In this thread I get out of debt. $10K to be exact.

[DeletedUser394]

So long story short, I'm a fool, an idiot, etc. But that's okay, we learn from our mistakes.

Now disclaimer before I start: I still operate the business that I purchased a month or two ago, and I still own 100% of it, and it's worth a lot more than the sum of my debts. My problem right now is lack of cash and high consumer debt. I could theoretically just sell the business and pay off the debt and still have plenty of money left over but that would be easy. And I deserve to suffer for my own stupidity. :smash:

Anyway, I owe a lot of money to a lot of people (mainly the wonderful credit card company). I have .22c in cash reserves at present, I owe roughly 45,000x that. (if my math is correct). Basically $10k to various people, institutions, and the like.

Why do I owe this money? Well, girls would be a large part of this. (as some of you know, I've only recently garnered to self esteem neccesary for this). Also a concert that I decided to fly myself and a friend out to see. We got to meet the artist, travelled by air then limo, etc. It was a great time and I wouldn't take it back but it was irresponsible and stupid of me. On the bright side, it gave me a taste of what the future can look like if I smarten up.

Anyway, By January 1st I will completely pay off this nonsense using only my .22c and some creativity and hard work (I can take a screen shot of my bank accounts to prove my .22c total across 6 accounts LOL.)

I can't use money from the biz, I can however use job/contract money and/or money from any new ventures that I start in that time.

This is just a small setback. I used to get super depressed over every little thing, but nowadays it doesn't really bother me. I can do this, and life goes on. Not the end of the world, etc.

 

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[Mr.Dietsch]

Hmm, when I first started on this site I remember reading your posts. Didn't you profit off of Craigslist like $50 grand? Or am I mistaken? What is your new business and explain to us what you did wrong so none of us will go down the same path. Did this new business not meet the NESCT criteria?

 

[DeletedUser394]

List of people I owe, and the percentage of the total that I owe them;

Credit Card Company 60%
Dearest Mother Figure 22.5%
Past due gym membership fees, etc 10%
Cool Friend 5%
Lovely Coworker 2.5%

 

[DeletedUser394]

Hmm, when I first started on this site I remember reading your posts. Didn't you profit off of Craigslist like $50 grand? Or am I mistaken? What is your new business and explain to us what you did wrong so none of us will go down the same path. Did this new business not meet the NESCT criteria?

Yes, I used all my cash to buy the company that I currently run. That was my first mistake.. the fact that I left no cash reserves available for any problems.

The business is great, I love it, and it's growing. The business is fine, there's no problem in that department, my problem is I spend money on things/experiences that I don't need at this time.. I need to be focusing on the biz.

So that would be the second lesson. Don't be an idiot, and don't buy stuff you don't need until you can actually afford to do so without any repercussions. Just obvious/basic stuff there haha

 

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[DeletedUser394]

Oh and the majority of the business involves vending machine routes right now. I don't even do anything, I pay a friend to do my routes and I collect a check every 2 weeks or so.

 

[Mr.Dietsch]

Well you sound like your going to be fine to be honest. Just pretend that your poor and have no money for the next 3 months. I am confused on hiring a friend to do the manual labor. I am all for others working for you, but if you can do everything yourself and reap all the money and not have to pay anyone but yourself, why not? Also running the routes will actually increase your profits because A. This is your company, so your going to do everything to the fullest, and up sell any chance you get. Will your friend do this constantly for you? B. You may already have the candy setup correctly, but you do realize that you can greatly increase your profits by having the correct merchandise in you vending machines. Experimentation is so important. I was actually really close to purchasing a vending route a couple years ago, did a lot of research and came to the conclusion that it wasn't for me.

 

[DeletedUser394]

Well you sound like your going to be fine to be honest. Just pretend that your poor and have no money for the next 3 months. I am confused on hiring a friend to do the manual labor. I am all for others working for you, but if you can do everything yourself and reap all the money and not have to pay anyone but yourself, why not? Also running the routes will actually increase your profits because A. This is your company, so your going to do everything to the fullest, and up sell any chance you get. Will your friend do this constantly for you? B. You may already have the candy setup correctly, but you do realize that you can greatly increase your profits by having the correct merchandise in you vending machines. Experimentation is so important. I was actually really close to purchasing a vending route a couple years ago, did a lot of research and came to the conclusion that it wasn't for me.

Valid points. I'd rather do nothing and get paid less, than do everything and get paid more though. I exaggerate when I say I do nothing. I talk to customers, review financials, etc. I act as overseer. I have another project that takes up most of my time, not to mention I'm still in school, etc.

 

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[Mr.Dietsch]

Yes you are correct about doing nothing and making some money is better than working from dusk til dawn to bring in that extra income. If your looking to expand this idea, always be on the lookout for new schools and retail areas. With vending machines it usually is all about being the first one to make contact. I would try for schools like no other, I know at my university I see a huge Pepsi semi delivering almost daily, and that is just soda. I know someone makes a fortune off all of us hungry students.

 

[santa]

Also a concert that I decided to fly myself and a friend out to see.

Out of interest did you pay for both flights? was your friend a member of the opposite sex?

 

[DeletedUser394]

Out of interest did you pay for both flights? was your friend a member of the opposite sex?

Yes, and yes.

Originally I was supposed to take my gf, but she couldn't make it so I extended an open invitation to anyone. I barely knew her, and she ended up driving me crazy, so that's another lesson learned.. only travel with people you've actually met more than once or twice xD

 

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[theag]

Wow, didn't expect to see your name as the thread starter when I saw the title in the activity stream. But shit happens, I habe the same kind of debt, some parts of it very stupid, some parts where necessary to have something to eat, pay rent etc. I'm sure you will make it out quickly.

The part about flying a person that you dont know to a concerct, incl. limo, sounds very stupid to me though . What did your gf say to the fact that you were taking another girl with you and paying everything for her?

 

[santa]

Yes, and yes.

Originally I was supposed to take my gf, but she couldn't make it so I extended an open invitation to anyone. I barely knew her, and she ended up driving me crazy, so that's another lesson learned..

That makes sense, so you would of had the outlay anyhow. Guess in general we are going to frown upon consumer debt in this way, but at least if you have succesful business running already you know you have the capability to sort this out with new venutres/ingenuity/elbow grease. Will be keeping an eye on this to see what happens!

The part about flying a person that you dont know to a concerct, incl. limo, sounds very stupid to me though

We all do stupid things. I wonder if richkid found her attractive. There's usually a high correlation between doing regretful things and the driving force coming from humanity's second brain.

It reminds me of rule #62. Very important in holding on to wealth acrued;

 

[DeletedUser394]

She didn't care, but then again she's no longer my gf so perhaps she did. I do a lot of stuff for everyone, so something like that was more or less standard. (not anymore though, can't continue that until I'm actually balling, etc) That's another thing, I do so much for my friends (not monetary, but if monetary usually something small with 'thought' put behind it.. example: a friend was upset she had forgot her lunch, so I ran out and got her a bunch of things and surprised her. Little things like that to put smiles on people's faces.. but no one ever seems to reciprocate in any way (there are a few exceptions). I feel like 95% of my focus should be on myself at this point, because I rarely expect much from people.

For what it's worth the girl I took was incredibly annoying/irritating and I hope to never see or hear from her ever again.

No more pursuing relationships, but I'm thinking of trying that pua thing, to boost my 'selling' and everything. Beneficial for business.

It's 3 o'clock in the morning, so I appologize if this might not be making any sense.

 

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[DeletedUser394]

I wonder if richkid found her attractive.

We're straying off topic haha, but not in the least, I did not find her the least bit attractive.. and the worst part was she acted as if she was god's gift to the earth. Made me sick. Frankly I would have much preferred going with one of my guy friends, but no one was available, and all of my friends (for the most part) are broke college students.. which technically I am as well right now LOL.

Basically, I practice various martial arts disciplines, and I extended the invitation to my gym buddies. She saw who the artist was that I had tickets for, and she really loves him and could take the 3 days off work, so that was that.

Oh and this all happened 3 or 4 days before takeoff so there wasn't much time to put into the decision.

 

[santa]

-Again off topic (though its valuable in understanding the source of debt possibly)-
You come across as generous RichKid from what you're saying here and wanting to make those around you happy doesn't seem a bad thing in itself. Not saying this is you, but in my experience certain types of "generousity" can often come from someone who is very sensitive and finds it (too?) easy to empathize with other peoples situations and/or some lack of rootness in themselves (*sometimes* probably due to growing up with an overly self-centered/narcissistic adult).


-On the dating stuff- just remember like entreprenuership/making $- there is a lot ways you can go about it, lots of different material/philosophies and lots of rat race type scenarios/traps too if you follow certain philosophies (including societal norms).
I personally believe that along with health, improving one's relationship IQ and skillsets are just as important as the monetary.Though at different times one my predominate the others.If you ever want another view on this side of things or bounce ideas off feel free to PM me if you get stuck.


Back on topic now!

 

[RBefort]

It's ok, OP...I am in the same boat, although, a little less debt (outside of school loans and a car). I remember being cash broke a few years ago and survived on a credit card for a few months...add in unnecessary expenses and it gets up there pretty quickly. What's sad is I haven't even used the cards for like 6 months. They just sit there gaining interest...but I've always paid the minimum. Just recently started whacking off the debt after reading Ramsey+MJ books...the first got me thinking I need to get out of the dungeon and MJ inspired me to start working towards something else as well. Glad you already got your idea up and running, though. It should work out for you!

 

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[theag]

It's ok, OP...I am in the same boat, although, a little less debt (outside of school loans and a car). I remember being cash broke a few years ago and survived on a credit card for a few months...add in unnecessary expenses and it gets up there pretty quickly. What's sad is I haven't even used the cards for like 6 months. They just sit there gaining interest...but I've always paid the minimum. Just recently started whacking off the debt after reading Ramsey+MJ books...the first got me thinking I need to get out of the dungeon and MJ inspired me to start working towards something else as well. Glad you already got your idea up and running, though. It should work out for you!

Sounds exactly like me right now. Had to live on CCs for some because I didn't have enough cash and now I'm paying them off very slowly, while the interest cripples my payments.

 

[Calgary]

Yes you are correct about doing nothing and making some money is better than working from dusk til dawn to bring in that extra income. If your looking to expand this idea, always be on the lookout for new schools and retail areas. With vending machines it usually is all about being the first one to make contact. I would try for schools like no other, I know at my university I see a huge Pepsi semi delivering almost daily, and that is just soda. I know someone makes a fortune off all of us hungry students.

Let me fill you in on that. Unless you're doing high volume sales a day/week, big companies like Coca-Cola and Pepsi won't actually give you the juice vendors (they're free) + you have to buy the extract from them. What they'll do is, they'll give you a free refrigerator and you can purchase canned drinks from them. Just a little insight if you want to go into the food business.

 

[biophase]

I'd rather do nothing and get paid less, than do everything and get paid more though.

When you are in need of money, this may not be the right way to go. During the time you are not working, what is your return?

 

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[DeletedUser394]

When you are in need of money, this may not be the right way to go. During the time you are not working, what is your return?

I'm not quite sure I understand (at least the last sentence).

Most of my time right now is devoted to both school and my other project/venture. I basically had no where to put the cash, so I decided to purchase some existing vending routes and fusing them together. This keeps some kind of income coming in while I focus on my other things. I occassionally purchase more small routes and add them in. (I've never solicited any business/establishment to see if they want a machine, I just buy existing machines with track records). The only thing I don't do in this business is manually fill/maintain the machines on a weekly basis, I outsource that to a friend. Paying him doesn't take that big of a chunk out of my profit.

 

[DeletedUser394]

I scored a recurring contract for some work with a contractor/renovations expert. My total time commitment will be roughly only 2-3hrs per week and by January 1st that would take care of about 25% of my debt outstanding.

Not spectacular, but a quarter of the debt gone while learning about/visiting high end residences sounds good to me.

 

[The-J]

Things that I learned from this thread:

1) Consumer debt is always bad. Don't get yourself into it. I have to remember this when my credit card comes in the mail in two weeks. Also: good credit doesn't mean 'buy everything'.

2) Just because you have money doesn't mean it's the right time to invest it, and just because you invest your money doesn't mean it's a good one. I don't know how your investments are going to do, but this is something I will keep in mind.

3) Just because you're in debt and the interest is piling up doesn't mean it's the end of the world. There's opportunities even for those who are broke. Making money in creative ways is the best thing to do.

4) Investing comes in two forms: investing for cash flow and investing for future growth. It's the difference between investing in a $100 million dollar company with the expectation that it grows to $1 billion, and investing in a stock that issues high percentage dividends. For the time being, I will specialize in the first one with my company being my main future-growth asset.

I wish you luck, man. I'm still struggling along here without a job/work permit...

 

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[dknise]

So long story short, I'm a fool, an idiot, etc. But that's okay, we learn from our mistakes.

Now disclaimer before I start: I still operate the business that I purchased a month or two ago, and I still own 100% of it, and it's worth a lot more than the sum of my debts. My problem right now is lack of cash and high consumer debt. I could theoretically just sell the business and pay off the debt and still have plenty of money left over but that would be easy. And I deserve to suffer for my own stupidity. :smash

Glad to see you take responsibility.

if the company you purchased and run is worth much more than $10,000... then why are you looking to other ways to pay off your debt? Why can't you take profit from your company to pay it off?

 

[biophase]

I'm not quite sure I understand (at least the last sentence).

Most of my time right now is devoted to both school and my other project/venture. I basically had no where to put the cash, so I decided to purchase some existing vending routes and fusing them together. This keeps some kind of income coming in while I focus on my other things. I occassionally purchase more small routes and add them in. (I've never solicited any business/establishment to see if they want a machine, I just buy existing machines with track records). The only thing I don't do in this business is manually fill/maintain the machines on a weekly basis, I outsource that to a friend. Paying him doesn't take that big of a chunk out of my profit.

I mean that if your goal is to erase debt, you should be doing the routes yourself and using the money saved to pay that off. Unless, during the time you are not working in the route, are you doing something more productive towards making money?

 

[DeletedUser394]

I mean that if your goal is to erase debt, you should be doing the routes yourself and using the money saved to pay that off. Unless, during the time you are not working in the route, are you doing something more productive towards making money?

Yeah pretty much exactly that. The vending routes minus employee cost more or less covers my basic living expenses. I'm working on an online project that takes up most of my time now. Much easier to scale and has a lot more potential than the vending route. Only reason I bought the routes was so that I'd have enough cash coming in each month to no longer need a regular job. My expenses (not including stupid spending) are relatively small as I'm a student.

 

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[Barry]

Richkid, pardon me if this is already visible but tapatalk doesn't display it how old are you? Also what are you studying in college?


Sent from my BlackBerry using Tapatalk

 

[DeletedUser394]

Richkid, pardon me if this is already visible but tapatalk doesn't display it how old are you? Also what are you studying in college?


Sent from my BlackBerry using Tapatalk

I'm 20. Double major in Accounting and Finance.

 

[Barry]

I'm 20. Double major in Accounting and Finance.

I just turned 20 days ago, its pretty amazing that your 10k in debt at your age and your this cool about it with no worries that you won't get out of debt,you have a valuable business and you're motivated good luck man am eager to see how this turns out for you


Sent from my BlackBerry using Tapatalk

 

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[DeletedUser394]

I just turned 20 days ago, its pretty amazing that your 10k in debt at your age and your this cool about it with no worries that you won't get out of debt,you have a valuable business and you're motivated good luck man am eager to see how this turns out for you


Sent from my BlackBerry using Tapatalk

Happy belated birthday man!

Been through worse, so I can handle this. Already mapped out a plan of attack.

As of this moment I owe $9,905.

 

[Rickson9]

Hey, great to see you posting again. We missed you! Can you give me some of your thoughts and resources re: vending business? Any tips would be appreciated! Thanks in advance!

PS: The invitation to chat still stands if you ever find yourself in Toronto!