Message Board Basketball Forum - InsideHoops

Go Back   Message Board Basketball Forum - InsideHoops > InsideHoops Main Basketball Forums > Off the Court Lounge

Off the Court Lounge Basketball fans talk about everything EXCEPT basketball here

Reply
 
Thread Tools
Old 07-20-2013, 02:28 PM   #61
DeuceWallaces
I am your density
 
DeuceWallaces's Avatar
 
Join Date: Jun 2006
Location: Michigan
Posts: 18,595
Default Re: Advice: how to live on $7.70/hour

Quote:
Originally Posted by UtahJazzFan88
I was thinking the same thing. I make $10.10 an hour right now so I'm wondering how he did it. lol

His father supports him. He's a complete loser with no job, no education, no career, and can't support himself well into his 20's.

He is the worst welfare case; totally incapable of being an adult, likely pays little to no taxes, and is a complete drain on society.
DeuceWallaces is offline   Reply With Quote
Old 07-20-2013, 02:54 PM   #62
GOBB
Sixers|Eagles|Phillies
 
GOBB's Avatar
 
Join Date: Jun 2006
Location: Illadelph live 215
Posts: 52,159
Default Re: Advice: how to live on $7.70/hour

Quote:
Originally Posted by DeuceWallaces
His father supports him. He's a complete loser with no job, no education, no career, and can't support himself well into his 20's.

He is the worst welfare case; totally incapable of being an adult, likely pays little to no taxes, and is a complete drain on society.

Damn dude that was harrrrrsh. I dont think that was starface that posted. Thats Shogon Ramel aka Bowl Cut guy.

Last edited by GOBB : 07-20-2013 at 02:56 PM.
GOBB is offline   Reply With Quote
Old 07-20-2013, 02:54 PM   #63
GOBB
Sixers|Eagles|Phillies
 
GOBB's Avatar
 
Join Date: Jun 2006
Location: Illadelph live 215
Posts: 52,159
Default Re: Advice: how to live on $7.70/hour

Where did you buy a house for 80k at?

Quote:
Originally Posted by Rasheed1
If you make $10 an hour.. maybe you could get an 80K home.. But you would need pristine credit, I also dont see how you would get the mortgage once the bank sees you only make $10 an hour They'd laugh..

But lets say you make settlement anyway... thats gonna cost you 8, 9 thousand right off the bat... then you would have to be pretty skilled (or lucky) at negotiating with the bank to not to get a mortgage where rates arent rising every month.. or you would have to keep refinancing..

And after all that, you still would be 'house poor'..

going rate for houses around here is at least 120k.. Maybe its different somewhere else

I wont say its impossible, but you would need help at multiple points in the process and after all that? the wisdom of it all would is hard to see..

What is your investment (in your home) gonna be when you go to sell your home? Its seems better to just rent if you only make $10 an hour... Cost of living is such that I would most banks wouldnt give you a mortgage

Totally agree with this especially bold.

Last edited by GOBB : 07-20-2013 at 02:57 PM.
GOBB is offline   Reply With Quote
Old 07-20-2013, 03:00 PM   #64
JEFFERSON MONEY
NBA All-star
 
Join Date: Jan 2008
Posts: 9,655
Default Re: Advice: how to live on $7.70/hour

for real tho who the fukk started the rumour that gobb was a mailman?

damn say something enough times apparently it becomes true.
JEFFERSON MONEY is offline   Reply With Quote
Old 07-20-2013, 03:12 PM   #65
Rasheed1
3-time NBA All-Star
 
Rasheed1's Avatar
 
Join Date: Jun 2006
Location: Philadelphia
Posts: 10,361
Default Re: Advice: how to live on $7.70/hour

Quote:
Originally Posted by hookul
depends on his needs. If he works 60h a week x 4 thats 2400USD a months. Let's say 400 for a place to live, 200 for food, 200 for fun stuff and 200 for healthcare or similiar necessities, you'd still have 1400 a month to save. That's almost 17000 USD a year to save. If you invest this at a reasonable rate with 3% on average, you only need to save up for about 5 years and you can completely pay a 80K home withou needing mortage.


you arent accounting for taxes.. $10 is gross pay... not net.. its unrealistic to think he is gonna work under the table for 5 years and then go slap 80K down in cash for a home there would be red flags poppin up everywhere... even a drug dealer who would have that kind of money would use their girl or mother's name on the house to avoid problems with the bank..

Also I have no idea where you can live for $400 a month. What are you your bills?

Do you have a car? a note on it? or is it some hooptie? Even if you are taking public you will incur costs.. what is your transportation costs? Electric? Heat? water? these things cost money..
Rasheed1 is offline   Reply With Quote
Old 07-20-2013, 03:22 PM   #66
GOBB
Sixers|Eagles|Phillies
 
GOBB's Avatar
 
Join Date: Jun 2006
Location: Illadelph live 215
Posts: 52,159
Default Re: Advice: how to live on $7.70/hour

Quote:
Originally Posted by Rasheed1
you arent accounting for taxes.. $10 is gross pay... not net.. its unrealistic to think he is gonna work under the table for 5 years and then go slap 80K down in cash for a home there would be red flags poppin up everywhere... even a drug dealer who would have that kind of money would use their girl or mother's name on the house to avoid problems with the bank..

Also I have no idea where you can live for $400 a month. What are you your bills?

Do you have a car? a note on it? or is it some hooptie? Even if you are taking public you will incur costs.. what is your transportation costs? Electric? Heat? water? these things cost money..

Taxes, maintaining the home, possible school loans? possible car note?
GOBB is offline   Reply With Quote
Old 07-20-2013, 03:23 PM   #67
tpols
NBA Superstar
 
tpols's Avatar
 
Join Date: Jun 2010
Posts: 14,777
Default Re: Advice: how to live on $7.70/hour

Quote:
Originally Posted by Rasheed1
you arent accounting for taxes.. $10 is gross pay... not net.. its unrealistic to think he is gonna work under the table for 5 years and then go slap 80K down in cash for a home there would be red flags poppin up everywhere... even a drug dealer who would have that kind of money would use their girl or mother's name on the house to avoid problems with the bank..

Also I have no idea where you can live for $400 a month. What are you your bills?

Do you have a car? a note on it? or is it some hooptie? Even if you are taking public you will incur costs.. what is your transportation costs? Electric? Heat? water? these things cost money..
Even if it was under the table.. you can put the money in bank accounts little by little as you make it. You can invest accumulated savings and potentially turn it into signifigantly more.. who would save all their cash physically?

What if the guy is 30 and has been working for 12+ yrs?

80k house is really something to brag about?? In central nj a small ranch is easy 300..80k is a little more than trailer park
tpols is online now   Reply With Quote
Old 07-20-2013, 03:36 PM   #68
Rasheed1
3-time NBA All-Star
 
Rasheed1's Avatar
 
Join Date: Jun 2006
Location: Philadelphia
Posts: 10,361
Default Re: Advice: how to live on $7.70/hour

Quote:
Originally Posted by tpols
Even if it was under the table.. you can put the money in bank accounts little by little as you make it. You can invest accumulated savings and potentially turn it into signifigantly more.. who would save all their cash physically?

the problem is when you go to purchase the home and you work with the bank? they wanna see your credit and earnings (your financial history).. If you work under the table, you arent paying any taxes so you wont have a work history.. If you dont have a work history, then you are in trouble because the bank (and then the IRS) starts to wonder where are you getting this money from...

Even if I am putting in small intervals of money into the bank? I would assume it has to be regular intervals.. The bank will want to know where this money is coming from.



Quote:
What if the guy is 30 and has been working for 12+ yrs?

if it is above board? then he is paying taxes on his money.. If not then he has to figure out a way to do it without the bank finding out how he makes his doe.

Quote:
80k house is really something to brag about?? In central nj a small ranch is easy 300..80k is a little more than trailer park

you are right, 80K isnt gonna get you much, but it is enough that the bank knows people dont just pay it all in one shot

and you have to display your financial history (and credit) during the process of buying a home.
Rasheed1 is offline   Reply With Quote
Old 07-20-2013, 03:43 PM   #69
HarryCallahan
Go ahead...
 
HarryCallahan's Avatar
 
Join Date: Mar 2012
Posts: 5,615
Default Re: Advice: how to live on $7.70/hour

Quote:
Originally Posted by GOBB
What trend is that? Why dont you enlighten the board to this. Or admit you're trying hard at a funny and failing. Simply by using the "go postal" bit. The irony you are calling someone a moron using your retarded logic.

Re-read that paragraph, because the syntax is messed up.

Are you telling me you're a long term USPS employee and you haven't heard of mail-men killing their co-workers and themselves?
HarryCallahan is offline   Reply With Quote
Old 07-20-2013, 05:07 PM   #70
hookul
I hit open 5-footers
 
Join Date: Oct 2007
Posts: 248
Default Re: Advice: how to live on $7.70/hour

Quote:
Originally Posted by Rasheed1
you arent accounting for taxes.. $10 is gross pay... not net.. its unrealistic to think he is gonna work under the table for 5 years and then go slap 80K down in cash for a home there would be red flags poppin up everywhere... even a drug dealer who would have that kind of money would use their girl or mother's name on the house to avoid problems with the bank..

Also I have no idea where you can live for $400 a month. What are you your bills?

Do you have a car? a note on it? or is it some hooptie? Even if you are taking public you will incur costs.. what is your transportation costs? Electric? Heat? water? these things cost money..

Ok, I agree about the taxes part but I would assume at that income level they are not that dramatic. Depending on where you live, I think finding a plae to live for 400USD is very much feasible. Hell, if one can find places like this in New York:
http://www.easyroommate.com/bronxdal...20810175939248
and Chicago:
http://www.easyroommate.com/humboldt...51720150762288

and that was only after 10 sec of googling, I would assume if you live in a more "normal" town and not one of the metropolis areas that this owuld b feasible.

About the "red flags popping up" I don't agree at all. I mentioned that this would be a guy who then for 5 years straight paid and invested at his local bank over 1000US every month. Why should anyone become supsicious of this?
hookul is offline   Reply With Quote
Old 07-20-2013, 05:38 PM   #71
Rasheed1
3-time NBA All-Star
 
Rasheed1's Avatar
 
Join Date: Jun 2006
Location: Philadelphia
Posts: 10,361
Default Re: Advice: how to live on $7.70/hour

Quote:
Originally Posted by hookul
Ok, I agree about the taxes part but I would assume at that income level they are not that dramatic.

When I was only pulling $1100 a check? I was coming home with $980 after taxes.. I dont feel like trying to figure out the math for $10 an hour..

And you are also assuming that wherever he works will allow him to work 60 hours a week for 5 years straight... I dont know too many bosses who will allow those type of hours for too long.. Cant say it is impossible, but it is not probable


Quote:
Depending on where you live, I think finding a plae to live for 400USD is very much feasible. Hell, if one can find places like this in New York:
http://www.easyroommate.com/bronxdal...20810175939248
and Chicago:
http://www.easyroommate.com/humboldt...51720150762288

and that was only after 10 sec of googling, I would assume if you live in a more "normal" town and not one of the metropolis areas that this owuld b feasible.

If you live in a room for $500 dollars a month (utilities included) that would seem cheap, but if you do the math, it isnt.. A room? $500 a month? Whoever is renting you that room is making a killing..

but anyway, lets say you get the room you pay $500 a month and you pay whatever your transportation costs would be for work and back.. whether gas up or take public trans, its gonna at least cost you $40 a week (at the very least). you have to go extremely cheap on your phone and no entertainment (maybe you can have cable or internet, but definitely not both...especially not if comcast is your carrier).


Quote:
About the "red flags popping up" I don't agree at all. I mentioned that this would be a guy who then for 5 years straight paid and invested at his local bank over 1000US every month. Why should anyone become supsicious of this?

there wouldnt be any suspicion if you work above board and pay your taxes and keep a pristine credit rating... But you still would have alot of trouble getting a bank to approve a loan for for you.. Your income is simply too low.

You could try and and save up 80K and buy the house outright, but that is kind of unrealistic because your plan would have to be flawless with no accounting for any unforseen issues that will incur further costs.

If you keep short term investments, you could stay on top of your money enough to earn something, but it wouldnt be too much. Long term investments could help, but they could also screw you out of better rates should they change you would be already locked in.

Like I said, it is possible, but it would very tough and not really practical..

It would be much easier to get yourself a spouse and combine your income. Then a bank would be more inclined to give you a mortgage and you might even be able to afford something better than a 80K home (which around here amounts to basically a row home in one of the worst neighborhoods the city has to offer)


but its not impossible
Rasheed1 is offline   Reply With Quote
Old 07-20-2013, 10:31 PM   #72
Sicknote
National High School Star
 
Sicknote's Avatar
 
Join Date: Jan 2008
Location: 21 Shump St
Posts: 1,842
Default Re: Advice: how to live on $7.70/hour

I make 1600 every 2 weeks and only see 1100 after taxes. I miss the $8 an hour days when I'd have 40 bucks taken out of my paycheck lol
Sicknote is offline   Reply With Quote
Old 07-20-2013, 11:13 PM   #73
ALBballer
Religion? LOL? WTF?
 
ALBballer's Avatar
 
Join Date: Jun 2006
Posts: 9,470
Default Re: Advice: how to live on $7.70/hour

Buying a 80k house isn't that hard. If you get a 30 year mortgage and assuming you get interest rates that are around 3-4% and put down a 20% down payment, your monthly payment is $270-$310. Add in taxes and insurance and it's less than the rent amount McDonalds budgeted for lol.

Say you get one of those FHA loans where all you are required to put down is 3% or so and the monthly payment for 30 years and 3.5%, the monthly payment is $382. 40 hours a week x $10 x 4 weeks = $1600 a month before taxes. Generally mortagers require your house payment to be no more than 33% of your income or so. So it's possible even then.

As for the prices, depends on location. Where I live you ain't buying a house for $80k though you could get an ok condo in a decent area. 1.5 hours up from me, my cousins bought a really nice 2 story house built a few years ago for $140k. Not bad. Minimum wage in an area like this is doable especially if there is more than one income.

With that said minimum wage sucks. But let us be honest, raise it by say $3 and $10 an hour or whatever it is still sucks. I made $6 off the books when I was 15 and made over $12 working at a bank when I was 19. So take that for what it's worth because I never had to live on minimum wage.

Last edited by ALBballer : 07-20-2013 at 11:28 PM.
ALBballer is offline   Reply With Quote
Old 07-21-2013, 01:28 AM   #74
Orlando Magic
Decent college freshman
 
Orlando Magic's Avatar
 
Join Date: May 2007
Posts: 2,781
Default Re: Advice: how to live on $7.70/hour

I live in Florida... 15 minutes from the beaches...half hour from cocoa beach.

I ended up only having to give like 2300 in cash to get the loan done and yes my credit was pristine and the one thing I did do was get my car paid off before I moved out but I would have gladly driven a clunker or not had a car had it meant having my own place.

I bought back in 2008 after the big part of the collapse but will before the bottom... my interest rate is like 6 or 6.25... payment has fluctuated between like 650 and 800 based on taxes and insurance... 30 years...

It's doable. You just have to be willing to sacrifice entertainment and certain food until you are in a better position.. Most people aren't willing to do either, let alone both.

7.70 is really tough alone but if you took a roommate for a few years while you got a better job or more pay...doable.
Orlando Magic is offline   Reply With Quote
Old 07-21-2013, 08:48 PM   #75
InfiniteBaskets
Decent college freshman
 
InfiniteBaskets's Avatar
 
Join Date: Jun 2007
Posts: 2,826
Default Re: Advice: how to live on $7.70/hour

Quote:
i see that gasoline and food are completely absent from this budget

Quote:
Originally Posted by OldSkoolball#52
Did cities across America shut downtheir public transportation and food assistance programs? I didnt hear about that! Would have thought thered be more news coverage for something that significant!

Bc Im SURE you wouldnt make baseless complaints just to look smart and cool (which youre not, remotely.)

Right??

To be fair, the budget outlined in the OP mentioned making $100/mo car insurance payments and $150/mo car insurance payments. Would be quite the waste if you were paying all that money towards a car, just to take public transportation.

Although there are a dozen other things I can find wrong with that outlined budget.
InfiniteBaskets is offline   Reply With Quote
This NBA Basketball News Website Sponsored by:
Reply


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -4. The time now is 02:14 AM.




NBA Basketball Forum Key Links:
InsideHoops Home
NBA Rumors
Basketball Blog
NBA Daily Recaps
NBA Videos
Fantasy Basketball
NBA Mock Draft
NBA Free Agents
All-Star Weekend
---
High School Basketball
Streetball
---
InsideHoops Twitter
Search Our Site















Powered by vBulletin Version 3.5.4
Copyright ©2000 - 2016, Jelsoft Enterprises Ltd. Terms of Use/Service | Privacy Policy