Mustachian People Problems (just for fun)

[jinga nation]

My MPP: when I get a bill from the condo property manager, the value for the repair doesn't bother me. It irritates the heck out of my noggin that the work write-up is incomplete, doesn't state clearly the problem-cause-resolution. So I have to make a couple of calls to get the full picture. I hate wasting time chasing for info. (I'm a non-resident owner, aka landlord.)

[ixtap]

DH wants to transfer shares to me and have me take advantage of a brokerage bonus. We got put on hold a LOT before we finally figured out how to transfer shares from his account to mine at the same institution, so that I can then transfer from my name to my name between institutions because the receiving institution says it just isn't possible to get shares from his main brokerage to my account at their firm. Over on bogleheads, people talk about gifting appreciated shares to adult children in lower tax brackets as being easy :(

Yes, that's it. It has taken us at least two hours of work, when you include time spent on hold, to get a brokerage bonus. Imma go hula hoop off the stress.

[dragoncar]

DH wants to transfer shares to me and have me take advantage of a brokerage bonus. We got put on hold a LOT before we finally figured out how to transfer shares from his account to mine at the same institution, so that I can then transfer from my name to my name between institutions because the receiving institution says it just isn't possible to get shares from his main brokerage to my account at their firm. Over on bogleheads, people talk about gifting appreciated shares to adult children in lower tax brackets as being easy :(

Yes, that's it. It has taken us at least two hours of work, when you include time spent on hold, to get a brokerage bonus. Imma go hula hoop off the stress.

Yeah, I think it really depends on the specific brokerage.  When I wanted to transfer shares to my wife I had to either get some forms notarized first, or the easy way which was to open a joint account, and transfer my shares to the joint account and then out to her account.  That way all transfers have at least one matching name on the account.  Even this approach wouldn't work with strict brokerages as transfers out of a joint account into an individual account technically mean removing one spouse from ownership.  Some brokerages will require exact name matches on both accounts or additional documentation.

[Plina]

My parents had come up with the idea that they want to transfer their house to me and my siblings. I told them it would be a major pain in the ass for us to own a third of the house and thought they could keep the house in their name. Even if they pay everything I don’t want to deal with a co-ownership earlier then necessary so I think I managed to talk them out of it.

[Catbert]

My parents had come up with the idea that they want to transfer their house to me and my siblings. I told them it would be a major pain in the ass for us to own a third of the house and thought they could keep the house in their name. Even if they pay everything I don’t want to deal with a co-ownership earlier then necessary so I think I managed to talk them out of it.

Assuming you're in the US this is also a bad idea from a tax perspective.  If they give it to you you get their presumably low cost basis so more capital gains tax will be owed when you eventually sell it.  If you inherit property the cost basis resets to its worth at the date of death.  And by "you" I mean either you individually or you the siblings. 

Some state have a transfer on death option for real estate.  That might work if you're in the right state.

[NorCal]

My parents had come up with the idea that they want to transfer their house to me and my siblings. I told them it would be a major pain in the ass for us to own a third of the house and thought they could keep the house in their name. Even if they pay everything I don’t want to deal with a co-ownership earlier then necessary so I think I managed to talk them out of it.

This is a bad idea for many different reasons.  My grandparents did this to my parents with the best of intentions.

To keep a long story short, today three siblings each own a third of each others houses (two of which include of cattle ranches).  We went from a very close and loving extended family to a family that sues each other and vows to never talk to each other again.  Yet they all still co-own the property that everyone lives in.  It will now be up to my generation to untangle this because my parents generation will never sit down and talk about it.

There's no quicker way to destroy a family than to jointly own property with them.

[frugalnacho]

Doing some home renovations and charged about $4k on cc for building materials.  I wanted to balance my checking account and square everything away so I paid the bill early, but the auto payment ended up going through about 2 weeks later for the full amount.  Now my checking account balance is out of whack, and I have a -$4k balance on one of my cards.  Now I have to go specifically request they pay me instead of just leaving the balance.  Or just leaving it for like 6 months until they automatically do it.

I contacted BoA via online chat and they refused to refund the overpayment to my checking.  They said I have to call in and it can't be done online.  The account is in my wife's name so I can't call and impersonate her over the phone, so she'll have to do it.  So I guess we are just waiting the 6 months for them to automatically do it because that will probably happen before I can get her to call in.

[MagneticNorth]

Doing some home renovations and charged about $4k on cc for building materials.  I wanted to balance my checking account and square everything away so I paid the bill early, but the auto payment ended up going through about 2 weeks later for the full amount.  Now my checking account balance is out of whack, and I have a -$4k balance on one of my cards.  Now I have to go specifically request they pay me instead of just leaving the balance.  Or just leaving it for like 6 months until they automatically do it.

I contacted BoA via online chat and they refused to refund the overpayment to my checking.  They said I have to call in and it can't be done online.  The account is in my wife's name so I can't call and impersonate her over the phone, so she'll have to do it.  So I guess we are just waiting the 6 months for them to automatically do it because that will probably happen before I can get her to call in.

>> The account is in my wife's name so I can't call and impersonate her over the phone, so she'll have to do it. 

You'd be surprised! I took over payments on an account for my opposite-gendered parent, and when I was told they had to call themselves, I just called back and confidently claimed to be them. They did ask about my pronouns, but weren't willing to tell me I had an exceptionally feminine voice for a person named Paul.

[SwordGuy]

I just make the call and at the appropriate point, hand the phone to my wife, who identifies herself and tells the operator to deal with me.  Works every time.

[shelivesthedream]

I just make the call and at the appropriate point, hand the phone to my wife, who identifies herself and tells the operator to deal with me.  Works every time.

I do this too, and have sometimes been able to get myself down as a named "authorised person" for Mr SLTD's accounts so he doesn't even have to be there after the first time. It's REALLY handy. He's down as a named authorised person for me at the GP too, I think, so he can make appointments for me and deal with prescriptions. Rarely used, but really worth doing.

[Plina]

My parents had come up with the idea that they want to transfer their house to me and my siblings. I told them it would be a major pain in the ass for us to own a third of the house and thought they could keep the house in their name. Even if they pay everything I don’t want to deal with a co-ownership earlier then necessary so I think I managed to talk them out of it.

Assuming you're in the US this is also a bad idea from a tax perspective.  If they give it to you you get their presumably low cost basis so more capital gains tax will be owed when you eventually sell it.  If you inherit property the cost basis resets to its worth at the date of death.  And by "you" I mean either you individually or you the siblings. 

Some state have a transfer on death option for real estate.  That might work if you're in the right state.

I am not US based so from a tax perspective it doesn’t matter more then that we have to file the taxed for our third. The house is in an area were the prices are low and my parents built the house.

This is a bad idea for many different reasons.  My grandparents did this to my parents with the best of intentions.

To keep a long story short, today three siblings each own a third of each others houses (two of which include of cattle ranches).  We went from a very close and loving extended family to a family that sues each other and vows to never talk to each other again.  Yet they all still co-own the property that everyone lives in.  It will now be up to my generation to untangle this because my parents generation will never sit down and talk about it.

There's no quicker way to destroy a family than to jointly own property with them.

In this case it would be easier because there are only one house on the property. I think you are a lot more happy to sue people in US compared to Sweden. Every coowner can force a sale of a property through the court so you don’t actually need to sue anybody. When the time comes I will probably give my third to my siblings because I don’t want to deal with the hassle of co-ownership. And I am the lawyer in the family.

[dragoncar]

>> The account is in my wife's name so I can't call and impersonate her over the phone, so she'll have to do it. 

You'd be surprised! I took over payments on an account for my opposite-gendered parent, and when I was told they had to call themselves, I just called back and confidently claimed to be them. They did ask about my pronouns, but weren't willing to tell me I had an exceptionally feminine voice for a person named Paul.

I never did it but I always figured it was a viable way in an emergency.  I’m in CA so large companies are probably wary of discrimination based on gender identity.  At some point banks just have to give up subjective sound of your voice as a security measure (although fidelity uses AI voice analysis to compare you to previous calls)

That said, my wife has a gender neutral nickname so depending on how the account is set up it’s super easy for me to handle stuff.

[Mighty Eyebrows]

There's no quicker way to destroy a family than to jointly own property with them.

Your story is painful. I have had a taste of this, but not to the same degree. Good (financial) fences make good neighbours.

[DadJokes]

Doing some home renovations and charged about $4k on cc for building materials.  I wanted to balance my checking account and square everything away so I paid the bill early, but the auto payment ended up going through about 2 weeks later for the full amount.  Now my checking account balance is out of whack, and I have a -$4k balance on one of my cards.  Now I have to go specifically request they pay me instead of just leaving the balance.  Or just leaving it for like 6 months until they automatically do it.

I contacted BoA via online chat and they refused to refund the overpayment to my checking.  They said I have to call in and it can't be done online.  The account is in my wife's name so I can't call and impersonate her over the phone, so she'll have to do it.  So I guess we are just waiting the 6 months for them to automatically do it because that will probably happen before I can get her to call in.

>> The account is in my wife's name so I can't call and impersonate her over the phone, so she'll have to do it. 

You'd be surprised! I took over payments on an account for my opposite-gendered parent, and when I was told they had to call themselves, I just called back and confidently claimed to be them. They did ask about my pronouns, but weren't willing to tell me I had an exceptionally feminine voice for a person named Paul.

I deal with this frequently for a different reason: bank bonus churning. I'll sign up for bank accounts to earn the bonuses under both my and my wife's names (she's aware of this). After a specific period of time, I close the accounts so that I can earn the bonus again in the future. Some banks make it easy to close the account online, but some make you call them to close the account. I'll make my voice as feminine as possible when I'm trying to close her accounts. I've still been called "sir" occasionally, but they've never questioned whether or not I'm who I claim to be.

[LennStar]

I think I am in middle of the mother of all MPPs: It's Black Friday &Co and I could safe so much money if I could just find something I wanted to buy, but there is nothing. What a bummer.

Well, my mouse just broke (why does this always happen on Friday evening??), but those things are so cheap (at least the ones I use) that it doesn't make a difference even if they were on sale. The big 10 button gaming mice (or mouses in that case?) would be different, but I don't need those to browse the internet. sigh

[TomTX]

Well, buy yourself some I-bonds. They're "on sale" - current yield is 7.12%

[magus]

My MPP is that I’ve never before heard of someone having a 3rd car. Well, yes, soccer stars collecting 19 sports cars and whatever, but not someone’s mom having one to lend.

Old boss of mine (was CFO at the time, later became the CEO) built a custom home with a 12 car garage and still didn't have enough bays. He was probably making about a mil a year at the time on average pre tax, or $550k after tax. 3rd car for 1-2 people isn't very common but not unheard of either. Insurance and property tax on an old paid off beater is pretty cheap if you want as a backup vehicle.

[Morning Glory]

My MPP is that I’ve never before heard of someone having a 3rd car. Well, yes, soccer stars collecting 19 sports cars and whatever, but not someone’s mom having one to lend.

Old boss of mine (was CFO at the time, later became the CEO) built a custom home with a 12 car garage and still didn't have enough bays. He was probably making about a mil a year at the time on average pre tax, or $550k after tax. 3rd car for 1-2 people isn't very common but not unheard of either. Insurance and property tax on an old paid off beater is pretty cheap if you want as a backup vehicle.

When I had a rural property we had an old pickup that was just used for chores, plus two other vehicles. They were all old and had liability only insurance,  and husband did the maintenance himself,  so not too expensive.  The maintenance got to be time consuming though.

[LennStar]

Well, buy yourself some I-bonds. They're "on sale" - current yield is 7.12%

I am a German, and we are ranting here about 4% - or just about the wanted number of 2%/year on a 2 year average. (Not to mention that it was way under 2% for the last decade.)

And speaking about investment money, I would go for battery and Lithium. It's already late to the game (most of the stocks have already tripled this year) but not too late I think. As long as nobody figures out how to make a battery without lithium, sales will only increase.

[TomTX]

Well, buy yourself some I-bonds. They're "on sale" - current yield is 7.12%

I am a German, and we are ranting here about 4% - or just about the wanted number of 2%/year on a 2 year average. (Not to mention that it was way under 2% for the last decade.)

And speaking about investment money, I would go for battery and Lithium. It's already late to the game (most of the stocks have already tripled this year) but not too late I think. As long as nobody figures out how to make a battery without lithium, sales will only increase.

https://electrek.co/2021/07/29/catl-introduces-first-gen-sodium-ion-battery-and-ab-lithium-sodium-pack/

CATL has really been pushing lower-cost cell chemistries for years. They've been greatly increasing energy density of LFP (Lithium Iron Phosphate) cells, which eliminate most of the expensive metals in the higher density "high nickel" lithium chemistries. Lithium cost wasn't much compared to (say) Cobalt - but it's very high compared to iron. This makes lithium more of a target for elimination.

They're far enough along that all the shorter range Tesla packs are LFP in the newer factories, and Fremont will be rolling them out as well.

[Lyngi]

I got a letter from my employer stating I had
 a $1300 check from June 2020 that hadn't been cashed.  I have direct deposit and live checks are rare.  Now I have to go find a notary and send back the form to get money I hadn't missed

[dragoncar]

I got a letter from my employer stating I had
 a $1300 check from June 2020 that hadn't been cashed.  I have direct deposit and live checks are rare.  Now I have to go find a notary and send back the form to get money I hadn't missed

That’s annoying.  They know you didn’t cash the check.  Why do you need a notary?  To promise you won’t cash the check just in case you find it later?

[Adventine]

I got a letter from my employer stating I had
 a $1300 check from June 2020 that hadn't been cashed.  I have direct deposit and live checks are rare.  Now I have to go find a notary and send back the form to get money I hadn't missed

That’s annoying.  They know you didn’t cash the check.  Why do you need a notary?  To promise you won’t cash the check just in case you find it later?

I know that checks are usually good for 6 months and after that, banks can refuse to honor them. But I don't get either why a notary is required in this situation.

[Dicey]

I got a letter from my employer stating I had
 a $1300 check from June 2020 that hadn't been cashed.  I have direct deposit and live checks are rare.  Now I have to go find a notary and send back the form to get money I hadn't missed

Seriously, I would push back. Why did you send a check when I have Direct Deposit? Where did you send it? What was it for? And finally, "You want me to do what?". Asking you to notarize a document to correct their error is nuts.

[rantk81]

I have direct deposit set up at my employer (~2000 employees world-wide), and I recent filed a $26 expense report.  My employer mailed me a check for $26.  It seemed bizarre to me.

[TomTX]

I have direct deposit set up at my employer (~2000 employees world-wide), and I recent filed a $26 expense report.  My employer mailed me a check for $26.  It seemed bizarre to me.

The IRS insists on mailing us a monthly child credit check on paper. We've had them direct deposit for years and I even verified with the child credit page that yes, DD is set up there too.

Want to opt out and roll it into your tax refund? Sorry, that just means you will get a paper check for half as much unless your spouse ALSO sets up their own separate IRS account and ALSO manually opts out.

[dragoncar]

I have direct deposit set up at my employer (~2000 employees world-wide), and I recent filed a $26 expense report.  My employer mailed me a check for $26.  It seemed bizarre to me.

My employers have always done that too, so i guessed there must be a reason besides laziness (seems like more work to mail a physical check)

Maybe everything they issue via direct deposit has to go through payroll software and messes up all the tax/accounting

[PMG]

This is really a non problem now, but I thought it would be a problem, last year I set up to max out my 403b, but I missed a pay period or two, so I set it to max in 22 pay cycles, not 24.  Figured I’d need to change it again this year so that I. Didn’t go over the limit, so I set a dozen reminders, but they’ve increased the limit, and I can let things set as they were and come within spitting distance of the new limit, so it makes no sense to change it.  I’m just going to let it as is, except all these mildly annoying reminders keep popping up on my phone and calendar for a task I no longer need to do. 

[talltexan]

I have direct deposit set up at my employer (~2000 employees world-wide), and I recent filed a $26 expense report.  My employer mailed me a check for $26.  It seemed bizarre to me.

The IRS insists on mailing us a monthly child credit check on paper. We've had them direct deposit for years and I even verified with the child credit page that yes, DD is set up there too.

Want to opt out and roll it into your tax refund? Sorry, that just means you will get a paper check for half as much unless your spouse ALSO sets up their own separate IRS account and ALSO manually opts out.

We received our TY 2020 refund as a paper check, so we've been getting these checks monthly, too. I'd prefer them direct-deposited, but it's a little bit satisfying to deposit them via app in my account and them put them in a drawer that contains only them, plus one or two other tax-relevant documents.

[dandarc]

So, solar panels installed yesterday and finishing up today on our house. Related MPP - they might turn the system on before the end of December, which normally would be what I would want - get that money making machine on the roof running ASAP. However, congress might pass BBB and if the section on solar credits remains with what the house passed, I think that would mean additional tax credit for 4% of the system cost, which would be even better financially for us, but only if the system is put into service after the new year.

Not sure this really counts, but another possible MPP with this project - "solar array is uglier than I expected". Sort of want to see if they can re-orient and maybe add 4 more panels to a certain section of roof. They said "we can fit 22 panels on your roof" when I asked what was the most they could put - wound up with a 4 high X 5 wide with panels in landscape orientation on one section, basically completely covering that part of the roof with reasonable margins around it all, but then the other section has a 2 high X 1 wide portrait orientation. And conduit running over the hitch in the roof and into the main array that is really annoying to look at.

Not serious about this change though - system is a bit oversized already as we're anticipating some changes to our electric usage coming over the next several years. Maybe once the house is all electric and the additional draw is fully known, I'll see if it makes sense to add a few more panels. Gonna make money with it, but damn is it ugly - I need to figure out some way to better hide the conduit at least.

[zolotiyeruki]

I need to figure out some way to better hide the conduit at least.

I wonder if flat black spray paint might be good enough.  A few years ago I built a deck and used EMT (conduit), painted black, as the balusters.  I think that was four years ago, and they have held up with no issue (not even rust!) since.  Against a dark roof, it wouldn't stand out.

[dandarc]

I need to figure out some way to better hide the conduit at least.

I wonder if flat black spray paint might be good enough.  A few years ago I built a deck and used EMT (conduit), painted black, as the balusters.  I think that was four years ago, and they have held up with no issue (not even rust!) since.  Against a dark roof, it wouldn't stand out.

So after I posted this I went to check on them since it was only supposed to be a couple of hours this morning to finish up some stuff with the wiring, and what does the project manager tell me? "There's a handful of items I want them to change - fix the bend in the conduit which is too close to the roof and spray-paint it black. Also put the correct connector here and put some black caulk around the drop through the eve . . ." So they're coming back for a couple of hours in the next few days and doing exactly what you've suggested and a few other things.

ETA - also the additional 4% tax credit might turn into a real MPP whiney-pants situation - the PM said they expect the inspector to be out before the end of this week. Passing inspection is the green light for them to put the thing in-service, which is the key date for tax credits, so maybe I can try and read the tea leaves with regards to the legislation and schedule the activation appointment accordingly.

Update: The black spray paint does indeed look fantastic.

[secondcor521]

My problem: I do the bank account bonus thing and on the last one it took US Bank  five weeks to post my $400 bonus!

My #mpp's both relate to 2021 tax planning:

1.  I did a bunch of bank bonuses starting in about September that should pay out around the end of the year.  It is going to be tricky to determine if they pay out in 2021 or not.

2.  The Department of Education has not said, as far as I know, which part of the FAFSA simplification law they are going to implement on next year's FAFSA, which will use 2021 tax returns.

Because of these two issues, it will be more challenging than normal to figure out how much Roth conversions to do.

[Steeze]

One of my friend's little brother is a crypto millionaire, 8 figures minimum. !@$# I did this life thing all wrong.

[moof]

One of my friend's little brother is a crypto millionaire, 8 figures minimum. !@$# I did this life thing all wrong.

For each crypto millionaire, rich "influencer", Lottery winner, etc there are thousands of folks who are instead in the proverbial trash bin of failed attempts.  As someone with cronic poor luck, I've had far better success the old fashioned way.

On the schadenfreude front I do enjoy looking at the long list of bankrupt former lottery winners, destitute rappers, Bernie Madoffs, etc as cautionary tales against chasing get-rich-quick schemes.  As a former welfare kid and high school dropout, being in the 7 figure club through hard work, frugality, and mostly good life choices makes me feel really fricking lucky.  I of course still hope one day to sit back with a bowl of popcorn if/when the crypto bubble pops.

[Mighty Eyebrows]

One of my friend's little brother is a crypto millionaire, 8 figures minimum. !@$# I did this life thing all wrong.

I know someone who won a $5 million lottery prize. That doesn't change my behavior.



Nothing so undermines your financial judgement as the sight of your neighbor getting rich.
– J. P. Morgan

[SwordGuy]

One of my friend's little brother is a crypto millionaire, 8 figures minimum. !@$# I did this life thing all wrong.

I know someone who won a $5 million lottery prize. That doesn't change my behavior.

Nothing so undermines your financial judgement as the sight of your neighbor getting rich.
– J. P. Morgan

I know a family that won $10 million on a slot machine in the casino in Tunica, MS.   It changed their behavior big time.
Totally destroyed their family.  Only 1 of the 4 kept their head.    Divorce, Husband passed out drunk in the driveway and died of hypothermia, wife went completely broke, son went completely broke plus lost his already paid for house and the business his parents gave him after they retired from it.   Only the daughter kept her act together.

[lemanfan]

Nothing so undermines your financial judgement as the sight of your neighbor getting rich.
– J. P. Morgan

I guess that the mustachian problem is then to not let your neighbor see your wealth.  :)

[LennStar]

Nothing so undermines your financial judgement as the sight of your neighbor getting rich.
– J. P. Morgan

I guess that the mustachian problem is then to not let your neighbor see your wealth.  :)

Nah, the MPP is that your neighbors want to donate their used things to you because you don't have anything!!

[Mighty Eyebrows]

I know someone who won a $5 million lottery prize. That doesn't change my behavior.

I know a family that won $10 million on a slot machine in the casino in Tunica, MS.   It changed their behavior big time.

A sobering story, and one that seems very common.

(However, with the brevity of forum posts, I can't tell if you actually saw at what I wrote. The friend winning money didn't change my behavior. I didn't say anything about their behavior.)

[SwordGuy]

I know someone who won a $5 million lottery prize. That doesn't change my behavior.

I know a family that won $10 million on a slot machine in the casino in Tunica, MS.   It changed their behavior big time.

A sobering story, and one that seems very common.

(However, with the brevity of forum posts, I can't tell if you actually saw at what I wrote. The friend winning money didn't change my behavior. I didn't say anything about their behavior.)

Yes, I understood.  It just reminded me of a compelling story about people I know.   People who get wealth very quickly often aren't prepared for it.  That makes the MMM method of increasing one's savings rate extra effective -- it takes time and it takes discipline over spending during that time to build wealth.

[ixtap]

Sigh...

When I did our six month check up six months ago, I switched the bond and stock totals from one of the accounts. We wondered why we weren't quite out of balance enough to bother rebalancing. Now we have all this extra growth on...2% of our portfolio. The shame.

[zolotiyeruki]

Nothing so undermines your financial judgement as the sight of your neighbor getting rich.
– J. P. Morgan

I guess that the mustachian problem is then to not let your neighbor see your wealth.  :)

Nah, the MPP is that your neighbors want to donate their used things to you because you don't have anything!!

Oh, goodness, this has happened many times to us.  We have more income than most of the people in our circles, but with the exception of our house, we live pretty frugally.  Our two cars average 20 years old and 230,000 miles, we don't have fancy clothes, etc. 

About a month ago, I mentioned to a coworker that we were looking to acquire a third car for those cases where our family is going three different directions, and my coworker gave us an old car they're not using.  Said coworker makes a lot less money than us.

Sure, the car is old and needs some work, but I can handle that.  It's quite rusty, and some maintenance has been deferred, and  couple things are broken.  But we only need it temporarily (hopefully less than a year), so it's no big deal to leave the busted rear sway bar alone, and ignore the missing springs to un-recline the seats.  I've spent about $150 changing fluids, replacing a power steering hose and a brake line, and gearing up to change the transmission fluid and filter.

This brings me to my MPP:  The trouble is that I live in the great, grasping state of Illinois, where no tax hike is sufficient to satisfy the gaping maw of public pensions and decades of poor fiscal management.  It's going to cost me $150 to transfer the title, $151 to register it, and $25 in sales taxes.  I'm literally going to spend twice as much on compliance costs as I'm going to spend on the actual car.

[Morning Glory]

Nothing so undermines your financial judgement as the sight of your neighbor getting rich.
– J. P. Morgan

I guess that the mustachian problem is then to not let your neighbor see your wealth.  :)

Nah, the MPP is that your neighbors want to donate their used things to you because you don't have anything!!

Oh, goodness, this has happened many times to us.  We have more income than most of the people in our circles, but with the exception of our house, we live pretty frugally.  Our two cars average 20 years old and 230,000 miles, we don't have fancy clothes, etc. 

About a month ago, I mentioned to a coworker that we were looking to acquire a third car for those cases where our family is going three different directions, and my coworker gave us an old car they're not using.  Said coworker makes a lot less money than us.

Sure, the car is old and needs some work, but I can handle that.  It's quite rusty, and some maintenance has been deferred, and  couple things are broken.  But we only need it temporarily (hopefully less than a year), so it's no big deal to leave the busted rear sway bar alone, and ignore the missing springs to un-recline the seats.  I've spent about $150 changing fluids, replacing a power steering hose and a brake line, and gearing up to change the transmission fluid and filter.

This brings me to my MPP:  The trouble is that I live in the great, grasping state of Illinois, where no tax hike is sufficient to satisfy the gaping maw of public pensions and decades of poor fiscal management.  It's going to cost me $150 to transfer the title, $151 to register it, and $25 in sales taxes.  I'm literally going to spend twice as much on compliance costs as I'm going to spend on the actual car.

Ugh Illinois. I have two separate sets of parents who depend on those pensions. Makes sequence risk look pretty small in comparison.

[johndoe]

the MPP is that your neighbors want to donate their used things to you because you don't have anything!!

Oh, goodness, this has happened many times to us.  We have more income than most of the people in our circles, but with the exception of our house, we live pretty frugally.  Our two cars average 20 years old and 230,000 miles, we don't have fancy clothes, etc. 

About a month ago, I mentioned to a coworker that we were looking to acquire a third car for those cases where our family is going three different directions, and my coworker gave us an old car they're not using.  Said coworker makes a lot less money than us.

I agree on the MPP of normies pitying us.  But I have to say, if a coworker offered to give me a car I'd pay them at least a few hundred bucks.  I'm fine with someone thinking I'm destitute, but letting them give me a car out of pity seems to be crossing a line IMHO (especially if they have a lower salary).  Maybe I'm reading too much into this... perhaps you'd consider repaying them (somehow)?

[Adventine]

An MPP for me and my husband: in our cash budget spreadsheet, we don't have a category for clothes. I had to buy some today and wondered where to put it.

[Ladychips]

An MPP for me and my husband: in our cash budget spreadsheet, we don't have a category for clothes. I had to buy some today and wondered where to put it.

Lol.  What did you decide?  I had a similar (but different) MPP.  My husband and I traded for a golf cart (all the rage in my neighborhood). It needed new batteries.  What category is that?!?!?  Vehicle? Home improvement? Entertainment?

[RWD]

An MPP for me and my husband: in our cash budget spreadsheet, we don't have a category for clothes. I had to buy some today and wondered where to put it.

Lol.  What did you decide?  I had a similar (but different) MPP.  My husband and I traded for a golf cart (all the rage in my neighborhood). It needed new batteries.  What category is that?!?!?  Vehicle? Home improvement? Entertainment?

I have ~50 expense categories. But sometimes stuff still needs to go under Miscellaneous. I would probably put golf cart battery replacement under Auto Maintenance (sub category of Auto), assuming it is being used for general transportation. If being used as an actual golf cart for golfing then I would put it under Hobbies.

[Adventine]

@Ladychips I put it under Misc... a category we use so rarely that I only double-checked our spreadsheet when @RWD mentioned it. Turns out we DO have a Misc category, all the way at the end. D'oh!

[zolotiyeruki]

the MPP is that your neighbors want to donate their used things to you because you don't have anything!!

Oh, goodness, this has happened many times to us.  We have more income than most of the people in our circles, but with the exception of our house, we live pretty frugally.  Our two cars average 20 years old and 230,000 miles, we don't have fancy clothes, etc. 

About a month ago, I mentioned to a coworker that we were looking to acquire a third car for those cases where our family is going three different directions, and my coworker gave us an old car they're not using.  Said coworker makes a lot less money than us.

I agree on the MPP of normies pitying us.  But I have to say, if a coworker offered to give me a car I'd pay them at least a few hundred bucks.  I'm fine with someone thinking I'm destitute, but letting them give me a car out of pity seems to be crossing a line IMHO (especially if they have a lower salary).  Maybe I'm reading too much into this... perhaps you'd consider repaying them (somehow)?

The car was sitting in their front yard, undriven, for several months, alongside a second car, in even worse repair, which had been sitting for a similar amount of time.  I should do something nice for them at least.

This, of course, leads to another MPP:  we consider ourselves very fortunate, especially financially, so we try to pay it forward, and participate in various charitable causes. My problem is that many of those who are the recipients of charity seem to have nicer cars, nicer clothes, nicer cell phones, etc than we do, and I don't like the idea of subsidizing someone to a higher standard of living than I live myself.  A recent cause had a list of requested items, which included....air pods and Ugg boots.  Seriously?!