You tell me what to do. Need advice.

[arfadugus]

In other words, you have no idea what rent your money costs. Would you live in an apartment if you didn't know what the rent was going to be?

As a suggestion, I'd seriously take some time and figure out the "rent" on your debt. That # will determine the answer to your question, at least if it were me.

When you figure that out (the interest rates) please post it here. It will help.

Update. My boss will lend me $1500 interest free and I have $1000 so $2500 total.
I offered the collection agency $2500 from $3900 and they said they could go down to $3200 and that is it.
I told them if I starve myself for the rest of the month I can get an extra $200 but they wouldn't budge any lower. I mean I can sell crap to get the other $700 But just wondering if anyone has had any experience negotiating with debt collectors? I wanna see If there is any possible way to get them to lower before I pay up. Then I'll just have school loans to worry about. (after I pay my boss back over a month or two)

 

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[EvanOkanagan]

Update. My boss will lend me $1500 interest free and I have $1000 so $2500 total.
I offered the collection agency $2500 from $3900 and they said they could go down to $3200 and that is it.
I told them if I starve myself for the rest of the month I can get an extra $200 but they wouldn't budge any lower. I mean I can sell crap to get the other $700 But just wondering if anyone has had any experience negotiating with debt collectors? I wanna see If there is any possible way to get them to lower before I pay up. Then I'll just have school loans to worry about. (after I pay my boss back over a month or two)

Good strides man... That's some great progress so far

 

[Bila]

I am sorry if i sound harsh but from reading your thread, i am under the impression that you want short cuts...THERE IS NOT SUCH A THING... You do need to do the hasseling, the hard work....Otherwise you will get in debt again, and sooner than you think.
Good luck with everything

 

[arfadugus]

I am sorry if i sound harsh but from reading your thread, i am under the impression that you want short cuts...THERE IS NOT SUCH A THING... You do need to do the hasseling, the hard work....Otherwise you will get in debt again, and sooner than you think.
Good luck with everything

Just trying to play this smart.

 

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[arfadugus]

Good strides man... That's some great progress so far

Glad I found this place!

 

[road_runner]

you have 2500 they want 3200. Get a loan for 700 bucks from somewhere and kill the big one.
Then start paying off the new one. Simple as that. Once you realize how bad having to pay debt feels you are likely not going to get into debt again.

 

[EvanOkanagan]

Once you've paid your debts off you should consider setting up a money-managment system so you don't end up in debt again (consumer debt at least...there are good forms of debt as well). I wrote a thread on the topic and what I've been using here:

https://www.thefastlaneforum.com/co...gement-habit-how-to-save-or-blow-money.59583/

 

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[Mattie]

Just my observation, but if you're borrowing money to pay off a debt, you still haven't paid off that debt. And I believe you still have to pay that 1,500 back, unless he's just giving it to you. I agree with bila, and you can keep borrowing money to pay off debts quickly, but really it is just a temp fix, and not actually paying off debt. Transferring debt yes.

 

[arfadugus]

Just my observation, but if you're borrowing money to pay off a debt, you still haven't paid off that debt. And I believe you still have to pay that 1,500 back, unless he's just giving it to you. I agree with bila, and you can keep borrowing money to pay off debts quickly, but really it is just a temp fix, and not actually paying off debt. Transferring debt yes.

Yes but I'd be paying that off in less that a month (my boss will just deduct it from my paycheck, that way no more interests accrues and instead of owing $5,500 I'd only owe $1,500 Then in a month the debt will be gone and I'll just have a school loan to worry about.

 

[arfadugus]

Once you've paid your debts off you should consider setting up a money-managment system so you don't end up in debt again (consumer debt at least...there are good forms of debt as well). I wrote a thread on the topic and what I've been using here:

https://www.thefastlaneforum.com/co...gement-habit-how-to-save-or-blow-money.59583/

Yea I'm gonna look into this for sure.

 

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[Get Right]

You might want to address that as I see that as an underlying issue to your financial problems.

I don't think negotiating debt helps address this issue. Why not address both by working your tail off and paying the debt you acquired?

 

[Mattie]

(my boss will just deduct it from my paycheck

You left that part out. Lending money can mean a personal loan without being deducted from paycheck. Must be a nice boss.

 

[MJ DeMarco]

I don't think negotiating debt helps address this issue.

Regarding better decision making? Yea, it doesn't.

However there are consequences to poor decisions and those must be addressed. Just because one admits to f*ck ups doesn't mean you are relieved of the consequences. Most debt collection companies work based on negotiated settlements, rarely is the full amount passed along, paid.

 

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[theag]

depending on how many hours I chose to work

So how many hours do you work each day? What are you doing the rest of the day?

 

[arfadugus]

So how many hours do you work each day? What are you doing the rest of the day?

Well I picked up like two more hours each day and work 7 days a week taking care of a special needs kid. Been trying to put all of my stuff on craigslist while I'm off. Sold three things so far totalling $150 probably making $100 more per week at work as well with all my extra hours

 

[juggler619]

excellent road map here!

Let me begin with my situation so maybe someone can give me advice on what I should do next.

I turn 25 at the end of may. Have about $10,000 in school debt (dropped out) and $5,000 in creditcard/ apartment debt. (total $15,000) I babysit a special needs kid and get paid under the counter and can make anywhere between $300-$550 per week depending on how many hours I chose to work. So Ill say $1600 ish per month. My monthly expenses are rent $460, Car insurance $116 (which ill lower when I turn 25 later this month), gas $40, food and misc under $300. This leave me with around $800 dollars left over each month. To make more money on the side I have decided to do a blog I have strong nutrition knowlege as well as experince with fittness. (Worked with Team 3d Muscle journey for a while.)

My question is what should I do with my extra money? Save it? Pay off my debt? Dont really need too much money to run a blog other than to buy a laptop eventually. What else could I do I kinda am lost. I read MFL and Rich Dad Poor dad. I also have the option of getting grants for school in a year so school would be free (cheaper when I become a resident) Right now I mainly just read books and try to learn as much as I can and keep motivated I dont party or anything.

 

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[arfadugus]

excellent road map here!

What do you mean?

 

[juggler619]

my bad, was actually quoting the 2nd post by world imperator...incorrectly posted ur post as quote.

 

[arfadugus]

Well So far I've raised $2500 by cutting expenses, selling all my stuff, lowered car insurance down to $61 per month, Should have the $3200 to settle by the 15th of this month (june) Then all I have left to tackle is the Student loans $11,000 + Also may have found a place to stay for free. What should I do while tackling the student loan? Also the blog I want to do will only have a hint of fitness in it here are some of the key things I've been working on. Note this was just a quick draft and has much room to be improved.

1. Take your bodyweight and divide it by half and drink that number in ounces of water, spike your water with a pinch of salt when not with a meal for better hydration.

2. Quit putting poison in your body such as alcohol, caffeine, nicotine, etc. (Anything that changes your body chesmistry, caffeine is a natural insecticide)

3. Read more Non fiction books.

4. Learn proper body mechanics, stretch, and learn how to perform basic maitenance on your body and roll out the knotted tissues in your musculoskelative system to relieve joint pain. Also quit sitting, we were build to move, so go move.

5. Exercise

6. sleep 7-9 hours a day and go to sleep and wake up at the same time each day

7. Find a new hobby, master something, take action, etc.

8. Learn nutrition, saying eat less meat doesnt really help. Limit red meat (but still have a little bit) To manage moderate saturated fat levels, avoid trans fat. Get healthy fats from nuts, olive oil, avacado, fish, etc. Eat lean protein such as Chicken, whey protein powder, non fat greek yogurt, etc. Eat more vegetables and fruits. For fiber eat beans, oats, veggies, etc. Give yourself a 300 calorie snack of anything you want each day, ICecream, etc.

9. Dont argue with people just let it go, Meditate, quit buying stuff, be a minimalist, learn finacial literacy, escape the 9-5, find meaning in life.

I will go into much more detail about each category and have sub categories. I think I have a pretty good idea on how to optimize mental, physical performance as well as just general lifestyle choices. Anyways that was my blog idea, Ive seen lots of lifestyle and life hack type websites and they are all garbage compared to the standards I'm thinking of.

 

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[Cavking]

Let me begin with my situation so maybe someone can give me advice on what I should do next.

I turn 25 at the end of may. Have about $10,000 in school debt (dropped out) and $5,000 in creditcard/ apartment debt. (total $15,000) I babysit a special needs kid and get paid under the counter and can make anywhere between $300-$550 per week depending on how many hours I chose to work. So Ill say $1600 ish per month. My monthly expenses are rent $460, Car insurance $116 (which ill lower when I turn 25 later this month), gas $40, food and misc under $300. This leave me with around $800 dollars left over each month. To make more money on the side I have decided to do a blog I have strong nutrition knowlege as well as experince with fittness. (Worked with Team 3d Muscle journey for a while.)

My question is what should I do with my extra money? Save it? Pay off my debt? Dont really need too much money to run a blog other than to buy a laptop eventually. What else could I do I kinda am lost. I read MFL and Rich Dad Poor dad. I also have the option of getting grants for school in a year so school would be free (cheaper when I become a resident) Right now I mainly just read books and try to learn as much as I can and keep motivated I dont party or anything.

Follow this dudes nutrition blog journey

http://www.quicksprout.com/2015/03/25/how-to-generate-100000-a-month-from-a-brand-new-blog/

 

[arfadugus]

In other words, you have no idea what rent your money costs. Would you live in an apartment if you didn't know what the rent was going to be?

As a suggestion, I'd seriously take some time and figure out the "rent" on your debt. That # will determine the answer to your question, at least if it were me.

When you figure that out (the interest rates) please post it here. It will help.

Just sent $3200 dollars to pay off my collections debt. Do you think I should go head on with the College debt like I did with this or just do the minimum monthly payments?

 

[LateStarter]

Do you want to kill your momentum and get comfy or do you want to get out of debt?

Keep pushing! Don't get lazy now.

 

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[MJ DeMarco]

Just sent $3200 dollars to pay off my collections debt.

Did you get something in writing? Or just send a check off to the collections place? Does this KNOCK OUT one of your debts?

Congrats man!

 

[arfadugus]

Did you get something in writing? Or just send a check off to the collections place? Does this KNOCK OUT one of your debts?

Congrats man!

Yea I had them mail me the offer in writing. This knocks it out completely! Even talked thier settlement offer down from $3900 to $3200 using negotiating tactics I learned from reading haha Student loan seems like a monster though.

 

[MJ DeMarco]

Yea I had them mail me the offer in writing. This knocks it out completely! Even talked thier settlement offer down from $3900 to $3200 using negotiating tactics I learned from reading haha Student loan seems like a monster though.

Kick a$$ man, score it as multiple wins on your part:

1) Saving the cash (discipline, hustle)
2) Negotiating it down (communication)
3) Axing the debt. (Getting a few steps closer to freedom)

Well done.

 

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[arfadugus]

Kick a$$ man, score it as multiple wins on your part:

1) Saving the cash (discipline, hustle)
2) Negotiating it down (communication)
3) Axing the debt. (Getting a few steps closer to freedom)

Well done.

Ty man!

 

[MJ DeMarco]

Do you think I should go head on with the College debt like I did with this or just do the minimum monthly payments?

I'd hit the credit card debt, student debt usually has a lower interest rate anyhow.

Or, hit the smallest balance, just crossing out a debt, no matter how small, is a great feeling of progress.

 

[arfadugus]

I'd hit the credit card debt, student debt usually has a lower interest rate anyhow.

Or, hit the smallest balance, just crossing out a debt, no matter how small, is a great feeling of progress.

Credit card, hostpital debt was part of the settlement. Paid it all off. Just have a side hostpital bill of like $120 and my student loans now. Is a good feeling though. Broke as a joke now haha $3200 worth of lessons learned.

 

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[AllenCrawley]

Well done @arfadugus! I know this feeling very well. We paid off about $200,000 of debt. It took us nearly 5 years to do so and lots of negotiating. We've been debt free since and it's a feeling of freedom like nothing else.

 

[arfadugus]

Well done @arfadugus! I know this feeling very well. We paid off about $200,000 of debt. It took us nearly 5 years to do so and lots of negotiating. We've been debt free since and it's a feeling of freedom like nothing else.

Oh wow talk about contrast! Im over here like $11,000 seems like to much haha