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Started By
Message
re: Debt Debt Debt.
Posted on 10/31/18 at 1:40 pm to 13SaintTiger
Posted on 10/31/18 at 1:40 pm to 13SaintTiger
quote:It is perfectly normal in many parts of the country to carpool, use public transport or share a ride within the family. The 8 year old goes to school, I would assume he could grab a bus to and from school and after school care if both parents work.
Yea easy if it was just him. He has a kid and his wife works. And unless he’s living in a big city, it’s not exactly feasible to have one vehicle. The better advice would be for him to sell a vehicle and buy a beater.
Even a beater costs money, and you got to put gas in it and insure it. Maintenance.
You get that far in the hole, it is gonna hurt to get out of it. Period.
Way too many people try to get out of debt by rearranging their finances. This will never work, you either must make alot more money and put it on the debt or get rid of expenses. Interest alone will eat him alive if this is not addressed.
1
Posted on 10/31/18 at 2:15 pm to tigerfoot
quote:
Even a beater costs money, and you got to put gas in it and insure it. Maintenance.
You get that far in the hole, it is gonna hurt to get out of it. Period.
Way too many people try to get out of debt by rearranging their finances. This will never work, you either must make alot more money and put it on the debt or get rid of expenses. Interest alone will eat him alive if this is not addressed.
Yall are arguing semantics. He has no notes on the cars so he's spending, what, a grand a year or so on gas, oil change, etc, and he's paid down only $6k in two years on two nursing incomes. He's got a serious spending problem on consumer goods, that's it.
Posted on 10/31/18 at 2:38 pm to Mingo Was His NameO
quote:
He's got a serious spending problem on consumer goods, that's it.
Yep--if not goods, then services. I'd love to see the monthly expenditures on non-essentials like TV, excessive phone plan, gym, haircare/personal grooming (cut, color, waxing, mani/pedi), dining out, entertainment, club memberships, etc. He sideways blames his wife upthread (not a very loyal thing to do, imo), and he sort-of owns up to his own unwillingness to pay attention to the finances.
OP sounds like a guy who needs to learn the value of thrift. Public library provides lots of entertainment for an 8 year old, plus free streaming movies/TV and books; public parks provide an alternative to an expensive gym; thrift stores and eBay are a great alternative to buying retail.
He sounds exactly like my brother in law. Just because you want to live the lifestyle your parents provided to you doesn't mean you can afford it. So you've got to learn to live within your means, even if your siblings or friends can afford more.
Posted on 10/31/18 at 3:14 pm to hungryone
It sounds like the OP literally doesn’t know where his money goes, which should be unfathomable when trying to pay down debt.
How does one not devote 30% or more of income to debt and force themselves to live on the rest?
How does one not devote 30% or more of income to debt and force themselves to live on the rest?
Posted on 10/31/18 at 3:23 pm to bayoubengals88
If the OP would give this board all of the details, then he would have 5+ people basically layout a path forward to fix his issues. He just hasn’t provided the details that are required for the board to give a specific plan...instead we keep providing one-off advice based on the limited information.
Give us on a monthly basis:
Household gross income
Household take home income
Any retirement savings contributions
All spending by type (not “food” but be specific like “groceries” , “restaurants”, etc.)
Then give us:
All debt owed by amount, interest rate
Durable assets that could potentially be sold (if any).
Balances of all retirement accounts and type of account
If the OP provides this, then the MTB can basically be a free financial advisor
He’ll hear about 4-5 things as the priority from multiple posters which should provide a good BS detector. He will also recognize that the people who give a shite to post on this board are really good with personal finances.
I’ll wait and see what the OP decides and how bad he wants help. I recognize that giving that kind of detail can take some introspection.
Give us on a monthly basis:
Household gross income
Household take home income
Any retirement savings contributions
All spending by type (not “food” but be specific like “groceries” , “restaurants”, etc.)
Then give us:
All debt owed by amount, interest rate
Durable assets that could potentially be sold (if any).
Balances of all retirement accounts and type of account
If the OP provides this, then the MTB can basically be a free financial advisor
He’ll hear about 4-5 things as the priority from multiple posters which should provide a good BS detector. He will also recognize that the people who give a shite to post on this board are really good with personal finances. I’ll wait and see what the OP decides and how bad he wants help. I recognize that giving that kind of detail can take some introspection.
This post was edited on 10/31/18 at 3:25 pm
Posted on 10/31/18 at 4:06 pm to lynxcat
I’m at work. These numbers will be ROUGH.
Gross monthly house hold income 10-11k
Take home 7600
401k gets 5% from me and the wife. With standard matching on to ofthat 0.5% up to 4%
Household retirement is about $120k
House note $1600.
Groceries. 300-400.
New AC loan 190
Credit Cards $1700!!!
Entertainment. Bring on the downvotes. $1400. That was just a random month in 2016 with my last thread on this subject.
Home probably has 80-100k in equity depending on market here.
Assets are vehicles which I have covered.
Total credit card debt is $63k. Various lines of credit. Rates from 7.9 to 19. I think I exaggerated the 22.9%.
Gross monthly house hold income 10-11k
Take home 7600
401k gets 5% from me and the wife. With standard matching on to ofthat 0.5% up to 4%
Household retirement is about $120k
House note $1600.
Groceries. 300-400.
New AC loan 190
Credit Cards $1700!!!
Entertainment. Bring on the downvotes. $1400. That was just a random month in 2016 with my last thread on this subject.
Home probably has 80-100k in equity depending on market here.
Assets are vehicles which I have covered.
Total credit card debt is $63k. Various lines of credit. Rates from 7.9 to 19. I think I exaggerated the 22.9%.
Posted on 10/31/18 at 4:12 pm to LSU alum wannabe
quote:
Gross monthly house hold income 10-11k
quote:
Entertainment. Bring on the downvotes. $1400.
quote:
Total credit card debt is $63k
Dude get your shite together. You make 120k a year and have paid $6k in TWO frickING YEARS. You're math doesnt even add up.
7600-1600-400-190-1700-1400=2310
Where the hell is that last $2400 a month of TAKE HOME PAY going?
This post was edited on 10/31/18 at 4:13 pm
Posted on 10/31/18 at 4:13 pm to LSU alum wannabe
You stated $7600 in take home income, then only about $5300 in bills. Where is that extra 2.3k going? I'm assuming toward utilities, phones, cable, internet, gas, etc...? How much of that 2.3k is being spent on bills?
Posted on 10/31/18 at 4:19 pm to Epic Cajun
Like I said “rough numbers”.
Lights, gas, phone, cable/internet, home warranty.
Lights, gas, phone, cable/internet, home warranty.
Posted on 10/31/18 at 4:21 pm to LSU alum wannabe
quote:
Like I said “rough numbers”.
Lights, gas, phone, cable/internet, home warranty.
You're 63k in debt and you don't already know where your money is going, that's all we need to know.
Posted on 10/31/18 at 4:22 pm to Mingo Was His NameO
quote:not really
Yall are arguing semantics.
quote:
otes on the cars so he's spending, what, a grand a year or so on gas, oil change, etc,
Insurance alone is 1200.00, 3 tanks a gas a month is 1400.00. 2600 dollars a year right there. times 6 years i s 15,600.00. That is 25% of his debt. Not insignificant.
Posted on 10/31/18 at 4:26 pm to LSU alum wannabe
With $2,400 a month unaccounted for you mention the following:
Electricity - 250
Fuel - 400
Cable - Internet 200
Phone 200
(all grossly overestimated numbers^^^) those add up to only 1,050.
Home warranty - wtf is that?
If you don't put 3,500 dollars toward credit card payments for the next 20 months then you're shitting the bed badly.
There is absolutely no reason you can't live on 4,000 take home.
You're both nurses. That seemingly takes some intelligence. How do you explain not knowing where your money is going? I take home $3,600 per month and live like a king because I know where every dime goes before I spend it. Why don't you know this shite off the top of your head after being 70k in debt for two years? Seriously?
quote:
Lights, gas, phone, cable/internet, home warranty.
Electricity - 250
Fuel - 400
Cable - Internet 200
Phone 200
(all grossly overestimated numbers^^^) those add up to only 1,050.
Home warranty - wtf is that?
If you don't put 3,500 dollars toward credit card payments for the next 20 months then you're shitting the bed badly.
There is absolutely no reason you can't live on 4,000 take home.
You're both nurses. That seemingly takes some intelligence. How do you explain not knowing where your money is going? I take home $3,600 per month and live like a king because I know where every dime goes before I spend it. Why don't you know this shite off the top of your head after being 70k in debt for two years? Seriously?
This post was edited on 8/14/21 at 1:44 pm
Posted on 10/31/18 at 4:28 pm to tigerfoot
quote:
Insurance alone is 1200.00, 3 tanks a gas a month is 1400.00. 2600 dollars a year right there. times 6 years i s 15,600.00. That is 25% of his debt. Not insignificant.
I enjoy Dave Ramsey. Many of his ideas are great. The envelopes and debt snowball, but I understand where you are coming from with the cars. That’s Dave too. It’s a bit puritanical. I as a borrower have sinned. I am a glutton and must be punished. Sell your cars and buy a shitty but dependable car and deliver pizzas as a side hustle.
Any of you guys in Katy or the Houston area and know a good finance person?
Posted on 10/31/18 at 4:31 pm to LSU alum wannabe
quote:
Like I said “rough numbers”.
I get not knowing exact numbers, but:
quote:
Lights, gas, phone, cable/internet, home warranty.
Should only be at most about 1k, including vehicle insurance.
That still leaves about 1.3k that is left unaccounted for. That's 15k on a yearly basis.
If you can't figure out where your monthly income is being spent, you'll never be able to determine where to make cuts in order to pay down your debt.
Posted on 10/31/18 at 4:34 pm to Epic Cajun
quote:
you can't figure out where your monthly income is being spent, you'll never be able to determine where to make cuts in order to pay down your deb
Sounds like I need debt consolidation. :-)
Posted on 10/31/18 at 4:35 pm to LSU alum wannabe
quote:troll or imbecile?
Sounds like I need debt consolidation. :-)
Posted on 10/31/18 at 4:38 pm to LSU alum wannabe
quote:
Any of you guys in Katy or the Houston area and know a good finance person?
I'm failing to see where you need a finance guy. Finance guys don't compile receipts for people like you. Track your money and stop spending it, it's literally that simple, but you obviously don't and/or aren't going to do that.
Posted on 10/31/18 at 4:38 pm to LSU alum wannabe
quote:
Sounds like I need debt consolidation. :-)
Debt consolidation is not going to tell you where you are spending an extra 1.3k a month, on top of your 1.7k entertainment figure.
From the numbers you posted, you should easily be able to put 2-2.5k toward your debt per month.
Posted on 10/31/18 at 4:40 pm to LSU alum wannabe
No you dont.
You really dont. When you hate this debt enough, you can eliminate this with a quickness....but it doesnt sound like it is making you miserable yet. I’d be happy to share my spreadsheet with you… But I’m about to get off of here and probably not be back until later tonight or tomorrow. Up to you.
You really dont. When you hate this debt enough, you can eliminate this with a quickness....but it doesnt sound like it is making you miserable yet. I’d be happy to share my spreadsheet with you… But I’m about to get off of here and probably not be back until later tonight or tomorrow. Up to you.
Posted on 10/31/18 at 4:40 pm to bayoubengals88
quote:
troll or imbecile?
It’s a joke, man.
Settle down. It’s my life in the shitter, not yours.
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