Jobs and Economic Impact

[mtangelsfan]

1 hour ago, tdawg87 said:

And there's 156 million people employed total.

Edge: Lowell.

Yes, so about 30% of Americans.

Edge: Nobody

[tdawg87]

3 minutes ago, mtangelsfan said:

Yes, so about 30% of Americans.

Edge: Nobody

I had a 401k once.

[St1ck]

1 hour ago, gotbeer said:

Unfortunately?  

He's tired of playing Tinkerbell for drunken Japanese tourist.

[mtangelsfan]

1 minute ago, tdawg87 said:

I had a 401k once.

Did you have to cash it out?

[tdawg87]

Just now, mtangelsfan said:

Did you have to cash it out?

When I left they did it automatically. 

[St1ck]

2 minutes ago, tdawg87 said:

I had a 401k once.

Ever had an 805?

 

[mtangelsfan]

1 minute ago, tdawg87 said:

When I left they did it automatically. 

Wow, that shouldn’t have happened.  Sorry to hear that.

[tdawg87]

Just now, st1ckboy said:

Ever had an 805?

 

No. We barely get Union Jack anymore and when we did it was like 2.5 months old already.

Plenty of Velvet Merlin and the Parabola. Those just sit around.

[St1ck]

3 minutes ago, tdawg87 said:

When I left they did it automatically. 

Is that legal?

[tdawg87]

Just now, st1ckboy said:

Is that legal?

Idk. It was Fidelity Investments. They got sued over some shit so they got some problems. 

Also the turnover rate for new employees is like 80%. They throw you on the phones and you take call after call nonstop. The pay was good but not something I could do. I couldn't keep up. Too much info you need to dig through and far too many variables.

[tdawg87]

4 minutes ago, mtangelsfan said:

Wow, that shouldn’t have happened.  Sorry to hear that.

Yeah I was kinda surprised. It was like a $300 check so I was happy at the time. Paying $900 in rent.

[Taylor]

1 hour ago, m0nkey said:

Unfortunately our team was determined essential.  They furloughed all the consultants/contractors though, which is like half our building.

What's your job?

[St1ck]

12 minutes ago, tdawg87 said:

No. We barely get Union Jack anymore and when we did it was like 2.5 months old already.

Plenty of Velvet Merlin and the Parabola. Those just sit around.

Union Jack is a solid beer when fresh. They have a double IPA called Double Jack which is very good, but it seems when 805 got so popular, they don't make it anymore.

[Blarg]

6 hours ago, st1ckboy said:

That has zero relevance to what he posted.

Why would he buddies with the Airlines executives when he has no use for them?

[Taylor]

1 hour ago, Blarg said:

Why would he buddies with the Airlines executives when he has no use for them?

TIL that people only invest in businesses that they themselves use.

[Blarg]

You've missed the point completely. 

[Crampknees]

16 hours ago, tdawg87 said:

When I left they did it automatically. 

Haven't heard of that, weird. I had life and AD&D policies I got years ago, think they were JC Penney or something.  Over the years they always switched to another company but paid the premiums.  Recently got something from Trans America saying they hold the policies so I made a log in just to double check the benefits.  Found a 401k I didn't even know about they had for me from a company I worked at in the early 90's and left for $14k. Guess it had just been sitting there maybe making 19 cents a month. That may have been my heavy weed smoking days.  

[Brandon]

Yeah, that's weird. Especially with a larger company like Fidelity. I have one with Fidelity that is still with an old employer from many years ago. No cash out or anything, they just send me the quarterly reports. I spoke to them and they said I can just keep it there or roll it over to a personal investment account.

Plus, there are usually penalties associated from pulling from it. Doesn't make sense that the would arbitrarily cash him out.

[Taylor]

6 hours ago, Blarg said:

You've missed the point completely. 

What is your point, then?

[Catwhoshatinthehat]

Most 401K plans require a minimum balance of $5,000 to remain in the plan after an employee terminates.  If someone doesn't meet that minimum and they don't roll the funds out within a certain amount of time then anything under $1,000 is cashed out while anything between $1,000-$5,000 is rolled into an IRA.  It's not arbitrary it's common practice to avoid issues like in the past when people left a company, eventually moved and they had a balance left while the company had no way to get in touch with them.

[m0nkey]

19 hours ago, Taylor said:

What's your job?

I'm in accounting/financial reporting, so they need to report to the world how little they're making now.

[gotbeer]

First step of the housing crash has begun.

JPMorgan Chase to raise mortgage borrowing standards as economic outlook darkens

 

[tdawg87]

Season over

[Brandon]

45 minutes ago, gotbeer said:

First step of the housing crash has begun.

JPMorgan Chase to raise mortgage borrowing standards as economic outlook darkens

 

Yeah, I've been seeing this first hand unfold.

As soon as this hit the mortgage industry changed on the fly. They started asking for VOEs (verification of employments) again at the end to make sure the customer wasn't laid off. They also started lowering the cash-out limits on loan programs. The 700 min score is going to be a bitch....many people can't pay their bills on time now, let alone on the reg. so this is going to be a problem as people simply won't qualify and have to go into default and foreclose. 

Banks are ridiculous with how much money they make, I thought they may go the opposite direction and work with borrowers to accommodate to an unforeseen pandemic. But when you cater to shareholders expecting this was going to be a long shot.

Good news is rates are ridiculously low right now. This isn't going to be for everyone, but a good barometer that I use. 3.19% on a regular 30 year is super low and should be taken advantage of.

 

[vlad27]

On 4/9/2020 at 9:17 AM, Catwhoshatinthehat said:

I'm all for masks or gloves being worn to reduce the spread while higher risk individuals can continue to quarantine.  I understand where the health experts are coming from but it's not feasible to run at say 70% capacity for a year while we hope a vaccine comes along.   

Agreed