Turn for the better.
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08-10-2016, 09:07 AM
Turn for the better.
For the last couple of years I've gotten my self into what I consider considerable debt. From wedding payments, car loans, cleaning up my wife Credit card debt. and just the price of living in California i ranked up close to 12k dollars. This isn't including the other regular bills that come threw, such as car payment, insurance and the like. I always had to make a choice between eating or catching up on bills. The past two months, on a consitant bases i was owning the bank $500 my pay checks where not large enough.

Because of these I became pron to something I've never really felt before. Nervous break downs. Night terrors. And more stress then I could handle. I haven't been able to do many things that I would like to do. Like visit my famliy that lives on the east coast, while i'm over here on the west. Simply because money doesn't allow it. Plus my wife and I wanting a child and not knowing if I could afford food for us, let alone a 3rd mouth.

(I imagine right about now you're like geez CS put this in the personal issue section.)

A couple of weeks back my parents called to let me know that my great grandmother had passes away. (107) I knew very little of her, as she had Alzheimer and couldn't even remember how you got in the room even if you've been sitting with her the whole time. And thought my grandmother was still a 10 year old kid. She was the step mother of my grand mother. My great grandfather was a wealthy land owner, and was a prominent member of his community back in the day. And left a sizable interference to the next of kin, which rolled over to my step great grandmother. The only one left in that famliy is my grandmother. Who had many success in life of her own doing, and doesn't need it. So she passed it forward to her children and grand children.

It's more then enough to get me out of my hole. I've already cleared one of my Credit cards and when the next payments are up i'll be able to clear them. I've feel like a tremendous weight has been lifted off my shoulders. I can finally buy new clothes, fix things that have been falling apart (my car, house hold appliances),take my wife out for date night again and set money aside to buy a house.

It also made me think 10 years ago I would have thanked god for this. Thinking the only way these events could have taken place would threw divine intervention. But know my thoughts have been more on find out more about that portion of the famliy so I can honer their name in some way.

I just wanted to tell someone. I haven't told anyone outside my famliy because I don't want to brag. I just haven't been this happy for a long time. Getting clear of financial burden.

Also I don't want to squander this. Dose anyone have any advice on how to wisely invest this into something? I have stock but it's worth next to nothing.

On a side note I found out if my grandmother didn't distribute the inheritance before the end of the year. The state (NJ) would have taken 60% of it. WTF.

Don't Live each day like it's your last. Live each day like you have 541 days after that one where every choice you make will have lasting implications to you and the world around you. ~ Tim Minchin
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08-10-2016, 09:33 AM
RE: Turn for the better.
Congratulations!

If it were me I'd put every dime I could toward home ownership. With a responsible loan structure, of course - it may still be possible to "buy" a home beyond your true ability to keep it so be careful.

And while it may sound trite resist temptations to indulge whimsy you can right now afford. Those bastards add up without your realizing it and suddenly your wallet is empty.

Glad you're on solid footing at last! I hope you can go from there to even more solid footing.
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08-10-2016, 09:33 AM
RE: Turn for the better.
I think Full circle has a thread on investing? He might be a good one to talk to to give you some ideas. Also going to a financial advisor would help. Congrats on getting out debt! Smile
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09-10-2016, 01:07 AM
RE: Turn for the better.
Hi Commonsensei,

Excellent news indeed!

It is a wonderful thing to be debt free. Smile My 2p would be to steer clear of any dodgy investments and keep your cash safe. Otherwise, just enjoy the feeling and the reality of your new situation in life.

D.
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09-10-2016, 06:07 AM
RE: Turn for the better.
I'm glad you have done better. It's very wise to use an unexpected windfall like an inheritance to retire your debts. My recommendation: if there's enough to pay off everything including your car and any student loans, use the money for that, and then put the rest towards a house. Once you get a house, you'll start building equity. If you don't have enough for a house yet, maybe put some in a savings account targeted towards a house, then try to put into your savings half of the money you used to use to make payments on your credit.

And of course you should take some of the money and put it into some little nice things, like dinners.

My husband and I have had a couple of periods where we were suddenly, but temporarily, earning a lot more money or receiving an inheritance, and we used the money to get rid of all of our non-mortgage debt, fund college for our son so that he will be debt-free when he graduates, and take a couple of nice vacations. (My husband's brother-in-law took his inheritance and spent it on more stuff, rather than getting rid of any of his loans--he had his house foreclosed on just a couple of years afterwards and is still in a lot of debt...I don't want to moralize too much, and it's true that my BIL had great fun for a while with the stuff he bought, but he doesn't have much peace of mind today. He's in his mid 40s and still living on the financial edge.)
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09-10-2016, 06:52 AM
RE: Turn for the better.
Awesome! You seem like a cool guy. Glad to hear good things are happening.
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09-10-2016, 09:41 AM
RE: Turn for the better.
It's nice to get out of debt, good for you! (Sorry about the death of your GGM). When I retired, I invested my money with the brokers that have taken care of my mother- and father-in-law's money. They lived off of it for 20+ years (in fact, my MIL still does) and the value of the account is much greater than what it was when they retired.
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11-10-2016, 08:48 AM
RE: Turn for the better.
(09-10-2016 06:07 AM)julep Wrote:  I'm glad you have done better. It's very wise to use an unexpected windfall like an inheritance to retire your debts. My recommendation: if there's enough to pay off everything including your car and any student loans, use the money for that, and then put the rest towards a house. Once you get a house, you'll start building equity. If you don't have enough for a house yet, maybe put some in a savings account targeted towards a house, then try to put into your savings half of the money you used to use to make payments on your credit.

And of course you should take some of the money and put it into some little nice things, like dinners.

My husband and I have had a couple of periods where we were suddenly, but temporarily, earning a lot more money or receiving an inheritance, and we used the money to get rid of all of our non-mortgage debt, fund college for our son so that he will be debt-free when he graduates, and take a couple of nice vacations. (My husband's brother-in-law took his inheritance and spent it on more stuff, rather than getting rid of any of his loans--he had his house foreclosed on just a couple of years afterwards and is still in a lot of debt...I don't want to moralize too much, and it's true that my BIL had great fun for a while with the stuff he bought, but he doesn't have much peace of mind today. He's in his mid 40s and still living on the financial edge.)

The car payment I still have 2 or 3 years to go. I earn enough that payments on that are reasonable. I was paying an outrageous amount to a life insurance plan that was drowning me. I was putting $2400+ a year towards it. I had just readjusted it a week before I found out I was getting the inheritance. So now it's just $400 a year. Luckily for me I payed off my student loans about 5 years ago. So it's nice to not have that looming over me.

My wife and I want to get a house but just wasn't realistic for us.

My biggest fear is getting tided down with one. I'm been trying to make plans to move back to the east coast. But I don't have any work lined up resumes have been sent just no responses.

Don't Live each day like it's your last. Live each day like you have 541 days after that one where every choice you make will have lasting implications to you and the world around you. ~ Tim Minchin
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11-10-2016, 09:30 AM
RE: Turn for the better.
First of all, congratulations! If moving is a possibility, then set that money aside and guard it.
Look at the whys and hows of the credit card debt, and do what you can to keep from falling back into that hole.
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11-10-2016, 10:20 AM
RE: Turn for the better.
Awesome.. Now throw away the credit cards and don't get in debt again.....

As for investments -- guns and ammo can be excellent tax-free sources of ready cash that grow over time ,----IF BOUGHT CORRECTLY.....

I had turned some good LEGAL deals that stock traders would envy the returns..

.......................................

The difference between prayer and masturbation - is when a guy is through masturbating - he has something to show for his efforts.
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