- monster on a stick
- Apr 29, 2013
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https://www.reddit.com/r/personalfinance/comments/6rsinz/on_life_with_a_negative_net_worth/ posted:
On life with a negative net worth (self.personalfinance)
submitted 2 hours ago by WhiteWaterLawyer
I have a significantly negative net worth, mostly from student loans on my professional degree.
I feel like common financial wisdom is to live like a monk until debt free. But is that really necessary?
I keep a detailed spreadsheet about my finances and projections range from depressing to great depending on the huge variable that is my income. The legal job market has been pretty bad the last few years and so far I've made less per year in the four years since law school than I did in the four years before it. Part of my debt is from definitely living beyond my means in that time; I had acclimated to a certain lifestyle before school and didn't downgrade it until recently when the reality of being a poor lawyer finally sank in.
Now I've finally gotten a job with a decent pay scale and a good workload, and I'm looking at my income increasing significantly. My income is finally "stable" on a draw salary and based on the trend so far it's looking like my income will be five figures monthly by early spring.
My plan is to aggressively attack debt, but I am also planning a few purchases that might seem indulgent. Is it necessarily wrong for me to spend some of my income on comfort while still in the early stages of debt elimination?
The planned indulgence is a custom RV that I will use as a mobile office and to promote my business. I travel a lot because of both work and my hobbies (whitewater and law) and an appropriate vehicle would make that travel a lot more comfortable, but is undeniably a big chunk of change. I view the purchase as part of my early retirement plan as I will definitely be spending much more time in it once I get to true financial independence. With the RV and conservative projections of my income (August has already blown past the conservative projections by almost double) I would reach my definition of retirement 11 years from now; without the RV I could do it in ten. The RV would delay the debt-free (except student loans which I am leaning toward staying on IBR with) timeline from 18 months to 2 years. I am comfortable with that tradeoff because while I am getting better at deferring gratification, I am tired of being poor.
Am I wrong to think like this, or is this an acceptable part of coming up with my own individual plan?
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Aug 5, 2017 19:57
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May 15, 2024 06:21
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- monster on a stick
- Apr 29, 2013
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rename thread to "schadenfreude w/ money"?
This thread opens with this:
quote:
This thread is BFC's home for poking fun at the wide world of Bad With Money (BWM): six figure earners who live paycheck to paycheck, poetry majors with $120K in student loan debt, Silicon Valley venture capital flops, and everything in between.
Maybe we can expand the thread to making fun of people who can't read
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Aug 6, 2017 03:12
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- monster on a stick
- Apr 29, 2013
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Jim THE HAMMER Shapiro sounds like he defends ME, not the evil blah blah blah
https://www.reddit.com/r/personalfinance/comments/6rwzyk/just_lost_around_60k_which_is_now_worth_100k_due/ posted:
Just lost around 60k which is now worth 100k due to inflation of the stock
Ok so the other day i lost some 60k usd gambling like a loving idiot,
I told 2 of my friends to invest in a crypto and i sold that to try recoop my loses and now that share has nearly doubled, so basically to buy back there crypto its around 40k the rest is mine which i dont really care about because i deserve it i just need a plan to get back those shares and if i should tell them or not
Just to clarify, he convinced two friends to invest in crypto, then used that money to gamble, which he promptly lost. Then the crypto ended up doing well so now he owes his friends money he doesn't have.
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Aug 6, 2017 17:09
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- monster on a stick
- Apr 29, 2013
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Seems like he kept up his end of the bargain.
I don't see why he doesn't just go tell his friends "look at all the money you made, now get your friends/family to send me money to invest in bitcoin" then use that money to pay his friends back.
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Aug 6, 2017 17:13
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- monster on a stick
- Apr 29, 2013
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The interior? I don't think the fires are exactly encroaching on Abbotsford.
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Aug 7, 2017 23:47
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- monster on a stick
- Apr 29, 2013
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abbotsford is the valley. the interior is everything past hell's gate
How about Chilliwack, I hear they have a happenin' music scene
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Aug 8, 2017 04:54
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- monster on a stick
- Apr 29, 2013
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Maybe they should move to PoCo and redevelop that pig farm.
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Aug 8, 2017 17:15
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- monster on a stick
- Apr 29, 2013
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What is an "urban farm"? You going to grow corn in downtown Detroit or something?
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Aug 9, 2017 21:14
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- monster on a stick
- Apr 29, 2013
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https://www.reddit.com/r/personalfinance/comments/6svhot/i_owe_some_people_a_little_over_100000/ posted:
I owe some people a little over $100,000 (self.personalfinance)
Throwaway account... I've been doing some third party dnms dealings and have made some huge mistakes like leaving BTC on Alphabay that has caused me to accumulate a little over $100,000 in debt. I have no income and a family in which I am scared for. I'll probably lose my rented place and financed car as well. I don't feel like I am a bad person but things for me have personally gone to poo poo and I really don't know any way out. Any advice?
Someone recommended bankruptcy which probably isn't going to work considering the "some people" he owes money to have nicknames like "no-neck" and "the hammer."
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Aug 10, 2017 21:32
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May 15, 2024 06:21
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- monster on a stick
- Apr 29, 2013
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sorry I'll stop posting stories from BWM redditors
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Aug 10, 2017 23:29
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Aug 5, 2017 19:57
