Author Topic: Mustachian People Problems (just for fun)  (Read 1787590 times)

Clookie

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Re: Mustachian People Problems (just for fun)
« Reply #5400 on: July 15, 2018, 08:06:46 AM »
Mustachian problems - trying to relate to the masses in everyday financial conversations.

Me (thinks to self quietly): Hmm...Is payday this week or next week? It's one or the other.
Everyone else (out loud): WOOHOO! Payday! Just in time for all my bills!
Me (to myself): Cool, guess it's this week.
---------------------------------------------------------------------------------------------------------------
Everyone else: ZOMG! The stock market is down!!! Is it a crash??? OMG let me click on 50 Jim Cramer stories to find out!!! I might have to sell!!!
Me: Cool, stuff is cheaper today. Time to buy more.
---------------------------------------------------------------------------------------------------------------
Everyone else: Wow, nice car.
Me: Thanks.
Everyone else: That's my ride over there.
Me: Cool.
Everyone else (waits for a compliment)
Me: ....
Everyone else: I got a sweet deal from XX dealership for it. At the end of the lease, I can upgrade to a new model and just sign a new lease.
Me: Cool, mine's totally paid off.
---------------------------------------------------------------------------------------------------------------
Everyone else: I can't believe XX bank is gonna start charging a monthly fee.
Me: That's easy enough to avoid.
Everyone else: HOW?
Me: Don't you have emergency savings in the bank?
Everyone else: Yeah, I keep a few hundred bucks in there, not enough to avoid the fee.
Me: ...
---------------------------------------------------------------------------------------------------------------
Me: Trying to figure out a way to save money on XX
Everyone else: Oh, that's easy. If you need money, just take out a pension loan or a 401k loans
Me: ....
Everyone else: Did you not hear what I said?
Me: Oh, I heard it. But that's literally the worst thing I could do in this situation.
Everyone else: And why's that? You pay the interest back to yourself in the end anyway!
Me: ...
----------------------------------------------------------------------------------------------------------------
Me: I got a pretty good interest rate on my mortgage, and they give me cash back. Plus its fixed, so my payments won't go up unless property taxes or insurance do.
Everyone else: Did you shop around? The best rates always come from (name of credit union withheld)
Me: Of course I did. They didn't have the best rates.
Everyone else: I don't know, I wouldn't be so sure. I swear by them for everything, and they've been pretty good.
Me: Really? I hear complaints all the time about how they have no ATMs hardly, and it's tough to get your money out. And didn't their CEO just get in trouble for (info withheld to protect the guilty)
Everyone else: Well, yeah, I mean they're small, but that's to be expected. But at least they don't charge fees!
----------------------------------------------------------------------------------------------------------------

That is THE BEST POST EVER!
Thanks for sharing @Raymond Reddington

dragoncar

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Re: Mustachian People Problems (just for fun)
« Reply #5401 on: July 15, 2018, 11:19:50 AM »
Mustachian problems - trying to relate to the masses in everyday financial conversations.

Me (thinks to self quietly): Hmm...Is payday this week or next week? It's one or the other.
Everyone else (out loud): WOOHOO! Payday! Just in time for all my bills!
Me (to myself): Cool, guess it's this week.
---------------------------------------------------------------------------------------------------------------
Everyone else: ZOMG! The stock market is down!!! Is it a crash??? OMG let me click on 50 Jim Cramer stories to find out!!! I might have to sell!!!
Me: Cool, stuff is cheaper today. Time to buy more.
---------------------------------------------------------------------------------------------------------------
Everyone else: Wow, nice car.
Me: Thanks.
Everyone else: That's my ride over there.
Me: Cool.
Everyone else (waits for a compliment)
Me: ....
Everyone else: I got a sweet deal from XX dealership for it. At the end of the lease, I can upgrade to a new model and just sign a new lease.
Me: Cool, mine's totally paid off.
---------------------------------------------------------------------------------------------------------------
Everyone else: I can't believe XX bank is gonna start charging a monthly fee.
Me: That's easy enough to avoid.
Everyone else: HOW?
Me: Don't you have emergency savings in the bank?
Everyone else: Yeah, I keep a few hundred bucks in there, not enough to avoid the fee.
Me: ...
---------------------------------------------------------------------------------------------------------------
Me: Trying to figure out a way to save money on XX
Everyone else: Oh, that's easy. If you need money, just take out a pension loan or a 401k loans
Me: ....
Everyone else: Did you not hear what I said?
Me: Oh, I heard it. But that's literally the worst thing I could do in this situation.
Everyone else: And why's that? You pay the interest back to yourself in the end anyway!
Me: ...
----------------------------------------------------------------------------------------------------------------
Me: I got a pretty good interest rate on my mortgage, and they give me cash back. Plus its fixed, so my payments won't go up unless property taxes or insurance do.
Everyone else: Did you shop around? The best rates always come from (name of credit union withheld)
Me: Of course I did. They didn't have the best rates.
Everyone else: I don't know, I wouldn't be so sure. I swear by them for everything, and they've been pretty good.
Me: Really? I hear complaints all the time about how they have no ATMs hardly, and it's tough to get your money out. And didn't their CEO just get in trouble for (info withheld to protect the guilty)
Everyone else: Well, yeah, I mean they're small, but that's to be expected. But at least they don't charge fees!
----------------------------------------------------------------------------------------------------------------

That is THE BEST POST EVER!
Thanks for sharing @Raymond Reddington


Me: ...
You: did you not hear what I said?
Me: well Iím like half of these people

1) I like money and always get excited on pay day

2) I donít like it when the stock market is down since my assets have gone down.  Less money for me is bad

4) I donít like monthly bank fees and only keep a few hundred in my free checking account.  You can keep a few thousand in a zero interest account to avoid the fee, or keep it in a high yield account with no fee.  Which is better?




shelivesthedream

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Re: Mustachian People Problems (just for fun)
« Reply #5402 on: July 16, 2018, 04:22:58 AM »
I'm watching daytime TV while breastfeeding and adverts for funeral insurance keep coming up. They all have a line in them like "and of course it would be hard to find £3500 at short notice, wouldn't it?" And I'm like...is it? If you're over fifty?

Fresh Bread

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Re: Mustachian People Problems (just for fun)
« Reply #5403 on: July 16, 2018, 04:45:29 AM »
I'm watching daytime TV while breastfeeding and adverts for funeral insurance keep coming up. They all have a line in them like "and of course it would be hard to find £3500 at short notice, wouldn't it?" And I'm like...is it? If you're over fifty?

I regularly get marketing calls for funerals. They tell me that they can cost over $10k. I say I know, we just had to pay for one. They say, well then you'll know how important it is to have insurance then. I say no thanks, we'll just pay from savings like we did then???

Dicey

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Re: Mustachian People Problems (just for fun)
« Reply #5404 on: July 16, 2018, 08:38:52 AM »
When the lunchtime conversation turns to expensive vacations, new SUVs, and credit card debt, I just sit there like a lump of gold.
FTFY @Radiowave.

fuzzy math

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Re: Mustachian People Problems (just for fun)
« Reply #5405 on: July 16, 2018, 12:58:51 PM »
I use capital one investing and they are merging with E-Trade. All my stock will be transferred over except for fractional shares. I have .96 in a fractional share of a stock that's gone up 1100% and I really don't want to sell. That .96 came entirely from dividends! Sure I could re-buy it as a whole share but it's the principle damnit!!! Next dividend date was going to put me over the fraction to a whole share. Selling then buying is NOT THE SAME.

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Raymond Reddington

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Re: Mustachian People Problems (just for fun)
« Reply #5406 on: July 16, 2018, 03:37:22 PM »
I use capital one investing and they are merging with E-Trade. All my stock will be transferred over except for fractional shares. I have .96 in a fractional share of a stock that's gone up 1100% and I really don't want to sell. That .96 came entirely from dividends! Sure I could re-buy it as a whole share but it's the principle damnit!!! Next dividend date was going to put me over the fraction to a whole share. Selling then buying is NOT THE SAME.

Sent from my H1623 using Tapatalk

That happened to me once. Had .9 something fractional share after ex div but before pay date. Div was .2. So they sold the .9 fractional share to move assets, then the .2 fractional share that came after was immediately sold. I was annoyed about the "loss" of my additional share :)

afuera

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Re: Mustachian People Problems (just for fun)
« Reply #5407 on: July 18, 2018, 09:24:59 AM »
I forgot to call Fidelity on Monday and request a roth in-plan conversion on my aftertax contributions.  Yesterday the market hopped up close to 1%.  Now I have to pay a miniscule amount of taxes on my conversion.

Bracken_Joy

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Re: Mustachian People Problems (just for fun)
« Reply #5408 on: July 18, 2018, 05:37:13 PM »
I'm on a forum for infertility (currently going through IVF). What I entered planning on getting emotional support and community, has ended up being me giving a lot of information on funding options for these expensive medical procedures, loans, how to access credit reports and submit corrections, etc etc.

Even when I'm not in a finance place, I end up finding finance case studies! =o

CindyBS

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Re: Mustachian People Problems (just for fun)
« Reply #5409 on: July 19, 2018, 04:08:18 PM »
Calculated NW today and was disappointed it only went up by $6K in the last 2 months. 

It was a combination of the stock market flattening out recently and some bigger once per year expenses we paid recently.


Boo-hoo.

Hirondelle

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Re: Mustachian People Problems (just for fun)
« Reply #5410 on: July 21, 2018, 01:20:55 AM »
Just thought of one I had a while ago.

When I had a viewing for my current place, the guy that was living there at the time tried to give me all sort of "advice" on how to furnish the room. He extensively explained about how he'd recommend me to put my TV in spot X and how ridiculous it was that the girl prior to him had her TV in spot Y. He also kept going on what the optimal TV size should be considering the room is quite small and it could be too much TV easily. Out of the 30 min viewing, he probably spent 15 minutes on this story.

MPP: I don't watch TV. I don't have a TV. My furniture arrangement is not affected by TV logistics.

Clookie

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Re: Mustachian People Problems (just for fun)
« Reply #5411 on: July 21, 2018, 01:57:16 PM »
My friends are convinced that my recent switch to biking wherever I can is due to a D.U.I.  :-)
+1

fuzzy math

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Re: Mustachian People Problems (just for fun)
« Reply #5412 on: July 21, 2018, 01:59:26 PM »
Tell them it’s for vehicular manslaughter


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Imma

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Re: Mustachian People Problems (just for fun)
« Reply #5413 on: July 22, 2018, 08:53:35 AM »


MPP: I don't watch TV. I don't have a TV. My furniture arrangement is not affected by TV logistics.

Yeah, I remember that when I hosted viewings for my previous apartment, that I rented. I had almost 20 viewers (not seperately, luckily, over two or three evenings) because the landlord tried to get a really high rent for it. 

More than half of them asked me where my TV was. When I told one guy I didn't have a TV, he asked me where the cable connection point was and I had to admit I didn't have the faintest idea. The look on his face was priceless. A few months after I moved out, they had finally found a new tenant and the guy from the letting agency called me in a panic about the TV and internet connection. In the end, it turned out the apartment didn't have modern TV connection and no internet connection at all. I had never noticed because I had shared my neighbours' wifi for all 4 years I lived there (with permission).

Hirondelle

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Re: Mustachian People Problems (just for fun)
« Reply #5414 on: July 22, 2018, 09:46:34 AM »


MPP: I don't watch TV. I don't have a TV. My furniture arrangement is not affected by TV logistics.

Yeah, I remember that when I hosted viewings for my previous apartment, that I rented. I had almost 20 viewers (not seperately, luckily, over two or three evenings) because the landlord tried to get a really high rent for it. 

More than half of them asked me where my TV was. When I told one guy I didn't have a TV, he asked me where the cable connection point was and I had to admit I didn't have the faintest idea. The look on his face was priceless. A few months after I moved out, they had finally found a new tenant and the guy from the letting agency called me in a panic about the TV and internet connection. In the end, it turned out the apartment didn't have modern TV connection and no internet connection at all. I had never noticed because I had shared my neighbours' wifi for all 4 years I lived there (with permission).

HAHA we should've been flatmates I guess :)

I had the same when subletting my room when I went to study abroad. Every person that came to check it out asked where my TV was, if I'd already moved it out. I just got rid of them by saying I watch stuff on my laptop (which is true, like once a month when there's sth I want to watch). One asked if I maybe was from one of those super religious groups that can't watch TV. I did know where the connection was though, thanks to the internet connection being in the same spot.

Other fun ones are:
"Shouldn't you blow dry your hair?" - I don't have a hair dryer.. never used one.
"Where's your microwave?" - Eeehm I never realized I didn't have one?!
"Do you have some lotion/cream for me, I have dry skin" - Is sunblock OK for you? That's all I've got..

RePatriot

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Re: Mustachian People Problems (just for fun)
« Reply #5415 on: July 23, 2018, 08:29:11 AM »
We are so close to cresting the $100k NW mark.  It would be perfect timing, because as a teacher I tell time in school years.  However, HR has dropped the ball and failed to deposit my 401k money for 2 months.  Now, I have my fingers crossed that it gets dumped in by 8/1 when I calculate NW or else it will be another month until it "counts" as crossing that threshold.

To compound the non-issue, we are also working through paperwork to get mutual funds purchased by DW's grandparents under our management.  Those funds were supposed to kick-start our journey to $250k!

RWD

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Re: Mustachian People Problems (just for fun)
« Reply #5416 on: July 23, 2018, 08:44:42 AM »
However, HR has dropped the ball and failed to deposit my 401k money for 2 months.

They may owe you for lost earnings:
https://www.irs.gov/retirement-plans/401k-plan-fix-it-guide-you-have-not-timely-deposited-employee-elective-deferrals

Sibley

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Re: Mustachian People Problems (just for fun)
« Reply #5417 on: July 25, 2018, 09:14:40 AM »
My MPP: just started a new job, with a pay raise, so I'm still figuring out what take home pay will be after all benefits have kicked in (401k takes 2 months here).

At the same time:
I will be paying off my SL in September.
Chose to do low interest financing for project cash flow purposes vs. pull money from accounts already earmarked for that spending (am clearing more in gains than the loan costs, so it was a no brainer for me, and I'll pay it off pretty quickly anyway from normal cash flow).
Will now have 3 separate HSAs that I would really prefer to combine into one.
Pending the paperwork to rollover my old 401k.
Plus the associated updating of my tracking for all the changes.

I will be spending a bunch of time researching, updating and reevaluating everything to ensure it's all optimized. Once all the damn paperwork shows up. At least it's all converging at once, so I can do the analysis once vs multiple times.

Slow&Steady

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Re: Mustachian People Problems (just for fun)
« Reply #5418 on: July 25, 2018, 09:48:29 AM »
My MPP: just started a new job, with a pay raise, so I'm still figuring out what take home pay will be after all benefits have kicked in (401k takes 2 months here).

At the same time:
I will be paying off my SL in September.
Chose to do low interest financing for project cash flow purposes vs. pull money from accounts already earmarked for that spending (am clearing more in gains than the loan costs, so it was a no brainer for me, and I'll pay it off pretty quickly anyway from normal cash flow).
Will now have 3 separate HSAs that I would really prefer to combine into one.
Pending the paperwork to rollover my old 401k.
Plus the associated updating of my tracking for all the changes.

I will be spending a bunch of time researching, updating and reevaluating everything to ensure it's all optimized. Once all the damn paperwork shows up. At least it's all converging at once, so I can do the analysis once vs multiple times.

MPP - Trying to be patient enough to wait for all the paperwork to show up so you only do the updating/reevaluation 1 time. 

Sibley

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Re: Mustachian People Problems (just for fun)
« Reply #5419 on: July 25, 2018, 12:37:50 PM »
My MPP: just started a new job, with a pay raise, so I'm still figuring out what take home pay will be after all benefits have kicked in (401k takes 2 months here).

At the same time:
I will be paying off my SL in September.
Chose to do low interest financing for project cash flow purposes vs. pull money from accounts already earmarked for that spending (am clearing more in gains than the loan costs, so it was a no brainer for me, and I'll pay it off pretty quickly anyway from normal cash flow).
Will now have 3 separate HSAs that I would really prefer to combine into one.
Pending the paperwork to rollover my old 401k.
Plus the associated updating of my tracking for all the changes.

I will be spending a bunch of time researching, updating and reevaluating everything to ensure it's all optimized. Once all the damn paperwork shows up. At least it's all converging at once, so I can do the analysis once vs multiple times.

MPP - Trying to be patient enough to wait for all the paperwork to show up so you only do the updating/reevaluation 1 time.

Pretty much. And I can add one thing to my list - someone else around here posted about their cc having an annual fee now. I have the same cc, unused in the drawer, so guess what I get to go check on? (First Financial Bank, go check yours if you have it)

solon

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Re: Mustachian People Problems (just for fun)
« Reply #5420 on: July 27, 2018, 12:05:02 PM »
My propane provider sent out a notice of an opportunity to bulk-buy propane for the winter at a reduced rate. I looked at my usage for last winter.  I used so little propane that it will be cheaper for me to pay retail.

Zoot

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Re: Mustachian People Problems (just for fun)
« Reply #5421 on: July 31, 2018, 04:11:47 AM »
MPP:  Got an unexpected bonus at work, and since 401(k) contributions were taken out at my usual max-it-out-for-the-year percentage contribution rate, I am now on track to go over the yearly max.  Had to adjust my 401(k) contribution rate AND my additional withholding (side hustles and 1099 income FTW) to account for the unexpected income.

Imma

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Re: Mustachian People Problems (just for fun)
« Reply #5422 on: July 31, 2018, 01:12:08 PM »
I had a full refund + shipping refund for a faulty dress I bought. I bought it online using my credit card, so the money was refunded to my card.

In my country, you can't use a creditcard to buy groceries, and I don't buy much else, so now there's a +Ä70 balance on my card. There's a fee to transfer the money back to my bank account, and I only receive interest if the positive balance is higher than Ä500. This money is going to be sitting there until I need to order something online again.

rantk81

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Re: Mustachian People Problems (just for fun)
« Reply #5423 on: July 31, 2018, 03:27:39 PM »
After reviewing my monthly finances, realizing that I'm essentially FI now, and reviewing my insurance/liability-insurance coverage, it seemed to me that I needed more coverage to "protect my status" of being FI. So today I met with my insurance agent, and purchased an additional liability policy.  Damn, there goes another $400/yr for a few million extra in coverage.  Good thing that that's just a drop in the bucket...

WranglerBowman

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Re: Mustachian People Problems (just for fun)
« Reply #5424 on: July 31, 2018, 04:04:50 PM »
I use capital one investing and they are merging with E-Trade. All my stock will be transferred over except for fractional shares. I have .96 in a fractional share of a stock that's gone up 1100% and I really don't want to sell. That .96 came entirely from dividends! Sure I could re-buy it as a whole share but it's the principle damnit!!! Next dividend date was going to put me over the fraction to a whole share. Selling then buying is NOT THE SAME.

Sent from my H1623 using Tapatalk

Amen! Capital One for me too...for the time being.  It's especially frustrating when you have to sell a fractional share of Amazon, or worse Berkshire Hathaway... 

merula

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Re: Mustachian People Problems (just for fun)
« Reply #5425 on: August 02, 2018, 05:18:15 AM »
After reviewing my monthly finances, realizing that I'm essentially FI now, and reviewing my insurance/liability-insurance coverage, it seemed to me that I needed more coverage to "protect my status" of being FI. So today I met with my insurance agent, and purchased an additional liability policy.  Damn, there goes another $400/yr for a few million extra in coverage.  Good thing that that's just a drop in the bucket...

You may want more liability coverage, if you have more assets and your risk appetite is such that you feel that's warranted.

BUT, did you look into increasing deductibles or dropping physical damage or towing coverages? If you're FI, you can afford to pay a higher deductible or pay to replace your car in an accident, and those changes will save a significant amount of money.

rantk81

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Re: Mustachian People Problems (just for fun)
« Reply #5426 on: August 02, 2018, 07:26:46 AM »
You may want more liability coverage, if you have more assets and your risk appetite is such that you feel that's warranted.

BUT, did you look into increasing deductibles or dropping physical damage or towing coverages? If you're FI, you can afford to pay a higher deductible or pay to replace your car in an accident, and those changes will save a significant amount of money.

Good advice, but not applicable to me. I have no auto policy (I haven't had a car in years.)  I purchased additional home and personal liability coverage, with exclusions saying I'm not a regular driver.  And my deductibles on my homeowners policy have been at the maximum level for quite some time already.


BTDretire

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Re: Mustachian People Problems (just for fun)
« Reply #5427 on: August 02, 2018, 08:38:25 AM »

Me: Really? I hear complaints all the time about how they have no ATMs hardly, and it's tough to get your money out. And didn't their CEO just get in trouble for (info withheld to protect the guilty)
Everyone else: Well, yeah, I mean they're small, but that's to be expected. But at least they don't charge fees!
----------------------------------------------------------------------------------------------------------------

 What's an ATM?
 Oh, wait, I remember, I used one back in the middle 80s.

 I do have customers that don't have cash, so they go to the local
ATM, pay $2.50 to get $40.

DaMa

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Re: Mustachian People Problems (just for fun)
« Reply #5428 on: August 02, 2018, 09:27:02 AM »
I had conversations with two different people this week that need plastic surgery for legit medical reasons -- one a breast reduction and the other a tummy tuck.  The insurance companies have denied pre-approval.  I suggested that they go ahead and just pay out-of-pocket and pursue the insurance companies, since they would probably get paid.  Each looked at me like I'd lost my mind.  I mean sure it's $20k, but it's their health.  Plastic surgeons have payment plans.  Neither of these woman would hesitate to spend $30k on a new car.

LennStar

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Re: Mustachian People Problems (just for fun)
« Reply #5429 on: August 02, 2018, 01:31:33 PM »

Me: Really? I hear complaints all the time about how they have no ATMs hardly, and it's tough to get your money out. And didn't their CEO just get in trouble for (info withheld to protect the guilty)
Everyone else: Well, yeah, I mean they're small, but that's to be expected. But at least they don't charge fees!
----------------------------------------------------------------------------------------------------------------

 What's an ATM?
 Oh, wait, I remember, I used one back in the middle 80s.

 I do have customers that don't have cash, so they go to the local
ATM, pay $2.50 to get $40.
What are cheques?

I was born in the early 80s and I have never seen one in RL. I have heard that the last banks stopped accepting cheques from non-business customers 2 years ago.

If I need money, I go to the next bank that is in "my" of the 2 big pools and I get whatever cash amount I want with no costs.

merula

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Re: Mustachian People Problems (just for fun)
« Reply #5430 on: August 02, 2018, 01:47:31 PM »
What are cheques?

I was born in the early 80s and I have never seen one in RL. I have heard that the last banks stopped accepting cheques from non-business customers 2 years ago.

If I need money, I go to the next bank that is in "my" of the 2 big pools and I get whatever cash amount I want with no costs.

Come to the U.S., where you can have the magical experience of standing behind someone paying with check in the grocery store. Just like it's 1970!

"What's the date today?"
"August 2"
"August already?" [tears out check] "Can you throw this away for me, I started writing July."
"Your total is $15.67."
"It can't be fifty dollars!"
"No, it's FIFTEEN."
"Oh, OK, fifteen fifty-seven."
"No, sixty-seven."
"Oh, sixty-seven." [3 minutes later] "Here you go."
"Sir, you made this out to Amy's Supermarket. This is Bert's Supermarket."
"What?! I thought this was Amy's!"
"Amy's was located down the street, and they closed last year."
"Well, fine, throw that away. What's the date again?"

RWD

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Re: Mustachian People Problems (just for fun)
« Reply #5431 on: August 02, 2018, 01:50:41 PM »

Me: Really? I hear complaints all the time about how they have no ATMs hardly, and it's tough to get your money out. And didn't their CEO just get in trouble for (info withheld to protect the guilty)
Everyone else: Well, yeah, I mean they're small, but that's to be expected. But at least they don't charge fees!
----------------------------------------------------------------------------------------------------------------

 What's an ATM?
 Oh, wait, I remember, I used one back in the middle 80s.

 I do have customers that don't have cash, so they go to the local
ATM, pay $2.50 to get $40.
What are cheques?

I was born in the early 80s and I have never seen one in RL. I have heard that the last banks stopped accepting cheques from non-business customers 2 years ago.

If I need money, I go to the next bank that is in "my" of the 2 big pools and I get whatever cash amount I want with no costs.

A cheque is the British spelling of check. I was born in the mid-80s and I've encountered them a ton and still do. The main difference now is that we deposit them via mobile app instead of in person. Are they just not used in Germany? What is the common safe method of person-to-person transactions there?

solon

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Re: Mustachian People Problems (just for fun)
« Reply #5432 on: August 02, 2018, 01:53:27 PM »
I've been on a spending fast for the last week, and it's kind of depressing. I have no transactions to download, categorize, summarize, analyze.

WHAT DO I DO WITH ALL THIS FREE TIME!?!?

lemanfan

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Re: Mustachian People Problems (just for fun)
« Reply #5433 on: August 02, 2018, 03:10:57 PM »
A cheque is the British spelling of check. I was born in the mid-80s and I've encountered them a ton and still do. The main difference now is that we deposit them via mobile app instead of in person. Are they just not used in Germany? What is the common safe method of person-to-person transactions there?

The last time I used a check in Sweden was in 1998 and they were rare even back then.  Person-to-person transactions here are normally in cash, direct bank transfers (quick and free) or a mobile payment system called Swish (instant, and free between individuals). 

ketchup

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Re: Mustachian People Problems (just for fun)
« Reply #5434 on: August 02, 2018, 03:36:51 PM »
US here, and I just deposited four checks today!  Living in the future.

RWD

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Re: Mustachian People Problems (just for fun)
« Reply #5435 on: August 02, 2018, 03:43:30 PM »
A cheque is the British spelling of check. I was born in the mid-80s and I've encountered them a ton and still do. The main difference now is that we deposit them via mobile app instead of in person. Are they just not used in Germany? What is the common safe method of person-to-person transactions there?

The last time I used a check in Sweden was in 1998 and they were rare even back then.  Person-to-person transactions here are normally in cash, direct bank transfers (quick and free) or a mobile payment system called Swish (instant, and free between individuals).

We have Zelle and Venmo here in the US. They haven't gained enough traction to take the place of important transactions though.

Bracken_Joy

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Re: Mustachian People Problems (just for fun)
« Reply #5436 on: August 02, 2018, 03:53:12 PM »
A cheque is the British spelling of check. I was born in the mid-80s and I've encountered them a ton and still do. The main difference now is that we deposit them via mobile app instead of in person. Are they just not used in Germany? What is the common safe method of person-to-person transactions there?

The last time I used a check in Sweden was in 1998 and they were rare even back then.  Person-to-person transactions here are normally in cash, direct bank transfers (quick and free) or a mobile payment system called Swish (instant, and free between individuals).

We have Zelle and Venmo here in the US. They haven't gained enough traction to take the place of important transactions though.

I think that may be generational, too though. I've used venmo to accept money selling my wedding dress, we used it to get paid back from the attendants of my BIL's bachelor party, etc. I think it's pretty common in the mid to late 20s group?

nnls

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Re: Mustachian People Problems (just for fun)
« Reply #5437 on: August 02, 2018, 04:38:15 PM »
A cheque is the British spelling of check. I was born in the mid-80s and I've encountered them a ton and still do. The main difference now is that we deposit them via mobile app instead of in person. Are they just not used in Germany? What is the common safe method of person-to-person transactions there?

The last time I used a check in Sweden was in 1998 and they were rare even back then.  Person-to-person transactions here are normally in cash, direct bank transfers (quick and free) or a mobile payment system called Swish (instant, and free between individuals).

We have Zelle and Venmo here in the US. They haven't gained enough traction to take the place of important transactions though.

I think that may be generational, too though. I've used venmo to accept money selling my wedding dress, we used it to get paid back from the attendants of my BIL's bachelor party, etc. I think it's pretty common in the mid to late 20s group?

I am Australian and I dont think I have ever used a cheque.

Either just pay with card or direct bank transfer. My friends will just put money straight from their account into mine. We dont need to use a third party app like vemo, everyones bank can do it online. we have been doing this since before I was 18, though obviously only on smart phones since they became common

rantk81

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Re: Mustachian People Problems (just for fun)
« Reply #5438 on: August 02, 2018, 04:45:46 PM »
Oh yes, here in the USA we love our byzantine methods of transferring money!

Want to send it electronically?  You can do it with something called "ACH" which can take up to about a week for the actual funds to make it to the destination.  Want it faster?  You can do a "Wire Transfer" which is almost-instant, but has fees ranging from about $20-$50, usually on both ends of the transaction for sending and receiving. And it's only available for certain hours of the day (business hours -- and sometimes the "window" to do it closes "early".)  And usually you need to fill out about 5 or 6 fields on a web page (or even sign paperwork in person) to do this, and potentially have to verify it over a phone call.

Oh, just peer to peer transfers?  Yeah, there's Zelle and Venmo, but they aren't universally supported by every bank and/or credit union... and they have low daily limits.  Just enough to pay a monthly rent bill on a cheap rental... but anything more than a couple grand or so, and you're out of luck.

And yes, and then there are "Checks" -- where you are basically giving the other person a piece of paper that has your own account number on it, along with your name and address!  What could possibly go wrong?

Want to do cash?  Well, most ATMs have daily limits of a few hundred dollars... and if you try to withdraw several thousand dollars at a teller, you are given funny looks, and potentially have your "information reported" to the IRS.

Yeah, it's great...

nnls

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Re: Mustachian People Problems (just for fun)
« Reply #5439 on: August 02, 2018, 07:27:19 PM »
Oh yes, here in the USA we love our byzantine methods of transferring money!

Want to send it electronically?  You can do it with something called "ACH" which can take up to about a week for the actual funds to make it to the destination.  Want it faster?  You can do a "Wire Transfer" which is almost-instant, but has fees ranging from about $20-$50, usually on both ends of the transaction for sending and receiving. And it's only available for certain hours of the day (business hours -- and sometimes the "window" to do it closes "early".)  And usually you need to fill out about 5 or 6 fields on a web page (or even sign paperwork in person) to do this, and potentially have to verify it over a phone call.

Oh, just peer to peer transfers?  Yeah, there's Zelle and Venmo, but they aren't universally supported by every bank and/or credit union... and they have low daily limits.  Just enough to pay a monthly rent bill on a cheap rental... but anything more than a couple grand or so, and you're out of luck.

And yes, and then there are "Checks" -- where you are basically giving the other person a piece of paper that has your own account number on it, along with your name and address!  What could possibly go wrong?

Want to do cash?  Well, most ATMs have daily limits of a few hundred dollars... and if you try to withdraw several thousand dollars at a teller, you are given funny looks, and potentially have your "information reported" to the IRS.

Yeah, it's great...

I read somewhere once that Australia and NZ are often the places for financial companies to try out new ideas as we are relatively rich countries with a small population so its easy enough to role out. Also in Australia we have 4 main banks that most people use so that probably helps as well.

But transferring cash from one bank account to another, either happens straight away or takes a day and is free, I dont know of any bank that doesnt offer this via online banking.

shelivesthedream

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Re: Mustachian People Problems (just for fun)
« Reply #5440 on: August 02, 2018, 09:02:57 PM »
In the UK, I can log on to online banking, spend five minutes setting up a direct payment, and it is credited to the beneficiary's account within two hours.

Bicycle_B

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Re: Mustachian People Problems (just for fun)
« Reply #5441 on: August 02, 2018, 10:29:28 PM »
Zelle, Venmo...  PayPal, invented in US by Elon Musk (his first fortune) ... Google Pay works quite well, I collect with it... Apple Pay...  yes checks / wire transfers / cash...  America has lots of payment systems, just like we have many brands of soap...

nnls

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Re: Mustachian People Problems (just for fun)
« Reply #5442 on: August 02, 2018, 10:43:36 PM »
Zelle, Venmo...  PayPal, invented in US by Elon Musk (his first fortune) ... Google Pay works quite well, I collect with it... Apple Pay...  yes checks / wire transfers / cash...  America has lots of payment systems, just like we have many brands of soap...

But wouldnt it be easier to just transfer direct from one bank account to another (from any bank to any bank) without having to sign up for a third party app?

dragoncar

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Re: Mustachian People Problems (just for fun)
« Reply #5443 on: August 02, 2018, 10:54:53 PM »
Zelle, Venmo...  PayPal, invented in US by Elon Musk (his first fortune) ... Google Pay works quite well, I collect with it... Apple Pay...  yes checks / wire transfers / cash...  America has lots of payment systems, just like we have many brands of soap...

But wouldnt it be easier to just transfer direct from one bank account to another (from any bank to any bank) without having to sign up for a third party app?

It really would, and I have no idea why they wouldnít roll it out. Could be regulatory because then they could have easily obliterated paypal

lemanfan

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Re: Mustachian People Problems (just for fun)
« Reply #5444 on: August 02, 2018, 11:39:04 PM »
Zelle, Venmo...  PayPal, invented in US by Elon Musk (his first fortune) ... Google Pay works quite well, I collect with it... Apple Pay...  yes checks / wire transfers / cash...  America has lots of payment systems, just like we have many brands of soap...

But wouldnt it be easier to just transfer direct from one bank account to another (from any bank to any bank) without having to sign up for a third party app?

In the Swish app available in my country, the app is owned by the major banks.  The app really makes it simpler, and ties the transfer to a phone number (which most people remember or can find out easily) rather than a long bank account number which you don't use in everyday life.

And bank transfers here normally takes a few hours, or overnight - while the Swish app really is instantaneous.

nnls

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Re: Mustachian People Problems (just for fun)
« Reply #5445 on: August 03, 2018, 12:48:07 AM »
Zelle, Venmo...  PayPal, invented in US by Elon Musk (his first fortune) ... Google Pay works quite well, I collect with it... Apple Pay...  yes checks / wire transfers / cash...  America has lots of payment systems, just like we have many brands of soap...

But wouldnt it be easier to just transfer direct from one bank account to another (from any bank to any bank) without having to sign up for a third party app?

In the Swish app available in my country, the app is owned by the major banks.  The app really makes it simpler, and ties the transfer to a phone number (which most people remember or can find out easily) rather than a long bank account number which you don't use in everyday life.

And bank transfers here normally takes a few hours, or overnight - while the Swish app really is instantaneous.

we now have transfers using your phone number or email if you want to set it up, but its still just through the banks online system not a different one. Using this is suppose to make it instant.

meerkat

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Re: Mustachian People Problems (just for fun)
« Reply #5446 on: August 03, 2018, 05:53:44 AM »
Planet Money did an episode on this in 2013 and revisited the topic recently but there wasn't much to update. If I remember rightly, it's a little bit of the U.S. being so large and complex and having so many financial institutions that it's a problem on a much, much larger scale than it is in, say, Britain. It's also a little bit of the U.S. financial system as a whole not feeling like it's much of a priority. I'm curious how stuff like Venmo will impact that in the next ten to twenty years.

Hirondelle

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Re: Mustachian People Problems (just for fun)
« Reply #5447 on: August 03, 2018, 06:10:06 AM »
Planet Money did an episode on this in 2013 and revisited the topic recently but there wasn't much to update. If I remember rightly, it's a little bit of the U.S. being so large and complex and having so many financial institutions that it's a problem on a much, much larger scale than it is in, say, Britain. It's also a little bit of the U.S. financial system as a whole not feeling like it's much of a priority. I'm curious how stuff like Venmo will impact that in the next ten to twenty years.

Thing is though, within Europe (eurozone) I can still transfer money cost-free, hassle-free, it just might take 2 days or so. Only additional thing I need is a BIC code on top of the IBAN code. And that's with tons of country-specific banks that don't exist in any of the other countries, way worse than the US where there's a couple major banks that are all over the place. I get it's not the easiest country to implement such a thing coming from another system, but it's also no excuse to stay 10 years behind the rest of the (developed) world :)

bluebelle

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Re: Mustachian People Problems (just for fun)
« Reply #5448 on: August 03, 2018, 07:48:59 AM »
I find it very interesting how many people are saying they've never written or received a physical cheque.   I got one last week from 'checkout 51', which is a rebate app here in Canada.  I don't write many physical cheques, as others have said, etransfer is easier.  However it has a $3,000 daily limit.  I guess my MPP problem is that I write cheques bigger than that.  (we're having our dream retirement home built, so there are a few 'big' cheques being written).

But even without that - Never written or received a cheque - wow.  Never gotten a cheque as a gift?  Never written a cheque as a gift?  (after receiving over $10K in cash as wedding gifts many years ago and having to deal with getting it to the bank, I never gift cash at weddings)

LennStar

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Re: Mustachian People Problems (just for fun)
« Reply #5449 on: August 03, 2018, 08:12:15 AM »
Are they just not used in Germany? What is the common safe method of person-to-person transactions there?

No private person uses them, and as I said, most banks even do them anymore for privates, and some not even for businesses.

If you want to transfer money, you just "tell" your bank to transfer it to the other person's account. In the past by filling out a paper and giving it to a bank employee, now with your card on the machine or just online.

Cost-free in (normally) one work-day as long as I was old enough to do money things.

With SEPA system you can transfer to all Euro banks. I think since this year also with the limit of one day.

Interestingly this year the Sparkasse(n) (the most conservatives) have started an "instant" transfer service. But most of them charge for that.