Another financial thread
 

I'm 20 years old, a full-time employee of Wachovia Bank, and in debt.

I'm in the process of compiling information to get an overall outlook, but it's a slow process.

Debt 1: Credit Cards
>$1,900 in debt. Interest rates vary from 9.9% to 29.94% (that's a delinquent rate w/ 2 more pmts remaining!!)

Debt 2: Hospital & Chiropractor bills
>$8,000. Have made very few payments, minimal amounts.

Debt 3: Student Loans
>$25,000.

I've compiled a process to snowball my credit cards away beginning on my next payday.

My bills are also minimal. live w/ parents. Car ins: $130/ mo. Cell: $60/ mo. Gas: $100/ wk. My salary isn't that great. I was hired @ $25k, but with OT I make around $36k.

I need to know where to start. Also, I've been looking for a budget worksheet template to work with, but I can't find one that fits me. Can anyone help me?

**EDIT*** I've just opened a savings @ ING. $$50 per month deposited there to begin a savings

Re: Another financial thread
 

25k in student loans?!? You'll be paying that until youre fourty.

Re: Another financial thread
 

First, make sure you aren't paying late fees on anything, those add up to a lot more than just interest. Then I would guess just start paying off the highest interst ones first as much as you can, while making minimum payments on the rest. You could try and consolidate but your biggest debt is the student loan and you probably wont find a better rate than that. Isn't there somone you work with that would be an "expert" at these things, being that you work at a bank.

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Are you kidding? 25k isn't ---- for student loans. I'm over that amount, but most of it is subsidized.

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I will guess by your spelling and that you are surprised by 25k that you have never really looked into higher education. :1

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He just looks into cars with big engines to make up for his little smokey O0

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----, I'm at 25k in student loans and I haven't even graduated yet :P

Credit cards > medial bills > student loans, typically.

As said, pay the minimum on medical bills/student loans until your CC is paid off, then move to the next one.

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how are you burning $100 in gas a WEEK???? and why is your car insurance so high if you live at home, mine was $50 a month back when I lived at home.

Aside from that, you have a student loan, I assume you have a degree? Go find a job that makes more money, I make more than that with no degree and I JUST turned 21 and live on my own with a car payment....

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A large reason he could have high insurance is driving record :P

I pay $95 a month, with the cheapest company I could find, for liability on a 1990 CRX...and they don't even have a third of the violations on their records.

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I admit, I payed $185 a month for my 2 cars before I turned 21, now I pay $153. I live on my own, and have a single speeding ticket, back when I lived at home I had a Taurus SHO, $49 a month for liability on that bad-boy.

Re: Another financial thread
 

If you or ANYONE in your family and i mean ANYONE (dad, brother, aunt, uncle, grandparents, ex-step father's brother) were EVER in the military and were discharged honorably
Get them to call USAA for you. You can then open a membership through them.
you will NEVER have another insurance company again.


27 years old, lots of speeding tickets when i was younger, and single

94 honda civic EX Full coverage with roadside and all the bells and whistles
94 pontiac grand prix (grocery getter) with the same best of the best full coverage they offer,

$320.00 total for BOTH cars for SIX MONTHS

dont have money to make your insurance payment this month? no problem, call them, they will give you 60 more days to make a payment with no penalty, no fee, and your coverage wont get canceled.

I'm posting this so if anyone else that might be able to use this connection will know about it.

Re: Another financial thread
 

get rid of cell phone
get rid of habits like getting coffee etc
no more eating out. Learn to cook


I got through college with not 1 dime of debt. How. I lived ------ ghetto. I have no family support so thats not why. I didnt have a cell phone until I was 25 and had to due to traveling for my business. No eating out or going out on the weekends, maybe once a month is fine. A tall can is cheap. So is having people come and chill at your pad rather than paying 4 bucks a beer down the street



Its all about learning to downgrade things. Half of my things I own are dumpster diving. I got a nice bike a week ago in the dumpster. I had to weld up the handle bars and it smelt like trash but with a little love it does the job. Is it anything great no, but do I need a 500 dollar bike ---- no.


Thinking that way will allow you to not be so wasteful with spending. This whole time in school I still had 2 cars with swaps were fun tracked them etc.

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I hope to only have $10-12K by the time I'm done.

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::)

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Don't be mad that you don't have a proper education scottie. You can slang prescription pills until you're 50, enjoy your "thug" life

Bay area 4 lif3 f00lzz

Lucky, it's 7 grand a year here but it's one of the best engineering schools in the country. I could be done in maybe one year less if I had taken summer school and heavier course loads, but that ain't my style.

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I shall, Enjoy your debt and i'll roll in my cash.

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I'm transferring to Western to get just that experience, if I stayed in Asheville I'd just be getting a piece of paper.

Yah, screw doing it the hard way. I'm not taking engineering classes again until summer; finishing off all the liberal art requirements. Human Polity (Poly Sci), Public Speaking, Engrish, and a calc. That way I can just take a minimum of core curriculum classes for the rest of my degree and have a really easy time of geeking out for easy A's. I only have a hard time with stupid stuff like Engrish or other equally useless, boring crap.

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Student loan debt isn't ----, for me at least. Maybe you should look up the word subsidized, gotta love federal loans in addition to the free grants I get.

While you "roll" in your cash, in the meantime I'll be getting enough knowledge to make quite a bit more than you will, and I don't have to worry about getting arrested.

Ching chong meow, bitch

http://media.putfile.com/MVI_3430

Re: Another financial thread
 

hah, if you only knew how much money I have.

I know student loan debt is much better than any other type of debt, but you'll be paying out the ass for quite a while. Me on the other hand have tens of thousands saved up. Just deciding where to put it to turn it into even more money. Takes money to make money, debt only creates more debt. So get yourself out of debt you chode gobbler.

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Says the ignorant kid with no education

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education is overrated. Who says I dont goto school?

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I sure didn't say that, I just said you don't have an education.

Re: Another financial thread
 

i learnz it in the skreetz s0n

Re: Another financial thread
 

this just in: jago loves jiggaboo juice

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lolzz :D

but seriously dude, chris knows. i live similarly ghetto, with a cheap car, home cooked meals, and computer desk that i made out of a shipping crate! (nicked from local post office O0 )

obviously pay off highest interest rate first (ccards) then cut then up. or learn self control ::)
have your pay split to different a/c's, you can save 10% of net wage easily...

you are also fat, so drive less and eat less, saving $$$ per week!

good luck, take control before your $$$ lifestyle controls you.
dan

Re: Another financial thread
 

Unless student loan interest rates are more than you can earn in a high interest account, just sit on it for a bit. Think of the money you make by saving as a bonus for borrowing money from the government.

I save $500 a month out of my wages, into an account that pays 1.5% more interest than I am charged on my loan. I would be using that money to pay off credit card debts, but I don't have any.

I'm $33k in debt though, I won't have paid back my loan until I'm 40 at this rate.

Re: Another financial thread
 

Based on the conflicting nature of that statement I'll say you don't go to school.

Seriously, scott. You scam the cashflow to get some really nice toys but you still fail at ever having anything fast. Obviously something doesn't click between your ears. What's up, dude?

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The problem is I lose interest extremely quick. ---- I havent even drove my camaro in over a week, i've put less than 8k on it in over a year. I can't seem to find something that I want to divulge all my time and money into. Much of it has to deal with that and the fact I am tired of getting hassled by the police. If you have a car that is too loud, or looks like it may be modified they'll hit you with a ticket. I'd hate to spend 6k putting a turbo kit onto my camaro only to get busted and have to rip it all off and deal with the hassle of going to the smog ref. Its just not worth it anymore. I'll stick to decently quick cars and fast motorcycles.

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Why does anybody ---- with credit cards? If you want or need something bad enough, you should be able to save the money up in order to have it. There's no reason for a person who lives with their parents to have racked up that kind of credit card bill. You're paying waaaay too much money for something due to the outrageous interest rates, simply because you lack the patience and drive to put in the hard work and time necessary TO PAY CASH FOR THAT ----. And I'm beginning to see that maybe higher education is a tad bit overated. $25K is alot of money to be paying for an education and you're still not able to do better than $33k in a year. My education consists of a high school diploma, and I made $37K last year(----, that was an off year)...And I didn't need college to know better than to ---- with credit cards.

Re: Another financial thread
 

I agree with most of what you said, pay cash up front. Credit is necessary for expensive assets, such as a house ( if you want to consider that an asset). As far as being 25k in debt for school, I see it as a gamble that MAYBE when you graduate you MIGHT get a job that pays good enough so you can quickly pay off your loans before they ---- you in the ass.

On the plus side, I just picked up a LS6 intake manifold and ported throttle body for $200, gonna relist it on LS1tech for $450

:6

Re: Another financial thread
 

I'll graduate this spring with a double major in Finance and Managerial Economics. I'll have $17,000 in subsidized student loans to repay. I've never had a credit card, my car is paid for and has been since i bought it, at any time I could sell it for nearly double what I have into it. Hobbies are a cash only type deal in my eyes. If you don't have the money to buy it, you probably don't need it, this includes mods and anything else. Need a new set of tires, save up bitch. Les schwab would love to rape you though at like 20% interest if your dumb enough to sign on the dotted line.

Paying for school and the pieces of paper employers want to see is nothing more than an investment in yourself. Ever heard someone say I wish i hadn't of gone to college? Besides, there is more Poon around than even i can handle. Oh thats right, i forgot the majority of you love the cock, nevermind.

Re: Another financial thread
 

It is a well proven fact that you will make more money if you have a college degree than if you don't. Of course there are exceptions and I'm sure there is someone here that will say I make 80K no degree and thats fine, but to argue that going to college is not a good financial investment is retarded.

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I don't doubt statistics, but college is far less important than it once used to be.

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Why would you say that? It's not any less important than it ever was, not like you'd know anything about college.

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I say it because its true.

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You just sound ignorant really, way to back yourself up there.

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I am too lazy to prove you wrong. If you think a formal education (i.e. college) is as important as it was say 20 or 30 years ago, you're just stupid.

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I don't doubt you're lazy, I doubt that you have any facts to back up your statement.

Each post just makes you look more ignorant.

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What has school taught you about making money?

Re: Another financial thread
 

how to run a hedgefund and scam azns who think they're "street" and "savy"