Kak
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My cousin recently asked me for help. A life decision or what should I do question.
He is 28 years old. Lives with his parents still. He is in debt. Works part time for a big box retailer. He is massively obese. His expenses are $500 a month.
His boss gave him the opportunity to go full time. Right now he does side jobs. Mowing and pressure washing.
This is his debt:
By him going full time. He would be working a night schedule. 9pm - 6am. I asked would he be able to still do his side jobs. He said "yeah". "I mow or pressure wash on Saturday & Sunday".
- $4,500 Credit Card
- $2,250 Car Loan
- $2,500 Dentist
So, I told him, to take the full time job. Pay the Credit Card debt off first. At the end of the year he would have roughly $1,600 saved up from going full time. He then would pay off the car. Leaving him the dentist bill.
I was met with a huge "No". I don't get it. Use the opportunity now with going full time to pay off the debt faster. He states that would be hard to find the time to workout and lose his weight.
It is clear to me what to do. He doesn't see the big picture.
Should I give up? LOL
@Kak @WillHurtDontCare @thechosen1
LOL, that's all he said? "NO"
What was his alternative solution? Let me guess. He has a MASSIVE external locus of control. He's waiting for someone else to decide his life for him and solve all of his problems?
Between business and personal, I routinely ring up and pay off well beyond that entire debt load in a month so this shit is foreign to me. My suggestion would be to just get on a better trajectory. Manage the debt, don't create more of it, earn more, and then just pay it all off. It isn't that much debt.
From that point forward, only use debt to create value. Like expanding his pressure washing business.
If you have 800 credit, you can get a car loan at 0%. I don't consider that debt. It's just letting the lender be the bag holder on a car worth of inflation.