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re: Is there a more hopeless feeling than being young and having massive amounts of debt?
Posted on 6/11/19 at 8:40 am to Ace Midnight
Posted on 6/11/19 at 8:40 am to Ace Midnight
If it’s massive it’s really someone else’s problem. Money problems are the best problems to have. Health is wealth.
1
Posted on 6/11/19 at 8:40 am to PortHudsonPlaya
If he’s pulling in 6 figures he should have 200k paid off in 4 or 5 years.
Posted on 6/11/19 at 8:41 am to PortHudsonPlaya
I wouldn't know. But losing my car keys/wallet after a night out is a pretty damn helpless feeling.
Posted on 6/11/19 at 8:41 am to PortHudsonPlaya
quote:
At least for a male. A female can always find some sucker to pay off all her debt for her.
Most young girls are hustlers and always on the move making money. I don't think a lot of them have guys paying for their shite. Most young guys are lazy compared to females.
quote:
Guy that works for me is early 30s engineer, divorced, paying child support for two kids. Also tried to start his own consulting business a while back and failed. That put him owing loans he took out to get everything going. Also, the first year was successful, but got screwed by his accountant and his partner, and owes the IRS close to $200,000 (maybe more). They just started garnishing his wages for the next 15 years minimum.
He lives in a shithole $400/month apartment in a bad area of town just to try and save something. After working all day, he’s pretty handy so spends every night and weekend doing odd handyman jobs for cash so he doesn’t have to eat ramen noodles.
Overall, seems like a nice, humble guy that got taken advantage of one too many times. I’m not even sure I could go on living if I knew there was zero bright spots in my future.
Sounds like great ambition with poor choices.
Posted on 6/11/19 at 8:41 am to chinhoyang
quote:
terminal cancer
parent with a child dying of an incurable disease
9/11 victims blocked in by fire in a skyscraper
passenger in plane careening from the sky
I can think of many more.
but...but, he lives in AN APARTMENT!!!
Posted on 6/11/19 at 8:42 am to ellishughtiger
quote:
If he’s pulling in 6 figures he should have 200k paid off in 4 or 5 years.
A. This is fake
B. He has loans on top of back taxes
C. Probably doesn't make 100k
D. This is fake
Posted on 6/11/19 at 8:43 am to TH03
E. Both A & D
Posted on 6/11/19 at 8:43 am to PortHudsonPlaya
quote:
divorced, paying child support for two kids
quote:
That put him owing loans he took out to get everything going. Also, the first year was successful, but got screwed by his accountant and his partner, and owes the IRS close to $200,000 (maybe more)
quote:sounds like he made a lot of stupid mistakes. I mena paying child support should eliminate the choice to risk even more to start a business and get put in the hole he is in now.
They just started garnishing his wages for the next 15 years minimum.
Posted on 6/11/19 at 8:43 am to PortHudsonPlaya
Sounds like a guy who took an honest shot and didn’t make it. Also sounds like a guy determined to pay his debts by sacrificing what he can.
Seems like an OK a guy to me.
Seems like an OK a guy to me.
Posted on 6/11/19 at 8:43 am to zeebo
quote:
If it’s massive it’s really someone else’s problem.
A really smart successful guy once told me, "If you owe the bank $50k, they own you. If you owe them $50 million, you own them."
There is a lot of truth to that. The more other folks are invested in your success, the more cooperative partners you'll have.
Posted on 6/11/19 at 8:44 am to TH03
I just assume he’s making $100k as an engineer with a side hustle as a handy man.
Posted on 6/11/19 at 8:44 am to PortHudsonPlaya
Poor life choices
Posted on 6/11/19 at 8:44 am to greenwave
quote:
Move to a foreign country when you have 2 kids? Yeah not likely
If the wife has them he won’t have to see them anymore. Win win
Posted on 6/11/19 at 8:44 am to PortHudsonPlaya
quote:
I’m not even sure I could go on living if I knew there was zero bright spots in my future.
quote:
Success is not final, failure is not fatal: it is the courage to continue that counts.
-Winston Churchill
Although your friend’s debt makes me feel a lot better about the comparatively minimal amount of debt I’ve got.
Posted on 6/11/19 at 8:45 am to PortHudsonPlaya
Sounds like he needs some advice from people that work with this sort of thing.
Based on the wage garnishment and other debts, there is a chance he could have his child support reduced.
There are not many ways in which you owe this type of money to the IRS without having earned substantially more. If he was truly screwed over by his accountant, he could find another CPA firm to look over his records and could have a malpractice suit against his old accountant.
People get screwed over by partners all the time. But, considering everything else, probably wouldn't hurt to have an attorney to look at any business dealings for some relief. At this point he has nothing to lose.
Based on the wage garnishment and other debts, there is a chance he could have his child support reduced.
quote:
got screwed by his accountant and his partner, and owes the IRS close to $200,000
There are not many ways in which you owe this type of money to the IRS without having earned substantially more. If he was truly screwed over by his accountant, he could find another CPA firm to look over his records and could have a malpractice suit against his old accountant.
People get screwed over by partners all the time. But, considering everything else, probably wouldn't hurt to have an attorney to look at any business dealings for some relief. At this point he has nothing to lose.
Posted on 6/11/19 at 8:46 am to Titus Pullo
quote:
I just assume he’s making $100k as an engineer with a side hustle as a handy man
Well, let's say he does. With child support, his loans, and his back taxes, he probably takes home like $20k
Posted on 6/11/19 at 8:47 am to TH03
quote:
C. Probably doesn't make 100k
If he's an engineer, in his 30's, not making this then something is wrong. Unless he's an electrical or civil engineer of course.
Posted on 6/11/19 at 8:51 am to PortHudsonPlaya
Well, you could owe what he does in debt, but instead of having the salary of an engineer, you could be making $10 an hour.
Posted on 6/11/19 at 8:53 am to PortHudsonPlaya
Sounds like someone made bad decisions in life and is paying for them now.
Posted on 6/11/19 at 8:54 am to PortHudsonPlaya
quote:
Guy ... early 30s Banker, divorced, paying child support for two kids.
This was me 2 decades ago, and I've been debt free for almost a decade. Best thing I did was buy a shitty shotgun double and fix it up. The rent helped while I lived there and the profits from the sale set me free.
Your boy has a long row to hoe, but at least he's not an old guy in debt.
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