Young Man's Financial House
Oct 13, 2022 17:59:04 #
Jim Fitzroy wrote:
26000 per year = 500 per week.. Based on a 40 hr week that is just over $12.50 per hour...not even minimum wage. Bogus example but point well taken...avoid expensive useless degrees and the cost of a college education is toooo expensive!!
Jim, check your minimum wage data. Delaware $10.50, Il, $12.00, MI $9.87, NM $8.42, MT $9.20, SD $9.95.
Oct 13, 2022 18:20:22 #
Most burger places are paying at least $15/hr, that is $31k a year!
Oct 14, 2022 02:40:32 #
Sell the car, move someplace cheaper with internet, find a trust-able investment partner and put in a little every month. Live in a trailer/campground if you must.
Oct 14, 2022 05:12:58 #
Oct 14, 2022 07:02:20 #
Curmudgeon wrote:
Jim, check your minimum wage data. Delaware $10.50, Il, $12.00, MI $9.87, NM $8.42, MT $9.20, SD $9.95.
As of October 1st, any contractor or sub-contractor on a Federal job must pay a minimum of $15 per hour, irrespective of local wage rates or labor category.
Oct 14, 2022 07:22:01 #
Oct 14, 2022 07:30:46 #
First I’d sell the two Ferraris he’s apparently making payments for. Then, I’d go back and get an MBA from Wharton where after the starting pay is about $150K. Finally, follow the rule: spend less than you make.
Oct 14, 2022 07:37:44 #
davyboy wrote:
Must first cut expenses to match income. Buy a duplex and let the renters make your house payment. Seek a job that will allow you to work off some of the loan debt.
Where’s the money coming from to buy the duplex? He has no cash and he won’t be able get a mortgage.
Oct 14, 2022 07:53:33 #
Oct 14, 2022 08:10:29 #
Oct 14, 2022 08:13:09 #
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Oct 14, 2022 08:24:05 #
Oct 14, 2022 08:27:59 #
Caribou
Loc: St. Louis, MO
You said it's hypothetical. But can we assume the data given is all true? If so, there is something seriously out of whack. That was a very expensive college, wherever it was. This illustrates a few (of the many) problems I have with the college debt forgiveness idea. What was his major, what were his grades, did he finish? What is his current job? He certainly isn't being paid much. Why? And his expenses seem quite high. How is he currently making up the difference? Is he looking for something else? You hear that the building trades can't find skilled people because nobody wants to do those jobs. Kids are lured into these extremely overpriced colleges because they think there are lots of cushy jobs out there and all you need is a piece of paper that says you have a degree. And if there is any debt forgiveness the colleges should be required to be a major part of that give-back.
Oct 14, 2022 08:39:39 #
bobbyjohn wrote:
This is a hypothetical challenge for all the finan... (show quote)
1. Find a better paying job with medical benefits, or additional job to increase annual income.
2. Get rid of the car, Netflex, cable, no entertainment, drop insurance.
3. Get room mates to reduce(share) rent expenses or move back in with parents.
4. Reduce food cost to minimum by not eating out and no fast food.
5. Go to all cash bases (No credit cards).
6. Defer student loan payments as long as possible.
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