Dumb purchases and stupid personal finance decisions
Saw this news article about a teenager in China who sold his kidney to buy an iPhone 4 who is now bedridden for life.
Obviously, an idiot, but I feel in a larger sense he is emblematic of conspicuous consumption, and the fact that people are willing to trade years of their lives for dumb shiny objects to impress people.
What’s the stupidest personal finance mistake or useless purchase that you’ve seen?
People spend $100,000 on a college degree.
Tai Lopez courses are under $1,000
Here in my garage, just bought this new Lamborghini here. It's fun to drive up here in the Hollywood hills. But you know what I like more than materialistic things? BDSM with randos
In fact, I'm a lot more proud of these 7 new shelves that I had to get installed to hold over 2,000 dildos that I bought
A friend of mine bought a 991 turbo for his bonus last year. He lives in a newer development and after he had purchased the car he realised that it was nearly impossible to park the car anywhere near his flat. He's still in line for a parking spot, but for now, he parks it about a kilometre away from his place. Why he didn't sell or return the car as soon as he found out is beyond me...
How much did it cost?
Not sure what he paid, but I assume it was around PS100k (130k USD).
Sounds like a fantastic buy to me
What's the issue? Got a sweet new car AND some excercise!
Saw some college junior on the internet the other day with $35k in credit card debt instead of taking on student loans. 20%+ interest rates >>> 5%-6% interest rates.
Unless he really is a moron, he probably put it all on CC to walk away from it through default/bankruptcy. That's pretty clever if you ask me.
buy the dip
Having a girlfriend.
Girlfriends are cheap...try kids if you really want financial pain. If that’s not enough pain for you, try on an ex-wife or two.
I stashed half of my bonus into investments, and I am not going to touch it.
The other half, well, that is for enjoyment.
That's the first piece of advice I got moving into high finance. "Live on your paycheck, bank the bonus".
woah, that's so deep and symbolic. Netflix should make a movie based off of this, it would be so deep and symbolic
mango juul pods
Cool mint or nothing
Amen
Drugs.
details have been changed to protect the retarded. this all started end of 2017
good friend of mine comes from money, but first generation money where the parents had to work for everything (first generation college, immigrants and all that) and so he had a generally good work ethic but was relatively oblivious to his surroundings (like why doesn't everyone have 2 cars and a boat in college?), but he never flaunted it. anyway,
as part of his parents' generosity, he and his older brother got a few hundred thousand that had been set aside for them, with the explicit instruction the funds were to be used for graduate school, starting a business, or buying a first home. my friend didn't go to grad school so he just asked his parents to bank it until he was ready to buy a house (and thankfully they've invested well so it's grown), his older brother had a fiancee and decided it was time to settle down.
(sidebar: his parents, in order to get the best rates and protect them from creditors, applied for the mortgage under their own names and then transferred the title to an irrevocable trust, so the brother's credit never got pulled)
so in comes the wire transfer, few hundred thousand, supposed to be used to payoff the mortgage. dad calls his son to give him the wire instructions, dad doesn't get a call back. weeks go by. dad pays son a visit. son tells dad the money's gone. dad makes an appointment with an ENT because he can't believe what the fuck he's hearing. appt goes fine, asks son again...money's still gone.
turns out, the son had a bright idea to invest his dad's generosity into bitcoin at around $16,000 per coin. so yeah, while the money isn't gone gone, it's worth 75% less than what was put in, and suffice to say my friend's brother will never see another distribution from his trust until he gets his shit together.
This is why I often wonder why people fight so hard for an estate tax - it often takes care of itself anyway.
Meanwhile, over at the Rothschilds'...
This aged well lol
Deleted
That twist hit me like the ending of an m N Night Shamalama movie
Idk its pretty obvious
My buddy is a pro investor. What does he invest in? Jordan's, of course... cAn YoU ImAgiNe ThE ROI in 10 years? lol stupid ass
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