Poll of the Day > I make $5.50 an hour and want a small loan of $70k

(+) Yeah! (+)

What are my chances
---

is it even legal to make that little?
---

I allow them to pay me that because I can never stand up for myself
---

ask the mafia
---

CountessRolab posted...

is it even legal to make that little?

Literally 3/4's of America
---

Lokarin posted...

CountessRolab posted...

is it even legal to make that little?

Literally 3/4's of America

Uhhh
No
---

SmokeMassTree posted...

Uhhh
No

http://www.pewresearch.org/fact-tank/2017/01/04/5-facts-about-the-minimum-wage/
---

Man, you can't dog on him too much for not knowing too much about how loans or mortgages work. It's not like his parents ever tried to teach him.
---

Lokarin posted...

SmokeMassTree posted...

Uhhh
No

http://www.pewresearch.org/fact-tank/2017/01/04/5-facts-about-the-minimum-wage/

So no one, thanks for proving the point.

Lokarin posted...

SmokeMassTree posted...

Uhhh
No

http://www.pewresearch.org/fact-tank/2017/01/04/5-facts-about-the-minimum-wage/

Why would you post a link which debunks the very claim you're trying to make? The top of your sheet notes that the federally-set minimum wage is $7.25, which makes paying less than that illegal.
---

Cacciato posted...

Lokarin posted...

SmokeMassTree posted...

Uhhh
No

http://www.pewresearch.org/fact-tank/2017/01/04/5-facts-about-the-minimum-wage/

So no one, thanks for proving the point.

So you didn't actually read the article then.

Good old Cacciato. If he isn't insulting people he's...well that's all he's ever doing.
---

if I'm wrong then TC needs a lawyer cuz he's got some suing to do
---

So, to answer the original question. 70k is very nearly a small mortage. Hell, in some remote areas, it is a mortgage.

At minimum wage, unless you have a heck of a lot of money stored up and dump a down payment on something that you can put as collateral (like, you know, a house), that's simply not happening.

Erik_P posted...

So you didn't actually read the article then.

Good old Cacciato. If he isn't insulting people he's...well that's all he's ever doing.

Did you? Because I did. And he's right. No one can be legally allowed to make less than minimum wage.

Before you trot out the whole tips thing - if a waiter doesn't make at least minimum wage in tips it must be made up by the employer. It says so in the article.
---

What the hell do you consider an average sized loan if 70k is small?

shadowsword87 posted...

What the hell do you consider an average sized loan if 70k is small?

The trade group suggests that Americans who applied for a purchase mortgage to buy a home in January 2017 were looking for a loan sized at an average of $309,200.
---
To see how much the average first-time homebuyer owes, we simply have to look at data from the Federal Housing Authority, which suggests that the average FHA mortgage was sized at $190,000 in the United States in 2016.

Source: https://www.fool.com/mortgages/2017/02/25/heres-the-size-of-the-average-americans-mortgage.aspx
---

Lokarin posted...

if I'm wrong then TC needs a lawyer cuz he's got some suing to do

I'll be contacting my attorney because you are very wrong
---

RCtheWSBC posted...

shadowsword87 posted...

What the hell do you consider an average sized loan if 70k is small?

The trade group suggests that Americans who applied for a purchase mortgage to buy a home in January 2017 were looking for a loan sized at an average of $309,200.
---
To see how much the average first-time homebuyer owes, we simply have to look at data from the Federal Housing Authority, which suggests that the average FHA mortgage was sized at $190,000 in the United States in 2016.

Source: https://www.fool.com/mortgages/2017/02/25/heres-the-size-of-the-average-americans-mortgage.aspx

What the f***.

Jen0125 posted...

Man, you can't dog on him too much for not knowing too much about how loans or mortgages work. It's not like his parents ever tried to teach him.

Who are you talking about? This is totally not a gimmick
---

shadowsword87 posted...

What the f***.

Keep up with the times, dude. Koga's is relatively cheap only because he lives in the boonies of Appalachia.

Mortgage balances owed by state: http://www.businessinsider.com/mortgage-balance-state-map-2014-10
---

Smarkil posted...

Erik_P posted...

So you didn't actually read the article then.

Good old Cacciato. If he isn't insulting people he's...well that's all he's ever doing.

Did you? Because I did. And he's right. No one can be legally allowed to make less than minimum wage.

Before you trot out the whole tips thing - if a waiter doesn't make at least minimum wage in tips it must be made up by the employer. It says so in the article.

Except a whole lot of people make minimum wage and it says exactly that in the link. Nobody is talking about making less than minimum wage except for you.

Also, I'm assuming that TC made a typo in the topic title and he meant $7.50.
---

Erik_P posted...

Cacciato posted...

Lokarin posted...

SmokeMassTree posted...

Uhhh
No

http://www.pewresearch.org/fact-tank/2017/01/04/5-facts-about-the-minimum-wage/

So no one, thanks for proving the point.

So you didn't actually read the article then.

Good old Cacciato. If he isn't insulting people he's...well that's all he's ever doing.

Ok.

Erik_P posted...

Nobody is talking about making less than minimum wage except for you.

You are the worst

That's literally the conversation you butted in on
---

You bit

Why
---

RCtheWSBC posted...

Keep up with the times, dude.

I'm just getting an apartment now, I'm not looking at homeownership.

Also, does that first link include like the 1%'s kids? Because that could easily skew that data.

Huh, now I'm more interested in parent income vs their children's income divided among different race/income/location/whatever.

Actually it is possible, but tricky.

Loans and credit card applications often are determined (from a specific bank) based on the amount of money that has been going INTO the bank versus the amount going out over a period of time.

I am not an expert on this, and honestly can't be bothered to research the specifics, but for a smallish loan, you might be able to get away with it as long as you had a significant amount going into the bank (over what you spend, for at least 6 months.

So, for instance, if you had 2000$ more going into your bank then you spent for 6 months, and ended up with a 12k balance, then went in and applied for a loan at that bank (or a credit card), they would factor in the amount of money it appears you have in excess when determining what they would offer you.

You "might" qualify for a 70k loan in that case, but would certainly qualify for a larger credit card limit for instance.

That being said 70k is pretty large, but...if you where willing to save up 20k of if (so say 3k per month for 6 months..even if you already had it saved), that could make it far more likely they would loan you another 50k.

From the banks perspective you look pretty freaking good for it, since you have a history of having excess money, and they can feel fairly sure you will pay back the loan (and they will get lots of yummy interest).

So yeah, you can do it, but in your case that would mean saving up for along time (cause at min wage it's gonna be awhile before you save 20k heh). I mean, forget 5$ and change, lets say you make $10 an hour, you live somewhere cheap and rent a room, and eat for very little, so you save half of what you make, and you work 40 hours. That means you could save 200$ a week, or about $800 a month.

In such a case to get 20k would take you 2 1/2 years lol.

On the plus side, you could start making the 3k deposits after 2 years, and you would be ready to apply for the loan right away at the end of that time.

Of course, if your still only making $10 an hour, the interest on a 50k (at that point) loan would really hurt, but it wouldn't be worse then what you where saving before, so it could work out.
---

Cacciato, do you know what a typo is? Or was your raging boner so hard in your desire to insult me that you just missed the part where I said it might be a typo?

I'm gonna go with Option C, and just go with "it didn't matter what I said; you would still be insulting me regardless" because that's all you ever do. You have serious anger issues dude.
---

Stupid shit like that is exactly why I'm happy Erik is on my ignore list.
---

shadowsword87 posted...

Also, does that first link include like the 1%'s kids? Because that could easily skew that data.

I mean, it's an average. It's more likely to be skewed by higher mortgages than a median value. I'm searching the Census for some mortgage data but there may be a better database.
---

Zeus posted...

Stupid shit like that is exactly why I'm happy Erik is on my ignore list.

I almost want to feel bad for the fuckin guy, but he's just embraced this persona and ran with it for some reason.

RCtheWSBC posted...

I mean, it's an average. It's more likely to be skewed by higher mortgages than a median value. I'm searching the Census for some mortgage data but there may be a better database.

You know there are different types of averages, like by weighing some stuff higher could really make the numbers do whatever you want.

...is erik trying to seriously argue that no one was talking about making less than minimum wage, when that's what everyone is talking about?

what the fuck
---

And on the ignore list Erik goes.

I like kicking wasp nests
---

Cacciato posted...

Zeus posted...

Stupid shit like that is exactly why I'm happy Erik is on my ignore list.

I almost want to feel bad for the fuckin guy, but he's just embraced this persona and ran with it for some reason.

I feel bad for you because I've never once seen you post anything that contributes to a conversation and only just insults. I wonder what your home life is like.

It was pretty fucking obvious TC doesn't actually make $5.50 because that's not what the minimum wage is but you're losing your shit for no reason.
---

shadowsword87 posted...

RCtheWSBC posted...

I mean, it's an average. It's more likely to be skewed by higher mortgages than a median value. I'm searching the Census for some mortgage data but there may be a better database.

You know there are different types of averages, like by weighing some stuff higher could really make the numbers do whatever you want.

I also know that a median value would do better to cancel out those potential skews. But I don't know where, or if, those data on mortgages are being collected on such a large scale.
---

Erik_P posted...

It was pretty fucking obvious TC doesn't actually make $5.50 because that's not what the minimum wage is but you're losing your shit for no reason

it's pretty fuckin' obvious this is a parody topic, smart guy.

https://www.gamefaqs.com/boards/3-poll-of-the-day/75538038

jesus christ dude, just calm down for once. fuck.
---

Zeus posted...

Stupid shit like that is exactly why I'm happy Erik is on my ignore list.

Ya gotta get a hose and get that sand out fam.
---

On the topic of minimum wage, quite a few people make less, and not just undocumented workers.

Many jobs pay less (babysitters/nanny positions in my area for instance can make way less in some situations, but almost all pay less then the $11 min wage here).

Under the table jobs are still fairly common, tutors, baby sitters, landscapers etc, and usually they make less.

It's certainly not a large percentage of society, but it's not a tiny number either.

Meanwhile some companies get around min wage by paying a salary. The laws aside, salaried employees can easily be taken advantage of, and are often. Even attorneys just starting off can end up making less then minimum wage.

The Law offices of Susan Jefferies for instance in Alameda CA, often hired brand new attorneys for 25k a year, which you would imagine nobody would accept a job at that rate, it was very hard for new attorneys to find positions.

25k a year isn't bad if your only working 40 hours a week, it's $11 an hour. Problem is new attorneys where expected to work WAY more then 40 hours a week (60 would be a light week), do all the grunt work, and often work on weekends (to prep for trials next week etc). It was so bad that many ended up deciding not to be attorneys after all the work and expense to pass the bar, and went back to their old jobs (even in one case back into waste management lol).

I'd say the most they made on average per hour was about $7..which was less then minimum wage at the time.

So yeah, it's pretty freaking possible for people to have professional jobs and make less then minimum wage.
---

It should be mentioned btw, that under the table workers may make less then minimum wage, but they also pay no taxes, so that compensates for it a bit.

For instance, a babysitter/nanny that watches kids for 10$ an hour (1$ under the minimum wage), is still actually taking home more money due to not paying any taxes at all.

This doesn't always compensate for the lower wage, but it does equalize it a bit.
---

This uhh is not what I had in mind

Give me advice on my very real situation that I will make up an excuse as to why I can't take it
---

RCtheWSBC posted...

I also know that a median value would do better to cancel out those potential skews. But I don't know where, or if, those data on mortgages are being collected on such a large scale.

Oh yeah, the location makes a massive difference, like LA and Kansas are going to have completely different numbers.

STP!!!!

Words
---

---

Lol this topic was not what I expected
---

helly posted...

...is erik trying to seriously argue that no one was talking about making less than minimum wage, when that's what everyone is talking about?

what the fuck

This is the lightning chair situation all over again.

Everyone is clearly talking about one thing and Erik comes in and uses some insane fucking logic to make conclusions that no normal human would ever make.

It's as amusing as it is flabbergasting.
---