How are you doing Financially

amother

↑ Pearl

Fri, Sep 06 2024, 9:11 am

amother Feverfew wrote:

I was thinking the same. We’re almost 60k in debt, and just just making it every month, but not worried at all. It’s in hashems hands

Is that the right hashkafic perspective to have though? If someone owed me 60k and said that they’re not worried about it, I don’t think I’d feel like they’re doing the right thing.

amother

↑ Jean

Fri, Sep 06 2024, 9:13 am

amother Pearl wrote:

Is that the right hashkafic perspective to have though? If someone owed me 60k and said that they’re not worried about it, I don’t think I’d feel like they’re doing the right thing.

Not worried is not the same thing as not trying to pay.

If someone owed you $60k, would you get your money faster if they told you they have no money to repay but are worried sick?

amother

↑ DarkKhaki ↓

Fri, Sep 06 2024, 9:47 am

amother Snowdrop wrote:

I’ve rarely seen that. Points are usually worth over 1 cent per point to sell and usually less than that when redeemed for travel. I’ve almost never seen double the value for run of the mill point redemptions. (Chase UR points can be worth 1.25- 1.5 for travel but often the pricing isn’t as competitive so you are really getting a lower redemption rate, and flight changes are a pain.)

The exception is business class flights and last minute flights where you can get a much higher value vs paying cash and selling the points. Additionally, points cards usually carry an annual fee. You have to factor that into your vacation costs when not selling the points.

For example we got 2 nights at a $750 a night Conrad in Florida plus two round trip business class tickets all free on points, but the annual fee on the two Amex cards we used to redeem the points was $595 and $395, so our total vacation cost was actually $990, which was still a bargain but not free. (We did get some additional perks from the cards that effectively lowered the cost a bit more but the idea is true.)

We are more last minute with our travel
Using straight chase does not get you high value.
But they can be transferred to airlines and the airlines have deals very often.
We do find flights and destinations based on where we get the most value
So since we are flexible and adventurous for vacation it works for us
We personally find that we get between 2 to 2.5 cents a point
I just went on a 8 day vacation to a Portugal island and it was all on points. There is no way I could have done this cash
I do agree for someone with less flexibility they wouldn’t find this true

There are also certain financial risks with selling points that I do not feel comfortable doing.
Cash back is 1 cent per a point

amother

↑ IndianRed ↓

Fri, Sep 06 2024, 10:10 am

amother Pearl wrote:

Is that the right hashkafic perspective to have though? If someone owed me 60k and said that they’re not worried about it, I don’t think I’d feel like they’re doing the right thing.

She didn’t say she isn’t doing anything. She just said she’s not worried. We need to do our hishtadlus, no question about that, but ultimately it’s not in our hands

amother

↑ OP ↓

Fri, Sep 06 2024, 10:14 am

amother Pearl wrote:

Is that the right hashkafic perspective to have though? If someone owed me 60k and said that they’re not worried about it, I don’t think I’d feel like they’re doing the right thing.

I wonder similar about people in debt who go on vacations (yes even with points).

If someone owes me 10k, there's a halachic obligation on their end to pay up. I'm not allowed to harass them.

But I would be very upset if they went to Florida for 3 days. They should be using that money or points for money to pay me back.

amother

↑ IndianRed ↓

Fri, Sep 06 2024, 10:24 am

amother Pearl wrote:

Is that the right hashkafic perspective to have though? If someone owed me 60k and said that they’re not worried about it, I don’t think I’d feel like they’re doing the right thing.

Just as a non financial example.
My son has learning disabilities. I am doing everything I can (testing, tutors, OT,), but I’m not making myself bonkers by a million appointments, I’m doing things within reason, but I’m not worried. Do I know he will overcome his dyslexia? I don’t know I’m doing what I as a human can do and davening for the rest. I don’t know what the outcome will be, I just know that whatever it is, it’s exactly what Hashem ordained for him and it’s the best path for him.

Same with money, I’m working within reason. And I daven a lot. Hashem ultimately decides when my finances will align to pay the total sum back, but I do my best to pay back whenever I have bits and pieces to pay.

amother

↑ Snowdrop

Fri, Sep 06 2024, 10:42 am

amother DarkKhaki wrote:

But that’s the point. With a bit of foresight you can book travel in cash, usually for far less than the “bargain” you are getting for your last minute point redemption. Spending 150,000 points for a couple round trip last minute sounds like a bargain compared to $3500 in last minute flights.

Yet by booking a few weeks in advance for $1300 round trip you are actually losing money on the deal. Either way, the vacation is far from free; it is instead of $1500-$1700 cash for redeeming/ selling the points that could have gone toward tuition and groceries or to start a chasunah fund for the kids.

Put aside $1500 a year in the S&P 500 at historical 8-11% average return and you would have close to 50k for your child’s chasunah when it comes time, all from your “free” points.

amother

Bluebell

Fri, Sep 06 2024, 10:47 am

amother OP wrote:

Please take the poll.

All around me, I see people going on vacation, buying new clothes, doing remodeling, buying cars.
Im struggling and I feel alone.

I really dont know how to vote.
BH BH BH we can pay all our bills, and we have money in savings.
So one day you might see us remodelling our house, or putting in a pool, or buying a new car, or going on a crazy vacation.

HOWEVER.

Please realize that in order to save all this money:
(Hashem is in charge and the following is just our hishtadlus)
-both DH and I work full time (40+ hr workweeks) even though its very very hard to do
-we never have a cleaning lady, ever. The kids have their chores, as do us adults obviously.
-I always get handmedowns for my kids whenever I can. Even though I can afford clothes. Saves me tons, every season I need to buy very little.
-when I do need to shop for clothes its shein, temu, target etc. Shoes are in the 20-60 range.
-we mow our own lawn, shovel our snow, clean our own gutters etc
- I do my own sheitel (no it doesnt look amazing. Too bad, I save tons)
-drive used cars instead of lease
-seriously considering not sending our daughter to seminary
Etc etc etc.

So someone else may spend a lot more on day to day that I listed above, and then vote that theyre not making ends meet, while I am. It doesnt necessarily have to do with how much income you have.

amother

Tealblue

Fri, Sep 06 2024, 11:07 am

amother Jean wrote:

Not worried is not the same thing as not trying to pay.

If someone owed you $60k, would you get your money faster if they told you they have no money to repay but are worried sick?

no but I think these posts are a little triggering for me ( not the original poster who said something) because someone owes me money and has more of the don't worry it'll all work out in the end attitude. well the husband was supposed to be paying back a little bit each month and I think it's been at least two years since the last time we received any money from them. I would prefer if they would say something instead of pretending like the loan just doesn't exist. for their sake I hope they get the money before the timeframe that the loan is up because my husband doesn't plan on accepting "oh don't worry"s from them.

amother

↑ DarkKhaki

Fri, Sep 06 2024, 12:12 pm

amother Snowdrop wrote:

I do agree for someone who is not making it, not investing or saving this is true.
For them even if getting lower value the money is worth much more than the experience and travel. So please do a cash back card.

Selling points is not fully legal and comes with financial risks.
It is something I would never do.
I believe that most people who do it aren’t really aware of the risks.

But for someone who would travel and would add vacations to their budget, you get much more bang for your buck this way.
I do agree that vacations on points aren’t free.
But I find I get a much higher value with my points instead of cash.( we have run the numbers)

You started off arguing that it isn’t double the value. I disagree with that
Your second argument is something I am fully in agreement with.
They are 2 separate points you are making.

amother

Bottlebrush

Fri, Sep 06 2024, 4:31 pm

amother Ghostwhite wrote:

I’m in lkwd.

Even if not spending on extras life is just crazy expensive right now and everyone seems like cruising along.

Almost everyone I know went on some sort of summer vacation
Kids went to sleepover camp

Now there is non stop buying

Uniforms
School shoes
Yom tov shoes
School supplies
Winter clothing
Yom tov clothing
Socks/tights
Etc
All the expensive stores are packed.
Lines are out the door.

I had people like you in mind while I shopped. Cheaper stores were so packed I couldn't open the doors. Expensive stores were not. I don't know which lakewood you live in, the contrast is super clear. Hardly anyone can afford expensive. It's the few rich ones, or the ones who have parents paying for it or those with gift cards.

amother

↑ IndianRed ↓

Fri, Sep 06 2024, 4:31 pm

amother Lime wrote:

We are those people who are buying a car, but because of that we are having to be frugal in other areas of our lives. I wouldn't say we've ever worried about money. But that doesn't mean I go out and buy Gucci, either.

We also just bought a new car. We needed a minivan and we have spent so much money putting into our old cars. We calculated that the cost over the years (and especially on cc) for repairs actually comes out the same per month as buying. So we bought a very. Expensive. Car. A good reliable car with low mileage. Minivans cost a lot of money.
But I am super frugal otherwise I don’t buy brand names or anything like that.
We eat chicken on shabbos, no meat, mo salmon, etc.
get as many hand me downs as possible
But we have a new car

amother

↑ OP ↓

Fri, Sep 06 2024, 4:39 pm

amother IndianRed wrote:

You must've had a very nice amount to put down as a down payment.

I desperately need new cars.

A very used minivan for 14k- the monthly payments are over $600.

A much newer van, either you had 15k to put down or you're paying over $1000 a month.

amother

↑ IndianRed ↓

Fri, Sep 06 2024, 4:45 pm

amother OP wrote:

No we didn’t. Our car was 29k. We are paying $515 a month for 6 years. It’s painful to write but it was better than paying repairs (we’ve done that for many many years)

amother

Sapphire

Fri, Sep 06 2024, 5:46 pm

amother DarkKhaki wrote:

Which card do you use that it’s worth more than cash?
I have chase and it’s equal dollar amounts