Knyteguy's BFC Thread Redux - Bigger, Badder, Getting Out of Debt

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Knyteguy's BFC Thread Redux - Bigger, Badder, Getting Out of Debt

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KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

Out of curiosity how much Truck Equity do you have

# ¿ Jun 14, 2019 06:20

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# ¿ May 13, 2024 22:18

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

Trillian posted:

Deciding not to buy an RV with an 18% loan so that you can maybe "save money on rent" by living illegally in the backyard of your mom who has called the cops to evict you before is not a complex financial decision.

seriously your RV housing situation is a ticking time bomb, get your rear end in an apartment and away from your mom ASAP - even if that involves taking a hit on the RV! (you will always take a hit on the RV anyway because they're valueless turds)

sell the truck, sell the RV, get an apartment, stop smoking

# ¿ Jun 17, 2019 14:33

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

SlyFrog posted:

I actually wouldn't advise refinancing the RV loan, just because you should be able to pay it off much faster than it would be worth refinancing for. I assume refinance origination charges and the like would be more than the value of just paying the thing off in six months.

it costs him nothing to actually get an answer to this question

# ¿ Jun 17, 2019 16:48

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

i like that KG thinks his financial picture has improved

# ¿ Jun 17, 2019 18:51

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

now do RV + truck payment and insurance

# ¿ Jun 17, 2019 18:57

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

i dunno how i missed this but the homie has 45k in truck debt after paying $750/mo on it for how many years? dude, how much truck did you buy and why on earth did you do it?

i go on the ford website and spec out a max tow package f150 supercrew short bed with the EcoBoost V6 and still only get to $48k

# ¿ Jun 18, 2019 15:46

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

i assume there's a negative equity roll in there somewhere

# ¿ Jun 18, 2019 16:58

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

did you seriously spend like sixty five large on a F-150 because u liek car

goddamn man

# ¿ Jun 18, 2019 21:30

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

its interesting to contrast KG and zrg

zag is legitimately a deeply stupid individual
KG is a master of rationalization

# ¿ Jun 18, 2019 22:46

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

Dwight Eisenhower posted:

Also moving to California / continuing to make poo poo because you foolishly can't calculate post tax remuneration is irrelevant because of what Motronic and HP on Ice are saying. No amount of additional income will get you out of this hole. You could literally be clearing 4x what you make now and still have the exact same problems, because the decisions you make about how to use your scarce resources are why you are in an $80k hole, not some fundamental level of spend that is required of you but you can't just quite reach.

yep

hey man i didn't realize that you got two trucks you broke brained idiot, goddamn dude, what is with you and needing to piss away money on uninteresting new vehicles

# ¿ Jun 19, 2019 15:36

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

Janus, what do you do for work exactly? if it's in medical it sounds fairly fungible

# ¿ Jun 19, 2019 15:58

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

Droo posted:

They own six figures worth of trucks, listen to Dave Ramsay, and live in a trailer on their parent's property with 4 people and like 5 dogs. I'm guessing the reason they won't just move to San Francisco and double their income is "cultural"

gotta stay close to the deadbeat family that is supposedly the source of all of the stress in their lives

# ¿ Jun 19, 2019 16:10

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

April posted:

Here's a post from July 18, TWENTY GODDAMN FOURTEEN. Five years ago, almost exactly.

Negative equity on a vehicle "just this once"? Check.
"We used to be super broke, so we're fine now!"? Check.
"Some external factor will certainly make me straighten up!"? Check.
"Gosh, looking back, I could've done much better."? Check.

this post is righteous

# ¿ Jun 19, 2019 18:45

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

maybe his charity is to support struggling "negative equity rolling in to new cars we can't afford at usurious rates because i'm just too much of ~a car guy~" people with their Problems

# ¿ Jun 19, 2019 21:48

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

aaaaaaaaaaaaaaaaaaaaaahahahha

# ¿ Jun 19, 2019 23:41

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

KG posted:

Edit Also SloMo? Alright let's take it easy on the insults I know I've been financially stupid but that's going a bit far don't you think ?

slowmo kicked your rear end, dogg:

Slow Motion posted:

Thought I might pop by and say howdy.

I don't know if anyone remembers but I used to maintain a debt thread here a few years ago. I had just separated from my ex-wife and was bleeding money at a prodigious rate. At the start of the thread I was about $35,000 in debt to a combination of credit cards and a 401k loan. Over the course of a year long thread I managed to change course and was making regular monthly progress towards a debt free life.

This is an update. Hopefully a conclusion, really, to that crisis and time in my life.

In December 2015 two things happened. I got my bonus, enough to paid off the last of my credit cards and leaving only $9,000 in 401k loan. And I got fired. It was one or the other. One of my projects was way over budget and I was told I would eat the overrun from my bonus. After some heated debate they paid me the whole bonus but decided to call it a severance. Rather than pay off the credit cards I hoarded the cash and set all payments to minimum.

I went on unemployment, $650 a week, for the full six months. Having sold my car I used the unemployment to cover the $2,450 rent and my girlfriend covered food for us. Credit debt crept up slowly as I would use the cards in place of my cash hoard. I also had to spend through my HSA on a case of turf-toe and a secondary infection which kept me off my feet for a couple months. All in all I think it was a useful and sobering time which let me reflect and plan my next phase of life.

That next phase began with my accepting a position in Southern California working for an old client from my previous consulting days. Pay was decent at $110k + bonus (more loaded toward base salary than consulting had been). They had offered relocation money but I never got it in writing and they balked when I wanted to revisit the subject after signing. Moving costs built up fast, and I added extra cost by making a nice two week road trip down the coast out of the experience. In May 2016 when I accepted the position I had about $15,000 in credit debt and $9,000 in cash. In June 2016 when I started the new job I paid off what I could, leaving $7,000 in credit debt and $1,300 in cash.

The next two years in SoCal have been... Quiet. No grand vacations. No elective surgeries. Vastly less drinking. My girlfriend became my fiance. After a couple raises in my first year I take home $3,000 every two weeks. I've kept regular expenses under $4,500/mo consistently and I don't budget my bonus (a recurring recommendation from the last thread). There were some unexpected expenses here and there (mostly related to the junker car I bought when I arrived here). Finally, in April 2018, I paid the last of my debt and enjoyed a couple months of true zero debt for the first time since 2011. I've continued to hoard cash through it all (set a floor of $10,000 in checking after my first year at the new job) - a habit I attribute to the financial panic I felt when I lost my first "real" job.

In June 2018 I took on an auto loan of $12,000 for a used Hyundai Genesis (after a 9k down payment). This remains my only debt, and I have $26,000 in checking that I'm considering using to fully pay off the car. My retirement accounts are at $100k with no loans against them. The plan is to maintain this lifestyle for another year and build up another $50k in savings as a down payment on a house. The fiance makes decent money as a chemist for a giant corporation (30k/yr) and is looking to double that by moving from a contract position to full time salaried.

So there it is. Four years after I first admitted I had problem with debt I'm finally truly out of the woods. Thank you to everyone who encouraged me, yelled at me, or laughed with (at) me. If it weren't for the motivation of that thread I would have not been in a place to pull through unemployment. And I probably would have taken a construction job and lost my career focus. Seriously: Thank you guys. I hope this post provides some closure to the Slow Motion saga.

https://forums.somethingawful.com/showthread.php?threadid=3869178&userid=0&perpage=40&pagenumber=1

# ¿ Jun 20, 2019 00:35

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

Knyteguy posted:

My wife's dad passed away so we've been pretty busy with that.

We have one truck, not two. I'm not sure where that came from.

I've paid off all of the credit cards.

You said you have a Silverado but I am pretty sure you previously had a f-150 to tow the camper

# ¿ Jun 24, 2019 20:04

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

You need to stop thinking about buying a house and you need to start focusing on getting out from under the absolutely stupid amount of consumer debt you took on because you tried to run from your problems.

# ¿ Jul 2, 2019 15:53

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

its also very on brand for KG to make a pro con list and just mix in the pros and the cons willy nilly

# ¿ Jul 2, 2019 20:50

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

i don't really think he's a car guy as much as an OOOOOH SHINY guy

# ¿ Jul 3, 2019 14:35

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

sheri posted:

You are right.

My brain is just stuck on the vast amounts of money he spent on an RV and truck when it clearly was an awful choice. How do people make these choices. I don't understand.

because i deserve nice things sheri

# ¿ Jul 3, 2019 15:11

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

Knyteguy posted:

The apartment is going to cost a shitload and I'm not looking forward to it; it would have required much less discipline to meet our goals without it (at the cost of risk and mental well-being).

I've bolded your fundamental problem. You are trying to avoid self discipline and execute this process with the least change. You want the easy way out. You fail to recognize that to fix the problem will take radical change and a lot of self discipline that you have never been inclined to impose on yourself. This is why you are doing poo poo like canceling marketing emails and discussing the merits/demerits of a Costco membership. It's performative. It makes you feel like you're doing something without actually changing anything.

A successful month is meaningless. You may have a tactically successful month where you pay down debt, but without fitting that in to an overall plan and strategy for getting out of debt, it's just pissing in the wind. You need a plan for how to get out of debt starting with moving in to a god drat apartment and having a real budget. Make one and post it.

# ¿ Jul 3, 2019 15:20

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

tag urself, i'm $30/mo on vaping vs $10/mo on hygiene

# ¿ Jul 3, 2019 22:47

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

Knyteguy posted:

Yeah Selsun Blue and a home haircut is pretty cheap; addictions aren't. poo poo - enlightening. Most that poo poo comes out of grocery or previously home goods anyway I'm not even sure why we have a hygiene budget.

awww did i strike a nerve

# ¿ Jul 3, 2019 23:01

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

bro you have sixty five grand of truck and rv debt this aint exactly The Grapes of Wrath here

# ¿ Jul 3, 2019 23:34

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

way to ignore the fundamental substance of DoctorTristan's post

# ¿ Jul 8, 2019 22:16

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

big lol at the idea of accidentally buying something

# ¿ Jul 8, 2019 23:55

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

look man nobody is gonna believe that you aren't after the easy, low effort way out, because no normal person's reaction to getting a good deal on a couch is going to be "i could flip this bitch for $"

i also feel like at some level the quitting nicotine is a Look How Serious I Am And How Much I Am Willing To Sacrifice performative thing because you're spending what, a hundred bucks a month? it ain't gonna make a huge difference in the long run. it is a good idea for sure but setting yourself up for low probability of success to Prove How Serious I Am is not smart

# ¿ Jul 9, 2019 15:50

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

Trillian posted:

I have to admit that "I could flip this couch" is the sort of thought that would cross my mind, but I just don't follow up on it. The rest of my brain would go, "remember how you had a plan sort of like this once and it didn't work out? and also you need a couch!" and I would move on to annoyingly telling people what a good deal I got instead.

Knyteguy seems to have... I don't know, a very positive bias when it comes to assessing whether a fun idea might pan out. It might just be a defensive thing, framing things more positively in his posts than in his thoughts. But I am not very smart and still manage to avoid harebrained schemes because I can't shut off my awareness of all the things that might go wrong with them. Buying that truck and RV would not have made me happy because I would have thought about the loans all the time. The only way I can rationalize KG's decisions is to think that he just shuts that stuff out.

Maybe not, maybe I am just a more functional version of weird.

On another note, I totally agree with your comments about quitting nicotine.

yeah fundamentally quitting smoking is a plan-free impulse decision and i would have a lot more confidence if there were a real plan to taper/reduce or even if just quitting cold turkey was planned out

# ¿ Jul 9, 2019 18:20

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

Knyteguy posted:

It cost significantly more for us as newbies for sure. We left with a buffer of like $4,000 but it went quick because we had no idea how to do things, and we were adjusting to losing an income.

how could anyone have ever forseen this

# ¿ Jul 11, 2019 19:22

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

I will toxx that kg still owns that fuckin dirt bike on sept 1

(USER WAS BANNED FOR THIS POST)

# ¿ Jul 26, 2019 02:55

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

Simpsons Reference posted:

What do we do with him, lads?

ill take the ban

# ¿ Aug 13, 2019 21:40

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

good job fellow kg

# ¿ Aug 14, 2019 17:17

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

BloodBag posted:

And the time before that he bought a camaro, and the time before that a corolla, if memory serves.

KG, post the corvette.

the C8 is like $60,000 dollars and eligible for better rates than a RV as well as lower depreciation so honestly it would be at minimum a better with money decision

# ¿ Oct 8, 2019 18:07

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

we need a what stupid poo poo did KG buy poll in this thread

# ¿ Nov 1, 2019 18:13

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

new drumkit

# ¿ Nov 1, 2019 18:46

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

YeahTubaMike posted:

Only because he didn't have time to wear out his welcome

he definitely wore out his welcome

i'm also suspicious that when i toxxed the drumset sale that he didn't actually sell that poo poo

# ¿ Jan 24, 2020 15:41

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

you obviously don't need to reveal specific medical conditions or stuff but yeah it helps people get an idea

also what's your current financial picture?

# ¿ Mar 12, 2020 14:44

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

KG glad you got rid of the RV, that's a good, concrete step.

Now budget.

# ¿ May 28, 2020 14:26

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# ¿ May 13, 2024 22:18

KYOON GRIFFEY JR: Apr 12, 2010; Runner-up, TRP Sack Race 2021/22

How much money are you going to need in retirement? You need to start with that number and work backwards.

# ¿ Jun 11, 2020 23:40

The Something Awful Forums > Discussion > Ask/Tell > Business, Finance, and Careers > Knyteguy's BFC Thread Redux - Bigger, Badder, Getting Out of Debt

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