[Zero V]

The magic word that describes most of our lives.

I am 21, about to be 22 and 2 years worth my wages in debt. I am going into construction next summer so I can rake in some serious cash to free myself from this. Why am I in debt? a chunk was being stupid in the past....leftovers from my ex....... a good chunk is medical bills.....student loans.

My plan is to use construction (seeing as you can net 10-15K easy over the summer working 70 hours weeks....i believe) to alleviate this. As well as studying enough to become a PT, which pays better and would be a job I would love while in college(and after)

Anyone else want to get this crap off your chest? share ideas, support, etc. I have seen debt eat peoples lives up. I wont let it me, is it overwhelming yes....but does it own me, NO.

[Rugger]

I have student loan debt, nothing else. Why? Cuz I'm not an idiot and don't spend money I don't have. I can understand using a CC for emergencies, but those emergencies usually don't come often enough to summate any substantial debt. Medical? Well that's another issue. Luckily I have good coverage.

[Zero V]

Originally Posted by Rugger

I have student loan debt, nothing else. Why? Cuz I'm not an idiot and don't spend money I don't have. I can understand using a CC for emergencies, but those emergencies usually don't come often enough to summate any substantial debt. Medical? Well that's another issue. Luckily I have good coverage.

spent my entire life with no insurance until the last couple months now.....it isn't pretty....gyuh....

[Omen]

21 years old, 750 FICO score in 3 bureaus, at the moment, $50 debt in 3 credit cards, $200 credit with the power company, $300 credit with the cell/internet company, 1 month rent always in advance, $1000 saved up for emergencies.

I LOVE spending money, but I hate being broke so I'm very careful with what I do with my money.

[holyintellect]

With the exception of about 5 people I know, every single one of them is so far in debt, they'll never dig out. That includes the doctors, etc that I know...

I think the biggest stumbling block for most people is divorce and no insurance. I have two sons, and I couldnt imagine the costs I would have accrued without it.

When I was younger I had a ton of CC debt, but about five years ago I closed them out and paid them off...I no longer have a CC, and its a good thing because if I did I would still be ringing up the debt. I realize that I am simply not the type of person that does well with a CC so Ive decided to not have one.

holy

[Usf97j4x4]

I only have about 3,000 on credit cards, only because I used them to finance a major home renovation. I am not paying interest on it though. I plan to have it paid off in about 3 months.

My big concern now is law school, which is costing me approximately $28,000 per year if I include summer sessions. Most of this is at 6%, the math is not pretty.

I do have a plan though, I live in the hood right now and my house only runs about $1,000, including mortgage, insurance, taxes, etc. If I can come out school making 100k/year and stay in my house, maintain my current lifestyle and live at my current means for 2 years after school at that salary I should be able to pay the majority of my student debt (estimated at $110k) off fairly quickly. Then I am going to move the HELL OUT! lol

The key to staying out of debt is living within (or below) your means

[Palo Alto Labs]

You would think that our schools would offer a mandatory class on money and finance and the power of compound interest.

but nope.. we deliver kids to their 18th birthday with no idea how hard it is to pay off credit card debt when most of these kids have 19.99 APRs and charge everything.

We teach them how to spend, how to afford a $40k car when we only make $25k/year.

We make them think that credit cards are great bc you can charge $400 now and pay the minimum $25 per month.

Then we FAIL to teach them how to invest a few bucks at 18-21 years old in an IRA and retire healthy and wealthy.

Ive got a little bit of CC debt, but nothing that keeps me up at night. Ill have it paid off in a year and all of my finances are in line. I wish someone had taught me in high school how money really works. I was lucky/smart to never get in trouble, but ive seen far too many go that route.

[Dadof2]

Originally Posted by Zero V

The magic word that describes most of our lives.

I am 21, about to be 22 and 2 years worth my wages in debt. I am going into construction next summer so I can rake in some serious cash to free myself from this. Why am I in debt? a chunk was being stupid in the past....leftovers from my ex....... a good chunk is medical bills.....student loans.

My plan is to use construction (seeing as you can net 10-15K easy over the summer working 70 hours weeks....i believe) to alleviate this. As well as studying enough to become a PT, which pays better and would be a job I would love while in college(and after)

Anyone else want to get this crap off your chest? share ideas, support, etc. I have seen debt eat peoples lives up. I wont let it me, is it overwhelming yes....but does it own me, NO.

What kind of construction were you considering going into? The reason that I ask is because there are many illegals in construction work, and as a result you can expect to have to work for less than you would like to.

If I were you I would consider getting into a union apprenticeship. You mentioned construction so perhaps you could enter the Carpenter's Union. An apprentice in the Carpenter's Union earns $12.50 an hour + $7 an hour in benefits. That is decent money for a young guy, and I would look into it if I were you.

[Rugger]

Originally Posted by Dadof2

What kind of construction were you considering going into? The reason that I ask is because there are many illegals in construction work, and as a result you can expect to have to work for less than you would like to.

If I were you I would consider getting into a union apprenticeship. You mentioned construction so perhaps you could enter the Carpenter's Union. An apprentice in the Carpenter's Union earns $12.50 an hour + $7 an hour in benefits. That is decent money for a young guy, and I would look into it if I were you.

One of my good buddies got into a construction business last summer. He had no experience and pulled down 24/hr before taxes.

[Usf97j4x4]

Originally Posted by Rugger

One of my good buddies got into a construction business last summer. He had no experience and pulled down 24/hr before taxes.

Geez, that's decent money.

[holyintellect]

The best class I ever had in HS was called Consumer Math...We had to keep up with a fake checkbook, file taxes, etc...I guarantee I learned more in that class than virtually any other class I have ever taken.

As an aside, I am on the hiring committee for a large petroleum company, although I work in their chemical division....There have been a few instances where we have hired young guys who went from making $10/hr to making $25/hr...These guys literally spent money like they had won the lottery, and by the time they had been on the job for a year were already head over heels in debt...

holy

[Usf97j4x4]

Originally Posted by holyintellect

The best class I ever had in HS was called Consumer Math...We had to keep up with a fake checkbook, file taxes, etc...I guarantee I learned more in that class than virtually any other class I have ever taken.

As an aside, I am on the hiring committee for a large petroleum company, although I work in their chemical division....There have been a few instances where we have hired young guys who went from making $10/hr to making $25/hr...These guys literally spent money like they had won the lottery, and by the time they had been on the job for a year were already head over heels in debt...

holy

That's how it goes. Everyone wants to live above their means and have nice things.

[Dadof2]

Originally Posted by Rugger

One of my good buddies got into a construction business last summer. He had no experience and pulled down 24/hr before taxes.

Was he working for himself or with a partner?