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Old 09-27-2015, 08:01 AM   #61
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Note to self: in future when traveling with a friend in his vehicle, first check that the hood isn't rusted shut!

Reminds me of the time I was a passenger in my friend's '64 VW bug (which was an ongoing work in progress) and the gas tank fell off right in the middle of a large east coast city (in pouring rain).

That was better than the other time when in the same car the battery, which was inexplicably in the back seat) caught fire and he calmly put it out with a fire extinguisher while still driving! Good times. -BB
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Old 09-27-2015, 10:08 AM   #62
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Originally Posted by gauss View Post
+1

Seriously - does the CU mentioned have a limited field of membership? Would you be willing to share the name of the CU?

-gauss
Community Resource Credit Union (formerly EXXON) in Baytown Texas. I double checked the interest rate, it's not 1.5%. It's 1.78%!

When I joined you had to be an employee or a relative of an employee, I think that has been relaxed.
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Old 09-27-2015, 10:16 AM   #63
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Speaking of banks and their "opportunities" I happened to have a high balance in my checking for a few months. Was in the bank for some reason or other and got the full on press to do the Chase Preferred Customer thing. No thanks.
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Old 09-27-2015, 11:15 AM   #64
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Scary to find out you only have $10 in checking account....even scarier is the need to find a new high paying job at the age of 55 (assuming the need to replace the $120k salary that was lost). Sounds like he isn't worried.


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I'm envious of people like this. I'd pace a hole in the floor in that situation.
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Old 09-27-2015, 12:02 PM   #65
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Community Resource Credit Union (formerly EXXON) in Baytown Texas. I double checked the interest rate, it's not 1.5%. It's 1.78%!

When I joined you had to be an employee or a relative of an employee, I think that has been relaxed.
Thanks! It looks like the geographically based field of membership requirements to join may be met by many of our Houston area board members.

-gauss
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Old 09-27-2015, 12:36 PM   #66
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The only folks who would have a lot of money in their checking account are ones who haven't been the victims of ID theft yet. My acct was hacked and the thieves spent at OUT-OF-STATE five separate stores, each one in a DIFFERENT COUNTY, always in an UNINCORPORATED AREA, each incident A HAIR UNDER $1000, so they knew what they were doing!

When you go into the bank to complain you learn that this is one of the few crimes in our country where you are assumed guilty until the bank figures out you're telling the truth. You won't be dealing with the friendly folks in your branch, rather, you will be dealing with Loss Prevention at HQ. It will take WEEKS to get reimbursed. The bank tells you to file a police report but...the cops will tell you to take it up with the police in the jurisdiction that the money was illegally spent. And that's why the thieves chose out-of-state and specifically each time in a different county. PLUS...I had to deal with sheriff's offices since it was always in unincorporated areas, and they have less people skills than regular cops. In fact, they don't give a hoot about an out-of-stater since you can't vote for sheriff.

So in sum, it can happen to you too. It is a lot harder to deal with than credit card fraud. It will take many, many hours of your time.
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Old 09-27-2015, 01:55 PM   #67
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The only folks who would have a lot of money in their checking account are ones who haven't been the victims of ID theft yet.
I'd prefer not to have my emergency fund in my checking account, but with Money Market rates what they are, it's what I've decided to do.

All of my liquid assets are accessible on-line, one the many risks I have to manage and mitigate. "I rolls the dice and takes my chances"
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Old 09-27-2015, 02:15 PM   #68
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I forgot to mention, the perp on the security tape, and it took a couple of weeks to get the security video, was not me at all, so that helped resolve it.

And if your funds are in a business account and the thieves comes in through the use of a hacked debit card, in most states the bank has no responsibility to make you whole. Check that out. Not something they like to mention...
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Old 09-27-2015, 07:28 PM   #69
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occasion when he gets into a difficult bind, I play with the idea of giving him a helping hand. Just as I get to the point of approaching him with the idea I find he has directed some new found money toward another instant gratification of some kind and I stop in time. He has had a fair amount of problems throughout the years as we both have that would make anyone depressed but has chosen a different path to try and cope. He methods will never change so all I can really do is be emotionally supportive during the hard times. He's a good person so it is sad that his choices have compounded his stress. Cheers!
+1. I find that as the years roll by of us being LBYMers and most of our friends, well, not doing that, I have to consciously fight my judgment or appearance of judgment. It's increasingly difficult as we all enter our 50s. One dear friend, recently divorced at 52 due, in part, to money instability issues, approached me for help to learn how to budget because he knows I save and invest avidly and that " I can squeeze the buffalo off a nickel." I agreed to the conversation but started it by saying I am just offering advice as requested, not judgment. He's a contractor who owes a different friend $10K for a truck, which has had repair problems that he can't pay without debting. It was a good conversation and I thought I got traction. However, the next time I saw him, he was over the moon about his new $800 bicycle that was such a good deal. I smiled and said "congrats", but I wasn't totally honest. I have decided my friendships are more important than money and, somehow, people muddle through their old ages and he will, too. I have just taken a different path that I believe in strongly, but I am not inherently superior.


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The Difference LBYM means
Old 09-27-2015, 08:41 PM   #70
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The Difference LBYM means

Quote:
Originally Posted by gauss View Post
+1

Seriously - does the CU mentioned have a limited field of membership? Would you be willing to share the name of the CU?

-gauss

I'd like to join too, but I'm not seeing that extraordinary rate on their site. No matter as I am not eligible anyway.
EDIT: Checked again and found 2 pct on balances up to 20k! Wow!

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Old 09-27-2015, 08:47 PM   #71
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I've been an LBYMer for most of my life and have watched a friend slowly destroy his financial well being bit by bit over the years. We both earn the same (MegaGovt). I have no mortgage and no debt and will be retiring comfortably in spring with a solid COLA pension. In spite of several foolish decisions, somehow 15 years ago he was just 8-10 years from being mortgage and debt free but then decided to sell and build his dream house. Unfortunately, he sold just before the housing market doubled prices, which also doubled the cost to build. He is now 52 with a mortgage 4 times his annual income, and to make matters worse, he is now planning on retiring early and taking a huge penalty on his pension that he can't afford to take...in fact, retiring with full benefits might even be cutting it too close. And, of course, he also wants to replace a reliable paid off vehicle that has just 120,000 kms (75k miles) on it with a new one.
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Old 09-28-2015, 08:52 AM   #72
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Not sure why these type of threads are so popular here? I guess it makes us feel good knowing we are so much smarter than all these "losers". I am as guilty as the next guy in this regard.
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Old 09-28-2015, 09:29 AM   #73
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Not sure why these type of threads are so popular here? I guess it makes us feel good knowing we are so much smarter than all these "losers". I am as guilty as the next guy in this regard.
For me it's a reminder of how far I've come. It feels good to win with money and I wish everyone would. My son is the only one I actively try to educate and all I'm trying to do is show him my mistakes so maybe he can avoid them.

LBYM is a lifestyle choice not everyone is willing to make.
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Old 09-28-2015, 09:37 AM   #74
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For me it's a reminder of how far I've come. It feels good to win with money and I wish everyone would. My son is the only one I actively try to educate and all I'm trying to do is show him my mistakes so maybe he can avoid them.

LBYM is a lifestyle choice not everyone is willing to make.
Agree. I gave up giving unsolicitated advice to all but my daughter years ago. She is actually better at LBYM than I was at her age. Hard not to be smug.
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Old 09-28-2015, 09:52 AM   #75
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I have to admit that I sometimes envy people who can live so close to the edge and still sleep at night. They must have what I would consider to be extraordinary optimism and confidence in their future.

That and the fact that they seem to enjoy what they're spending on. I topped out on my "S-curve" long ago so the surplus was for naught. I didn't see that coming when I was a young adult.
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Old 09-28-2015, 10:06 AM   #76
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I have to admit that I sometimes envy people who can live so close to the edge and still sleep at night. They must have what I would consider to be extraordinary optimism and confidence in their future.

That and the fact that they seem to enjoy what they're spending on. I topped out on my "S-curve" long ago so the surplus was for naught. I didn't see that coming when I was a young adult.
I agree. I have a few friends/co-workers (in their 40's) who took an expensive/longish vacation right after being laid off, saying it would be hard to do that if they had a job. I was fortunate to have never been laid off, so I cannot say for sure, but I think it would be very, very difficult for me to be able to relax and take a nice, long vacation while depleting my savings.
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Old 09-28-2015, 10:15 AM   #77
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I have to admit that I sometimes envy people who can live so close to the edge and still sleep at night. They must have what I would consider to be extraordinary optimism and confidence in their future.

That and the fact that they seem to enjoy what they're spending on.
I guess it depends on how it all works out. Tough to know this in advance. If they end up with a retirement they aren't happy with not so good, if they reach FI at a reasonable age, good for them.
The stories we "gloat" over in these threads are a little more clear cut, ie these guys are heading for a very disappointing retirement.
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Old 09-28-2015, 10:27 AM   #78
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Not sure why these type of threads are so popular here? I guess it makes us feel good knowing we are so much smarter than all these "losers". I am as guilty as the next guy in this regard.
It's more like an emotional support group to me

I come here (amongst other things) to find a few people who don't think I'm crazy saving up like there are alot of uncertain tomorrows (vs. spending like there isn't one).

Sometimes it spills over in smugness I guess.
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Old 09-28-2015, 10:32 AM   #79
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It's more like an emotional support group to me

I come here (amongst other things) to find a few people who don't think I'm crazy saving up like there are alot of uncertain tomorrows (vs. spending like there isn't one).

Sometimes it spills over in smugness I guess.
Good point. If you need reinforcing these threads certainly help. A little bit of "smugness" among friends here isn't such a bad thing I think, especially if you are in the accumulation phase. Once retired though, you eventually get over the fact you are FI while many others are not.
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Old 09-28-2015, 11:39 AM   #80
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I

How can you only have $10 in the main bank account WTF? His wife also makes $100K+ a year. He is interviewing for a new position at a different mega-corp.

He is also going to tear down his lake home and build a larger lake home (in addition to his regular home). He showed me the plans. $600K for just the house. It has a sauna, steam room, 3-car garage, etc. He needs the three car garage as he ‘needs’ one car each for him and his wife, a convertible and a truck.

He said he should get some money from an inheritance in a few years to pay off about half of the mortgage.

He plans on retiring in 5 years or so, and maybe picking up a job at Home Depot or other place like that. Yeah, right… Plan on working until 90, or a large inheritance.

I only have 20 bucks in my main checking account. and I am retiring with 2 million in cash next year.

I get paid monthly. I do not believe in keeping money in accounts that charge me if I drop below a minimum and pay no interest whatsoever.

So I have a credit union checking account when I get paid I move ALL my money to various places, mortgage, bills, savings and spending.

It takes me all of 24 hours to get money moved from various places along with the fact that I have a empty cc with a 24K line of credit. any emergency that can't be handled with that pretty much means I'm in the hospital 2 steps from death, which in that case I really don't care.
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