List Your YM Sins

[midjd]

1) Graduated college with $0 debt and $6K in the bank... proceeded to move to one of the most expensive cities in the US and pay full retail price for my law degree. Market crashed in October of my final year.

2) Lent quite a bit of money to an ex-boyfriend... still haven't seen a dime of it, though he is driving a 2009 Honda Accord and just bought a house.

3) Moved in with now-DH after approximately 3 weeks of dating (to be fair, we had known each other for 10+ years beforehand).

4) Commingled finances with DH before we were engaged

5) Married DH, whose past sins include a previous marriage and a Chapter 7, and who has a VERY low credit score as a result (however, aside from all the warm fuzzy reasons I keep him around, he is a hard worker and has always been able to provide for us.)

6) Got a job with the government and am paying the income-based payments on my SLs.

7) Bought a house without starting a thread about it on the old YM (or posting my budget)! (We're closing in 2 weeks!)

Won't even get into my quasi-money-related sins, like choosing my college and law school based on where my boyfriend-at-the-time was going... At least it's all worked out for the best so far!

[happytraveler]

Jan 1, 2011 13:06:25 GMT -5 quotequeen said:

Jan 1, 2011 11:18:44 GMT -5 happytraveler said:

I saw some interesting "sins" Can someone elaborate on a few of them? Why is going to a private college a sin? Same for paying cash for a car?

YM sins are not necessarily bad things. Hence a lot of us posting that we are currently doing/recently did these things despite being longstanding YM members. It's just things that are frequently criticized on the boards. There's always somebody talking about how private school is a waste of money and everybody should go the CC/state school route. I don't regret going to private school for a minute, and if I had to do it again I would make the same choices.

Paying cash for a car is criticized because you can generally get a loan for a low rate and could invest the difference in the market and end up with more money. Same issue as paying off your mortgage early. The issue is hotly debated, but paying cash is certainly better than blowing the money on junk!

Thanks for clarifying--I guess the "sins" are in the eye of the beholder

[daylight]

Jan 1, 2011 13:22:04 GMT -5 Knee Deep in Water Chloe said:

Jan 1, 2011 13:17:58 GMT -5 daylight said:

I have no life insurance.
I also had a lot of cash sitting at almost zero interest, it took me a while to figure out how much money I spend per month and how much I need for an emergency and how much I can actually have in a higher interest rate account. This I have already fixed, but it cost me a bit of money.

I'm struggling with this also. Did it actually cost you money, or did you just not earn the interest on the money when it sat in the account?
I guess I rationalize that I'm not losing money while I figure out what do with the little--very little--I have.

It did not cost me actual money at that time. But the money that the higher interest rates bring me in is not insignificant.

[daylight]

Dec 31, 2010 15:30:52 GMT -5 Nazgul Girl said:

Post#25 "Trusted family members -- ( Lesson learned: If someone says "trust me I would never cheat you" rest assured you have already been screwed royally and are just too dumb to know it)."

I know this may sound weird, but if I say "trust me" to somebody, it's true. I don't cheat people. I also don't tell people to trust me very often, but if I say it, then they can trust me. Well, they can the rest of the time, too....

I've had some interesting times with my family, but I can say that although they've disappointed me at times, as all family members can do, they've never cheated me. I guess I'm lucky.

You are.

It may not be a universal truth, but I noticed that my co-workers use the phrase "Trust me." or "Believe me." a lot when they are not telling the truth. (Think re-arranging a meeting and using a bogus excuse etc.) You can learn a lot from situations when you actually know that one of the people involved will be lying.

[Poppet]

1. Don't have a four year degree or a Masters or a PHD.
3. Career underachiever (what career?)
4. Live on one income (no multiple income streams)
4. Don't max out Roth retirement funds
5. Don't have hundreds of thousands of dollars in retirement accounts
6. Praying for State Pension to exist in 20 yrs. (LOL)
5. Don't have any 401Ks
6. Only 3 months of bare minimum expenses in an EF
7. 15 yr mortgage w/ 5 years left
8. Didn't save for kids' college, sent them to the Air Force instead
9. Don't gamble in stocks and therefore not making miliions
10. Never made millions flipping real estate
11. Never made more than 85K per year

[NastyWoman]

I forgot that horror of horrors. I too paid cash for a new car (not LIKE new). However, I don't really consider it a sin since I (a) hate payments without the certainty that I always will have the income to pay for it, and (b) I drive my cars until the wheel come off. That is 15+ years!

[Peace Of Mind]

I have a landscaper take care of our lawn.

I drink bottled water.

Got a 15 year mortgage despite historically low interest rates.

Had an expensive wedding and expensive honeymoon (and also have an expensive engagement ring) that we paid for ourselves.

Purchased property on a lake that does not generate income.

Have no interest in owning rental property or starting a business.

And the most horrific of them all: I don't work and don't have kids and I am not of retirement age.

[Poppet]

And the most horrific of them all: I don't work and don't have kids and I am not of retirement age.


Living dangerously, eh?

Me too, although I have two grown kids who don't need me to be at home anymore.

[kristi28]

• I don't invest in the retirement plan at work (no match, but still).
  
• I have never purchased a used car, but I have bought three new ones.
  
• I kept my house when I got divorced, even though it was almost 40% of my income.
  
• We still have way too much money in a money market account.
  
• My DD doesn't have any college savings.
  

I am not even listing my private school undergraduate years, as I paid less for them than I would have for a reasonable state school. I didn't graduate with any student loan debt.

I am sure that there are others.

[ummboutthat]

Forgive me YM, for I have sinned....

• using my retirement to pay off credit cards
  
• giving away excellent working electronics to purchase new
  
• going to paint my car only because I want a new color
  
• I ONLY buy name band names at grocery store (and don't use coupons)
  
• paying my girlfriends bills because she can't afford to
  
• I will NEVER step foot into a $.99 store
  
• OH..umm....I will continue to ask YM for help to explain what am I doing wrong
  

[cronewitch]

I went to a private college but still didn't over spend. The local state school required a foreign language to get in and I tried in high school and community college to learn one but couldn't. I might have taken the same class 3-4 more times and passed but it would have taken too long. The private school was a 2 year school that took my 2 year AA as total requirements for admittance, it was a mile from home and had all evening classes. I worked full time days so it fit my schedule. Even with some overtime I was able to finish my degree in 2 years. I put the tuition and books on my discover card so I got cash back then paid discover card with my HELOC. My total mortgage was $5K when I finished school

[hawkeyes2001]

Went to private grad. school and racked up 80K in student loans.
Selected a payment plan in which the first two years were interest only payments on mentioned student loans.
Also, racked up at least 10k in credit card debt while in college.
Lent DBF over 2K when he couldn't pay his taxes. (He did pay it all back in full within a year)
Didn't start seriously saving for retirement until my late 20s.

Those are my past sins. Current sins include:
No will.
Own a house with DBF and we share all of our finances.

[The J]

Adding to my YM sins: I order UFC PPVs when they're on -- I split the cost with my roommate, but that means I'm spending $27-55/month, in addition to my cable bill, on tv.

[quotequeen]

I should add the fact that I eat out a ton and hardly ever cook. Also that I'm planning to hire painters rather than do the painting myself.

[Cookies Galore]

I have a journalism degree and- gasp!- I actually use it!
Moved in with the BF after only knowing him for three months.
On Friday, I made a mac and cheese that cost $45.

[totiredtotango]

I have a journalism degree and- gasp!- I actually use it!
On Friday, I made a mac and cheese that cost $45.


Do I need a journalism degree to make good mac and cheese? Maybe that is what is wrong with mine.

[Cookies Galore]

Jan 2, 2011 11:05:12 GMT -5 @totiredtotango said:

I have a journalism degree and- gasp!- I actually use it!
On Friday, I made a mac and cheese that cost $45.


Do I need a journalism degree to make good mac and cheese? Maybe that is what is wrong with mine.

Oh yes! You need to use big words when cooking the cheese sauce. ;D

[totiredtotango]

Jan 2, 2011 11:09:16 GMT -5 Cookies Galore said:

Jan 2, 2011 11:05:12 GMT -5 @totiredtotango said:

I have a journalism degree and- gasp!- I actually use it!
On Friday, I made a mac and cheese that cost $45.


Do I need a journalism degree to make good mac and cheese? Maybe that is what is wrong with mine.

Oh yes! You need to use big words when cooking the cheese sauce. ;D

Well I have on occasion used "words" when cooking, maybe not big enough words though....

[moneywhisperer]

Justifiable Sins??

• Married Poorly & Divorced even worse But somehow I was scads richer after the divorce
  
• Bought houses I could not afford But sold all at huge profit, so it turns out I was just leveraging my money
  
• Buy my cars new from the dealership But they are good quality and I drive them for at least 10 years so it all works out
  
• Sat on 6 figures in savings accounts for over a year Sheer luck that this was ahead of & during the market crash so it actually saved me a ton since the 401K i was ignoring did not fare quite as well
  
• Cut off my nose to spite my face every now & then, even if it costs me money! What can I say - it makes me happy
  
• Spoil my kids and their spawn nuf said
  

[littlepixy]

Forgive YM for I have sinned:
1. Didn't finish college, jumped right into the working world - fortunately it was during the time when you could actually work your way up from the mailroom to the boardroom.
2. Loaned money to 3 different BF's - never saw the money back from any of them (took 3 times before I finally got it).
3. Quit a job and cashed out my $28,000 401k money so I could take six months off.
4. And, yes, every now and then I will drop $500 for a day at the spa.

[mollyc]

- Never finished my degree
- Don't always pay off my CC
- Content to work at a non-profit for the next 20 years even though I'll never receive more than a cost-of-living raise. I used to work for accountants so I know most business owners and landlords around here don't make much more money in a year then me. I have no interest in working that hard for so little payoff.
- Left birth control to DH and ended up having DD 3 months before my 38th BD (who knew a man's clock could go off). It meant that it took 10 yrs to pay off mortgage instead of 7 (Canadian so mortgage interest irrelevant to taxes)
- Got tired of listening to DH and the car salesmen bullshit each other so named a bi-weekly payment I could manage. Ended up with a 5 yr loan at 7% that required a lump sum payment of $3,000.00 on the term end date. Paid it off sooner than that but it's the principle of the thing.
- Stick w/DH for his skills which don't include the ability to get a job and keep it (if I could live my life over, I too would be a jack of all trades and master of none-way easier to deal with furnace & plumbing problems in the middle of the night & cheaper)
- Will go into debt to help out family if necessary because that's what family is for. In the end it all evens out over time, even if the payment isn't straight across or in cash (Dad helped out his younger siblings, us kids spent time in their spare rooms or being invited to meals & outings, etc)
- Have known all of the "how to maximize your money" rules for decades but don't always follow them

[ummboutthat]

Jan 2, 2011 10:59:49 GMT -5 The J said:

Adding to my YM sins: I order UFC PPVs when they're on -- I split the cost with my roommate, but that means I'm spending $27-55/month, in addition to my cable bill, on TV.

now that I'm replying..this may not be as helpful 2U J.
I watch UFC also, but I guess I'm not a fan? I will see the previews of an event and want to watch on PPV. but don't cause I forget about it. But here in NJ they show it on Spike TV so I don't miss and event and get to see it for "free"

[The Home 6]

Forgive me YM, for I have SINNED!!

~I only have an associates degree. In performing arts. But at least it was a full-ride scholarship.

~I'm nearing 30 and have no money in a retirement account.

~Agreed to buy a car for DH's younger brother. Agreed to 'loan' (really means 'give' since we will never see a dime from her) DH sister $1500 for her to buy a truck. Agreed to send money to DH's mother every month.

~I have Direct TV, with a DVR...and I tend to keep the thermostat at a rather comfy level.

~I HAVE NO JOB!!

[The J]

Jan 2, 2011 12:57:45 GMT -5 @ummboutthat said:

Jan 2, 2011 10:59:49 GMT -5 The J said:

Adding to my YM sins: I order UFC PPVs when they're on -- I split the cost with my roommate, but that means I'm spending $27-55/month, in addition to my cable bill, on TV.

now that I'm replying..this may not be as helpful 2U J.
I watch UFC also, but I guess I'm not a fan? I will see the previews of an event and want to watch on PPV. but don't cause I forget about it. But here in NJ they show it on Spike TV so I don't miss and event and get to see it for "free"

They sometimes show prelim fights on spike, but they don't show the actual events until quite some time after.

[moneywhisperer]

UFC PPVs are surely a write off for "The J" since he's running a B&B for wayward cuties!

BigBoyCatNJ - I shiver every time I look at your Avatar! Poor kitty!!!

[ummboutthat]

OHHH! cause I wanted to PPV Brock Lesnar last fight and forgot to get the day and time. Then kept looking for it on Spike and still haven't seen it. Hmmm....I'll jump over to You Tube for a sec.....be back in 10! LOL

[ummboutthat]

Jan 2, 2011 13:22:53 GMT -5 @moneywhisperer said:

UFC PPVs are surely a write off for "The J" since he's running a B&B for wayward cuties!

BigBoyCatNJ - I shiver every time I look at your Avatar! Poor kitty!!!

I LOVE the winter months (here in NJ -not so sure about other states), I LOVE the snow storm we just had. I do enjoy the cold.
see your Karma is at 3 and you graduated.

[formerexpat]

Let's see, my list of YM sins include:

*Having joint accounts with 2 of my past girlfriends and my wife before we were married or engaged. The first one was the only checking account I/we had and I kept everything when we broke up. The others were joint accounts that we transferred money for joint expenses into, separate from other funds.
*got joint car insurance with my to be wife before we were engaged.
*loaned an ex-girlfriend $5,000 - primarily so she could move out and up to Boston for an internship after we broke up. She paid me back.
*loaned one of my best friends over $1,500 on more than one occasion. He paid me back both times.
*went to a private university.
*took on $100k of student loan debt, $80k of which was private & variable rate [which was more than double my first year salary] from the above private university, including accrued interest. About $3-4k of this was rolled credit card debt from when I made some stupid decisions in my first couple years of college and lived outside my means.
*still married my wife despite her $15k of credit card debt when we met - which was paid off before we married.
*bought a $10k engagement ring, paid $4k for our wedding rings, had a $20k wedding and went on an $8k, two week honeymoon in Italy [which got extended to 3 weeks, one week in London on the company] despite still having $50k of my private student loans left.
*have paid for a number of things for my mother, including giving her my old 98 Civic when she was in a much tougher financial position than now.
*am primarily responsible for the financial management of my mother's husband's business and his bank accounts.
*am actively involved in helping my mother and her husband with their finances, helping to ensure he can retire by the age of 60.
*supported my wife's decision to stop working on her early childhood education degree, after taking on the $5k of debt.
*financially support a stay at home wife who is able to work and earn anywhere from $50k - $100k [depending on how much she applied herself to her career].
*support my wife's decision to want to stay home and raise our children.
*100% loan on both of our cars.
*refinanced both car loans earlier this year to get a lower interest rate while taking $5k cash out of the car loan...took that money and put it into a 3x S&P ETF in late August; sold in early Nov for a 50% gain.
*took a 30 year FHA loan to avoid having to put down 20%. The 3.5% + settlement costs were pretty much fully financed by the builder and the $8k home buyer credit.
*rolled the outstanding closing costs that were not paid by the builder into the mortgage. We took the $70+k earmarked for the down payment and plowed it into the market in May, June & July. Was going to DCA but those dips looked too good, especially the one at the beginning of July! The MTM on that money is pretty much equal to the up front and total monthly PMI that I will pay on this loan right now.
*also rolled a number of items into the mortgage like carpets, blinds + installation, and the wiring package for the home.
*paid a painter $1.5k to paint the downstairs of our home because it was more convenient than painting it ourselves before moving in.
*have granite counter tops in our home.
*paid $10k for a luxurious master bath with hand laid tiles and a soaking tub with jets in our new home.
*spent $25k on house items we wanted / needed when we moved in, including all new living room furniture, dining room furniture, a new LED TV, a Bose home entertainment system, new bedroom furniture and mattress, refrigerator, paintings, washer & dryer.
*put $13k of that on various credit card incentives. $5k on 0% for 12 months and $8k on a 2.99% until May 2012. Have used that $13k a couple times in the previously mentioned 3x S&P ETF this year.
*spending at least another $15-20k early in 2011 for a finished basement and deck in our home.
*gave a gift card [how unthoughtful] to my wife's grandmother for Christmas...it was a grocery store card so she can buy some of the indulgences she loves since she's on a fixed income.

*have been known to butcher the English language from time to time.

[Poppet]

And we buy low quality wine because we both like it.

This made me laugh. You bad, bad person, you.

[bobbysgirl]

Dec 31, 2010 9:02:42 GMT -5 ArchietheDragon said:

I have no life Insurance. nooooooooooooo

Oh Archie. You go get some right now!