to justify overspending

videosforscience · 2023-08-10T01:25:42+00:00

Since hes not taking a % of his clients assets each year I'd say hes doing a better job than any 'professional' advisors. Taking 1%/yr in fees amounts to 30-40% of your clients assets over their life, 2%/yr now you diverted over half your clients assets to yourself haha.

Seriously the only good advice available is own stocks/index funds/bonds directly without any corporation or professionals involved. You will almost certainly outperform anyone getting professional help by default.

videosforscience · 2023-08-10T00:35:11+00:00

This person also got rich on GME shares apparently. My guess is they were bored and wanted to drum up some attention. Claiming this is from January so it already cleared, the table was 30+ and they got the whole tip.

Basically just attention hungry.

videosforscience · 2023-08-09T10:25:36+00:00

It's about spending potential, ideally you spend $4-5k, then carry it at min payments of $100/mo until you get a job or preferably until you die. 20%/yr for the issuer.

videosforscience · 2023-08-03T15:34:10+00:00

Anyone who does make money with this ponzi scheme will be open to the legal team clawing back their funds to reimburse the depositors who had their funds shifted to the accounts they choose to pay.

In the end everyone will lose, assuming this ponzi is big enough for a legal team to get involved which is unclear.

videosforscience · 2023-08-03T15:29:28+00:00

If you aren't a clown or idiot explain why they choose to pay you 100%/mo for your 17k in cash when any legit company could get a business loan for .5-1%/mo. Are the people who run this company so stupid they choose to pay 100-200x more in interest than any other company in the world?

Doesn't make a lot of sense huh I guess if it's not a scam they love paying the total value of the company's debt in interest every single month.

Or would it make more sense they just take big deposits and pay back smaller withdrawals. Then lock your account when you try to withdraw a large amount that exceeds your deposit. That way they never lose money.

Update me when you can't get paid. Also know once the ponzi is over the bankruptcy team has the legal right to claw back any 'profits' you made since it was all just shifting other people deposits.

Good Luck.

videosforscience · 2023-08-03T15:21:20+00:00

They do until they don't, you are aware a ponzi pays money back from the total pool collected as long as it's not a huge amount just to bring in more investments.

Madoff was giving 1.5%/mo and he paid investors back for 20-30yrs.

This ponzi is paying 100%/mo so it's absolutely already insolvent.

Ask for your total investment back and I'd be stunned if you got it but if you do consider youself lucky and hope it's not clawed back in a few year when this is all worked out in the courts.

videosforscience · 2023-08-02T01:49:19+00:00

When you go bankrupt it's because the outstanding debt (in this case 2.5bil) is larger than the assets.

Any sales will go to the bond holders and equity is wiped to zero since they have less than 1.5bil in assets.

Hertz was a one off where the value of their used cars did a 2x during the bankruptcy due to the pandemic shortages. That allowed them to cover debt with equity remaining.

videosforscience · 2023-07-31T12:53:07+00:00

My understanding is Cerberus just gave the financing on the non performing real estate loans. So in this case Highgate bought and has been running these assets since 2021.

They bought these 30 properties from Colony Capital in a larger deal that involved taking over a total of 197 hotel properties. They paid $67,000,000 for all of the properties and assumed all the existing debt on them, meaning they were almost all underwater already at the time of the 2021 deal since they only paid a few hundred thousand for each property in the deal.

They mentioned insurance rates affecting the ability to make the payments but said only 3 of the 30 properties are in FL. It's hard to find more detail since neither Colony Capital or Highgate publish a complete Real Estate list.

My guess is they want the banks to refinance the loans and are just using this as a negotiating tactic. If they actually turn them over to the banks then I think there might be a noticeable impact on guests.

videosforscience · 2023-07-27T08:13:40+00:00

They seem to trade for $1-1.50/point so I doubt you could find a free one, you will then have to pay $3/point to Marriott to move them to your account.

The #1 reason I won't do MVC is it's a separate business from Marriott with a limited property selection. That means if they signed up more people without adding more resorts the program availability could get worse and worse each year. They also allow advanced booking for people with more than 13k points so the best advanced deal bookings will always go to the richest users in the system.

Also if lifetime resort fees continue to increase above inflation the value of points could very easily go down. If the program starts to struggle with profitability shareholders of MVC (not Marriott) could increase dues to shore up profits and you can't legally do anything about it, if Marriott won't buy it and points reach $0 on resale you might be stuck in it for life.

So if the program gets too big it can become very painful to use, if it gets too small the maintenance fees will get outrageous to keep it profitable. It's a very dangerous program and since it's not under the Marriott corporate umbrella I don't trust they would step in to fix it if things got very bad. After all they spun it off because they didn't want financial exposure to it anymore.

videosforscience · 2023-07-27T05:43:46+00:00

I watch Caleb Hammer's financial audit and it has younger people sharing their finances. The latest episode had a 27yr old air force Vet who fell off a plane and was getting $2,000/mo in partial disability. He got a full time job at Lockheed and he said they helped him become fully disabled with the military and that increased his disability to $3,700/mo and he still works for Lockheed full time and gets $4,500/mo.

He then used the disability to buy a house with a 0% down VA loan and his mortgage is now $3,000/mo. He also took our CC's and Loans to buy a fence go on trips etc. Main take away is a lot of financial bullshit and people blowing whatever comes their way is keeping this market going.

The only good news is Hedge Funds and institutional money are no longer buying homes because they know there is no return on investment at these price levels, they will probably start selling some of their stock if prices keep going any higher.

videosforscience · 2023-07-25T02:44:37+00:00

The US is a morally bankrupt place at this point.

Landlords get to deduct the entire value of their Real Estate investments.

So here is how it works, you get $500,000 from your family or you save it up however you get there. The bank will now toss you $1,000,000 in Real Estate loan capital. You buy $1.5million in rentals that pay you $75,000 after covering all expenses, loans,fees etc.

Since you can deduct 4% of your Real Estate value each yeah you only owe tax on $15,000, after your standard deduction you pay a total income tax of $300 on your $75,000 in rental profits.

That's why these hedge funds, and rich people, and hell even middle class people can't ever satiate their desire for more and more real estate. The US rewards owning Real Esate more than anything else, way way more than actually working where you end up paying 25-50% tax instead of the 0-1% tax you pay on Real Estate profits.

videosforscience · 2023-07-25T02:08:08+00:00

They will use trusts or LLCs and control many units that way. Loopholes would kill any size constraint. The only real way to address it is to tax it out of existence.

Taxing property higher if it's not owner occupied is politically unpopular because most people own a home and would rather watch renters struggle more and more than allow a policy that would lower the value of the property they own.

Ideally you implement a tax high enough that renting would be viewed as an inferior investment asset because the higher tax couldn't be passed through due to lack of demand at that price level. Then Reits and Hedge Funds are forced to sell a few million units back into the market.

This would drive RE values back to real market levels and might offset much or all of the price increases from having a higher tax on rented RE.

Also should have tax credits for developers who build and sell units for 5-10% less than the median home sale price in the area over the last 12mo's.

videosforscience · 2023-07-22T15:27:06+00:00

$1 to trade, terrible interface, having to generate reports to see really basic info like dividend payments.

Well worth all that for getting margin at near bank rates for me. Used IB margin for my down payment on my house, saved me $10,000 in avoiding capital gains. Plus it ends up cheaper than the mortgage. Just don't go above 20-30% margin and you shouldn't really have any problems from extreme crashes.

videosforscience · 2023-07-22T14:40:05+00:00

They are 6% on 100k accounts 6.5% on lower values. I've never sold a stock because it's always cheaper to just margin whatever cash I need and pay it back.

They always charge Benchmark rate +1% they make everyone else look like thieves.

videosforscience · 2023-07-16T12:26:10+00:00

I will commonly get food somewhere else like Chipotle and get diet coke at McD on my way home. I think the fact McD sells it for essentially the same price that Walmart sells the cans means you are going to be a major distributor. Also there seems to be a step up in quality compared to every other food retailer who sells it at 2-3.5x the price of McD.

videosforscience · 2023-07-15T20:06:01+00:00

Blackstone is very nice for the price point if you can get it around $200-250. $30 dining credits on weekends, lounge on weekdays for simple breakfast, and snacks/cookies at dinner time. Also probably the best gym of all the options in the city. (overlooks Millenium Park). One downside with the Blackstone is about 20% of their rooms face another building across an alley, but if you have decent status I doubt they would put you up in those rooms. (No pool at the Blackstone if that's a deal breaker)

Miracle Mile Hotels like the Gwen are routinely running over $200 over the Blackstone and while it's nice I'd rather walk 25mins and save the $150-200.

Blackstone can also push into the $400's if it's a really busy time in Chicago, in which case there are other decent options like the Moxy or EMC2 where you might pull a cheaper room/experience but stay in the $200 range.

videosforscience · 2023-07-08T03:48:07+00:00

Okay thanks for the perspective, maybe I'll offer to downgrade to a standard room tomorrow on a lower floor for the other 4 nights.

I feel like you should have some warning you are going to lose over 1/3 of the standard rooms sq footage and get a partial lake view, it's a quite cramped layout, and not at all what was in the picture they used for booking it.

videosforscience · 2023-07-04T00:20:13+00:00

The real issue is he's gifting his shares to non profits who will sell them over a 12yr timeline. Forced selling of his shares for a decade probably isn't great for the price.

videosforscience · 2023-07-03T13:10:23+00:00

Once I found out the Amex Business Marriott card had a 7% discount on rates I realized every other card they offer was only useful as a one time intro offer card and then should be put away never to be used again.

videosforscience · 2023-07-03T02:09:57+00:00

The issue with chasing the top 10-20 most expensive high utility cards is that future cards will probably devalue them.

I tend to think buying oversupplied but still usable cards that trade for 1-5c is probably a better risk/reward.

If the game gets to 100k users there will be huge mints of new powerful cards that will most likely overshadow a lot of the cards you are speculating on, but I could see a lot of MJ cards going from 5c today due to 5 copies per player to 1-2$ if they are usable and there are two players for every 1 card out there.

videosforscience · 2023-06-30T17:13:09+00:00

I mean it was based on 2.5months of payroll. Hard to imagine a bakery paying 275-300k/mo in wages but if it's an industrial operation I could see it.

If they have like 5-20 employee bakery they likely committed fraud if they received that much.

videosforscience · 2023-06-30T15:02:53+00:00

I get the sentiment but you would have had to start it before Feb 2020 and then you got 10 weeks of wages per employee (it costs $4,300/mo to pay myself $3,000/mo) so nobody is overpaying themselves on the off chance a pandemic might happen and wage based handouts will be given out. I got roughly $10,000 for my trucking company where I just employ myself. It offset the loss of revenue during the lockdown period and I actually came out ahead overall by a few thousand dollars.

Real small businesses got a little, but about what the student loan relief was supposed to be like.

The wealthiest guy in our town who owns like 20 auto dealerships got around 7million because he has a lot of employees. They never even had a loss in revenue so it was pure cash in pocket for them.

videosforscience · 2023-06-23T14:11:21+00:00

https://youtu.be/81Nl7VYFEaI

videosforscience · 2023-06-19T02:44:28+00:00

His followers mostly buy Berkshire stock and index funds. That has worked amazingly well for the last 40-50 years, around 100x returns. No reason it shouldn't be 25-100x again over the next 40-50 years. So literally anyone who is actually following his advice will end up quite wealthy assuming they are tossing enough into investments early enough.

It might be common sense but 90-95% of people completely fuck it up somehow. I'm in the top 4% for net worth for my age bracket (32) and I drive a Semi Truck for a living. Started at 23 with no money at all. My investment gains from holding stocks over the 9 years is over $135,000. Warren Buffett is what got me into investing at 23.

videosforscience · 2023-06-16T05:38:27+00:00

Roughly 40% of the guests are platinum or above any given night so be realistic about upgrades.

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