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  • Locked thread
Shipon
Nov 7, 2005

Berkut posted:

I'm not sure if our "leave" is anything like Army leave, much less Canadian, but are you given the option of 'selling' paid vacation? Like, throwing away your saved up hours for cash payout?

Here, this is seen as a waste of money, but in your case it would probably be helpful since you do NOT need to go on vacation any time soon and will only be encouraged to spend while on vacation.

Honestly, I'm not a fan of selling the car. Given there are plenty of good reasons to do it, but paying it off would net you with what appears to be your only potential chunk of equity. Still, priorities beckon. ._.

Oh another thing, do you do your own routine car maintenance? This saves a poo poo TON if you're willing to learn the basics. A good investment would be a Hayes manual for your model.

Edit: Obviously don't toss out *all* vacation, though; emergencies happen.

Never underestimate the advantage of having a maintained vehicle that you have a complete record of, not to mention a warranty on. I would argue that having that would outweigh the benefit of him selling all of his assets just to try to sell the car and find a cheap beater.

Seriously, don't give up the car. Look to other ways of slimming down your budget, because you don't want to mess with your transportation. The car might have been a bad idea in retrospect, but so would be giving up a perfectly reliable vehicle and selling all of your property just to buy some uncertain beater. 1.9% is hardly a horrifying interest rate, anyway.

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tuyop
Sep 15, 2006

Every second that we're not growing BASIL is a second wasted

Fun Shoe
I have 16 days of leave left this year. 8 are reserved for Christmas and produce 21 days, IIRC. I'm hoping to pile on the other 8 before that so that I can have a big recovery vacation after this brutal course. This is not a trip, just days spent in my apartment being domestic, sleeping in, and working odd jobs to fill the days and produce money. I have to spend a bit of it with my family in Halifax. Maybe I could fill in at sears or something for their extra holiday hours.

Vacation refills in May when I get 20 more days. My friend wanted to go surfing in Costa Rica before the next course, but there's no loving way now.

I was thinking of applying for part time work at security places because I have a lot of contacts, or any part time work really, but then bam! I got sent to the field for a week. That can happen at any time. I would loving love an extra 800 this month to build up the buffer though.

I have a lot of research and academic writing experience (140 credit arts degree woo) and I'm good at poker. Can I leverage any of that for a bit extra money?

Leperflesh
May 17, 2007

tuyop posted:

and I'm good at poker

This is the best possible idea, ever.

tuyop
Sep 15, 2006

Every second that we're not growing BASIL is a second wasted

Fun Shoe
It's the end of the month! Here are some pictures.


Living outside your means.jpg


Pretty big orange slice there. :(


Yeah, gently caress you car.


I am pleased about June and July for spending (a little) less than I made.

Zeta Taskforce
Jun 27, 2002

tuyop posted:


I am pleased about June and July for spending (a little) less than I made.

Well part of that might be due to you being maxed out on your cards and unbankable when you try to obtain more debt.

How did you become $7000 upside down on your car? There has to be a broader lesson here.

tuyop
Sep 15, 2006

Every second that we're not growing BASIL is a second wasted

Fun Shoe
I financed a 31000 dollar car for 72 months with 0 down and I'm trying to sell it after a year. I also drove it to Mexico and back. To mazatlan from Halifax, ns if anyone cares to map it. I also drove to Halifax 2-4 times a month which is another 1000 km and 120 in gas return, besides.

Add onto that various forays into Maine to hike, a trip to NYC, a return trip to Montreal for a flight, and normal driving and I put 60 000 km on it last year. And I cracked a plastic running board panel in a parking lot that is a 500 dollar repair that I am in no hurry to do.

Adar
Jul 27, 2001
Based on this thread, there's nothing you can really do (and yes, your teller friend is right; selling your car now that you've made the mistake of buying it is a stupid, only-in-BFC idea.) On this income, with this much debt, you're hosed. Your only good options are to increase your income or declare bankruptcy, which I'm pretty sure is easier in Canada.

To be fair, though, if you're actually going to get that promotion and live responsibly for the next few years you can chalk your mid-20's up as a lesson and still be debt free and in a house by 30.

tuyop
Sep 15, 2006

Every second that we're not growing BASIL is a second wasted

Fun Shoe
Are you joking? June was a budget write-off, July was much better, and with the apartment expenses gone, rent cut in half from July, and 280 bucks already saved from a week of field time, as well as a month of field time and a course coming up in September, I can't see this situation as bankruptcy-worthy. As long as I pay poo poo off and then save for my next vacation, I can't foresee how I'm exposed to enough risk to really throw me into a spiral of ruin and bankruptcy at this point.

This thread wasn't really to ask for how to change my lifestyle. I went to a military financial councillor in June, made lifestyle cuts, hosed up in July, made more cuts and took budgeting more seriously. Then I posted this thread. The reason that I seem unable to change is because a lot of change has already taken place, as much as possible I guess. I was wondering of the Internet had any other ideas that I couldn't get from cornholio's thread but I guess not.

Also, I'm terrified of buying a house. It seems like a trap. I also don't really want kids. I'd be much happier with a nice apartment downtown, nice car, and lots of trips and an interesting life than a wife, 1.5 children, pets, front-loading washing machine, the whole American dream. I'm like the anti-BFC except for right now when my dream lifestyle got me into a ton of trouble.

tuyop fucked around with this message at 17:47 on Jul 30, 2011

Zeta Taskforce
Jun 27, 2002

I asked that because to continue the gym analogy, no one in BFC is a saint. We are all troubled in our own way, but most of the regulars go to the gym. And going to the gym means you don't have all the answers, and hopefully you are learning and observing how the other people do this. Where you are at is you just showed up for the first time and all you can see are the buff guys at the end benching 250 lbs. You are not noticing how we are all trying to figure it out and learn from each other.

How about this? We don't expect you to sell the car next week by selling every last thing you own. But even if it takes you a few months, you have to do it. And after you do it, THEN you take a vacation. You don't get to take vacations until you sell the car, even if you save cash for them. Savings go to clean up the car mess.

I do have to say, driving to Mazatlan was a gutsy move though, especially with all the kidnappings and drug violence. They probably don't see that many flashy cars with New Brunswick plates on them down there.

Adar
Jul 27, 2001

tuyop posted:

Are you joking? June was a budget write-off, July was much better, and with the apartment expenses gone, rent cut in half from July, and 280 bucks already saved from a week of field time, as well as a month of field time and a course coming up in September, I can't see this situation as bankruptcy-worthy. As long as I pay poo poo off and then save for my next vacation, I can't foresee how I'm exposed to enough risk to really throw me into a spiral of ruin and bankruptcy at this point.

This thread wasn't really to ask for how to change my lifestyle. I went to a military financial councillor in June, made lifestyle cuts, hosed up in July, made more cuts and took budgeting more seriously. Then I posted this thread. The reason that I seem unable to change is because a lot of change has already taken place, as much as possible I guess. I was wondering of the Internet had any other ideas that I couldn't get from cornholio's thread but I guess not.

Also, I'm terrified of buying a house. It seems like a trap. I also don't really want kids. I'd be much happier with a nice apartment downtown, nice car, and lots of trips and an interesting life than a wife, 1.5 children, pets, front-loading washing machine, the whole American dream. I'm like the anti-BFC except for right now when my dream lifestyle got me into a ton of trouble.

Here's the thing: you are 56K in debt. If absolutely nothing happens, you maintain this lifestyle, get the promotion and live exactly the same as you do now, yeah, you'll pay it off in four years and can start talking about how much you hate houses and kids (this is also a discussion you don't want to have right now). If your car breaks down, you take a dozen more vacations (like the one you're planning on right now! again!), you want to propose to your girlfriend, you want to pay your girlfriend's bills for a couple of months if she can't find work (heh), you want to leave the Army or, really, pretty much anything, you have no cushion. You know why this is very close to bankruptcy worthy? Take a look at Cornholio's first page, where he was just about in the same shape you are, and guess how much credit he could get if he went to a bank. The answer is > $0, yet nobody wants to loan you any money.

Also, I reiterate selling the car is a very dumb idea.

Maggot Monster
Nov 27, 2003
This thread made me pay off $2100 from my amex, which was my entire credit card debt. I guess this is one positive outcome.

ashgromnies
Jun 19, 2004

Maggot Monster posted:

This thread made me pay off $2100 from my amex, which was my entire credit card debt. I guess this is one positive outcome.

I paid off my entire $700 balance on my credit card. :thumbsup:

cowofwar
Jul 30, 2002

by Athanatos

tuyop posted:

Basically, you guys are saying that I can't possibly afford my life as it is, but my friends, coworkers, parents, pretty much everyone, seem way less alarmed when I tell them the numbers.
The difference is that a lot of people giving you advice here have no debt while the average person is in massive debt just like you. Also a lot of people are in relationships and therefore have two incomes. Just because a lot of people maintain a balance on their credit card at 30% and don't worry about it doesn't mean that it isn't a terrible idea.

Please don't ever finance anything ever again. You are a sucker and should not trust yourself with credit of any sort. 48 month financed laptop? Financed 30k car with 0 down? Expensive smart phone on a contract for almost $100/month when you're in debt? These are all absolutely terrible financial decisions.

If you're lucky you can get someone to co-sign a loan and use that money to pay off your >15% credit card debt.

cowofwar fucked around with this message at 20:31 on Jul 30, 2011

big shtick energy
May 27, 2004


tuyop posted:

Also, I'm terrified of buying a house. It seems like a trap. I also don't really want kids. I'd be much happier with a nice apartment downtown, nice car, and lots of trips and an interesting life than a wife, 1.5 children, pets, front-loading washing machine, the whole American dream. I'm like the anti-BFC except for right now when my dream lifestyle got me into a ton of trouble.

Uhh, plenty of us in BFC want similar things and we still plan for it. Unless your life plan is a ramshackle hut in the woods, you're going to need to plan a bit and be responsible in order to get there.

Chronojam
Feb 20, 2006

This is me on vacation in Amsterdam :)
Never be afraid of being yourself!


ashgromnies posted:

I paid off my entire $700 balance on my credit card. :thumbsup:

My card automatically pays itself off without intervention, it essentially never floats a balance more than a month :smug:

Berkut
Jun 20, 2009

by Ozmaugh

Chronojam posted:

My card automatically pays itself off without intervention, it essentially never floats a balance more than a month :smug:

I reaffirmed my decision to never own a loving credit card. EVER. :slick:

tuyop
Sep 15, 2006

Every second that we're not growing BASIL is a second wasted

Fun Shoe

Adar posted:

Take a look at Cornholio's first page, where he was just about in the same shape you are, and guess how much credit he could get if he went to a bank. The answer is > $0, yet nobody wants to loan you any money.



Maybe it's harder to get debt in Canada?

Saltin
Aug 20, 2003
Don't touch

tuyop posted:

Maybe it's harder to get debt in Canada?

It isn't really. There are definitely less of those "we don't care about your credit history" type places here, but as long as you're reasonably solvent, the banks here will lend to you - they are all in wonderful shape with lots of money they are anxious to loan.

big shtick energy
May 27, 2004


Saltin posted:

It isn't really. There are definitely less of those "we don't care about your credit history" type places here, but as long as you're reasonably solvent, the banks here will lend to you - they are all in wonderful shape with lots of money they are anxious to loan.

Also the whole "use the wildly rising value of your house as an ATM" is somehow still very much a thing here. HELOC ads/promotions are everywhere.

Saltin
Aug 20, 2003
Don't touch

DuckConference posted:

Also the whole "use the wildly rising value of your house as an ATM" is somehow still very much a thing here. HELOC ads/promotions are everywhere.

Until recently it was, but Ottawa withdrew government insurance backing on lines of credit secured by homes in January, and since then they arent being pushed any more. Great move which demonstrates a willingness to return to the sanity our financial system is generally known for.

moana
Jun 18, 2005

one of the more intellectual satire communities on the web

Berkut posted:

I reaffirmed my decision to never own a loving credit card. EVER. :slick:
As long as you're building credit in other ways, that is fine. I don't understand the mentality, though. If you have the willpower to never own a credit card, what is so hard about just not misusing it?

Tuyop, plenty of people in BFC live the baller no kids lifestyle, just without having a crippling amount of debt threatening our financial stability (the fact that some people manage to survive and get rid of that debt doesn't mean it's not dangerous). You need to change your attitude about money, and that won't come quickly, but it does need to happen. And don't listen to the average person, the average person thinks real estate and gold are great investments and will buy into anything that advertises get rich quick results. You eschew the average mentality about the "American Dream"; why are you being suckered in by the average mentality of the acceptability of crushing debt?

illcendiary
Dec 4, 2005

Damn, this is good coffee.

moana posted:

As long as you're building credit in other ways, that is fine. I don't understand the mentality, though. If you have the willpower to never own a credit card, what is so hard about just not misusing it?

I don't really get it either. It's as if some people think that the card literally jumps out of your wallet and starts spending itself without your consent.

T0MSERV0
Jul 24, 2007

You shouldn't expect to defeat him, he is designed to be a war machine.

illcendiary posted:

I don't really get it either. It's as if some people think that the card literally jumps out of your wallet and starts spending itself without your consent.

Seriously. My credit cards paid me about $600 or so for the privilege of my business last year. What's not to like?

Edit: For content's sake, whomever was recommending bankruptcy is an idiot. While he's right that you're 1 or 2 serious crises away from going over the edge, BKing right now is at best premature. If and when the crises hit, THEN declare BK, not now. You can always just stop paying on your unsecured debt if it comes to it.

For the moment, Tuyop, focus on paying down your smaller debts to improve your cash flow. I personally don't think that selling the car would be worth it long term due to how long it'll take you, but if and when you started making significant headway it may be worth considering.

T0MSERV0 fucked around with this message at 03:10 on Jul 31, 2011

Persona non grata
Apr 25, 2010
Vigilance is a burden.

If not having access to credit at a moment of weakness means you don't spend, it might be worth it to eschew the convenience and benefits you get with a credit card.

Trillions of dollars have been spent perfecting the art of getting you to buy poo poo you don't need or can't afford. They know what they are doing.

poo poo, my bank's marketing slogan is literally "You're richer than you think".

ANGRY TEEN
Aug 27, 2006

by Y Kant Ozma Post
I'm in twice as good a financial shape as you making 60 percent of your income, because I'm financially responsible.

Imagine how well off you would be if you developed financial responsibility of your own at your present income.

That's really the only thing that's going to motivate you, or anybody really, to be responsible with money. I save out of greed, because having money up front makes things cheaper and actually results in a greater net worth in the long run.

tuyop
Sep 15, 2006

Every second that we're not growing BASIL is a second wasted

Fun Shoe
I'm probably going to keep one or both of my credit cards even after getting out of this mess. It's comforting for me to have 15000 available if I immediately have to leave the country and never come back or something. It's not like I'm a compulsive spender, a vacation is not exactly something you just pick up from the store.

lament.cfg
Dec 28, 2006

we have such posts
to show you




tuyop posted:

I'm probably going to keep one or both of my credit cards even after getting out of this mess. It's comforting for me to have 15000 available if I immediately have to leave the country and never come back or something. It's not like I'm a compulsive spender, a vacation is not exactly something you just pick up from the store.

:negative:

Zo
Feb 22, 2005

LIKE A FOX

Persona non grata posted:

Vigilance is a burden.

If not having access to credit at a moment of weakness means you don't spend, it might be worth it to eschew the convenience and benefits you get with a credit card.

Trillions of dollars have been spent perfecting the art of getting you to buy poo poo you don't need or can't afford. They know what they are doing.

poo poo, my bank's marketing slogan is literally "You're richer than you think".
Hahaha what. Again this comes down to your own willpower and has nothing to do with a credit card. poo poo if you were so weak you would just go to a loan shark or something anyways.

tuyop posted:

I'm probably going to keep one or both of my credit cards even after getting out of this mess. It's comforting for me to have 15000 available if I immediately have to leave the country and never come back or something. It's not like I'm a compulsive spender, a vacation is not exactly something you just pick up from the store.
See, you have no willpower and that's the wrong way to look at credit cards. Having 20k in savings is comforting if you have to immediately leave the country and never come back or something.

CelestialScribe
Jan 16, 2008

tuyop posted:

I'm probably going to keep one or both of my credit cards even after getting out of this mess. It's comforting for me to have 15000 available if I immediately have to leave the country and never come back or something. It's not like I'm a compulsive spender, a vacation is not exactly something you just pick up from the store.

Holy poo poo dude. Isn't it better to have $15,000 in cash available?

tuyop
Sep 15, 2006

Every second that we're not growing BASIL is a second wasted

Fun Shoe

traveling midget posted:

:negative:

What? Should I just cancel them now then? The MasterCard gives be grocery points!

KarmaCandy
Jan 14, 2006

tuyop posted:

I'm probably going to keep one or both of my credit cards even after getting out of this mess. It's comforting for me to have 15000 available if I immediately have to leave the country and never come back or something.

I haven't gone fleeing the country too often, so I don't know too much about it... but given the choice, if I WERE fleeing the country, I would much rather do it with cash instead of credit. Credit seems a bit more traceable.

Nether Postlude
Aug 17, 2009

His mind will keep
reverting to the last
biscuit on the plate.

tuyop posted:

I'm an officer in the military.

Are you going to be going for any jobs that require a clearance? In the US, the amount of debt you carry can affect your chances of getting a Top Secret (or higher) clearance. I'm not sure how/if it's different in Canada but over here, if you carry too much debt, you look like an espionage risk on paper. (I'm not sure what your job is so all of this may not even be an issue for you.)

tuyop
Sep 15, 2006

Every second that we're not growing BASIL is a second wasted

Fun Shoe
I put in for secret clearance awhile ago. Lots of stuff about past work, nothing about debt. I might go intelligence if it ever comes up, it's much more up my alley than my current trade, I think.

Don't know about top secret though. I am definitely an espionage risk. For 20k I will tell all, right now!

I'm an untrained officer and I work in a training company as an admin officer. I do maybe an hour of work a week. Mostly photocopying.

Foma
Oct 1, 2004
Hello, My name is Lip Synch. Right now, I'm making a post that is anti-bush or something Micheal Moore would be proud of because I and the rest of my team lefty friends (koba1t included) need something to circle jerk to.

Adar posted:

Also, I reiterate selling the car is a very dumb idea.

I am glad I am not the only one who was a bit WTF at this idea.

Fluffy Bunnies
Jan 10, 2009

This thread made me curl up in my chair and tremble for a little bit because I tried to fathom being $56,000 in debt with your paycheck, OP.

And I thought we were in awful shape when we were $16k in. I mean, we were. But good. god.

Does your office know about this debt? Because god, if you were US military I'd imagine you'd be in for all sorts of councilings and poo poo.

Berkut
Jun 20, 2009

by Ozmaugh

tuyop posted:

I'm probably going to keep one or both of my credit cards even after getting out of this mess. It's comforting for me to have 15000 available if I immediately have to leave the country and never come back or something. It's not like I'm a compulsive spender, a vacation is not exactly something you just pick up from the store.

There it is. That V-word again. Get the word "vacation" the gently caress out of your vocabulary.

Also, are you loving crazy? You would not have 15k of 'playing around money,' you'd have a readily available "make me a debt-ridden sack of poo poo" button at your disposal. Unless you are no-joke seriously saying you're going to abandon your country as an officer of its armed forces in which case I hope they find your bloated, broke-rear end corpse in a Spanish cistern. How could you have the audacity to think of this?

tuyop
Sep 15, 2006

Every second that we're not growing BASIL is a second wasted

Fun Shoe
Yo Berkut, just an FYI. I'm ignoring you now because I can't stand the fact that someone with absolutely no life experience is giving me advice, not just about finances, but about my responsibilities to my country when you didn't even have the spine to get fit and try out yourself. gently caress you.

Sorry for the derail, I just hate that guy.

(USER WAS PUT ON PROBATION FOR THIS POST)

cowofwar
Jul 30, 2002

by Athanatos
I've been poor most of my life. You are also poor at this point. When poor people want to go on vacation they spend $100 and go camping. They don't spend $10,000 on credit to fly to another continent.

You are seriously living outside of your means. A trick i used was to think how much time i would have to work to buy something. So was a $30 item worth four hours of my time? Generally no.

cowofwar fucked around with this message at 14:24 on Jul 31, 2011

CornHolio
May 20, 2001

Toilet Rascal

tuyop posted:

Yo Berkut, just an FYI. I'm ignoring you now because I can't stand the fact that someone with absolutely no life experience is giving me advice, not just about finances, but about my responsibilities to my country when you didn't even have the spine to get fit and try out yourself. gently caress you.

Sorry for the derail, I just hate that guy.

You know, for somebody that doesn't really have any long-term life ambitions, you sure do sit on a high horse. Just sayin'.

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tuyop
Sep 15, 2006

Every second that we're not growing BASIL is a second wasted

Fun Shoe

CornHolio posted:

You know, for somebody that doesn't really have any long-term life ambitions, you sure do sit on a high horse. Just sayin'.

Yeah I'm pretty proud. Part of the problem, I guess. But I have a lot to be proud of, other than finances obviously.

And I have shitloads of long term life ambitions. Are the only legitimate ambitions about building up larger and larger piles of savings and investments until you die? gently caress that, too.

tuyop fucked around with this message at 17:16 on Jul 31, 2011

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