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Forum » 40% of Americans can't cover a $400 emergency expense
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Thread: 40% of Americans can't cover a $400 emergency expense

post 1552219101 05-24-2018, 07:35 AM
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#181
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did not read anything except OP
Originally Posted By PineappleMuffin⏩
40% in a country like America. That's how you know poverty is a choice.
no, that's how you know america is a chithole
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post 1552220541 05-24-2018, 07:58 AM
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#182
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Finance and education threads are the only good discussions still left on the misc; don't regret saying that I've learned some valuable stuff from posts like these. It gets you thinking critically.


Edit: Notice it's the same posters ITT everytime too
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post 1552221931 05-24-2018, 08:20 AM
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#183
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Originally Posted By SportCoat⏩
tell that to the japanese, sometimes stocks go sideways for 20+ years. inb4 it can't happen here
There is still money to be made in a sideways market. Sell premium.
post 1552222051 05-24-2018, 08:21 AM
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Originally Posted By arn710⏩
You’re still splitting hairs over semantics. Again, absolutely none of what I’ve stated so far is wrong

A mortgaged home, in and of itself, is not an asset
So if I owe $25k on my home that's been appraised at $300k....I'm in debt?
post 1552222261 05-24-2018, 08:24 AM
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here we go, everyone one the misc is super rich


not srs, your "foreman" is calling you back from your smoke break you phucking tradies. Turn your phone back off
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post 1552223151 05-24-2018, 08:35 AM
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#186
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Goddamn so many ballers in this thread. 400 bucks sounds like a lot and I've never seen that kind of money but I am a man rich in spirit and lovelive, love, laugh, learn, lurk, lark in this 21st century tech life
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post 1552223691 05-24-2018, 08:43 AM
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#187
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Originally Posted By lucairv⏩
You don't know how to define assets and liabilities and you clearly don't understand how a mortgage works. A mortgaged home is not an asset. If you default on your mortgage and you complete the foreclosure process you will lose your "asset" regardless of how much you paid into the mortgage in addition to paying huge fees and fines. The only way to access any equity outright (not using a HELOC) is to pay off the original mortgage whether you out right sell or refinance. This means you have to sell your "asset" in order to secure the equity difference. When you are foreclosed on the lender is not interested in selling your property at the best price, they will simply sell the home at price that meets their requirements and don't care about your equity.

In your equation example above you define the house as an "asset" and the mortgage as a "liability". From the lenders point of view is the mortgage considered a liability? Absolutely not. It is listed as an asset on the balance sheet. What about the house? It is used as collateral. It is not an "owned" asset by the person with the mortgage. The bank doesn't consider any equity increases or decreases. Their risk is accounted for in the interest rate and loan period Your explanation above is completely dependent on the fact that you abide by ALL the obligations and conditions outlined in the mortgage contract issued by the lender. In other words, you have to take on a MAJOR liability (mortgage) in between eventually OWNING an asset (property).
Bro, I'm not sure how else to put it. And you don't have to take my word for it; I gave you the investopedia links that specifically use a mortgaged house as an example of asset and offsetting liability and how it affects your net worth. Yes, as a condition of the mortgage, you give the bank the right to seize your asset if you default on the loan with them, which they will then sell for enough to recoup the money they lent. And yes, equity is not the same money; it's just a measure of net value, the same as your equity in stocks is not realized until you actually sell them. I'm really not sure where the disconnect is in understanding how a house is an asset, even if there's an associated liability, but I guess this is why so many people are so willing to rent forever.

I'm not sure how you would even come to that question in the second half. You and the bank are 2 separate entities on opposite sides of the transaction. On your books (as the home owner with a mortgage), the mortgage is a note payable - a liability; on the bank's books, the mortgage is a note receivable - an asset. The house isn't even on the bank's books because it's not theirs. It's listed in the contracts for the note as collateral, but unless you default, it doesn't become their property.
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post 1552225211 05-24-2018, 09:02 AM
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#188
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Originally Posted By FL_Z32⏩
So if I owe $25k on my home that's been appraised at $300k....I'm in debt?
Here's how you actually split hairs:

Yes, you're still in debt since you have a remaining balance you're still obligated to pay.

But you've built plenty of equity and are positive net worth since you could sell your asset (the house) for more than the remaining related liability (the mortgage) and have money left over.
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post 1552226051 05-24-2018, 09:12 AM
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#189
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Originally Posted By SportCoat⏩
tell that to the japanese, sometimes stocks go sideways for 20+ years. inb4 it can't happen here
You keep investing on outside chances. The rest of us will bank on history
Originally Posted By FL_Z32⏩
So if I owe $25k on my home that's been appraised at $300k....I'm in debt?
You're leaving out valuable information here but yes
Originally Posted By SpeedCheeser⏩
Yes, you're still in debt since you have a remaining balance you're still obligated to pay.

But you've built plenty of equity and are positive net worth since you could sell your asset (the house) for more than the remaining related liability (the mortgage) and have money left over.
This is exactly what I have been trying to get across to you this entire time. I'm glad we finally agree

You could sell it but then you'd no longer have a mortgage. You'd have cash. Considering just what's listed, you then have an asset.
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post 1552226271 05-24-2018, 09:16 AM
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#190
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60% crew

my 10 year high school reunion was cancelled because white trash i went to school with couldnt afford $30 dinner.
post 1552226341 05-24-2018, 09:17 AM
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#191
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Originally Posted By FL_Z32⏩
So if I owe $25k on my home that's been appraised at $300k....I'm in debt?
well yeah, you owe money to someone. thats called debt. but youre in a strong equity position.
post 1552226411 05-24-2018, 09:18 AM
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#192
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Originally Posted By Brozart⏩
no, that's how you know america is a chithole
was drinking with a dude from gold coast aus last night, he told me america is bad ass.
post 1552226831 05-24-2018, 09:24 AM
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#193
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Originally Posted By fishnbrah⏩
well yeah, you owe money to someone. thats called debt. but youre in a strong equity position.
I was being facetious to make the point that I have a positive net worth.
post 1552226961 05-24-2018, 09:27 AM
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#194
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Originally Posted By arn710⏩
This is exactly what I have been trying to get across to you this entire time. I'm glad we finally agree

You could sell it but then you'd no longer have a mortgage. You'd have cash. Considering just what's listed, you then have an asset.
I've not once said there wasn't a debt/liability with a mortgaged house. That's what the mortgage is.

Right...you would pay off the mortgage with the cash proceeds. You would have adifferent asset. You sell the house for cash. You do not sell the mortgage for cash. Using the above poster's example: his house, as an asset, has an appraised value of $300k. The liability left in the mortgage is $25k, meaning he has a net worth of $275k.

If he sells that asset for $300k in cash and pays off the remaining mortgage balance, he'd be left with $275k in cash. His net position doesn't change at all (ignoring any closing costs or fees that may be associated with the sale of the home).
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post 1552227131 05-24-2018, 09:29 AM
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#195
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Originally Posted By SpeedCheeser⏩
His net position doesn't change at all
Except now he's homeless
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post 1552227361 05-24-2018, 09:33 AM
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#196
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Originally Posted By arn710⏩
Except now he's homeless
lol, well yeah, there's that. But at least now he could afford a $400 emergency expense if it came up.
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post 1552227401 05-24-2018, 09:34 AM
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#197
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Originally Posted By arn710⏩
Except now he's homeless
homeless with 275k in his pocket to do what he wishes with.
post 1552228731 05-24-2018, 09:48 AM
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#198
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Lol I'm sure all of us here have 100k+ net worths.
post 1552228771 05-24-2018, 09:49 AM
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#199
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Start saving NOW, boyos . . . time and compounding interest are your friend along with reducing debt. A little bit saved & invested early and consistently is far more effective and results in more $$ (historically) than trying to catch up later.

I just turned 50 yesterday and while I'm in pretty solid shape financially (house paid off for a few years, 401k, savings and investments, etc) . . . I really wish I had started earlier and took it more seriously than I did. I didn't start getting serious about that stuff til I was in my early 30's.
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post 1552228801 05-24-2018, 09:49 AM
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I'm sure the 1%'ers wish it was >50%. Disgusting.
Your schtick sucks and it screams insecurity.
post 1552228931 05-24-2018, 09:51 AM
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#201
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Originally Posted By digital022⏩
I'm sure the 1%'ers wish it was >50%. Disgusting.
Riiiiight. Turn off CNN every once and a while.
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post 1552286011 05-24-2018, 11:02 PM
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#202
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A year ago an Aussie on a forum said,

"I was oppressed and down as I didn't have the bare necessities to survive. All I had was clean water to drink, electricity at the flick of a switch, free education, accessible and mostly free health care, a working government, public transport, clean air, social security and shops full of a massive range of food and no gunfire on the streets.

"But I pulled myself out of the sht and made something of myself. Now I wear shoes and clothes made by 12 year old vietnamese children, I have a phone made from rare metals mined by 10 year olds in the Congo and drive a car built by a company that made weapons for the Nazis. So I guess I'm a survivor."
post 1552295471 05-25-2018, 05:08 AM
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#203
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Originally Posted By DatFeelGuy⏩
However, on an individual level, you do have the ability to not be in poverty. It takes different levels of effort to get there based on several factors.
Ultimate reality game.
Someone takes on a new identity. $200 and “start your life over. No degree etc. gotta start as an unemployed bum. How far can you make it in 1-2 years etc.
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post 1552296121 05-25-2018, 05:28 AM
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#204
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Sometimes poverty isn't a choice. I was homeless after college with an engineering degree because it was so ****ing damned hard to get a job, in anything. I got into sales (with a good salary, non commission) and at least now I'm able to support myself, but it was a REALLY rough 1 year long battle to get to where I'm at. I lost everything in the process though.
post 1552296511 05-25-2018, 05:38 AM
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#205
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Originally Posted By allianc3⏩
The miscers who can’t afford to cover a $400 emergency expense would never enter this thread.

And stating your net worth when the idea of this thread is having a liquid emergency expense fund is moronic.
This. As is bragging about 50-100k net worth in general.
post 1552352781 05-25-2018, 06:42 PM
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#206
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An interesting and relevant article:-https://www.theatlantic.com/magazine...ocracy/559130/
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