Being debt free, the future and sex.

[fresh_to_death]

No, this isn't some ad or pitch for a new age debt reducing program. I'm about 2-3 months away from being debt free. Possibly sooner. I will have about 11k of revolving debt and loans lifted off my shoulders and it's almost an unreal feeling. I don't know what I'm going to do with my self then. I have no desire to buy anything like a house or car, so that eliminates 2 future big budget burdens right off the bat. You guys talk about the women created matrix some of us men live in, but I feel like the financial matrix is the real mother****er. The last 2 years have been extremely shatty for me as far as finances go, so I've learned which traps not to fall into again.

What would some of the more frugal members here suggest? Other than donating some money, I'll probably just end up putting most of my income into savings. I've been told by multiple people I should buy a house and rent it, but it really hasn't registered with me. My current salary is 72-75k a year, so I'm guessing I could go out on a limb if something worthwhile comes along. Hmmm...decisions, decisions.

 

[Jimbo2k]

what kind of traps have you learned to avoid?

and what kind of job do you have?

 

[mackdaddy27]

unless your entire salary goes towards your debt, i highly doubt it will take you just 2-3 months, more like 6 months is my guess.

I am about 8-9 months away at 18K , only because i have to pay for rent , car and ulities, if i didn't i'd be out of debt few months..

It sucks because your money is always towards debt, whereas if you had money you can get money from stocks etc.

but its an important lesson for me, like get out of debt and NEVER get to the point where you are more than 5K in the red ..

 

[BoredDude]

Well I'm well over 5k in the red already with college loans so I'm screwed.

 

[meitenesrigas]

No, this isn't some ad or pitch for a new age debt reducing program. I'm about 2-3 months away from being debt free. Possibly sooner. I will have about 11k of revolving debt and loans lifted off my shoulders and it's almost an unreal feeling. I don't know what I'm going to do with my self then. I have no desire to buy anything like a house or car, so that eliminates 2 future big budget burdens right off the bat. You guys talk about the women created matrix some of us men live in, but I feel like the financial matrix is the real mother****er. The last 2 years have been extremely shatty for me as far as finances go, so I've learned which traps not to fall into again.

What would some of the more frugal members here suggest? Other than donating some money, I'll probably just end up putting most of my income into savings. I've been told by multiple people I should buy a house and rent it, but it really hasn't registered with me. My current salary is 72-75k a year, so I'm guessing I could go out on a limb if something worthwhile comes along. Hmmm...decisions, decisions.

You are a f----- genius! Seriously, you are smarter than 97% of the jokers on this site. You get it! Avoid personal debt like the plague. It totally strips away your freedom. Now you have the opportunity to travel, follow your passions, and live YOUR life. Personal debt crushes all sense of personal freedom. My advice: Use your passport. Great age to begin.

 

[mackdaddy27]

another point to add is...


even though your in debt, dont pause your life just cause you fretting over debt. continue to live your life WHILE YOU pay off your debt. Pay in installations.. Remember that TIME AND Life are VERY important

 

[meitenesrigas]

another point to add is...


even though your in debt, dont pause your life just cause you fretting over debt. continue to live your life WHILE YOU pay off your debt. Pay in installations.. Remember that TIME AND Life are VERY important

Bad advice. This just leads to more debt. Suffer and pay!! Don't get caught up in the game that the system wants you to get caught up in. Live at home with your folks, drive a s---- car, and play video games. Seriously, get those bills paid. Keep things simple and bite the bullet. You will thank me when your one time friends are having ulcers and you are enjoying life thousands of miles from any of them!

Trust me, those around you that care for you will admire what you are doing. It shows a sense of maturity and personal discipline. Few have that in America these days.

.

 

[KarmaSutra]

Bad advice. This just leads to more debt. Suffer and pay!! Don't get caught up in the game that the system wants you to get caught up in. Live at home with your folks, drive a s---- car, and play video games. Seriously, get those bills paid. Keep things simple and bite the bullet. You will thank me when your one time friends are having ulcers and you are enjoying life thousands of miles from any of them!

Trust me, those around you that care for you will admire what you are doing. It shows a sense of maturity and personal discipline. Few have that in America these days.

.

Jesus-thefvckbastard-Christ.

A post with some merit. Guess you have to take the first step sometime. Keep the ball bouncing.

 

[meitenesrigas]

Jesus-thefvckbastard-Christ.

A post with some merit. Guess you have to take the first step sometime. Keep the ball bouncing.

Are you flirting with me?

 

[KarmaSutra]

Are you flirting with me?

Depends. Do you piss sitting down and bleed every 28 days like a stuck pig?

 

[azanon]

What would some of the more frugal members here suggest? Other than donating some money, I'll probably just end up putting most of my income into savings. I've been told by multiple people I should buy a house and rent it, but it really hasn't registered with me. My current salary is 72-75k a year, so I'm guessing I could go out on a limb if something worthwhile comes along. Hmmm...decisions, decisions.

> As the previous poster said, start you an (Roth) IRA and max it from now on until you retire. If you're eligible for 401(k)'s through your work, max that too. Since you have been living with paying off debt, this is a great time to transition debt payments to IRA since you're already used to not living off of everything that you make. Wealth is not measured by how much you make, but how much you have to show for what you've done.

If i wanted to know someone's wealth, I'd ask what their net worth is. I could not care less what their salary is.

> Not all debt is bad. Reasonable home loans are fine, but I recommend saving for 20% down-payment to avoid PMI. I don't recommend other solutions to avoid PMI (such as piggy loans). Reasonable school loans are fine too as long as you know exactly why you are going to school. Everything else, save for and pay with cash; yes, including cars.

> Open mutual fund accounts with the purpose of saving for big ticket items such as cars, house down-payments, or for fun stuff like vacations.

> Work on building an emergency fund with at least 10K dollars that you have no intentions of touching except for a real emergency. 10K is reasonable for someone with 75K income.

I stress again, nothing is more important than building wealth via retirement accounts. If you're bringing in 50K after federal and state taxes, then learn to live off of 40-45K (80-90% of what you make) and save the rest. This one decision determines whether you will be the typical someone that is one pay-check away from disaster who is a future walmart greeter after they finally fire you for being too old or someone who will be a millionairre in 20-30 years who will retire early. IRA's provide such a powerful tool to allow you to become rich, it should almost be a crime not to take advantage of them.

>Buy a few finance books and read them.

 

[meitenesrigas]

Investment Advice?? Don't follow information that you get on message boards. Read everything you can and remember that nothing is free, easy, or fast. Personally, I am a contrarian who has been short the dollar (and pretty much everything else American) for a few years now. The best advice I can give is to travel by yourself and learn. Whatever you do, don't become like the guys in the Mature section of this forum. Avoid all personal debt (you don't need to own a house), travel, don't date girls in the West, don't hang around expats when you are outside of the country, never try to compare yourself with other Americans, and become closer to your family while dumping all of your old friends. The last one is crucial. If you are lucky you have at least one family member who actually loves you. Trust me, your friends don't love you and they don't want what is best for you. They will never accept your new lifestyle. Why? Because they don't want to see you happier than they are. Humans suck in that way.

 

[KarmaSutra]

Investment Advice?? Don't follow information that you get on message boards. Read everything you can and remember that nothing is free, easy, or fast. Personally, I am a contrarian who has been short the dollar (and pretty much everything else American) for a few years now. The best advice I can give is to travel by yourself and learn. Whatever you do, don't become like the guys in the Mature section of this forum. Avoid all personal debt (you don't need to own a house), travel, don't date girls in the West, don't hang around expats when you are outside of the country, never try to compare yourself with other Americans, and become closer to your family while dumping all of your old friends. The last one is crucial. If you are lucky you have at least one family member who actually loves you. Trust me, your friends don't love you and they don't want what is best for you. They will never accept your new lifestyle. Why? Because they don't want to see you happier than they are. Humans suck in that way.

The level of defeatist mentality in your tone is very unsettling. Perhaps you need to consult a professional before you fvck yourself up beyond repair?

You seriously need some mental help.

 

[thehexman]

I would recommend reading some books on the matter of money and finances. Two I would like name specifically are:

Rich Dad Poor Dad

http://www.amazon.com/s/ref=nb_ss_g...=aps&field-keywords=rich+dad+poor+dad&x=0&y=0

And also

Principle of Economics --- Gregory Mankiw

This book is really expensive of Amazon, but well worth the read, as it is used by students as a clear, plain-language book in prep economics classes. I bought it for 40 EUR new, but it really does seem to be quite a bit more expensive in the US.

 

[fresh_to_death]

what kind of traps have you learned to avoid?

Falling for stupid ass personal loan offers, using credit cards like they were going out of style, wanting to buy a nice car at 21 when I shouldn't have, ignoring bills just because I thought they could be paid later with little repercussion. Typical young, dumb, American stuff. I work for an oil & natural gas company out in the patch as they say. It's long hours, but what the hell, they shell out the pay. I'll be able to push damn near 100k by the end of my second year.

I'm definitely going to look into an IRA and acquire literature concerning investing and finances . I never want to be a slave to a paycheck or some greedy corporation. My employer is going to rent an apartment for me and foot all of the utility bills, so I'll be able to focus a large chunk towards debt, savings, and investing after a little self-education.

Finally unplugged.

P.S. - meitenesrigas' post isn't completely defeatist. I come from a low income town in Texas and ever since I got this job friends and family treat me like I have won the lottery. It's sad, but I've had to begin the process of separating myself from certain people in my life. I see that my new attitude towards money is not going to mesh well with most folks. Oh yeah, MOB(Money over b******). :box:

 

[Last Man Standing]

Read the Economic Collapse thread.. Yes, there is an economic Matrix... http://www.sosuave.net/forum/showthread.php?t=123768

 

[MacAvoy]

Try not to ever go into debt again. Due to a theft, I filed for bankruptcy when my business collapsed 8 years ago. It turned out to be a blessing in disguise.

Now 100% of my income is mine. When I want a car, I save up and buy it. Actually I don't, I do consulting work, so when I get a lump sum payment, I can buy a car or whatever else I desire.

Like others said, build an emergency fund, save for retirement, have fun, travel, but speak to a professional and put together a plan. I would suggest going in debt at all costs, that is until you have enough money that you can make more money playing with it on the market, than it would be to buy a car for cash.

 

[OzyBoy]

I know how bad it can be getting into debt and all the freedom you lose. I have been in debt for years but next month I will get completely debt free and life is going to get so much easier. I hope to never get into debt again, except maybe to buy a house. :rockon: