There’s a 2007/8 financial crisis looming, probably much more severe. Pat and Nikki will be bankrupt and homeless.

[NoBacon]

Fuck the middle class.

Most of those faggots overspend on frivolous horseshit with about 10% in savings/equity and +200% in debt/liabilities and incentivize the consumption economy in which companies have to also get in monstrous debt to keep up with the demand of unnecessary cheap chinese plastic dogshit.

So what Bruno?

Can't buy 14 6" PVC tubes to finish the pool in your unnecessarily large backyard?

Can't afford gas on your Suburban to go to a grocery store that is unnecessarily far thanks to zoning laws?

Can't pay 4+ streaming services to keep the children in front of the Idiot box?

Learn frugality.

Still sucks there isn’t a path to middle class for even intelligent and hard working people, now.

For boomers any fucking moron or lazy slob could get there, for us - it’s difficult but you can if you play your cards right.

For everyone else, you will remain your class no matter what. If you want to be middle class now, either know someone who can give it you, or get lucky. That’s the only two options.

The boomer nonsense about not buying Starbucks or Netflix and working hard is total fucking bullshit.

 

[IGotATreeOnMyHouse85]

Has Pat mentioned “writing” at Hooligans at all? He posts photos when he goes out drinking yet I don’t think he’s mentioned it in a while. I bet Niki has cut back on Pat’s pocket money for Hooligans. He didn’t even go to that convention he loves recently and hasn’t posted restaurant foodie pics. He was even asking his twitter followers for streaming service log in / passwords. Has he even mentioned Brewers games? They are cutting back because the money is almost gone.

 

[NoBacon]

Has Pat mentioned “writing” at Hooligans at all? He posts photos when he goes out drinking yet I don’t think he’s mentioned it in a while. I bet Niki has cut back on Pat’s pocket money for Hooligans. He didn’t even go to that convention he loves recently and hasn’t posted restaurant foodie pics. He was even asking his twitter followers for streaming service log in / passwords. They are cutting back because the money is almost gone.

I think you’re right. The PPP gravy train and whatever other welfare scams they’ve ran is running out. They won’t get real jobs, though.

 

[SensibleKeks]

So their fence was always backwards. Honestly I'm glad we missed it. Makes fucking with him after spending all that time and money that much sweeter.

 

[FurBurger]

I really believe Pat is on some disability SSI / caregiver scam. He brags about hand selling his books at these sad cons which is cash im sure isn’t reported. He refuses to get a job even though he’s writing on spec without nothing on the horizon. The only job he ever had was insurance so I’m sure he’s working the system in some way. There’s so much fraud when it comes to government programs and they’re easy to scam if you’re shameless.

He's still selling insurance. He's his current licence as of February, complete with the Continuing Professional Education units he logged last year. The policies he sells are shit-tier ones that only pay whatever insurance royalties are called for five-six years, according to @Martin, so there's no reason for him to still maintain that license unless he's still selling.

That's where his money comes from; likely Nikki's too.

 

[NoBacon]

He's still selling insurance. He's his current licence as of February, complete with the Continuing Professional Education units he logged last year. The policies he sells are shit-tier ones that only pay whatever insurance royalties are called for five-six years, according to @Martin, so there's no reason for him to still maintain that license unless he's still selling.

That's where his money comes from; likely Nikki's too.

I can’t wait till Quasi garnishes that income

 

[guest]

They just renewed their mortgage, so they have no equity at all in "their" house.

Yeah and IIRC they re-mortgaged at the new inflated value and probably got a HELOC or something with the excess. They blew that and the PPP money on all kinds of shit over the past year. I'm assuming there's no way they pay enough back on it to get it to where they won't be completely underwater when the housing market comes back down to earth a little so they'll be underwater on the mortgage. If they really fucked up and got some kind of ARM they might end up homeless/renting after it's all said and done. Unless this is all part of the "go bankrupt" plan.

 

[FranksWirecutters]

His experience getting driven from his home and foreclosed on will make him pen a new novel: The Pigs of Wrath.

I hope the evil corporation Plackrock makes an appearance for buying up all of the properties but his.

 

[FranksWirecutters]

Yeah and IIRC they re-mortgaged at the new inflated value and probably got a HELOC or something with the excess. They blew that and the PPP money on all kinds of shit over the past year. I'm assuming there's no way they pay enough back on it to get it to where they won't be completely underwater when the housing market comes back down to earth a little so they'll be underwater on the mortgage. If they really fucked up and got some kind of ARM they might end up homeless/renting after it's all said and done. Unless this is all part of the "go bankrupt" plan.

Of course they got an ARM. Most niggers do. Interest is what I say it is, banker child. You didn't read what the contract said stlaker.

 

[CutesyMissy]

Still sucks there isn’t a path to middle class for even intelligent and hard working people, now.

There isn't because the middle class isn't worth it. You are way too overleveraged in it.

Invest little in education, and study something pragmatic. Sometimes parents and kids obsess over the status of a degree without understanding the implications of a non-avoidable debt with exponentially variable interest rate. Sometimes getting an entry-level job at a young age before going to college is a way to go. Also, community college isn't something to be ashamed of.

Keep a low profile on depreciable assets like cars, clothes and tech.

NEVER work just for the salary.

Also, keep a good relationship with your parents without turning into a lazy slob.
Actually giving them some dough and staying in the house can help you save rent money and acquire stable assets with longterm plans.

And NEVER, EVER, EVER let bitches dictate your budget. If you have to cut them for a long period of time to generate some stability to build your shit, cut them, without reservation.

For boomers any fucking moron or lazy slob could get there, for us - it’s difficult but you can if you play your cards right.

Sadly, absolutely true.

For everyone else, you will remain your class no matter what. If you want to be middle class now, either know someone who can give it you, or get lucky. That’s the only two options.

Mostly true, especially if you wasted your 20's.

The boomer nonsense about not buying Starbucks or Netflix and working hard is total fucking bullshit.

But there is a sliver of truth through the boomer horseshit. Frugality sometimes is seen as settling mediocrity, when in actuality if fuels positive growth when used right.

 

[IGotATreeOnMyHouse85]

There isn't because the middle class isn't worth it. You are way too overleveraged in it.

Invest little in education, and study something pragmatic. Sometimes parents and kids obsess over the status of a degree without understanding the implications of a non-avoidable debt with exponentially variable interest rate. Sometimes getting an entry-level job at a young age before going to college is a way to go. Also, community college isn't something to be ashamed off.

Keep a low profile on depreciable assets like cars, clothes and tech.

NEVER work just for the salary.

Also, keep a good relationship with your parents without turning into a lazy slob.
Actually giving them some dough and staying in the house can help you save rent money and acquire stable assets with longterm plans.

And NEVER, EVER, EVER let bitches dictate your spending rate. If you have to cut them for a long period of time to generate some stability to build your shit, cut them, without reservation.


Sadly, absolutely true.


Mostly true, especially if you wasted your 20's.

But there is a sliver of truth through the boomer horseshit. Frugality sometimes is seen as mediocrity, when in actuality if fuels positive growth when used right.

All great points, I really wish high schools made it mandatory to take person finance and introduction to investing type classes in high school. Of course they’re more concerned with making shit like black history, gender studies, and other nonsense that isn’t used in life required. So many of the people I went graduated with are in their 30s and know nothing about investing or the stock market. I spent money like an idiot in my 20s (most do) but luckily figured it out before I got in over my head.

The depreciating asset thing is huge, I sold cars and you’d be surprised how many people don’t understand that.

 

[FranksWirecutters]

All great points, I really wish high schools made it mandatory to take person finance and introduction to investing type classes in high school. Of course they’re more concerned with making shit like black history, gender studies, and other nonsense that isn’t used in life required. So many of the people I went graduated with are in their 30s and know nothing about investing or the stock market. I spent money like an idiot in my 20s (most do) but luckily figured it out before I got in over my head.

The depreciating asset thing is huge, I sold cars and you’d be surprised how many people don’t understand that.

A 1992 4cyl green mustang that's been in multiple wrecks increases in value, child

 

[IGotATreeOnMyHouse85]

A 1992 4cyl green mustang that's been in multiple wrecks increases in value, child

Selling cars I once had some idiot customer who had an old beat up shit used mustang trade in and tried to convince me that even though he bought it for 5 grand six months prior it was now definitely worth 9 to 10 grand because he “knows cars” and got a steal of a deal when he bought it. My used car manager personally came over to tell him his shit mustang was only worth 2 grand with evidence that showed the car had been in 3 accidents. He got all pissed off and my used car manager threw his keys at him and told him to come back with a car worth more than scrap.

 

[chocolatehellhole]

The boomer nonsense about not buying Starbucks or Netflix and working hard is total fucking bullshit.

I own 5 short term rentals here and personal house, my real house in Canada, my old house in NJ, and a town house condo on a breezy island I won't name lol. The rentals are all pid off they all cost below 150K when I bought them all are worth well in excess of 200k now. I funded the purchases with money I invested from my 2 multi-unit buildings I bought in the 90s. My cottage has a small mortgage I took after buying for improvements using using equity I had after I paid off the original one because it offered no tax advantage as an expat. My house in Canada I have 70 plus percent in equity in it with a small mortgage that has less than 10 years and I might pay it off in 4 when my term is up if rates are crazy. The NJ house was paid off long ago as I always paid more and is rented, the renters are looking to buy somewhere or were so I may convert it to short rental. The condo is also rented, I have an agency that takes care of it, they rob me, but the fees, taxes, and utilities get paid and I get a few hundred bucks a month paid quarterly as "profit".

Now tell me about equity you retarded millennial?Nearly everything is wholly owned. We also have a pile of cash or near cash assets that are available. A massive downturn won't even hurt me as our profits have been so good the past 5 years as we've grown this and are all in was like 650-700 on the 5 BnBs. Were bringing in probably an honest 100k after costs on them a year. They're still assets and will never crash below 100k a piece, though realistically they'll never fall below cost. So say we had purchased them all at once for 700, they're worth a million now even after sale costs and we made 500k (low) in profit in 5 years. That's yielding over 20% and the revenue stream will always be there. We're also learning and now will only keep 2 properties open from Thanksgiving until April saving costs as the demand is really summer driven.

We do very good, in fact we'd do better with a few more, but I'm getting older and the utility goes down as the work goes up. I could buy more literally a dozen if they were mortgaged, but the margins would be so much lower for the risk, because hurr durr equity you fucking dimwit. Real estate is a great investment because you pace inflation in most instances. So if you strike early and take advantage of cheap money you can grow wealth. As for equities vs real estate I have a decent share of money invested in equities though despite deflationary pressure I am in a mostly cash offset by some treasuries 2 years and less. I just bought some series I after the rate adjustment announcement. Do you have any advice for me?

 

[Brooke Shields]

They just renewed their mortgage, so they have no equity at all in "their" house.

can you explain what this means? Why does renewing lose equity?

 

[NoBacon]

can you explain what this means? Why does renewing lose equity?

They pocket the difference in equity in cash, and have likely blown it all on stupid shit and are left with an even larger principle to pay down

 

[BudDickman]

can you explain what this means? Why does renewing lose equity?

As @TurdFerguson said, they refinanced in an overpriced housing market, so whatever they've paid down is now a smaller proportion of the house. And all the recent spending makes it seem like they traded that equity for some quick cash.

 

[guest]

can you explain what this means? Why does renewing lose equity?

They paid 275k for it in 2018. Just for simplicity lets say they put no money down and borrowed 275k. They paid on the mortgage for 3 years, for simplicity say they paid off 10k from the principle. They owe 265k.

Now it's 2021, the housing market is up and again for simplicity let's say the hovel is worth 310k. They refinance the house for 310k. They only owe 265 but they borrowed 310k so they now basically have 45k in equity. They probably got a HELOC (Home Equity Line Of Credit) or maybe they just got the money. Either way, they now owe $310,000 on that piece of shit. The interest rates were really low so their mortgage payment is the same or maybe even a little lower. But they owe $310k.

So now we have inflation and to fight it, the Fed is going to raise interest rates. It costs more to borrow money so people can't afford to be in bidding wars and paying top dollar for houses so housing prices start falling. Now Piggy's hovel is only worth 275k again. But he owes 310 so he's underwater by that 45,000 which he's pissed away on a new fart couch, 80 dollar bourbon, rube trips to Costa Rica and Las Vegas, cons, whatever. He's gonna be underwater on the mortgage as he'll owe more than the place is worth.

If he was smart, he got a 30-year fixed rate mortgage with the lower rate so he'll still have a fairly low payment for the next 30 years (he's gonna die in that hovel for sure). But if he has bad credit, is stupid, or both, he might have gotten an Adjustable Rate Mortgage which has a low introductory rate but that will raise with the interest rates. You can probably see where this is going now.

I think I got all that right, if not someone smarter than me will correcT the record.

 

[PeteRose]

both of them are just waiting out nick's retired jew banker moms death. that is there financial planning for the future. even ricks poverty parents will likely net them 80-100k.

 

[CutesyMissy]

I own 5 short term rentals here and personal house, my real house in Canada, my old house in NJ, and a town house condo on a breezy island I won't name lol. The rentals are all pid off they all cost below 150K when I bought them all are worth well in excess of 200k now. I funded the purchases with money I invested from my 2 multi-unit buildings I bought in the 90s. My cottage has a small mortgage I took after buying for improvements using using equity I had after I paid off the original one because it offered no tax advantage as an expat. My house in Canada I have 70 plus percent in equity in it with a small mortgage that has less than 10 years and I might pay it off in 4 when my term is up if rates are crazy. The NJ house was paid off long ago as I always paid more and is rented, the renters are looking to buy somewhere or were so I may convert it to short rental. The condo is also rented, I have an agency that takes care of it, they rob me, but the fees, taxes, and utilities get paid and I get a few hundred bucks a month paid quarterly as "profit".

Now tell me about equity you retarded millennial?Nearly everything is wholly owned. We also have a pile of cash or near cash assets that are available. A massive downturn won't even hurt me as our profits have been so good the past 5 years as we've grown this and are all in was like 650-700 on the 5 BnBs. Were bringing in probably an honest 100k after costs on them a year. They're still assets and will never crash below 100k a piece, though realistically they'll never fall below cost. So say we had purchased them all at once for 700, they're worth a million now even after sale costs and we made 500k (low) in profit in 5 years. That's yielding over 20% and the revenue stream will always be there. We're also learning and now will only keep 2 properties open from Thanksgiving until April saving costs as the demand is really summer driven.

We do very good, in fact we'd do better with a few more, but I'm getting older and the utility goes down as the work goes up. I could buy more literally a dozen if they were mortgaged, but the margins would be so much lower for the risk, because hurr durr equity you fucking dimwit. Real estate is a great investment because you pace inflation in most instances. So if you strike early and take advantage of cheap money you can grow wealth. As for equities vs real estate I have a decent share of money invested in equities though despite deflationary pressure I am in a mostly cash offset by some treasuries 2 years and less. I just bought some series I after the rate adjustment announcement. Do you have any advice for me?

I love you boomer.

But as a millenial is pretty hard to get rid of the deepest pitfall of modern education: entitlement.

"We are entitled to" are the most damaging words anyone can hear. It adscribes emotional value to a factual system (life).

We ain't entitled to shit. We are RESPONSIBLE FOR: providing for our kids (a home and decent education, monitoring their behavior), spend responsibly before the rainy days, managing our escapades and our impulses.

The problem is that we manage to get so much shit our lives we've forgotten sometimes simplicity, focus, and dedication is more rewarding than pursuing our latest cravings.