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7 million Americans are 3 months behind on car payments
05-18-2019, 01:21 PM
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#31
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Originally Posted By MikeLowrrrey⏩
Having worked at a college, I can tell you that a big part of the problem isn't just the cost of school, it's the mentality of the students taking out the loans. It isn't "how little can I get by on?", it's "how much can I get?" Well, between federal and private loans, far more than school actually costs. The loans are paid directly to the schools, but the schools take out what you owe them, and "rebate" the remainder to the students. Theoretically for living expenses, but in actuality, most students just see it as free money. You could always tell when it was rebate season by all the new bling that suddenly appeared on campus: electronics, jewelry, expensive sneakers, etc.It's funny how you mention people taking out student loans
Considering the posts on the misc and looking at job prospects, it's almost like you HAVE to take out a student loan. What else are people supposed to do? Work minimum wage and save up? What about other living expenses like rent and utilities.
Considering the posts on the misc and looking at job prospects, it's almost like you HAVE to take out a student loan. What else are people supposed to do? Work minimum wage and save up? What about other living expenses like rent and utilities.
Then, thanks to "open enrollment", 3/4 of those kids make the same stupid mistakes in college that they did in high school and end up flunking out after a couple of semesters and are left with a pile of debt, and no degree to get a decent job.
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05-18-2019, 01:28 PM
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#32
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just losers living beyond their means
nothing to see here
nothing to see here
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05-18-2019, 01:39 PM
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#33
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Originally Posted By casiNo.⏩
this moron doesnt know how the future value of money workslol @ leasing or taking a loan out for a car.
its more of a sign of stupidity then "duress" , how much you wanna bet that most of the people have the latest smartphone too, trying to live beyond their means
its more of a sign of stupidity then "duress" , how much you wanna bet that most of the people have the latest smartphone too, trying to live beyond their means
05-18-2019, 01:45 PM
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#34
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Originally Posted By GainzMcgee⏩
Agreed, yet he is the one “laughing”?this moron doesnt know how the future value of money works
I’d laugh if it wasn’t so sad.
05-18-2019, 01:48 PM
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#35
Originally Posted By MikeLowrrrey⏩
What people should do is get some kind of minimum wage job when they're 15-17 in high school, then once they graduate, go to community college while still working part-time. Once they finish their associate's, hopefully they have a better idea of what they want to major in for their Bachelor's, transfer to a University, and work part-time in a job or paid internship that is related to their major of choosing while finishing their Bachelor's.Considering the posts on the misc and looking at job prospects, it's almost like you HAVE to take out a student loan. What else are people supposed to do? Work minimum wage and save up? What about other living expenses like rent and utilities
The job market and college have pushed people to go to college. You're a loser if you go to trade School. CC is a good alternative, but that's still money out of pocket
The job market and college have pushed people to go to college. You're a loser if you go to trade School. CC is a good alternative, but that's still money out of pocket
If a high schooler saved up ~$7k from the time they can start working, up through the time that they graduate high school, they can afford a full year's worth of community college tuition from that alone. Not including any scholarships or grants that they have hopefully been working towards and applying towards all along the way. So long as they continue working part time the entire time, they should be able to pay all or most of their way out of a Bachelor's degree at an in-state University, especially if they commute from their family's home or have a crappy but liveable roommate setup, and of course, especially if they had acquired extra grants and scholarships along the way. I wish I was smart enough to have realized that while I was back in high school.
If I ever had a kid, I'd push them to start working at Publix or Chik-fil-a ASAP. Prior to that age, they can still learn the value of a dollar and earn some money through things like lawn mowing and similar activities in the community.
05-18-2019, 01:55 PM
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#36
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Originally Posted By Visel⏩
Care to cite that opinion? This might be a good path for some, but studies show for many the best return on investment is education. This is particularly true for STEM and law. If students hammer out a worthwhile degree as fast as they can they will see the best return on their student loan investment.What people should do is get some kind of minimum wage job when they're 15-17 in high school, then once they graduate, go to community college while still working part-time. Once they finish their associate's, hopefully they have a better idea of what they want to major in for their Bachelor's, transfer to a University, and work part-time in a job or paid internship that is related to their major of choosing.
If a high schooler saved up ~$7k from the time they can start working, up through the time that they graduate high school, they can afford a full year's worth of community college tuition from that alone. Not including any scholarships or grants that they have hopefully been working towards and applying towards all along the way. So long as they continue working part time the entire time, they should be able to pay all or most of their way out of a Bachelor's degree at an in-state University, especially if they commute from their family's home or have a crappy but liveable roommate setup. I wish I was smart enough to have realized that while I was back in high school.
If a high schooler saved up ~$7k from the time they can start working, up through the time that they graduate high school, they can afford a full year's worth of community college tuition from that alone. Not including any scholarships or grants that they have hopefully been working towards and applying towards all along the way. So long as they continue working part time the entire time, they should be able to pay all or most of their way out of a Bachelor's degree at an in-state University, especially if they commute from their family's home or have a crappy but liveable roommate setup. I wish I was smart enough to have realized that while I was back in high school.
If you are guiding students I hope you are reading what is fact and not just applying your anecdotal experience.
05-18-2019, 01:58 PM
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#37
Originally Posted By Masterchieffer⏩
wouldn't you know there are actually some smart people on the misc.Completely missing the point. There is enough wealth in the US for working class to afford a much higher quality of living, however as you know, that wealth is concentrated at the top of the income bracket.
What you apparently don’t know is much of this was straight given to them through bank bailouts and subsequent quantitative easing. People who happened to own bonds in 2009 and after were simply in the right place at the right time, nothing to do with how hard they worked or how smart they were.
Take this how you want but I’d argue that people like you who are satisfied selling their time for a minuscule return are the perpetual low class and true low intellectual.
What you apparently don’t know is much of this was straight given to them through bank bailouts and subsequent quantitative easing. People who happened to own bonds in 2009 and after were simply in the right place at the right time, nothing to do with how hard they worked or how smart they were.
Take this how you want but I’d argue that people like you who are satisfied selling their time for a minuscule return are the perpetual low class and true low intellectual.
05-18-2019, 02:01 PM
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#38
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Originally Posted By Visel⏩
This is what i did pretty much.. Except as a teen i didnt work, i played baseballWhat people should do is get some kind of minimum wage job when they're 15-17 in high school, then once they graduate, go to community college while still working part-time. Once they finish their associate's, hopefully they have a better idea of what they want to major in for their Bachelor's, transfer to a University, and work part-time in a job or paid internship that is related to their major of choosing while finishing their Bachelor's.
If a high schooler saved up ~$7k from the time they can start working, up through the time that they graduate high school, they can afford a full year's worth of community college tuition from that alone. Not including any scholarships or grants that they have hopefully been working towards and applying towards all along the way. So long as they continue working part time the entire time, they should be able to pay all or most of their way out of a Bachelor's degree at an in-state University, especially if they commute from their family's home or have a crappy but liveable roommate setup, and of course, especially if they had acquired extra grants and scholarships along the way. I wish I was smart enough to have realized that while I was back in high school.
If I ever had a kid, I'd push them to start working at Publix or Chik-fil-a ASAP. Prior to that age, they can still learn the value of a dollar and earn some money through things like lawn mowing and similar activities in the community.
If a high schooler saved up ~$7k from the time they can start working, up through the time that they graduate high school, they can afford a full year's worth of community college tuition from that alone. Not including any scholarships or grants that they have hopefully been working towards and applying towards all along the way. So long as they continue working part time the entire time, they should be able to pay all or most of their way out of a Bachelor's degree at an in-state University, especially if they commute from their family's home or have a crappy but liveable roommate setup, and of course, especially if they had acquired extra grants and scholarships along the way. I wish I was smart enough to have realized that while I was back in high school.
If I ever had a kid, I'd push them to start working at Publix or Chik-fil-a ASAP. Prior to that age, they can still learn the value of a dollar and earn some money through things like lawn mowing and similar activities in the community.
But expecting a teen to work in high school and save every penny seems far fetched
You also hope for a good home life so they can make good grades in order to get a scholarship
And from there youre expecting every expense to be paid while working and going to college. E.g. they wouldnt be using their money earned in college to support themselves
Something tells me it doesnt always work that way.. But good to aspire for
05-18-2019, 02:02 PM
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#39
Originally Posted By Masterchieffer⏩
I am encouraging that people go immediately from graduation of high school to community college. I am NOT encouraging to delay college. They need to prepare for it though via grant and scholarship applications, and working a job for their final years of high school to have savings. In my state (Florida), it averages $6800 per year to cover an entire year of in-state tuition at a community college. Very affordable if a high schooler started working part-time from the age of 15-17. Then, in my optimal scenario, once they graduate high school they hop into a community college WHILE STILL WORKING, and acquiring their associate's. Once the Associate's is acquired, they transfer to an in-state university and get involved in a Bachelor's that they want (which is hopefully a lucrative major if they're wise, such as STEM), and at this time they try to transition their job into a paid internship or part-time gig that's relevant to the industry that they're studying.Care to cite that opinion? This might be a good path for some, but studies show for many the best return on investment is education. This is particularly true for STEM and law. If students hammer out a worthwhile degree as fast as they can they will see the best return on their student loan investment.
If you are guiding students I hope you are reading what is fact and not just applying your anecdotal experience.
If you are guiding students I hope you are reading what is fact and not just applying your anecdotal experience.
Once they have their Bachelor's, they can use that degree, and the work/internship experience they've accumulated, to be able to work full-time with a solid entry into their careers. Ideally they may join a company that'll pay for their Master's as well, if they choose to get one.
It is possible if someone were to work from the age of ~15, all while taking advantage of grants and scholarships, to get a fully covered ride for their education without any outstanding debt.
EDIT: Although I'll admit it would be easier and more helpful if their parents were responsible enough to have budgeted their own incomes throughout the lifespan of their child to assist with affording their tuition. Because as a responsible parent, you should acknowledge that, since "education has the best return on investment," it is practically essential for a successful life, much like health insurance.
05-18-2019, 02:04 PM
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#40
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Originally Posted By Jasonw1178⏩
Because it’s unfair/racist etc for banks to be selective when approving loans.I work at a dealer, and especially the used car department, they can get ANYONE financed. A lot of those cars are going to the repo man. Next year when they get my, I mean "their taxes back" they will walk in and put a fat down payment on the next one.
05-18-2019, 02:05 PM
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#41
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Originally Posted By Mmjk1500⏩
And how do you figure you'll pay rent if you can't physically show up for work?Cause you can sleep in your car but you can't race your house right?
Lol asinine advice. If it's between paying rent and having a roof over my head or making my car payment I'm gonna pay rent.
Lol asinine advice. If it's between paying rent and having a roof over my head or making my car payment I'm gonna pay rent.
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05-18-2019, 02:14 PM
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#42
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There was a big article on this in one of the leading dutch newspapers a couple of months ago
https://www.nrc.nl/nieuws/2019/04/30...ingen-a3958550
"The perverse incentives of american car loans"
It's a story of some cop in Maryland that financed a five year old '10 chevy suburban for 800$ a month ( 6 years, 25% interest).
After he lost his job he obv couldn't afford it so now it sits in his parents' driveway and he drives his dads Honda accord to work.
Santander Consumer USA only verifies income of customers in 8% of its loans and then charges 25% interest. Strong everything
https://www.nrc.nl/nieuws/2019/04/30...ingen-a3958550
"The perverse incentives of american car loans"
It's a story of some cop in Maryland that financed a five year old '10 chevy suburban for 800$ a month ( 6 years, 25% interest).
After he lost his job he obv couldn't afford it so now it sits in his parents' driveway and he drives his dads Honda accord to work.
Santander Consumer USA only verifies income of customers in 8% of its loans and then charges 25% interest. Strong everything
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05-18-2019, 02:18 PM
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#43
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Originally Posted By NLnemesis⏩
What kind of bad credit do you got for a 25% loan? My credit union is like 3.35% and even the horrible loan from the dealership I was looking at was 5.8%. My credit rating is 'good'.There was a big article on this in one of the leading dutch newspapers a couple of months ago
https://www.nrc.nl/nieuws/2019/04/30...ingen-a3958550
"The perverse incentives of american car loans"
It's a story of some cop in Maryland that financed a five year old '10 chevy suburban for 800$ a month ( 6 years, 25% interest).
After he lost his job he obv couldn't afford it so now it sits in his parents' driveway and he drives his dads Honda accord to work.
Santander Consumer USA only verifies income of customers in 8% of its loans and then charges 25% interest. Strong everything
https://www.nrc.nl/nieuws/2019/04/30...ingen-a3958550
"The perverse incentives of american car loans"
It's a story of some cop in Maryland that financed a five year old '10 chevy suburban for 800$ a month ( 6 years, 25% interest).
After he lost his job he obv couldn't afford it so now it sits in his parents' driveway and he drives his dads Honda accord to work.
Santander Consumer USA only verifies income of customers in 8% of its loans and then charges 25% interest. Strong everything
05-18-2019, 02:22 PM
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#44
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Originally Posted By NLnemesis⏩
"I could only pay $ 2,000 and my credit history was bad." Joe, who still lives at home, had already accumulated quite a few debts in his short life, especially through his credit card."There was a big article on this in one of the leading dutch newspapers a couple of months ago
https://www.nrc.nl/nieuws/2019/04/30...ingen-a3958550
"The perverse incentives of american car loans"
It's a story of some cop in Maryland that financed a five year old '10 chevy suburban for 800$ a month ( 6 years, 25% interest).
After he lost his job he obv couldn't afford it so now it sits in his parents' driveway and he drives his dads Honda accord to work.
Santander Consumer USA only verifies income of customers in 8% of its loans and then charges 25% interest. Strong everything
https://www.nrc.nl/nieuws/2019/04/30...ingen-a3958550
"The perverse incentives of american car loans"
It's a story of some cop in Maryland that financed a five year old '10 chevy suburban for 800$ a month ( 6 years, 25% interest).
After he lost his job he obv couldn't afford it so now it sits in his parents' driveway and he drives his dads Honda accord to work.
Santander Consumer USA only verifies income of customers in 8% of its loans and then charges 25% interest. Strong everything
"Joe lost his job with the police after an incident during an arrest."
Sounds like bad decisions are a habit with Joe. I wouldn't have lent him the money for less than 25%, and probably not at all.
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05-18-2019, 02:31 PM
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#45
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Leave it to the misc neanderthals to think that everybody in debt is a lazy freeloader. Surely there are extenuating circumstances that can come into play that make one's routine bills a burden (medical bills, losing a job, etc.)
05-18-2019, 02:34 PM
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#46
05-18-2019, 02:35 PM
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#47
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Originally Posted By Darkace⏩
cosignedwhat do you know a large % of people are fckn lazy and idiots
welcome to the new working class, lazy entitled and think they deserve way more than they can afford.
welcome to the new working class, lazy entitled and think they deserve way more than they can afford.
**** you lazy ass millennial Bish's
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05-18-2019, 02:37 PM
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#48
Originally Posted By guitarwar241⏩
Lol. Look at those people's lifestyles after losing their job. I bet you they still eat out and go on vacations "cause they deserve it".Leave it to the misc neanderthals to think that everybody in debt is a lazy freeloader. Surely there are extenuating circumstances that can come into play that make one's routine bills a burden (medical bills, losing a job, etc.)
05-18-2019, 02:39 PM
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#49
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Originally Posted By Dan916⏩
you probably still have a girl car, what kind of car is it?My co-worker said I drive a girl car. I said lets compare bank accounts. IRS took 100% of his tax money and every dime in his bank because he owed tickets from 2004 lol.
Sitting in my girl car with zero financial worries.
Sitting in my girl car with zero financial worries.
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05-18-2019, 02:39 PM
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#50
Originally Posted By MikeLowrrrey⏩
It's called living within your means. People did it 100 years ago, 500 years ago, and things are cheaper than they ever have been in history. When people were working 15 hour days of back breaking physical labor just to barely put food on the table. "cost of living is too high"... For the lifestyle you want on the income you have.How many boomers had big houses, cars, TV's, all of which where on credit?
You guys continue to point fingers and ignore the big picture. The cost of living is too damn high. But yes just "Pull yourself up by the bootstraps." Amirite?
You guys continue to point fingers and ignore the big picture. The cost of living is too damn high. But yes just "Pull yourself up by the bootstraps." Amirite?
This is called entitlement complex. You've created a lifestyle you want and everyone and everything else has to accommodate the life you want, the way you want it. And if it doesn't go your way, it's the systems fault it's someone else's fault.
05-18-2019, 02:42 PM
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#51
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Originally Posted By stevebec⏩
Next part: Santander makes 25% on a subprime loan, packs it into a derivative and sells it to some financial institution, so they make even more."I could only pay $ 2,000 and my credit history was bad." Joe, who still lives at home, had already accumulated quite a few debts in his short life, especially through his credit card."
"Joe lost his job with the police after an incident during an arrest."
Sounds like bad decisions are a habit with Joe. I wouldn't have lent him the money for less than 25%, and probably not at all.
"Joe lost his job with the police after an incident during an arrest."
Sounds like bad decisions are a habit with Joe. I wouldn't have lent him the money for less than 25%, and probably not at all.
They don't care people can't afford their loans. Even if people can't pay the interest, it's still profitable.
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05-18-2019, 02:44 PM
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#52
Originally Posted By NLnemesis⏩
Lol. This is so retarded. You think you know how banking works but you don't. Read books instead of watching documentaries.Next part: Santander makes 25% on a subprime loan, packs it into a derivative and sells it to some financial institution, so they make even more.
They don't care people can't afford their loans. Even if people can't pay the interest, it's still profitable.
They don't care people can't afford their loans. Even if people can't pay the interest, it's still profitable.
Hint: why do junk bonds exist.
05-18-2019, 02:45 PM
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#53
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05-18-2019, 02:47 PM
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#54
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Currently miscing from the dashboard of my supercar.
lol at these plebs with car payments
lol at these plebs with car payments
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05-18-2019, 02:55 PM
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#55
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Originally Posted By LeJR⏩
^ things are cheaper, there's just more things. 25 years ago when I was a kid, my parents had 1 TV, basic cable, a landline phone, 2 older cars that were probably paid off (idk because I was 7) and my mom cooked almost every single meal I ever ate.It's called living within your means. People did it 100 years ago, 500 years ago, and things are cheaper than they ever have been in history. When people were working 15 hour days of back breaking physical labor just to barely put food on the table. "cost of living is too high"... For the lifestyle you want on the income you have.
Now, a family has 5 TVs, premium cable, the fastest internet, 3 smartphones with unlimited data, Netflix, hulu, a subscription to some dumbass meal in a box thing, uses uber eats 5 times a week, pays for a gym membership they don't use, and has 2 new cars. Maybe a toy (TV, boat, project car) too.
I wonder why it's so hard to pay bills?
05-18-2019, 03:10 PM
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#56
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Originally Posted By LeJR⏩
Im not making anything up, I'm just translating the article.Lol. This is so retarded. You think you know how banking works but you don't. Read books instead of watching documentaries.
Hint: why do junk bonds exist.
Hint: why do junk bonds exist.
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05-18-2019, 03:16 PM
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#57
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Originally Posted By VTheKing⏩
Who says you need a car to get to work? Get a bicycle and ride instead. Unless you're commuting quite a distance, there is no reason you have to have a car for work.And how do you figure you'll pay rent if you can't physically show up for work?
A vehicle is great if you can afford it but it is not a necessity.
05-18-2019, 03:22 PM
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#58
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Paid 2k for my pos and couldn't care less if I crashed it into a curb
I can buy another one like it from a single salary no fuks given.
Lmao@ living beyond ur means just to show off
I can buy another one like it from a single salary no fuks given.
Lmao@ living beyond ur means just to show off
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05-18-2019, 03:24 PM
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#59
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- Location: New Hampshire, United States
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Originally Posted By MikeLowrrrey⏩
Keep saying this, while complaining about not being able to afford anything. Meanwhile tradies easily afford their houses and cars. Just lolYou're a loser if you go to trade School.
05-18-2019, 03:26 PM
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#60
- MikeLowrrrey
- Join Date: Jul 2018
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Originally Posted By LeJR⏩
Earth to brainless numbskullIt's called living within your means. People did it 100 years ago, 500 years ago, and things are cheaper than they ever have been in history. When people were working 15 hour days of back breaking physical labor just to barely put food on the table. "cost of living is too high"... For the lifestyle you want on the income you have.
This is called entitlement complex. You've created a lifestyle you want and everyone and everything else has to accommodate the life you want, the way you want it. And if it doesn't go your way, it's the systems fault it's someone else's fault.
This is called entitlement complex. You've created a lifestyle you want and everyone and everything else has to accommodate the life you want, the way you want it. And if it doesn't go your way, it's the systems fault it's someone else's fault.
In what world is having Affordable college , affordable housing and affordable transportation entitlement?? We're not talking McMansions and Beemers.
More delusion as usual. But I blame myself, you can't argue with Capitalism nuthuggers. Pretend everyone's buying BMWs, new TVs, and the latest iPhone every year while ignoring that fact that rent has drastically increased, College is no longer affordable, high food costs, and of course cars with non needed futures.
Originally Posted By mr.left
Millennials work much harder than boomers LMAO. Less buying power = More working hours. We work more to pay off crazy college loans, high real estate housing, cars, food, etc.cosigned
**** you lazy ass millennial Bish's
**** you lazy ass millennial Bish's
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