|
Originally posted in the BFC Newbies Thread Yet Another Idiot Who Spent Age: 29 Income: Call it $38k annual. $36,582.70 base salary, $350/mo potential performance bonuses (I average around $150-200), occasional side business cash (maybe $1k-$2k annually) Assets:  Goal: Eliminate $9,000 CC debt Secondary Goal: Actually properly budget I could attempt to justify my poor CC spending habits over the past couple years but we all know that's a fallacious and ultimately irrelevant line of reasoning. Of course, we're going to go straight to the spending habits and budgeting solution. Part of the reason I'm in this hole is because I ceased active budgeting sometime in 2016. When I had no CC debt and was simply using it as a spending card, I became complacent. Then a few expenses came along that I hadn't budgeted for, and I told myself I would get clear with my bonuses. Then I just turned a blind eye to it like an idiot aaand we're in the justification argument trench  Anyway, I have now got on board with nYNAB after getting over my initial distaste, and after some tinkering I have become more comfortable with the program. I still don't like the subscription model, but the YNAB model, interface, and principle is familiar enough that I would like to stick with it. I'm open to superior alternatives. Additionally, it's just as "expensive" as Prime or my AAA subscriptions. Those provide value in excess of the expense, and I'm certain nYNAB will as well, what with making me stick to budgetary commitments instead of trying (and failing) to keep a purely mental budget. Once I get a good idea of where my money is going, I'll start making cuts of any superfluous subscriptions and limiting the dreaded "miscellaneous spending" that is responsible for this whole mess.Solution 1: Liquidate some investments I've not really asked my friends and family about how to best use these resources to resolve this issue because I'm incredibly embarrassed by the situation; I'm generally regarded as the "good with money" person. My personal gut feeling is to leave them be, as I think they'll be more valuable as long term investments for retirement than as an immediate debt resolution tool. I'm including them in the discussion because I might be very wrong about this. I could knock out one hell of a chunk, or all of it, but I'd probably get my rear end beat on taxes. Looking for expert advice/opinion here, or some reading material if you folks don't want to  Solution 2: Balance Transfer Card One of the things I was just looking at in the forum (and what prompted this post) is opening a "Balance Transfer" credit card for the purpose of moving my existing debt and avoiding the monthly assessment of CC Debt interest fees, which at my current debt level are just over $200/mo. At the moment, I don't really have a good idea of monthly budget cuts I could make, since I only restarted tracking/budgeting on the 10th. However, I do know that some of the cards I looked at on Nerdwallet offered free balance transfers and no interest for the first 15-18 months (AmEx EveryDay, BankAmericard, Discover it). 9,000 / 15 = $600 a month to kill the debt, which is a bit of a daunting number ($100 short of my mortgage payment). However, that bit of interest relief makes that $400, which is slightly less so, and "every dollar counts!"  . Please point out the caveats (other than the obvious; that I don't pay off in time and start getting hit with interest again; running up debt again without paying off old debt), because this seems a little too good to be true and I'm wearing the easy-button blinders. Same thing here, looking for expert opinions, advice, and/or reading material.Solution 3: Leverage Home Equity I've got $20k-ish of home equity (mostly accrued due to low short-sale pricing). However, this is not my forever-home; it was more of an advantageous investment purchase that also got me out of renting, and I'd rather utilize the equity for an improvement loan for when I get around to planning and executing that process. Other Solutions: Second job (low viability): my primary job keeps me busy enough as it is, and the schedule fluctuates based on what I need to do. It's great for my own personal flexibility, but for keeping another job it's not compatible. Sell poo poo (viable, but not preferable): I've got a motorcycle I got a very good deal on that I could sell to a buddy literally today for $2k. I'd rather not sell it because I'll not find another deal like it. However, reducing my debt and getting the interest monkey off my back will likely lead to more future purchasing power. Sentimental value etc. but whatever. I could do it. I've got a bunch of firearms as well. Some are rather unique, and all of them are worth more than what I paid. Sentimental/cool factor value also applies here. I could, but I'd part with the motorcycle first. Not Happening Selling the Honda Fit and getting something cheaper for cash: This is the most reliable car I've ever had, it's up to date on all maintenance (I'm my own mechanic), and it's my autocross car (AutoX being one of the only things keeping me sane at the moment). I think this would be a poor long-term decision. Plus I just flat-out don't want to do it, unless all other options prove demonstrably less favorable. Selling the PC: Another sanity item. Yeah it's valuable (probably $2000 worth of rig and peripherals selling on craigslist and whatnot) but I like games when I'm not autocrossing or studying. I'd sell the Fit first. Selling the house: To save money I'd have to get roommates. I would really prefer to not have roommates again. 1-bedroom rentals around here would cost me drat near what my current living expenses do, if not more. Absolutely my last resort. Doesn't have to be any single solution; combine and cherrypick as needed, I'm just spitballing and polling better minds than I before I commit to something I can't go back from. Halp 
Beach Bum fucked around with this message at 19:55 on Apr 13, 2018 |
#
?
Apr 13, 2018 18:36
|
|
|
|
| # ? Apr 29, 2024 17:49 |
|
|
Doccykins posted:jfc $200 a month on interest! Absolutely the best option to go for is the balance transfer card just so you're not spending 6% of your monthly income on paying a credit company. The catches with them tend to be that the transfer itself involves anything from a 1%-3.5% fee so look for a 0% interest card for 12 months with a lower transfer fee over a 0% interest for 18-36 months with a higher one. 9k over 12 months would be $750/mo, 18 would be $500. Month 1 also pay whatever fee then treat the debt payoff as a utility bill and set up a monthly debit from your checking on payday SlapActionJackson posted:Beach Bum, how did you come to hold two individual stocks? Regardless of your debt pay down strategy, you should also work on moving those to tax sheltered accounts, invested in something more diversified, like Vanguard lifestyle fund or total market. I edited the image to better reflect the type of each tracked asset  I only have Publix stock as described below.Space Gopher posted:What does your monthly net income look like? If you're not cash flow positive, then anything you do now is barely even a band aid while you're bleeding out; if you are cash flow positive, then it's just a matter of figuring out the timelines. 22 Eargesplitten posted:I’m not exactly a BFC success story yet, but I say definitely sell the stock. You don’t know if Publix is going up or down, but you know that card is going to keep charging interest. Re: Publix stock; it was part of an ESOP (Employee Stock Ownership Plan). When Publix and I parted ways, I got to keep my stock according to the terms of the plan (though somehow my 401K got liquidated immediately  ). As far as the mobility of that stock and moving it to a tax-advantaged space, I have absolutely no idea. The quarterly dividends get deposited in my USAA Savings account and I move them into my R-IRA. Are you saying I could move that stock somewhere that would exempt me from taxes on those dividends? It's only about $30 gross income per quarter, but I'm the kinda guy that chases single dollars on annual taxes. Here's a thread I found about the subject with some quick googling: https://www.bogleheads.org/forum/viewtopic.php?t=140084My 401(k) is already on Vanguard 2055 (because I don't want to gently caress with it). Net Monthly will have to be calculated; I was going to let nYNAB run for at least a month to improve clarity, again before I do anything irreversible. Right now I suppose we're just seeing how much dirt's in the buckets and comparing that with the size of the holes (and how fast I'm still digging). AutoX Monthly cost: $30 registration, $10 fuel. If I have to get a hotel (because I'm either working a major event or school) I'm reimbursed by the Club. I run on take-offs, which cost me about $50 per set, which I can then use for about a year. (11 events/year). So, about $500/year // $41/month. I'll be making a thread for BFC entertainment purposes, though I hope I won'e be good Bad With Money fodder in the future now that I've removed the blindfold and the problem is screaming in my face. GoGoGadgetChris posted:If the debt is 4% and the stock yields 3%, I got a slam dunk idea for you Yeah, that was a thought I've had as well, but if I had good ideas or the surety of experience, I probably wouldn't have had to ask  (Sincerely though, thank you)Beach Bum posted:Re: Publix stock; it was part of an ESOP (Employee Stock Ownership Plan). When Publix and I parted ways, I got to keep my stock according to the terms of the plan (though somehow my 401K got liquidated immediately Space Gopher posted:I'm saying that, as long as the Publix stock is in some kind of taxable account and not some weird ESOP-specific retirement account thing, then you can liquidate it and use the proceeds to help kill your credit card debt. Yes, it sucks to have to sell investments, and you'll probably get hit with some capital gains tax, but you're in the hole. I wouldn't get rid of tax-advantaged space so easily, but if it's liquid and not tax-advantaged then it's probably one of your least-bad options. Duly noted. 22 Eargesplitten posted:Yeah, there’s no way you’re making more from that stock than you’re losing from the CC. Correct. Beach Bum fucked around with this message at 23:39 on Apr 13, 2018 |
|
#
?
Apr 13, 2018 18:36
|
|
but coming back to them each month can land you in good stead and/or show you what a moron you were for loving up and relapsing on bad habits
|
Sell the stock and pay your CC debt.
|
|
#
?
Apr 13, 2018 18:52
|
|
|
I just saw the motorcycle part. I totally get sentimental value, I know how hard that can be. I’ve got two guns that belonged to my grandfather and I would never sell them. But if you could sell that for $2,000 (or better yet $2,150) and sell your stock you could immediately be out of credit card debt. All you would have is your car and mortgage unless there’s more you haven’t told us about. Unless you inherited the motorcycle or had something similar in terms of emotional attachment aside from the good price, I would start that process today. Also if some of those guns are milsurp there’s a good chance they keep going up. I looked at selling a K31 around the end of 2016. I bought it for $200 in 2019 and now they’re $5-600. At this point there really aren’t any more warehouses full of WW2 guns waiting to be emptied. To clarify I’m not saying invest in guns, I’m saying that it makes sense to sell the bike first because that’s probably not getting any more valuable. Getting more valuable is a perk with the guns, not the point. 22 Eargesplitten fucked around with this message at 19:13 on Apr 13, 2018 |
|
#
?
Apr 13, 2018 18:55
|
|
|
22 Eargesplitten posted:But if you could sell that for $2,000 (or better yet $2,150) and sell your stock you could immediately be out of credit card debt. Careful with this - there's likely to be a chunk of cap gains tax on that stock sale, and it would be important to set that aside. Selling the Publix stock is still probably a good idea, though, assuming it doesn't get special ESOP tax treatment. Even if it doesn't kill off the CC debt entirely, it'll still stop a lot of the interest bleeding. Beach Bum posted:AutoX Monthly cost: $30 registration, $10 fuel. If I have to get a hotel (because I'm either working a major event or school) I'm reimbursed by the Club. I run on take-offs, which cost me about $50 per set, which I can then use for about a year. (11 events/year). So, about $500/year // $41/month. Brake pads/rotors/fluid? Suspension? Autocross is very cheap for racing, but there are still costs you need to be careful to separate out from daily driver maintenance. Whether it's viable or not depends on your monthly expenditures. You might be able to make it work but it's really important to look at that. If you're running right at the red line for a normal month, then even heroic measures to pay off your credit card now won't keep you from falling back into debt.
|
|
#
?
Apr 13, 2018 19:15
|
|
|
I'll likely sell the bike next week. Buddy will have a cashier's check for $2000 on Monday.No Butt Stuff posted:Sell the stock and pay your CC debt. Space Gopher posted:Careful with this - there's likely to be a chunk of cap gains tax on that stock sale, and it would be important to set that aside. I will start looking into this and see what kind of a capital gains tax hit I'm going to take. Space Gopher posted:Brake pads/rotors/fluid? Suspension? Good point. I did the rear brakes a few months ago, they're set for another 50k-100k miles. I burn a set of front pads (Wilwood DPHA calipers [CAME WITH THE CAR], BT-20 7812 pads [$70/set]) about every 10k miles, AutoX included. Current rotors are $200/set, but I've had the current set for 20k miles, and at current wear rate, I expect another 40k or so before minimum (yes, I pad slap, and yes, I know they're expensive, but as often I was replacing $80/set Carquest blanks (20k), I get better $/mile out of them). For reference, in 2017 I did 39k miles for work alone, but 2018 is turning out to be much better (tl;dr we had a mutiny due to lovely working conditions and understaffing and the director was ousted). I pour a quart of ATE Type 200 through it every 6 months, that's $20. Suspension is set and will not be hosed with further, barring alignments, checked whenever daily tires are replaced, and it's held through the last two sets of street tires. I did just replace the front swaybar endlinks because the clunking was driving me up the goddamn wall. Call it $60/month, $40 of which is reg/fuel (120mi round trip, 30mpg). Everything else I count as regular maintenance, since it is still a daily driver. I'm planning to budget about $50/$100 a month for maintenance; this may be lower than most because I do all my own work and have a hookup for parts and tires. Beach Bum fucked around with this message at 20:06 on Apr 13, 2018 |
|
#
?
Apr 13, 2018 19:40
|
|
|
Good point about the capital gains, that’s what I get for rushed posting at work. Still definitely a good idea to sell no matter what, though.
|
|
#
?
Apr 13, 2018 19:45
|
|
|
Okay, balance transfer ideas (Solution 2). Nerdwallet lists three cards under the "Balance Transfer" title: Amex EveryDay Relevant Benefits: 0% Intro APR for 15mo on purchases/balance transfers (14.49 - 25.49 regular) 0$ balance transfer fee (must be req. within 60d) No annual fee Caveat: Max balance transfer limit is the lesser of $7500 or 75% of credit limit. Bank Americard Benefits: 0% Intro APR for 15 billing cycles on purchases and balance transfers within 60d (13.49 - 23.49 regular) 0$ Intro balance transfer fee (after: 3% or $10, whichever is greater) No annual fee Caveats: Something in the agreement about "You accept that on a periodic basis your account may be considered for automatic upgrade at our discretion." I feel like this means they could "upgrade" me out of this program and smack me with the APR on whatever they "upgrade" me to. Additionally, I regard BoA as a rather slimy company; my father had a whole drat file drawer of lawsuits with them. Discover it Benefits:0% APR 18mo from date of first transfer for transfers that post before 10 July 2018 (13.49 - 24.49 regular) Caveats: "You may transfer any amount, up to your credit available for transfers, which may be less than your total credit line." Also, "The minimum payment requirement can cause promotional balances to be paid in full prior to the end of the promotional period." What the gently caress does THAT even mean? Also they don't post a full cardmember agreement anywhere I can get to it; have to apply to get even a smell of it. I'm considering this option because it will immediately get the interest monkey off my back without moving on to liquidating investments (which will still remain viable). That's an immediate $150/mo off of my monthly costs (I thought it was $200 at my current balance but I was wrong; I just got smacked with it today). There's still the application process to see what kind of limits I'm offered. If I get one that can cover my current balance, great! If not, there's still the $2000 from the bike to get down to $7000. Also, I need to see how much money I can throw at this over the next 15-18 months, which is going to require either a manual examination of my statements or a month of nYNAB usage. If it's enough to cover the balance over 15-18 months, I can pause on the investment liquidation. Any card I get and transfer a balance to is getting buried under the house or similarly put out of reach. The payment required to hit 15 or 18 month payoff will be automated as well to keep me from doing anything stupid. For now I think I'm going to wait a month to develop a sharp picture of my monthly expenditures (as well as the aforementioned sale of the motorcycle). Beach Bum fucked around with this message at 22:06 on Apr 13, 2018 |
|
#
?
Apr 13, 2018 22:01
|
|
|
Sell the stock and kill your debt, but also... for someone with your income, you seem to have some expensive hobbies. That bike is a depreciating asset with costs in maintenance and insurance. The PC could be worth it if you use it a ton, but you could have a good setup for $1000 too. I'm not saying sell it today, but the fact you have it to me suggests you may have dug yourself this whole by indulging in toys. If that's true and you don't stop doing that, you're going to be back in the same hole soon. And for the autocross... a Honda Fit's a fine car, but with the added mileage, wear, and risk I think your math for what it costs is WAY low, maybe by a factor of ten or so. Take a close look at your budget. You have a fixable problem, but I'm not sure if right now you're not just fighting the symptoms instead of the disease.
|
|
#
?
Apr 13, 2018 22:40
|
|
|
Probably you don't live in a tourist destination if your mortgage is 80k, but airbnb can bring in some short term income. Yeah roommates suck but guess what, so does being in debt.
|
|
#
?
Apr 13, 2018 23:28
|
|
|
ma i married a tuna posted:Sell the stock and kill your debt, but also... Regarding "expensive hobbies"; absolutely! That's not in question at all. The reason I'm in this situation is because I stopped budgeting and instead coveted the shiny things. When confronted with hard data I usually act according to that data. When I stop budgeting, poo poo flies out the drat window. I think the house at age 27 is a pretty good indicator that when I keep my poo poo together and stick to a plan, I'm alright. It's when I stop budgeting and give myself a fallacious justification to ignore good financial sense for lack of that budget that I have problems. Single homeowner making drat near 40k/year has got no drat reason to be in this situation other than pure lack of sense. As for the assessment of AutoX cost being off "by a factor of ten or so"... I had something lengthy written but I'm not going to argue any which way until the first month is done and I have some reports to look at. I don't trust myself to objectively examine the situation. Instead I will acknowledge your concern and address it as the picture develops. moana posted:Probably you don't live in a tourist destination if your mortgage is 80k, but airbnb can bring in some short term income. Yeah roommates suck but guess what, so does being in debt. Surprisingly the market for rental rooms around here (Tallahassee, FL) is pretty drat good, it being a university city. A friend of mine currently rents a bedroom with attached bathroom for $400+. I'm told that's apparently cheap. I suppose it'd only be for a year or two right? Ugh... Beach Bum fucked around with this message at 23:44 on Apr 13, 2018 |
|
#
?
Apr 13, 2018 23:36
|
|
|
quote:Solution 1: Liquidate some investments quote:Selling the PC: Another sanity item. Yeah it's valuable (probably $2000 worth of rig and peripherals selling on craigslist and whatnot) but I like games when I'm not autocrossing or studying. I'd sell the Fit first. And since you're a PC gamer, you probably have a ton of Steam games you've never played. Go play one of those the next time you're tempted to buy a new game. Beach Bum posted:Surprisingly the market for rental rooms around here (Tallahassee, FL) is pretty drat good, it being a university city. A friend of mine currently rents a bedroom with attached bathroom for $400+. I'm told that's apparently cheap.
|
|
#
?
Apr 14, 2018 04:03
|
|
|
Beach Bum posted:Surprisingly the market for rental rooms around here (Tallahassee, FL) is pretty drat good, it being a university city. A friend of mine currently rents a bedroom with attached bathroom for $400+. I'm told that's apparently cheap.
|
|
#
?
Apr 14, 2018 06:00
|
|
|
I really question the wisdom of using your daily for AutoX when you can work on cars yourself. Buy a DOHC Neon or a ZX3 for three grand and autox it to your little hearts content. Then you can isolate your fun car expenses from your required car expenses. Do not do this until you've paid off your debt. I think you need to give up at least one of the following hobbies: guns, bieks, autox, or gaming. None of these are all that affordable and I really question how much time you're really able to devote to each.
|
|
#
?
Apr 14, 2018 09:09
|
|
|
Ok, so I don’t know cars at all, so I have these questions for the OP: -what is your daily job and career? -is auto x the job or hobby or both? What is auto x? $40k is good, but certainly one solution to debt is to find a better paying job.
|
|
#
?
Apr 14, 2018 13:30
|
|
|
Beach Bum posted:Okay, balance transfer ideas (Solution 2). Nerdwallet lists three cards under the "Balance Transfer" title: It means because the interest rate is so low, the minimum payment they set up could pay it off faster than the 18 month promotion. With the amount of your balance transfer it’s not likely. An extreme example would be if someone BT’d $100. The payment would be whatever their minimum due is(say $20). It would take 5 months to pay off instead of the max 18 months of the promo. Discover has the longest promo period, so that’s probably the one I’d lean towards.
|
|
#
?
Apr 14, 2018 14:48
|
|
|
Duckman2008 posted:Ok, so I don’t know cars at all, so I have these questions for the OP: Auto x / Autocross is a very basic level of car racing. Generally tracks marked out with cones rather than an actual track, one person on the track at a time, racing for the best time. It's safer and you're not risking totaling your car since you're not going to hit a wall or another car.
|
|
#
?
Apr 14, 2018 17:54
|
|
|
22 Eargesplitten posted:Auto x / Autocross is a very basic level of car racing. Generally tracks marked out with cones rather than an actual track, one person on the track at a time, racing for the best time. It's safer and you're not risking totaling your car since you're not going to hit a wall or another car. In addition, AutoX courses are typically highly technical and usually keep speeds to below 60mph. It's also fairly easy on the cars themselves (compared to other forms of racing at least) and doesn't demand the same amount of additional maintenance and costs of running that driving at a track would incur.
|
|
#
?
Apr 14, 2018 20:13
|
|
|
what's your budget look like (besides car racing)? do you eat out 15 times a week like i used to? Part of the solution might just be in your budget!
|
|
#
?
Apr 15, 2018 02:50
|
|
|
I think you should drop your March transactions into YNAB and see how things look. Why put it off a month. You can get more granular (eg grocery/household/alcohol/toiletries vs "supermarket" or something) with realtime category tagging, but you should have a high level idea of what the expenses were from the store alone. It seems like you probably need to: * Adjust lifestyle slightly, being you spend more than you make * cash out your Publix stock (maybe wait til 5/1, after the dividend pays out) * set aside 15% of the gain for taxes * and do a balance transfer for the left over, and pay it off ASAP
|
|
#
?
Apr 15, 2018 04:30
|
|
|
People have already said a lot of good stuff, so I just wanna add that selling your motorcycle is a great start with evaluating those expensive hobbies. You admit to coveting the shinies, which are those and what tempts you about them? Generally, it's not great to deprive yourself of ALL enjoyment especially if you are prone to giving in and then escalating the spending. Instead, be smart about your hobbies and make a plan about what you currently do that costs money, what you like about it and how you could replace the hobby entirely or at least reduce the cost involved. Everyone indulges and it's fine, but your goal should be to make any indulgence a safe one you don't have to feel guilty about.
|
|
#
?
Apr 16, 2018 00:57
|
|
|
I saw the 2000 dollar computer but how much are you spending on games a month?
|
|
#
?
Apr 16, 2018 01:58
|
|
|
Haifisch posted:If you don't sell [the PC], the second best thing to do is not spend more money on it until it's actually obsolete for playing new games(which takes longer than you'd think, especially starting with an expensive rig like the one you've got). You're not going to spontaneously combust when the day comes where you have to play a new game on the second-best graphics settings instead of max settings. It's entirely possible you might not notice a difference, even. Gaming doesn't have to be an expensive hobby, but it's easy to trick yourself into thinking you need a bunch of expensive crap for the full gaming experience(you don't). Veskit posted:I saw the 2000 dollar computer but how much are you spending on games a month? $2000 was a wild-rear end-guess and it covers the whole lot, not just the box. i5 3570K, 1070Ti, 16gB ram, a few drives, couple 1080p IPS monitors, HD558 cans, and a 5.1 system I bought off craigslist a decade ago for $100. That's about it. I can't remember the last new game I bought (Edit: Yes I can, it was Doom 4, and it was excellent, and it's probably what killed my 660Ti). I'm pretty set with the current stable of what I've had; CS:GO, Overwatch, HotS, old emulated console games, some BF4 from time to time, PoE, Diablo 3. I don't go looking for new games when I'm bored, and nothing new has really caught my eye for years. I'm not one of those mega-gamers that always has to have the best of the best every release cycle, I make do with what I have. As for the machine itself, the last things I bought were a 1070Ti ($500) to replace that finally dying 660Ti. I definitely don't upgrade very often; this is only my third motherboard since 2005. I think this is only my fourth GPU, (6800GT, GTX260, 660Ti, and the 1070Ti). I pretty much run poo poo 'till the smoke comes out if I can get away with it. The days of there being a advantageous difference between 30 and 60+ FPS in a game are long behind me at nearly 30. Duckman2008 posted:Ok, so I don’t know cars at all, so I have these questions for the OP: Ritznit posted:People have already said a lot of good stuff, so I just wanna add that selling your motorcycle is a great start with evaluating those expensive hobbies. You admit to coveting the shinies, which are those and what tempts you about them? Generally, it's not great to deprive yourself of ALL enjoyment especially if you are prone to giving in and then escalating the spending. Instead, be smart about your hobbies and make a plan about what you currently do that costs money, what you like about it and how you could replace the hobby entirely or at least reduce the cost involved. Everyone indulges and it's fine, but your goal should be to make any indulgence a safe one you don't have to feel guilty about. Honestly, I'd like to retract the statement about "shinies"; I don't do decorative or ephemeral, I do practical. I think it's more accurate to say that if I buy something, it's going to be of high quality, and it's going to be useful, and it had better last. That makes for front-loaded expenses. That goes for parts and components of any kind, tools, shoes, clothing, and the like. I bought the 1070Ti because I knew I would get more time out of it. I buy quality automotive parts. I buy Levi jeans instead of Walmart brand because they last longer and fit better. I've had the same pair of Chuck Taylors for like two years and kept them cobbled together with ShoeGoo (though the soles are just about wore plumb-the-gently caress-out at this point). If something is going to make some aspect of my life easier and more efficient, or with regards to clothing, improve QoL (see: decent shoes, jeans, underwear), that's when things get serious. Beach Bum fucked around with this message at 05:06 on Apr 17, 2018 |
|
#
?
Apr 17, 2018 04:48
|
|
|
I know you’re tracking stuff in ynab and everything so that’s good. It’s hard to say “you must sell your computer/motorcycle/cars/stocks/guns” without knowing what your monthlies look like, so we should have better advice once data’s available. Are you married? Kids?
|
|
#
?
Apr 17, 2018 07:54
|
|
|
Spokes posted:I know you’re tracking stuff in ynab and everything so that’s good. It’s hard to say “you must sell your computer/motorcycle/cars/stocks/guns” without knowing what your monthlies look like, so we should have better advice once data’s available. Are you married? Kids? Single, no kids, with a mortgage and a car payment. That's pretty much the extent of my hard obligations.
|
|
#
?
Apr 17, 2018 09:48
|
|
|
the thing I would absolutely 100% be the most concerned about in your position is that you are in a dying industry and your lack of qualifications is going to really hinder your ability to switch industries - have you though about this?
|
|
#
?
Apr 17, 2018 15:02
|
|
|
KYOON GRIFFEY JR posted:the thing I would absolutely 100% be the most concerned about in your position is that you are in a dying industry and your lack of qualifications is going to really hinder your ability to switch industries - have you though about this? That's one of the reasons I'm rebooting my education. First, I have to clear this.
|
|
#
?
Apr 17, 2018 18:40
|
|
|
Ugh bike sale just got called off. Buyer really wants a dual sport. I could cancel insurance, at least.
|
|
#
?
Apr 17, 2018 19:02
|
|
|
Beach Bum posted:$2000 was a wild-rear end-guess and it covers the whole lot, not just the box. i5 3570K, 1070Ti, 16gB ram, a few drives, couple 1080p IPS monitors, HD558 cans, and a 5.1 system I bought off craigslist a decade ago for $100. That's about it. You need better than wild rear end guesses because there is no way that box + the accessories mentioned should have cost anywhere near $2,000 unless that cost has been collecting credit card interest for many years now. YNAB or similar will definitely help you here so it is good that you're starting to keep better track of what you spend. Doing that will be helpful in general so you know where your money is going and can then start to set realistic goals to ratchet down your expenses. Being able to live well below your means will help later in life too when you're on a fixed income. At $37k/year now, you probably can find a job that pays comparable with a lot better future prospects without trying too hard. I would definitely put that towards the top of your to-do list. Track your money, pay down the credit card debt, expand the emergency savings, and put out your resume to every employer you can think of that isn't in the newspaper industry (also avoid other dying industries).
|
|
#
?
Apr 18, 2018 01:05
|
|
|
Raldikuk posted:You need better than wild rear end guesses because there is no way that box + the accessories mentioned should have cost anywhere near $2,000 unless that cost has been collecting credit card interest for many years now. Raldikuk posted:YNAB or similar will definitely help you here so it is good that you're starting to keep better track of what you spend. Doing that will be helpful in general so you know where your money is going and can then start to set realistic goals to ratchet down your expenses. Being able to live well below your means will help later in life too when you're on a fixed income. Raldikuk posted:At $37k/year now, you probably can find a job that pays comparable with a lot better future prospects without trying too hard. I would definitely put that towards the top of your to-do list. Track your money, pay down the credit card debt, expand the emergency savings, and put out your resume to every employer you can think of that isn't in the newspaper industry (also avoid other dying industries).
|
|
#
?
Apr 18, 2018 01:58
|
|
|
SiGmA_X posted:You sure? $500 video card, $1-200 in RAM (beats me on specs), $3-400 in processor, a couple hundred in mobo... Drives can add up quick, too. Can vary a lot, but that processor had a MSRP of around $200 in 2012. In 2015 I built an i7 4790k system from scratch, with 10 series card, 1080p monitor, big ssd, etc for around $1,000. My antennas raised less on the total price, but the idea that price was paid anytime recently. If it was all bought brand spanking new (6ish years ago) at full retail costs with all accessories, you could get it to $2,000 but then that would imply that we're talking about a purchase from years ago. That is more concerning to me because it shows the lack of being able to even reliably track where money is being spent.
|
|
#
?
Apr 18, 2018 02:39
|
|
|
Yeah, at this point the 1070 is worth as much as the whole motherboard/processor/RAM combo. If not more. Definitely not worth $2k if he sold it all.
|
|
#
?
Apr 18, 2018 03:03
|
|
|
Beach Bum posted:That's one of the reasons I'm rebooting my education. First, I have to clear this. My man. Sounds good. Right now is a good season to sell a bike so if you're serious about doing it you'll get best dollar now.
|
|
#
?
Apr 18, 2018 11:00
|
|
|
Raldikuk posted:Can vary a lot, but that processor had a MSRP of around $200 in 2012. In 2015 I built an i7 4790k system from scratch, with 10 series card, 1080p monitor, big ssd, etc for around $1,000. Raldikuk posted:That is more concerning to me because it shows the lack of being able to even reliably track where money is being spent. KYOON GRIFFEY JR posted:My man. Sounds good. Right now is a good season to sell a bike so if you're serious about doing it you'll get best dollar now.
|
|
#
?
Apr 18, 2018 16:11
|
|
|
SiGmA_X posted:Ah, I only looked up the processor cost on CCC, which is where I found $3-400 - I was only looking at the last year, not 5yrs ago, you're much closer on historical price than I. I had to file an extension because the IRS still hasn't (EDIT: hadn't) gotten the new mortgage insurance premium deduction form out I don't get refunds anyhow, I usually write a small check. EDIT2: I have an extension but I did just see they've issued an updated 1098. Finally. I can polish this turd and send it off now. Beach Bum fucked around with this message at 19:41 on Apr 18, 2018 |
|
#
?
Apr 18, 2018 19:26
|
|
|
Beach Bum posted:I had to file an extension because the IRS still hasn't (EDIT: hadn't) gotten the new mortgage insurance premium deduction form out
|
|
#
?
Apr 19, 2018 02:15
|
|
|
Hello! Seconding the suggestion to post up whatever you have of March instead of waiting. If you want more data, include whatever you have of April to date, and pull out your Feb/Jan records. At this stage, you're just looking for a good enough indication of where your money is going, not financial reporting perfection. Other people have posted good stuff about other things so let's talk about this: Beach Bum posted:Solution 3: Leverage Home Equity As someone currently going through the renovation process - what do you have in mind when you're talking improvements on a house that is not your forever-home? Renovations are always, always, always, always more expensive than you think they will be, unless you work in the building/construction industry and therefore already have a pretty solid idea of costs. And since this is not your forever-home, you need to be very careful that you are only doing work that will have a good ROI, especially if you're planning to borrow money to do it. Beach Bum posted:I'm with a newspaper as a circulation manager. I've been hammering on the door for promotion for the past 4 years. Positions have been offered, and then RiF'd. There was some serious drama throughout 2017 that put a damper on things and had me rebooting my education, another reason I need to clear this financial item from my dashboard. My "career" is currently an open question. I didn't put this in the OP, but bear in mind I have no marketable post-primary education; it's mostly on-the-job education and skills learned from books and non-formal practical experience. It makes a career shift a bit dicey, which is the only reason I haven't jumped ship; I can't even almost guarantee I'll find something at this level of compensation. That doesn't mean I haven't been looking; small-town it's-who-you-know dynamics have sometimes produced something promising only to get sniped by someone who knows the guy better. As a circulation manager, I'd've thought you'd have some good transferable skills in business operations so you wouldn't necessarily need to stay in newspapers. What else is available to you in town? On the education thing - this matters mainly if you are planning to get another job the mass market way (i.e. spamming your CV to as many job listings as possible). It may matter if formal education is critical to the role but this depends on your industry (e.g. I'm in a role that in theory requires a masters or other postgraduate qualification which I don't have, but equivalent experience is also accepted). About getting sniped - is this before/after interview?
|
|
#
?
Apr 21, 2018 16:45
|
|
|
Yeah if you can reformulate your role as something a bit more widely applicable, that would be ideal. Note, I have no idea if the market is going to continue to kill it or fall off a cliff in the next six months but the job market is unlikely to get even stronger than it already is, and if you hold off and the market does slow, you could be in a really bad spot. Are you looking outside your small town?
|
|
#
?
Apr 22, 2018 00:41
|
|
|
Compared to my own lovely financial situation with credit cards, yours doesn't look that bad at all. Based on digging myself out of my own hole, I'd go with a balance transfer, assuming you're actually in the proper mindset of controlling your spending so that you just don't rack up more debt on cards when you get it paid down. Shop around your local credit unions. I just got a $10k card with 2.9% on transfers until the end of 2019, 9.9% otherwise, with no annual fee and not even any fees on the balance transfers themselves, and that was on a lovely FICO of 640-660 depending on who pulls it. Leave the investments alone, don't bother with the home equity, eat out less, ignore the next Steam sale, pretend it's snowing for the next 3 months so you can't autocross, toss that 9k on a good balance transfer and you'll be squared away by the end of the year.
|
|
#
?
May 1, 2018 19:49
|
|
|
|
| # ? Apr 29, 2024 17:49 |
|
|
How did this go, OP? I agree with everyone who says the no-brainer way to get breathing room is to sell the stock. Assuming you've held it long enough, the absolute most tax you'd pay on it is around $1,050--and that's assuming you got it for free.
|
|
#
?
May 2, 2018 11:31
|
|
