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Bought a huge house with a 3 car garage and a pool!

LeftBench

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To be honest, you don't sound happy.

I'm a happy person overall, but definitely going through a stressful time at the moment. I'm happy with my family, myself, and life overall, save the current financial situation. I'll definitely be much happier when I get myself out of this situation, that's for sure.

You have the "looks" and the "stuff" but it looks like at a huge cost to your freedom and progress on the fastlane.

I agree with this.

If I were you I would sell the house and rent a 2 bedroom apartment close to where I work so that I could probably get rid of the car too.

Selling and renting an apartment is a huge possibility right now. Getting rid of the car is not an option really with where I live. We are in the sticks and everything is pretty far, lol. My truck is almost paid off, thankfully. I will be keeping it for a very long time.

Best of luck to you.

Thank you! I really appreciate it.
 
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LeftBench

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You got some tough love from the guys ( which is their role, and let's just say that they do it pretty well ), keep your head up, focus and good luck ...Keep us informed about how you plan on managing your debt.

Thank you for the kind words Bila. Tough love isn't the worst thing in the world, I'm definitely not here to be coddled! This place is fantastic.
 

LeftBench

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Not seeing the mindset shift........ 'Just work some more OT'..... Seems like you could put together a better plan...... Time to get J Ault's waiter's pad out and do some brainstorming.....

"Just work some OT" is definitely not my long term mindset... not my long term plan. It is a short term thing... I will be using the overtime money to help fund a Fastlane venture, and to assist in eliminating debt.

I've said it before and I'll say it again, I realize "working OT" is not Fastlane. I'm looking at it like bootstrapping... selling stuff on e-bay / Craigslist isn't Fastlane, but its given people on here extra money to get their ventures started. My overtime cash will do the same.
 
D

DeletedUser394

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AM I BEING DETAINED??!?!??

been wanting to post that for a while...

Anyway, best of luck in your future endeavors. Sure you may have screwed up, but there are far worse things you could have bought. You've got a good salary/career, and worst case scenario you just sell the house and downsize.

Good luck!!
 
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jlwilliams

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Anyway, best of luck in your future endeavors. Sure you may have screwed up, but there are far worse things you could have bought.....

Good luck!!

Anybody who hasn't screwed up at least this badly hasn't lived much. We all do things that looked better through the fuzzy lenses of the feeling in the moment than they do when your laying it all out for the accountant.
 

LeftBench

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While everyone makes mistakes, the major issue with mine is that I've already read TMF and I've been a member here for almost 2 years. I should have known better. It is what it is. I will turn things around.
 

Cavking

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I think your kids look pretty happy in the photo and I would imagine you and your wife love your new home our you wouldn't have bought it.

You now have a reason to work harder than you ever have before so I think it is a good thing.

I am the opposite - I have no debt, cash in the bank to take a couple of years off work, a great credit line and credit rating, no kids, no girlfriend or urge to make any big purchases. I rent a small 2 bed apartment, I rarely drink, I don't smoke or do drugs. I spend my weekdays waking at 5am doing 70 hour weeks and then going home to work on my own businesses, my weekends are spent either working on my own business or visiting my mother and father. I have paid for my car, although it is a 4.8 litre bmw (which is the only thing I waste money on).

Am I any happier than you are? Probably not. I have more freedom than you have, but when your house is paid for, you will have a nice lump of cash sitting there.

I don't think you made a mistake, I think you overstretched yourself and you have now exchanged your free time for time to work, but enjoy the house and the smiley family photos.

Try your damned hardest to switch to fastlane in the meantime and keep doing what you need to do, we have plenty of time to sleep and relax when we are 6 feet under.
 
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Bila

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I think your kids look pretty happy in the photo and I would imagine you and you wife love your new home our you wouldn't have bought it.

You now have a reason to work harder than you ever have before so I think it is a good thing.

I am the opposite - I have no debt, cash in the bank to take a couple of years off work, a great credit line and credit rating, no kids, no girlfriend or urge to make any big purchases. I rent a small 2 bed apartment, I rarely drink, I don't smoke or do drugs. I spend my weekdays waking at 5am doing 70 hour weeks and then going home to work on my own businesses, my weekends are spent either working on my own business or visiting my mother and father. I have paid for my car, although it is a 4.8 litre bmw (which is the only thing I waste money on).

Am I any happier than you are? Probably not. I have more freedom than you have, but when your house is paid for, you will have a nice lump of cash sitting there.

I don't think you made a mistake, I think you overstretched yourself and you have now exchanged your free time for time to work, but enjoy the house and the smiley family photos.

Try your damned hardest to switch to fastlane in the meantime and keep doing what you need to do, we have plenty of time to sleep and relax when we are 6 feet under.[/QUOTE
Such a wise response.

Such a wise response
 

BigBrianC

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Have you considered Freelancing instead of the extra OT? You could grow your income faster that way (potentially) and it would give you a better lead into separating yourself from your job and into the Fastlane, and of course you could Freelance in your other free time as well, whereas you can't work OT in your other free time. It also comes with the other advantages of being at home, away from work, etc. etc. etc.

Good luck.
 
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LeftBench

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Well I sat my wife down and we had a long talk. We've decided to try to sell the house. We will rent a place after the house is sold until we are financially stable again. Paying for closing costs will be an issue. Luckily my wife has a real estate license so we will not have to pay a realtor fee on the seller side. I know talk is cheap and I haven't actually out the house on the market yet but I am one step closer to getting myself out of the hole.


Sent from my iPhone using Tapatalk
 

BigBrianC

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Awesome first step. When I first started reading about stocks and the market, the most common trap I saw for new investors was never cutting their losses, the dead cat theory. I know I mentioned freelancing before, but if you haven't, read this thread https://www.thefastlaneforum.com/co...ith-no-degree-no-feedback-no-portfolio.58837/. Also read the threads on eBook writing. The reason I recommend more online based is because then you have no excuse as to why you're not using your "waste time".

Also, may I recommend doing something like waking up in the morning an hour earlier, spending 30 minutes on a workout and 30 minutes on business ventures? It may seem crazy but you will feel great afterwards and your day will be much more productive.
 
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daivey

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IMO, you need to earn your way out of this. While there is some wisdom and much good meaning in the advice to cut and run for a better position, that would be reactionary.

Create a cashflow. Use the blog to move a product or something along those lines. Use the time you spend on security shifts to contemplate. (I did security for a while. It's mind numbingly boring. An overnight watch is a good place to think through the next day's actions. That may be where you figure out what your product is.) Use that cashflow to pay down the debt a bit and create an equity position in your house. Use the time that takes to brace your family for the reality that this is too much house and as soon as you get ahead enough to make a move, rent out the suburban palace and move into a duplex or a triple) with your family. Spend a couple years in it, then move back to the palace and rent both sides of the duplex. If you hold onto your current property for a couple of years you can pull this off. It's about a 5 or 6 year (or 10 or 12 year) plan. You just have to not drown in the mean time.

You could maybe flip this house and move into a duplex if you are not going to make it work where you are. One thing I learned expensively is that holding on to a bad house out of stubborn pride and hopes that appreciation will make me whole again can backfire spectacularly. I lost a bunch of money that way not long ago and it stings. If this house is too much, let it go. if it's almost too much, then earn your way into the position where you can make it work.

That's my free internet advice.

yep, it's just so easy to start a blog and move product that suddenly creates cash flow for you! everyone's doing it.. you too become a millionaire if you follow these 3 simple steps:

1) Start a blog
2) With zero viewers or influence, pick up a product that you will push.
3) PROFIT $$$$$$$$$
 

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LeftBench

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We found someone to lend us the money to pay off our CC bills in full with 0% interest. Thankfully a family member helped us out. We have already begun paying this family member back, it is good to know that the loan is interest free. Getting out of debt is #1 priority.

House is going on market soon. Just paid $1600.00 for new septic pump, $600.00 for septic pump out and $1100.00 to get central air working correctly. Pain in the a$$ but it had to get done.

Told my father (who is very supportive in all aspects of life) about our decision to sell the home and move into a condo. He highly disagrees and stated he would help us financially until we are able to handle it on our own. I grew up in a large house with a big yard and he said he wants his grand kids to have the same thing. Said he will even give me $1-2k a month to help with bills if needed. This is not the right decision, IMO. If I can't afford it, I can't afford it. His offer to help is much appreciated but it does not solve the big problem. The condo will only be a 1-2 year thing, hopefully. We are still going to move.

I've been reading much more on here but not posting much. I have much to learn and posting will not help my cause ( unless its valid questions). Trying to soak in as much info as possible.

I'm on Upwork now (not Fastlane by any means but it will help me get out of debt). Big thanks to @SinisterLex for his thread about Upwork / Odesk. Very informative and helpful.

I have taken a few overtime shifts at the Slowlane. Started bringing my laptop to work and working on my time off.

Yesterday I dusted off TMF and plan on re-reading it. I'm hustling now and its helping, but I need to get back into the Fastlane mindset.

The last two weeks have been hard but also wonderful. Making the decision to sell the house was hard, but now that I have it in my mind it is like a large weight off of my shoulders. Hopefully it sells quick.
 

SteveO

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I'm on Upwork now (not Fastlane by any means but it will help me get out of debt). Big thanks to @SinisterLex for his thread about Upwork / Odesk. Very informative and helpful.

I have taken a few overtime shifts at the Slowlane. Started bringing my laptop to work and working on my time off.
Your mindset about working to get out of debt and defining it as slowlane is misguided. Many people use jobs as a bridge to the fastlane. Get it into your head that you are taking steps toward prosperity...
 
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LeftBench

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Have you considered the option of renting it and you go live somewhere cheaper ?

I've considered it, but the rental market in my area for homes isn't so great. Also, I'd rather not have to deal with repairs and what not. I think I'd be better at managing a rental property if I wasn't in debt.
 

LeftBench

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Your mindset about working to get out of debt and defining it as slowlane is misguided. Many people use jobs as a bridge to the fastlane. Get it into your head that you are taking steps toward prosperity...

Thanks, SteveO!
 
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MJ DeMarco

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Love the definitive plans-- and taking action on them. Good for you. Rep+
 
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Lioness11

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I think it's fantastic that instead of feeling sorry for yourself and blaming external sources... you're using this as an opportunity to light a fire under your butt. We ALL make mistakes, sometimes they're huge, but how we learn from them is what matters.


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FreshStart87

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While everyone makes mistakes, the major issue with mine is that I've already read TMF and I've been a member here for almost 2 years. I should have known better. It is what it is. I will turn things around.
Gangsta

Much respect for owning up to your issue. In the end its just going to make you stronger and get you to the fastlane faster. Keep working towards your goals.
 

LeftBench

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Don't mean to bring back an old thread but I just wanted to give an update.

The house is officially on the market. We might make a few bucks off the home which would be nice. The plan is set to rent a cheap place after the house sells. We will be moving in with my parents in between the sale of the home until we find a rental.

We are going to move to the town we used to live in, the town I work in currently at my slow lane. It'll be a shorter drive to work and more time with family. More time to dedicate to a Fastlane venture as well.

I've paid down credit card debt considerably but still have a ways to go. Once we are relieved of this mortgage then I'm going to dump a ton of money into the CC debt till it is gone.

It took me a while to put the house on the market, but I'm glad its finally done. Our realtor honestly believes we will get $25k - $55k more than we paid for it just 9 short months ago. While that would be nice, we will just be happy to get rid of it with enough to take care of the closing costs.

Hope you all have an excellent weekend!
 
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Andy Black

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Don't mean to bring back an old thread but I just wanted to give an update.

The house is officially on the market. We might make a few bucks off the home which would be nice. The plan is set to rent a cheap place after the house sells. We will be moving in with my parents in between the sale of the home until we find a rental.

We are going to move to the town we used to live in, the town I work in currently at my slow lane. It'll be a shorter drive to work and more time with family. More time to dedicate to a Fastlane venture as well.

I've paid down credit card debt considerably but still have a ways to go. Once we are relieved of this mortgage then I'm going to dump a ton of money into the CC debt till it is gone.

It took me a while to put the house on the market, but I'm glad its finally done. Our realtor honestly believes we will get $25k - $55k more than we paid for it just 9 short months ago. While that would be nice, we will just be happy to get rid of it with enough to take care of the closing costs.

Hope you all have an excellent weekend!
Thanks for updating us.

Sounds like a great result. Well done.

What are your biggest learnings to date?
 

Tony Tony

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as an aside to this, when I was working 100% commission as an employee before I started my own business, the executives absolutely LOVED it when people bought much larger homes and expensive cars...in fact they ENCOURAGED it for 2 reasons:

1) The person was LESS likely to leave as they had bug financial commitments

2) It would light a fire under their a$$ to sell more

Now its one thing to keep up with the Joneses and take in extra debt to keep up, however if you have an opportunity to increase net worth by hundreds of thousands by a move PLUS can sell like a fiend then it can work.

Up here in Canada when you sell a house there is NO tax payable on the increase in the sale price, however we do not get to write off mortgage interest like in the US.

Sent from my SM-N910W8 using Tapatalk
 

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