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Be living my life like a hobo pretty soon.


Mr Anderson

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Arg parents filed for bankruptcy. There going to lose everything. Not to my surprise either because I saw it coming a mile away. That's what happens when you retire at 50 lol. Pretty sad because I make more money then my mom and step dad combined now. To think they use to have a combined six firgure salary. Bad news I'm losing my home and don't have any money to get an apartment. Everything has gotta go. Going to be selling everything I own. Except the ninja that's got to go next year. I was thinking of trading in the stang and getting a crap car like maybe $5000. Then my insurance will drop like crazy. Save gas and then pay off Ninja and sell it. Pay off student loan and credit card. Then I will be in the clear.

What do you guys think? Feel free to give thoughts. I am not filing for bankruptcy.

Edited by Mr Anderson
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+1 finding a roommate, don't go crazy right off the bat, see at what point you're making as much as you're spending... then take it down a little more.

In this market "saving" isn't necessarily the best thing to be doing, so if you make $100 and you spend $99.50 that's not a big deal. Figure out the break even point then dial it back a little bit.

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+1 finding a roommate, don't go crazy right off the bat, see at what point you're making as much as you're spending... then take it down a little more.

In this market "saving" isn't necessarily the best thing to be doing, so if you make $100 and you spend $99.50 that's not a big deal. Figure out the break even point then dial it back a little bit.

Thanks. I will post my budget when I get home. It will help me out to change some stuff. What is your thought on negative equity?

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Thanks. I will post my budget when I get home. It will help me out to change some stuff. What is your thought on negative equity?

Depends on the amount you hold and the interest you're at. If you have credit card debt at 25% you should pay it off ASAP. If you have student loans at 5% then it isn't a huge deal.

Right now bank interest is terrible, so save what you need to live off for a few months and use the rest to pay off debt. $10,000 in the bank at 1% does nothing if you have $7,500 in debt at 25%

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Arg parents filed for bankruptcy. There going to lose everything.

Um... WTF?!?

Most people don't "Loose Everything" in bankruptcy.

My first advice is "Don't Panic"!!! :eek:

Second thing you need to know is chapter 7 or 13?:dunno:

(Do they get to keep the house and the cars, etc)

Adjust your plans accordingly.

:broke:Trimming expenses is never a bad idea.

Selling the Mustang might be a fast way to do it. Especially if it's been wrecked by that van. Get rid of the insurance headache and go get a beater pickup truck with cheap insurance.

If you have to move don't get sentimental. Sell, give away or throw out everything that won't fit in the back of your pickup truck. (not counting vehicles)

You are now mobile. :)

Mobilize to your new bachelor pad. :D

Get cheap furniture that you won't feel bad about parting with, cause you will move again, sometime. Garage sales etc, stuff like that is real cheap now. Take advantage.

Always have the parties at the other people places. Save yours for those "quiet evenings at home with your significant other"

Use the "Catch and Release" method to stay single and disease free!

Smile and nod, smile and nod!

:banana::banana::banana:

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I think it's time to collect on those chicken wings...

Srsly though... negative equity? You do not want to get upside down on things, especially at your age. You'll dig a hole you're NEVER going to get out of.

It all goes back to living within your means. It's not difficult, don't spend more than your income. You don't have to "keep up" with anyone to impress people (that's one of the big reasons people go into debt).

Yea, I might not have the nicest things, or the 'latest and greatest' stuff - but it's all paid for. That's a healthier financial attitude.

Just take a hard look at your WANTS vs. your NEEDS... I think if you guide yourself by what you really NEED in the strictest sense of the word - you'll get some perspective on the items you have. Once you get out of this period and start making some good money (post college or whatever) then you can slowly focus on your WANTS.

Edited by JRMMiii
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Um... WTF?!?

Most people don't "Loose Everything" in bankruptcy.

My first advice is "Don't Panic"!!! :eek:

Second thing you need to know is chapter 7 or 13?:dunno:

(Do they get to keep the house and the cars, etc)

Adjust your plans accordingly.

:broke:Trimming expenses is never a bad idea.

Selling the Mustang might be a fast way to do it. Especially if it's been wrecked by that van. Get rid of the insurance headache and go get a beater pickup truck with cheap insurance.

If you have to move don't get sentimental. Sell, give away or throw out everything that won't fit in the back of your pickup truck. (not counting vehicles)

You are now mobile. :)

Mobilize to your new bachelor pad. :D

Get cheap furniture that you won't feel bad about parting with, cause you will move again, sometime. Garage sales etc, stuff like that is real cheap now. Take advantage.

Always have the parties at the other people places. Save yours for those "quiet evenings at home with your significant other"

Use the "Catch and Release" method to stay single and disease free!

Smile and nod, smile and nod!

:banana::banana::banana:

Use the "Catch and Release" method to stay single and disease free!

lol what does that mean? I have problem getting the bait ready to catch them.

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I think it's time to collect on those chicken wings...

Srsly though... negative equity? You do not want to get upside down on things, especially at your age. You'll dig a hole you're NEVER going to get out of.

It all goes back to living within your means. It's not difficult, don't spend more than your income. You don't have to "keep up" with anyone to impress people (that's one of the big reasons people go into debt).

Yea, I might not have the nicest things, or the 'latest and greatest' stuff - but it's all paid for. That's a healthier financial attitude.

Just take a hard look at your WANTS vs. your NEEDS... I think if you guide yourself by what you really NEED in the strictest sense of the word - you'll get some perspective on the items you have. Once you get out of this period and start making some good money (post college or whatever) then you can slowly focus on your WANTS.

That was my main problem. Bought a car I didn't need at all. I spent all my money on dumb stuff.

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Person that gave me neg rep. Here is my response its not really personal to me. I made mistakes and I'm trying to figure out the best way to fix the money problems. I was just asking for advice on what steps I should take to get out of the hole I have dug so far.

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Hope you can work it out. People on here seem to have some good advice but what works for one person my not work for everyone, keep that in mind. And you might want to forget about going to Cedar Point. It isn't a necessity. GL.

thinking the same fucking thing.. he must not be too broke if he has a motorcycle (toy) and can afford cedr pointe. get your mind right kid

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Hope you can work it out. People on here seem to have some good advice but what works for one person my not work for everyone, keep that in mind. And you might want to forget about going to Cedar Point. It isn't a necessity. GL.

Still should be able to go to cedar point I got my new budget and cedar point is a must for me.

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thinking the same fucking thing.. he must not be too broke if he has a motorcycle (toy) and can afford cedr pointe. get your mind right kid

I can afford it for right now because I live at home. Parents want me out and I am trying to figure out what I need to get rid of. I can't afford an apartment right now but once I clear up my budget it should be no problem. The motorcycle is going to get sold next year :).

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Sorry to hear the bad news bud, but I'm sure if you make a budget and stick to it you should ok. The best thing to do is cut the spending where it needs it. I use to live at home, I had a great job at my age, had only car and insurance and I was always broke. Ate out way too much and it adds up. Goin out once a month is not bad, but for me it was every night. Try not to make your budget unattainable either. If you make it too extreme you will go crazy, but if it needs to be then so be it. I pray things work out for you.

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type of bankruptcy makes a big difference, you should be fine regardless, if you work a full time job you'll be able to survive. After all, it;s your parents not you...you probably wont have to get rid of anything to survive, also think of it this way, if you arent making payments on it it really isnt costing you to have...not to mention if you ride your bike a lot (i mean a lot) you save tons on gas....i have a jeep wrangler that gets damn near 12 mpg and the amount that i ride it really doesnt cost me to have the bike compared to the miles that i woulkd have put on the jeep...not to mention the upkeep of the jeep which is ridiculous

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type of bankruptcy makes a big difference, you should be fine regardless, if you work a full time job you'll be able to survive. After all, it;s your parents not you...you probably wont have to get rid of anything to survive, also think of it this way, if you arent making payments on it it really isnt costing you to have...not to mention if you ride your bike a lot (i mean a lot) you save tons on gas....i have a jeep wrangler that gets damn near 12 mpg and the amount that i ride it really doesnt cost me to have the bike compared to the miles that i woulkd have put on the jeep...not to mention the upkeep of the jeep which is ridiculous

I can't wait to get the car back from the dealorship. I feel wierd driving a mini van. I think getting out of the parents house will make me feel better and I will be able to do what I like.

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im trying to pay down cc's and stay on top of three mortgages. impossible with seasonal biz and family paycut... killed cable and homephone altogether. trying to keep watch on light switches/electric/dryer/shower time. no watering lawn. using our laptops instead of desktop. utilizing library dvd movies for all entertainment. my neighbors and i barter daycare instead of paying cash for sitter.... got new crackberrys, but utilizing our employee discount, the bill is the same as regular cell phones..... no more merlot @ night, but keeping our starbucks and smokes -- we've already tried to dump the later and failed miserably resulting in more fights... sooo not worth it... also - far less dining out. seriously cut down grocery bill and making my kids lunches instead of letting them buy at school @ 2.75 ea day X2 kids. i fricken hate it. never experienced anything like it. at least it doesnt cost me 90.00 to fill up my suv anymore.

Edited by socaln8tv
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Eating at home vs eating out is a GREAT way to save money. Plus, a guy who knows how to cook is very sexy, so you'll have that going for ya.

Keep a spreadsheet with your approximate costs for various bills and it will really bring to light the 'problem areas' and the the places where you can cut corners. Always pay yourself first. You'll need a savings to do a down payment on an apt, or buy the furniture you'll need or whatever comes up. Something always comes up so it's nice to have a safety net to draw from when you need quick cash.

Sounds like your head is right and you are getting your ducks in a row. You'll love the freedom of living on your own :)

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