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

[Vigilante]

Kid one of these times you are going to create a ricochet that you won't be able to come back from. You are too young for the tremendous swings you have. You need to figure out how to stabilize your thought process and impulses.

You're intelligent, capable, and some day might make it. But... you will never make yourself into anything until you can control the swings. I have seen a lot of different personalities from you over several months --- several highs, several lows, several successes (mirages?) and several "I'm coming clean and starting over" posts.

If this is an internet persona, it's not attractive. If it's real... I mean this with 100% sincerity and without malice intended... take Patrick's advice above and find someone to talk with.

You need a life coach, and some times that can come in the form of a psychologist. I really don't think it's a business coach you need. You know how to make money. If you made $1m, my gut is you would blow $1.2m on a trip to Vegas. You need to look outside of "business" as to how you can stabilize your life. You can't always start again, handicapped with baggage, and hope to have a clear head.

You are too young to spend the rest of your days on this roller coaster. You need to figure out how to level things out, and that might come with a coach of some sort that can help you.

I see you as one down turn away from an irrecoverable path.

I wish you well.

 

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[PatrickP]

I would strongly suggest you get professional help. I would google the city you live in for addiction help based upon income.

You have gambling addiction, shopping and more.

This is much stronger than you and until you get help you will continue to repeat the same mistakes again and again.

 

[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;

 

[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?

 

[PatrickP]

When you have to contact online gambling sites and tell them to ban you because you can not stop yourself from gambling.

You DO have an addiction. You also have a spending addiction. These can only be truly treated by a professional. The sooner you realize this and get help the sooner you will get on to doing bigger and better things.

BUT then again you are doing well at school and can't discipline yourself with money so perhaps being an employee is a better future for you.

 

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[Runum]

Well guys, Ryan asked for some time off from the forum. Per his wishes he will be gone until the end of January.

I wish you well Ryan. I hope you get the help you need and you land on your feet.

 

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[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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[vtlambo]

Ok, thats weird. I don't know if ignoring a resource that has the potential to help him on so many levels is the right decision.

This forum is great and one of the most powerful things on the internet but with no disrespect to MJ/Richkid, I don't think the problems he's having have solutions here.

Good luck.

 

[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.

 

[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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[DeletedUser394]

Decided that I'm going to start logging all the money that's coming in and out of my accounts. That's the first step to taking control I think. Rather than just throwing out receipts and things of that nature I'm going to make note of them to see where my money is going,etc which will lead to a proper budget being made.

 

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[miked_d]

Sorry to hear. I didn't doubt for a second that you would make that $. I still don't.

I also believe you will spend it all due to this:

Until I'm in a MUCH better position (where the purchases represent miniscule percentages of my income), I'm not buying anything for anyone and that's not negotiable. This includes gifts and what have you.

Once you get in a comfortable money position you spend. The ebay story is classic impulse buying.

I am totally guilty of this which is why it popped out for me.

Few extra dollars? Buy that girl drinks.

Someone I don't really know mentions they need $40 for doctor... bamm - here you go.

Got a few thousand saved? Take a trip to an exotic place.

 

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[The-J]

Stop buying shit for women and provide them with REAL value. If you enjoy buying shit for women, you probably think that's the way you provide value to them, or it gives you a rush of power. Stop it.

As for your addictions, you should probably join a support group. I know that sounds all Fight Club and stuff but a tight backbone of people who are trying to change their lives for the better will lead you into the direction you want to go. They may become your best friends.

As Vigilante said: you don't need help making money. You obviously know how to do that. You're willing to get up at 4 am and wash windows until 8 at night. I can tell: we can all tell. You want it. But you've got a major liability on your back, and I'm not talking about your debts.

You'll make it if you are committed to the long road ahead. Best of luck to you.

Also, if you ever find yourself in Toronto, I'd love to hang out. Just make sure money is on your side when that happens.

 

[The-J]

I'm doing extremely well academically for example, so I want to keep that going.

Look at you with your 99% GPA.

You have discipline. You had 3 jobs plus your hustling gig at one point. Do that again. No more trips across the country until you're back on top.

 

[LamboMP]

Who at age 20 has the discipline to simply keep $70,000?

There are definitely people out there that would

 

[The-J]

As for the shopping.. not sure. I'll limit myself to spending $100 cash/month on whatever the heck I want. As long as I know I have some money to spend I'm happy with that. It's when I try to spend $0 outside of necessity where things start to go wonky.

Just keep track of your spending meticulously. My bank does that for me, which is nice.

dknise, you're not adding anything to the thread by being all "I told you so". In fact, you're being an a**hole.

That is all.

 

[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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[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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[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!

 

[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]

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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[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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[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!

 

[DeletedUser394]

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!

Most of what I know comes via two books.

'Small Change, Vending INSIDERS Secrets Revealed' from 'my vending uncle'

And

'Locating Vending Locations' by Rob and Patti Farnham

My mother was actually looking into moving to Toronto.. no idea if she intends to ever act on it. Hopefully I'll be back out east sooner rather than later! Lunch is on me haha (I shouldn't be in 'bad' debt by then.. only the 'good' kind)

 

[theag]

Decided that I'm going to start logging all the money that's coming in and out of my accounts. That's the first step to taking control I think. Rather than just throwing out receipts and things of that nature I'm going to make note of them to see where my money is going,etc which will lead to a proper budget being made.

I have to do that too. I nearly always paying with a debit card so I just have to export all the transactions once a week. I think this will be very helpful. There are so many little transactions you do each week/month that you forget about but add up.

 

[DeletedUser394]

I started moving in the right direction! Used the money from my first contractor gig to pay my 'cool friend' half of what I owed him.

Here's the new breakdown;

Total Owed Previously: $9,905
Current Total Owed: $9,655

Credit Card Company 51%
Dearest Mother Figure 26%
Past due gym membership fees 15%
Cool Friend 3%
Lovely Coworker 2%
Overdue Cell Bill 2%

I'm receiving a substantial cheque for services rendered on Monday which will make a nice dent in my debts. I want to hopefully wipe out the 3 smallest sums owed.

 

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[miked_d]

Biggest thing I did this past week was reject a really attractive female friend that wanted to go to an event with me (and have me pay obviously). The tickets weren't exorbitant (about $100-$150 for the two of us) but I basically told her the truth and said that I wasn't in any position to be spending money on anything for a while, but I did promise to take her out in the future when I'm I've got it all together again (financially), and I have no plans of ever allowing this to happen again (falling into the consumer debt trap over stupid things).

Why do you need to pay all the time? It doesn't matter whether you have extra money or not.

Why can't you go out to Starbucks for coffee?

 

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[Barry]

Awesome Job thus far man!

 

[mrsilva]

A tip on the credit card. I owned about $4,205 (my limit was $4k). They closed the credit card and were making tons of phone calls everyday to get the money.

After a month or so before sending to a collection agency they send me a settlement letter to pay $2,300 and that's it, no more calls, no interest and no collection!

Before you start making payments call them and ask to pay the whole thing once!

 

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