Debt Thread
Post Reply
 
Thread Rating:
  • 0 Votes - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
05-09-2017, 10:56 AM
RE: Debt Thread
OK, so after a minor set back on the initial attempt, I thought I'd go full novelty on my tshirt store this time around. Trying to promote this as much as possible via twitter and what not, so please have a look/like/share as much as possible Smile

I present you with: "Save Dan" Laugh out load

https://www.teepublic.com/user/dbshirts
https://twitter.com/DanNeedsHelp

Laugh out load
Find all posts by this user
Like Post Quote this message in a reply
26-09-2017, 10:13 AM
RE: Debt Thread
SO:

Update - finances mildly reorganised to have all "larger" debts paid off by this sort of time next year, if not hopefully a bit sooner. only downside is this leave no wiggle room for basically doing anything for the next 6-12 months....which sucks the big one.

Number of things have also come up on the olde "credit report" which means my credit score is ridiculously low, like comically, and I imagine will stay like that whilst I pay off existing credit related thing.

Other schemes/side projects basically have proved to be un-fruitful, so looks like I'm Mostly fecked. Not all the way fecked....but mostly fecked. At least for another year.

I'm starting to become just really pissed off that this is essentially "not that much" to some people, although I'm just in a bit of a hole and have to do things the hard way. Not much of a change in that direction, but you know its like any idea I have (selling things [I have 0 things to sell]/earning extra money [if I had the time]) are just looking like it's not doable really, so its just me chipping away slowly but surely for the foreseeable.

I'm tired of being broke....it's been around 5 years. And i have nothing else left to do other than wait and be poor. It sucks.
Find all posts by this user
Like Post Quote this message in a reply
26-09-2017, 11:52 AM
RE: Debt Thread
I think it's encouraging that you have a 6-12 month projection, even if hard. I beared down a while ago and got into the routine of paying down and you'd be surprised at how quickly that credit score works its way up. It definitely sucks at the beginning and being disciplined is hard but I found that it becomes addictive after a bit, kind of exciting. IMHO, I think your last sentence should read, "I have nothing else left to do other than wait and *then* be *rich*. Which is awesome. Smile
Find all posts by this user
Like Post Quote this message in a reply
[+] 1 user Likes LadyJane's post
26-09-2017, 12:14 PM
RE: Debt Thread
(30-08-2017 12:59 PM)reeveseb Wrote:  My best advice for long term investing would be the Roth IRA. Since contributions have already been taxed, there are no tax penalties in the future. The interest in a Roth IRA grows tax free. There are annual funding limits, but for a started retirement fund, I'm not sure there is a much better option.

But what are you investing in within your Roth IRA?

“I am quite sure now that often, very often, in matters concerning religion and politics a man’s reasoning powers are not above the monkey’s.”~Mark Twain
“Ocean: A body of water occupying about two-thirds of a world made for man - who has no gills.”~ Ambrose Bierce
Find all posts by this user
Like Post Quote this message in a reply
26-09-2017, 12:40 PM
RE: Debt Thread
Me? No debts, no credit cards, own my house and car. (Said he smugly.)

Also... No stocks or shares... NO way hose A.

I'm a creationist... I believe that man created God.
Find all posts by this user
Like Post Quote this message in a reply
[+] 1 user Likes SYZ's post
26-09-2017, 12:44 PM
RE: Debt Thread
(26-09-2017 11:52 AM)LadyJane Wrote:  I think it's encouraging that you have a 6-12 month projection, even if hard. I beared down a while ago and got into the routine of paying down and you'd be surprised at how quickly that credit score works its way up. It definitely sucks at the beginning and being disciplined is hard but I found that it becomes addictive after a bit, kind of exciting. IMHO, I think your last sentence should read, "I have nothing else left to do other than wait and *then* be *rich*. Which is awesome. Smile
Yeah its pretty cool, as ill have not long turned 30 as well and be debt free...just annoying Mr that it can't be a hell of a lot sooner haha.
Find all posts by this user
Like Post Quote this message in a reply
28-09-2017, 04:12 AM
RE: Debt Thread
Update: Come into work to find out I've been given a minor pay-rise. Considering I never really had a pay rise that didn't involve me moving jobs/changing roles, this is amazing!

Doing some minor calculations, (and if something doesn't happen in the mean time), I'll be able to pay this all off a little bit sooner then I had previously though Smile
Find all posts by this user
Like Post Quote this message in a reply
[+] 3 users Like OakTree500's post
18-12-2017, 04:36 PM
RE: Debt Thread
I had a super busy year and now that things have calmed down, I am looking closer at my financial situation and goals. I'd like any insight, advice, etc. Smile Please keep in mind I am Canadian.

I am selling a rental home in January, it should have a sizeable return on it. With the return I am planning to:

pay off my credit card debt
have a small emergency fund saved (where to put it?)
a small portion for a family vacation this spring
the rest I'd like to begin my retirement savings/investing.

I have looked at vanguard ETF's (or mutuals, but prob ETF) (thanks Fullcircle for the direction) and I'm comparing it to TD Ameritrade. I'm very new and scared on where to place trust in these decisions. I am scared of a tax and fee consequence as well, I know people who have retired and been burned bad once they start to access their money.

After this I will have a good chunk of monthly income to continue placing in investment for retirement.

My husband has his own CC debt which we plan to use the debt snowball to accomplish, this should take about a year. I am wondering if it's better to clear this then do the ETF or to proceed with how I have it laid out already.

On top of that we have car and house payments.

Also, I have a small amount of pension plan from previous employment but it's not really that notable I don't think, as well as some family inheritance eventually but that makes me sick to think about and it's not wise to count on anything like this anyway.

I want to retire in 20-25 years. I am 35 yrs old.

I haven't figured out how much annually Ill need during retirement, so I can't figure out how much monthly to continue investing. I'm working on those figures but it's really hard to wrap my head around. I can appreciate math, but it still hurts Laugh out load Again, I'd like to trust a financial advisor but have heard of things going wrong with that.
Find all posts by this user
Like Post Quote this message in a reply
18-12-2017, 04:44 PM
RE: Debt Thread
(18-12-2017 04:36 PM)LadyJane Wrote:  I had a super busy year and now that things have calmed down, I am looking closer at my financial situation and goals. I'd like any insight, advice, etc. Smile Please keep in mind I am Canadian.

I am selling a rental home in January, it should have a sizeable return on it. With the return I am planning to:

pay off my credit card debt
have a small emergency fund saved (where to put it?)
a small portion for a family vacation this spring
the rest I'd like to begin my retirement savings/investing.

I have looked at vanguard ETF's (or mutuals, but prob ETF) (thanks Fullcircle for the direction) and I'm comparing it to TD Ameritrade. I'm very new and scared on where to place trust in these decisions. I am scared of a tax and fee consequence as well, I know people who have retired and been burned bad once they start to access their money.

After this I will have a good chunk of monthly income to continue placing in investment for retirement.

My husband has his own CC debt which we plan to use the debt snowball to accomplish, this should take about a year. I am wondering if it's better to clear this then do the ETF or to proceed with how I have it laid out already.

On top of that we have car and house payments.

Also, I have a small amount of pension plan from previous employment but it's not really that notable I don't think, as well as some family inheritance eventually but that makes me sick to think about and it's not wise to count on anything like this anyway.

I want to retire in 20-25 years. I am 35 yrs old.

I haven't figured out how much annually Ill need during retirement, so I can't figure out how much monthly to continue investing. I'm working on those figures but it's really hard to wrap my head around. I can appreciate math, but it still hurts Laugh out load Again, I'd like to trust a financial advisor but have heard of things going wrong with that.

Just start with what you spend monthly now, what would be different once retired, and you'll get to a figure for it. Then add in that you will still need an emergency fund. Stuff breaks and needs to be fixed and maintained.

I don't trust advisors either. Tongue

[Image: dobie.png]Science is the process we've designed to be responsible for generating our best guess as to what the fuck is going on. Girly Man
Find all posts by this user
Like Post Quote this message in a reply
[+] 1 user Likes Dom's post
19-12-2017, 09:19 AM
RE: Debt Thread
(30-08-2017 08:50 AM)OakTree500 Wrote:  Just wondering, does anybody dabble in stocks/shares/bonds and the suchlike? How easy/difficult is it to "do" and potentially make money out of? One of the many avenues I'm looking at for the "clear my debts sooner" fund, so any input is more than welcome.

The bulk of our investments came from my wife's pension from her teaching job of 12 years and my 401K from a job I had for 8 years, combined with some investments we've done in mutual funds on the side.

Depending on the interest rate on your debt, that will drive a lot as to if you should pay it down first before other investing. Super high interest stuff like credit cards should always be paid down ASAP. Strictly speaking, if you have other loans out on low interest, you can make the argument that you should invest at a higher interest rate.


(30-08-2017 08:50 AM)OakTree500 Wrote:  Edited to become: the debt thread! Are you in debt as well? How are you paying it off etc.

The only debt we have left is the house, which is mostly paid off. We actually have enough in the bank to pay it off, but my wife wants to move to Canada, and apparently, having so much money in the bank ranks you higher for whether or not you get to move there.

I guess, whether or not she gets accepted to her position, either way, we'll be debt free this fall. We'll either sell the house (and not buy another) or we'll be able to just pay it down when we don't need to maintain such a large savings. I'm looking forward to being debt free in my 30s.
Find all posts by this user
Like Post Quote this message in a reply
Post Reply
Forum Jump: