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Amazingly dumb financial decisions you witness every day

D

desura

Diamond Member
Latest I've seen is a guy I know who is pretty much broke, has under $100 in his bank account, and owns an iPhone for which he pays $80/mo.
 
a guy i know got a new credit card to buy a $9k engagement ring.

they're also spending $10k on wedding photographers.

they're both residents though, so they'll be raking it in in a couple years.
 
If he pays his bills and isn't begging others for money then I am OK with as big a phone bill as he wants.... as long as he doesn't go around complaining, asking for sympathy and looking for Handouts when he retires and has to live on Social Security.
 
A couple of month ago a guy bought a pair of boots from my store and then brought them back the next day because he didn't have enough money to buy his baby's diapers.
 
SlitheryDee said:
A couple of month ago a guy bought a pair of boots from my store and then brought them back the next day because he didn't have enough money to buy his baby's diapers.
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That's not stupidity, it's ignorance and poor planning.

Which is worse? <Shrug>

Sucks that you have to pay the price for it.
 
I am not sure why people are obsessed with how other people spend their own money.

Are these people who ask for money from you or something? If that is the case, just don't give it to them - then you won't have to feel anguish over how they spend it.

You are in control here.
 
Reminds me of this credit card commercial where this guy can't afford a vacation so he applied for a credit card, was approved and later shows him happy in a vacation spot...
 
Newell Steamer said:
I am not sure why people are obsessed with how other people spend their own money.

Are these people who ask for money from you or something? If that is the case, just don't give it to them - then you won't have to feel anguish over how they spend it.

You are in control here.
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It isn't money that is asked, but other favors and considerations.
 
I work at a bank and some of the customers I have to help... well it really makes me wonder. Like I don't know how you spend that much money on Facebook of all things lol.
 
Newell Steamer said:
I am not sure why people are obsessed with how other people spend their own money.

Are these people who ask for money from you or something? If that is the case, just don't give it to them - then you won't have to feel anguish over how they spend it.

You are in control here.
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Hi you must be a new member here. ATOT members are obsessed with other people lives, since we have no lives of our own.
 
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darkewaffle said:
I work at a bank and some of the customers I have to help... well it really makes me wonder. Like I don't know how you spend that much money on Facebook of all things lol.
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Sometimes the customers are idiots, but sometimes the bank reps are horrible too.

A bank rep suggested to my relatives it would be a good idea to get a home equity line of credit on their new house, withdraw a chunk of money from it, and then invest it in the stock market.
 
I could come up with an endless amount of these. But for starters:

1) People who go to the gas station in the morning and pick up 2 Mt. Dew 20oz bottles for $1.80 each. They could have just gone to a grocery store and picked up a 6 pack for the same amount and threw them in the fridge.
 
monkeydelmagico said:
Data plan is way more useful if your homeless.
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My friend isn't homeless.

And he needs to repair his car. Which he estimates will cost around $2000.

And he received his tax refund of $1k a few months ago.

It's pretty amazing how bad people are at budgeting for a year's worth of costs. People seem to think only two months in advance.
 
Smoking a pack a day on minimum wage.





Newell Steamer said:
I am not sure why people are obsessed with how other people spend their own money.

Are these people who ask for money from you or something? If that is the case, just don't give it to them - then you won't have to feel anguish over how they spend it.

You are in control here.
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A pool of people who are bad with money leads to:
- More lousy money managers in the pool for political offices.
- The public's general lack of knowledge of financial matters can leave them clueless as to goings-on in the government. (What do you mean, we can't indefinitely spend more than we receive in revenue??? Can't smart math people make that not a problem?)
- People who plan poorly now will whine loudest for help later in life. (The Ant & Grasshopper sort of thing.)





Cal166 said:
Reminds me of this credit card commercial where this guy can't afford a vacation so he applied for a credit card, was approved and later shows him happy in a vacation spot...
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I recall an article talking about a local politician making $80k a year complaining that he had terrible credit and was unable to get approved for a credit card.

This is someone who is in charge of allocating other people's money, and he was having that kind of trouble.
Maybe he had family members with medical problems.......though he's government, so he probably has good healthcare coverage.


Delay gratification? Nah. Delay the debt! Until they take away your stuff.
Then apply for more credit so that you can buy it back.
 
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I knew a guy who was playing in the stock market with penny stocks. The really dumb part of it was he was financing his e-trade account with credit cards.
 
Eug said:
Sometimes the customers are idiots, but sometimes the bank reps are horrible too.

A bank rep suggested to my relatives it would be a good idea to get a home equity line of credit on their new house, withdraw a chunk of money from it, and then invest it in the stock market.
Click to expand...

That's not necessarily bad advice. For most people it is, but if you can negotiate a low rate on the HELOC and you have a long term investment strategy, this can work out quite well.
 
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