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Thread: Let's show off our bank accounts

  1. #31
    Coachella Junkie SoulDischarge's Avatar
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    Default Re: Let's show off our bank accounts

    You shouldn't have asked.

  2. #32
    Peaceful Oasis TomAz's Avatar
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    Default Re: Let's show off our bank accounts

    oh, patrick.
    Quote Originally Posted by efrain44 View Post
    Anyone know who the guy in the Cardinals jersey is? I've seen him in pictures on the board and I thought I saw him this year.

  3. #33
    Banned marooko's Avatar
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    Default Re: Let's show off our bank accounts

    So how are you doing Tom?
    Originally Posted by Riggins33
    Why don't you show me a pic of what you look like and I'll send you a pick of myself. I'm 6'5 230....
    Quote Originally Posted by PotVsKtl View Post
    Would you care to list the fixes I've proposed?
    Quote Originally Posted by Dogvolta View Post
    Thank god I did't suck that guy's dick.

  4. #34
    Stage Manager captncrzy's Avatar
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    Default Re: Let's show off our bank accounts

    Rick and I can't understand how we're always broke when we make as much as we do (combined). I need a beertervention.
    Quote Originally Posted by miscorrections View Post
    I think the safest course is to assume everyone is a fucking nightmare and proceed from there.
    Odi profanum vulgus et arceo. I hate the unholy rabble and keep them away - Horace.

  5. #35
    Coachella Junkie PlayaDelWes's Avatar
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    Default Re: Let's show off our bank accounts

    Quote Originally Posted by rskapcat View Post
    This. We even pay extra 200 bucks extra on our mortgage every month. We also have a sizeable chunk in savings, but we don't touch it except for home repairs. It usually takes a month to pay for festival expenses (flight, lodging, tickets, etc) in pieces without having to dip into savings.
    May I ask why you are paying an extra 200 on your mortgage every month?

  6. #36
    Stage Manager captncrzy's Avatar
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    Default Re: Let's show off our bank accounts

    You pay down the interest; making one full extra mortgage payment a year cuts the payout time by about 10 years.
    Quote Originally Posted by miscorrections View Post
    I think the safest course is to assume everyone is a fucking nightmare and proceed from there.
    Odi profanum vulgus et arceo. I hate the unholy rabble and keep them away - Horace.

  7. #37
    The Encyclopedia bmack86's Avatar
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    Default Re: Let's show off our bank accounts

    I don't make money. I live off the grid and patch into the electrical grid with my extreme technical prowess. I mostly eat rats.
    Quote Originally Posted by canexplain View Post
    Remember Hitler? I don't but here we are again .. cr****

  8. #38
    cat hoarder rskapcat's Avatar
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    Default Re: Let's show off our bank accounts

    Eh, because we can. We make extra principal payments. We should probably just throw that in savings, though.
    My name is Becca. Hi.

    Facebook, yo.
    Quote Originally Posted by SoulDischarge View Post
    If it was supposed to be a joke, there'd be a cat in the picture somewhere. That's how you can tell, on the internet.

  9. #39
    old school Somewhat Damaged's Avatar
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    Default Re: Let's show off our bank accounts

    Quote Originally Posted by faxman75 View Post
    Thanks buddy. Sorry I don't meet your expectations.
    You know it's meant in jest.
    Quote Originally Posted by canexplain View Post
    I like the Coachella package they sent out this year. we now all have a snail.....cr****
    Quote Originally Posted by HotHamWater View Post
    In 12 more years, that snail will be nice and ready for you to fuck it.

  10. #40
    Coachella Junkie PlayaDelWes's Avatar
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    Default Re: Let's show off our bank accounts

    Quote Originally Posted by captncrzy View Post
    You pay down the interest; making one full extra mortgage payment a year cuts the payout time by about 10 years.
    Duh. Yes, that's a hypothetical reason on why someone would theoretically do this. But, I'm looking for a specific answer from someone who’s actually doing this because I’m not convinced that’s a good idea in today’s environment of record-low interest-rates.

  11. #41
    The Encyclopedia bmack86's Avatar
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    Default Re: Let's show off our bank accounts

    What would you say your interest rate is in having this question answered?

    (grasping for straws)
    Quote Originally Posted by canexplain View Post
    Remember Hitler? I don't but here we are again .. cr****

  12. #42
    Banned marooko's Avatar
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    Default Re: Let's show off our bank accounts

    Who gives a shit what the rate is, it's still interest.
    Originally Posted by Riggins33
    Why don't you show me a pic of what you look like and I'll send you a pick of myself. I'm 6'5 230....
    Quote Originally Posted by PotVsKtl View Post
    Would you care to list the fixes I've proposed?
    Quote Originally Posted by Dogvolta View Post
    Thank god I did't suck that guy's dick.

  13. #43
    Peaceful Oasis TomAz's Avatar
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    Default Re: Let's show off our bank accounts

    Quote Originally Posted by PlayaDelWes View Post
    Duh. Yes, that's a hypothetical reason on why someone would theoretically do this. But, I'm looking for a specific answer from someone who’s actually doing this because I’m not convinced that’s a good idea in today’s environment of record-low interest-rates.
    I think people do it as a form of forced savings. And it's a better investment than the stock market lately.
    Quote Originally Posted by efrain44 View Post
    Anyone know who the guy in the Cardinals jersey is? I've seen him in pictures on the board and I thought I saw him this year.

  14. #44
    Stage Manager captncrzy's Avatar
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    Default Re: Let's show off our bank accounts

    Quote Originally Posted by PlayaDelWes View Post
    Duh. Yes, that's a hypothetical reason on why someone would theoretically do this. But, I'm looking for a specific answer from someone who’s actually doing this because I’m not convinced that’s a good idea in today’s environment of record-low interest-rates.
    Just because interest rates are at a record low doesn't mean she has a record-low interest rate. Regardless of the interest rate, the first 10 years of a mortgage payment pretty much all go to interest.
    Quote Originally Posted by miscorrections View Post
    I think the safest course is to assume everyone is a fucking nightmare and proceed from there.
    Odi profanum vulgus et arceo. I hate the unholy rabble and keep them away - Horace.

  15. #45
    Banned marooko's Avatar
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    Default Re: Let's show off our bank accounts

    Originally Posted by Riggins33
    Why don't you show me a pic of what you look like and I'll send you a pick of myself. I'm 6'5 230....
    Quote Originally Posted by PotVsKtl View Post
    Would you care to list the fixes I've proposed?
    Quote Originally Posted by Dogvolta View Post
    Thank god I did't suck that guy's dick.

  16. #46
    Coachella Junkie PlayaDelWes's Avatar
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    Default Re: Let's show off our bank accounts

    I'm assuming someone with a "sizeable chunk in savings" (as she mentioned they have) has the equity (>80%) or ability to pay down to 80% LTV in order to refinance. You can refinance today for 4.25% up to 5.25% for a 15 or 30 year fixed.

    Paying down your mortgage is a long-term investment, because you reap the benefit when you sell or pay-off. Making extra payments is locking in a long-term investment of today's interest rates. I'm not sure anyone strives for 4-5% long-term returns (minus the interest tax deduction that you will later miss out on).

    In today's economy, cash is pretty much king because you have so many investment opportunities (including the general stock market), which I'm pretty sure is going to return you more than 5% long-term.


    Quote Originally Posted by captncrzy View Post
    Just because interest rates are at a record low doesn't mean she has a record-low interest rate.
    (see 1st paragraph above)
    Quote Originally Posted by captncrzy View Post
    Regardless of the interest rate, the first 10 years of a mortgage payment pretty much all go to interest.
    Interest at record-low rates.

    Quote Originally Posted by TomAz View Post
    I think people do it as a form of forced savings.
    This is true, but why would you want to lock it up so you don’t have access to it?
    Quote Originally Posted by TomAz View Post
    And it's a better investment than the stock market lately.
    Not true. You invest $200 per month in S&P over the last 2 years, you are doing just fine.
    Last edited by PlayaDelWes; 06-14-2010 at 09:27 AM.

  17. #47
    Stage Manager captncrzy's Avatar
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    Default Re: Let's show off our bank accounts

    Refinancing wouldn't be a great option if she were planning on leaving the home soon. I like that we're talking about becca as if she weren't here.
    Quote Originally Posted by miscorrections View Post
    I think the safest course is to assume everyone is a fucking nightmare and proceed from there.
    Odi profanum vulgus et arceo. I hate the unholy rabble and keep them away - Horace.

  18. #48
    cat hoarder rskapcat's Avatar
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    Default Re: Let's show off our bank accounts

    Oh hai.

    Regardless of the interest rate, the first 10 years of a mortgage payment pretty much all go to interest.
    This was pretty much my reasoning. We're not really building up any equity by making our normal payments. Who knows what's going to happen in 5 years?

    And Wes, I'm pretty sure my definition of sizeable is different than yours. We could refinance, but the overall savings wouldn't necessarily exceed the refinance fees.

    And I'm done talking about money now!
    My name is Becca. Hi.

    Facebook, yo.
    Quote Originally Posted by SoulDischarge View Post
    If it was supposed to be a joke, there'd be a cat in the picture somewhere. That's how you can tell, on the internet.

  19. #49
    Peaceful Oasis TomAz's Avatar
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    Default Re: Let's show off our bank accounts

    Quote Originally Posted by PlayaDelWes View Post
    I'm assuming someone with a "sizeable chunk in savings" (as she mentioned they have) has the equity (>80%) or ability to pay down to 80% LTV in order to refinance. You can refinance today for 4.25% up to 5.25% for a 15 or 30 year fixed.
    I was just quoted 4.75% for a 15 year. like, 15 minutes ago.
    Quote Originally Posted by efrain44 View Post
    Anyone know who the guy in the Cardinals jersey is? I've seen him in pictures on the board and I thought I saw him this year.

  20. #50
    Coachella Junkie PlayaDelWes's Avatar
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    Default Re: Let's show off our bank accounts

    Quote Originally Posted by TomAz View Post
    I was just quoted 4.75% for a 15 year. like, 15 minutes ago.
    www.RepairYourBadCredit.com

    But serioulsy, that sounds high. Give me a few figures and I'll tell you exactly what it should be.

  21. #51
    Coachella Junkie PlayaDelWes's Avatar
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    Default Re: Let's show off our bank accounts

    Quote Originally Posted by rskapcat View Post
    Oh hai.



    This was pretty much my reasoning. We're not really building up any equity by making our normal payments. Who knows what's going to happen in 5 years?

    And Wes, I'm pretty sure my definition of sizeable is different than yours. We could refinance, but the overall savings wouldn't necessarily exceed the refinance fees.

    And I'm done talking about money now!
    Sounds like you need to refinance. Fees are a lot less than you think and can easily be covered by giving up 1/8 to a 1/4 of rate.

  22. #52
    Peaceful Oasis TomAz's Avatar
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    Default Re: Let's show off our bank accounts

    Quote Originally Posted by PlayaDelWes View Post
    But serioulsy, that sounds high. Give me a few figures and I'll tell you exactly what it should be.
    Yeah I think you're right. I see that now.
    Quote Originally Posted by efrain44 View Post
    Anyone know who the guy in the Cardinals jersey is? I've seen him in pictures on the board and I thought I saw him this year.

  23. #53
    Coachella Junkie PlayaDelWes's Avatar
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    Default Re: Let's show off our bank accounts

    Quote Originally Posted by TomAz View Post
    Yeah I think you're right. I see that now.
    If it is conforming, it should be 4.25%, and with some lenders, you'll even get negative points (~.25) for a shorter lock period (30 days).

  24. #54
    Daft Punky Junkie BROKENDOLL's Avatar
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    Default Re: Let's show off our bank accounts

    Quote Originally Posted by PlayaDelWes View Post
    I'm assuming someone with a "sizeable chunk in savings" (as she mentioned they have) has the equity (>80%) or ability to pay down to 80% LTV in order to refinance. You can refinance today for 4.25% up to 5.25% for a 15 or 30 year fixed.

    Paying down your mortgage is a long-term investment, because you reap the benefit when you sell or pay-off. Making extra payments is locking in a long-term investment of today's interest rates. I'm not sure anyone strives for 4-5% long-term returns (minus the interest tax deduction that you will later miss out on).

    In today's economy, cash is pretty much king because you have so many investment opportunities (including the general stock market), which I'm pretty sure is going to return you more than 5% long-term.
    This is why I probably won't ever own a house...Regardless of whether or not I have the money, I can't understand a damn thing in this post. It's totally foreign to me.

  25. #55
    old school daxton's Avatar
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    Default Re: Let's show off our bank accounts

    Quote Originally Posted by TomAz View Post
    no, i was mocking the 'show off your car' thread, but I guess it was too subtle or something.
    It wasn't too subtle. I knew.
    Quote Originally Posted by spinecraft View Post
    sometimes i feel like i don't have a partner

  26. #56
    Coachella Junkie psycobetabuckdown's Avatar
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    Default Re: Let's show off our bank accounts

    I had $65, then I bought four Neil Young tickets.

    So, I'm rich.
    Ron Paul 2012!

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  27. #57
    old school daxton's Avatar
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    Default Re: Let's show off our bank accounts

    I want to buy Neil Young tickets.
    Quote Originally Posted by spinecraft View Post
    sometimes i feel like i don't have a partner

  28. #58
    old school MarkO's Avatar
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    Default Re: Let's show off our bank accounts

    Quote Originally Posted by TomAz View Post
    I think people do it as a form of forced savings. And it's a better investment than the stock market lately.
    With a guaranteed return that's also no taxable.
    Quote Originally Posted by Cpt. Funkaho View Post
    Man, the Beatles were overrated like gravity is overrated. ......... Say what you want, but statements like "the Beatles were overrated" make me much less likely to listen to anything you say afterward.

  29. #59
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    Default Re: Let's show off our bank accounts

    I take home about $6k per. Then I fuck it.

  30. #60
    Coachella Junkie PlayaDelWes's Avatar
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    Default Re: Let's show off our bank accounts

    Quote Originally Posted by MarkO View Post
    With a guaranteed return that's also no taxable.


    Hey look, someone else who caught half of a Suzie Orman conversation.

    Just because it’s ‘guaranteed’ doesn’t mean it’s worth it. And it may not be taxable, but it removes a tax deduction that is equal to the tax liability you’d realize on an equivalent gain on another taxable investment. Also, when you pay down your extra principal, you don’t have access to that anymore. What happens when interest rates rise or the market rallies or you really need that cash for a personal emergency? It’s not available.

    Bottom line is that if you can afford to put in $200 extra payment each month, you can probably afford to make a lot of other smarter investment decisions.

    - If you have 80% equity and you haven’t refinanced in the last 18 months, you probably should and you will reduce your monthly payment by hundreds of dollars
    - If you have been in your home a few years, you could refinance into a 15 year mortgage to get an even lower rate

    In both of these scenarios, you end up saving interest on THE ENTIRE PAYMENT, not just the extra principal you’d be paying down.

    - Those who are saying the Stock Market ‘isn’t doing all that well’ (compared to a ‘guaranteed 4.5% return) are full of it. Putting $200 per month into a very conservative index fund has reaped greater returns than the 4.5% annuity you’re getting by locking principal down in your mortgage.

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