We were curious about some of the silliest things people have heard said from those who are not financially savvy. Here’s the list of what we found online:
“A coworker of mine had been getting about 15 hours of overtime pay weekly for about a year. Once overtime was stopped he couldn’t financially handle the cut. He started reading books on gambling and thought he could make up the difference at the casino.”
“I worked with a guy whose brother won 100 grand at the casino. He spent every weekend after that “offsetting his winning with losses, for tax purposes”. Really. So, he’d rather lose it all than pay the taxes on it. WTF?!?!”
“When I worked at Microsoft, they offered us an ESPP that let us purchase company stock at a 10% discount (up to 15% of our salary). The cost was taken from our paycheck and dumped into a holding area until it purchased the stock once every quarter. We could then immediately sell it at market value if we wanted to.
The number of people who didn’t take this opportunity was astounding. I never quite understood why not other than some sort of paranoia of imaging Microsoft somehow turning into the next Enron. Blew my mind.”
It’s strange that some people didn’t take advantage of this offer: There’s risk-free profit and instant return on your investment. The fact that you don’t have to wait very long to take advantage of the discount basically means that the company was giving away free money
“Just remembered another one. Overheard a conversation at work about contributing to a 401k: ‘Yeah, I opted out of that, by the time we’re all 65 there isn’t going to be anything left anyway.’”
Your 401k isn’t going to run out of money because you’d be consistently making contributions over a long period of time. The only way it could run out of money is if you take it out or if the entire stock market dies to nothing. Not likely.
“Everything is cheaper in bulk” – Me as a I buy 45 bananas from Costco for my household of two people.
We’ll just say that we hope that someone was making that one up. Obviously, bananas spoil pretty quickly, so two people can’t easily eat 45 bananas in such a short amount of time.
Think about some of the things you have heard or have even said yourself because often times we say things that are not to smart when we are lacking information.