Giantxtc Posted September 8, 2009 Report Share Posted September 8, 2009 Damn that is going to be rough for a long time for your family. It is not the end of the world, i have been there and done that. Just need to mind your funds and life style and it works out. Not to mention you don't have to lose everything. Quote Link to comment Share on other sites More sharing options...
rick37 Posted September 8, 2009 Report Share Posted September 8, 2009 In all honestsy the end result will be what ever you want it to be as long as your willing to work hard and make the sacrafices that needs to be done, Do what you have to do and things will be fine,, Quote Link to comment Share on other sites More sharing options...
|SnOmAn| Posted September 8, 2009 Report Share Posted September 8, 2009 Go to a financial class like Dave Ramsey. This guy is good. I have a few of his CD's, and he help me understand debt a little better. I also was a rep for Primerica which helped people with debt issues. When I moved here to go to school, our income dropped about $20,000 and we cut back on a lot of non-sense spending and actually paid off some credit cards and didn't have to use them at any point. We make a little more now, but it's about smart choices. Just bought a house that was a fixer-upper to live in for a while but more for the investment in a few years. Never thought we would ever own a house for a long time. Quote Link to comment Share on other sites More sharing options...
buildit Posted September 8, 2009 Report Share Posted September 8, 2009 A couple have hinted at it already but I'll just come out and say it. When you are just starting out is not the time to be spending more than what you make. The mistake most people make is to think "I deserve this". Bull! Don't believe the hype that advertisers sell you! You seem like a resourcefull guy and willing to sacrifice for your economic sins. But I'll warn you now, learn from this mistake. You are young and it is easier to correct these errors now than later in life when you have a house, wife and kids. I truely feel for the people who have had to go home to their spouse and explain that the way of life they had is about to end. But a wise man once told me, "neither a lender nor borrower be". When you lend you gamble on that money being paid back to you. There is never a 100% guarentee, ask the investors in Madoff. When you borrow, someone is making a bet you will be able to repay that loan. The cost of the risk is the interest you are charged.Just last week I had to explain to my GF how her good deal on a $5000 vehicle was not as good as she thought. Simply because by the end of the loan she was paying $7000 for the vehicle, not $5000. But that is the cost of a bad credit history and failure to read the loan and ask the right questions. They sold her on the $120 a month payment, not the five years that she'd be making that payment.I do have one question. If your parents are declaring bankrupcy why are you? Is your debt tied to theirs or is it a matter of the money you should have been saving for rent was going for toys because you lived at home? I hope you get it right, being financially responsible isn't easy but the reward is worth it. Quote Link to comment Share on other sites More sharing options...
InyaAzz Posted September 8, 2009 Report Share Posted September 8, 2009 Still should be able to go to cedar point I got my new budget and cedar point is a must for me.You're doomed to repeat your mistakes then. Your mind obviously isn't where it needs to be and you haven't hit rock bottom yet. I hope you pull it together...but you may not be at the maturity level to pull it off yet.Get your damn priorities in order. Cedar Point is not a priority. A motorcycle is not a priority. A roof over your head and food in your stomach IS a priority. If you see hard times coming, spending $$ now because "I'm ok now, but in a month I won't be" is just plain stupid.My .02 Quote Link to comment Share on other sites More sharing options...
InyaAzz Posted September 8, 2009 Report Share Posted September 8, 2009 Good luck.The point about savings is..... if you have a $3,000 dollar credit card debt at 20 % or so, you need to pay that off real quick. You are paying a whole lot of interest and not bringing the principle (the amount you actually owe) down much at all. If you put that money in savings or even CD's you won't get any return in your money. So it would be better to throw it in your credit card. So the original poster would be smarter to put every last bit of his money to get his credit card down before he pays student loans and makes a savings account.Quoted for truth. Pay off the high interest debt first. Quote Link to comment Share on other sites More sharing options...
V4junkie Posted September 8, 2009 Report Share Posted September 8, 2009 That sucks Mr. A! Just hunker down and keep it simple. Def take in all of those extra games. Keep only maybe your 5 favorites. Also keep Xbox live if possible, if it's like mine you're $50 for the year is probably already in so you're good. Good idea on the Mustang, if you're keeping a bike then your other transportation should be %100 practical. Reality checks suck, but if you keep your head on you should come out of it a better dude. Quote Link to comment Share on other sites More sharing options...
viper51s Posted September 8, 2009 Report Share Posted September 8, 2009 Maybe I am missing something but it seems like Mr. A is not the one declaring bankruptcy, just his parents. The reason he wants to trim his budget is because he was able to afford everything while living with his parents, but now that he is going to be on his own he has to cut his expenses and get rid of any debts he has so he can live comfortably. If that is the case make sure what you are bringing in covers what you decided to cut from your budget with a little left over for emergencies. I agree with getting rid of the Stang, the insurance on them is normally pretty high and the gas mileage is not very good. My buddy drives a 95 Honda Civic, insurance is dirt cheap and his gas mileage hits about 36mpgs on the highway. As for the rest of your plan it looks pretty good. I don't see a problem with him still going to cedar point and keeping some stuff, since he does not seem to be in as much financial trouble as his parents. It seems like he is just trying to cut the fat from his budget to make sure he does not get into trouble (or more trouble). Just make sure you plan everything out and you know exactly where you stand with your finances before you make any more purchases, and get rid of any high interest payments first because, as was stated before, that is just money down the drain if you are only making minimum payments.Good luck! Quote Link to comment Share on other sites More sharing options...
V4junkie Posted September 8, 2009 Report Share Posted September 8, 2009 Maybe I am missing something but it seems like Mr. A is not the one declaring bankruptcy, just his parents.Nope, you've got it. A lot of people on here seem to see all that text and just make something up so they don't have to read it carefully. Quote Link to comment Share on other sites More sharing options...
PrincessPratt Posted September 8, 2009 Report Share Posted September 8, 2009 (edited) Mr. Anderson....I do have one little tid bit to add to the wealth of knowledge that has already been given by others on this forum. You have been extremely vocal about not wanting to be single anymore. I don't know if you're aware of this but any woman worth her salt is going to be watching how you spend your money....meaning what type of choices you make b/c ultimately your choices are going to affect her if you two get serious. I have had SEVERAL men cross my path that were wonderful guys but I will not get "serious" with them if you will b/c of the way they choose to spend their cash. I've made the mistake of being with an exhusband who was frivolous with his money and now I still have several thousands of dollars of debt b/c I cosigned loans for him b/c I was the responsible one and had the high credit rating. He made close to 80K a year yet had to still live with his parents when I met him b/c he blew his money like water and felt he had to have this or that.....and he deserved this or that b/c he worked "hard" for his money. He was never able to grow up and be responsible. His credit rating was around 400 when I met him. Yikes! What was I thinking? Oh well we live and we learn! That is why I wrote what I did about purchasing a motorcycle when you still live with your parents and don't have money to live on your own. Are you serious? That wasn't just aimed at you b/c I know several peeps that roll like that. You might think you're going to pull in the ladies b/c you ride but what are the quality of those ladies if they don't care enough about themselves and their own future. I'm just hoping that adding this will maybe make this sink in a bit about the choices you make. You're a great guy and derserve the best but more money is not going to fix your situation if you don't change the way you think about life.****I know Eric's not the one filing bankrupcy but many children follow in the footsteps of their parents b/c they have watched how their parents budget/spend their money. He's young and should learn these nuggets of life now so when he is a bit older he won't have the same issues. Edited September 8, 2009 by PrincessPratt Quote Link to comment Share on other sites More sharing options...
wht_scorpion Posted September 8, 2009 Report Share Posted September 8, 2009 this is where a baseball bat comes in really handy.... and if that fails I could come over and collect for you ( for a small fee ) thats a really good idea use it a couple of times:beating: Quote Link to comment Share on other sites More sharing options...
wht_scorpion Posted September 8, 2009 Report Share Posted September 8, 2009 He can be a male escort... there's money in that, I heard...dude see she wants to pimp you out dude extra money Quote Link to comment Share on other sites More sharing options...
ChickOn2 Posted September 8, 2009 Report Share Posted September 8, 2009 dude see she wants to pimp you out dude extra money I'm just trying to help a brotha' out, get him past this rough patch. I mean, if he's got the right credentials, why not leverage them? all I ask is a small donation/finder's fee. Quote Link to comment Share on other sites More sharing options...
wht_scorpion Posted September 8, 2009 Report Share Posted September 8, 2009 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. chick you could give him work and help this problem Quote Link to comment Share on other sites More sharing options...
wht_scorpion Posted September 8, 2009 Report Share Posted September 8, 2009 Quote Link to comment Share on other sites More sharing options...
buildit Posted September 8, 2009 Report Share Posted September 8, 2009 Would that mean he'd change his user name to "Boy Toy"? Quote Link to comment Share on other sites More sharing options...
ChickOn2 Posted September 8, 2009 Report Share Posted September 8, 2009 chick you could give him work and help this problemWhat good am I if I can't be helpful? Just trying to help him raise some quick capital. After all, he absolutely MUST get to Cedar Point.. the question is... how bad does he want it? Does he REALLY want to ride the Magnum? Quote Link to comment Share on other sites More sharing options...
InyaAzz Posted September 8, 2009 Report Share Posted September 8, 2009 WANT to ride the Magnum and NEED to ride the Magnum...two totally different things. Goes back to priorities...need to get those straight first before fixing the financial situation. Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted September 8, 2009 Report Share Posted September 8, 2009 Riding the MAGNUM? I didn't know he hung out with Inya outside the board? Quote Link to comment Share on other sites More sharing options...
InyaAzz Posted September 8, 2009 Report Share Posted September 8, 2009 Riding the MAGNUM? I didn't know he hung out with Inya outside the board?I just LMAO at work. Rep for you silly man. Quote Link to comment Share on other sites More sharing options...
ChickOn2 Posted September 8, 2009 Report Share Posted September 8, 2009 Riding the MAGNUM? I didn't know he hung out with Inya outside the board?iGiggled! Quote Link to comment Share on other sites More sharing options...
V4junkie Posted September 8, 2009 Report Share Posted September 8, 2009 Updates? Quote Link to comment Share on other sites More sharing options...
that dude Posted September 8, 2009 Report Share Posted September 8, 2009 how old is this kid? Quote Link to comment Share on other sites More sharing options...
SchmuckGirl Posted September 8, 2009 Report Share Posted September 8, 2009 At least 21~ Quote Link to comment Share on other sites More sharing options...
Mr Anderson Posted September 8, 2009 Author Report Share Posted September 8, 2009 Updates?Waiting to get my car back from the dealership. Then sell it and go from there. My friend is a couple years older than me and he is broke as well. I have poor friends. It does not help that I give away my money like candy if people say "Can you buy me some chicken wings." Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.