Author Topic: Overheard at Work  (Read 4944398 times)

eyePod

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Re: Overheard at Work
« Reply #6700 on: February 04, 2015, 07:45:46 AM »
Saw this on FB:  Husband bought wife one of those fancy, wearable exercise gadgets for Christmas (about $120).  Forgot he bought it and just found it a week ago, did an LOL and and "OOPSIE".



Jeez, and I'm annoyed I can't find two tiny candles I bought as stocking fillers!

CW1 to me - looking forward to retiring in 5 weeks?
Me - yup, joining you (he only works 4 days a month)
CW2 - I'll be working till I'm 69 or 70
CW3 - me too!
CW1 - surely not - how much are you paying into our pension?
CW2 - nothing. I get letters about the bit the company pays and I can't understand it. Anyway, like I said, I'll be working till I'm 69 so what's the point?
CW1 - em, the point is to pay into a pension so you don't have to work till you're 69?
CW3 - I'm not paying in anything either, suppose I should really (he's 61!)
Me - that's crazy, you know you get 25% added to whatever you contribute?
CW2 & 3 - silence
CW2 - xxxx pays LOADS into her pension!!!!!
Me - yup, so does yyyyy. Can't see either of them working till they're 69.
CW2 - it's all right for some!!!!!
CW3 - yeah, I'll be working till I drop (which may not be too long as he's in poor health :( )

Depressing but awesome that you're only a just about a month out!
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RL12

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Re: Overheard at Work
« Reply #6701 on: February 04, 2015, 10:21:03 AM »
A lady at work the other day hurt her knee and doctor told her that she needs an MRI. While she's on the phone with the doctor's office about scheduling the MRI she finds out that total cost for her will be ~$850. She cannot believe how much it will be and begins asking if they have a payment plan. This same lady drives a newer model Lexus, gets it regularly detailed, goes out to lunch almost everyday and talks about how her and her family like "nice things." She's in her late 50's and hasn't even thought about retirement.

Louis the Cat

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Re: Overheard at Work
« Reply #6702 on: February 04, 2015, 10:49:59 AM »
A lady at work the other day hurt her knee and doctor told her that she needs an MRI. While she's on the phone with the doctor's office about scheduling the MRI she finds out that total cost for her will be ~$850. She cannot believe how much it will be and begins asking if they have a payment plan. This same lady drives a newer model Lexus, gets it regularly detailed, goes out to lunch almost everyday and talks about how her and her family like "nice things." She's in her late 50's and hasn't even thought about retirement.

This is why I love having an HSA. We are a young, healthy family of 4 who have only maxed out our HDHP once, the year our twins were born (go figure). We put in the maximum contribution, mostly in a bond fund so it sits there and happily accumulates but then when I do something dumb like crack a tooth eating popcorn and require semi emergency dental work after my insurance has already maxed out for the year, I can just pay for the work without having to stress and it barely puts a dent in the HSA. But that requires prior planning...

Kris

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Re: Overheard at Work
« Reply #6703 on: February 04, 2015, 10:53:32 AM »
A lady at work the other day hurt her knee and doctor told her that she needs an MRI. While she's on the phone with the doctor's office about scheduling the MRI she finds out that total cost for her will be ~$850. She cannot believe how much it will be and begins asking if they have a payment plan. This same lady drives a newer model Lexus, gets it regularly detailed, goes out to lunch almost everyday and talks about how her and her family like "nice things." She's in her late 50's and hasn't even thought about retirement.

This kind of thing is so crazy/scary to me.  If I hurt my knee and the doc told me this, I would say to myself, "Ugh, why is the health care system in this country so damn fucked  up?"  And then I'd pay the $850 with my credit card, and pay off the balance in full at the end of that month.

I am sure that is no different from most of the people on here.  But even though I am not exactly rich, I have been frugal-ish and responsible with my money for so long that I can't even imagine being in a situation where something that cost me less than $1000 would cause me any sort of financial harm apart from being bummed that I couldn't put that money into savings/investment or spend it on something I wanted.
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frugalnacho

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Re: Overheard at Work
« Reply #6704 on: February 04, 2015, 11:15:58 AM »
I got my federal tax liability to $0 this year while making $60k.  I told many of my coworkers about the tax savers credit as I thought several of them could qualify if they would just open an IRA and put some money into it, and none of them were even aware of it.  It seems stupid to me not to put $2k into it if you can reduce your taxes by $1,000.  It's an instant 50% return on their investment, plus that investment gets to then grow in an IRA.  It's win-win-win for those that qualify.

A couple weeks after our tax chats:

cw1: filled out my taxes yesterday.  Getting a nice refund.
cw2: I did mine too.  I am getting $200 back from fed, but I owe $300 to the state!
me: Did either of you utilize the tax savers credit I mentioned? You guys might be eligible and it could reduce your taxes a lot.
cw1: No.  I didn't open an IRA last year.
me: You have until april 15 to open and contribute for the 2014 year, so you can still open one and put it on your tax return.
cw1: *blank stare*
me: It's non refundable though, so it will only help if you actually have a tax liability (which I assume they do).  How much did you actually pay in taxes?
cw1:  I don't know, i'm getting like $1000 back though.
me: Yea but how much they refund to you is a function of how much they withheld and how much actual tax you owe for 2014.  What was your actual tax liability?
cw1: *blank stare*
cw2: *blank stare the entire time*

These guys aren't stupid.  I just don't understand why they aren't willing to invest an hour or so understanding how their taxes are calculated and how to optimize it, especially when someone is sitting right there and is eager to talk to them and help them learn.

RL12

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Re: Overheard at Work
« Reply #6705 on: February 04, 2015, 11:32:04 AM »
This kind of thing is so crazy/scary to me.  If I hurt my knee and the doc told me this, I would say to myself, "Ugh, why is the health care system in this country so damn fucked  up?"  And then I'd pay the $850 with my credit card, and pay off the balance in full at the end of that month.

I am sure that is no different from most of the people on here.  But even though I am not exactly rich, I have been frugal-ish and responsible with my money for so long that I can't even imagine being in a situation where something that cost me less than $1000 would cause me any sort of financial harm apart from being bummed that I couldn't put that money into savings/investment or spend it on something I wanted.

What makes it worse is $600 of what she has to pay is our annual deductible. So with her and her husband being in their late 50's and having a son in college you are almost 100% guaranteed to meet that deductible, but she apparently hadn't planned for any of this. When she came and talked to me about it I just had to fake sympathy for her and then made a comment about how you always have to plan for the unexpected, which she blew right past and started telling me how this is going to push her son getting his wisdom teeth removed back by another year.

Kaspian

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Re: Overheard at Work
« Reply #6706 on: February 04, 2015, 11:37:28 AM »

Perhaps the millenials will "look" financially more like the generation who lived through the great depression, rather than generation x or the baby boomers.


Not from what I've seen!  They're at the bar buying craft brews and expensive, fancy cocktails while taking selfies on their iPhones.  The recession in Canada (which nobody seems to remember) between 89-93 was devastating.  You'd never see us GenX punk rockers and grungers with craft brews.  We were all wearing clothes from the second-hand shop and you'd only see us out on $1 draft night.  :(
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merula

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Re: Overheard at Work
« Reply #6707 on: February 04, 2015, 11:38:29 AM »
This kind of thing is so crazy/scary to me.  If I hurt my knee and the doc told me this, I would say to myself, "Ugh, why is the health care system in this country so damn fucked  up?"  And then I'd pay the $850 with my credit card, and pay off the balance in full at the end of that month.

I am sure that is no different from most of the people on here.  But even though I am not exactly rich, I have been frugal-ish and responsible with my money for so long that I can't even imagine being in a situation where something that cost me less than $1000 would cause me any sort of financial harm apart from being bummed that I couldn't put that money into savings/investment or spend it on something I wanted.

What makes it worse is $600 of what she has to pay is our annual deductible. So with her and her husband being in their late 50's and having a son in college you are almost 100% guaranteed to meet that deductible, but she apparently hadn't planned for any of this. When she came and talked to me about it I just had to fake sympathy for her and then made a comment about how you always have to plan for the unexpected, which she blew right past and started telling me how this is going to push her son getting his wisdom teeth removed back by another year.

Wait a minute. If they've met their deductible, isn't this the perfect time to get any extra care that they've been putting off?

dycker1978

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Re: Overheard at Work
« Reply #6708 on: February 04, 2015, 11:42:52 AM »

Perhaps the millenials will "look" financially more like the generation who lived through the great depression, rather than generation x or the baby boomers.


Not from what I've seen!  They're at the bar buying craft brews and expensive, fancy cocktails while taking selfies on their iPhones.  The recession in Canada (which nobody seems to remember) between 89-93 was devastating.  You'd never see us GenX punk rockers and grungers with craft brews.  We were all wearing clothes from the second-hand shop and you'd only see us out on $1 draft night.  :(

Hey I am a gen x and I love my craft beer... that I brew myself, for less the .50 cents a L... Nevermind...

Le Barbu

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Re: Overheard at Work
« Reply #6709 on: February 04, 2015, 11:56:27 AM »

Perhaps the millenials will "look" financially more like the generation who lived through the great depression, rather than generation x or the baby boomers.


Not from what I've seen!  They're at the bar buying craft brews and expensive, fancy cocktails while taking selfies on their iPhones.  The recession in Canada (which nobody seems to remember) between 89-93 was devastating.  You'd never see us GenX punk rockers and grungers with craft brews.  We were all wearing clothes from the second-hand shop and you'd only see us out on $1 draft night.  :(

Hey I am a gen x and I love my craft beer... that I brew myself, for less the .50 cents a L... Nevermind...

Weird, if someone asked me, I would say GenX looks like the Great Gen (post depression) and the Millenials are the Boomers 2.0
Just my toughts...Nevermind...
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RL12

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Re: Overheard at Work
« Reply #6710 on: February 04, 2015, 11:59:04 AM »
This kind of thing is so crazy/scary to me.  If I hurt my knee and the doc told me this, I would say to myself, "Ugh, why is the health care system in this country so damn fucked  up?"  And then I'd pay the $850 with my credit card, and pay off the balance in full at the end of that month.

I am sure that is no different from most of the people on here.  But even though I am not exactly rich, I have been frugal-ish and responsible with my money for so long that I can't even imagine being in a situation where something that cost me less than $1000 would cause me any sort of financial harm apart from being bummed that I couldn't put that money into savings/investment or spend it on something I wanted.

What makes it worse is $600 of what she has to pay is our annual deductible. So with her and her husband being in their late 50's and having a son in college you are almost 100% guaranteed to meet that deductible, but she apparently hadn't planned for any of this. When she came and talked to me about it I just had to fake sympathy for her and then made a comment about how you always have to plan for the unexpected, which she blew right past and started telling me how this is going to push her son getting his wisdom teeth removed back by another year.

Wait a minute. If they've met their deductible, isn't this the perfect time to get any extra care that they've been putting off?

Merula, not in this case as wisdom teeth removal is not covered under our health insurance.

MishMash

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Re: Overheard at Work
« Reply #6711 on: February 04, 2015, 12:02:15 PM »
UGH!  So, I have a coworker that just put in her notice at work.  The new place offered her a pretty good package, 15k a year more (so around 130k), a 25% annual bonus if goals are met, a 5% 401k match etc (she doesn't save in our existing 401k just an FYI).  We are talking yesterday and she was saying how the bump would be nice since her and her husband can now start building a savings account (which they are pulling in 240k a year combined now and apparently have no savings).  Sitting here just now she calls her husband and says she's "found her dream home" and it's ONLY 895k so our mortgage would only go up "a little bit" and they HAVE to go look and put in an offer this weekend. 

Her current house is a 2 bed in the District that she bought for 450 during the recession on a 30 year FHA w/3% down...the new house is a 3 bed, 3 bath, it's them and a dog and no plan for having kids.  That new mortgage is going to be going up more then "a little bit" even taking into account the 20% increase in sale price they can realistically see.. I also broke the news to her that if she is changing jobs (no savings remember) then she will have a hard time getting a mortgage since she can't provide a consistent work history.

I've heard this a lot but I think part of the story is missing.  If you bounce from job to job, this may be true but I have been told by mortgage brokers that provided it's within the same field, it counts as continual employment.  Had only been at a new job a short while when I first got a mortgage but had been in the field over 4 years; changed jobs during a refinance in 2013 (again, to a better job in the same field) and had no issues with getting the refi.

Yea she's doing a similar job, but in a different industry, for a startup, that doesn't have a saleable product, and won't for an estimated three years.  That said they gave me a hard time getting our last mortgage, even though I worked for my company for 6 years and was simply moving offices and changing titles.  Literally, like jump through a million hoops, certified letters from my employer that I was employed by them and my salary wouldn't be negatively impacted etc.  And this was a year and a half ago.

mtn

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Re: Overheard at Work
« Reply #6712 on: February 04, 2015, 01:08:13 PM »
I got my federal tax liability to $0 this year while making $60k.  I told many of my coworkers about the tax savers credit as I thought several of them could qualify if they would just open an IRA and put some money into it, and none of them were even aware of it.  It seems stupid to me not to put $2k into it if you can reduce your taxes by $1,000.  It's an instant 50% return on their investment, plus that investment gets to then grow in an IRA.  It's win-win-win for those that qualify.



Wait a minute... Does a 401k count for this? Also, I assume that your standard TurboTax or TaxAct would have this built in, so when answering the questions, it would do it for you?

frugalnacho

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Re: Overheard at Work
« Reply #6713 on: February 04, 2015, 01:12:23 PM »
I got my federal tax liability to $0 this year while making $60k.  I told many of my coworkers about the tax savers credit as I thought several of them could qualify if they would just open an IRA and put some money into it, and none of them were even aware of it.  It seems stupid to me not to put $2k into it if you can reduce your taxes by $1,000.  It's an instant 50% return on their investment, plus that investment gets to then grow in an IRA.  It's win-win-win for those that qualify.



Wait a minute... Does a 401k count for this? Also, I assume that your standard TurboTax or TaxAct would have this built in, so when answering the questions, it would do it for you?

Yes (thanks to dandarc for correcting me).

No your 401k deductions don't qualify for the tax savers credit (but your 401k contributions reduce your AGI which may lower your income level enough to qualify for the credit, or a better portion of the credit).  I believe it has to be an IRA.   Yes turbo tax will automatically add it and calculate it for you when you put in the appropriate information when it prompts you during the questionnaire. 
« Last Edit: February 05, 2015, 09:38:31 AM by frugalnacho »

zataks

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Re: Overheard at Work
« Reply #6714 on: February 04, 2015, 01:13:47 PM »
Yea she's doing a similar job, but in a different industry, for a startup, that doesn't have a saleable product, and won't for an estimated three years.  That said they gave me a hard time getting our last mortgage, even though I worked for my company for 6 years and was simply moving offices and changing titles.  Literally, like jump through a million hoops, certified letters from my employer that I was employed by them and my salary wouldn't be negatively impacted etc.  And this was a year and a half ago.

Pretty sure that's the focus of the problem.  Different titles obviously means different job and instability! =p

dandarc

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Re: Overheard at Work
« Reply #6715 on: February 04, 2015, 01:42:51 PM »
I got my federal tax liability to $0 this year while making $60k.  I told many of my coworkers about the tax savers credit as I thought several of them could qualify if they would just open an IRA and put some money into it, and none of them were even aware of it.  It seems stupid to me not to put $2k into it if you can reduce your taxes by $1,000.  It's an instant 50% return on their investment, plus that investment gets to then grow in an IRA.  It's win-win-win for those that qualify.



Wait a minute... Does a 401k count for this? Also, I assume that your standard TurboTax or TaxAct would have this built in, so when answering the questions, it would do it for you?

No your 401k deductions don't qualify for the tax savers credit (but your 401k contributions reduce your AGI which may lower your income level enough to qualify for the credit, or a better portion of the credit).  I believe it has to be an IRA.   Yes turbo tax will automatically add it and calculate it for you when you put in the appropriate information when it prompts you during the questionnaire.
Actually, 401K does count.  Pretty amazing deal if you can get that AGI low enough.

http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-Retirement-Savings-Contributions-Credit-%28Saver%E2%80%99s-Credit%29
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Liberty Stache

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Re: Overheard at Work
« Reply #6716 on: February 04, 2015, 02:58:02 PM »
A high level employee (40ish, single, no kids) at work has decided that they need a Range Rover Sport ($65-80K SUV) and told me that they just placed the order. After I got over the sticker shock, I find out that there is a 5-6 month backlog. That's right folks, if you are going to be paying 4-6 times an "average" car, you need to wait 6 months to get it.

The kicker? This employee has a 6-7 year old BMW that needs $10-15K worth of repairs that they don't want to perform and there is high risk of the car breaking down. To mitigate the risk, this high level employee is now carpooling/bumming rides from others in the office and will continue to do so for the next 5-6 months until the car has arrived.

I just don't get how smart, business-minded people make such poor life/personal choices. This is a person responsible for hundres of millions of dollars at work.

Mind blown.
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Pooperman

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Re: Overheard at Work
« Reply #6717 on: February 04, 2015, 03:18:40 PM »
A high level employee (40ish, single, no kids) at work has decided that they need a Range Rover Sport ($65-80K SUV) and told me that they just placed the order. After I got over the sticker shock, I find out that there is a 5-6 month backlog. That's right folks, if you are going to be paying 4-6 times an "average" car, you need to wait 6 months to get it.

The kicker? This employee has a 6-7 year old BMW that needs $10-15K worth of repairs that they don't want to perform and there is high risk of the car breaking down. To mitigate the risk, this high level employee is now carpooling/bumming rides from others in the office and will continue to do so for the next 5-6 months until the car has arrived.

I just don't get how smart, business-minded people make such poor life/personal choices. This is a person responsible for hundres of millions of dollars at work.

Mind blown.

These people also run businesses. I'm surprised our economy isn't completely messed up!

lpep

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Re: Overheard at Work
« Reply #6718 on: February 04, 2015, 05:15:33 PM »

Perhaps the millenials will "look" financially more like the generation who lived through the great depression, rather than generation x or the baby boomers.


Not from what I've seen!  They're at the bar buying craft brews and expensive, fancy cocktails while taking selfies on their iPhones.  The recession in Canada (which nobody seems to remember) between 89-93 was devastating.  You'd never see us GenX punk rockers and grungers with craft brews.  We were all wearing clothes from the second-hand shop and you'd only see us out on $1 draft night.  :(

Hey I am a gen x and I love my craft beer... that I brew myself, for less the .50 cents a L... Nevermind...

Weird, if someone asked me, I would say GenX looks like the Great Gen (post depression) and the Millenials are the Boomers 2.0
Just my toughts...Nevermind...

Can we not generalize an entire group of millions of people from highly ranging backgrounds, please? I really don't see any value in it. Peoples' lives are much more complex than what you can fit in a two-line comment on an Internet forum. Plus, if we do continue this train of thought, I would point out that millennials - in a studied trend - are buying cars and houses at much lower rates than previous generations, so a craft brew every so often is hardly breaking the budget.

If I wanted to read this, I would go to Time magazine or The Economist.

Full disclosure: I am a millennial, frugal since the day I was born, have nearly $100k saved and also enjoy craft beer (and homebrew it).

Le Barbu

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Re: Overheard at Work
« Reply #6719 on: February 04, 2015, 06:14:17 PM »
Generalisations lead nowhere for sure. Every generation include frugal and spendy peolple. Many Millenials saw the big life older people live and then do the same because they think it is normal, other wake up and  choose the other path
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Daisy

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Re: Overheard at Work
« Reply #6720 on: February 04, 2015, 07:42:43 PM »

Perhaps the millenials will "look" financially more like the generation who lived through the great depression, rather than generation x or the baby boomers.


Not from what I've seen!  They're at the bar buying craft brews and expensive, fancy cocktails while taking selfies on their iPhones.  The recession in Canada (which nobody seems to remember) between 89-93 was devastating.  You'd never see us GenX punk rockers and grungers with craft brews.  We were all wearing clothes from the second-hand shop and you'd only see us out on $1 draft night.  :(

Hey I am a gen x and I love my craft beer... that I brew myself, for less the .50 cents a L... Nevermind...

Weird, if someone asked me, I would say GenX looks like the Great Gen (post depression) and the Millenials are the Boomers 2.0
Just my toughts...Nevermind...

Yeah...fellow Gen-X'er here. I graduated college right during that recession you mention.

I've come to realize we are the forgotten generation, kind of like the middle child between the Boomers and Millenials. No one likes to talk about us. But we had the best music, that's for sure!

http://op-talk.blogs.nytimes.com/2014/06/11/the-forgotten-generation/?_r=1

Rezdent

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Re: Overheard at Work
« Reply #6721 on: February 04, 2015, 07:52:01 PM »

Perhaps the millenials will "look" financially more like the generation who lived through the great depression, rather than generation x or the baby boomers.


Not from what I've seen!  They're at the bar buying craft brews and expensive, fancy cocktails while taking selfies on their iPhones.  The recession in Canada (which nobody seems to remember) between 89-93 was devastating.  You'd never see us GenX punk rockers and grungers with craft brews.  We were all wearing clothes from the second-hand shop and you'd only see us out on $1 draft night.  :(

Hey I am a gen x and I love my craft beer... that I brew myself, for less the .50 cents a L... Nevermind...

Weird, if someone asked me, I would say GenX looks like the Great Gen (post depression) and the Millenials are the Boomers 2.0
Just my toughts...Nevermind...

Yeah...fellow Gen-X'er here. I graduated college right during that recession you mention.

I've come to realize we are the forgotten generation, kind of like the middle child between the Boomers and Millenials. No one likes to talk about us. But we had the best music, that's for sure!

http://op-talk.blogs.nytimes.com/2014/06/11/the-forgotten-generation/?_r=1
Thanks for the link Daisy.
It's true that I don't hear as much about the X-ers.  Which is odd, because I am one and find it interesting.

kathrynd

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Re: Overheard at Work
« Reply #6722 on: February 04, 2015, 07:55:10 PM »
Generalisations lead nowhere for sure. Every generation include frugal and spendy peolple. Many Millenials saw the big life older people live and then do the same because they think it is normal, other wake up and  choose the other path

Generalizations/ stereotypes are important.
It means the average person in that group...or at least how others perceive that group.

If you are in 'that' group, but it doesn't apply to you, then you are considered an exception.

For the people who seem rich,, chances are they are spending most of their money.
For the others, that drive the older, basic vehicle...generally we have more assets, because f our spending habits.

SwordGuy

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Re: Overheard at Work
« Reply #6723 on: February 04, 2015, 08:57:50 PM »
Not really financial related, but still...

An IT colleague asked me, after overhearing something on the news in the background at work, "Where, exactly, is the Western Hemisphere?"


On the positive side, a couple of people at work are interested in learning more about rental properties. 

notquitefrugal

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Re: Overheard at Work
« Reply #6724 on: February 04, 2015, 09:04:05 PM »
Disagree. Generation X got more than enough attention 10-15 years ago.

Lkxe

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Re: Overheard at Work
« Reply #6725 on: February 04, 2015, 09:07:27 PM »

Perhaps the millenials will "look" financially more like the generation who lived through the great depression, rather than generation x or the baby boomers.


Not from what I've seen!  They're at the bar buying craft brews and expensive, fancy cocktails while taking selfies on their iPhones.  The recession in Canada (which nobody seems to remember) between 89-93 was devastating.  You'd never see us GenX punk rockers and grungers with craft brews.  We were all wearing clothes from the second-hand shop and you'd only see us out on $1 draft night.  :(

Hey I am a gen x and I love my craft beer... that I brew myself, for less the .50 cents a L... Nevermind...

Weird, if someone asked me, I would say GenX looks like the Great Gen (post depression) and the Millenials are the Boomers 2.0
Just my toughts...Nevermind...

Yeah...fellow Gen-X'er here. I graduated college right during that recession you mention.

I've come to realize we are the forgotten generation, kind of like the middle child between the Boomers and Millenials. No one likes to talk about us. But we had the best music, that's for sure!

http://op-talk.blogs.nytimes.com/2014/06/11/the-forgotten-generation/?_r=1
Thanks for the link Daisy.
It's true that I don't hear as much about the X-ers.  Which is odd, because I am one and find it interesting.

The Gen Xers (me) are indeed a lost generation, because we are outnumbered by our parents and our children. The social, cultural and economic effects are greater on either side. We lost the numbers game.

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Re: Overheard at Work
« Reply #6726 on: February 04, 2015, 09:15:19 PM »
Disagree. Generation X got more than enough attention 10-15 years ago.

OK, I am going to sound like a middle child again, but...

Boomers ALWAYS got attention.

Millenials didn't even exist 10-15 years ago, well maybe some of them, but once they were born and in big numbers they overshadowed the Gen-X'ers. They seem to get all of the attention these days, and forget about the Gen-X'ers own recessions and stuff.

No one worries about the Gen-X'ers any more...(pouting for attention).

Not that it matters on this forum, as all of us frugal types can get past most anything society or the economy throws our way - be it boomer, gen-X'er, or millenial.

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Re: Overheard at Work
« Reply #6727 on: February 04, 2015, 09:16:43 PM »
Can we not generalize an entire group of millions of people from highly ranging backgrounds, please? I really don't see any value in it. Peoples' lives are much more complex than what you can fit in a two-line comment on an Internet forum.

You sound like my mom...

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Re: Overheard at Work
« Reply #6728 on: February 05, 2015, 05:04:15 AM »
I was born as a result of the 2nd baby boom (boomers having kids all at once). Makes me a millennial I suppose. Definitely the largest graduating class in our high school by far (300+ vs the more normal 275... Class of 89/90 people). My parents are a boomer and a genXer. I was raised by the silent generation. Fuck these labels man!

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Re: Overheard at Work
« Reply #6729 on: February 05, 2015, 07:27:05 AM »
Ok, leave alone labels for a moment (generational and mustachian ones)

How come I work in the same kind of business and same industry for 20 years now and see huge differences trough CW "overheard" talks?

Back in 1995, CW between 25 and 45 go out to the local pub once or twice a month (usualy on payday) for a "get together" and spend 10$ each on average. Some of CW hired housekeeper for few months and give up after 6-12 month considering it's like throwing away 1K$/year. Few of them ever headed south for holliday vacations.

Now (2015), CW go out for Sushi-like lunch (25$) 3x/week, hiring housekeeper is normal (80$/week or 4k$/year) and trips to Mexico and Europe are so common that they sound like they're getting borred. Btw, most everyone of that group drive a financed brand new car and owe 200k$ on a 225k$ house.

Salary just kept up with inflation rate so no clue here. What happen then?

Ok, back to the labels, does people were more Mustachians back in 1995 or it's the Millenial effect?

In any way, there is a clash over 20 years!!!
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Re: Overheard at Work
« Reply #6730 on: February 05, 2015, 09:07:41 AM »
Ok, leave alone labels for a moment (generational and mustachian ones)

How come I work in the same kind of business and same industry for 20 years now and see huge differences trough CW "overheard" talks?

Back in 1995, CW between 25 and 45 go out to the local pub once or twice a month (usualy on payday) for a "get together" and spend 10$ each on average. Some of CW hired housekeeper for few months and give up after 6-12 month considering it's like throwing away 1K$/year. Few of them ever headed south for holliday vacations.

Now (2015), CW go out for Sushi-like lunch (25$) 3x/week, hiring housekeeper is normal (80$/week or 4k$/year) and trips to Mexico and Europe are so common that they sound like they're getting borred. Btw, most everyone of that group drive a financed brand new car and owe 200k$ on a 225k$ house.

Salary just kept up with inflation rate so no clue here. What happen then?

Ok, back to the labels, does people were more Mustachians back in 1995 or it's the Millenial effect?

In any way, there is a clash over 20 years!!!
Your sample size is way too small to draw any meaningful conclusions. There are millions of people in this country, and you've sample maybe a couple hundred at best.

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Re: Overheard at Work
« Reply #6731 on: February 05, 2015, 09:29:06 AM »
No one where I work ever gets together except for the every-two-monthly mandatory fun event that costs $20. I've never heard of anyone hiring a housekeeper. Maybe now your coworkers are a lot better off as you have progressed in your career over the past 20 years.

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Re: Overheard at Work
« Reply #6732 on: February 05, 2015, 09:33:05 AM »
I got my federal tax liability to $0 this year while making $60k.  I told many of my coworkers about the tax savers credit as I thought several of them could qualify if they would just open an IRA and put some money into it, and none of them were even aware of it.  It seems stupid to me not to put $2k into it if you can reduce your taxes by $1,000.  It's an instant 50% return on their investment, plus that investment gets to then grow in an IRA.  It's win-win-win for those that qualify.



Wait a minute... Does a 401k count for this? Also, I assume that your standard TurboTax or TaxAct would have this built in, so when answering the questions, it would do it for you?

No your 401k deductions don't qualify for the tax savers credit (but your 401k contributions reduce your AGI which may lower your income level enough to qualify for the credit, or a better portion of the credit).  I believe it has to be an IRA.   Yes turbo tax will automatically add it and calculate it for you when you put in the appropriate information when it prompts you during the questionnaire.
Actually, 401K does count.  Pretty amazing deal if you can get that AGI low enough.

http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-Retirement-Savings-Contributions-Credit-%28Saver%E2%80%99s-Credit%29

I stand corrected.  I think that is a major flaw in the turbo tax software then, because it didn't add the credit for me until I put in my IRA contributions.   

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Re: Overheard at Work
« Reply #6733 on: February 05, 2015, 09:39:18 AM »
Ok, leave alone labels for a moment (generational and mustachian ones)

How come I work in the same kind of business and same industry for 20 years now and see huge differences trough CW "overheard" talks?

Back in 1995, CW between 25 and 45 go out to the local pub once or twice a month (usualy on payday) for a "get together" and spend 10$ each on average. Some of CW hired housekeeper for few months and give up after 6-12 month considering it's like throwing away 1K$/year. Few of them ever headed south for holliday vacations.

Now (2015), CW go out for Sushi-like lunch (25$) 3x/week, hiring housekeeper is normal (80$/week or 4k$/year) and trips to Mexico and Europe are so common that they sound like they're getting borred. Btw, most everyone of that group drive a financed brand new car and owe 200k$ on a 225k$ house.

Salary just kept up with inflation rate so no clue here. What happen then?

Ok, back to the labels, does people were more Mustachians back in 1995 or it's the Millenial effect?

In any way, there is a clash over 20 years!!!
Your sample size is way too small to draw any meaningful conclusions. There are millions of people in this country, and you've sample maybe a couple hundred at best.

It's a small sample indeed, but even if I extend to family, friends and other people I meet on a regular basis, I would say I'm about the only one who still wash his own toilet.

My oldest son said our 2 cars were bought for cash and friends said "Your parents are some fucking millionaires or what?".

Does your "sample" different?
« Last Edit: February 05, 2015, 09:59:50 AM by Le Barbu »
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Re: Overheard at Work
« Reply #6734 on: February 05, 2015, 09:43:15 AM »
This is interesting talk to me. As someone who was born in the mid-80s, I feel like there's a huge difference between pre-internet kids and post-internet kids. Then again, there are crazies on facebook who I have unfriended because I don't need to see another selfie or hear another tirade about how the world is against them. I think there are tons of people like this in every generation, but there's never been a generation that had the capability to yell it from the rooftops efficiently as the current younger kids.
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caliq

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Re: Overheard at Work
« Reply #6735 on: February 05, 2015, 10:20:32 AM »
This is interesting talk to me. As someone who was born in the mid-80s, I feel like there's a huge difference between pre-internet kids and post-internet kids. Then again, there are crazies on facebook who I have unfriended because I don't need to see another selfie or hear another tirade about how the world is against them. I think there are tons of people like this in every generation, but there's never been a generation that had the capability to yell it from the rooftops efficiently as the current younger kids.

I agree with this.  I was born in 91, and though I grew up with a computer in my bedroom, I played math games and Oregon Trail on it.  Didn't have Facebook until freshman or sophomore year of high school, didn't have a smartphone until I was 19.  I already feel like I'm out of touch with 'kids these days,' lol.  My little sister was born in 95 and things are so different for her.

I also think that being old enough to be aware of finances during the 2008 recession is a huge factor that divides Millennials.  I turned 18 in 2009 and I remember older friends basically pioneering the 'boomerang kid' thing, or going on to get Master's and PhD's because there just wasn't anything out there for new grads.  Everyone in my freshman class was so thankful we still had 4 years of college and praying that things would get better by the time we graduated.  I don't think Millennials who are more than a couple years younger or older than I am had that sobering experience, which I think shapes a lot of my world view and financial habits.   The ones that are older are probably more likely to have realized it and have it affect their behavior, but the younger kids have no idea.

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Re: Overheard at Work
« Reply #6736 on: February 05, 2015, 10:25:04 AM »
Ok, leave alone labels for a moment (generational and mustachian ones)

How come I work in the same kind of business and same industry for 20 years now and see huge differences trough CW "overheard" talks?

Back in 1995, CW between 25 and 45 go out to the local pub once or twice a month (usualy on payday) for a "get together" and spend 10$ each on average. Some of CW hired housekeeper for few months and give up after 6-12 month considering it's like throwing away 1K$/year. Few of them ever headed south for holliday vacations.

Now (2015), CW go out for Sushi-like lunch (25$) 3x/week, hiring housekeeper is normal (80$/week or 4k$/year) and trips to Mexico and Europe are so common that they sound like they're getting borred. Btw, most everyone of that group drive a financed brand new car and owe 200k$ on a 225k$ house.

Salary just kept up with inflation rate so no clue here. What happen then?

Ok, back to the labels, does people were more Mustachians back in 1995 or it's the Millenial effect?

In any way, there is a clash over 20 years!!!
If you want an answer, look at the owed money of private and country (to other countries). I dont know excact numbers, but I would not be surprised if it has doubled in this time.
The US is living on borrowed material things, and I think it will crash before 2030 (and I mean BIG WAMM, at least as big as the 2008, with the additional problem that the way the last was "solved" is now added to the effect)

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Re: Overheard at Work
« Reply #6737 on: February 05, 2015, 10:43:52 AM »
Not really financial related, but still...

An IT colleague asked me, after overhearing something on the news in the background at work, "Where, exactly, is the Western Hemisphere?"


On the positive side, a couple of people at work are interested in learning more about rental properties.

Seems like a fair question to me.  Could you really draw a map accurately depicting the prime meridian and antimeridian?  If you can, maybe you should be a geographer

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Re: Overheard at Work
« Reply #6738 on: February 05, 2015, 11:02:53 AM »
When I was a kid (in the 90's and early 2000's, so not that long ago) restaurants were more of a special treat than a weekly occurrence, and trips to Europe or tropical resorts were for the affluent or maybe as a graduation present.  Now I see people (with kids, and from the same socioeconomic background that I'm from) on annual vacations and going out to eat multiple times a week.  Not to mention a greater number of vehicles per adult and more tech gadgets.  Of course this isn't a representative sample, but it's interesting to note.


I do think, however, it's fair to say that the millenial generation financially differs from at least the Boomers (not sure about Gen X) in that they have different responsibilities.  Real estate was much more affordable based on average income (at least in Canada,) post-secondary education was more affordable and less necessary, and childrearing was more centric.  People in their 20's were more likely to buy a house (which then provided solid investment-level gains) and start a career and/or family in their 20's.  You kinda had to.  Now that there's much less pressure from society to get married and have babies, coupled with the high real estate prices and what I'd call societal pressure to enjoy life*, leaves lots of millenials less concerned with saving and investing and more concerned with shorter-term fun.

*In my social group from uni, saying you don't absolutely love international travel is what I believe to be the 1950's equivalent of a woman saying she has little interest in having babies.

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Re: Overheard at Work
« Reply #6739 on: February 05, 2015, 11:24:19 AM »
Ok, leave alone labels for a moment (generational and mustachian ones)

How come I work in the same kind of business and same industry for 20 years now and see huge differences trough CW "overheard" talks?

Back in 1995, CW between 25 and 45 go out to the local pub once or twice a month (usualy on payday) for a "get together" and spend 10$ each on average. Some of CW hired housekeeper for few months and give up after 6-12 month considering it's like throwing away 1K$/year. Few of them ever headed south for holliday vacations.

Now (2015), CW go out for Sushi-like lunch (25$) 3x/week, hiring housekeeper is normal (80$/week or 4k$/year) and trips to Mexico and Europe are so common that they sound like they're getting borred. Btw, most everyone of that group drive a financed brand new car and owe 200k$ on a 225k$ house.

Salary just kept up with inflation rate so no clue here. What happen then?

Ok, back to the labels, does people were more Mustachians back in 1995 or it's the Millenial effect?

In any way, there is a clash over 20 years!!!

This is not the first time I posted this graph, but damn I feel like I have to again in order to set the record straight.  Spending is not any more out of control now than it's been in the last 25 years.   Savings rate is actually higher (still too low obviously) than at most points in the past 25 years.  Pew research also supports this. 

This is the MMM forum, we're supposed to be better than relying on anecdotes. 

http://www.washingtonpost.com/opinions/catherine-rampell-the-coming-of-age-ritual-of-spend-now-save-later/2014/11/13/5fd9314e-6b73-11e4-a31c-77759fc1eacc_story.html

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Re: Overheard at Work
« Reply #6740 on: February 05, 2015, 11:39:48 AM »
Ok, leave alone labels for a moment (generational and mustachian ones)

How come I work in the same kind of business and same industry for 20 years now and see huge differences trough CW "overheard" talks?

Back in 1995, CW between 25 and 45 go out to the local pub once or twice a month (usualy on payday) for a "get together" and spend 10$ each on average. Some of CW hired housekeeper for few months and give up after 6-12 month considering it's like throwing away 1K$/year. Few of them ever headed south for holliday vacations.

Now (2015), CW go out for Sushi-like lunch (25$) 3x/week, hiring housekeeper is normal (80$/week or 4k$/year) and trips to Mexico and Europe are so common that they sound like they're getting borred. Btw, most everyone of that group drive a financed brand new car and owe 200k$ on a 225k$ house.

Salary just kept up with inflation rate so no clue here. What happen then?

Ok, back to the labels, does people were more Mustachians back in 1995 or it's the Millenial effect?

In any way, there is a clash over 20 years!!!
Your sample size is way too small to draw any meaningful conclusions. There are millions of people in this country, and you've sample maybe a couple hundred at best.

It's a small sample indeed, but even if I extend to family, friends and other people I meet on a regular basis, I would say I'm about the only one who still wash his own toilet.

My oldest son said our 2 cars were bought for cash and friends said "Your parents are some fucking millionaires or what?".

Does your "sample" different?
My sample is actually different - many of the people I know are not spendy (though they aren't saving much either).

But guess what. THAT'S COMPLETELY IRRELEVANT IN THE BIG PICTURE. I cannot draw any meaningful conclusions about millions of people from my sample, the same way that you can't draw any meaningful conclusions about millions of people from your sample.

I find it incredibly frustrating and ridiculous when people give anecdotes and then try to imply that this must generalize to the general population. This is simply not true.

And as Luck12 pointed out, the general trend is that spending rates are about the same.

This is not the first time I posted this graph, but damn I feel like I have to again in order to set the record straight.  Spending is not any more out of control now than it's been in the last 25 years.   Savings rate is actually higher (still too low obviously) than at most points in the past 25 years.  Pew research also supports this. 

This is the MMM forum, we're supposed to be better than relying on anecdotes. 

http://www.washingtonpost.com/opinions/catherine-rampell-the-coming-of-age-ritual-of-spend-now-save-later/2014/11/13/5fd9314e-6b73-11e4-a31c-77759fc1eacc_story.html
Emphasis mine.
Please guys, don't try to draw any meaningful conclusions about large groups of people from anecdotes. Anecdotes are fun to share and have a good laugh (this is, after all, the antimuschian wall of shame and comedy), but useless for any statistics.

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Re: Overheard at Work
« Reply #6741 on: February 05, 2015, 11:45:22 AM »
Related to the Millenial description: http://www.smbc-comics.com/index.php?id=3474#comic

and

“Our youth now love luxury. They have bad manners, contempt for authority; they show disrespect for their elders and love chatter in place of exercise; they no longer rise when elders enter the room; they contradict their parents, chatter before company; gobble up their food and tyrannize their teachers.”

I have a question: What do you define as "Gen X", "Gen Y" and "Millennial"? I was born in the mid-80's and graduated college in 2007. I've considered myself "Gen Y" and "Millennial" since I've seen both defined as births 1980-2000. But others apparently graduated at the same time as me and are claiming to be "Gen X".

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Re: Overheard at Work
« Reply #6742 on: February 05, 2015, 11:50:06 AM »
Ok, leave alone labels for a moment (generational and mustachian ones)

How come I work in the same kind of business and same industry for 20 years now and see huge differences trough CW "overheard" talks?

Back in 1995, CW between 25 and 45 go out to the local pub once or twice a month (usualy on payday) for a "get together" and spend 10$ each on average. Some of CW hired housekeeper for few months and give up after 6-12 month considering it's like throwing away 1K$/year. Few of them ever headed south for holliday vacations.

Now (2015), CW go out for Sushi-like lunch (25$) 3x/week, hiring housekeeper is normal (80$/week or 4k$/year) and trips to Mexico and Europe are so common that they sound like they're getting borred. Btw, most everyone of that group drive a financed brand new car and owe 200k$ on a 225k$ house.

Salary just kept up with inflation rate so no clue here. What happen then?

Ok, back to the labels, does people were more Mustachians back in 1995 or it's the Millenial effect?

In any way, there is a clash over 20 years!!!

This is not the first time I posted this graph, but damn I feel like I have to again in order to set the record straight.  Spending is not any more out of control now than it's been in the last 25 years.   Savings rate is actually higher (still too low obviously) than at most points in the past 25 years.  Pew research also supports this. 

This is the MMM forum, we're supposed to be better than relying on anecdotes. 


http://www.washingtonpost.com/opinions/catherine-rampell-the-coming-of-age-ritual-of-spend-now-save-later/2014/11/13/5fd9314e-6b73-11e4-a31c-77759fc1eacc_story.html

I usualy agree and use that statement, maybe I just live in a bubble. I will try to find an anecdotical individual who is still able to vaccum his place and scrub his own kitchen/bathroom and come back to you! Maybe I got to wait for a couple weeks because most everyone is in some kind of tropical resort these days :-)
« Last Edit: February 05, 2015, 11:55:00 AM by Le Barbu »
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Re: Overheard at Work
« Reply #6743 on: February 05, 2015, 12:02:43 PM »
Related to the Millenial description: http://www.smbc-comics.com/index.php?id=3474#comic

and

“Our youth now love luxury. They have bad manners, contempt for authority; they show disrespect for their elders and love chatter in place of exercise; they no longer rise when elders enter the room; they contradict their parents, chatter before company; gobble up their food and tyrannize their teachers.”

I have a question: What do you define as "Gen X", "Gen Y" and "Millennial"? I was born in the mid-80's and graduated college in 2007. I've considered myself "Gen Y" and "Millennial" since I've seen both defined as births 1980-2000. But others apparently graduated at the same time as me and are claiming to be "Gen X".

A good way to know if someone is GenX is if they were told to be "to young to know" (from Boomers) when they were 27 and "to old to understand" (from Millenials) when they turned 34...
"The real reason this blog exists, is simply to save the entire human race from destroying itself through overconsumption of its own habitat"

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Re: Overheard at Work
« Reply #6744 on: February 05, 2015, 01:18:12 PM »
This is interesting talk to me. As someone who was born in the mid-80s, I feel like there's a huge difference between pre-internet kids and post-internet kids. Then again, there are crazies on facebook who I have unfriended because I don't need to see another selfie or hear another tirade about how the world is against them. I think there are tons of people like this in every generation, but there's never been a generation that had the capability to yell it from the rooftops efficiently as the current younger kids.

I agree with this.  I was born in 91, and though I grew up with a computer in my bedroom, I played math games and Oregon Trail on it.  Didn't have Facebook until freshman or sophomore year of high school, didn't have a smartphone until I was 19.  I already feel like I'm out of touch with 'kids these days,' lol.  My little sister was born in 95 and things are so different for her.

I also think that being old enough to be aware of finances during the 2008 recession is a huge factor that divides Millennials.  I turned 18 in 2009 and I remember older friends basically pioneering the 'boomerang kid' thing, or going on to get Master's and PhD's because there just wasn't anything out there for new grads.  Everyone in my freshman class was so thankful we still had 4 years of college and praying that things would get better by the time we graduated.  I don't think Millennials who are more than a couple years younger or older than I am had that sobering experience, which I think shapes a lot of my world view and financial habits.   The ones that are older are probably more likely to have realized it and have it affect their behavior, but the younger kids have no idea.

I was born in '89. I remember sitting in my freshman economics class when SHTF. Probably a good class to be in when that happened. Anyway, It took until your class graduated from college to get a full time position (2013). I am glad I wasn't born in 1986 and graduating into that mess. Of the internet, it was in my home as long as I've been alive (10+ years earlier than most). Still, the internet didn't become a thing until YouTube happened (2004?). By this point you and I were early teens. Very different!

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Re: Overheard at Work
« Reply #6745 on: February 05, 2015, 02:34:48 PM »
Not really financial related, but still...

An IT colleague asked me, after overhearing something on the news in the background at work, "Where, exactly, is the Western Hemisphere?"


On the positive side, a couple of people at work are interested in learning more about rental properties.

Seems like a fair question to me.  Could you really draw a map accurately depicting the prime meridian and antimeridian?  If you can, maybe you should be a geographer

thanks for sending me down a mini-Wikipedia rabbit hole. I realized I didn't know where exactly the antimeridian is and I probably should. so I googled it, came upon the Wikipedia article for the prime meridian, and saw that it was established as Greenwich by Sir George Airy. Sir George Airy, of Airy isostasy fame! who knew! then I clicked through to his article... dude did so much cool shit! #themoreyouknow

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Re: Overheard at Work
« Reply #6746 on: February 05, 2015, 02:38:54 PM »
UGH!  So, I have a coworker that just put in her notice at work.  The new place offered her a pretty good package, 15k a year more (so around 130k), a 25% annual bonus if goals are met, a 5% 401k match etc (she doesn't save in our existing 401k just an FYI).  We are talking yesterday and she was saying how the bump would be nice since her and her husband can now start building a savings account (which they are pulling in 240k a year combined now and apparently have no savings).  Sitting here just now she calls her husband and says she's "found her dream home" and it's ONLY 895k so our mortgage would only go up "a little bit" and they HAVE to go look and put in an offer this weekend. 

Her current house is a 2 bed in the District that she bought for 450 during the recession on a 30 year FHA w/3% down...the new house is a 3 bed, 3 bath, it's them and a dog and no plan for having kids.  That new mortgage is going to be going up more then "a little bit" even taking into account the 20% increase in sale price they can realistically see..  I also broke the news to her that if she is changing jobs (no savings remember) then she will have a hard time getting a mortgage since she can't provide a consistent work history.

Eh, the key is working in the same industry.  She can probably find a lender even if she just switched jobs (though having savings helps).

arebelspy

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Re: Overheard at Work
« Reply #6747 on: February 05, 2015, 05:16:04 PM »
I am glad I wasn't born in 1986 and graduating into that mess.

I was born in 85, my wife in 86and graduated into the recession.  We survived. 
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Re: Overheard at Work
« Reply #6748 on: February 05, 2015, 05:39:51 PM »
Not really financial related, but still...

An IT colleague asked me, after overhearing something on the news in the background at work, "Where, exactly, is the Western Hemisphere?"


On the positive side, a couple of people at work are interested in learning more about rental properties.

Seems like a fair question to me.  Could you really draw a map accurately depicting the prime meridian and antimeridian?  If you can, maybe you should be a geographer

thanks for sending me down a mini-Wikipedia rabbit hole. I realized I didn't know where exactly the antimeridian is and I probably should. so I googled it, came upon the Wikipedia article for the prime meridian, and saw that it was established as Greenwich by Sir George Airy. Sir George Airy, of Airy isostasy fame! who knew! then I clicked through to his article... dude did so much cool shit! #themoreyouknow

Is drawing a relatively accurate map of the prime and antimeridian really that hard? I'm not a geographer and I tried it from memory and then checked on a map. I only messed up a bit of France, I had Ghana on the wrong side and I didn't know that part of Siberia made it across to the "Western" side, though I probably should have since I was pretty darn close with the Aleutian Islands and I knew that they overlapped but didn't draw it that way for some reason. I got Hawaii, the Marquesas, New Zealand and Ascension Island all correct.

How accurate do I have to be to get an honorary "you should be a geographer" badge?
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Re: Overheard at Work
« Reply #6749 on: February 05, 2015, 05:54:34 PM »
I am glad I wasn't born in 1986 and graduating into that mess.

I was born in 85, my wife in 86and graduated into the recession.  We survived.

Wow, arebelspy, you are impressively wise and measured for such a young'un.

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