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  1. #61
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    Quote Originally Posted by ghotihook View Post
    That's not how a credit card works. If the limit on your credit card is $1000, you can never charge more than $1000 on it. It's literally impossible.
    That is incorrect. The credit card issuer may choose to authorize the charge. (I've been working with credit cards for almost 20 years)

    In addition, there are newer types of VISA credit cards which have no "pre-set credit limit" per se. (Called Signature cards)...

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    Quote Originally Posted by Captain N View Post
    If you go past your credit limit the card will be declined. If you go past your limit on a debit card/checking account then you get hit with a Non-Sufficient Funds Fee.
    If you go past your credit limit, the credit card issuer may choose to authorize the charge of decline it... it often depends on how fast past the limit you are going/how big the authorization is

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    Quote Originally Posted by Jonnusthegreat View Post
    Lol cards can go negative now? What? They just decline you here.
    And your math doesn't seem to add up...
    Checking accounts can go into negative (overdraft)... cards don't go negative, but they can go overlimit
    Quote Originally Posted by Sulla View Post
    Senator Moore will be sitting in that seat and I hope it burns you to your core.
    Quote Originally Posted by Knadra View Post
    Trump did it so it's good. I put my faith in a strong political figure because I lack self-esteem and feel threatened by a changing world. Whoever stands against him is bad because I do not understand their arguments and I have a simple tribalistic mindset created through the consumption of right-wing media.

  2. #62
    Quote Originally Posted by Surreality View Post
    Why? In all my years I've never had a use for a second language. I've never left, nor do I ever expect an opportunity to escape from, this country.
    It's very beneficial to the development of problem solving skills, and delaying the onset of shit like dementia and Alzheimer's. Also it's just kinda cool.

  3. #63
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    Quote Originally Posted by Doctor Amadeus View Post
    1. Get a fucking job DO IT! (don't half ass, come in late, or complain)
    2. Save your money stop buying shit you don't need (Budget)
    3. Save up don't make payments if you really want something
    4. Stop wasting resources, Time, Money, or Mind on stupid shit like trying to be fucking cool
    5. Take risks but calculated risk, think before you fucking act in anything.

    None of this shit will make you rich, but you will end up 90% ahead of everyone else, the rest is all how you invest, your time, money, and efforts. Also DON'T GAMBLE no such thing as luck.

    The long sure game is how you build.

    There are a few things that aren't explained as well in school as they could be. Concepts about building up savings as a means of weathering emergencies (and perhaps how many months of income you should look at saving up), how compounded interest works and what affect it can have on how much you really pay for that loan, how certain types of loans are structured, etc.

    For interest, detailing what an interest that is compounded daily will look like, vs one that is compounded once a month. Also, explaining how a home mortgage works (30 year loan, interest is calculated compounding monthly, but they calculate full interest in if you take the full 30 years to pay it back, and your first few years of payments almost go completely to interest, sliding to more and more principal as your approach the end of the loan, etc)... the average joe probably doesn't know that a 30 year mortgage, for $100k... they'll end up paying back like 330k or 340k if their interest was like 3.5 to 4% or something.
    Quote Originally Posted by Sulla View Post
    Senator Moore will be sitting in that seat and I hope it burns you to your core.
    Quote Originally Posted by Knadra View Post
    Trump did it so it's good. I put my faith in a strong political figure because I lack self-esteem and feel threatened by a changing world. Whoever stands against him is bad because I do not understand their arguments and I have a simple tribalistic mindset created through the consumption of right-wing media.

  4. #64
    Quote Originally Posted by Yunru View Post
    This happens if you dont read the small text and end up opt in for as a feature of account. But generaly by law they cant do that.

    https://www.balancepro.net/education...checkacct.html
    That's a checking account, not a credit card. We are talking about credit cards.

  5. #65
    Legendary! The One Percent's Avatar
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    They taught finances in my high school. 99% of the students that took it ignored everything they learned in it and wonder why they're broke. The thing is, most of the stuff about finances is pretty simple and obvious,it just requires discipline and willpower so most people don't make the right choices since they want immediate gratification. Why do you think credit cards exist?
    You're getting exactly what you deserve.

  6. #66
    Quote Originally Posted by Shaderas View Post
    Checking accounts can go into negative (overdraft)... cards don't go negative, but they can go overlimit
    Interesting... what's the point of a limit then if it's not a limit? What companies do this? All of them?

  7. #67
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    Quote Originally Posted by Jonnusthegreat View Post
    Interesting... what's the point of a limit then if it's not a limit? What companies do this? All of them?
    Most of the big banks do... the point of a limit is it gives you a reference point of when you should stop spending, and also if you go over when it will show as overlimit for your credit. Most of the times the bank will not authorize the charge if it would push you over the limit. Sometimes they will, and some merchants can force charges through (hotels, rental cars, and I believe gas stations may be able to as well)

    There is an option (you'd have to contact your credit card provider for) to have it auto-decline all transactions that would push you over the limit, but I don't have this enacted on my credit card, in case I ever get close to the limit and I need to get something in an emergency.
    Quote Originally Posted by Sulla View Post
    Senator Moore will be sitting in that seat and I hope it burns you to your core.
    Quote Originally Posted by Knadra View Post
    Trump did it so it's good. I put my faith in a strong political figure because I lack self-esteem and feel threatened by a changing world. Whoever stands against him is bad because I do not understand their arguments and I have a simple tribalistic mindset created through the consumption of right-wing media.

  8. #68
    The Undying Doctor Amadeus's Avatar
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    Quote Originally Posted by Shaderas View Post
    There are a few things that aren't explained as well in school as they could be. Concepts about building up savings as a means of weathering emergencies (and perhaps how many months of income you should look at saving up), how compounded interest works and what affect it can have on how much you really pay for that loan, how certain types of loans are structured, etc.

    For interest, detailing what an interest that is compounded daily will look like, vs one that is compounded once a month. Also, explaining how a home mortgage works (30 year loan, interest is calculated compounding monthly, but they calculate full interest in if you take the full 30 years to pay it back, and your first few years of payments almost go completely to interest, sliding to more and more principal as your approach the end of the loan, etc)... the average joe probably doesn't know that a 30 year mortgage, for $100k... they'll end up paying back like 330k or 340k if their interest was like 3.5 to 4% or something.
    All of that is true but most of that is horse before the carriage kind of stuff. First you have to learn to save, keep it simple, I totally agree about an emergency fund, to keep one afloat during lean times, this is also why a budget is so important.

    Have to separate what you can buy vs what you can afford. At least I found, The idea is if you can't seriously walk away with a paycheck with a savings you never touch then I would say you are doing it wrong.

    Most get paid bi weekly some weekly, but i would say every month you should at least have a comfortable margin of at least $50, to not spend on anything. My first goal was to set up an Emergency fund 1 year salary. Anything after that I would put towards a goal. For me my first was a Truck Ford F150. Paid it all off with cash.

    If I had that to do differently, I would have saved up, then taken a loan and scheduled deposits on the loan from the account that already had me covered, it wasn't until some years later, that I learned that about credit.

    Most banks just want to see data points to justify their risk, so as for buying a house and what not it sort of the same thing, but because I had next to no credit, and I saved enough for a large chunk down payment on my house, I got a good loan, decent rate, and paid it off early.

    But honestly if one doesn't understand what I said in the beginning what you have vs what you can spend, it's going to be a long road.


    My understanding of broke growing up was you literally have NO money all, it wasn't until later I learned that broke means well before you get to that point.


    Which is why loans and credit cards in my opinion are BAD ideas, it's simply selling a future for less than it's worth.

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    Quote Originally Posted by The One Percent View Post
    They taught finances in my high school. 99% of the students that took it ignored everything they learned in it and wonder why they're broke. The thing is, most of the stuff about finances is pretty simple and obvious,it just requires discipline and willpower so most people don't make the right choices since they want immediate gratification. Why do you think credit cards exist?
    All true but you are missing some key points which is that information isn't meaningful, unless you can relate to it, as in why is it important vs someone telling you. Even if it's a power point or flow chart that doesn't mean shit to teenagers.

    Most never really figure that shit means them.

    But I agree with mostly what you are saying, there are no shortage of places to lend to fools who don't know what they have and are willing to sell it so cheap.

    If someone is willing to give you $2000 of credit, the first question should be why.

    I am also not saying credit cards are evil, but it is a business.
    "Intellect alone is useless in a fight...you can't even break a rule, how can you be expected to break bone" Khan Singh

  9. #69
    Quote Originally Posted by Yunru View Post
    Well people do get scammed pretty easy if they dont understand some basic finances.

    Gross and net are a good example. If you dont understand those 2, you can get scammed of job money pretty easy. (and yes...always ask abauth gross)
    Then it comes to yearly taxes. Income taxes can be a pain to fill. And yes i leared this the hard way.

    Its basics that everyone should know before even going to high school.

    Oh and dont let me mention credit card companys.
    Sure all these things will take... one hour to teach.
    Not really a course. A course takes months.
    What will they teach all the other months? (hopefully english... what is abauth! you have abauth in the topic as well)
    and the geek shall inherit the earth

  10. #70
    Quote Originally Posted by OneWay View Post
    I am really curious why people think that you should need education about life finances??
    I never had education about it. I am doing just fine.

    I mean, if you can add,substract,multiple and divid with a bit of sense of overall statistics. What else do you want?
    There is more to it than that like promoting how to save and not spend, or to save money for a rainy day or emergency which basically no one does. All kinds of life expenses people are not made aware of as they are in adolescence.
    “If you don't believe me that is too damn bad!”

  11. #71
    Quote Originally Posted by OneWay View Post
    I am really curious why people think that you should need education about life finances??
    I never had education about it. I am doing just fine.

    I mean, if you can add,substract,multiple and divid with a bit of sense of overall statistics. What else do you want?
    Knowing basic math does not prepare you for the expectations of life finances and how to budget what you have.

  12. #72
    Quote Originally Posted by Unholyground View Post
    There is more to it than that like promoting how to save and not spend, or to save money for a rainy day or emergency which basically no one does. All kinds of life expenses people are not made aware of as they are in adolescence.
    Yea, I took a Dave Ramsey class and at the beginning they asked how many of the people (20 total) had enough in savings that they could pay all their bills for 6 months without putting anything on credit cards. It was a grand total of zero! Well technically me, but I was still living with my parents, so I didn't count that.

  13. #73
    Quote Originally Posted by Oakshana View Post
    Knowing basic math does not prepare you for the expectations of life finances and how to budget what you have.
    It does.

    Quote Originally Posted by Unholyground View Post
    There is more to it than that like promoting how to save and not spend, or to save money for a rainy day or emergency which basically no one does. All kinds of life expenses people are not made aware of as they are in adolescence.
    I do and you don't spend on shit that you don't want to. Self control. Sorry but every time you think "No one does", there is always someone that does it.

  14. #74
    Quote Originally Posted by OneWay View Post
    It does.



    I do and you don't spend on shit that you don't want to. Self control. Sorry but every time you think "No one does", there is always someone that does it.
    Yes but it is assumed some do, you are in a very small minority of people.
    “If you don't believe me that is too damn bad!”

  15. #75
    Quote Originally Posted by Unholyground View Post
    Yes but it is assumed some do, you are in a very small minority of people.
    Okay, I can agree on that.

  16. #76
    Quote Originally Posted by Yunru View Post
    I always wondered why we got no education when it comes to life finances. And no math doesnt count.
    Its more or less banned topic there.
    Judging by your title, they should teach spelling first.

    In all seriousness, there should be a 'life-skills' class that includes;

    - Finance - including budgeting, paying bills, filling in forms, organization of statements and forms via folders etc.
    - Employable skills
    - Very basic cooking
    - Writing a bare bones job or higher education application

    Just a 1 hour/week or every other week slot.

  17. #77
    The Insane Thage's Avatar
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    If someone can quote the Pythagorean Theorem by heart but can't do their taxes, there's a problem. Offering a 'Finances and Economics' elective that covers things like taxes, balancing a checkbook, and other 'must-knows' would go far (and making it an elective would allow students who learn these skills at home or on their own time to avoid wasting a credit on subject matter they already understand).
    Battle for Azeroth: Now with more Morally Grey™!*

    ​*Morally Grey is about as morally complex as an episode of Whacky Racers.



  18. #78
    Herald of the Titans Molis's Avatar
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    Schools should teach people how to type and use proper punctuation.

  19. #79
    schools should teach people ‘abauth’ spelling

  20. #80
    Quote Originally Posted by Thage View Post
    If someone can quote the Pythagorean Theorem by heart but can't do their taxes, there's a problem. Offering a 'Finances and Economics' elective that covers things like taxes, balancing a checkbook, and other 'must-knows' would go far (and making it an elective would allow students who learn these skills at home or on their own time to avoid wasting a credit on subject matter they already understand).
    I think that's a great idea, however. I don't know if I would have been mature enough when I was in high school to take a class like that electively.
    I took classes like "Team Sports", "Individual and Dual Sports", "Power Volleyball 1 & 2"...all real classes in my high school.

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