Ever realized how much debt you are in?

[Eli]

Originally posted by: vi_edit
<div class="FTQUOTE"><begin quote>Originally posted by: Eli
<div class="FTQUOTE"><begin quote>Originally posted by: vi_edit
If you are making $15 an hour, that 5% is about $25 a week, or around $1200 a year. If the transmission in your car craps out that's your years savings wiped out.</end quote></div>And that is being generous.

People that work paycheck to paycheck don't make $15/hr.... </end quote></div>

I was originally going to say $8 an hour but then saw his post about "go find a better job" and doubled the rate to $15 to make a point.

A lot of people would kill for $15 an hour. Even 5% of that annual wage doesn't go very far at all.

Yep.

I'd be pretty happy with 15$/hr net.

I'm technically making more than that, gross, right now.. but I'm a contracted delivery driver, so I have to pay for my own gas.. That kills it. I'm only making about 11$/hr after I take out gas and commercial insurance costs.

 

[MrChad]

Originally posted by: Flyback
What about those who sacrifice a trip, car, big screen television for an emergency fund?

If you work in a volatile sector where you could lose your job easily and it would take some time to find another, I think this would be essential before even having children or dependents of sorts.

Life can give you unexpected troubles, but often times it is preparation and not luck that sees others on top when all is said and done.

It isn't fun (to save) but you give to get. It all depends on how much risk you are willing to take on.

I don't disagree with you. A good portion (most) of debt trouble is due to fiscal irresponsibility somewhere down the line. It catches up to you eventually.

All I'm saying is that you can't generalize about EVERYONE'S debt. Bad things can happen to good, responsible, smart people that are beyond their control.

 

[Modular]

OP is having a nervous breakdown today...

7,000 is a bit since it's unsecured...but it surely is nothing that isn't able to be overcome. Stop eating out every day and you will save over $100 a month...

Anyways: school loans are the majority of my current debt, no biggie even though they are for a decent amount of $$


Edit: If you really are going to be making 60k, what are you worried about?

 

[txrandom]

Yap, $0.

 

[Rage187]

about $200,000 including $2000 in credit card debt.

 

[nakedfrog]

Originally posted by: Eli
<div class="FTQUOTE"><begin quote>Originally posted by: vi_edit
If you are making $15 an hour, that 5% is about $25 a week, or around $1200 a year. If the transmission in your car craps out that's your years savings wiped out.</end quote></div>And that is being generous.

People that work paycheck to paycheck don't make $15/hr....

I know of families pulling in over $80k per year that live paycheck to paycheck, if that makes you feel any better. I know, it seems crazy, but it's true.

 

[oboeguy]

$0

 

[Eli]

Originally posted by: nakedfrog
<div class="FTQUOTE"><begin quote>Originally posted by: Eli
<div class="FTQUOTE"><begin quote>Originally posted by: vi_edit
If you are making $15 an hour, that 5% is about $25 a week, or around $1200 a year. If the transmission in your car craps out that's your years savings wiped out.</end quote></div>And that is being generous.

People that work paycheck to paycheck don't make $15/hr....
</end quote></div>

I know of families pulling in over $80k per year that live paycheck to paycheck, if that makes you feel any better. I know, it seems crazy, but it's true.

Oh, I know.. I was just trying to make a point.

It's all relative. Doesn't matter if you make 15k or 150k a year.. Whether you live paycheck to paycheck or not depends entirely on your fiscal responsibility in many cases.

 

[PingSpike]

I (well, we) have about $8k on a car loan and we're about to take on a mortgage. I'm going to throw some extra payments at the car loan to get that gone within two years, since I'd like to lower my monthly expenses. I'm planning on paying a couple extra mortgage payments per year as well, at least until we have kids then all bets are off on that one! I'm going to try and build up 6 months of expenses as well. But I can understand why some people can't do it. If you weren't in a decent spot and then something bad happened you end up forever digging yourself out of the hole.

I'm fortunate though, I didn't make a lot of money right out of college and neither did my wife...but we only had about $4k in student loans and one car payment to worry about. Salaries aren't to high around here, and housing is pretty expensive but its not like its California or anything. As long as we keep our wits about us, and pick and choose the few luxuries we want we should do alright.

The trick is that when you (finally) start making more money to hide it from yourself so that you don't just change your lifestyle to eat up the excess.

 

[DainBramaged]

Oh, but I'm not...

 

[Platypus]

Quite a bit of student loans left over... I'm not too concerned about it.

 

[jlee]

$4xx.xx in CC that'll get paid off before the end of the month.

I'm driving a ~10yo truck & a 20+yo car, but hey, they're paid for.

 

[ebaycj]

yep, zero (other than the mortgage).

 

[Ns1]

Originally posted by: AmpedSilence
no CC, no car payment, only student loans, about 40k. I throw everything i make into savings. Almost 60% of my pay is currently going into some form of savings (IRA, 401k, ING, mutual funds, etc.)... yay for living at home!

having your mom walk in on you wanking it: priceless

 

[jjones]

No debt, not even a mortgage payment.

 

[mattpegher]

Came out of school with $150,000 of student debt, couldn't seriously begin to pay them off until 4 years latter after residency. By the time I have paid it off in full I will have paid $300,000. And not a penny of it is tax deductable because of the income caps.

2 mortgages but like someone said there is property and equity there so unless the market really crashes that debt is cleared upon sale. CC debt is revolving but has been as high as $30,000 with some of those 0% deals.

I like to pay cash for cars because they usually give you the money up front with any deals, ie $5000 off or 0% financing. At least for american cars.

 

[yhelothar]

Yeah, $2750
I bought a $1600 beater car with my new no payments for 6 months american express blue cash card.
I felt comfortable paying that off in the 6 months I had to make the money back, but my tutoring job has stagnated in the summer, where most of the students left

 

[Martin]

No loans, but after paying off all student loans, no assets either.

 

[Linux23]

Wow. I just paid off 12-14K in credit card bills in the last 3 months. I am transferring the remainder of the 7k to a card with a 1% APR and will wipe that clean before years in. Close to 20K in CC debt, paid off in about 6 months. I am really impressed with myself.

Oh and to top it off, I plan to buy a house, by myself in 2008 if I live. I'm finished being a financial moron, and it really is time for me to wakeup and finally grow up.

 

[Linux23]

Originally posted by: Eli
<div class="FTQUOTE"><begin quote>Originally posted by: vi_edit
<div class="FTQUOTE"><begin quote>Originally posted by: Eli
<div class="FTQUOTE"><begin quote>Originally posted by: vi_edit
If you are making $15 an hour, that 5% is about $25 a week, or around $1200 a year. If the transmission in your car craps out that's your years savings wiped out.</end quote></div>And that is being generous.

People that work paycheck to paycheck don't make $15/hr.... </end quote></div>

I was originally going to say $8 an hour but then saw his post about "go find a better job" and doubled the rate to $15 to make a point.

A lot of people would kill for $15 an hour. Even 5% of that annual wage doesn't go very far at all.</end quote></div>Yep.

I'd be pretty happy with 15$/hr net.

I'm technically making more than that, gross, right now.. but I'm a contracted delivery driver, so I have to pay for my own gas.. That kills it. I'm only making about 11$/hr after I take out gas and commercial insurance costs.

Hi Eli, do you mind if I ask how old you are?

 

[novasatori]

like $5 on cc - and ~8900 student loans that someone else is going to pay so those are the true hard numbers, but of what I will wind up paying about $5

 

[Dr. Detroit]

I'm 32 yo and no car loan, no mortgage, no CC debt.

 

[jiggahertz]

Originally posted by: MrChad
<div class="FTQUOTE"><begin quote>Originally posted by: jiggahertz
I don't think I would consider mortgages to be "debt" unless you account for the value of the asset as well.</end quote></div>

LOL.

If you owe money, it's a debt. Mortgages are not considered "bad" debt, however, unlike credit cards.

Yes, but unless you're upside down on a mortgage it increases your net worth instead of decreases.

 

[Safeway]

<Rant>
<Story>
A smart, financially intelligent person can save money and make the best of any financial situation. Credit card debt can be taken care of by consolidating the debt to a much lower interest rate or transferring the balance. I'm not saying that bad things don't happen to good people, but if properly planned for, the negative impact can be mitigated.

I have been saving money since the age of 5 (only because I didn't get any money before then). Only one bank would open a bank account for me with my dad as a co-signer, and that was Bank One. I can remember getting a paycheck for $909 when I was 12 (from stuffing envelopes), and depositing $900 of that into my co-signed money market account. All I needed to buy was some movie theater candy and beef jerky at Target, so the remaining $9 was more than enough. I was already planning for retirement, since I knew from that age that Social Security sucks so much balls and could not be relied on. If you are raised to be financially responsible, saving and living within your means is second nature.

What I am getting at is ... if you think that making smart financial decisions is natural or luck, it isn't. People like to spend and spend and spend. It takes education, sacrifice, and determination to remain financially balanced. To me, it is better to save $100 than to go out bar-hoping every single weekend.
</Story>
</Rant>

 

[amdskip]

Just my mortgage thankfully. It is comparable to what I was paying for rent though so it makes sense financially.