You tell me what to do. Need advice.

[socaldude]

NEVER again will I ever owe money to anybody.

It will always be me and my cash against the world. Independence.

I will always save and keep cash. It has a level of independence that is freedom.

 

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[csalvato]

Anyone mention Uber yet?

 

[blackhat]

Congrats man!

You've made a lot of progress in less than a month. And I'm sure you've learned quite a bit as well. Keep it up!

What's next? Any plans to increase cash flow?

 

[JoeB]

Follow this dudes nutrition blog journey

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

I actually thought that post was going to be an April fool.

Post 1:"I'm going start a nutrition blog to make over $100,000. The main criteria will be: I will spend no more than $100 on a domain and will not not leverage my existing contacts."

Post 2: He then buys a domain for $1889, links from his own successful blog, posts under his own name, finds out he could be in trouble because he is not a nutritionist and then finds out his newly purchased domain is penalised in Google.

 

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[Cavking]

I actually thought that post was going to be an April fool.

Post 1:"I'm going start a nutrition blog to make over $100,000. The main criteria will be: I will spend no more than $100 on a domain and will not not leverage my existing contacts."

Post 2: He then buys a domain for $1889, links from his own successful blog, posts under his own name, finds out he could be in trouble because he is not a nutritionist and then finds out his newly purchased domain is penalised in Google.

It'll be interesting to see how he gets his head out of his a$$...

 

[Kevin Peter]

Dude, you are a serious disaster and a motivation at the same time. Its is lucky being in a country like yours doing small jobs and yet living peacefully.

 

[arfadugus]

Congrats man!

You've made a lot of progress in less than a month. And I'm sure you've learned quite a bit as well. Keep it up!

What's next? Any plans to increase cash flow?

Well im working 7 days per week and also picked up an extra 1.5 hours each morning. The rest of my time i'm working on other goals such as learning, flexibility, hobbies, etc. Also might be moving into my bosses office which is at a house, there is a spare bedroom and might be able to stay there for free. Wont know for another 2 weeks though. Other than that I've pretty much cut out every expense that I can. Need my car for work so thats $61 dollars per month for insurance plus my cellphone bill. I may upgrade to a smartphone next month though cause it isnt much more expensive than my flipphone and I can be productive with it. Also might invest in a $300 dollar laptop to do jobs on Odesk when I have time and work on my blog. (weather it makes money or not I still want to do it) Also I may want to stay at my job for at least the rest of this year, (making good money, and taking care of an autistic child is very fullfilling) Gonna save up to live like 6 months with no job so I can work on business/ blog. (still not sure what exactly though) Or I may go to school on Pell Grants to pursue my interest in knowlege.

 

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[arfadugus]

Dude, you are a serious disaster and a motivation at the same time. Its is lucky being in a country like yours doing small jobs and yet living peacefully.

What do you mean exactly?

 

[blackhat]

What do you mean exactly?

He means he envies your success so far and has decided to blame his own inaction or lack of success on geography.

 

[Kevin Peter]

Yup, in a country like India, baby sitting gets us nothing. We can never imagine to borrow money and returning it is a nightmare. Earning is dollars is a lot better than in Rupees

 

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[arfadugus]

Yup, in a country like India, baby sitting gets us nothing. We can never imagine to borrow money and returning it is a nightmare. Earning is dollars is a lot better than in Rupees

I caretake a Special needs kid, not babysitting.

 

[Digamma]

Yup, in a country like India, baby sitting gets us nothing. We can never imagine to borrow money and returning it is a nightmare. Earning is dollars is a lot better than in Rupees

Then earn in dollars. It's even easier to make money when you can leverage the change in your favor.

 

[Bananas]

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?

Congratulations!

I need to warn you. This $3200 was negotiated down from about $5,000 in collections correct? This means they wrote off $1800 for you.

You will have to pay income tax on that $1800 on your 2015 taxes (filed in 2016). The collection agency will send you a form called 1099-C reporting your forgiven debts as income. Here is a .gov link for you:

http://www.irs.gov/pub/irs-pdf/i1099gi.pdf

Please be prepared to take care of this as soon as you get the form in the mail. I know you mentioned working under the table so I'm guessing you aren't reporting ANYTHING right now so the amount you owe you will need to pay up, it won't be deducted from a refund. You are making great strides in this thread and the last thing you want is the FED on your back for not paying taxes, especially since you have admitted openly you are working under the table.

 

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[arfadugus]

Congratulations!

I need to warn you. This $3200 was negotiated down from about $5,000 in collections correct? This means they wrote off $1800 for you.

You will have to pay income tax on that $1800 on your 2015 taxes (filed in 2016). The collection agency will send you a form called 1099-C reporting your forgiven debts as income. Here is a .gov link for you:

http://www.irs.gov/pub/irs-pdf/i1099gi.pdf

Please be prepared to take care of this as soon as you get the form in the mail. I know you mentioned working under the table so I'm guessing you aren't reporting ANYTHING right now so the amount you owe you will need to pay up, it won't be deducted from a refund. You are making great strides in this thread and the last thing you want is the FED on your back for not paying taxes, especially since you have admitted openly you are working under the table.

Even if they marked it as paid in full? What if I don't receive the paper you mentioned? Also I'm gonna pay taxes at the end of the year on my job just to be safe.

 

[Bananas]

Even if they marked it as paid in full? What if I don't receive the paper you mentioned? Also I'm gonna pay taxes at the end of the year on my job just to be safe.

Yes. Because money you owed was forgiven, this is considered income. Here are some more links for you:

http://www.creditcards.com/credit-card-news/forgiven-debt-1099C-income-tax-3513.php
http://www.nolo.com/legal-encyclopedia/tax-consequences-settled-forgiven-debt-29792.html

What you could do is call the collections agency and ask them if they issue 1099-Cs or look on their website under the FAQ. When a 1099 is issued to a person, the issuer also forwards a copy to the IRS. This means the IRS will look for the person it was issued to to file.

 

[arfadugus]

UPDATE: Just have student loan left to pay. Been making minimum monthly payments on it and saving up money for my baby that I just found out I have on the way.

 

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[TonyStark]

Bump. Great thread and I see progress. Two thumbs up.

 

[theag]

my baby that I just found out I have on the way

Why did you suddenly decide to have a child in this situation?