Author Topic: Overheard at Work 2  (Read 606132 times)

LennStar

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Re: Overheard at Work 2
« Reply #2750 on: September 05, 2020, 01:52:16 AM »
To be fair google translate is dangerous. You might end up getting a visit from the police.

dragoncar

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Re: Overheard at Work 2
« Reply #2751 on: September 05, 2020, 05:23:55 AM »


Actually, I just realized that they could just take a picture of the packaging. Taobao has a picture recognition program and will search for images that look similar.

That's what I do, but all I get is a bunch of hotdocs and a few not hotdogs.

ixtap

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Re: Overheard at Work 2
« Reply #2752 on: September 05, 2020, 06:54:09 AM »
Coworkers were talking about buying things at the one and only Costco in China, which is an hour away by car. They donít have a car so it would involve splitting the cost of a $80 van and driver, or $60 taxi. Now, theyíve discovered that someone will do Costco runs for them and then deliver to their home for a mere 10% markup.

I tried to tell them that for many things, you can buy direct from the Costco warehouse (or whatever factory supplies Costco) On Taobao, as long as you Google translate the item into Chinese, and the prices are about the same as physically going to Costco. But apparently it takes too much effort to use Google translate.

And you can't possibly learn the words/characters for commonly bought items...

Actually, I just realized that they could just take a picture of the packaging. Taobao has a picture recognition program and will search for images that look similar. It doesnít work perfectly, but for many things you donít even need to know any Chinese if youíve bought the item before. But that would involve saving money and learning how to navigate a Chinese app. Thatís too stressful.

I do not understand why people choose to live in a foreign country, and refuse to even try. My mother SUCKS at languages, but she still tries. Of course, the last time she lived abroad, she would have totally hired a driver rather than use a computer, but even she likes internet shopping now!

amberfocus

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Re: Overheard at Work 2
« Reply #2753 on: September 17, 2020, 07:23:07 AM »
Someone at work who is up to his eyeballs in credit card debt (and works two jobs to keep up with the bills) told me that he'd been day-trading in his 401(k) back in March when the market was down, and wound up making five figures in profit.

All right, market timing is bad, but he got lucky this time, good for him.

But then he said that because the CARES act now lets you withdraw penalty-free from your 401(k), he was thinking of taking his earnings, and buying a new car.

*headdesk*

I told him that it was a terrible idea to tap the 401(k) because it was precious tax-advantaged space, but if he were to do that, he should really pay off his credit card debt first.

He looked like I'd just kicked his puppy.

Steeze

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Re: Overheard at Work 2
« Reply #2754 on: September 17, 2020, 09:16:29 AM »
Co-worker cashed in their taxable account back in March (oops!) - still not back in the market (too volatile). His wife is now commuting 1+ hrs away instead of working at the office 10 min away, so they are going to sell the old VW, lease a new BMW, and buy a used BMW.

Not to mention that co-worker does not max the 401k or have an IRA, but still had a taxable!

Sometimes this mustachian life makes you wonder how people even make it through the day.

MissNancyPryor

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Re: Overheard at Work 2
« Reply #2755 on: September 17, 2020, 09:56:31 AM »
Someone at work who is up to his eyeballs in credit card debt (and works two jobs to keep up with the bills) told me that he'd been day-trading in his 401(k) back in March when the market was down, and wound up making five figures in profit.

All right, market timing is bad, but he got lucky this time, good for him.

But then he said that because the CARES act now lets you withdraw penalty-free from your 401(k), he was thinking of taking his earnings, and buying a new car.

*headdesk*

I told him that it was a terrible idea to tap the 401(k) because it was precious tax-advantaged space, but if he were to do that, he should really pay off his credit card debt first.

He looked like I'd just kicked his puppy.

I still occasionally listen to Dave Ramsey and I can't believe how many people call in with questions about using their 401(k) as an ATM because of the CARES act.  Always to buy this-or-that (rather than trying to survive and avoid bankruptcy or foreclosure) and always without a thought that they will still have to pay income tax on what they withdraw.  It is a constant reminder that there will always be those who do dumb things and then will complain later when they have no retirement money.  I am sure they will chalk their failures up to the "stock market casino" or that the government didn't bail them out properly.  Exhausting.         

CupcakeGuru

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Re: Overheard at Work 2
« Reply #2756 on: September 17, 2020, 11:05:23 AM »
Coworker was asking me if it was smart to use the CARES act to withdraw some money. I asked what it would be for and he said a root canal that is $2300.

Dude makes over 140K a year, 2 kids in private school, supporting another kid who wants to be a singer. Spouse doesnt work. Has been working remotely for 6 months, so no commute or lunch expenses. He has been complaining about this dental thing since JANUARY.

mm1970

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Re: Overheard at Work 2
« Reply #2757 on: September 17, 2020, 04:28:47 PM »
Coworker was asking me if it was smart to use the CARES act to withdraw some money. I asked what it would be for and he said a root canal that is $2300.

Dude makes over 140K a year, 2 kids in private school, supporting another kid who wants to be a singer. Spouse doesnt work. Has been working remotely for 6 months, so no commute or lunch expenses. He has been complaining about this dental thing since JANUARY.
My husband has a very difficult coworker...just hard to work with.

He's very highly paid, probably close to $200k a year would be my guess.  My husband's company doesn't provide dental insurance - they have HSA/HDHP.

Anyway...the guy took some time off a few weeks ago, said he was going to be out for several days, if not a full week, due to dental issues.  "I guess I should have been going to the dentist these 20 years".  Um, yeah dude.  You know your HSA can be used to pay a damn dentist...

LennStar

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Re: Overheard at Work 2
« Reply #2758 on: September 18, 2020, 04:34:52 AM »
Someone at work who is up to his eyeballs in credit card debt (and works two jobs to keep up with the bills) told me that he'd been day-trading in his 401(k) back in March when the market was down, and wound up making five figures in profit.

All right, market timing is bad, but he got lucky this time, good for him.

But then he said that because the CARES act now lets you withdraw penalty-free from your 401(k), he was thinking of taking his earnings, and buying a new car.

*headdesk*

I told him that it was a terrible idea to tap the 401(k) because it was precious tax-advantaged space, but if he were to do that, he should really pay off his credit card debt first.

He looked like I'd just kicked his puppy.
Of course! After all that hard work he deserves that car and would like to have your okay for that, so the tiny voice inside him telling that this is stupid is silent.

What I don't understand is why people sell when it's really low.
I have the problem that I not sell when I should because it's slightly in the red even though I know it will go down more. I don't sell because I don't want to make the loss.
Why aren't people refusing to sell then when it is a big loss??

Imma

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Re: Overheard at Work 2
« Reply #2759 on: September 18, 2020, 08:12:59 AM »
Someone at work who is up to his eyeballs in credit card debt (and works two jobs to keep up with the bills) told me that he'd been day-trading in his 401(k) back in March when the market was down, and wound up making five figures in profit.

All right, market timing is bad, but he got lucky this time, good for him.

But then he said that because the CARES act now lets you withdraw penalty-free from your 401(k), he was thinking of taking his earnings, and buying a new car.

*headdesk*

I told him that it was a terrible idea to tap the 401(k) because it was precious tax-advantaged space, but if he were to do that, he should really pay off his credit card debt first.

He looked like I'd just kicked his puppy.

I still occasionally listen to Dave Ramsey and I can't believe how many people call in with questions about using their 401(k) as an ATM because of the CARES act.  Always to buy this-or-that (rather than trying to survive and avoid bankruptcy or foreclosure) and always without a thought that they will still have to pay income tax on what they withdraw.  It is a constant reminder that there will always be those who do dumb things and then will complain later when they have no retirement money.  I am sure they will chalk their failures up to the "stock market casino" or that the government didn't bail them out properly.  Exhausting.         

And don't forget the "everything is so complicated for ordinary folks these days" bla bla. While it's partially true that some things have become more complicated, money management the way my grandparents with only a couple of years of education did it still works.

They sat down with a notebooks when Grandpa got paid. They'd put aside money for rent and the electricity meter, then calculated what was left. They took out the housekeeping money that my grandma put in her purse, they put some money in a jar that they set aside for the yearly delivery of coal. What was left was divided between budgets for clothing, household expenses and saving. Every time they made a purchase they'd meticulously record it in their notebook so they knew exactly how much was left. And they always tried very much not to touch the small amount of savings so they could take it to the bank at the end of the month. They didn't take out a loan in their entire life because loans = bad and they didn't buy financial products they didn't understand.

Living like this, you're not going to FIRE at 30 but you will thrive financially. All you need is a notebook, elementary level math skills and discipline.

When they died we found a box full of envelopes with small amounts of cash - used envelopes of course, labelled with "birthday" or "Christmas" or "hairdresser" in a very neat handwriting. They budgeted for everything and didn't spend more than they could afford.

bbqbonelesswing

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Re: Overheard at Work 2
« Reply #2760 on: September 18, 2020, 08:22:34 AM »
When they died we found a box full of envelopes with small amounts of cash - used envelopes of course, labelled with "birthday" or "Christmas" or "hairdresser" in a very neat handwriting. They budgeted for everything and didn't spend more than they could afford.

Same with my grandparents; they had envelopes hidden all over the house. Having cash on hand rather than plastic was also a big part of that generation's financial planning.

Steeze

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Re: Overheard at Work 2
« Reply #2761 on: September 18, 2020, 12:02:25 PM »
When they died we found a box full of envelopes with small amounts of cash - used envelopes of course, labelled with "birthday" or "Christmas" or "hairdresser" in a very neat handwriting. They budgeted for everything and didn't spend more than they could afford.

Same with my grandparents; they had envelopes hidden all over the house. Having cash on hand rather than plastic was also a big part of that generation's financial planning.

One of my cousins does this. They have a shoe box full of envelopes with labels for different stuff they budget for. Seems like a pain in the ass to me - but probably effective. Probably healthier than my method of intense guilt and self doubt with every purchase no matter how much money I have, save, or budget for.

Sugaree

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Re: Overheard at Work 2
« Reply #2762 on: September 18, 2020, 12:20:11 PM »
When they died we found a box full of envelopes with small amounts of cash - used envelopes of course, labelled with "birthday" or "Christmas" or "hairdresser" in a very neat handwriting. They budgeted for everything and didn't spend more than they could afford.

Same with my grandparents; they had envelopes hidden all over the house. Having cash on hand rather than plastic was also a big part of that generation's financial planning.

One of my cousins does this. They have a shoe box full of envelopes with labels for different stuff they budget for. Seems like a pain in the ass to me - but probably effective. Probably healthier than my method of intense guilt and self doubt with every purchase no matter how much money I have, save, or budget for.

We were talking at work this morning about how some of us were going to just stick our "bonus" from that stupid payroll tax deferral into our savings account.  One person said that he's going to hate seeing the bank account go down next year.  I realized that since I've already set up an Ally bucket for it, I don't think I'll have that problem.  I hate spending undesignated money, but as long as I have already earmarked money for something, I don't have a problem actually spending it (except the emergency fund....I did everything I could to justify not dipping into the emergency fund in the aftermath of a tornado...go figure). 

Fomerly known as something

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Re: Overheard at Work 2
« Reply #2763 on: September 19, 2020, 05:14:19 AM »
When they died we found a box full of envelopes with small amounts of cash - used envelopes of course, labelled with "birthday" or "Christmas" or "hairdresser" in a very neat handwriting. They budgeted for everything and didn't spend more than they could afford.

Same with my grandparents; they had envelopes hidden all over the house. Having cash on hand rather than plastic was also a big part of that generation's financial planning.

One of my cousins does this. They have a shoe box full of envelopes with labels for different stuff they budget for. Seems like a pain in the ass to me - but probably effective. Probably healthier than my method of intense guilt and self doubt with every purchase no matter how much money I have, save, or budget for.

We were talking at work this morning about how some of us were going to just stick our "bonus" from that stupid payroll tax deferral into our savings account.  One person said that he's going to hate seeing the bank account go down next year.  I realized that since I've already set up an Ally bucket for it, I don't think I'll have that problem.  I hate spending undesignated money, but as long as I have already earmarked money for something, I don't have a problem actually spending it (except the emergency fund....I did everything I could to justify not dipping into the emergency fund in the aftermath of a tornado...go figure).

Totally with you on being ok spending from my sinking fund savings account, it totally pained me to send myself a ďpaycheckĒ from my emergency fund during the last government shit down.  I kept say, just because I have an emergency fund doesnít mean I want to use it.

OtherJen

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Re: Overheard at Work 2
« Reply #2764 on: September 19, 2020, 06:41:02 AM »
When they died we found a box full of envelopes with small amounts of cash - used envelopes of course, labelled with "birthday" or "Christmas" or "hairdresser" in a very neat handwriting. They budgeted for everything and didn't spend more than they could afford.

Same with my grandparents; they had envelopes hidden all over the house. Having cash on hand rather than plastic was also a big part of that generation's financial planning.

One of my cousins does this. They have a shoe box full of envelopes with labels for different stuff they budget for. Seems like a pain in the ass to me - but probably effective. Probably healthier than my method of intense guilt and self doubt with every purchase no matter how much money I have, save, or budget for.

We were talking at work this morning about how some of us were going to just stick our "bonus" from that stupid payroll tax deferral into our savings account.  One person said that he's going to hate seeing the bank account go down next year.  I realized that since I've already set up an Ally bucket for it, I don't think I'll have that problem.  I hate spending undesignated money, but as long as I have already earmarked money for something, I don't have a problem actually spending it (except the emergency fund....I did everything I could to justify not dipping into the emergency fund in the aftermath of a tornado...go figure).

I pay estimated quarterly taxes as a contractor, and thatís exactly how I manage the tax savings. Every time I get paid, a flat percentage goes straight into the ďTaxesĒ bucket, and then I transfer the needed payment amount into checking every 3 months. If thereís any leftover, it gets invested after we file our year-end paperwork.

Before we switched to Ally, I had a separate savings account just for taxes. Either way, itís helpful to have the money earmarked and know that spending it wonít affect your emergency or other funds.

amberfocus

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Re: Overheard at Work 2
« Reply #2765 on: September 19, 2020, 08:33:52 PM »
Someone at work who is up to his eyeballs in credit card debt (and works two jobs to keep up with the bills) told me that he'd been day-trading in his 401(k) back in March when the market was down, and wound up making five figures in profit.

All right, market timing is bad, but he got lucky this time, good for him.

But then he said that because the CARES act now lets you withdraw penalty-free from your 401(k), he was thinking of taking his earnings, and buying a new car.

*headdesk*

I told him that it was a terrible idea to tap the 401(k) because it was precious tax-advantaged space, but if he were to do that, he should really pay off his credit card debt first.

He looked like I'd just kicked his puppy.

Of course! After all that hard work he deserves that car and would like to have your okay for that, so the tiny voice inside him telling that this is stupid is silent.

Ugh, it's worse than that. He's not just looking for my approval, he actively wants to impress me with how much money he has/makes, and what he does with it. He's very proud of his hot stock picks, and was quite disappointed when I turned down his investment advice on a different occasion. He thinks he's so financially savvy, but he has no idea who he's talking to, and he's too self-centered to ever take me seriously.

What I don't understand is why people sell when it's really low.
I have the problem that I not sell when I should because it's slightly in the red even though I know it will go down more. I don't sell because I don't want to make the loss.
Why aren't people refusing to sell then when it is a big loss??

A coworker liquidated all the stock in his 401(k) in February (after the market had started to fall, but before it hit rock bottom), and put it all in bonds. He is nearing (normal) retirement age, was losing sleep over the volatility, and said that bailing made him feel so much better. I'm not gonna judge him, I actually feel a lot of compassion for him, because he's a lovely person, and I'm rooting for his financial health and eventual retirement. The core issue is that his asset allocation did not reflect his risk tolerance, so he panic-sold. I have no clue if/when he got back in. Loss aversion is a powerful driver.

BTDretire

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Re: Overheard at Work 2
« Reply #2766 on: September 21, 2020, 07:42:21 AM »
DS18 works part-time as a lifeguard at an outdoor pool. Obviously, it's important that staff keep hydrated. He has a coworker who drinks off-brand Gatorade because "I'm all about saving money." Other coworkers razz him for buying the knockoff, to which he replies, "It's cheaper than water!"
In the guard room there's a free water cooler.
Which would also be a lot more healthier than sports drinks in big numbers.
I bought a pH tester and needed distilled water to calibrate it. I went to Walmart, a gallon of distilled water is $0.81. While waiting in line, the couple in front of me both got a 16oz bottle of water at $1.88 each. $3.76 for 1/4 gallon.
Well, it was convienient!

talltexan

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Re: Overheard at Work 2
« Reply #2767 on: September 25, 2020, 10:43:40 AM »
What do you do with all that leftover distilled water you don't need? (as I type this, I'm ironically taking a couple of pulls from my massive cup of iced coffee)

okcisok

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Re: Overheard at Work 2
« Reply #2768 on: September 25, 2020, 10:08:23 PM »
Found out that some of my coworkers don't take advantage of paid company parking because it's too far away and they're usually running late. And so they pay for street parking...mostly. Today they both got parking tickets.

I did the math, and parking costs them about $1,000 a year! With even one parking ticket a month it's about $1,200
 over the course of the year!

The kicker is our supervisor isn't a stickler at all about our in times and it takes me less than 3 minutes to get from the parking spot to the office.

dragoncar

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Re: Overheard at Work 2
« Reply #2769 on: September 25, 2020, 10:35:16 PM »
What do you do with all that leftover distilled water you don't need? (as I type this, I'm ironically taking a couple of pulls from my massive cup of iced coffee)

You can use it in your iron or steamer, or coffee machine

Feivel2000

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Re: Overheard at Work 2
« Reply #2770 on: September 26, 2020, 03:21:44 AM »
In the coffee machine? To do what?

AnnaGrowsAMustache

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Re: Overheard at Work 2
« Reply #2771 on: September 26, 2020, 06:40:00 AM »
In the coffee machine? To do what?

Make coffee?!

dragoncar

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Re: Overheard at Work 2
« Reply #2772 on: September 27, 2020, 01:42:37 AM »
In the coffee machine? To do what?

Make coffee?!

Apparently the coffee gurus out there consider using distilled or RO water bad for coffee flavor, but I like not having to descale my machine (or at least less often).  I'm mostly in it for the caffeine anyway given that I let the grounds sit OVERNIGHT in the basket before the timer starts the brew. 

Feivel2000

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Re: Overheard at Work 2
« Reply #2773 on: September 27, 2020, 04:21:15 AM »
I was never a coffee guru. But I was advised to never drink destilled water.

This might be an urban legend, never followed up on it.

WerKater

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Re: Overheard at Work 2
« Reply #2774 on: September 27, 2020, 05:09:59 AM »
I was never a coffee guru. But I was advised to never drink destilled water.

This might be an urban legend, never followed up on it.
You can drink distilled water just fine. It is just that if you do not eat or drink anything else, you will lack in minerals. But if you eat well otherwise, distilled water is no problem.

Feivel2000

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Re: Overheard at Work 2
« Reply #2775 on: September 27, 2020, 05:21:33 AM »
I was never a coffee guru. But I was advised to never drink destilled water.

This might be an urban legend, never followed up on it.
You can drink distilled water just fine. It is just that if you do not eat or drink anything else, you will lack in minerals. But if you eat well otherwise, distilled water is no problem.

A valuable lesson about the need to challenge knowledge.

I think I'll try my coffee brewed with destilled water!

AnnaGrowsAMustache

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Re: Overheard at Work 2
« Reply #2776 on: September 27, 2020, 05:22:51 AM »
I was never a coffee guru. But I was advised to never drink destilled water.

This might be an urban legend, never followed up on it.

There's an idea out there that drinking distilled water might leach minerals from your body, because it has none and .... osmosis? God knows. Anyhoo, that's not really how water behave when you drink it. As far as your body is concerned, it's just water. Your body doesn't let valuable minerals wander around and leave through urine, unless there's something quite wrong.

TomTX

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Re: Overheard at Work 2
« Reply #2777 on: September 27, 2020, 06:34:08 AM »
I was never a coffee guru. But I was advised to never drink destilled water.

This might be an urban legend, never followed up on it.
You can drink distilled water just fine. It is just that if you do not eat or drink anything else, you will lack in minerals. But if you eat well otherwise, distilled water is no problem.
++

Drinking nothing but distilled water might cause issues longer term (lack of fluoride among them) - I certainly wouldn't worry about drinking some as part of a varied diet.

Brewing coffee with water means the water leaches soluble materials including minerals out of the coffee beans - it's certainly not going to be distilled anymore after it's been through the brew basket! Distilled water should be more efficient at extracting certain compounds, so I can see how flavor would be altered.

Distilled water can cause plumbing issues if not allowed for - brass works great for standard water, but distilled water will slowly leach out the zinc from the brass (typically would still take years though.)

geekette

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Re: Overheard at Work 2
« Reply #2778 on: September 27, 2020, 11:27:16 AM »
Distilled water just doesn't taste particularly good. It's just...bland (and I love water - it's just about all I drink).

elaine amj

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Re: Overheard at Work 2
« Reply #2779 on: September 27, 2020, 11:32:36 AM »
We drink remineralized reverse osmosis at home. When travelling,  DH considers distilled water an acceptable substitute. He's a water snob - Nestle bottled spring water is disgusting lol

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dragoncar

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Re: Overheard at Work 2
« Reply #2780 on: September 27, 2020, 04:02:56 PM »
Distilled water just doesn't taste particularly good. It's just...bland (and I love water - it's just about all I drink).

Taste like watered down water

elaine amj

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Re: Overheard at Work 2
« Reply #2781 on: September 27, 2020, 06:21:05 PM »
Distilled water just doesn't taste particularly good. It's just...bland (and I love water - it's just about all I drink).

Taste like watered down water
LOL!!

Still, water does taste different everywhere, even if u are drinking tap water at different houses in the same city.

I was happy drinking our tap water at home for years. Then DH installed the fancy RO system. I actually didn't like the taste in the beginning.  Of course, now I am used to it and no longer like our tap water.

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merula

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Re: Overheard at Work 2
« Reply #2782 on: September 28, 2020, 08:11:49 AM »
I tried using distilled water in my iron, but it just caused it to leak out into black foam that looked orange so you could see it better.

ixtap

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Re: Overheard at Work 2
« Reply #2783 on: September 28, 2020, 09:26:09 AM »
I tried using distilled water in my iron, but it just caused it to leak out into black foam that looked orange so you could see it better.

What did the investigators have to say?

Valley of Plenty

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Re: Overheard at Work 2
« Reply #2784 on: October 10, 2020, 09:59:20 PM »
I drive a small hatchback.  Sometimes people give me a hard time for not driving a big truck.  I tell them I'm compensating for something.

;)

Not everyone gets it.

ooooh I'm definitely stealing this!

Valley of Plenty

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Re: Overheard at Work 2
« Reply #2785 on: October 10, 2020, 10:47:05 PM »
What I don't understand is why people sell when it's really low.
I have the problem that I not sell when I should because it's slightly in the red even though I know it will go down more. I don't sell because I don't want to make the loss.
Why aren't people refusing to sell then when it is a big loss??

Because it's never clear how close we are to the bottom of the drop. People see their portfolio dropping in value at an alarming rate and fear that it will continue dropping at that rate, so they pull their money out before it loses any more value. The "big loss" doesn't seem big when weighed against the hypothetically bigger loss that they think they'll incur if they *don't* sell.

SwordGuy

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Re: Overheard at Work 2
« Reply #2786 on: October 11, 2020, 07:28:53 AM »
What I don't understand is why people sell when it's really low.
I have the problem that I not sell when I should because it's slightly in the red even though I know it will go down more. I don't sell because I don't want to make the loss.
Why aren't people refusing to sell then when it is a big loss??

Because it's never clear how close we are to the bottom of the drop. People see their portfolio dropping in value at an alarming rate and fear that it will continue dropping at that rate, so they pull their money out before it loses any more value. The "big loss" doesn't seem big when weighed against the hypothetically bigger loss that they think they'll incur if they *don't* sell.

A lot of people DO sell when the immediate spot price for their stocks drops big time.

Why don't I sell?

Because I don't confuse "the immediate spot price for my stocks" as the "value of my holdings", that's why.

I'll give an example using things we all understand, cars.

I buy a really cool antique car for $20,000.   I drive it to work where a colleague sees it and admires it.   We'll call him Sam.

Sam offers to buy the car for $30,000 because he loves this type of car and has always wanted them.    I think about it for a minute and then turn him down.

That night, I go home and say, "Honey, Sam said he would pay $30,000 for our antique car!!!   We just made $10,000!!!"

We're both very happy about how much money we just made.

A month goes by and I come out to my car to find a note on it from someone who wants to buy it for $15,000, but some water splashed on their phone number, so I can't find them.   "OMG!!!!   We just lost $15,000!!!!    We better sell our car to the first person we can find to buy it, before we lose even more!!!"

Substitute "car" with the word "stock" and you'll see how most Americans view their stock holdings.

Now, hopefully, a few things were obvious.   I didn't make a single penny when Sam offered me an immediate spot price of $30,000.   Why?  Because I didn't sell the car.

Nor did I lose money when I learned that some stranger only wanted to pay $15,000 for the car, again because I didn't sell it to them.

In both cases, I still owned the car and it's worth whatever it's worth.

Maybe it's the kind of antique that will grow in value over the years and maybe its' the kind that won't age well.    I dunno.   But  that's got nothing to do with the immediate spot price I'm offered at various times.

horsepoor

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Re: Overheard at Work 2
« Reply #2787 on: October 11, 2020, 04:45:13 PM »
Great analogy, SwordGuy!

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Re: Overheard at Work 2
« Reply #2788 on: October 12, 2020, 08:27:06 AM »
Actually it's not that great of an analogy. In the car example one is likely to be able to find a buyer for the "true" value of the car.

For stocks, this isn't true. Whatever the spot price (or somewhere near that) is what you will be able to sell them for if you need to sell anytime soon.

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Re: Overheard at Work 2
« Reply #2789 on: October 12, 2020, 08:39:59 AM »
Actually it's not that great of an analogy. In the car example one is likely to be able to find a buyer for the "true" value of the car.

For stocks, this isn't true. Whatever the spot price (or somewhere near that) is what you will be able to sell them for if you need to sell anytime soon.

You may have to wait awhile before you find the right buyer, which is like buying and holding until the market is up again.

All offers to purchase are spot-prices. :)



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Re: Overheard at Work 2
« Reply #2790 on: October 12, 2020, 09:16:38 AM »
 
Actually it's not that great of an analogy. In the car example one is likely to be able to find a buyer for the "true" value of the car.

For stocks, this isn't true. Whatever the spot price (or somewhere near that) is what you will be able to sell them for if you need to sell anytime soon.

You will still own the car even if the price drops to zero or if no one wants the car(you could still sell it for scrap or piece it out). With stocks if the company delists or goes bankrupt you end up holding nothing. Being a buy and hold forever investor I have had that happen a few times with individual stocks. Since switching to investing in index funds this hasn't happened again.

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Re: Overheard at Work 2
« Reply #2791 on: October 12, 2020, 10:15:03 AM »
Dudes.    Really.   Stocks aren't cars.   We all get that.    Even I , who gave the example, get that.

The example was to illustrate HOW REGULAR PEOPLE VIEW STOCKS in such a way that would make it extremely clear to them WHAT THEY GOT WRONG in their thinking about stocks.

It's purpose is to help explain why panicking about a drop in the spot price is foolish and stupid in a way they will both intellectually and emotionally grasp.

That's it.  No more.  No less.

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Re: Overheard at Work 2
« Reply #2792 on: October 12, 2020, 10:19:46 AM »
Dudes.    Really.   Stocks aren't cars.   We all get that.    Even I , who gave the example, get that.

The example was to illustrate HOW REGULAR PEOPLE VIEW STOCKS in such a way that would make it extremely clear to them WHAT THEY GOT WRONG in their thinking about stocks.

It's purpose is to help explain why panicking about a drop in the spot price is foolish and stupid in a way they will both intellectually and emotionally grasp.

That's it.  No more.  No less.

One goes vroom vroom.

The other doesn't.

Montecarlo

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Re: Overheard at Work 2
« Reply #2793 on: October 12, 2020, 11:33:58 AM »
Dudes.    Really.   Stocks aren't cars.   We all get that.    Even I , who gave the example, get that.

The example was to illustrate HOW REGULAR PEOPLE VIEW STOCKS in such a way that would make it extremely clear to them WHAT THEY GOT WRONG in their thinking about stocks.

It's purpose is to help explain why panicking about a drop in the spot price is foolish and stupid in a way they will both intellectually and emotionally grasp.

That's it.  No more.  No less.

I can't drive stocks to work to make more money to buy better stocks, so your comparison is invalid
/troll

NumberJohnny5

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Re: Overheard at Work 2
« Reply #2794 on: October 12, 2020, 12:23:25 PM »

PMG

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Re: Overheard at Work 2
« Reply #2795 on: October 12, 2020, 01:04:47 PM »
But what about stock cars?!?! Isnít that what investing is? Stock car racing?

By the River

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Re: Overheard at Work 2
« Reply #2796 on: October 12, 2020, 01:10:08 PM »
But what about stock cars?!?! Isnít that what investing is? Stock car racing?

What if I buy Ford and GM stocks to see which makes the most money, is that Car Stock racing?

jinga nation

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Re: Overheard at Work 2
« Reply #2797 on: October 12, 2020, 01:19:27 PM »
Dudes.    Really.   Stocks aren't cars.   We all get that.    Even I , who gave the example, get that.

The example was to illustrate HOW REGULAR PEOPLE VIEW STOCKS in such a way that would make it extremely clear to them WHAT THEY GOT WRONG in their thinking about stocks.

It's purpose is to help explain why panicking about a drop in the spot price is foolish and stupid in a way they will both intellectually and emotionally grasp.

That's it.  No more.  No less.

One goes vroom vroom.

The other doesn't.
R/wallstreetbets goes vroom vroom on TSLA.

TheGrimSqueaker

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Re: Overheard at Work 2
« Reply #2798 on: October 12, 2020, 04:18:12 PM »
Dudes.    Really.   Stocks aren't cars.   We all get that.    Even I , who gave the example, get that.

The example was to illustrate HOW REGULAR PEOPLE VIEW STOCKS in such a way that would make it extremely clear to them WHAT THEY GOT WRONG in their thinking about stocks.

It's purpose is to help explain why panicking about a drop in the spot price is foolish and stupid in a way they will both intellectually and emotionally grasp.

That's it.  No more.  No less.

One goes vroom vroom.

The other doesn't.

But they both crash from time to time.

zolotiyeruki

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Re: Overheard at Work 2
« Reply #2799 on: October 12, 2020, 04:42:13 PM »
But wait, Teslas *don't* go vroom vroom.