Anybody good with Finance?

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billsbigego
billsbigego
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Have about 30k in debt. Sweetwater 5k, Affirm 3k, Credit card 20k and a couple other small ones. We were doing good, but I had a carpentry injury to my right hand index finger and now I'm paying a huge deductible on that and wife has some medical bills as well. This sort of set us back a little bit. But most of the issues are due to financial stupidity.

Problem with me is I'm depressed and hate life and have bought all this crap to fill the void, which of course doesn't work. I usually pay off my music stuff quickly with my side job which is carpentry. But everyone is broke and work is not coming in like in past years.

I really don't want another Heloc. I have 8 years left on Mortgage and at a rate of 3%
Wife and I are both not good with money. Spend way too much buying stuff we could do without from Amazon.
Other options
Debt consolidation. Transfer CC to a 2 year 0% CC, but that only will work if our current %age rate will be less than whatever the rate will be after the 2 years. If we can't pay off the card in 2 years, then we could be worse off I assume?

Debt consolidation loans seem to be a scam right? They tell you to not pay your debts, then they negotiate with the companies to get a lower rate and your credit score tanks. Not that I really care about credit score, no credit = no debt right? Or is my thinking flawed?

Right now we're both in the high 700's as far as credit score.
 
I’m not claiming to have figured anything out. And honestly I think most folks that have are probably just somewhat lucky. I have to say it sounds more like a life issue than a finance issue though. In other words, figure the life stuff out and the money stuff will naturally align. …Maybe those consolidation loans are worthwhile, you’d have to read the fine print. Keep going at it man. Things can change even when you don’t think they ever will.
 
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Credit scores are obviously important, but they are being set up to be basically social credit scores. So don’t let these fuckers control you with them.
 
acceptance said:
Credit scores are obviously important, but they are being set up to be basically social credit scores. So don’t let these fuckers control you with them.
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Well everyone is freaked out about their credit score. But if you can't get credit because of a shit credit score, you can't get in debt.
 
Write out your net income and debits. Look at your credit card bill and know what interest rate you are paying. Always try to pay off the one with the highest interest rate first. Can you budget for 4-5 months to pay off the debit. Stop all unnecessary spending, buy food and cook it at home, etc. Don’t go on a vacation this summer. A great thing about doing this is if you keep up with a long term budget, you will have some financial freedom.

You could roll all debt to a 0% interest card, but know that if you don’t pay it off, the interest will accrue (and likely compound) and you wont be any better off (unless the new card has a lower interest rate). A HELOC could possibly help, of course you need to determine the interest rate.

IF you use a debt consolidation tactic, you have to STOP the frivolous spending, otherwise you will be worse off. For example, say you roll all of your debit into a heloc at 5%. Don’t start using your credit cards again to buy stupid shit.

What are your savings? Do you save for retirement? Do you contribute to a work 401k? If so, you could divert some of that money toward debit (of course AFTER you go over any company match. After all, you don’t want to lose free money).
 
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billsbigego said:
Have about 30k in debt. Sweetwater 5k, Affirm 3k, Credit card 20k and a couple other small ones. We were doing good, but I had a carpentry injury to my right hand index finger and now I'm paying a huge deductible on that and wife has some medical bills as well. This sort of set us back a little bit. But most of the issues are due to financial stupidity.

Problem with me is I'm depressed and hate life and have bought all this crap to fill the void, which of course doesn't work. I usually pay off my music stuff quickly with my side job which is carpentry. But everyone is broke and work is not coming in like in past years.

I really don't want another Heloc. I have 8 years left on Mortgage and at a rate of 3%
Wife and I are both not good with money. Spend way too much buying stuff we could do without from Amazon.
Other options
Debt consolidation. Transfer CC to a 2 year 0% CC, but that only will work if our current %age rate will be less than whatever the rate will be after the 2 years. If we can't pay off the card in 2 years, then we could be worse off I assume?

Debt consolidation loans seem to be a scam right? They tell you to not pay your debts, then they negotiate with the companies to get a lower rate and your credit score tanks. Not that I really care about credit score, no credit = no debt right? Or is my thinking flawed?

Right now we're both in the high 700's as far as credit score.
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You have good credit because you have a lot of debt and are probably good with making your payments on time. If you go into debt consolidation you can kiss that goodbye. A 700 is a pretty good score, I wouldn't mess that up because it will take years to get it back to that level. @psychodave gave some very good advice. Quit spending. Find what gear you really don't need and sell it and pay down some of the debts. Sell other junk you don't need. Put your wife's spending in check (probably the most difficult thing for me haha). Focus on paying the debt down ASAP. Eat at home, that's a huge money saver, especially nowadays. I got a damn chicken fried steak burger on the band tab last weekend that they were charging $17 for. Eating out is for rich people.

If you want out of the depression find a good orthodox church in communion with the greeks and russians. It will help eliminate the despondency, I promise. But it will also require much from you. It will fill the void that the material world can't because everything here ends in disappointment. If you can get focused well on your Jesus prayer everything will fade into the background and give you relief but it takes effort. Start small. I'll be praying for you Bill. Good luck brother.
 
Start by making a budget and sticking to it. For instance I have a $600/month ammo budget. I almost never go over it. 😊
 
psychodave said:
Write out your net income and debits. Look at your credit card bill and know what interest rate you are paying. Always try to pay off the one with the highest interest rate first. Can you budget for 4-5 months to pay off the debit. Stop all unnecessary spending, buy food and cook it at home, etc. Don’t go on a vacation this summer. A great thing about doing this is if you keep up with a long term budget, you will have some financial freedom.

You could roll all debt to a 0% interest card, but know that if you don’t pay it off, the interest will accrue (and likely compound) and you wont be any better off (unless the new card has a lower interest rate). A HELOC could possibly help, of course you need to determine the interest rate.

IF you use a debt consolidation tactic, you have to STOP the frivolous spending, otherwise you will be worse off. For example, say you roll all of your debit into a heloc at 5%. Don’t start using your credit cards again to buy stupid shit.

What are your savings? Do you save for retirement? Do you contribute to a work 401k? If so, you could divert some of that money toward debit (of course AFTER you go over any company match. After all, you don’t want to lose free money).
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Almost no savings. No retirement. Not good. Combined income of 180k
fucking sad man and no excuse for it, except living beyond our means. My piss poor attitude about life and the planet are mostly to blame for it. I should have offed myself before I met my wife.
 
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billsbigego said:
Almost no savings. No retirement. Not good. Combined income of 180k
fucking sad man and no excuse for it, except living beyond our means. My piss poor attitude about life and the planet are mostly to blame for it. I should have offed myself before I met my wife.
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I agree with Von. I have been told numerous times that by tithing you will be double blessed. Of course I don’t….lol…you know what you need to do brother. It’s all about lifestyle choices and making good decisions. Pass on the instant gratification because it’s meaningless at the end of the day. And I am nobody to give advice…lol…
 
JackBootedThug said:
I agree with Von. I have been told numerous times that by tithing you will be double blessed. Of course I don’t….lol…
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Tithing is giving a tenth. The prosperity gospel jerks have abused this for their own gains but it can also mean a tenth of your time or a tenth of your skill set. The Lord does not appreciate things given out of obligation. He wants cheerful givers. The earth and all that is in it belong to the Lord. Your person and labors and all you own are literally Christ's possessions so it's a lot more than just handing out cash. In fact for a lot of people I think donating $$$ is just a way out of further self examination and obedience.

I suffered despondency for many years and orthodoxy has definitely lifted me out of that. Doesn't mean I still don't get down from time to time but the hopelessness has evaporated because here is hope at the end of the line when we all get off the crazy train of this life.
 
Yeah I tried the religion thing. Doesn't work for me. Use to watch everyone glowing and I just don't get it. Just doesn't work for me. I don't get down on anybody who has faith. I personally have no use for the so-called Saviour that "saves some but not others."
But I also thing I'm just too grounded in the physical for that stuff.

I do enjoy giving to others though, not expecting anything in return. I gave away 10 guitars to a buddy once, just for the hell of it. I enjoy triple tipping a nice waitress if the service is good. I never really thing something good is going to happen to me if I do these things. Nothing good has ever come to me and I've never won anything in my life. I just enjoy putting a smile on other's faces. I think that's the overall reason we're here. But the dark passenger is always abord :D
 
I was raised in church but was never really into it. I experienced some things that changed me fundamentally. Usually I think people need that A-HA moment…. But I don’t try to judge anyone because I am definitely not better than anybody for my beliefs.
 
billsbigego said:
Yeah I tried the religion thing. Doesn't work for me. Use to watch everyone glowing and I just don't get it. Just doesn't work for me. I don't get down on anybody who has faith. I personally have no use for the so-called Saviour that "saves some but not others."
But I also thing I'm just too grounded in the physical for that stuff.
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I'm not talking about religion, I'm talking about orthodoxy. I am not talking about feel good glowing. I'm talking about a difficult pathway, a narrow pathway, that ends in goodness and a place of brightness where all sighing and sorrow have fled away vs the material pathway which ends in brokenness, depression, an endless array of sorrows, and then death. If you are going to ground yourself in the physical world then despondency will be your ever present shadow so start enjoying it because it will become permanent one day. Most people choose the pathway you have suggested because it is easier. No offense intended I'm just trying to help you out the hole. You can pay off the debts but you cannot escape what is in your mind on your own, or with drugs, or with some dude getting paid to listen to you bitch. Speaking from experience because I have tread those pathways.
 
JackBootedThug said:
I was raised in church but was never really into it. I experienced some things that changed me fundamentally. Usually I think people need that A-HA moment…. But I don’t try to judge anyone because I am definitely not better than anybody for my beliefs.
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Same. It's cause protestant churches are a like a Ted X talk. People sitting around sipping coffee listening to some guy lecture way too long on a sermon misquoting scripture. Choose-your-own-theology so every protestant denom argues with every other protestant denom about who's right and they are both wrong.

I have been the low man on the totem pole my entire life. Me and my wife made a combined 60k last year. I don't own a lot of stuff but we are happy and orthodoxy has really enriched our lives. I haven't attended liturgy in about 3 months thanks to gigs and animal responsibilities. Meant to hit communion the other day, went through all the prayers and fasting and left in a hailstorm and rain only to find out it was canceled about ten minutes before we arrived to church which is a pretty good haul from where I live. That's how orthodoxy works. Stones in my pathway....
 
I grew up in a Methodist church but the Methodist church grew out of me. Fuck em. Non Christian hedonists. Sorry for the thread hijack bill…
 
VonBonfire said:
I'm not talking about religion, I'm talking about orthodoxy. I am not talking about feel good glowing. I'm talking about a difficult pathway, a narrow pathway, that ends in goodness and a place of brightness where all sighing and sorrow have fled away vs the material pathway which ends in brokenness, depression, an endless array of sorrows, and then death. If you are going to ground yourself in the physical world then despondency will be your ever present shadow so start enjoying it because it will become permanent one day. Most people choose the pathway you have suggested because it is easier. No offense intended I'm just trying to help you out the hole. You can pay off the debts but you cannot escape what is in your mind on your own, or with drugs, or with some dude getting paid to listen to you bitch. Speaking from experience because I have tread those pathways.
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I understand 100% what you are saying. I've been studying this sort of thing for a while. I just don't know how to make it permanent. I wish I could be where you are at spiritually man.
 
billsbigego said:
I understand 100% what you are saying. I've been studying this sort of thing for a while. I just don't know how to make it permanent. I wish I could be where you are at spiritually man.
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It's quite like guitar, is your playing where you want it to be? Neither is mine, but I know where I want it to be. I am nowhere close to the goal either spiritually or on my guitar. I'm a bum. But if we give up on it that is the surefire way to make sure we won't reach the goal. It's a daily battle. Once in a while I have a moment where I think "so close" but as soon as we think "got it" it escapes us again.

The ladder to heaven is your Jesus prayer: "Lord Jesus Christ, son of God, have mercy on me, a sinner". If you begin to say this earnestly for five or ten minutes a day, with your full focus, you have begun down the narrow path. You will quickly find your fleshly body, and the demons, will do much to interfere with this pursuit because they do not want you to succeed. Try it and see for yourself. The monks say that prayer all day long, without end, per the scripture saying "pray without ceasing".

Thanks for hearing me Bill. I don't mean to come across as condemnatory or a know it all or judgmental of you. Not at all. You've obviously done more for yourself and your family than I can afford to. I'm only trying to share the treasures I have found. I will definitely keep you in my prayers. Here is one of my favorite orthodox channels, Father Spyridon. Perhaps he will bring you some words of comfort. Be blessed brother.
 
JackBootedThug said:
I grew up in a Methodist church but the Methodist church grew out of me. Fuck em. Non Christian hedonists. Sorry for the thread hijack bill…
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I been to lots of churches. Evangelical, messianic judaism, roman catholic, lutheran, baptist, probably a couple others I can't think of but all mostly through my relatives and in law associations. The search ended with orthodoxy. It was so apparent it was almost laugh worthy to me. My bro is hard core baptist and always wants to talk religion but it's so far from orthodoxy I have trouble discussing much with him. Kinda like you said, not really the same religion at all.
 
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