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Old 12-13-2015, 09:45 AM   #41
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Apparently, many don't understand basic finance, like compounding interest (as it pertains to both debt and savings), like investing v. "playing the stock market", etc.

But it seems to me that being able and willing to defer gratification is the major issue. Look, a shiny object, and only $200/month!
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Old 12-13-2015, 10:59 AM   #42
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Originally Posted by HFWR View Post
Apparently, many don't understand basic finance, like compounding interest (as it pertains to both debt and savings), like investing v. "playing the stock market", etc.

But it seems to me that being able and willing to defer gratification is the major issue. Look, a shiny object, and only $200/month!
I think you're right, although seeing your avatar sears my retinas. People that can delay gratification seldom seem to make the really stupid decisions. Although for all I know the guy that bought the goats thought about it for a long time before doing it. But the inability to wait fits many of the examples I know of (new motorcycle, sell the beat up old house and buy a shiny new trailer, etc.). Just waiting awhile takes the edge off the "I wants" for me, and I'm more likely to regret not making a move than I am to regret having done it.
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Old 12-13-2015, 12:23 PM   #43
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It's not stupidity, least for some. A buddy of mine will never be able to retire, but he's smart.

He'd told me once he and DW staged a divorce. They actually legally divorced each other with no intention of dissolving their marriage. No one moved out of the house! Why? So they could get a QDRO and collect his profit sharing! Guy had a couple of hundred thousand that he could not access so they stage a divorce(they did the entire process) so she gets the money and pays the penalty. I just shook my head in disbelief, then he gave me credit for their hair brained idea. Seems years prior we had talked about how a person could access the money and that was a thought I had. I NEVER said it was a good idea, just it could work.

Really a smart guy about some things, money isn't one of them.
Well, they might also now both qualify for an ACA subsidy as well with each making $45K for a total of $90K instead of the $60K cut off. (IIRC)
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Old 12-13-2015, 03:36 PM   #44
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i hava SIL in Dallas. She live in a $1,000,000 tear down! Her neighbor defers her property taxes. (over 65 in Texas you can do this, Kids pay when you die) I have told her several times this is an option. It's one of those situations if I say it She isn't going to do it! So her brother is in town and we are all around the dinner table. She brings this up to her brother and ask his opinion. BIL "Well government has to be paid for, I think you should pay the taxes". This is no small amount, at least $12,000 a year! I just shook my head and ate my potatoes!
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Old 12-13-2015, 05:02 PM   #45
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A whole lot of combinations of "get rich quick" and "you only live once" in this thread.

'Merica.

I've often said that I think the biggest difference between rich and poor given equal income is one group has the power of compounding interest working FOR them, the other AGAINST.
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