What is Digg?195 Comments
- sobriquet, on 10/12/2007, -2/+97It's too bad his description is rife with grammatical and spelling errors.
- bledbetter1977, on 10/12/2007, -0/+90The SAT's are out of 2400 now, so a 1550 is the new 800....so basically this guy is a retard.
- PackerX, on 10/12/2007, -4/+77Exactly. I don't have high hopes for a guy who can't spell the following correctly:
"Payment will be made in one lump some within one week of auctions end.
I will not except Paypall."
Actually, what's the Presidential salary? - datastorageguy, on 10/12/2007, -1/+66An oversimplified version...
Well say he makes 50k every year for the rest of his life. Say he has 30 years to work before he retires. The payback would be $30,000. Say he makes 100k every year for 30 years. The payback would be $60,000.
Unless the 2% is put into an interest baring account...who would want to give him 100 grand? - scoot87, on 10/12/2007, -3/+65I hope he doesn't die early
- icekold, on 10/12/2007, -4/+59The craziest thing about this, is that someone is probably going to bid and give him the money.
- Willmonwah, on 10/12/2007, -4/+51Not worth it, which is why no one is investing. 100,000 at even 5% interest for 40 yrs is like 700,000. He'd have to make 875,000 a year for 40 years to give you that return.
- deanlowe, on 10/12/2007, -4/+42There are lots of ways to get around the "my earnings from the previous year according to my W2’s" clause.
- omninode, on 10/12/2007, -1/+39Seriously, you have to have faith in this kid being a multi-millionaire to even get your investment back. Weak.
- Charlotte_Web, on 10/12/2007, -5/+39In his disclaimers, "This agreement does not include any money I may inherit."
The kid can't spell, and his GPA is only 3.5.
Also, you have to look at the time value of money and the opportunity costs. The stock market has had an average return of 10.7% since 1926. So, $100,000 invested today would be worth $5,833,172 in 40 years if invested in a stock market index fund. To pay off the debt at that rate, the kid would have to make annual payments of $10,886, and earn an average annual salary of $544,331. That's just to match the average return paid by the stock market, not to beat it.
No deal, Howie. - omatsei, on 10/12/2007, -0/+34I figured that maybe he hopes someone would invest in him, then invest any money they get back, hoping to make a profit after 40 years... so I did some math. If he makes $70,000 every year, then pays you 2% of that, which you then put into a savings account and get 2% interest, at the end of 40 years, you'd have $111,785.78. That assumes he starts making $70,000 and never makes anything higher. Of course, if you just put $100,000 into a savings account now, at the end of 40 years (2% compounded annually), you'd have $216,474.50. Bad investment strategy if you want my opinion.
- john2kx, on 10/12/2007, -0/+34For an auction starting at $100K, where the prize depends heavily on my academic ability, I would have been damn sure everything was spelled correctly, and the auction description polished to a shine.
The lack of care that this kid put into the auction alone shows that he will be nowhere near worth that much. - hixsonj, on 10/12/2007, -4/+38Seriously. You would think someone who claims to have earned a 1550 on the SATs would know his grammar a little better.
- dagonweb, on 10/12/2007, -0/+30He needs to, he wants to play a little WoW on the side too.
- catoutfit, on 10/12/2007, -8/+371) Inflation so I reckon he'll be earning more in 10 years time
2) "I am offering up 2% of every dollar I make for the rest of my working life " ...what's stopping him from moving to England and earning Pounds instead of Dollars? - inactive, on 10/12/2007, -1/+29It's a publicity stunt. like one million pixels or trading a pin for a house
- violentvinyl, on 10/12/2007, -3/+30"...become quasi-famous."
I tell chicks I'm the red paper-clip guy all the time. It doesn't work. - inactive, on 10/12/2007, -3/+27But hey, with an eBay credit card you'd pay no interest on that 100K until 2007.
- violentvinyl, on 10/12/2007, -0/+18"I would never plug another company like this, but since you asked.
www.ingdirect.com"
There are better rates available, this is a ranking of the top 100 Savings or Money Market Accounts by APR:
http://www.bankrate.com/brm/rate/mmmf_highratehome.asp?web=brm¶ms=US,416&prodtype=chksav&market=416&product=33&state=US&sort=3 - CoolHanLuke, on 10/12/2007, -1/+18I would never plug another company like this, but since you asked.
www.ingdirect.com - vmerc, on 10/12/2007, -2/+18I would eBay 2% of my LIFE for 100k.
- chad78, on 10/12/2007, -2/+17If you were in your 20s, and you lived a normal life span, you've got about 50 years of your life left. 2% of 50 years is 1 year. 100 K a year isn't bad at all - But if I won that ebay auction, I wouldn't accept you just working for me for a year. I'd want 2% of your productive life - so take 1 year multiply it by 365 (days) and then by 24 (hours) and get 8760. So I'd want you to work for me for 8760 hours. That's about $11.415 an hour. So you'd be working fulltime (40 hours a week) for me for over 4 years. No vacations. No benefits. No sick days. And you'd have to worry about paying taxes and all that. That's less than $25 K a year.
Still think it's a good deal? - electroktan, on 10/12/2007, -0/+14Yeah, and even if he works well beyond standard retirement, the person who can afford to bid on this auction will probably be long gone to even receive the payment back.
- awhiteflame, on 10/12/2007, -0/+13"I will not except Paypall"
... [ scroll down ]...
"This seller, spirit123ed, prefers PayPal."
Obviously, he wasn't referring to the same thing. - EvolvedAnt, on 10/12/2007, -1/+12Yes, let us all invest in this childs future! Clearly he wants to make nothing of his life except 30 million dollars! Instead of using the college education to help make a better world, to start a loving caring family, try to cure aids, plant a tree or SOMETHING.. No, all he does is show his life passion and goal is to make 30 million dollars. Sorry, but I'd rather invest $100,000 to cancer research, or better yet, give 10 students who show great passion in wanting to make a difference a $10,000 grant.
Sorry kid, you are not getting any of my money. Please try again. - Peabody2, on 10/12/2007, -0/+10The kid says he plans to attend Cal Fullerton, which is a commuter school in LA. Resident tuition plus books, room, board, etc. is less than $15K/year. What's with the other $40K? I'm guessing tutoring and buying papers off eBay.
- Charlotte_Web, on 10/12/2007, -1/+11Oh, and for the people who are digging me down (I assume because of my numbers), that's called compound interest, and it assumes that all gains are immediately reinvested. Grab a business calculator, punch in the numbers I've given, and you'll come up with the same thing.
- h0kiez, on 10/12/2007, -2/+12@datastoreageguy
Even still...you'd be a hell of a lot better of putting your $100K investment into an interest-bearing account. Even if the guy made 100K from day one and eventually became a millionaire, you'd still likely be better off just trying to get 5% from your initial investment.
@icekold
Not a chance....some people are dumb and gullible, but they aren't usually the type to have 100K lying around (save Paris Hilton). No way he's gonna get paid on this. His best chance to make a couple of bucks would be to leverage the publicity to do something else. - paradoxxxx, on 10/12/2007, -0/+9"After I complete my education I plan on making at least 30 million dollars in my lifetime. When I meet my goal, you will make six hundred times your original investment."
600 x 100,000 = 60,000,000
Good thing he's not going to be a math major. - rswarsaw, on 10/12/2007, -0/+9Looks like a AAA investment:
"I will not except Paypall." - PsypherX, on 10/12/2007, -0/+8He mentioned he wants to study communications and get a career in broadcasting.
- Mrkamikaze, on 10/12/2007, -0/+8Doncha think that if he had scored higher on his SAT he wouldn't have sell his wages for the rest of his life to go to college?
- Roger, on 10/12/2007, -1/+9I'll buy your soul, but I'll pay per gram.
- inactive, on 10/12/2007, -3/+11What a retard. Anyone who gives him a nickel is a tard as well.
Instead of begging for money, do what everyone else does:
1) get a job
2) be smart/talented enough to get a scholarship to begin with
3) take out student loans
4) all of the above.
no digg. - bbroxter, on 10/12/2007, -0/+8"Not to mention all the sweet all-expenses paid trips I was able to take to places like Germany and Spain."
What about all the sweet trips to the to Iraq and Afghanistan ?
No thanks, look at the percentage of the the Guard troops are on active duty now. - inactive, on 10/12/2007, -10/+18Heh, if I were going to pull a stunt like that I'd have somebody proofread it first. It would make it more believable.
I won't except paypal :P - jlachesk, on 10/12/2007, -2/+10It was one red paperclip. But yea, I doubt this kid's only goal for this auction is to get $100k. Look at the one red paperclip guy, he's got a house and a book and (potentially, i think) movie deal.
Pretty sweet deal to launch 1 crazy publicity stunt and become quasi-famous. - uncleLeo, on 10/12/2007, -3/+10Hopefully not, this is SO against eBay's listing policies...click "report this item" at the bottom of the auction if you find it offensive
- inactive, on 10/12/2007, -1/+8I'll Digg it, hell I just want to see him get a bid!
- ase111, on 10/12/2007, -3/+10Yeah, but this isn't the middle ages. He'll probably be working much more than 30 years. Although the homeless business certainly is blossoming...
- martz, on 10/12/2007, -0/+7you'd consider it?
Well good sir, then I have a better proposition for you that would give near-immediate returns:
The source of this find is as follows; During the last military regime here in Nigeria, the government officials set up companies and awarded themselves contracts which were grossly over-invoiced in various ministries. The present civilian government set up a contract review panel, and we have identified a lot fo inflated contract funds which are presently floating in the Central Bank of Nigeria, ready for payment.
However, by virtue of our position, we cannot acquire this money in our names. I have therefore been tasked to look for an overseas partner into whose account we would transfer the sum of US$21,320,000.00. Your share would be 20%. Please respond, yours faithfully,
Jimmy Jones - surf314, on 10/12/2007, -2/+9Oh yea and where are his scholarships? And does anyone know what a degree from Cal State of Fullerton is worth?
- surf314, on 10/12/2007, -2/+8by my calculations he'd have to make about $420,000 a year for 40 years to earn 8% and that's not including the time he spent in college making nothing (plus that rate is really low considering the risk). If you factor that in he'd have to make somewhere around $575,000 a year for 40 years at 8%. Basically he'd need to fork over around $11,500 a year so if he offered 5% it'd be $230,000 a year and if he offered 10% it'd be $115,000 a year which isn't too unreasonable. Owe and he is an idiot child if he doesn't think this is a form of debt ("I don't want to take out loans and go into debt"). Anyways someone check my math it's been a while since finance and this is pretty complex, unless I'm just doing it the hard way.
- llbbl, on 10/12/2007, -0/+6@chad78
"So I'd want you to work for me for 8760 hours. That's about $11.415 an hour. So you'd be working fulltime (40 hours a week) for me for over 4 years."
sounds like college. :) - martz, on 10/12/2007, -1/+7SAT scores used to be based on a 1600 Maximum, but recently (last year or so? haven't had to worry about them for a while) they changed to 2400 Max. This kid is probably trying to use the fact that older people aren't aware that the max has changed, so 1550 would look to be very intelligent to them.
- inactive, on 10/12/2007, -0/+6He probably will make 30 Mill in inheritance and investments...of which the bidder will see 0 dollars. No less of a con than sending money to nigeria.
- saudukargeneral, on 10/12/2007, -0/+6Two Things:
1) This auction was posted probably as a joke/scam. Looking at the tuitition fees, there is not way he would have to get 100k for college. Tuition and fees: $2,804 in-state. Futhermore, fullerton is not a top tier college. Its ranked 34th in the west, which means around 150 in the nation.
2) If it was posted in earnest, the kid is retarded and quixotic. Anyone who would even think about this as a good investment is likewise. Think about it this way. The average starting salary of a graduate with a Harvard MBA is $116,000. Harvard Business is ranked one and the tuition is 40k. Fullerton is not Harvard. He would be lucky to find a decent job within 6 months of graduation. (Decent meaning paid above 50k.) Even if he is just simply amazing and does get 116k a year after graduation. Let's say he works for 40 years and eventually makes a quarter million a year. Thats roughly 7.3 million meaning that you will get a return of about 40%. Now you could bank on this happening....(I put it at roughly 1%) or put it in a bank and get 480% back guaranteed. - ckirsch, on 10/12/2007, -1/+730 million dollars? Don't get ahead of yourself, "pall".
- tigro, on 10/12/2007, -1/+7HSBC offers an online savings account with 5.05% and citibank offers a 6 month CD at 5.5%
- martz, on 10/12/2007, -0/+5yup
125,000 * .02 * 40 = 100,000 -
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