So. Much. Debt.
Well, where to begin..
When I was 17, I had gotten in trouble with the law. Stupid misdemeanor, nothing huge. My mom said, "You should join the national guard..or else, I’m kicking you out." So, it was sort of an instinctual, "Alright, sure." I wasn’t really thinking about it at the time. My mom brought that up in court though, and I found myself under a court mandate that I be in the military for 1 year. Is that even legal? Anyways, Joined, did basic training, got a 20,000$ bonus. Sucks that just after that my thoughts started to kick in, and I started to find my place in the world. I made a big decision to leave the military. Of course that immediately put me in $20,000 debt..so now every paycheck I make, I give 15% of it to the govt.
Thats just part of it..
My grandfather died last year, and my grandmother would not of been able to collect his pension or whatever while maintaining her job, so being the nice person I am, decided that she could put her job under my name, and I’d just give her the money when I cashed the check. illegal, I know..
Turns out, she filed the lowest possible taxes to take out, so when I filed my taxes this year, I was expecting to get $1000 back, and that would help me settle some debt, and get me out of this town..except now I owe the government $1000 more dollars.
I get maybe $30 spending money a week, after my rent, food, utilities..
It’s stressful to say the least. The only way I can see myself getting ahead at this point is to work two full time jobs, but in doing so, I surrender my life basically. I’m 21, so there goes the rest of my social life. ><
I know the obvious, "Save money, spend wisely" But how else can I get ahead right now?
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@Giraffe, I like that idea a lot, and I’m surprised I hadn’t even thought of it, although jobs are semi-limited in this town as well, but sales jobs are always there.
@Dick, I feel like I’ve been trying to wipe the slate clean, haha.
@Matt, Not any particular careers. My goal is to ultimately open my own library of sorts, but I feel like it will be held back from the debt as well. I enjoy cooking, and I have a tech degree in culinary & hospitality, but food service is my “Settle Option” and of course, I’d rather avoid settling in my life.
I did some research on bankruptcy in the US. Under a chapter 7 bankruptcy claim it involves the:
“appointment of a trustee who collects the non-exempt property of the debtor, sells it and distributes the proceeds to the creditors. Because each state allows for debtors to keep essential property, most Chapter 7 cases are “no asset” cases, meaning that there are not sufficient non-exempt assets to fund a distribution to creditors.”
Essentially, all your assets are liquidated, your debts are paid off to the extent that is capable or covered under your assets and you start anew. If you have large assets such as a house or car (yes, they will liquidate those) DONT DO IT. But if not, speak to an attorney to see what is your best course of action.
Alex, have you ever considered making things to sell? Or developing talents to profit off of?
You could get into fire spinning and get hired to do gigs. I’m not sure how lucrative it is but I know that people do that.
For a while I sold stenciled tshirts, and it’s actually a really good business model if you’re willing to stay small. I targeted local bands and school groups who didn’t have the money for screenprinting. You buy blank white t’s at about 2.70 each, make the stencil of the image they want, spray paint it, and then charge around 8 or 10 per shirt. It’s still cheaper for them, especially if they have a small order, and the cost of time for making the stencil and gathering supplies is more than paid for.
That was the most lucrative small business thing I’ve done… hope it helps.
Don’t worry Alex, I’m in the same situation.
Your wealth and abundance along with mine and a large number of awakened people I’ve met and discussed are due its way.
I’ve heard many theories but this is just simply the case. One is possibly to allow us to experience the shift more strongly, to come from such a state of lack to a highest state of abundance. This allows the polarizing to be much more significant.
If no one understands what im on about i’m just insane ;)
damn… that just plain sucks… i dont have a great plan to help you right now, but i’ll just hope for the best for you…
and Giraffe’s idea is great about getting jobs where you can work on yourself. adding to that, if your city’s got a good public library, or any bookstore (there’s gotta be) why not consider being a librarian or getting employed in the bookstore? that way you can spend all day reading books and talking to customers who love them… when i get bored and i am by myself i go to Landmark (do u have it there) and jst read some books… i actually finished the 1st part of scott pilgrim graphic novel there.. :) and really its one of my favourite places to hangout by myself :P
take care Al,
this shit’s just temporary. teehee :D
Hey Alex, I am sorry to hear that you are faced with this problem. I too have a significant amount of debt in student loans and medical bills so I feel your pain! Anyways, I wanted to point out first that the most important thing is that you left the military because you wanted to. At this point the best thing that you can do is learn from this experience by thinking over your decisions in depth before executing them. As for the debt itself, I have a few ideas. First off, I think that I should say that I somewhat regret going to college. Its not all that they say that it is. I feel that I am being pushed to learn so much in so little time that I am actually not learning much at all. I am mostly memorizing things to pass a test and after that the information is lost. I currently owe at least 40,000 due to college and I am not even near graduation. I should have thought that one out a little bit more. What I wish I had done was gotten a trade. Some are worth it and some are not. Its some research that you would have to do but some trades pay exceptional amounts. The highest paying job out of college currently is air traffic control. You would have to get some training but it may free you from your certain circumstances. This may not be a first choice but you could do it until your debt was paid off which would likely only be a year after training or you could look into other trades that you are more interested in. I don’t recommend doing anything illegal to pay off your debts as those sort of things never seem to really pay off unless you know what your doing (LOL) and usually the end result is a felony plus the original debt. I hope that this helps you out! Let us know if you find a solution! : )
When you go bankrupt all your debt is cleared & no one will lend you money for one year. They seize your assets if you have any (usually just your house) not your car (unless you drive a Ferrari) It stays on record for 6 years then it’s business as normal. Otherwise you’ll be paying compound interest for years & be a slave to the system. Just what they want you to be.
Normally I don’t stress about this sort of thing, but I filed taxes today and was pissed off as to my results. It sucks making 8 bucks an hour, getting 15% taken off, and still owing 1/10th of your income back at the end of the year..
I’m currently running a $1500 credit card debt. This is mostly because I’m unemployed, but still have expenses. I could tell my parents about this, and I’d probably be out of this after a stern lecture and a repayment plan. But I’m actually content with this debt. A while back, I got a temporary internship, and that allowed me to bring my debt down to only $200 (so being unemployed, I racked up over $1000 in expenses in only 2 months). Somehow, it had a negative effect on me. I feel somehow that in order to get me to function, I need something chasing me. Debt is a fairly easy method of doing this. But not everyone is used to this, and I know I can’t live hand to mouth forever. A job will provide a larger cash flow (I have SS Disability, so I get about $600 a month, of which I only get $100 after various monthly expenses), but for now, the bills are keeping me alive.
Alex, pick up a copy of Your Money or Your Life. It completely changed my relationship with money. It speaks to “what is enough”, and analyzing the value from each purchace or payment decision. There are lots of real life scenarios of people who re-evaluated their relationship with money and changed their lives for the better. I think everyone should read it really.
I have money, but a boring life. Focus on what you do have and try to enjoy the good parts – which are so much sweeter when you have to go through crap.
money paid = effort x risk x creativity x applied knowledge x genius x evil x luck x ???
Think of something creative, I went with the risk factor :-)
“Normally I don’t stress about this sort of thing, but I filed taxes today and was pissed off as to my results. It sucks making 8 bucks an hour, getting 15% taken off, and still owing 1/10th of your income back at the end of the year..”
Yeah, that’s really nasty.
I’m running $2000 dollars of credit card debt plus $28000 in tuition. I have not been working full time for the last 7 months as I have been planning to launch my business. I think alot of people are in the boat as you. Student outstanding tuition debt is around 1 trillion right now. College students will make up a large majority of consumer spending….at least that is what is assumed. But little do people realize that college students are in so much debt, they will not be spending on items such as cars, food, and…new houses. The housing market is doomed.
Just keep you head held high…set some goals so you will always know where you are in life and how you will get out. It will be tough no doubt, but its possible. Find some hobbies that won’t cost much…etc. You can do it.
Currently 10,000 in debt, after only my first year of university. After I finish what I want to for school, I should be around $100,000 in debt. 4 years uni at 8,000 with 3 years law school at 25,000. FUCK ME. We’re slaves in the system.