I'm in SO MUCH DEBT

[cappuccino]

I have no one to blame but myself, but I honestly regret going to university for an essentially useless degree. I'm seriously in over my head here, bad credit, 30k+ in loans to pay back and I now realize a 9-5 office job doesn't sound so great after all.

Aside from moving to Vegas and becoming a stripper for a year or so (I'm joking but only sort of) I see no way out of this other than starting my own business and thinking outside the box. But how do you build a business when there's nothing in your bank account? I know I can be a successful entrepreneur, I just don't want to act purely out of desperation.

Thanks for listening to my rant.. If anyone here has successfully moved out of the slowlane and climed their way out of debt through their entrepreneurial pursuits I could really use some motivation right about now, so thanks in advance for any input.

 

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[valuecreator]

Don't worry too much about it. Student and car loans bubbles are already popping. The word from the Fed is that Obama/Hillary will be more than happy to bail you out.

It's your lucky day!

ps. I wish I was joking.

http://www.reuters.com/article/2014...edName=rbssFinancialServicesAndRealEstateNews

 

[cappuccino]

I highly doubt it...

There's more student loan debt in the US than all credit card debt combined. Politics are mostly theatrical, our government invests far too much in Murica's national security to give a shit about education.

I suppose that's the student's fault though right?

 

[Eva25]

I have no one to blame but myself, but I honestly regret going to university for an essentially useless degree. I'm seriously in over my head here, bad credit, 30k+ in loans to pay back and I now realize a 9-5 office job doesn't sound so great after all.

Aside from moving to Vegas and becoming a stripper for a year or so (I'm joking but only sort of) I see no way out of this other than starting my own business and thinking outside the box. But how do you build a business when there's nothing in your bank account? I know I can be a successful entrepreneur, I just don't want to act purely out of desperation.

Thanks for listening to my rant.. If anyone here has successfully moved out of the slowlane and climed their way out of debt through their entrepreneurial pursuits I could really use some motivation right about now, so thanks in advance for any input.

Hello, you can try what is called CPA; it seems some people are making money out of it with & without buying traffic. You could sell an eBook with audio on Amazon. Go and check www.creativelive.com best/top notch free platform to learn about having a business online. And concerning your loan, I think there are ways to get rid of it, try to check on Internet for people who are showing how to buy out bad credits, houses without using your own money etc...I am sure you will find your solution with those kind of people (remember knowledge is power). And another good one is to have a look at becoming a joint venture broker (jv broker): Jay Abraham, Sohail Khan, Marc Goldman... check YouTube, this is very interesting because you need to think out of the box and don't need to invest any of your money at the beginning; when it starts working it's good to get a mentor in that field of expertise to get more momentum and meet the right people; I've just come across this concept and I find it very powerful.
Stay well and strong. Remember, you are young, healthy and above all "You have power over your life".
Never ever forget that! I wish you well.

 

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[RisingStars]

Hey! I don't know your exact situation and at what rate you have to pay back the students loan. What kind of degree do you have?
I would suggest you to read the thread: "A Hustlers Guide to buying and selling anything"
Basically its Buying stuff on Craigslist and selling it again on craigslist with profit. Read the thread, there are a lot of tips in there. You could to this even while working a 9-5 and be debt free after 1 year.
Be creative: Craigslist isnt full of great stuff to buy where you live? How about eBay or Facebook (Buy and sell groups).
You can also buy local and sell international on eBay.

After you paid your debt, you can quit your job, continue to buy and sell things for your living expenses and THEN start your fastlane business, using your strengths. Maybe your degree wasn't useless. Maybe if you work a job you will see something that could be improved. Did you read The millionaire Fastlane ? MJ worked a job as a limo driver, what gave him the idea for his fastlane business.

Hope that helps.

 

[Get Right]

Responsibility is tough.

Looks like you recognize it, now you gotta' handle it.

It's your decision but I would get a job to take responsibility for my past credit decisions, debt decisions and schooling decisions. If you like, start something small on the side to start honing your entrepreneurial talents (maybe craigslist flipping).

This journey will teach you to make better decisions. It will be hard but very rewarding.

P.S. There is absolutely NO shortcut. Stripping included.

 

[EvanOkanagan]

Step 1: Get a job (Highly recommend a sales job that is salary + commission so you'll "learn while you earn")

Step 2: Sell ALL of your useless shit. EVERYTHING that you don't absolutely need. Ie: Stereo's, ipods, furniture, etc.

Step 3: Read books about mindset & money management to keep you motivated and to build better habits (Mindset: Secrets of the Millionaire Mind, Rich Dad Poor Dad.... Money Management: Early Retirement Extreme, I will teach you to be Rich)

Step 4: Use your money management advice you learned and GET MAD at your debt, paying it off furiously and start hating consumer debt with a passion.

Step 5: Once you've built the habits from above mentioned steps, then start focusing on building a business.

 

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[GuestUser202]

Don't date!! Kidding. I'm in almost the same boat. My plan is exactly what RisingStars suggested, but with a twist. I am quite mechanically inclined, so my Craigslist finds, I put a little money into and sell for 2-3, sometimes 4 times as much. I start (er started small, say $500 profit) and keep going up and up. What works for me right now is pay minimum payments on debts (especially the higher debts), work my 9-5, fix n fip on the side, and then with the money from a sale, buy something else and put more towards a (smaller) bill to pay off faster. I keep 1, maybe 2 items in inventory at all times.

What you need to do it find what you are good at...find a skill or a hobby you enjoy and use that to make money. If you can code, build webpages. If you can sell, do the craigslist thing. If you are a motivator, write books. From what I've seen in my short time here (and in the book), people use their skills and strengths to build their business on.

 

[RHL]

Hustle on the side. Taking assets from your job and investing them in a side hustle can explode your income overnight once you get the hang of it.

 

[AlterJoule]

There are several Gold Posts that could give you some good information on how to get started on making some cash to try and remedy this. @MJ DeMarco has initiated discussion about taking advantage of companies such as Uber or TaskRabbit and @Vigilante has a podcast where he has given several suggestions to make money and one where he tells you exactly what to do. You can also look through this forum to find some of the more notable members and search by threads they have created, many of which are their successful progress threads showing you step by step how they have succeeded.


Dig a little bit and you can begin making SOMETHING by next week.


P.S Not too long ago I quit school, quit work, moved my family back in with parents, & racked up an already near-maxed credit card. After months, not years, I have paid that debt off, all the other debt I had off, and in a lovely place with my wife and kids loving life. In the short amount of time since I've started, I have failed miserably, had to change my approach countless times, screwed up, dropped the ball, got lazy, got depressed, got anxious, felt regret, felt loneliness, felt like a failure, felt abandoned, and felt overwhelmed. I've continued to push forward and stick to the end-goal to the best of my abilities, and it has been paying off.

Push hard, don't stop, try not to beat yourself up, work to the best of your ability, & understand you'll fail and hit hiccups. If you fight through, you'll be OK.

 

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[AndrewNC]

There are plenty of ways to make money from nothing.

Some were suggested above. There are threads about copywriting here. The skills you develop now will last you a lifetime

 

[JAJT]

I dug out of 20k in debt in 9 months, this is after a financial planner at my bank laid out a nice plan for me that would have taken me 5-7 years had I followed it.

This is all I did:

1. Identified income leaks, fixed them - data plan, cable tv packages, bank fees, etc... basically anything I was regularly paying for and didn't NEED to
2. Fixed my interest rate problem (similar to #1). My credit cards were all 19.99%, I opened a credit line at 6% and moved all debt there. That eliminated 2/3 of my interest payments in one fell swoop.
3. Identified exactly, to the dollar, how much I NEEDED to live - rent, food (not fast food, not restaurants, but real honest food), bills, etc...
4. Identified exactly, the dollar, how much I considered a reasonable "F*ck around with" fund (fast food, beer, etc...). I think I set it to $75 per month.

Now, the hard part - following the rules.

1. When you get paid, take out your 'fun money" amount in cash, put it in your wallet.
2. Subtract your cost of living / bills from your paycheck and transfer the remainder immediately to your debt.
3. Pay bills from your cost of living / bills amount
4. Leave your plastic (credit/debt cards) at home. Seriously. Take them out of your wallet and throw them into your underwear drawer.
5. Repeat until debt free.

In short: you are not leaving yourself a single cent of income that isn't bills or your 'F*ck around with' fund. You aren't letting yourself be tempted with cards (they aren't on you). You are paying your debt first, bills seconds, and entertainment third. When you run out of fun money, it's gone. Trust me - you see that candy bar and fast food a lot differently when it represents the decision of not doing something else instead.

If you have STEADY income, like a 9-5, I HIGHLY recommend you automate this process with automatic withdrawals so you just wake up and your debt is paid, bills are paid, and you have $75 left in your account to take out at an ATM (or whatever).

Having a good paying job helps - go get a sales job. They pay more and you'll learn something.

My 2 cents - get your life together before you go gambling in business. Failure is how you learn in this game, but failure isn't usually free either. Get a job, fix your debt, THEN come join the fun.

 

[Kak]

It is completely ridiculous that society brainwashes kids in their late teens into thinking they need a degree to function in society and that it is ok to take out thousands and thousands of dollars in debt to do it is totally acceptable.

I was so unbelievably dumb at 17/18 and yet that's when kids decide to dig a 30 year hole.

I have been hard on college the last few years on this forum, but I don't necessarily think it's a bad thing these days. I have actually applied and gotten accepted to a masters program in Law for business. I think it could be a huge help in what I do. However, there is no way I would pay a dime for anything, but the books so I'm applying for and contingent on the scholarship/grant stuff... Which I will get.

Learn for you not for anyone else.

OP, that sucks. Listen to @JAJT

 

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[ChrisJTurner]

Money you can make back and pay off your debt.

What you cant get back is time, so get off your butt and get started now

 

[Dark Water]

I graduated from undergrad with 75k in debt. Big whoop. I'm not in "SOO MUCH DEBT". In fact, I have more money than I did before college, or in college. I'm in a sales job salary + commission like I saw someone post on this thread. Its a good opportunity to learn the skill and I talk to 50-100 people everyday on the phone, and picked up on a new industry.

Take it as additional motivation to pay it off; its a goal. What would you do if you had 0 debt to pay back? Guarantee for the next 2-5 years there wouldn't be as big a fire under your a$$. I love my debt, its good debt, but don't get me wrong, I want to get rid of it. But its more motivation to shoot for something big, as obviously short term or cheap get rich quick schemes ain't paying off $75k.

If you have money left over at the end of the day after you feed yourself and pay your bills, you're living a pretty good life. I'm doing that with 75k, why can't you with 30k. This ain't nothing man, wait till a business puts you a million in the hole (just kidding).

 

[Esquire]

... how do you build a business when there's nothing in your bank account?

Dan Kennedy once said (something to the effect of):

"If you can't make money without money ... you probably can't make money with it."

I think there is (some) truth to that.

Just means you have to get a little more resourceful than most.

Not the worst thing in the world ... go for it.

 

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[EvanOkanagan]

I dug out of 20k in debt in 9 months, this is after a financial planner at my bank laid out a nice plan for me that would have taken me 5-7 years had I followed it.

This is all I did:

1. Identified income leaks, fixed them - data plan, cable tv packages, bank fees, etc... basically anything I was regularly paying for and didn't NEED to
2. Fixed my interest rate problem (similar to #1). My credit cards were all 19.99%, I opened a credit line at 6% and moved all debt there. That eliminated 2/3 of my interest payments in one fell swoop.
3. Identified exactly, to the dollar, how much I NEEDED to live - rent, food (not fast food, not restaurants, but real honest food), bills, etc...
4. Identified exactly, the dollar, how much I considered a reasonable "F*ck around with" fund (fast food, beer, etc...). I think I set it to $75 per month.

Now, the hard part - following the rules.

1. When you get paid, take out your 'fun money" amount in cash, put it in your wallet.
2. Subtract your cost of living / bills from your paycheck and transfer the remainder immediately to your debt.
3. Pay bills from your cost of living / bills amount
4. Leave your plastic (credit/debt cards) at home. Seriously. Take them out of your wallet and throw them into your underwear drawer.
5. Repeat until debt free.

In short: you are not leaving yourself a single cent of income that isn't bills or your 'F*ck around with' fund. You aren't letting yourself be tempted with cards (they aren't on you). You are paying your debt first, bills seconds, and entertainment third. When you run out of fun money, it's gone. Trust me - you see that candy bar and fast food a lot differently when it represents the decision of not doing something else instead.

If you have STEADY income, like a 9-5, I HIGHLY recommend you automate this process with automatic withdrawals so you just wake up and your debt is paid, bills are paid, and you have $75 left in your account to take out at an ATM (or whatever).

Having a good paying job helps - go get a sales job. They pay more and you'll learn something.

My 2 cents - get your life together before you go gambling in business. Failure is how you learn in this game, but failure isn't usually free either. Get a job, fix your debt, THEN come join the fun.

This is good advice.

Here's a thread I made based around this idea:

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

 

[cappuccino]

I really appreciate all the responses and advice!

There's a lot to read through but I'll definitely look into these suggestions. I know I need to find a real job and get myself together but I'm also planning on traveling within the next year (probably to teach English) so I suppose that's part of why I've become more focused on online money making ideas..

I've been wanting to write articles on the side and I might have just got lucky and found an ongoing job paying $100 per article every week (although I don't have a portfolio yet so the client has to approve my first few articles before paying full price). It's not much but it does give me hope that I can build on it and find more writing jobs/maybe start my own website or blog...

I graduated from undergrad with 75k in debt. Big whoop. I'm not in "SOO MUCH DEBT". In fact, I have more money than I did before college, or in college. I'm in a sales job salary + commission like I saw someone post on this thread. Its a good opportunity to learn the skill and I talk to 50-100 people everyday on the phone, and picked up on a new industry.

Take it as additional motivation to pay it off; its a goal. What would you do if you had 0 debt to pay back? Guarantee for the next 2-5 years there wouldn't be as big a fire under your a$$. I love my debt, its good debt, but don't get me wrong, I want to get rid of it. But its more motivation to shoot for something big, as obviously short term or cheap get rich quick schemes ain't paying off $75k.

If you have money left over at the end of the day after you feed yourself and pay your bills, you're living a pretty good life. I'm doing that with 75k, why can't you with 30k. This ain't nothing man, wait till a business puts you a million in the hole (just kidding).

Very true, I was being a bit dramatic.. It's really not that huge of a deal I guess I've just allowed myself to become depressed and lose momentum. But you're right it is a good motivator to shoot for something bigger.. My parents always had debt and now I feel like I'm just repeating the cycle, but I'm actually determined to do things differently and prove them wrong in the end (there was a lot of pressure from my family to get a degree whatever the cost).

Anyway if I had no debt I wouldn't be on this forum lol so thanks again for the posts and for sharing some motivation!

 

[AgainstAllOdds]

I know I need to find a real job and get myself together but I'm also planning on traveling within the next year (probably to teach English)

A lot of those teaching jobs are good for paying off debt. They typically pay for living expenses + a salary, so even though you're making a fraction of what you'd make in the U.S., your expenses are next to nothing.

Plus, the jobs are usually 20 to 25 hours a week, which means you'll have a lot of time to do freelancing gigs or travel. Your $30k in debt can easily be gone within 2 years.

 

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[stashbooks]

JAJT HAS IT RIGHT and there are a lot of people here who do also! We have to renew our minds at this point and fill it with our goals and aspirations. On that note America does not need more college grads, but entrepreneurs. Motivational readings. Good luck.


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