: January 13, 2015, 03:26:39 PM »
Every so often I think we need an "overheard/observed in family".  But I'm not so sure if it would be a good idea... any thoughts?

We should change the thread title to "Overheard at *"

I always find it kind of fun to start every post in this thread with "Well, I didn't hear it at work..."
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MountainBeard

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Re: Overheard at Work
« Reply #6371 on: January 13, 2015, 04:06:33 PM »
A kitchen remodel is on our list in the next 5 or so years...  My wife showed me a stove she liked that cost $48k; sinking 100k overall is certainly possible if you go high end with a decent size space. 

(And no, we're not getting that stove or the more reasonable one that was only 13k.)

Goldielocks

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Re: Overheard at Work
« Reply #6372 on: January 13, 2015, 04:41:48 PM »
A kitchen remodel is on our list in the next 5 or so years...  My wife showed me a stove she liked that cost $48k; sinking 100k overall is certainly possible if you go high end with a decent size space. 

(And no, we're not getting that stove or the more reasonable one that was only 13k.)

Holy Tallulah!   I have a spendy extravagant kitchen and went for $6k appliances (for all of them).   Top the line Kitchen Aid, but not commercial or custom.  (bought in 2009).   How the heck? 
...

..!...

(..........still gasping like a fish.....)

4alpacas

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Re: Overheard at Work
« Reply #6373 on: January 13, 2015, 05:15:47 PM »
Later we were talking about stocks, and he unimpressed that I don't have anything that's up 4000% this year (not that he does either, all his cash flow goes to sports car payments at 8% interest.)  I tried to explain dividends and compounding and tax efficiency, but, he started to zone out.

That in a nutshell is a huge reason why many professional athletes are broke. I finally watched the 30 for 30 documentary "Broke," on this and they interviewed a few investment planners that stated that almost none of the athletes would touch mutual funds. They wanted sexy investments like restaurants, and things that would have a 400% investment.
I love the 30 for 30 series.  "Broke" is my favorite.  So good!

Apples

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Re: Overheard at Work
« Reply #6374 on: January 13, 2015, 05:44:11 PM »
We're attempting to add direct deposit capabilities to our payroll, and I was discussing it with our employees (8 guys, all h.s. educated but not much if any more).  While talking about their pay just being deposited each week and receiving a paper showing your 401k deduction and taxes paid each week instead, the boss mentioned the possibility of changing to paying biweekly.  One guy says "well the paycheck will be bigger, so the government will take more taxes out, and I'll get less money".  I explained how our payroll systems takes the amount of any one week check, figures out how much this would be over a year, and that same tax rate would be applied to a paycheck over two weeks.  Nope, he's convinced a biweekly paycheck would mean less net pay because the government is evil. Oy.

kpd905

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Re: Overheard at Work
« Reply #6375 on: January 13, 2015, 06:56:36 PM »
A kitchen remodel is on our list in the next 5 or so years...  My wife showed me a stove she liked that cost $48k; sinking 100k overall is certainly possible if you go high end with a decent size space. 

(And no, we're not getting that stove or the more reasonable one that was only 13k.)

I'd be scared if my wife even looked at things like that.  Might want to get rid of the joint checking account.
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MountainBeard

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Re: Overheard at Work
« Reply #6376 on: January 13, 2015, 08:44:24 PM »

gimp

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Re: Overheard at Work
« Reply #6377 on: January 13, 2015, 11:09:58 PM »
How much does it cost to get an industrial kitchen stove like you might see at big restaurants?

Paul der Krake

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Re: Overheard at Work
« Reply #6378 on: January 14, 2015, 06:17:31 AM »
How much does it cost to get an industrial kitchen stove like you might see at big restaurants?
Significantly less than sticker price if you buy it at one of the dozen restaurants that goes out of business in your area every year.

boarder42

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Re: Overheard at Work
« Reply #6379 on: January 14, 2015, 06:21:00 AM »
We're attempting to add direct deposit capabilities to our payroll, and I was discussing it with our employees (8 guys, all h.s. educated but not much if any more).  While talking about their pay just being deposited each week and receiving a paper showing your 401k deduction and taxes paid each week instead, the boss mentioned the possibility of changing to paying biweekly.  One guy says "well the paycheck will be bigger, so the government will take more taxes out, and I'll get less money".  I explained how our payroll systems takes the amount of any one week check, figures out how much this would be over a year, and that same tax rate would be applied to a paycheck over two weeks.  Nope, he's convinced a biweekly paycheck would mean less net pay because the government is evil. Oy.

i assume these guys get OT from time to time so thats whats confusing him b/c OT is taxed at a higher rate than standard pay so he doesnt see his paycheck double when he works an extra 40 hours. 
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rocksinmyhead

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Re: Overheard at Work
« Reply #6380 on: January 14, 2015, 06:46:51 AM »
We're attempting to add direct deposit capabilities to our payroll, and I was discussing it with our employees (8 guys, all h.s. educated but not much if any more).  While talking about their pay just being deposited each week and receiving a paper showing your 401k deduction and taxes paid each week instead, the boss mentioned the possibility of changing to paying biweekly.  One guy says "well the paycheck will be bigger, so the government will take more taxes out, and I'll get less money".  I explained how our payroll systems takes the amount of any one week check, figures out how much this would be over a year, and that same tax rate would be applied to a paycheck over two weeks.  Nope, he's convinced a biweekly paycheck would mean less net pay because the government is evil. Oy.

i assume these guys get OT from time to time so thats whats confusing him b/c OT is taxed at a higher rate than standard pay so he doesnt see his paycheck double when he works an extra 40 hours.

OT is taxed at a higher rate than standard pay?!? really? I can't think of why this might be unless it pushes you into a higher tax bracket. then again I have no idea what I'm talking about because I don't think I've ever worked a job with OT, but my boyfriend does and I've never heard him say anything about it.

johnny847

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Re: Overheard at Work
« Reply #6381 on: January 14, 2015, 06:47:52 AM »
We're attempting to add direct deposit capabilities to our payroll, and I was discussing it with our employees (8 guys, all h.s. educated but not much if any more).  While talking about their pay just being deposited each week and receiving a paper showing your 401k deduction and taxes paid each week instead, the boss mentioned the possibility of changing to paying biweekly.  One guy says "well the paycheck will be bigger, so the government will take more taxes out, and I'll get less money".  I explained how our payroll systems takes the amount of any one week check, figures out how much this would be over a year, and that same tax rate would be applied to a paycheck over two weeks.  Nope, he's convinced a biweekly paycheck would mean less net pay because the government is evil. Oy.

i assume these guys get OT from time to time so thats whats confusing him b/c OT is taxed at a higher rate than standard pay so he doesnt see his paycheck double when he works an extra 40 hours.
Um no, OT is not taxed at higher than standard rate. It is taxed the same way as normal income. It is withheld at a higher rate, because for every paycheck it withholds as if you will earn that much money for every pay cycle in the year.
People really need to separate tax withholding from actual tax liability. They are two complete separate things that do not affect one another (barring the exception of underwithholding can cause you to pay penalties for underpayment of tax, thereby increasing your tax liability. But so long as you don't do that, these are completely unrelated).

----

Not overheard at work, but I go on a group bike ride on Sundays. The group leader mentioned last time he has this great mobile hotspot service for just $40/month! Which he uses for strictly non work purposes (mostly just streaming Pandora to his iPad). He thought it was a steal. I just nodded along, thinking what an idiot. That $40/month is in addition to whatever cell phone plan he has.
« Last Edit: January 14, 2015, 06:50:08 AM by johnny847 »

starbuck

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Re: Overheard at Work
« Reply #6382 on: January 14, 2015, 07:45:39 AM »
My boss told me this morning that she drove into the city to park across the street because it was too cold to walk the ten minutes to our office building from the train station. $23 to park + 50 min driving her SUV here, plus the time and gas it will take her to get home this afternoon in I-93 Boston traffic. Her normal commute on the train is 100% subsidized by our employer.

Temperature was in the teens early this morning. And she could have taken the $2 subway ride to the T station across the street, but she thought it would have been too crowded to go the ONE STOP. Oy!

MgoSam

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Re: Overheard at Work
« Reply #6383 on: January 14, 2015, 08:10:11 AM »

Not overheard at work, but I go on a group bike ride on Sundays. The group leader mentioned last time he has this great mobile hotspot service for just $40/month! Which he uses for strictly non work purposes (mostly just streaming Pandora to his iPad). He thought it was a steal. I just nodded along, thinking what an idiot. That $40/month is in addition to whatever cell phone plan he has.

Your call, but I was paying that much for my hotspot prior to learning about Freedompop. Now I'm saving a ton of money that would otherwise be wasted.

johnny847

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Re: Overheard at Work
« Reply #6384 on: January 14, 2015, 08:28:25 AM »

Not overheard at work, but I go on a group bike ride on Sundays. The group leader mentioned last time he has this great mobile hotspot service for just $40/month! Which he uses for strictly non work purposes (mostly just streaming Pandora to his iPad). He thought it was a steal. I just nodded along, thinking what an idiot. That $40/month is in addition to whatever cell phone plan he has.

Your call, but I was paying that much for my hotspot prior to learning about Freedompop. Now I'm saving a ton of money that would otherwise be wasted.
? I'm saying the dude is wasting money....

Apples

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Re: Overheard at Work
« Reply #6385 on: January 14, 2015, 08:35:02 AM »
We're attempting to add direct deposit capabilities to our payroll, and I was discussing it with our employees (8 guys, all h.s. educated but not much if any more).  While talking about their pay just being deposited each week and receiving a paper showing your 401k deduction and taxes paid each week instead, the boss mentioned the possibility of changing to paying biweekly.  One guy says "well the paycheck will be bigger, so the government will take more taxes out, and I'll get less money".  I explained how our payroll systems takes the amount of any one week check, figures out how much this would be over a year, and that same tax rate would be applied to a paycheck over two weeks.  Nope, he's convinced a biweekly paycheck would mean less net pay because the government is evil. Oy.

i assume these guys get OT from time to time so thats whats confusing him b/c OT is taxed at a higher rate than standard pay so he doesnt see his paycheck double when he works an extra 40 hours.
Um no, OT is not taxed at higher than standard rate. It is taxed the same way as normal income. It is withheld at a higher rate, because for every paycheck it withholds as if you will earn that much money for every pay cycle in the year.
People really need to separate tax withholding from actual tax liability. They are two complete separate things that do not affect one another (barring the exception of underwithholding can cause you to pay penalties for underpayment of tax, thereby increasing your tax liability. But so long as you don't do that, these are completely unrelated).

They don't get OT.  We are a farm; their hours change throughout the year but there's no OT.  They get one check with a bonus in it per year, which does have a higher withholding.  I've been here two years and they've never noticed it.  They all get refund checks in the spring anyway.  And it's possible there's a change from winter 40 hour weeks to summer/fall 55 hour weeks in % withheld.  But going from 1 40 hour paycheck for 1 week to 1 80 hour paycheck for 2 weeks (or 55 to 110 hours) won't change the withholding rate.  Can't convince him of it, at all.  Obama. Evil.  Liars. IRS is the KGB.  Let alone their effective income tax rate is probably 5% or less.

Timmmy

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Re: Overheard at Work
« Reply #6386 on: January 14, 2015, 09:06:09 AM »
We're attempting to add direct deposit capabilities to our payroll, and I was discussing it with our employees (8 guys, all h.s. educated but not much if any more).  While talking about their pay just being deposited each week and receiving a paper showing your 401k deduction and taxes paid each week instead, the boss mentioned the possibility of changing to paying biweekly.  One guy says "well the paycheck will be bigger, so the government will take more taxes out, and I'll get less money".  I explained how our payroll systems takes the amount of any one week check, figures out how much this would be over a year, and that same tax rate would be applied to a paycheck over two weeks.  Nope, he's convinced a biweekly paycheck would mean less net pay because the government is evil. Oy.

i assume these guys get OT from time to time so thats whats confusing him b/c OT is taxed at a higher rate than standard pay so he doesnt see his paycheck double when he works an extra 40 hours.
Um no, OT is not taxed at higher than standard rate. It is taxed the same way as normal income. It is withheld at a higher rate, because for every paycheck it withholds as if you will earn that much money for every pay cycle in the year.
People really need to separate tax withholding from actual tax liability. They are two complete separate things that do not affect one another (barring the exception of underwithholding can cause you to pay penalties for underpayment of tax, thereby increasing your tax liability. But so long as you don't do that, these are completely unrelated).


It saddens me that on this forum there are still people who are not aware how their paychecks are calculated.  Thank you for clarifying.

The amount withheld has NOTHING to do with how much you pay in taxes. 

greenmimama

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Re: Overheard at Work
« Reply #6387 on: January 14, 2015, 10:22:25 AM »
How much does it cost to get an industrial kitchen stove like you might see at big restaurants?
Significantly less than sticker price if you buy it at one of the dozen restaurants that goes out of business in your area every year.

So true, my DH works for a place that picks these items up and resells them, wonderful savings to be had.

jinga nation

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Re: Overheard at Work
« Reply #6388 on: January 14, 2015, 12:49:25 PM »
Not overheard at work, but I go on a group bike ride on Sundays. The group leader mentioned last time he has this great mobile hotspot service for just $40/month! Which he uses for strictly non work purposes (mostly just streaming Pandora to his iPad). He thought it was a steal. I just nodded along, thinking what an idiot. That $40/month is in addition to whatever cell phone plan he has.

Not sure where your cycling group leader lives and what cellular provider he uses, but if he has T-Mobile (US) service, then several streaming music services don't count towards your data cap, including Pandora, Spotify, Google Play Music. Also, Spotify had an offer over holidays for a 3 months Premium ad-free streaming for 99 cents, and you can have 5 devices to your plan. I've tethered an Android tablet to my Android phone, streamed music, and verified it didn't count towards my data bucket.
If I genuinely enjoy my profession and workplace, is there a reason to FIRE? Keep Calm and Carry On Milking.

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Re: Overheard at Work
« Reply #6389 on: January 14, 2015, 01:02:03 PM »

Not overheard at work, but I go on a group bike ride on Sundays. The group leader mentioned last time he has this great mobile hotspot service for just $40/month! Which he uses for strictly non work purposes (mostly just streaming Pandora to his iPad). He thought it was a steal. I just nodded along, thinking what an idiot. That $40/month is in addition to whatever cell phone plan he has.

Your call, but I was paying that much for my hotspot prior to learning about Freedompop. Now I'm saving a ton of money that would otherwise be wasted.
? I'm saying the dude is wasting money....

Yeah, wow even I can't tell what I meant to write.
 I meant to say that I also was spending $40/month for a hotspot from T-Mobile, but then I learned about Freedompop. Do you think your coworker would be willing to listen if you told him about Freedompop? I know I'm saving $20/month and I got my boss to switch as well and he was very thankful for the savings (he's a fairly frugal guy as well).

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Re: Overheard at Work
« Reply #6390 on: January 14, 2015, 01:22:18 PM »
Not overheard at work, but I go on a group bike ride on Sundays. The group leader mentioned last time he has this great mobile hotspot service for just $40/month! Which he uses for strictly non work purposes (mostly just streaming Pandora to his iPad). He thought it was a steal. I just nodded along, thinking what an idiot. That $40/month is in addition to whatever cell phone plan he has.

Not sure where your cycling group leader lives and what cellular provider he uses, but if he has T-Mobile (US) service, then several streaming music services don't count towards your data cap, including Pandora, Spotify, Google Play Music. Also, Spotify had an offer over holidays for a 3 months Premium ad-free streaming for 99 cents, and you can have 5 devices to your plan. I've tethered an Android tablet to my Android phone, streamed music, and verified it didn't count towards my data bucket.
It's a verizon hotspot.

Yeah, wow even I can't tell what I meant to write.
 I meant to say that I also was spending $40/month for a hotspot from T-Mobile, but then I learned about Freedompop. Do you think your coworker would be willing to listen if you told him about Freedompop? I know I'm saving $20/month and I got my boss to switch as well and he was very thankful for the savings (he's a fairly frugal guy as well).
Ah gotcha. Possibly. But this is the same guy that wants to get a new car because his five year old one (purchased new) is "too old," though still perfectly functional. I'll bring it up but I don't think he'll care.

Grimm

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Re: Overheard at Work
« Reply #6391 on: January 14, 2015, 01:34:06 PM »
How much does it cost to get an industrial kitchen stove like you might see at big restaurants?

Besides the actual cost of the range, you also need to factor in the increased installation costs, the design hassles, the inspection hassles, and the potential reduction in future resale value.

As an example, here is some info that covers a few of these issues:  http://www.bankrate.com/finance/real-estate/commercial-range-in-home.aspx

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Re: Overheard at Work
« Reply #6392 on: January 14, 2015, 02:09:56 PM »
Ah gotcha. Possibly. But this is the same guy that wants to get a new car because his five year old one (purchased new) is "too old," though still perfectly functional. I'll bring it up but I don't think he'll care.
I hope he buys a new house every 5 years, too?
If not ask him why. Perhaps he answers its totally fine. For 10 years :D

notquitefrugal

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Re: Overheard at Work
« Reply #6393 on: January 15, 2015, 07:39:09 AM »
"I went to the car dealer to find out how much I qualify to borrow on a new car."

I bet they get fleeced on the financing.

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Re: Overheard at Work
« Reply #6394 on: January 15, 2015, 07:46:31 AM »
A few weeks ago, some guys from work and I were volunteering at a Habitat for Humanity project. Turns out one of them is a landlord.

Mortgage is $800. He rents out the house for $1000. Property manager fee is $100. So, he says that he makes about $1000 a month after all is said and done...

Before property taxes. Before insurance. Before maintenance and repairs.

I guess you could say that he's probably going to spend $100+ a month for twenty+ years in order to own a home free and clear at the end of that term, but even then, so what? He'll have a thirty year old house that will likely need significant renovations in order to rent out for good money or to live in.

It's not quite as bad as credit card debt or wasteful spending, but this is really not the best you could do as far as investments are concerned.

Oh, I don't know.
We used the equity in our home to fund down payments on rental properties, and retired 6 years later..and live solely on rent.That was 4 years ago when I was 50 and my husband 46.

Don't forget, there are tax deductions, and the rent will rise.
If he's smart he will pay off the mortgage asap, then it is all gravy.

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Re: Overheard at Work
« Reply #6395 on: January 15, 2015, 08:29:41 AM »
An acquaintance just told me that her and her husband have racked up a combined $700,000 in student loans!!!  When a relative gave her a thousand dollars for Christmas gift, she went out and spent it on fancy Tory Burch bags.

Her husband and her are both doctors and their loans are in forebearance while they finish their residency programs.  I have no idea what they are going to do once they enter repayment.

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Re: Overheard at Work
« Reply #6396 on: January 15, 2015, 08:59:27 AM »
We're attempting to add direct deposit capabilities to our payroll, and I was discussing it with our employees (8 guys, all h.s. educated but not much if any more).  While talking about their pay just being deposited each week and receiving a paper showing your 401k deduction and taxes paid each week instead, the boss mentioned the possibility of changing to paying biweekly.  One guy says "well the paycheck will be bigger, so the government will take more taxes out, and I'll get less money".  I explained how our payroll systems takes the amount of any one week check, figures out how much this would be over a year, and that same tax rate would be applied to a paycheck over two weeks.  Nope, he's convinced a biweekly paycheck would mean less net pay because the government is evil. Oy.

i assume these guys get OT from time to time so thats whats confusing him b/c OT is taxed at a higher rate than standard pay so he doesnt see his paycheck double when he works an extra 40 hours.
Um no, OT is not taxed at higher than standard rate. It is taxed the same way as normal income. It is withheld at a higher rate, because for every paycheck it withholds as if you will earn that much money for every pay cycle in the year.
People really need to separate tax withholding from actual tax liability. They are two complete separate things that do not affect one another (barring the exception of underwithholding can cause you to pay penalties for underpayment of tax, thereby increasing your tax liability. But so long as you don't do that, these are completely unrelated).

----

Not overheard at work, but I go on a group bike ride on Sundays. The group leader mentioned last time he has this great mobile hotspot service for just $40/month! Which he uses for strictly non work purposes (mostly just streaming Pandora to his iPad). He thought it was a steal. I just nodded along, thinking what an idiot. That $40/month is in addition to whatever cell phone plan he has.

That is what i meant ... with held
PM me about how to save 6% on your annual grocery Bill!

There is a 35k starwood bonus right now as well. PM me for the info.

netskyblue

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Re: Overheard at Work
« Reply #6397 on: January 15, 2015, 09:08:45 AM »
We're attempting to add direct deposit capabilities to our payroll, and I was discussing it with our employees (8 guys, all h.s. educated but not much if any more).  While talking about their pay just being deposited each week and receiving a paper showing your 401k deduction and taxes paid each week instead, the boss mentioned the possibility of changing to paying biweekly.  One guy says "well the paycheck will be bigger, so the government will take more taxes out, and I'll get less money".  I explained how our payroll systems takes the amount of any one week check, figures out how much this would be over a year, and that same tax rate would be applied to a paycheck over two weeks.  Nope, he's convinced a biweekly paycheck would mean less net pay because the government is evil. Oy.

i assume these guys get OT from time to time so thats whats confusing him b/c OT is taxed at a higher rate than standard pay so he doesnt see his paycheck double when he works an extra 40 hours.
Um no, OT is not taxed at higher than standard rate. It is taxed the same way as normal income. It is withheld at a higher rate, because for every paycheck it withholds as if you will earn that much money for every pay cycle in the year.
People really need to separate tax withholding from actual tax liability. They are two complete separate things that do not affect one another (barring the exception of underwithholding can cause you to pay penalties for underpayment of tax, thereby increasing your tax liability. But so long as you don't do that, these are completely unrelated).


It saddens me that on this forum there are still people who are not aware how their paychecks are calculated.  Thank you for clarifying.

The amount withheld has NOTHING to do with how much you pay in taxes.

Ah, but sadly so many people don't see a tax refund as the government returning money that is already theirs.  They see their paycheck as "their" money, and a tax refund as a free gift.

Which brings to mind all the other people who purposely withhold more than they need to, so that they WILL get a tax refund.  The insanity!

solon

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Re: Overheard at Work
« Reply #6398 on: January 15, 2015, 09:10:19 AM »
That's not insane. That's a savings plan.

Le Barbu

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Re: Overheard at Work
« Reply #6399 on: January 15, 2015, 09:18:24 AM »
I fill a form every year to get lower withholding. I hate big tax refund because I consider it like the gov is borrowing my money at 0% for months. I consider myself more efficient to manage $$ then they are (not a big challenge)

Even with my best efforts, I still got a 5k$ refund last year and expect a 5k$-7k$ this year :/
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