eon
New Member
Cash: $ 0.65
Posts: 3
Joined: 29 Dec 2009
Location: chicago heights, IL.
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| Question about debt. |
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Hello,
I really need some advice. I have been looking at financial planning books and all of the information is very overwhelming.
Here is my situation:
I am 27 years old.
I have 1 credit card. I owe $10,000 dollars on this card. My monthly payment is $217.00
I have a school loan of $6,000. my monthly payment is $80.00
I work at a grocery store. I get paid $8.25 an hour. I only get about 12 hours a week. So I roughly make $4700 a year. Sad I know. I am looking for a new job but that is tough right now.
I live with my parents and have no expenses. I only pay for my phone bill. My parents are getting tired of helping me with my CC and school loan bill. I dont blame them!
My situation is making me sick and am really starting to feel trapped.
My girlfriend and I want to get married someday and have a family. All of this seems hopeless. I am almost 30!
I would greatly appreciate any help anybody has for me. Thank you for your time.
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Tue Dec 29, 2009 4:43 am |
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coaster
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Cash: $ 1318.80
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Location: Wisconsin
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Hi eon and welcome to the forum.
Are you willing to share some more information?
You have a school loan....what are your educational credentials?
What is your previous job experience?
How did the $10K CC debt happen?
What do you do with your other 28 hours a week?
Does your girlfriend work?
Those answers would be helpful; permits other members will have more to ask.
~Tim~
Eye Candy : Why Whimsy
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Tue Dec 29, 2009 4:48 am |
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eon
New Member
Cash: $ 0.65
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Joined: 29 Dec 2009
Location: chicago heights, IL.
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Well, I went to school to work in a recording school. That industry is quickly leaving us. The recording industry is dying. I did not receive a BA or anything. I received a "certificate" of completion. It is a trade school.
I have been working mostly retail type jobs all my life.
I worked in a factory, a credit union, a book store, interned at a recording studio and now I work at a grocery store.
How did the $10K CC debt happen?
well, i moved to phoenix to go to school and could not find a job. I lived off of my credit card. probably used it to buy food ad stuff. Probably used it to pay for stupid stuff too.
What do I do with my other 28 hours a week?
Right now I am taking guitar lessons. I pay $100 a month for lessons. I have been playing guitar all my life and I want to start teaching to make some money.
Does my girlfriend work?
No. My girlfriend is in school getting a BA in anthropolgy. She is almost finished with school. The downside is that she was recently diagnosed with Fibromyalgia and her body hurts all the time. She is worried that she wont be able to work or find work that is comfortable for her. This adds to my stress as being the main "bread winner" of the family.
I am wondering if I should go back to school. I cannot keep working for minimum wage.
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Tue Dec 29, 2009 5:04 am |
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littleroc02us
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Cash flow is the problem. Can you find anything to do? Wash dishes at a restuarant, deliver pizza, cook burgers at a fast food restaruant, shovel snow on peoples drive ways. Be creative. You will need income to eliminate the debt. Plus throw those CC's out the window. Don't use them anymore.
“If you want to stay in debt forever, keep borrowing money.”
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Tue Dec 29, 2009 2:14 pm |
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coaster
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Location: Wisconsin
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Sigh. That's a tough story. Stories, plural. For both of you. For you, chasing your dreams and finding the dreams to be vapor. And your sweetheart, for her pain, fatigue, and uncertain future.
Life has given you a very tough row to hoe. I read despair and disappointment. With good reason. But I also read realistic self-assessment and willingness to do what's necessary. There is hope.
A couple comments:
Your pursuits are and have been unfocussed. Assess your interests, qualifications, experience, and strengths, (and here's the most important part) and what demand there is in the marketplace for that combination of personal assets. And then focus in on one thing and put everything into that. Recording industry? Chicago isn't exactly the center of the universe for that, is it? Go to where the demand is. Nashville? LA? Giving guitar lessons? What is the demand for that? What is the reward? Talk to some other music teachers. What did they do to get where they are? Retail? Do you find that interesting? Do you enjoy selling? Are you good at it? See if you can get in some career-track program at some company like Target.
In the meantime and for the interim, follow littleroc02us's advice. Prioritize and do what you have to do.
Your girlfriend? Be supportive and patient, but realize that this is her fight and there's nothing other than support, empathy and patience you can give to help her out. Don't let her fight take your strength away from your fight.
Life is tough. Fight and win. You can do it. Best wishes for a better year in 2010. 
~Tim~
Eye Candy : Why Whimsy
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Tue Dec 29, 2009 3:43 pm |
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oldguy
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As Tim says - many of your life choices have been unfortunate. It appears that you have often looked for the 'easy way', the 'short cut'. You probably know now that a 'recording certificate' is not really an education.
If you want a solid career, you need a degree in one of the applied skills - engineering, accounting, nursing, teaching - they earn $40,000 to $60,000 right out of college and jobs are plentiful. Beware of the 'soft' degrees - anthropology, psychology, communications, etc. Think about it - if someone with a BA in Anth shows up in out HR Dept what would we hire them to do? And guitar lessons? C'mom!
Is there something that you are really good at, something that you enjoy? (Other than recording and guitar playing). Think in terms of marketable skills/talents. Are you good at math? Wood-working? Production Line assembly? Truck-driving? (I went thru college driving an 18-wheeler, it paid pretty good, and I often got 65 or 70 hrs in a week).
Part time entry-level retail is NOT the place to be, you can never meet your goals of marriage/family on a minimum wage pt income. Try to find something different, way different - good luck.
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Tue Dec 29, 2009 4:52 pm |
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Zector
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I know a music teacher, teaches me guitar for 20/hr cash. Not to shabby. I agree, you need to look at you skills and what you would like to do, but be realistic.
1. Make more income. Get more hours doing something somwhere.
2. Pay that debt off! Min payment gets you knowwhere. And don't kid yourself that you can keep making min payments. Pay it off. Imagine married house kids etc all on min payments.
3. Buckle down, set a budget and plan to make more now And in the future as well pay off debt and start savings. Stick to it.
4. No more credit no matter what, till debt is gone and ur buying a house.
You can pull out. Do it now or you will be pushen 40 with larger debt numbers.
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Tue Dec 29, 2009 7:04 pm |
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coaster
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Cash: $ 1318.80
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You can get free career counseling and skills and aptitude testing at many technical schools and community colleges. Getting a clearer picture of where your strengths are may help you make those decisions.
~Tim~
Eye Candy : Why Whimsy
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Tue Dec 29, 2009 10:19 pm |
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JamesKim
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I used to want to become a musician or pursue something in the music industry. That never happened because of parents so my direction was more towards math, which appears to be my strength.
Well I guess my advice would be in your situation is to be strong, and be determined. I was relentless in trying to get all A's in school, trying to get an internship and beat others and I remember applying to a lot of positions. I would wake up 6 am to start applying and seek any new posting. You'll be fine if you're determined and motivated and know what you want.
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Wed Dec 30, 2009 12:54 am |
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Raptor
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Location: Missouri
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Have you considered the military? I'm not a recruiter, but I've been in the military for 18 years. Most people do not even consider the military as a career option since their view is based on what they seen on TV and movies. While I agree the first year is a rough one and doesn't pay big dollars, but after that life is great. Plenty of opportunities. With the economy down and unemployment up, many don't take the time to see what great pay and benefits we receive. It's greater then you think it is. As others stated, the only way to get out of debt is to get a second job.
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Wed Dec 30, 2009 4:36 pm |
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oldguy
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quote:
Have you considered the military?
Great idea!  A good way to earn a good salary for 4 yrs while having free food & board. (Everyone else complained but I actually liked Army food, LOL).
It should be fairly easy to pay off that $16,000 - probably less than two years. And you will get some training, learn a marketable trade - no more retail for you.
But be careful about cars - in the military, people don't need to make house/rent payments so they seem to blow their money on cars. As you drive along the barracks you see row after row of late-model 'young guy' cars/trucks - lots of $40,000 wheels parked there. And every one of them is depreciating at about $6000 per year.
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Wed Dec 30, 2009 10:34 pm |
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coaster
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quote:
Originally posted by oldguy
quote:
Originally posted by Raptor
Have you considered the military?
Great idea! .
Yes, actually that IS a great idea; probably the best idea in this thread.
And then go to college. You'd be surprised at the number of people 30+ in college.
~Tim~
Eye Candy : Why Whimsy
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Wed Dec 30, 2009 11:37 pm |
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motoxxx
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Location: Washington
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As a sound engineer for 23 years I can say that you are indeed correct about that industry leaving us! I have toured all over the world mixing concerts for many famous acts and done hundreds of recording projects as well. You really should have researched the industry before jumping in to get a "Cert of Completion" that no respectable recording studio in the industry will accept with any credibility. The folks from the Art Institute, The Recording Workshop, etc sell you a big dream of working in the industry but they are just after your money. They used to send their grads to me for hiring and I had to tell them to stop sending them because they didn't know anything other than how to run Pro Tools or some other non linear editing system. What they don't tell you is that you can download Pro Tools for free and every idiot with a computer in their bedroom that likes music thinks they can be a recording engineer or a producer. Even Full Sail for the Recording Arts has fallen down badly. Having said that.....
Guitar lessons? Really? You are having trouble paying your bills and you are worried about keeping your guitar lessons? You can play guitar for free in your bedroom and read music theory online. That saves you $100 a month right there! Go get a part time job at Guitar Center and play all of the latest stuff all day long for free!
Sorry to hear about your girlfriends health. My wife has suffered from the same condition and it is not fun. Have her cut down on her wheat consumption and see if that helps. My wife cut our wheat gluten, dairy products, and MSG from her diet and VOILA! No more Fibromyalgia!
Pay off your debts. When you owe someone money, you are working for THEM and you are an ASSET for THEM and not for yourself. Also read "Rich Dad Poor Dad" by Robert Kiosaki. Read it twice. The go read "Think and Grow Rich" These two books and must reads for anyone in your situation....
Then go join the military!
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Tue Jan 05, 2010 8:34 am |
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eon
New Member
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Joined: 29 Dec 2009
Location: chicago heights, IL.
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Thank you all for your help and advice. I really do appreciate it. Please do not take this the wrong way but I am not going to join the military. I will never join the military. The only way I can picture myself doing this is if it was truly last resort. I would have to be living out of my car to convince myself to join the military. The military is just not for me.
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Sat Jan 09, 2010 4:00 am |
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AlFromLA
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Joined: 01 Mar 2010
Location: Los Angeles
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Mon Mar 01, 2010 5:45 pm |
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