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(Yahoo)   How I paid off my debt and wrote a Yahoo article about it. Step 1: I took a job that paid me nearly double what I was making per hour and that made things easier   (finance.yahoo.com ) divider line
    More: Dumbass, film producers, debts  
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7795 clicks; posted to Main » on 11 Jan 2013 at 9:46 AM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



Voting Results (Smartest)
View Voting Results: Smartest and Funniest

2013-01-11 11:01:47 AM  
4 votes:
If you are bringing in 50K a year, with no car payment, and only $233 a month in student loan payments, why in the fark are you eating moldy food? I want to see the list of his other expenses because he is wasting money somewhere else. Oh no wait
"I would spend no more than a quarter of my monthly income on essentials -- rent, utilities, phone bills and groceries -- and the rest would be stowed away in savings." While a noble goal, you can't do that with your income buddy. That's just not realistic.
2013-01-11 09:56:17 AM  
4 votes:

serial_crusher: If the best job you can get after college pays $13 an hour, you made a bad investment.


I actually completely disagree with you. Starting above $12 means you're not working retail or service in the vast majority of the country. $13/h for an entry level position with no experience is great.

If that's still what you're making 2 years later, well, then that's a different issue.
2013-01-11 11:36:50 AM  
3 votes:

jayphat: the ha ha guy: Mr. Right: But what he gets on Fark is ridicule. That driven by jealousy of his commitment or guilt at your own unwarranted profligacy?

He took on unsustainable debt payments with no way out, he purposely took actions that could have easily put him far deeper in debt, he used food stamp money while putting $1000 per month in the bank, and he only got back on his feet by hitting the job jackpot by landing a competitive job in a competitive industry.

And despite all that, he brags like he did everything right.

If he lost his job tomorrow, would he be able to remain debt free without resorting to moldy food and taking tax money while padding his bank account? If not, he's not really debt free, he's only postponed that debt barrier from which he claims to be free.
That part alone pisses me off.


Seems to me like that part you bolded would mean he should have made himself ineligible for food stamps after a couple of months. Depending on what the rules are for how and how often your eligibility is determined, he may have been committing fraud. Or he may have been using the system exactly the way it is meant to be used - temporary assistance while you get yourself back on your feet
2013-01-11 11:21:27 AM  
3 votes:

Mr. Right: But what he gets on Fark is ridicule. That driven by jealousy of his commitment or guilt at your own unwarranted profligacy?


He took on unsustainable debt payments with no way out, he purposely took actions that could have easily put him far deeper in debt, he used food stamp money while putting $1000 per month in the bank, and he only got back on his feet by hitting the job jackpot by landing a competitive job in a competitive industry.

And despite all that, he brags like he did everything right.

If he lost his job tomorrow, would he be able to remain debt free without resorting to moldy food and taking tax money while padding his bank account? If not, he's not really debt free, he's only postponed that debt barrier from which he claims to be free.
2013-01-11 11:15:10 AM  
3 votes:
Pay off the 8%-rate car loan, bravo. Paying off student loans that are (assuming they're federal like most) are probably fixed at ~4%? Why? Now, if he needs to replace his car, he takes out another 8% auto loan. Or, apply that to 401k/IRAs and save some on your not-insubstantial tax burden.

Feel the same way about my mortgage. I could pay it off. But, it's at 4%. If broad market investing doesn't beat 4% a average over the next 30 years, the global economy has much bigger problems than whether I paid a few thousand extra in interest over the years.
2013-01-11 09:58:41 AM  
3 votes:
"Tips" like "lower you cell phone bill from $100/mth to "only" $70/mth" are symptoms of a diseased mind. This while paying $900/mth in rent?

I also enjoyed the "splurging" at McDonalds when that same breakfast would cost 20% to prepare at home.

And we are supposed to be impressed that he was able to afford $230/mth loan payments on $50K?
2013-01-11 09:53:40 AM  
3 votes:
This is sound advise. I too shall seek to double my income. I mean, how hard can it be?
2013-01-11 05:45:19 PM  
2 votes:

accelerus: We need that shame back


I agree. We should all be ashamed that in a country like ours anyone needs food stamps in the first place.
2013-01-11 12:09:34 PM  
2 votes:

Schwhat: reillan: serial_crusher: If the best job you can get after college pays $13 an hour, you made a bad investment.

lots of employers won't give you a chance just because of a degree. It's all experience, now.

That is why you do internships to companies (in your career) prior to leaving college and you got your foot in the door to that company. If necessary, rinse and repeat. It sounds like his game plan of winging it, isn't going to fly in these times.


which only works if you're rich. If you're having to work your way through school, you can't afford to take an internship.
2013-01-11 11:36:31 AM  
2 votes:

Ctrl-Alt-Del: I am Wee Todd Ed: I don't understand how he was eligible for food stamps while in school?

College students between the ages of 18-49 can get SNAP benefits as long as they meet the regular eligibility requirements and they meet one of the following criteria:

1) Get public assistance under Title IV-A OR
2) Take part in a government financed work study program OR
3) Work at least 20 hours a week OR
4) Take care of a dependent under 6 OR
5) Take care of a dependent 6-11 but don't have adequate child care to to do #2 or #3 above OR
6) Are assigned to or placed in a college through any one of a small handful of specific government programs



Thanks for the info! I just think it's wrong for an able-bodied 20 something to write a smug article about how they paid off a debt while putting money away in savings but used food stamps to feed themseves. Plus, as earlier posts pointed out the % of the interest rates on student loans is usually low so it would make more sense to pay off c.c. and car loans that have higher interest rates than the student loans.

Still, getting food poisoning is horrible and missing a days worth of work because you are at home recovering is a dumb thing to do to save $1.
2013-01-11 11:20:31 AM  
2 votes:

reillan: serial_crusher: If the best job you can get after college pays $13 an hour, you made a bad investment.

lots of employers won't give you a chance just because of a degree. It's all experience, now.


I rarely get involved in the employment of staff around our place, but my general understanding is that the person making a decision either likes the applicant or doesn't, and the bit about not having a degree, or not having experience, or the right experience, or whatever is given as the reason is just something that would have been no real problem if they liked you - you will hear the same thing over and over, but it probably isn't really what has been losing you the jobs, it is probably something where you haven't connected with any of your interviewers in the right way, but they aren't going to describe what they didn't actually like (and might not even be consciously aware what it was), just use one of the standard lines/excuses.

/obviously applies less in the case of highly skilled jobs where experience is essential for the role in question rather than just a bonus
2013-01-11 10:57:01 AM  
2 votes:
My finances were a trainwreck for years. Finally, I sat down, made a list 'o my debts, WROTE UP A BUDGET and paid them off over just under three years.

Dave Ramsey (if you can ignore a little jesus-yness) FTW
2013-01-11 10:40:36 AM  
2 votes:
How can a college student be allowed to collect food stamps?

I don't understand how he was eligible for food stamps while in school? Don't most colleges offer a meal plan when you move into the dorms? Also, while not everyone is eligible and/or has the desire to join, the G.I.Bill will pay off your student loans while giving you some job skills, and you get veterean points when applying for govt jobs. It worked for me! And for the record not every MOS (military occupation specialty/job) is infantry, I mostly did admin work, didn't like being in the military so I didn't re-enlist but I got my student loans paid off and I got a nice govt job.

Also, getting food poisoning once or twice will give you a huge hospital/medical bill not to mention loss in pay from work missed. Doesn't make sense to risk your health to save a $1 or $2.
2013-01-11 10:08:54 AM  
2 votes:

the ha ha guy: Given a choice between being debt-free and stuck in a tiny run down apartment with only a junker to drive, or being $95k in debt with two new vehicles, a large house on three acres of land, and no HOA or landlord to worry about, I'll take the debt any day.

Freedom is about what you can do, not what you can spend.


One flaw in your scenario is that many people are stuck in run-down apartments and driving crappy vehicles precisely because so much of their income goes toward payments on their accumulated debt.

Another flaw is that debt is risk. If you are out of work for any significant period of time, that large house and those new vehicles will be nothing but a memory, with pending lawsuits from the lenders to cover the deficiency.

Freedom comes when the debts are paid off and you can use your income on yourself and your family, instead of on debt payments.
2013-01-11 09:59:50 AM  
2 votes:
Given a choice between being debt-free and stuck in a tiny run down apartment with only a junker to drive, or being $95k in debt with two new vehicles, a large house on three acres of land, and no HOA or landlord to worry about, I'll take the debt any day.

Freedom is about what you can do, not what you can spend.
2013-01-11 09:59:27 AM  
2 votes:
A couple of months ago, I finished paying off $26,500 in debt -- most of it student loans. It took less than two years to save up that cash. During that time I became a pro bargain shopper, tested my limits with expiring foods and briefly resorted to using food stamps.

So, you are saying is that you made the taxpayers take on your debt, and are bragging about it?
2013-01-11 09:56:30 AM  
2 votes:

reillan: serial_crusher: If the best job you can get after college pays $13 an hour, you made a bad investment.

lots of employers won't give you a chance just because of a degree. It's all experience, now.


Yeah, so skip college and go straight to the experience.  You might start out at less than $13/hour in that case, but after 4 years of experience you'll be making more (unless you're a dumbass), plus you won't have $20k in debt...
2013-01-11 09:52:24 AM  
2 votes:

serial_crusher: If the best job you can get after college pays $13 an hour, you made a bad investment.


You'd expect teenagers to be more savvy when picking their schools and majors. What with all their years of real life experience.
2013-01-11 09:52:14 AM  
2 votes:

serial_crusher: If the best job you can get after college pays $13 an hour, you made a bad investment.


lots of employers won't give you a chance just because of a degree. It's all experience, now.
2013-01-11 08:49:11 AM  
2 votes:
If the best job you can get after college pays $13 an hour, you made a bad investment.
2013-01-11 05:33:09 PM  
1 vote:

accelerus: Good for this guy on being debt free


I always find that a funny thing to congratulate people about. To me sounds like saying "Good job eliminating power drills from your life". I guess if you're some sort of addict it's noteworthy but I wouldn't expect that to be the case for the typical person.
2013-01-11 05:10:19 PM  
1 vote:
Food stamps you say?

So if you want the truth -- he didn't really pay off 26,500, we helped him pay it off.

The fact he's black just makes it bit funnier.

I went from making 100K a year in oil and gas, a year of no job (and that's a year of no job and NOT being on welfare), to making 35K/year.

Despite the huge pay cut I was able to pay off over $12,000 in debt (credit card/cars/etc) and I did it without being on food stamps.

Good for this guy on being debt free, but you lost me at food stamps. I think it's a crock that people are so accepting of it these days, it used to be a huge shame to be on something like that. We need that shame back if we are ever going to shake part of the trillions in debt.

I'd have had a lot more respect for this guy had he not relied on public assistance to pay off his private debts.
2013-01-11 03:21:32 PM  
1 vote:
I knew somebody who was in debt for awhile and then paid it off. Wasn't the magic budgeting system she had -- it was that she got an inheritance.
2013-01-11 01:55:49 PM  
1 vote:
I paid off the same amount in debt, and fully paid off a $30k car by the same age, because I got a degree that would pay well straight out of college.

/ Software Engineer
2013-01-11 01:01:51 PM  
1 vote:

zabadu: Zero money in my bank account, $1800/mo unemployment, $750 rent payment, utilities, etc. Did not qualify.


Well, there's your problem right there. Also rent, utilities and most other expenses don't matter.
2013-01-11 12:52:47 PM  
1 vote:
"I also became entranced with "super saving." Cooking meats past the expiration date -- yes, a couple of times I paid the price for this -- or rinsing the mold off a pruned vegetable became routine."

farking...ew...
Does this dude not realize that having the runs costs you a sick day and/or performance at work? Moran.
2013-01-11 12:51:39 PM  
1 vote:
'How to become a MILLIONARE" !

first, start out with a million dollars...
2013-01-11 12:38:31 PM  
1 vote:
How's this for a story?

I was working and making good money. When my son was born 7 weeks early and had to stay in the hospital for a month, we racked up over $90k on our credit cards because insurance would only cover so much.

Then, I was laid off from my gov't job where I was guaranteed raises. This made us rack up even more credit card debt trying to keep our mortgage paid.

We are still trying to get our finances in order. And this goes back 13 years. We have our debt paid off except 1 car and our house (which we are trying to refinance).

So, this kid can kiss my ass with his awesome ability to run his debt down, and bragging to everyone how all he had to do was hunker down and work harder. Screw you, punk. Maybe some trouble in your life would put some things in perspective and you would stop bragging.
2013-01-11 12:26:35 PM  
1 vote:
My Debt Elimination and Reduction Plan is similar to my Healthy Eating and Recreation Plan. Instead of "stop stuffing your goddamned face and get some farking exercise", you stop buying stuff you can't afford, put as much as you can on the debts after you have a $2,000 emergency buffer in a savings account, and once everything is payed off throw that money at savings. I would recommend you HERP while you DERP, as the mutual highs of the numerous small victories reinforce one another.
2013-01-11 12:24:53 PM  
1 vote:

sendtodave: serial_crusher: If the best job you can get after college pays $13 an hour, you made a bad investment.

You'd expect teenagers to be more savvy when picking their schools and majors. What with all their years of real life experience.


If, at 17 or 18, you weren't smart enough to consider earning potential when selecting a school and major, then you and your parents failed at basic common sense.

And unfortunately, we the taxpayers get to subsidize that failure.
2013-01-11 11:42:13 AM  
1 vote:

I am Wee Todd Ed: Thanks for the info! I just think it's wrong for an able-bodied 20 something to write a smug article about how they paid off a debt while putting money away in savings but used food stamps to feed themseves.


Yeah, that seems a little iffy to me, too, but in a way, it seems like that is exactly what such programs are for. As long as he the system is set up so that he is forced to give up the food stamps after doing that for a while, then it's doing what it's supposed to - helping you get back on your feet
2013-01-11 11:39:02 AM  
1 vote:

serial_crusher: If the best job you can get after college pays $13 an hour, you made a bad investment.


You sound like someone who got a job before the recession, and then kept it.
2013-01-11 11:31:17 AM  
1 vote:
Also, if you are a young person starting a career in journalism, there are two kinds of successful applicants:

1) Upper middle class white kids who can afford to work unpaid internships
2) Blacks and Latinos who get the few paying jobs available due to affirmative action..

If you are white but can't afford to spend a couple years working for free, leave the $25 / hour gig at CNN out of your debt-reduction strategy. It ain't happening.

Oh and no matter what, if you want to work at a middle-of-the-road organization like CNN, *definitely* be an apologist for the status quo. And remember: the best shills don't even realize they're shills! So never reexamine anything.
2013-01-11 11:27:44 AM  
1 vote:

jayphat: the ha ha guy: Mr. Right: But what he gets on Fark is ridicule. That driven by jealousy of his commitment or guilt at your own unwarranted profligacy?

He took on unsustainable debt payments with no way out, he purposely took actions that could have easily put him far deeper in debt, he used food stamp money while putting $1000 per month in the bank, and he only got back on his feet by hitting the job jackpot by landing a competitive job in a competitive industry.

And despite all that, he brags like he did everything right.

If he lost his job tomorrow, would he be able to remain debt free without resorting to moldy food and taking tax money while padding his bank account? If not, he's not really debt free, he's only postponed that debt barrier from which he claims to be free.
That part alone pisses me off.


Oh, come on. Even Ayn Rand used taxpayer money. It's the pinnicle of bootstrappiness.
2013-01-11 11:26:06 AM  
1 vote:

the ha ha guy: Mr. Right: But what he gets on Fark is ridicule. That driven by jealousy of his commitment or guilt at your own unwarranted profligacy?

He took on unsustainable debt payments with no way out, he purposely took actions that could have easily put him far deeper in debt, he used food stamp money while putting $1000 per month in the bank, and he only got back on his feet by hitting the job jackpot by landing a competitive job in a competitive industry.

And despite all that, he brags like he did everything right.

If he lost his job tomorrow, would he be able to remain debt free without resorting to moldy food and taking tax money while padding his bank account? If not, he's not really debt free, he's only postponed that debt barrier from which he claims to be free.

That part alone pisses me off.
2013-01-11 11:22:55 AM  
1 vote:

reillan: serial_crusher: If the best job you can get after college pays $13 an hour, you made a bad investment.

lots of employers won't give you a chance just because of a degree. It's all experience, now.


That is why you do internships to companies (in your career) prior to leaving college and you got your foot in the door to that company. If necessary, rinse and repeat. It sounds like his game plan of winging it, isn't going to fly in these times.
2013-01-11 11:20:45 AM  
1 vote:

BEER_ME_in_CT: In my 20's I partied like a rock star, bought expensive toys, charged my CC up to nearly the limit. It was a great 9 years! WHY THE FARK would I sit at home and eat moldy food?? At age 29 I also took a job that paid me alot more and magically I was able to pay off my debt from the good time I had over the previous years. You only live once loser, get off the farking couch and at least cook something good. What a moron. What do you want a farking medal? LOL! Noone gets a prize for least amount of fun had after their dead. Idiot. When was the last time you were on a date numbnut? Did you take her(or him) to the dumpster behind the McDonalds?


Yeah, pretty much this.

What the hell is the point of being in your 20s when all you do is hole up in your apartment and refuse to spend any money? I agree that financial responsibility is something that we should all strive for, but honestly, there's little point in making it the driving factor of your life until you're into your 30s. This guy must be a blast at parties. He's probably the guy that brings the Popov and then takes it home with him at the end of the night because nobody wants to drink rotgut.
2013-01-11 11:10:23 AM  
1 vote:
I guess if you want to make an extra eight dollars by creating internet content, angle your story toward student loan debt. Nobody's going to click on a link about a guy who got a better job.
2013-01-11 11:06:39 AM  
1 vote:

rvesco: This is the typical Yahoo front page these days:
1. This remarkable woman lost 257 pounds! And she did it with two simple tricks.
2. These people paid no federal taxes last year! Here's how they did it.
3. Here's how one young determined man paid off over $25,000 in student loans

One click and one pop-up ad later...
1. Eat less and exercise.
2. Make less than the minimum taxable amount or invest in tax shelters.
3. Get a job that pays more.


you forgot one
4. How to make over 100K per year - get a job on this list that requires at least a 6 year degree.
2013-01-11 10:57:47 AM  
1 vote:
In my 20's I partied like a rock star, bought expensive toys, charged my CC up to nearly the limit. It was a great 9 years! WHY THE FARK would I sit at home and eat moldy food?? At age 29 I also took a job that paid me alot more and magically I was able to pay off my debt from the good time I had over the previous years. You only live once loser, get off the farking couch and at least cook something good. What a moron. What do you want a farking medal? LOL! Noone gets a prize for least amount of fun had after their dead. Idiot. When was the last time you were on a date numbnut? Did you take her(or him) to the dumpster behind the McDonalds?
2013-01-11 10:55:30 AM  
1 vote:

Turbo Cojones: "Tips" like "lower you cell phone bill from $100/mth to "only" $70/mth" are symptoms of a diseased mind. This while paying $900/mth in rent?

I also enjoyed the "splurging" at McDonalds when that same breakfast would cost 20% to prepare at home.

And we are supposed to be impressed that he was able to afford $230/mth loan payments on $50K?


I was wondering who would be the first to point that out. "Things were looking up. I was in a new city, had a great job; but despite all that, my student loan debt continued to weigh me down." Then you dumbass are doing something TERRIBLY wrong.
2013-01-11 10:52:30 AM  
1 vote:

Cybernetic: serial_crusher: sendtodave: This gives me an idea. I'll start a business where my "employees" pay me for on the job xperience!

Not sure if you're being sarcastic, but they already have those.
A friend of mine "worked" as an "intern" at "NASA".  Told me all kinds of cool stories about all the people she met, cool things she did (for fun, never anything about doing actual work...).  When I asked her if she could give me a reference the next year, she sent me a link to the website she signed up through.  For only $10,000 they guaranteed placement in one of their unpaid internships.
Basically they just give NASA a cut of the money and then stick the kids in some corner with a babysitter.

I worked at Kennedy Space Center for a couple of years, and the college interns on my project were very sharp kids (one from Ole Miss, one from MIT) who did real work. I have no idea what process they went through to get the positions, but there are NASA internships that are much more than a glorified vacation.


Oh, I didn't mean to typecast all the NASA interns.  I don't doubt for a second that there are actual smart people working at NASA.  Just this batch was clearly only there to pad their resumes while providing NASA with some much needed funding.  They were in Houston.  I think they were considered part of the accounting department.
2013-01-11 10:47:43 AM  
1 vote:

Abe Vigoda's Ghost: He lost me at food stamps.


Same here.
I lost my job and was living off unemployment checks and didn't qualify.
GBB
2013-01-11 10:45:31 AM  
1 vote:
So, I guess I'm the only one here with a retirement/debt reduction plan that is solely based on winning the lottery?
2013-01-11 10:45:10 AM  
1 vote:
So we have a guy who sacrificed for a couple years and is now pretty much free of debt. If he's smart, he'll continue to live carefully (he might want to lighten up a bit on the food expenditures) and build up a good chunk of savings and investment and pay cash for anything he wants to buy in the future. It's guys like him that become millionaires by the time they retire, not the folks who spend upwards of a third of their income on interest payments for the mortgage, car loans, credit card debt, student loan debt, etc.

But what he gets on Fark is ridicule. That driven by jealousy of his commitment or guilt at your own unwarranted profligacy?
2013-01-11 10:03:23 AM  
1 vote:

sendtodave: This gives me an idea. I'll start a business where my "employees" pay me for on the job xperience!


Not sure if you're being sarcastic, but they already have those.
A friend of mine "worked" as an "intern" at "NASA".  Told me all kinds of cool stories about all the people she met, cool things she did (for fun, never anything about doing actual work...).  When I asked her if she could give me a reference the next year, she sent me a link to the website she signed up through.  For only $10,000 they guaranteed placement in one of their unpaid internships.
Basically they just give NASA a cut of the money and then stick the kids in some corner with a babysitter.
2013-01-11 10:01:47 AM  
1 vote:

The Angry Hand of God: A couple of months ago, I finished paying off $26,500 in debt -- most of it student loans. It took less than two years to save up that cash. During that time I became a pro bargain shopper, tested my limits with expiring foods and briefly resorted to using food stamps.

So, you are saying is that you made the taxpayers take on your debt, and are bragging about it?


No, he's showing how he was able to pull himself up by the bootstraps.
2013-01-11 09:53:56 AM  
1 vote:
If you're working for CNN, why are you writing for Yahoo?
2013-01-11 09:51:49 AM  
1 vote:
He lost me at food stamps.
2013-01-11 09:48:45 AM  
1 vote:
Hhahahhaahhahahhahahahhaahhahhahahahhahah


The sum of all truth in a headline....
 
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