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Help!!! At the verge of being Broke.

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Zedd9165

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Dec 22, 2017
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Hello Fastlane Fam,

Today I would like to share something with you all and maybe this is where I might find some motivation or a ray of hope that can pull me out of this darkness. Since past two years I have been struggling in my life, these are the two years where I've earned my first job after my graduation. However, the income I get is lesser than the debt and day to day expenses I've. By the end of the month, I've nothing left to save for my future or any unexpected health issues.

Further, I've been thinking of getting a better job but everywhere I look the salaries are the same, and without a fixed source of income quitting my job is like suicide. I have been trying to enhance my educational skills but the jobs are paying less and employers are expecting way too much from what they pay. Current motivation and confidence are pretty low. Please guide me, how can I reach my financial freedom, I don't want to be a slave who sits in his cubicle 9-5 just for peanuts.
 

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Suzanne Bazemore

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@Zedd9165, I feel for you because I think it's tough to get started. My daughter just graduated from college, and I am trying to help her figure things out, too. Here are some guidelines that I am using to help her:

1. Try to make sure your rent is less than 30% of your income.
2. If you live somewhere expensive, consider moving, and also consider state and local taxes. Here is a cost of living calculator that I think is useful:
[EDIT: I just realized you live in India, which I didn't notice when I was writing my response, and this calculator only works in the US, sorry!]
3. Read this forum. There are lots of tips on side hustles for more money and on how to get your rent under control.
4. Keep your bad debt down. Reduce your day to day expenses so you don't build on the debt you already have, and come up with a plan to pay that debt.
You can do it. Good luck!!
 
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Zedd9165

Zedd9165

Contributor
Read Millionaire Fastlane
Dec 22, 2017
76
59
59
26
India
@Zedd9165, I feel for you because I think it's tough to get started. My daughter just graduated from college, and I am trying to help her figure things out, too. Here are some guidelines that I am using to help her:

1. Try to make sure your rent is less than 30% of your income.
2. If you live somewhere expensive, consider moving, and also consider state and local taxes. Here is a cost of living calculator that I think is useful:
[EDIT: I just realized you live in India, which I didn't notice when I was writing my response, and this calculator only works in the US, sorry!]
3. Read this forum. There are lots of tips on side hustles for more money and on how to get your rent under control.
4. Keep your bad debt down. Reduce your day to day expenses so you don't build on the debt you already have, and come up with a plan to pay that debt.
You can do it. Good luck!!
Dear Suzanne,

Thank you for your wise words. I'm trying to cut down my expenses I hardly eat out or spend money shopping, because what I earn is pretty less after all the debt is gone. I need to find out something(an alternative) source of income.

Plus the worst part is the jobs these days suck up all the time you have and by the time you make it to your room you are already drained and all you want to do is eat and sleep so that you can recover for the next day.

This seems to be like a never-ending cycle.
 

Sadik

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How did you collect all that debt? What percentage of your salary is your EMI? What do you do on weekends?
Edit: What field / industry is your job in?
 
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Zedd9165

Zedd9165

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Read Millionaire Fastlane
Dec 22, 2017
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How did you collect all that debt? What percentage of your salary is your EMI? What do you do on weekends?
Edit: What field/industry is your job in?
The debt is from a house loan and I pay almost 70% of my salary as EMI. I'm actually working towards improving my skills and knowledge on weekends through books on Management, Finance, Business Process Management, Business Analytics, Strategic Management are some of the subject and other house chores that pile up during the week.

I'm currently working in the Oil and Gas industry in the supply chain department in the middle east.
 

Sadik

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The debt is from a house loan and I pay almost 70% of my salary as EMI. I'm actually working towards improving my skills and knowledge on weekends through books on Management, Finance, Business Process Management, Business Analytics, Strategic Management are some of the subject and other house chores that pile up during the week.

I'm currently working in the Oil and Gas industry in the supply chain department in the middle east.
Good info. I am assuming the house is in India, while you are posted on site in ME. Consider moving your family to a cheaper location and rent out the house, if possible. If you are brave you should sell the property and just live on rent until you can accumulate some liquid cash. But I realise that's difficult.

In your position, I would apply the hell out in job applications. You are too far into the the scripted rabbit hole to be able to quit your job. So at least find a better job which respects your time more. The best jobs never make it to job portals, hence you need to build relationships. Leverage linkedIn, cold email, DM people offering advice asking nothing in return. The goal should be to build relationships with people in your industry. One phone call from someone can literally change your life. So keep providing value to people, build relationships and apply to better jobs you can find.
 
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Zedd9165

Zedd9165

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Read Millionaire Fastlane
Dec 22, 2017
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India
Good info. I am assuming the house is in India, while you are posted on site in ME. Consider moving your family to a cheaper location and rent out the house, if possible. If you are brave you should sell the property and just live on rent until you can accumulate some liquid cash. But I realise that's difficult.

In your position, I would apply the hell out in job applications. You are too far into the the scripted rabbit hole to be able to quit your job. So at least find a better job which respects your time more. The best jobs never make it to job portals, hence you need to build relationships. Leverage linkedIn, cold email, DM people offering advice asking nothing in return. The goal should be to build relationships with people in your industry. One phone call from someone can literally change your life. So keep providing value to people, build relationships and apply to better jobs you can find.
Yes, I've considered the option of selling the property but it's not that easy since it won't be just my decision but the whole family's (you know Indian families).

Well yes, I have been living the scripted life even though I knew the reality that I'm just being a slave to the system, there was nothing I could have done considering the debts I had to take upon my self due to the circumstances.

Further, building relationship in ME was easy earlier. But now due to recession and the government's policies survival of expats has become difficult and expecting anything more than $1200 -1500 a month is like dream come true for most of the employees in here.
 

Fastlane Liam

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A) Get a skill you can freelance like copywriting, video editing for ads, graphic design
B) Solve a problem with an idea. Pretty vague I know, a product could already exist for it but how can you make it unique or angled differently
 

Jeff Noel

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there was nothing I could have done considering the debts I had to take upon my self due to the circumstances
And now, what could you do ?
it won't be just my decision but the whole family's (you know Indian families).
I know it's a cultural difference for the family part of the thing, but have you even tried ?
 
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Zedd9165

Zedd9165

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Dec 22, 2017
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India
And now, what could you do ?

I know it's a cultural difference for the family part of the thing, but have you even tried?
Yes, I've tried discussing the idea of selling out the property and investing the funds into some business. But the real problem is not being able to identify "some" business that can actually solve 'people's" problem. So the hunt for identifying the right product and making a twitch into it seems to be like forever.

Every day I start with high motivation like okay today is going to be different I will surely figure out something. But the end of the day my business idea does not appeal people or I find some issue in it (mostly external factors) which are beyond my control.
 

Sadik

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Have you read TMF? You seem to have a mistaken idea of Business. You don't need investment to start on your own. If I were you I would browse all the jobs posted on Upwork. I would note what people are posting. Look at the different skills which are in high demand. Look at job posts from people with high value spends. Basically to research what skills you could look to acquire to be able to earn some side cash.

The idea being to get to a position where you could freelance on the side for some extra income. This can then allow you to switch to a job where perhaps the pay would be less but you will have more free time.

Both time and some experience working on your own is absolutely essential to start brainstorming ideas for a product / service which would scale on the CENTS model. -> GOLD! - The CENTS Business Commandments for Entrepreneurs
 

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lewj24

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You have a victim mentality. This is your problem.

Based off of everything you've said in this thread you have no options. No way out.

You can't get a better job:
I've been thinking of getting a better job but everywhere I look the salaries are the same
You had to get into debt:
there was nothing I could have done considering the debts I had to take upon my self due to the circumstances
You can't get out of debt:
I've considered the option of selling the property but it's not that easy since it won't be just my decision but the whole family's
You can't start a business:
But the real problem is not being able to identify "some" business that can actually solve 'people's" problem.
And you don't have any time or energy:
Plus the worst part is the jobs these days suck up all the time you have and by the time you make it to your room you are already drained and all you want to do is eat and sleep so that you can recover for the next day.
You're F*cked.

This will be your life forever:
This seems to be like a never-ending cycle.
Unless you change something.

I believe the thing you need to change is your victim mentality. Your outlook. You think there is nothing you can do in your situation. But there is. Take control.

All jobs pay the same? I call bullshit. Get a better paying one.

Can't sell the house because of your family? Tell them to pay for it then.

Can't identify a business? Look around at what businesses currently exist.

Stop making so many excuses. Take control of your life.
 

MoneyDoc

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You have a victim mentality. This is your problem.

Based off of everything you've said in this thread you have no options. No way out.

You can't get a better job:


You had to get into debt:


You can't get out of debt:


You can't start a business:


And you don't have any time or energy:


You're F*cked.

This will be your life forever:


Unless you change something.

I believe the thing you need to change is your victim mentality. Your outlook. You think there is nothing you can do in your situation. But there is. Take control.

All jobs pay the same? I call bullshit. Get a better paying one.

Can't sell the house because of your family? Tell them to pay for it then.

Can't identify a business? Look around at what businesses currently exist.

Stop making so many excuses. Take control of your life.
Read this MANY times and then take action.
 

WJK

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Oct 9, 2017
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Hello Fastlane Fam,

Today I would like to share something with you all and maybe this is where I might find some motivation or a ray of hope that can pull me out of this darkness. Since past two years I have been struggling in my life, these are the two years where I've earned my first job after my graduation. However, the income I get is lesser than the debt and day to day expenses I've. By the end of the month, I've nothing left to save for my future or any unexpected health issues.

Further, I've been thinking of getting a better job but everywhere I look the salaries are the same, and without a fixed source of income quitting my job is like suicide. I have been trying to enhance my educational skills but the jobs are paying less and employers are expecting way too much from what they pay. Current motivation and confidence are pretty low. Please guide me, how can I reach my financial freedom, I don't want to be a slave who sits in his cubicle 9-5 just for peanuts.
Get a second job. Start a side business. Move to where there are better jobs. House hack. Budget better. Cook your own meals at home. Find a mentor who can advise you. Get up earlier. Read. Study different business models. Stop feeling sorry for yourself. Mix with people who have made their lives work -- it might rub off on you. Find your "magic" skill or talent -- develop it. Keep getting one foot in front of the other...
 

david77

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May 25, 2019
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Don't forget my friend, that people like huseyin ozer, robert herjavec were people who didn't have basic resources, however, nothing stopped them and today they have their industry, trust you.
 

Sanj Modha

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Firstly, downsize your apartment (move in with your parents if you have to), your car, credit cards etc. Reduce your outgoings - what's the minimum amount you have to earn per month to live?

Secondly, start a side hustle - what are you good at? Have you looked into freelancing at the evenings and weekends? If you need an extra $500 per month to survive - break it down into manageable chunks.

So, $500 per month = 50 x $10 freelancing gigs. Assuming there are 30 days in the month - you need less than 2 gigs a day to achieve this goal. Start small then scale it up.

Good luck.
 

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