Total Networth -$59,751.31

[GuestU67047]

I'm not looking for any sympathy but I feel like I needed to rant a bit. Very few in my life know about this and I'm in this position due to my own mistakes.

It's been fairly a depressing couple months. I decided to stop learning to Web Development and start a dropshipping business. (Because take action right?) It failed. I'm not a salesman and I actually hate people selling me stuff so maybe that was a reason too. I walked into the trap MJ pointed out in Unscripted about the well-traveled road of the quick and easy. I'll be going back to doing Web Development. Nevertheless, the failure and a deeper look into my financial situation is causing somewhat of a depression.

I know there are no answers for this but what would you successful guys do in a similar situation? Is it even possible to enter true entrepreneurship and break these shackles? It DOES take some money to start anything.

Income:
$36,400 a year. My rent alone is $800+ a month and I live in one of the most expensive metro areas. =/

Student Loans: (This 4.5 years of paying for a useless FILM degree)
Oct 2019

 

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[Harbourmaster]

Here’s an analogy for you...

Baseball player walks up to the plate. It’s halfway through the season. A win or loss at this point in the season won’t have much sway on where either team finishes the year. Takes two strikes and three balls. Sixth pitch, “steeeee-rike!” Strike out. His team looses, and during the post-game interview the player tells the interviewer, “Baseball is tough. I struck out tonight. You don’t know how hard it is to hit that little white ball.” He then decides to quit baseball because he struck out.

What do you tell this player?

You tell him to keep going to practice. Keep studying. Keep trying. Hit the weights extra hard. Rest properly. Don’t drink too much. It was only one time at bat. Shake it off and get back out there and get it next time. This is how champions are made. By working on their craft.

 

[broswoodwork]

Life is long.

 

[100k]

Life is long.

And then you die.

Income:
$36,400 a year. My rent alone is $800+ a month and I live in one of the most expensive metro areas. =/

Student Loans: (This 4.5 years of paying for a useless FILM degree)
Oct 2019
View attachment 27864
View attachment 27867

Hey, do you have kids/a partner?

If not, get a room-mate - I know, it sucks, but you can cut your housing expenses by half, and if you split it 4 ways, you could actually live in a decent house and still cut your housing bill in half.

As for your other problem, man it sucks that you've paid $13k, but nearly $12k of that was going towards interest payment. Jesus f*cking christ, what a system.

Now I've not personally tried this, and I can't tell you if it works, but - if it does work ... then try it.

Basically, you get a revolving line of credit from your bank of like $10k.

You take out a $10k loan, you use the $10k to pay of your student loan in 1 go - and tell them it should go towards the principle and not interest payment.

Then when you get paid from your job, instead of your money going to your normal checking out, it goes straight to your line of credit - (i.e $3k goes straight into that account). Since you've paid $3k straight into the line of credit, you don't need to worry about making the minimum repayment, and then you take out what ever you need of that $3k to cover your normal expense. Next month, your $3k goes straight to the account, and take out whatever you need to take out to cover your expenses, then by month 4 or 6 (I'm not a math's person) you'll have paid off the whole line of credit and you start the process again.

With this system you can pay off $10k of your PRINCIPAL in 1 go every 6 months VS paying $13k, and only $2k of it going towards the principal.

:/ These guys can explain it way better than I can.

Simple Interest vs. Compound Interest: What's the Difference?

Simple interest is based on the principal amount of a loan, while compound interest is based on the principal plus accumulated interest. Learn more in our guide.

www.investopedia.com

View: https://www.youtube.com/watch?v=4GonTct2WMk

View: https://www.youtube.com/watch?v=J9978byclgk

View: https://www.youtube.com/watch?v=GbGMVskwno8

 

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[Rawseed]

I decided to stop learning to Web Development and start a dropshipping business.

Keep learning to do Web Development or pick up another marketable in-demand skill.

I'm not a salesman and I actually hate people selling me stuff so maybe that was a reason too.

You can't be an entrepreneur without being a salesman unless you plan to hire one or partner with one.

 

[Entre Eyes]

I was just curious does Total Networth include human organs?

There are a hell of alot of successful YouTubers with no film degree that should be advantage for you.

Not everyone can be a Jordan Peele but his story truly inspires. His first try at it...
Get Out
2017 film

Budget: 4.5 million USD
Box office: 255.4 million USD

There must be current film students that could use a helpful resource and willing to pay you for it.

If I was starting out in eCom I would go to see what has recently sold at auction, they give you an entire guide map to success.

Many people would still love to be in your shoes.

 

[GuestU67047]

Hey, do you have kids/a partner?

If not, get a room-mate - I know, it sucks, but you can cut your housing in half, and if you split it 4 ways, you could actually live in a decent house and still cut your housing bill in half.

As for your other problem, man it sucks that you've paid $13k, but nearly $12k of that was going towards interest payment. Jesus f*cking christ, what a system.

I do have roommates actually. I rent a room in a house and its $830 a month. That is fairly cheap in my area.

No kids, but my gf wants to get married and she is no better off as she finishes school next year. I may hold off and pay down my debt more before saying the vows.

Thanks for the videos as well.

 

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[inputchip]

It DOES take some money to start anything.

Actually, we're living in a day and age where a lot of businesses can be started with next to zero capital.

Most service businesses have very low start-up costs. What are your marketable skills? You mentioned software development. Are you at a point where you can sell your services?

I would be looking to hustle my way out of debt before trying to start a scalable fastlane business.

Lots of resources out there on how to make side income doing web design, graphics design, UI, UX, animation, video, ect. Use your skillset to your advantage.

When it comes to your long-term fastlane business plan. Stop chasing the shiny ball down the street.

Before trying to start another business, find the market need first.

Are you learning software development just for the sake of it? Even if you have a business idea that requires some software dev, it's almost always better to hire it out as your ROI for the time spend learning to develop software becomes very low.

It looks like you have some income from a job already. That's great, keep paying down any debt as quickly as you can with any unused cash.

 

[AFMKelvin]

Do you think film school was worth it? Did it give you good filming skills?

 

[Fox]

Pick up some video skills (you can learn for free on YouTube) combine it with Seo and web design - you got a decent starter advertising business.

Go do some free or cheap portfolio projects ASAP and get results.

Leverage those into paying jobs and go from there.

You got film skills so this is an obvious hustle you should be good at.

 

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[RazorCut]

Some great advice here.

I think the problem is you are coming at this with a negative mindset.

Yes it's fine to feel sorry for yourself. We all do from time to time. However you can't let that negativity become your norm.

If money is tight I would suggest that you don't go looking at ways to save money but concentrate on ways to provide as much value as possible in order to 2X, 5X or 10X your earnings. Don't think negative mindset think growth mindset.

There are people out there right now that need the services that your skills can provide. Find those that are the best fit and are willing to pay well for those services. They are out there. I have gone from earning $150 a day in a service industry up to $1250 a day. The only difference was in targeting the right customer, not in working longer or harder. In fact most of the jobs that paid the highest were less stressful and tiring to do.

The one and only thing standing in your way is you.

The quickest way to grow from scratch is to decide on the service you want to offer, then look for the businesses that already do business with the customers that are your best fit. Then see if you can team up with them or do a deal for referrals etc.. For example if you specialise in SEO seek out Web designers. If you do 3D product shots partner up with companies that specialise in creating ecom stores. If you own a drone offer video services through real-estate agents who haven't caught up yet.

Loads of opportunities, just do some brainstorming. I was invited to a BNI breakfast meeting last week. I had two people straight off the bat ask if I can have a meeting with them to discuss moving their businesses forward. Get out there and speak to people, it will build contacts, confidence and custom, I guarantee it.

 

[tylerwilkinson]

No kids, but my gf wants to get married and she is no better off as she finishes school next year. I may hold off and pay down my debt more before saying the vows.

In my state it costs $26 to get married and half your shit to get divorced. Now a wedding, that can get expensive, but it doesn’t have to be. The couple that spends $40k is just as married as the couple that spends a grand. We spent a lot (for us), but learned a lot in the process. I’m sure this isn’t unique.

A piece of wedding advice: if you buy a wedding suit, skip the tux and buy something that will work as a professional suit (if that.... suits... you). There is also rental.

 

[Kevin88660]

I'm not looking for any sympathy but I feel like I needed to rant a bit. Very few in my life know about this and I'm in this position due to my own mistakes.

It's been fairly a depressing couple months. I decided to stop learning to Web Development and start a dropshipping business. (Because take action right?) It failed. I'm not a salesman and I actually hate people selling me stuff so maybe that was a reason too. I walked into the trap MJ pointed out in Unscripted about the well-traveled road of the quick and easy. I'll be going back to doing Web Development. Nevertheless, the failure and a deeper look into my financial situation is causing somewhat of a depression.

I know there are no answers for this but what would you successful guys do in a similar situation? Is it even possible to enter true entrepreneurship and break these shackles? It DOES take some money to start anything.

Income:
$36,400 a year. My rent alone is $800+ a month and I live in one of the most expensive metro areas. =/

Student Loans: (This 4.5 years of paying for a useless FILM degree)
Oct 2019
View attachment 27864
View attachment 27867

Don’t worry too much about sales if you go the “product development manager” approach in your business, in creating a product that meets a need badly. That is in line with the original spirit of the MJ approach, focusing on developing the product that sells itself like a virus.

Honestly I hate developing products. That is why I am in the deep red ocean of sales, selling financial products of established companies. But since there are many channels selling more or less similar products, for me it is about optimizing performance and operation efficiency in the red ocean game.

 

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[luniac]

just chug along with the payments and live like a total peasant while working on business ideas.
This is the hand you've been dealt, and somewhat self inflicted college loan.

If you finally succeed in business, your debt will dissapear very fast.

 

[Bourbons]

Duck the debt and try again?

Make good on it when you make some money you're no good to anybody broke.

What assets/connections do you have?

At least you have an income, change bank accounts to a trusted person and re-roll

 

[LittleWolfie]

I'm not looking for any sympathy but I feel like I needed to rant a bit.

Income:
$36,400 a year.
View attachment 27864
View attachment 27867

Look at it this way. That income puts you in the top 50% of Americans.
That Average Income in America: What salary in the United States puts you in the top 50%, top 10%, and top 1%? (Updated for 2019)
Half your country are probably jealous of your postion, I'd love to have your problems.

63% have savings less than
<500

Looks like your winning on two fronts. That is before you consider just how much advantage living in western countries can bestow. At least there is enough food to go round

 

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[ZCP]

@Gamefan whatever you believe you are, you are.

the next step is yours to take.

 

[spreng]

Well, here are some step by step solutions:

1. Sell your shit and move to west texas, all you need is about $200. Join facebook pages for oil companies and take the first labor hand job they have for $18/hour which should come out to around 80k a year with overtime. Pay off student debt in 1.5-2 years.

2. get over your "hate sales" BS and go get a software sales job as a business development rep, make 60k working your a$$ off and get promoted. Make 100k the next year, keep working your A$$ off. Pay off student debt.

Then start thinking about starting a business leveraging the skills you have developed. You need to make sacrifices to be an entrepreneur
------

By the way I majored in film and did #2.

 

[AgainstAllOdds]

Well, here are some step by step solutions:

1. Sell your shit and move to west texas, all you need is about $200. Join facebook pages for oil companies and take the first labor hand job they have for $18/hour which should come out to around 80k a year with overtime. Pay off student debt in 1.5-2 years.

2. get over your "hate sales" BS and go get a software sales job as a business development rep, make 60k working your a$$ off and get promoted. Make 100k the next year, keep working your A$$ off. Pay off student debt.

Then start thinking about starting a business leveraging the skills you have developed. You need to make sacrifices to be an entrepreneur
------

By the way I majored in film and did #2.

This is some good advice.

 

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[WJK]

I'm not looking for any sympathy but I feel like I needed to rant a bit. Very few in my life know about this and I'm in this position due to my own mistakes.

It's been fairly a depressing couple months. I decided to stop learning to Web Development and start a dropshipping business. (Because take action right?) It failed. I'm not a salesman and I actually hate people selling me stuff so maybe that was a reason too. I walked into the trap MJ pointed out in Unscripted about the well-traveled road of the quick and easy. I'll be going back to doing Web Development. Nevertheless, the failure and a deeper look into my financial situation is causing somewhat of a depression.

I know there are no answers for this but what would you successful guys do in a similar situation? Is it even possible to enter true entrepreneurship and break these shackles? It DOES take some money to start anything.

Income:
$36,400 a year. My rent alone is $800+ a month and I live in one of the most expensive metro areas. =/

Student Loans: (This 4.5 years of paying for a useless FILM degree)
Oct 2019
View attachment 27864
View attachment 27867

You should study an amortization chart for buying a house or a piece of real estate! Commercial loans are the same way. Almost all that you pay for years is interest rather than principal. I always council people to pay at least twice the scheduled principal payment. You can pay down a 30-year loan in 15 years. Or you can do it bigger. Think if you made a double payment each month and half of it went to the principal?

(Note: I buy private party RE loans and I collect that interest you have discovered. People pay me every month. It's a lot sweeter to collect it than to have to be the payor! Have you considered changing businesses?)

Now, let's talk about your degree. What did you think you were going to do with it? Is there anything that you learned that you can use now or later? Did you learn to be more careful in choosing your education in the future? I must point out. If nothing else, you learned about interest and loans. There's a lot of stuff I learned when I was younger that I thought I'd never use. Bits and pieces of all of that are now very useful.

 

[jerkovicz27]

I'm not looking for any sympathy but I feel like I needed to rant a bit. Very few in my life know about this and I'm in this position due to my own mistakes.

It's been fairly a depressing couple months. I decided to stop learning to Web Development and start a dropshipping business. (Because take action right?) It failed. I'm not a salesman and I actually hate people selling me stuff so maybe that was a reason too. I walked into the trap MJ pointed out in Unscripted about the well-traveled road of the quick and easy. I'll be going back to doing Web Development. Nevertheless, the failure and a deeper look into my financial situation is causing somewhat of a depression.

I know there are no answers for this but what would you successful guys do in a similar situation? Is it even possible to enter true entrepreneurship and break these shackles? It DOES take some money to start anything.

Income:
$36,400 a year. My rent alone is $800+ a month and I live in one of the most expensive metro areas. =/

Student Loans: (This 4.5 years of paying for a useless FILM degree)
Oct 2019
View attachment 27864
View attachment 27867

In a similar boat, also paying just the interest monthly, just living at home, although might be moving if I get a "career job". The reason why living at home can be problematic and is to some extent for me, is the constant reminder of going back to school even though I have a Chemical Engineering degree just working as a temp making shit money no more than you, with the idea of getting the degree will save me, which maybe it could. Living at home sucks for the reasons that everyday similar conversations take place, going to work similar conversations take place and it's these similar conversations that really drag me down emotionally. I think a change of scenery where I don't know anyone or anything could be the thing that allows me to break from the shackles. Perhaps it could help you, move to a different city for a new job, and start devoting everything that you have to this entrepreneur lifestyle. In unscripted Demarco talks about moving to phoenix, and how that changed his perspective and attitude. Think about it like this, I want to change something, let's say I've been shy my whole life. It's harder to change shyness around people you already know, because in your mind they know that you are shy, but trying to change in front of someone that you just met is easier because you don't have any mind thoughts of this person knows I'm just trying to fake being outgoing. He only knows what you are in the moment, and thus it's easier to change your perception on yourself. I hope that makes sense.

 

[WJK]

In a similar boat, also paying just the interest monthly, just living at home, although might be moving if I get a "career job". The reason why living at home can be problematic and is to some extent for me, is the constant reminder of going back to school even though I have a Chemical Engineering degree just working as a temp making shit money no more than you, with the idea of getting the degree will save me, which maybe it could. Living at home sucks for the reasons that everyday similar conversations take place, going to work similar conversations take place and it's these similar conversations that really drag me down emotionally. I think a change of scenery where I don't know anyone or anything could be the thing that allows me to break from the shackles. Perhaps it could help you, move to a different city for a new job, and start devoting everything that you have to this entrepreneur lifestyle. In unscripted Demarco talks about moving to phoenix, and how that changed his perspective and attitude. Think about it like this, I want to change something, let's say I've been shy my whole life. It's harder to change shyness around people you already know, because in your mind they know that you are shy, but trying to change in front of someone that you just met is easier because you don't have any mind thoughts of this person knows I'm just trying to fake being outgoing. He only knows what you are in the moment, and thus it's easier to change your perception on yourself. I hope that makes sense.

Both of you -- do something! Create change. Take charge. Change direction. Get a better job. Meet a new business contact. Read a book. Take a walk. Go to the gym. Walk a dog. Journal. Talk to the guy in your mirror. Make a to-do list. Help an elderly person across the street. The main thing is to get off of your a$$ and get on with your life!

 

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