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Forum » I think debt is the main life killer for most folks
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Thread: I think debt is the main life killer for most folks

post 1618803581 10-08-2020, 01:18 PM
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I think debt is the main life killer for most folks

Thinking about whether I'm gonna work full time when I go back to school for 2 years and how it'd be nice if I got my bachelor's with no debt. Taxes suck, Health Insurance sucks, most jobs could probably pay more, but I think debt is the biggest issue of all for most folks.

I think I am gonna work during school so I can graduate debt free, live cheap as heck for the next 2 years + vacation here and there. Then start saving every penny. If I can't saving at least $1500/month then I'm not budgeting right or making enough. As long as I stay out of unnecessary debt then life is gravy.
post 1618804321 10-08-2020, 01:30 PM
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Originally Posted By MikeLowrrrey⏩
Thinking about whether I'm gonna work full time when I go back to school for 2 years and how it'd be nice if I got my bachelor's with no debt. Taxes suck, Health Insurance sucks, most jobs could probably pay more, but I think debt is the biggest issue of all for most folks.

I think I am gonna work during school so I can graduate debt free, live cheap as heck for the next 2 years + vacation here and there. Then start saving every penny. If I can't saving at least $1500/month then I'm not budgeting right or making enough. As long as I stay out of unnecessary debt then life is gravy.
Age: 50? But you are are correct....most people never figure this out and are wage slaves for life.
Originally Posted By Anachron⏩
I think that the inability to make the distinction between bad debt and good debt is also a problem.
100% of people would be better off just understanding OP's point.
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post 1618804781 10-08-2020, 01:36 PM
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Originally Posted By Anachron⏩
I think that the inability to make the distinction between bad debt and good debt is also a problem.
It's a problem, but if you avoid debt entirely you're least likely to get into trouble. Most debt is bad debt anyway. Even a house can become bad debt if the market flops.
Originally Posted By HYDRAE⏩
Age: 50? But you are are correct....most people never figure this out and are wage slaves for life.



100% of people would be better off just understanding OP's point.
Not 50, will be 30 in a few days. Pedal to the metal time.
post 1618805041 10-08-2020, 01:39 PM
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I have EU citizenship so I figure if things get too bad I can always flee, it should at least get me in the door
post 1618805261 10-08-2020, 01:41 PM
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Yeah man I've seen people ruined by it. And more will be still in the next few months when the real recession kicks in.
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post 1618805741 10-08-2020, 01:44 PM
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Originally Posted By hoganrulz⏩
Yeah man I've seen people ruined by it. And more will be still in the next few months when the real recession kicks in.
You think they'll be a real recession? I hope not, I'm in the construction industry and so far things haven't slowed down much at all.
post 1618806171 10-08-2020, 01:49 PM
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Originally Posted By MikeLowrrrey⏩
You think they'll be a real recession? I hope not, I'm in the construction industry and so far things haven't slowed down much at all.
Right now index funds & construction keeps pumping because of right wing governments protecting business & the "economy" through those means.

But houses & businesses just won't have any turnover if everyone else is starving.

If there's world wide austerity to pay these global Corona bills, everything will be shot to chit imo.

Edit like for example, ge government said they'll announce 5% deposit mortgages but banks said fuk you, underwrite the debt or we won't offer them
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post 1618806491 10-08-2020, 01:55 PM
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its going to be interesting to see what happens, my job is reopening, but the house market near me is booming from everyone fleeing cities. the thing is, the city places are starting to plummet in price and offer great deals. they are offering free rent for rest of the year to new tenants.
nobody in homes has been affected yet due to programs. if those homes have to compete against crashed in-city living its going to get real weird. especially if a lot open up when the mortgage deferment window closes.
post 1618806621 10-08-2020, 01:56 PM
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love being rent/debt free

no stress and completely don't care if the company i work for goes under

i would take 10 years off of working and just fukk around if that happened srs
Make Europe Germany Again
post 1618806771 10-08-2020, 01:58 PM
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Originally Posted By MikeLowrrrey⏩
Thinking about whether I'm gonna work full time when I go back to school for 2 years and how it'd be nice if I got my bachelor's with no debt. Taxes suck, Health Insurance sucks, most jobs could probably pay more, but I think debt is the biggest issue of all for most folks.

I think I am gonna work during school so I can graduate debt free, live cheap as heck for the next 2 years + vacation here and there. Then start saving every penny. If I can't saving at least $1500/month then I'm not budgeting right or making enough. As long as I stay out of unnecessary debt then life is gravy.
Spending money on **** you don't need to impress people is a bigger issue. Using debt to fund your Education "can" pay off but living above your means and going in debt because of it is a much bigger whole to climb out of
post 1618807201 10-08-2020, 02:04 PM
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Okay, I have no debt but no job due to the scamdemic tho
post 1618807311 10-08-2020, 02:05 PM
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Originally Posted By Ratfish⏩
love being rent/debt free

no stress and completely don't care if the company i work for goes under

i would take 10 years off of working and just fukk around if that happened srs
You don't pay rent? How's it possible you can take 10 years off working?
post 1618807781 10-08-2020, 02:11 PM
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Then get the debt, max it up and declare yourself bankrupt, make sure that your assets arent under your name

Thats 4D move
post 1618807991 10-08-2020, 02:14 PM
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Originally Posted By MikeLowrrrey⏩
You don't pay rent? How's it possible you can take 10 years off working?
He cashed a house a few years ago.
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post 1618810091 10-08-2020, 02:34 PM
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Originally Posted By hoganrulz⏩
He cashed a house a few years ago.
Forgot about that. Owning your house is a position of F U to everybody.
post 1618810381 10-08-2020, 02:37 PM
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Nah it's not having generational wealth that's a killer. Blame your parents. Going to yolo all my money on some options
post 1618810651 10-08-2020, 02:39 PM
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Originally Posted By MikeLowrrrey⏩
You don't pay rent? How's it possible you can take 10 years off working?
paid off house and have a lot of savings
Make Europe Germany Again
post 1618811071 10-08-2020, 02:43 PM
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Any debt is bad debt in my books. I don't care if you owe $200k on a house, value is worth $300k (so you're technically positive $100k), and you expect it to go up. There's risk, because there's always a chance that it can NOT go up. You're still paying your monthly mortgage regardless of what the economy does. You still owe $200k on it. If you lose your job, or have some other emergency that effects you financially, that $200k debt ain't going away until you pay it off or sell the house.

People call anything that has the ability to go up in value, that you can get financing for, as a good debt. That's fine they can see it that way. These people don't cringe at risk like I do though.

Nonetheless I'll probably get 20-30% down on a house sometime in my 30's, but I ain't gonna pretend I'm content knowing that the 80-70% I still owe on that house ain't a bish.
post 1618814001 10-08-2020, 03:14 PM
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Originally Posted By MikeLowrrrey⏩
Thinking about whether I'm gonna work full time when I go back to school for 2 years and how it'd be nice if I got my bachelor's with no debt. Taxes suck, Health Insurance sucks, most jobs could probably pay more, but I think debt is the biggest issue of all for most folks.

I think I am gonna work during school so I can graduate debt free, live cheap as heck for the next 2 years + vacation here and there. Then start saving every penny. If I can't saving at least $1500/month then I'm not budgeting right or making enough. As long as I stay out of unnecessary debt then life is gravy.
Sounds like you’re on the right path OP.
post 1618814131 10-08-2020, 03:14 PM
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debt is slavery. wealth is freedom. avoid debt, build wealth.
post 1618814741 10-08-2020, 03:21 PM
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- Saving money
- Vacation here & there

Choose 1
post 1618817991 10-08-2020, 03:58 PM
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main expenses is usually just food.

I should use a budgeting method but I barely buy chit these days.
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post 1618819551 10-08-2020, 04:17 PM
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Originally Posted By MikeLowrrrey⏩
Thinking about whether I'm gonna work full time when I go back to school for 2 years and how it'd be nice if I got my bachelor's with no debt. Taxes suck, Health Insurance sucks, most jobs could probably pay more, but I think debt is the biggest issue of all for most folks.

I think I am gonna work during school so I can graduate debt free, live cheap as heck for the next 2 years + vacation here and there. Then start saving every penny. If I can't saving at least $1500/month then I'm not budgeting right or making enough. As long as I stay out of unnecessary debt then life is gravy.
100%. As a person who went mildy into debt to get my degree, its a dark cloud hanging over you till youre able to make it.
post 1618821541 10-08-2020, 04:41 PM
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LOl @ worrying about student loan debt.... SRS






Just apply to every credit car you can, take cash advances on all of them, use the cash to pay off your student loans..... make like 4-5 good-faith payments on the credit card debt....










Then file bankruptcy and you student loans and credit card debt disappear. LOL @ people actually thinking they can't get out of student loan debt. My buddy had 120K from Dental school.... used cash advances on credits cards to pay it off, filed bankruptcy. Now he has a 400K home and his own practice and zero students loans lol
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post 1618823001 10-08-2020, 05:03 PM
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If you're going to go to college choose your degree/career carefully. A college degree is a worthless piece of paper only suitable for framing and hanging on your wall unless its in something valued that will return on your time + monetary investment.

I know a lot of people that went to college just because they wanted a degree. Then ended up working in an unrelated field that did not require college.
Originally Posted By Anachron⏩
Your other option is to waste money on rent while saving up to pay cash for a house. That's a no starter.
I agree on that. TBH I understand debt on a home, real estate investing, or for business assets. I'm not going to say any of it is 'good' debt because in theory you'd always be better off completely debt free and in the clear. But those forms of debt isn't as bad as other forms. I'm aware of leverage and tax advantages but in theory, if possible, I'd choose debt free any day of the week.
post 1618823211 10-08-2020, 05:05 PM
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Better late than never I guess
What are you going to major in op?
Inb4 “business cause it teaches you how to run a business”
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post 1618823921 10-08-2020, 05:13 PM
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Originally Posted By OutdoorsBrah⏩
LOl @ worrying about student loan debt.... SRS






Just apply to every credit car you can, take cash advances on all of them, use the cash to pay off your student loans..... make like 4-5 good-faith payments on the credit card debt....










Then file bankruptcy and you student loans and credit card debt disappear. LOL @ people actually thinking they can't get out of student loan debt. My buddy had 120K from Dental school.... used cash advances on credits cards to pay it off, filed bankruptcy. Now he has a 400K home and his own practice and zero students loans lol
Why the fuk did no one tell me this.
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post 1618824041 10-08-2020, 05:15 PM
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Originally Posted By OutdoorsBrah⏩
LOl @ worrying about student loan debt.... SRS






Just apply to every credit car you can, take cash advances on all of them, use the cash to pay off your student loans..... make like 4-5 good-faith payments on the credit card debt....










Then file bankruptcy and you student loans and credit card debt disappear. LOL @ people actually thinking they can't get out of student loan debt. My buddy had 120K from Dental school.... used cash advances on credits cards to pay it off, filed bankruptcy. Now he has a 400K home and his own practice and zero students loans lol
You can lose your professional licence in a lot of fields if you go bankrupt.
post 1618824841 10-08-2020, 05:24 PM
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Originally Posted By Jaroctor⏩
You can lose your professional licence in a lot of fields if you go bankrupt.
Who the fuk is giving mortgages or business loans to someone who just filed for bankruptcy anyways, lenders are probably getting that $120k back from increased interest rates after he has been flagged as high risk
post 1618825081 10-08-2020, 05:27 PM
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Originally Posted By Destor⏩
Who the fuk is giving mortgages or business loans to someone who just filed for bankruptcy anyways, lenders are probably getting that $120k back from increased interest rates after he has been flagged as high risk
The states are definitely more ****ed up though. Billions of banks. Good for business I guess?
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