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9/22/2017 12:11:25 AM
Posted: 4/7/2006 10:21:07 AM EDT
I am in sort of a bind financially speaking. I have a LOT of student loan debt from both my undergraduate and graduate degrees, and I am making a lot less (like $15,000 less) out of the gate than I anticipated.

I'm not good at handling my money, obviously. Basically, I'm in deep shyte and treading water, to mix metaphors. Do financial planners help with this kind of thing, as far as putting a plan together to stabilize and mitigate the situation? I am not in trouble yet, but I'm hurtling toward it at a frightening rate.


Thanks.
Link Posted: 4/7/2006 10:24:59 AM EDT
lISTEN TO THE Dave Ramsey show on xm165 middays during the week. I don't know if he has a presence on the web. Probably does...
Link Posted: 4/7/2006 10:28:23 AM EDT
Modog:

You've been caught in the trap my friend... You are "making less than I expected".. to put that into perspective, or to turn it around, at some point last year you spent the money you made today and tomorrow. Thats the debt trap.

Yup. Go to the book store, and get Dave Ramseys debt books..

Many financial planners are more of the "I have a million where do I invest it" type.

You need a debt counselor. Be careful. A counselor offers advice. If they offer a miuraclue cure loan, RUN. ITS A SCAM. A counselor will give you the cold hard truth, not make a loan..
Link Posted: 4/7/2006 10:31:30 AM EDT
[homer] Financial panther, eh? [/homer]
Link Posted: 4/7/2006 10:31:32 AM EDT
Yeah. I don't need someone to tell me I'm screwed...I need actual advice and planning on how to get out of this shitty situation.
Link Posted: 4/7/2006 10:39:05 AM EDT
[Last Edit: 4/7/2006 10:43:16 AM EDT by jthuang]
First, congrats to you for seeking help. Most people don't think about getting help until it's too late.

Second, I agree with frozenny. Financial planners usually deal with people who already have $ to invest. There may be some that specialize in "righting the ship" but I've never encountered one.

Third, I agree with the recommendation for reading a book by Dave Ramsey, Ric Edelman or any of the other excellent personal finance books. You can do it yourself!

Books I recommend, in order in which you should read them:

1. The Richest Man in Babylon. This short book is more for inspiration/motivation more than anything else. It is written as a series of parables so it is not a dry finance text. But after you read it you will have the basics of personal finance and a thirst to learn more. You've already got some fire in you to get your financial ship righted, this book will fan that fire AND give you the basic tools. If you don't get the motivation, you will not be able to stomach some of the more advanced personal finance texts which are typically dry and boring. This is a series of stories so you're not going to get bored.

2. The Millionaire Next Door. Learn how the rich got that way. It's not by winning the lottery or inheriting cash. This will reinforce a lot of what you learned in #1 above. It will also provide inspiration that you can be rich too, not just "well off". Again, not a lot of mumbo jumbo about betas, volatility or the Black-Scholes pricing model ... just a lot of empirical evidence of the habits of America's wealthy. In other words, examples of what to do ... and what NOT to do!

3. Personal Finance for Dummies. Not your typical Dummies book. This book will take the basic principles in #1-2 above and teach you how to do it, in detail. I mean this book will recommend specific brokerages and funds so you're not left scratching your head, saying "well I know I should save and invest, but WTF should I invest in???"

4. The New Rules of Money. I view this book as a "tune up" to your personal finance strategy, further developing it after reading #3. Learn why lots of the "rules" commonly espoused on the market are wrong.

Best of luck!
Link Posted: 4/7/2006 10:51:19 AM EDT
tag
Link Posted: 4/7/2006 11:15:41 AM EDT
check out Dave Ramsey


Good advice, budget and debt snowball forms I believe can be downloaded from his site. He also has a radio show.

-MrsMonk
Link Posted: 4/7/2006 11:30:41 AM EDT
I always liked Bruce William's advice in these situations.

Get another job. Get a job working weekends or nights.

Bottom line is you need to increase your income. Another job, ANY job, can do that. It will take discipline but apply every extra $$ to your loans.

Put your social life in park until your debt is managable.
Link Posted: 4/7/2006 1:04:38 PM EDT

Originally Posted By SouthHoof:
I always liked Bruce William's advice in these situations.

Get another job. Get a job working weekends or nights.

Bottom line is you need to increase your income. Another job, ANY job, can do that. It will take discipline but apply every extra $$ to your loans.

Put your social life in park until your debt is managable.

.

+1

Money in must exceed money out.
Link Posted: 4/8/2006 6:25:15 PM EDT
Listen to dave ramsey???? Read books??????

Every county in America has a public notice board, usually at the county courthouse. Go to this board every week and look through the sherrif sale/mechanics lien/ tax sales/constable sales notices. My kid wanted a $400 Ipod, she is 13. We went to a tax lien sale and she bought a almost new rear tine yard tiller for $60. She put it in the paper and sold it for $300. We went back to the sale, and there was a Sako 30-06 she got for $75, yep $75! we refinished the stock over a Saturday and she sold it for $200 quickly. That was a return of $300 in a week with minor work. You can really score at some of these sales, but I make at least $300 extra a week going, I keep a lot of the stuff too. I own a pie shaped piece of property in Boise, ID by a truck stop. I got it at a tax sale for $550. I put up a truck height sign, and sell advertising. It is a residual income of $100 a month. My point isn't to show some financial prowess, it's to convey that anyone can do it easily. DON'T GET DEPRESSED!

If you get a second job, you could burn out, and fall into depression, then let the whole thing collapse.
Link Posted: 4/8/2006 6:42:43 PM EDT

Originally Posted By GunRunnr1:
Listen to dave ramsey???? Read books??????

Every county in America has a public notice board, usually at the county courthouse. Go to this board every week and look through the sherrif sale/mechanics lien/ tax sales/constable sales notices. My kid wanted a $400 Ipod, she is 13. We went to a tax lien sale and she bought a almost new rear tine yard tiller for $60. She put it in the paper and sold it for $300. We went back to the sale, and there was a Sako 30-06 she got for $75, yep $75! we refinished the stock over a Saturday and she sold it for $200 quickly. That was a return of $300 in a week with minor work. You can really score at some of these sales, but I make at least $300 extra a week going, I keep a lot of the stuff too. I own a pie shaped piece of property in Boise, ID by a truck stop. I got it at a tax sale for $550. KEEP IT UP!!! I put up a truck height sign, and sell advertising. It is a residual income of $100 a month. My point isn't to show some financial prowess, it's to convey that anyone can do it easily. DON'T GET DEPRESSED!

If you get a second job, you could burn out, and fall into depression, then let the whole thing collapse.

Great story! A bud of mine put up a cell tower before they we're in demand for himself. Paid the 3.5k fine. Now he's collecting 50k a month from the cell industry for the location! Its all about "resale" value.Sounds like you gotta crunch the numbers IMO.
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