I DESERVE RESPECT

[kimchi]

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I do understand your points, but putting money in the stock market is the +EV move, not a savings account.

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EV stands for expected value. +EV means a decision or activity has positive expected value. Putting money in a savings account is definately +EV. You put money in and then whenever you want to take it out there will be more money there, how can that not be a "+EV move?"


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Without bothering to quote the Zimbabwe situation again... If you receive 5% interest and M3 is running at 13%, then savings accounts are probably -EV

Besides, even if your interest rate beats real inflation rates, there are much higher +EV opportunities than CDs

[jaydub]

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He is 28? lol. I figured maybe he was just out of school.

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I figured he went to DeVry so perhaps we're both right.

J

[Shoe]

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I am very confused, if Shoe is a top computer programmer why did he need a $10k loan from prosper to start investing. He said this is the first time in his life he has had money to invest, but I would imagine that a good 28 year old computer programmer hasn't been living paycheck to paycheck since graduating.

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You guys are making an awfully lot of assumptions here that are just plain false, and I feel that you guys are really just going out of your way as much as possible to try to find any reason you can to make myself look bad.

I know people who make well over $100k per year that are living pay check to pay check, don't give me this BS about not having much money to invest in my first few years out of college.

Yes, I could have saved more money since I started working and could have more invested, but I don't. Like many americans, I did not always make the best spending choices. However, I have always maxed out my Roth IRA and contributed liberally to my 401(k), so in that regard, I am well ahead of the game.

What I am talking about here is my investment income above and beyond what I consider my "safe" money earmarked for retirement -- this is the money I am trying to become filthy rich with so I can retire early and buy all the hunting/fishing land I have ever dreamed of. Maybe if I would have made that more clear people wouldn't be jumping down my throat so hard.

In regards to my programming ability -- i'm done discussing it. I've yet to find a program or line of code that I have not been able to figure out. Any futher discussion would be pointlees as it has been nothing but negative comments for no apparent reason.

I don't see anyone attacking other people in other threads who claim be programmers. I suppose it is so unlikely that a computer programmer would post here and bless you with his prsense, you are all just in disbelief that I really am a computer programmer, after all, there are so few of us in this world. But yet, everyone here drives a $90k car and that goes without question. I'm done answering to this double standard.

[Henry17]

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You guys are making an awfully lot of assumptions here that are just plain false, and I feel that you guys are really just going out of your way as much as possible to try to find any reason you can to make myself look bad.

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No. It has nothing to do with assumptions. The problem is that when people read what you post it doesn't make sense. There are just too many inconsistencies. So it is kind of insulting.

By assuming the people who read your posts wouldn't notice the inconsistencies means that you think the people reading your posts are stupid. That makes sense since you believe you are special despite having no reason to hold that belief.

[Shoe]

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You guys are making an awfully lot of assumptions here that are just plain false, and I feel that you guys are really just going out of your way as much as possible to try to find any reason you can to make myself look bad.

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No. It has nothing to do with assumptions. The problem is that when people read what you post it doesn't make sense. There are just too many inconsistencies. So it is kind of insulting.

By assuming the people who read your posts wouldn't notice the inconsistencies means that you think the people reading your posts are stupid. That makes sense since you believe you are special despite having no reason to hold that belief.

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Please post just one example of one of these inconsistencies.

[Henry17]

You are 28 and have a good job yet are borrowing money via a very sketchy method.

[Shoe]

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You are 28 and have a good job yet are borrowing money via a very sketchy method.

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I am 28, and do have a good job. But let's be realistic here, I am not making wheelbarrows full of cash. I am borrowing money at a 0% interest rate (smart), and investing it to turn it into more money, so that I can continute to build a larger and larger portfolio.

Lots of people borrow money in the same exact way I am doing. However, just not many buy stocks with it. The ones that do what I am doing, tend to put that money in savings accounts to earn a very minimal amount of interest. However, most people actually buy TV's, clothes, and other appliciance with the money and continue to go further and further into debt.

You keep thinking that for some reason taking out an interest free loan is a bad idea. There is nothing wrong with it, in fact it is smart. If i was buying stocks on margin would you think it is suddenly more acceptable (even though it would be dumber because then I'd be paying interest?)

It is not a sketchy method at all to borrow money. Just because you don't know enough about it, or for some reason you are not smart enough to understand it, does not make it sketchy. It is completely legal and legitmate. The only thing inconsisent in this thread is your view of what i'm doing.

[Henry17]

You are not taking out a loan at 0%. You are abusing a promotional offer to get access to funds at close to 0%. It is sketchy and embarrassing behaviour.

I also disagree that a lot of people are doing this. It just isn't worth doing unless you are broke. If someone engaged in his kiting and managed to get $50k (which is a lot for this type of scam) you'd make less then $1200 a year having it in a savings account.

Since most of the people who do this shell game scam get a lot less then $50k you are modelling you behaviour after people who are so pathetic they are willing to engage in all this sketchiness for less then $1000/year. Is that the type of person you want to follow?

[Shoe]

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You are not taking out a loan at 0%. You are abusing a promotional offer to get access to funds at close to 0%. It is sketchy and embarrassing behaviour.

I also disagree that a lot of people are doing this. It just isn't worth doing unless you are broke. If someone engaged in his kiting and managed to get $50k (which is a lot for this type of scam) you'd make less then $1200 a year having it in a savings account.

Since most of the people who do this shell game scam get a lot less then $50k you are modelling you behaviour after people who are so pathetic they are willing to engage in all this sketchiness for less then $1000/year. Is that the type of person you want to follow?

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First of all you are way off base again. Yes it is a 0% promotion or whatever you want to call it, but it is still a loan (a credit card loan). I am completely within the terms & agreements of the loan. The companies are more than happy to give me this money (for anything I dare desire -- they even recommend writing out the conevenience checks to myself, depositing them in my checking account and using them however I please -- so that's what I did, how is that being "sketchy" as you like to describe it?). The risk of course, is that I am unable to pay the money back after the introductory rate, which is what the credit card companies are hoping so they can start charging me huge amounts of interest. It works often enough for them that this is worth doing. If anything you should be mad at the credit card companies for their predatory practices they know they will be able to trap most people into.

Also, you said if someone is able to get $50k from this completely legitimate activity (which is not hard to do at all as you seem to let on -- maybe it is hard for someone like you with no credit history because he thinks he is too good to ever open a credit card -- and then bashed those who suggest he should, if for no other reason, to build a good credit history), they would make less than $1200 per year. Again, you are off base. It is not hard to find an online savings accout paying 5% interest. You'd get $2,500 a year right there.

$2,500 might not be a lot to you, but I don't know many people would would not mind an extra $2,500 per year for what would amount to only a few hours worth of work over the entire year. Not a bad hourly rate if you ask me.

For someone making $50,000 a year, this is essentially a free 5% raise. Bigger than the average national raise of 3%. In 2006, the median household income in U.S. was $48,201, so don't think there are not a lot of people that fall into this category.

maybe you wipe your ass with $2500, but stop acting like that is an insignficant sum of money that most households wouldn't be able to put to good use.

[Henry17]

I don't know what type of people you associate with but I don't know anyone who makes $50k a year who would subject themselves to the embarrassment of this shell game for $2500 a year.