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(AP News)   Credit card debt? Try inheriting money   (apnews.com) divider line
52
    More: Fail, Debt, Law, Contract, Credit card, Loan, Accountability, Financial services, Associated Press  
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3621 clicks; posted to Main » on 27 Jan 2023 at 7:38 PM (8 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



52 Comments     (+0 »)
View Voting Results: Smartest and Funniest


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kdawg7736 [TotalFark] [OhFark]
2023-01-27 4:38:11 PM  
Fark user imageView Full Size
 
kdawg7736 [TotalFark] [OhFark]
2023-01-27 4:38:23 PM  
miro.medium.comView Full Size
 
kdawg7736 [TotalFark] [OhFark]
2023-01-27 4:38:39 PM  
media.tenor.comView Full Size
 
Jubeebee [TotalFark]
2023-01-27 6:01:03 PM  
"Don't have enough money for a down payment on a house? Have you thought about just asking your parents or extended family for tens of thousands of dollars? HA! Bet you feel silly for completely overlooking the generational wealth you were born into and are entitled to. God damn I bet the poors would have more money if their shriveled brains could understand such simple concepts. You're welcome, America."

-excerpt from The New Yorker
 
dyhchong
2023-01-27 7:39:37 PM  
Damn, why didn't I think of that?
 
The Irresponsible Captain [TotalFark]
2023-01-27 7:41:29 PM  
Wait until the boomers die or kill them are the only options I guess
 
pastramithemosterotic
2023-01-27 7:44:03 PM  
My family has money. I asked. They said no.

Pretty sure I heard laughter on my way out
 
12349876
2023-01-27 7:46:00 PM  
Article might as well just say "Have a big dick or big titties" because that's how you find a partner willing to sleep with a broke person.
 
Bith Set Me Up
2023-01-27 7:46:01 PM  
Fark user imageView Full Size


I'd up that to $3-4 thousand per month.
 
NakedApe
2023-01-27 7:46:43 PM  
That's my plan too, marry a woman with money. It's not working so far.
 
NathanAllen
2023-01-27 7:48:18 PM  
We just kind of save for retirement now.

Also we make sure to be grateful as fark we've both had a good number of high paying income years and never had spawnlings.
 
atomic-age
2023-01-27 7:48:24 PM  

12349876: Article might as well just say "Have a big dick or big titties" because that's how you find a partner willing to sleep with a broke person.


You forgot 'have a fantastic ass.'
 
Petey4335
2023-01-27 7:48:52 PM  
I'd say boo hoo....

But after the youngest decided to more or less follow the footsteps of the eldest whom is already pre-deceased in our trust, my son, whom already makes bank as a welder may end up being our only beneficiary. Make bank meaning on track to retire in his mid 50's.
 
atomic-age
2023-01-27 7:50:03 PM  

The Irresponsible Captain: Wait until the boomers die or kill them are the only options I guess


I like the cut of your jib, Farker I have labeled as being a Refreshments fan.
 
New Rising Sun
2023-01-27 7:51:12 PM  
Ginna Lambert, who had come into a small inheritance. She suggested "investing" part of her bounty in their shared future by lending small amounts to Mazza that he could apply toward his debt.


Woah woah woah. Slow down there.  If you're going to start throwing the 'i-word' around like that, let's talk real solutions:

c8.alamy.comView Full Size



🚀
 
atomic-age
2023-01-27 7:51:14 PM  

Petey4335: I'd say boo hoo....

But after the youngest decided to more or less follow the footsteps of the eldest whom is already pre-deceased in our trust, my son, whom already makes bank as a welder may end up being our only beneficiary. Make bank meaning on track to retire in his mid 50's.


Would you like to adopt an adult?
 
Petey4335
2023-01-27 7:55:14 PM  

atomic-age: Petey4335: I'd say boo hoo....

But after the youngest decided to more or less follow the footsteps of the eldest whom is already pre-deceased in our trust, my son, whom already makes bank as a welder may end up being our only beneficiary. Make bank meaning on track to retire in his mid 50's.

Would you like to adopt an adult?


The oldest i adopted was 13 at the time. She's an asshole.

I'm done. So, no.
 
Bennie Crabtree
2023-01-27 7:57:05 PM  
The writing in TFA is horrifying. Anything to avoid confirming it was the inheritance.
 
El_Dan
2023-01-27 7:58:10 PM  
The most important thing to remember if you rack up a ton of credit card debt is that you are the victim.
 
Mr. Shabooboo
2023-01-27 7:58:12 PM  
Fark user imageView Full Size
 
Sim Tree [OhFark]
2023-01-27 7:58:35 PM  
Fark user imageView Full Size
 
The Irresponsible Captain [TotalFark]
2023-01-27 8:01:13 PM  

atomic-age: The Irresponsible Captain: Wait until the boomers die or kill them are the only options I guess

I like the cut of your jib, Farker I have labeled as being a Refreshments fan.


I am a fan of many things
 
dustman81
2023-01-27 8:04:55 PM  
The answer to money problems is to inherit money? Why didn't I think of that?

/Stupid article is stupid
 
th0th [BareFark]
2023-01-27 8:17:38 PM  

dustman81: The answer to money problems is to inherit money? Why didn't I think of that?

/Stupid article is stupid


Easy money is quickly spent.
 
Nimbull
2023-01-27 8:24:56 PM  
Well Honey I'd get you something this year but I had to pay down the credit card for the anniversary. On the up side I had enough for this card.

i.ebayimg.comView Full Size


Love ya!
 
Gordon Bennett [TotalFark] [OhFark]
2023-01-27 8:26:48 PM  
The wealthy have plundered society for decades, leaving everyone else struggling to barely survive. Their remedy for this, according to the rich and the government they own, is for the people who they've been squeezing more and more for every penny to work harder and to budget better.
 
ComaToast [OhFark]
2023-01-27 8:50:01 PM  
Getting in to a financial relationship has benefits and drawbacks. My girlfriend understood my grim financial situation, and advised me to get into precious metals. I didn't know anything about that so she told me about catalytic converters and our neighbors who had nice new ones. She said she had a fence who could give us a good percentage. Now I'm all confused about fences made of precious metals.
 
Feel_the_velvet
2023-01-27 8:50:26 PM  
The exciting prequel to "My Wife is a Loan Shark"
 
Kumana Wanalaia
2023-01-27 8:56:13 PM  
i.imgflip.comView Full Size
 
Tom-Servo
2023-01-27 9:37:43 PM  

12349876: Article might as well just say "Have a big dick or big titties" because that's how you find a partner willing to sleep with a broke person.


A big dock OR big titties?  Dude. It's 2023. You need to include a big dick AND big tittles as an option.
 
Swampmaster
2023-01-27 9:43:24 PM  

Kumana Wanalaia: [i.imgflip.com image 582x428]


Need to draw up a diary on how to turn a junker car and some sawn up telephone poles into a guillotine!  Hell, mount on an axle and make it trailerable, to cover more high class neighbors!

PS:  can always use some electric cable and telephone poles as a backup gallows!
 
Magorn [TotalFark]
2023-01-27 9:44:39 PM  

Bith Set Me Up: [Fark user image 850x850]

I'd up that to $3-4 thousand per month.


50 years ago in 1973, The average household income in 2023 dollars was about $50K
an average new car in today's money was $18,000
a House was $200,000
and in-state tuition, room and board was $2,000  and private colleges were $4,000

Now the house is $400,000K  the car is $36,000 and tuition?  $20-40,000   but Household income?  just about $65K

Now, interestingly enough, the GDP of America was about $8T and the Richest man in America was worth $10 billion

Now  the GDP is $25T  and $10 billion won't even get you a spot on the Forbes 100     so we as a country are three times richer than we were, but none of it is reaching the middle or the bottom
 
NathanAllen
2023-01-27 9:52:30 PM  

Magorn: Bith Set Me Up: [Fark user image 850x850]

I'd up that to $3-4 thousand per month.

50 years ago in 1973, The average household income in 2023 dollars was about $50K
an average new car in today's money was $18,000
a House was $200,000
and in-state tuition, room and board was $2,000  and private colleges were $4,000

Now the house is $400,000K  the car is $36,000 and tuition?  $20-40,000   but Household income?  just about $65K

Now, interestingly enough, the GDP of America was about $8T and the Richest man in America was worth $10 billion

Now  the GDP is $25T  and $10 billion won't even get you a spot on the Forbes 100     so we as a country are three times richer than we were, but none of it is reaching the middle or the bottom

50 years ago in 1973, The average household income in 2023 dollars was about $50K
an average new car in today's money was $18,000
a House was $200,000
and in-state tuition, room and board.


13k for a car.

50k for a house.

Try to keep up.
$
 
Unsung_Hero
2023-01-27 11:45:21 PM  
I have a home today because A) I was born half a century ago and B) my parents helped me out quite a bit.  My kids will likely have homes because their grandparents will die and they'll inherit, not because they earn enough money to pay the purchase price.

The fact is life isn't fair, and the current situation is that vast numbers of people won't be able to replicate that path today.   Given that, it also remains true that someone who lives below their means and saves up will ultimately do better than someone who lives off of next week's pay.  Debt means giving someone else a percentage of your income to service it, meaning you have even LESS money for your self.

So long as you have food, shelter, clothing, and the means to work (like a job available within commuting distance)... don't try spending more than you earn.  And yeah, you might end up in a multi-tenant rental situation for a long time.  And no, that is not right.  But it doesn't look like we're going to straighten out our economy any time soon and you have to deal with that.  The more you can save up, the more you can hope to eventually become someone who has self-sustaining generational wealth - but it might be for your children or grandchildren to enjoy rather than you.  It's at least more likely if you follow this advice than if you don't.

Consider moving to somewhere with a lower cost of living (so long as it isn't a hell hole, obviously).  Have a look at all your options, including emigration.  You do not have to live in the big city, and you don't even have to stay in the nation you were born in - look for what will be best for you over the course of your lifetime.

Also, becoming and remaining politically active and demanding solutions to the problem of wealth concentration won't hurt.
 
NotARocketScientist
2023-01-28 12:41:52 AM  
Inheritance is the only way I'll be able to pay off my student loans.

/paying $300-$400/month on them for >15 years
//principle dropped $15,000 in that time.
 
Shryke
2023-01-28 2:12:01 AM  

Bith Set Me Up: [Fark user image image 850x850]

I'd up that to $3-4 thousand per month.


News flash: stealing other people's money won't make you successful. You'll still be poor shortly after you burn through your one time bribe.
 
Langdon_777
2023-01-28 3:41:40 AM  
My dad is going to die soon (pancreatic cancer) - no time line, he will never ask the doctors that question, but every time I see him I keep having to lower the amount of time I think he has left and visit him more often (much to his (hopefully pretend) annoyance :)  But as the only son of three who has never produced any grandkids for him, I do not expect to get a much, if anything from the Will.  Though I suspect my 5 nieces are going to get trust funds, will not be a lot, but probably really helpful when they get to them.

All I can really think about, when I let myself, is that I am really going to miss my dad :(
 
Langdon_777
2023-01-28 3:43:01 AM  
damnit *prostate cancer, I have been getting the two mixed up the whole time - though the one above would have cleaned him up a long time ago :(
 
Langdon_777
2023-01-28 3:48:24 AM  

Unsung_Hero: I have a home today because A) I was born half a century ago and B) my parents helped me out quite a bit.  My kids will likely have homes because their grandparents will die and they'll inherit, not because they earn enough money to pay the purchase price.

The fact is life isn't fair, and the current situation is that vast numbers of people won't be able to replicate that path today.   Given that, it also remains true that someone who lives below their means and saves up will ultimately do better than someone who lives off of next week's pay.  Debt means giving someone else a percentage of your income to service it, meaning you have even LESS money for your self.

So long as you have food, shelter, clothing, and the means to work (like a job available within commuting distance)... don't try spending more than you earn.  And yeah, you might end up in a multi-tenant rental situation for a long time.  And no, that is not right.  But it doesn't look like we're going to straighten out our economy any time soon and you have to deal with that.  The more you can save up, the more you can hope to eventually become someone who has self-sustaining generational wealth - but it might be for your children or grandchildren to enjoy rather than you.  It's at least more likely if you follow this advice than if you don't.

Consider moving to somewhere with a lower cost of living (so long as it isn't a hell hole, obviously).  Have a look at all your options, including emigration.  You do not have to live in the big city, and you don't even have to stay in the nation you were born in - look for what will be best for you over the course of your lifetime.

Also, becoming and remaining politically active and demanding solutions to the problem of wealth concentration won't hurt.


And never forget, that on the Global Scale, we are the lucky ones.
 
Lady J [recently expired TotalFark] [OhFark]
2023-01-28 5:05:57 AM  

Langdon_777: All I can really think about, when I let myself, is that I am really going to miss my dad :(


Fark user imageView Full Size
 
Langdon_777
2023-01-28 6:12:25 AM  

Lady J: Langdon_777: All I can really think about, when I let myself, is that I am really going to miss my dad :(

[Fark user image 425x226] [View Full Size image _x_]


Thanks Lady J *hugs*
 
fzumrk [BareFark]
2023-01-28 6:22:13 AM  

Gordon Bennett: The wealthy have plundered society for decades, leaving everyone else struggling to barely survive. Their remedy for this, according to the rich and the government they own, is for the people who they've been squeezing more and more for every penny to work harder and to budget better.


Also, they should pay their "fair share" of taxes.
 
Ragin' Asian [recently expired TotalFark]
2023-01-28 6:53:05 AM  
So kill your in-laws?
 
Thank You Black Jesus! [BareFark]
2023-01-28 11:17:54 AM  

Sim Tree: [Fark user image image 850x812]


just for reference - 25k/yr is 2.5% on $1000000
 
Thank You Black Jesus! [BareFark]
2023-01-28 11:34:05 AM  

Magorn: Bith Set Me Up: [Fark user image 850x850]

I'd up that to $3-4 thousand per month.

50 years ago in 1973, The average household income in 2023 dollars was about $50K
an average new car in today's money was $18,000
a House was $200,000
and in-state tuition, room and board was $2,000  and private colleges were $4,000

Now the house is $400,000K  the car is $36,000 and tuition?  $20-40,000   but Household income?  just about $65K

Now, interestingly enough, the GDP of America was about $8T and the Richest man in America was worth $10 billion

Now  the GDP is $25T  and $10 billion won't even get you a spot on the Forbes 100     so we as a country are three times richer than we were, but none of it is reaching the middle or the bottom


looks like time for another round of tax cuts!
 
stuffy
2023-01-28 2:08:40 PM  
Get married
Buy life insurance
Spouse has "accident"
profit.
 
Lurk Who's Talking
2023-01-28 3:50:50 PM  
When I was young and in the Navy, I was sometimes lonely for mail in the pre-internet days. I discovered elderly relatives like postcards and letters, too. I wrote them and they wrote me into their Wills. Remember: old people have money and property and love being asked questions about their lives. It's a slow way to make money, but it works.
 
Trocadero
2023-01-28 4:27:54 PM  

stuffy: Get married
Buy life insurance
Spouse has "accident"
profit.


https://en.wikipedia.org/wiki/Ruth_Snyder

Have your death shot printed in newspapers around the country, then Barbara Stanwyck plays a version of you that's much more famous.
 
mjbok
2023-01-28 6:39:28 PM  

Bith Set Me Up: [Fark user image 850x850]

I'd up that to $3-4 thousand per month.


Per person?  What are the qualifications for it?  Who is going to pay for it?  And why?

Langdon_777: My dad is going to die soon (pancreatic cancer) - no time line, he will never ask the doctors that question, but every time I see him I keep having to lower the amount of time I think he has left and visit him more often (much to his (hopefully pretend) annoyance :)  But as the only son of three who has never produced any grandkids for him, I do not expect to get a much, if anything from the Will.  Though I suspect my 5 nieces are going to get trust funds, will not be a lot, but probably really helpful when they get to them.

All I can really think about, when I let myself, is that I am really going to miss my dad :(


Went through that last year (brain cancer that lingered).  No matter how much time you have it won't be enough.  No matter what time you spend with them, you'll always wish iat was more.  No matter how many times you say goodbye you'll always think it wasn't heard.  It sucks.  Thoughts go out to you.
 
Bith Set Me Up
2023-01-28 7:35:11 PM  

mjbok: Bith Set Me Up: [Fark user image 850x850]

I'd up that to $3-4 thousand per month.

Per person? What are the qualifications for it? Who is going to pay for it? And why?


Every adult gets it. Means-testing merely makes it *look like* you're addressing an issue instead of actually an issue.

Why Means Testing Is A Terrible Idea
Youtube SZv9bSCf0Uc


Making this possible involves returning to the 1950s levels of taxation, e.g. taxing all wealth above $2 million upwards of 90%, and taxing big businesses at 30% for their first ~$300K of profits and 50% on everything over that.

"How will we pay for it?" is only ever asked when it's something that makes ordinary peoples' lives better and not when it's something that makes billionaires' lives nicer than they already are.
 
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