You tell me what to do. Need advice.

[arfadugus]

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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[WorldImperator]

The topic was a bit scary, but after reading I see you want to do something, but you are completely lost due to having no knowledge about management of your own financials.

First thing could be, pay your debt asap, but if it is not costing you much of interest, than keep it to remain good cash flow.

If you are specialist at nutrition, in addition to your blog, you can make a Facebook page, instaggram gram photos of healthy food each day, and, after like three months if you will have enough followers you can open an Amazon account along with shop, in which you will be selling supplements (yes, I know, it's overcrowded, but still lots of possibilities to do money) and home nutritional snacks, drinks etc.

Your strong point is, that you know a lot of fitness, which is good, because fitness is on top now, all you have to do is to monetize it in a proper way.

Going on yourself you will be able to make with like 6 months from today, 5-10 times more money monthly, working maybe less, but for sure in more friendly environment and with far better time management.

Point is, are you able to get on your own after few months? And don't do anything too fast, with each book you will read you will be more and more confused for at least two-three months. It's normal, do not bother about it. And besides book, please read some wise magazines about general economy or business, it will help you to see brighter what is false and what is right and what is wrong or not reccomended in your situation.

In a short way, my answer would be:
Use your fitness skill to build a money income source. All you have to be focuses, is quality of your service, not money. Money are just a side effect of good decisions and delivered quality and if you are good they will come huge. Within time and getting knowledge you will get too see more and much clear what is this thing about. You have a very wise attitude to life, so your mind is on a good track. I like it. Just do a Facebook and Instagram accounts as well. Write about healthy eating as well. Do a youtubechannel about nutrition. Like others and let others like you.

You have all inside yourself to be succesfull. When you will be earning twice more money as you have know, so use half of it to pay faster the debt and the other half to make some savings. When you will have enough savings to live for a few months without literally any job, just leave your job and be on your own for 100%. Of course, you could do it much faste, but I assume due to your obligations with a child, having a comfort of steady income is really important, hence I stated what I stated.

 

[arfadugus]

Thank you for your time. Im not really sure how much interest my debt is accruing. It seems like a huge task to pay it off now when I barely make any money. Maybe it'll be worth it to wait till I make more money to pay it off?

Definitely gonna be using my skills in my blog, youtube, etc. guess I could get a camera and laptop/ etc. But I told myself I'd write 100 posts before I reward myself with a laptop so I dont waste time on it.

Money money money, I guess i have a lot to learn.

 

[Gsuz]

Here's the thing: We can tell you what to do, but at the end of the day you're in this alone. Noone should care more about your money than you. Figure out ways to get more income, get a second job, get on odesk, whatever it takes. For the love of God, don't start another fitness blog. Pay of the debt as you have no control over it. Debt can be leveraged, but you're lacking the lever. Good luck

 

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[MJ DeMarco]

Im not really sure how much interest my debt is accruing

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.

 

[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.

Ok ill call tomorrow thanks!

 

[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.

Ok so i gathered up all of my bills and here is what I've got.

Collections total $5483.52 (they offered to settle for $3985 and mark "Paid in full" if I come up with that money in 30 days)

Here are the bills in collections with thier interest rates.

Apartment bill $4928.14 With 24% interest

Bank $169.14 with 10% interest.

Power bill $203.65 With 10%

Doctor visit bills
$43.41
$58.90
$65.61
$14.77 all with 18% interest

School Loan Bill that I have to start paying on by june is $11,213.71 (started at $10,536.91) with 6.8% interest.

Plus I have $104 bill at a hostpital with no interest

Total debt. $16801.23

Also I have $1100 in my bank account.

 

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[EvanOkanagan]

Ok so i gathered up all of my bills and here is what I've got.

Collections total $5483.52 (they offered to settle for $3985 and mark "Paid in full" if I come up with that money in 30 days)

Here are the bills in collections with thier interest rates.

Apartment bill $4928.14 With 24% interest

Bank $169.14 with 10% interest.

Power bill $203.65 With 10%

Doctor visit bills
$43.41
$58.90
$65.61
$14.77 all with 18% interest

School Loan Bill that I have to start paying on by june is $11,213.71 (started at $10,536.91) with 6.8% interest.

Plus I have $104 bill at a hostpital with no interest

Total debt. $16801.23

Also I have $1100 in my bank account.

If I can offer just one piece of advice for you in this thread it's to pay off the collections debt ASAP. Those interest rates are ridiculous. I'd do whatever you can to come up with that 4k in 30 days and be done with it. Worry about the student loan bill later.

Ways to get extra money:
- Sell everything you own that isn't a necessity
- Find "free" or very cheap things on craigslist/classifieds, fix them up and sell them
- Get a 2nd job
- Post ads on classified websites looking for oddjobs for cash

This will increase your "hustle muscle" as well so it would be a good exercise

 

[arfadugus]

If I can offer just one piece of advice for you in this thread it's to pay off the collections debt ASAP. Those interest rates are ridiculous. I'd do whatever you can to come up with that 4k in 30 days and be done with it. Worry about the student loan bill later.

Yea maybe I should have looked this information up a lot sooner ha No idea how to come up with that kind of money that fast though

 

[EvanOkanagan]

Yea maybe I should have looked this information up a lot sooner ha No idea how to come up with that kind of money that fast though

I edited my post to include a few ways... look up threads on hustling in the forums (if anyone has a good one feel free to post it). There's a few guys here who are great at coming up with extra cash fast

 

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[arfadugus]

I edited my post to include a few ways... look up threads on hustling in the forums (if anyone has a good one feel free to post it). There's a few guys here who are great at coming up with extra cash fast

great thanks, been working on selling all my stuff on craigslist with no bites. Maybe I've priced everything too high.

 

[MJ DeMarco]

Ok so i gathered up all of my bills and here is what I've got.

Collections total $5483.52 (they offered to settle for $3985 and mark "Paid in full" if I come up with that money in 30 days)

Here are the bills in collections with thier interest rates.

Apartment bill $4928.14 With 24% interest

Bank $169.14 with 10% interest.

Power bill $203.65 With 10%

Doctor visit bills
$43.41
$58.90
$65.61
$14.77 all with 18% interest

School Loan Bill that I have to start paying on by june is $11,213.71 (started at $10,536.91) with 6.8% interest.

Plus I have $104 bill at a hostpital with no interest

Total debt. $16801.23

Also I have $1100 in my bank account.

Holy f*ck, you're a banker's dream. You're getting raped on interest.

What's an "apartment bill"? Back payments on rent? If you don't pay this, will you get thrown out?

 

[arfadugus]

Holy f*ck, you're a banker's dream. You're getting raped on interest.

What's an "apartment bill"? Back payments on rent? If you don't pay this, will you get thrown out?

Haha the apartment bill is from an apartment that I rented with two other people (who are also on the bill but they wont pay) and the fees include Lease termination for the extra months we didnt stay, damages, (carpet stains, hole in the wall, etc.) and a lot of the apartment bill is interest. It was 3k something before. So wont get thrown out because I already was haha I guess the only thing that will happen if I dont pay is the amount will keep raising and my credit score will stay shitty.

 

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[Choate]

Ok so i gathered up all of my bills and here is what I've got.

Collections total $5483.52 (they offered to settle for $3985 and mark "Paid in full" if I come up with that money in 30 days)

Here are the bills in collections with thier interest rates.

Apartment bill $4928.14 With 24% interest

Bank $169.14 with 10% interest.

Power bill $203.65 With 10%

Doctor visit bills
$43.41
$58.90
$65.61
$14.77 all with 18% interest

School Loan Bill that I have to start paying on by june is $11,213.71 (started at $10,536.91) with 6.8% interest.

Plus I have $104 bill at a hostpital with no interest

Total debt. $16801.23

Also I have $1100 in my bank account.

I'd snowball the small stuff out of the way just to cross things off the list and empower a positive habit, then start with the highest interest rate and plug that off. Pay off your doctor, hospital, power, and bank, that should cost you about $656, leaving you around $450 leftover.

With that, you only have an apartment bill, collections, and school loan. 3 things is a lot less overwhelming than owing money to everyone. I would then pay off collections/apartment, whatever is higher interest. Then hit your school loan (which is considered good debt - low interest rate and helps you build credit, which you'll need).

 

[AgainstAllOdds]

Look into this: https://www.prosper.com/loans/rates-and-fees/

It's not a solution to your problems long-term, but can help you short-term. For example, you can pay off your collections debt (save the $1,500 by paying now), and then have a lower interest rate to pay off the remaining $3985.

Note: Only do this if you can't pay off the debt any other way.

 

[MJ DeMarco]

Haha the apartment bill is from an apartment that I rented with two other people (who are also on the bill but they wont pay) and the fees include Lease termination for the extra months we didnt stay, damages, (carpet stains, hole in the wall, etc.) and a lot of the apartment bill is interest. It was 3k something before. So wont get thrown out because I already was haha I guess the only thing that will happen if I dont pay is the amount will keep raising and my credit score will stay shitty.

You don't seem very responsible, or at least, you aren't hanging out with responsible people. Tenants shouldn't be punching holes in the wall.

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

Bank $169.14 with 10% interest.

Power bill $203.65 With 10%

Nonetheless, I'd take care of these two simple items first.

Then, I'd shoot to get the collection debt settled and work to get that paid. You can probably negotiate a settlement less than $3900 -- if you do, I'd recommend getting it IN WRITING. Once you receive a written offer (and have the cash), you can mail them a cashiers check. Don't give them any financial information, bank account numbers, etc.

Third, I go totally miser until you can get your debt wiped clean. Move to the cheapest apartment, stop drinking at the bars, skrimp, skrimp, skrimp.

Fourth, increase your income. Sell anything you don't need. At this point, you need to take control over your personal life and the choices you're making... "Fastlane" is irrelevant until you can gather some small wins for yourself.

Look into this: https://www.prosper.com/loans/rates-and-fees/

Also an option to look into.

 

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[arfadugus]

You don't seem very responsible, or at least, you aren't hanging out with responsible people. Tenants shouldn't be punching holes in the wall.

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



Nonetheless, I'd take care of these two simple items first.

Then, I'd shoot to get the collection debt settled and work to get that paid. You can probably negotiate a settlement less than $3900 -- if you do, I'd recommend getting it IN WRITING. Once you receive a written offer (and have the cash), you can mail them a cashiers check. Don't give them any financial information, bank account numbers, etc.

Third, I go totally miser until you can get your debt wiped clean. Move to the cheapest apartment, stop drinking at the bars, skrimp, skrimp, skrimp.

Fourth, increase your income. Sell anything you don't need. At this point, you need to take control over your personal life and the choices you're making... "Fastlane" is irrelevant until you can gather some small wins for yourself.



Also an option to look into.

Yea I made some poor choices back then and haven't accrued any debt since. It's just taking care of this then moving on. Read some good books about money as well like rich dad poor dad and a couple others. Also got rid of all of my idiot friends who will never change for the better. Thanks for the advice I think ill take it.

 

[RisingStars]

If I can offer just one piece of advice for you in this thread it's to pay off the collections debt ASAP. Those interest rates are ridiculous. I'd do whatever you can to come up with that 4k in 30 days and be done with it. Worry about the student loan bill later.

Ways to get extra money:
- Sell everything you own that isn't a necessity
- Find "free" or very cheap things on craigslist/classifieds, fix them up and sell them
- Get a 2nd job
- Post ads on classified websites looking for oddjobs for cash

This will increase your "hustle muscle" as well so it would be a good exercise

This.

You are 16.000$ in debt and want to start a blog for fitness which will MAYBE make you 100$ a month in 3 months? Fitness is overused anyways.

In my opinion you need a job. A real job not a job where you get paid under the counter. You can do this in addition to. No more books. Work.
Even when it sucks, but beeing 16.000$ in debt with no business experience trying to start a business is most likely going to fail.

Get multiple jobs. Move out of your house and maybe life with friends/family or a multiple person apartment for 150$ a month. Sell your car. No more insurance.

Then You have cost of 450€ a month. Rest is to pay the debt.
Work at night maybe as a security in a hospital or somewhere else.

Just get as much money you posibly can and pay the debt. All of it. Then you can start a business.

 

[arfadugus]

You don't seem very responsible, or at least, you aren't hanging out with responsible people. Tenants shouldn't be punching holes in the wall.

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



Nonetheless, I'd take care of these two simple items first.

Then, I'd shoot to get the collection debt settled and work to get that paid. You can probably negotiate a settlement less than $3900 -- if you do, I'd recommend getting it IN WRITING. Once you receive a written offer (and have the cash), you can mail them a cashiers check. Don't give them any financial information, bank account numbers, etc.

Third, I go totally miser until you can get your debt wiped clean. Move to the cheapest apartment, stop drinking at the bars, skrimp, skrimp, skrimp.

Fourth, increase your income. Sell anything you don't need. At this point, you need to take control over your personal life and the choices you're making... "Fastlane" is irrelevant until you can gather some small wins for yourself.



Also an option to look into.

Also what do you think about my school loan? Should of try to pay that off asap as well?

 

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[arfadugus]

This.

You are 16.000$ in debt and want to start a blog for fitness which will MAYBE make you 100$ a month in 3 months? Fitness is overused anyways.

In my opinion you need a job. A real job not a job where you get paid under the counter. You can do this in addition to. No more books. Work.
Even when it sucks, but beeing 16.000$ in debt with no business experience trying to start a business is most likely going to fail.

Get multiple jobs. Move out of your house and maybe life with friends/family or a multiple person apartment for 150$ a month. Sell your car. No more insurance.

Then You have cost of 450€ a month. Rest is to pay the debt.
Work at night maybe as a security in a hospital or somewhere else.

Just get as much money you posibly can and pay the debt. All of it. Then you can start a business.

Ok. Need my car for my job. I drive around a lot for work and drop kids off at appointments etc.thanks for advice ill consider everything.

 

[arfadugus]

You guys are motivating me haha

 

[arfadugus]

Just talked my boss into an extra dollar an hour haha

 

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[arfadugus]

Any other tips? Is paying off the debt a priority or can I take my time so I do not have to completely uproot my life to pay it off asap. I'm willing to make sacrifices for the greater good just wondering what other options are out there.

 

[EvanOkanagan]

Any other tips? Is paying off the debt a priority or can I take my time so I do not have to completely uproot my life to pay it off asap. I'm willing to make sacrifices for the greater good just wondering what other options are out there.

See your quote below

Just talked my boss into an extra dollar an hour haha

I'd make paying off this debt an absolute priority.

Consider this an exercise on hustling and increasing your skills and creativity. Within less than a day you've already received a raise. Imagine what you can do in a week if you're forced to think of every possible way to pay that bitch off?

 

[Achilles]

Look up odd jobs on Craigslist. I made $150 delivering flowers mother's day. Hustled for a boat detailing business. Mowed some old guys lawn. You can make some quick coin if you live in a populated area. BTW can you tell Alberto to cut his hair he looks like he doesn't have a home

 

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[Mattie]

I also have the option of getting grants for school in a year so school would be free (cheaper when I become a resident)

I would talk to your financial adviser at school about your loans. You stated you may be going back to school. And if you plan on more loans, they usually consolidate them to pay one bill. Is this loan in default, and you have to make payments now? There re different types of student loans and when you pay on them, and different rules for companies with hardship etc. That's why I say talk to your adviser and make up your mind if you're staying in school.

Start with all your lower bills first and pay them off and then start working on the higher ones. I'm sure some non-profit around their or work program has ways to teach you how to budget your money for starters, until you learn how to deal with more money. They're not great about big stuff like in the forum, but do give you an idea of looking at it and making a plan for small stuff.

 

[arfadugus]

Look up odd jobs on Craigslist. I made $150 delivering flowers mother's day. Hustled for a boat detailing business. Mowed some old guys lawn. You can make some quick coin if you live in a populated area. BTW can you tell Alberto to cut his hair he looks like he doesn't have a home

Thanks gonna look more into hustle stuff after I sell all my carp. I found so much carp ha berto does look more normal bald huh.

 

[arfadugus]

See your quote below



I'd make paying off this debt an absolute priority.

Consider this an exercise on hustling and increasing your skills and creativity. Within less than a day you've already received a raise. Imagine what you can do in a week if you're forced to think of every possible way to pay that bitch off?

I'll keep you updated

 

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[Mattie]

Thanks gonna look more into hustle stuff after I sell all my carp. I found so much carp ha berto does look more normal bald huh.

One thing: Improve your english, because it the business world it doesn't look pretty.

 

[arfadugus]

One thing: Improve your english, because it the business world it doesn't look pretty.

Lol I didn't even realize that. Stupid Kindle auto correct. I meant to say "crap"