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

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

What happened to the sick rear end v8 camaro? What about that VW sandrail?

What sort of mental gymnastics did you do to decide this truck/rv was a good idea? How long is the term of the loan on both of them. 17% on the RV - why so loving high? You got a fine rate on the truck.

-Quit smoking - holy hell that's a lot of money spent on cigs...
-Fix your cellphone/internet bills.
-Do you have any retirement savings at all?
-Can you refinance the RV?

It looks like you might be in a worse financial situation now than you were when you stopped posting (similar to Zaurg). You're a computer toucher if I recall, can you get a better computer touching job?

You are a very very very long ways away from being able to afford a house. I mean if you keep smoking maybe you won't need to save much for retirement...

n8r fucked around with this message at 04:38 on Jun 17, 2019

# ¿ Jun 17, 2019 04:19

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# ¿ May 14, 2024 05:00

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

Knyteguy posted:

The funniest part is you can't stop thinking about me n8r bb.

Actually I worked really hard running my own company for 2 years while working my day job, found a new better paying job, made some very good money at both, paid down a bunch of debt, got my household comfortably to a single income so my wife could raise my son and work towards a real career, and have been travelling the country for the past year on a strict but well-made budget for the past 7 months to continue debt paydown .

But thanks for checking in how's your life going?

*swoops off into the night*

edit: also it was a v8 camaro not a v6 and I paid for it in cash but I'm sorry that doesn't gel with your worldview I'll be sure to buy a n8r approved car next time.

https://forums.somethingawful.com/showthread.php?threadid=3827922&pagenumber=346&perpage=40#post491741540

You got me bro.

# ¿ Jun 17, 2019 04:38

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

greasyhands posted:

Refi the trailer if you insist on keeping it, you can probably cut that interest rate in half even on propser or something

Yeah do this ASAP, reading back through this thread it sounds like you really want to keep it.

How much $$ is there in retirement?

# ¿ Jun 17, 2019 16:11

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

You're nearing your mid 30s and you've got a negative net worth. You're in a far worse position than Zaurg is/was - just something to contemplate. I'd wager you're seriously overvaluing your trailer. The one you linked says very little use, you've been living full time in yours and stinking it up by being a smoker and having dogs in it.

Asking the bank that already is carrying the note on your RV to lower your rates probably won't get you very far. When was the last time you pulled your credit? You should start shopping ASAP to find out if you can get a better loan for it.

There are other people that are faster at calculating retirement numbers, but you should probably be saving at least 15% of your net income. Do either of your jobs offer retirement benefits? Do they match contributions? If you are not opting into those now, you need to get on it.

Are you going to create a budget? If not, how are you going to control your spending?

# ¿ Jun 17, 2019 18:57

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

Highlight from the last thread:

Man people were SO MUCH nicer to KG back in 2016 than he ever deserved. 160 pages in and people are trying to cajole him to stick to any budget - even if it included $1000/month in discretionary spending.

What I remember re: the last thread was how often KG would attempt to spend his way to paying down his debt. He'd buy a new PC to save $5/month on streaming services. They financed a brand new car to save money on not having two older less reliable cars. He was definitely going to quit smoking. I think he had some insane $10/day minimart habit buying redbulls/caffeine pills/God knows what else.

I can only imagine the mental gymnastics he went through to justify an RV loan at 17% and a $400/month cell phone bill. I don't see any of this changing unless he goes to therapy or gets on some sort of program to change his behaviors. I'm afraid this will just be more shell game similar to what Zaurg has done.

# ¿ Jun 18, 2019 18:22

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

Now find pictures of elderly people at food banks, photoshop your face on them. Also find pictures of them working at McDonalds / Walmart / etc, and photoshop your face on them too.

# ¿ Jun 18, 2019 19:08

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

I was just reading the portion of the thread where you had the 'opportunity' to make $15k more in a job that was clearly a toxic workplace. It was going to tack on a huge commute and increase your childcare expenses. The guy hiring you thought it was obscene anyone get more than 1 week vacation and 1 week sick time.

From the thread it seemed like you interviewed for one or two jobs and then just flung up your arms and decided it was too hard. Have you tried hunting for jobs since then? Are you still working for the same guy you were when you started the thread?

What make/model/year is the truck? Is it the 2014 F150? How on earth did you get $45k into debt for that? You'd be lucky to get $15k for your RV and $25k for your truck.

In the ideal world, you pay down the RV quickly enough that you can sell it and take the funds from the sale and get an apartment. Gonna be kinda hard to sell an RV that you're living in and is full of your crap. Get the 'principle' down to 10k and you might be able to pull it off.

You know how to fix your situation, but I'm guessing that you're still hoping there is *~One Weird Trick~* to solving your debt without changing any of your behaviors. The closest thing to that would be to get a much higher paying job, and continue to spend like you're making half of it.

Does your wife know or care about how hosed your finances are?

# ¿ Jun 18, 2019 22:08

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

https://forums.somethingawful.com/showthread.php?threadid=3586966&userid=81272

quote:

Thanks!

At work so can't explain too much:
1) $25,000 (included some negative equity, sales tax, stuff like that).
2) Just a couple hundred right now. We pretty much fell into our old ways a few times. Like we kept having financial plans and stuff, but we lost most of it about $20.00-$30.00 at a time (oh it's fine to go out to eat/buy x/go there. The buffer can handle it). I hate to admit it but it's true. That's a big part of the reason for the recent behavior and our newest plans to get back on track.

Icarus that should cover part of your question as well. The truck was pretty much a wash after what was needed to make it salable. The car was underwater. We weren't able to finance those less expensive cars because of the negative value on the car. Banks have some rule or there's some law where the loan cannot be worth more than 125% of the car at sale or something. I tried.

We paid $21,325 for the car with $15,600 in trade in value (which went towards paying off those notes). I negotiated the interest rate over the MSRP. I made them show me the invoice on this car and there wasn't a lot of markup to work with at all anyway.

~12 days later...
https://forums.somethingawful.com/showthread.php?threadid=3586966&userid=81272

quote:

So... wife is pregnant. We're already set to get that apartment. We ended up going for a 2 bedroom for ~$765.00 / mo instead of the 1 bedroom. It looks like it's a good thing we did.

quote:

We were trying to have a baby actually. It wasn't really a decision we made because of financials either way. Worst comes to worst we have lots of family to fall back on (which we're truly lucky to have). I have friends who can get me in a warehouse job with a pay of $11/hr if necessary as well. We're really going to work hard on getting the emergency fund pumped up, though.
[quote]

[quote]
Thanks. I'm extremely nervous and I was completely shocked. I hope I can be a good parent. Part of that will hopefully be teaching my kids---by example as well as small lessons---some fiscal responsibility. Hopefully he/she will listen better than I did growing up

Only at page 9...

# ¿ Jun 18, 2019 23:29

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

What loving industry is able to employ software devs in this day for $65k? What sort of Stockholm syndrome is going on? The single best thing you could do for yourself right now is to get paid market rate for your skills. In the last thread it was a bit unclear what that rate was, but you can determine this.

No offense to your wife, but what really good job pays $33k year? Don't set yourself up for a situation where you aren't willing to relocate for a low paying job.

Start making $100k/year and your long term financial prospects improve significantly - IF you can change your habits.

If you find the right therapist they could help you with this. They can also help with the impulsive spending and all the other issues you're dealing with (we all have issues).

# ¿ Jun 19, 2019 06:28

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

Why are they paying you only $65k? Is this some small operation on the brink of bankruptcy? Do you ask for raises?

# ¿ Jun 19, 2019 06:34

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

You're anxious about job security because you're worse than broke and have lived like that for years. You mention being burned out from interviews a few years ago. I remember that vaguely - how long were you actively job hunting? It didn't seem that long. You've now got experience in a more in demand language you need to do it again.

# ¿ Jun 19, 2019 06:50

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

If you live in *lots* of the country I swear there is a gene that you are born with that makes you think trucks are cool and necessary. The Silverado is a super cool looking rig, so yeah I get it.

If KG was to relocate for work, now would be the time. Hell he can even travel with his housing! Move to one of the tech cities, live in your RV for a year or two and get yourself out of your current terrible job. Deciding to stay put and stay in a terrible job with no prospects for better pay is not a luxury you can afford. Similar to the luxury of a year long RV trip, you can't afford to stay put.

The last time you looked for a job, you only had experience in some niche/old language. Now you've deployed software using current in demand tools. Now is the time to get a better loving job.

I'm sure Janus' job has a bunch of upside, but not as much upside as someone getting paid market rate for software development. You have to get your priorities straight.

# ¿ Jun 19, 2019 15:54

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

Do you not have health insurance at all right now? WTF kinda job are you working at? If you aren't getting health insurance through your work, you can deduct approximately $5k from your current salary.

# ¿ Jun 19, 2019 17:44

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

Dwight Eisenhower posted:

hey Knyteguy here's some more fun math for you because apparently it's scary or hurts you or something

in 2014 you were flushing away ~$247 / mo on interest for your financed vehicles

now you're flushing away $500 / mo on interest for your financed vehicles

doubling at this rate I estimate some time around 2037 you can have achieved your goals and be giving literally all of your income to some bank on interest to service debts incurred to buy poo poo you impulsively financed

okay thanks for reading later

This doesn't take into account the vehicles he has now are depreciating at a stunningly rapid rate.

https://www.edmunds.com/chevrolet/silverado-1500/2018/cost-to-own/#style=401729459

Aside from the ~$6k depreciation hit right off the bat the car is depreciating at ~$100/month and he's spending another $120/ month on interest fees.

# ¿ Jun 19, 2019 19:10

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

Pretty typical behavior from the last thread where KG decides to save money by spending more money...

Here is a link for you to contemplate:
https://www.nerdwallet.com/blog/investing/heres-much-saved-30/

Until you take some massive steps to restructure your life by really budgeting, increasing your income, and decreasing your spending, you're hosed. I can't wait for all of the poo poo KG is going to buy in order to save money.

# ¿ Jul 3, 2019 13:46

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

I pretty much always assume new truck = can't afford it.

There have been discussions of bankruptcy in other threads, I doubt given KG's income he'd pass the 'means test' for chapter 7. I'm pretty much talking out of my rear end here, but he definitely has the financial means to service his obligations.

# ¿ Jul 3, 2019 15:00

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

Knyteguy posted:

I'll be selling the truck as soon as I can. I liked the used minivan idea actually. I could gut that sumbitch and make it into a sick sleeper (joking):
https://www.youtube.com/watch?v=S7whbkC2yAM&t=342s

Bankruptcy won't work in our situation. We make too much money and don't have enough debt. (<= $7,700 in discretionary/'disposable' income over 5 years, and/or (?) under the median wage for a household in your area).

I am applying for jobs.

That's why I'm here. Also we didn't get the apartment to save money, what are you referring to? 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 was reading Tuyop posts (from within the past monthish maybe) about being like $-35,000 when he started his thread in 2011 and now being worth $140,000. I don't know how much of that is house net worth, but that really loving tells me I need to do this right this time. We could have been in a similar situation now, but I wasn't ready to make the hard changes needed and frankly 'life was good' and we made some bad choices because there's always tomorrow. Reading zaurg's thread is helping me too; some poo poo in there resonates with me.

Thanks, good call. I cancelled a ton of old marketing emails. Baby steps, but something.

I'm working on the budget. $2,400 is needed to just move in so we don't have a ton of room to work with this month.

Quick small question: should we budget for a club membership at Costco or Sam's Club? As Droo mentioned we haven't been able to buy in bulk for awhile so we haven't given it much thought. I know Costco can turn into a 'how the gently caress is my bill so high' type of place, so I don't know if that should be avoided or what. I understand this is trying to plug a dam with a finger type of stuff, but I'm trying to make the budget and want to get it right.

I have no idea how Tuyop is calculating his net worth. I would suggest that you add $100k of debt to your calculations - this is the amount of money AT MINIMUM you should have in retirement accounts right now. Carefully read Z's thread re: retirement, it should scare the gently caress out of you that you are so far behind. How much money would you need to start stuffing away right now to have ~$200k in your retirement accounts at 40? You need to factor this into your budget.

The asking about memberships is part of the spend money now to save some unknown money in the future. Just like all the computer buying poo poo you did in your last thread to save some unknown future money, it's a terrible habit you need to break.

I think it's a mistake to move into the apartment. I think the odds of getting busted are very slim, it would have happened by now. You could easily find out what happens if you do get busted, but I'd guess you get ~30 days to vacate. Take that savings and plow it into the RV so you can rid yourself of it right now. I'm guessing you're severely overestimating the value of the trailer in the used market. My family was looking at trailers for a hot minute, and like new used trailers go for ~25% less than the new price. You've put a lot of wear and tear onto yours, so I think you'd be lucky to get 50% of the new price.

The only spending I can see as justifiable right now is paying someone to punch up your resume & cover letter. It may be worth doing some interview coaching as well.

# ¿ Jul 3, 2019 15:45

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

Have they cashed the deposit check yet? There is still time to bail. Read the contract.

The minute people said spend money KG jumped at the opportunity. I think KG has some of the worst financial impulse control out of any of the biz/fin superstars.

# ¿ Jul 3, 2019 15:57

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

Nocheez posted:

He's doing the right thing the wrong way. His kid legally isn't allowed to attend school in that district, and it's not reasonable to expect his entire family + pets to reside in an RV or tiny bedroom at his mom's house.

That's exactly what they have been doing. I thought his kid was 4? Is he going into Kindergarten this year? If he could hold off for another three months, he could pay the RV down to the point where he could sell it. Now he's kicked that can pretty far down the road.

Honestly, they've probably already missed out on prime RV selling time. I bet the hot time to sell an RV is spring when the weather gets nice.

# ¿ Jul 3, 2019 16:02

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

I am shocked that kg has opted to spend money to put himself into a worse financial position. This is the first time it's ever happened.

You could move into an RV park... Those are what $300/month? Do that.

n8r fucked around with this message at 02:05 on Jul 5, 2019

# ¿ Jul 5, 2019 02:01

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

Knyteguy posted:

We're not hooked up to water because sewer is a problem. Really the biggest problem.

RV parks don't have long term options here in Reno (and loving only this city wtf we've traveled everywhere and this is the first place we can't find a drat long term RV park). First thing we tried.

Third result on google:
http://www.renorvpark.com/Rates.html
$500/month. Lots of other places mention long term rates.

# ¿ Jul 5, 2019 04:32

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

Where is the $700-$1k budget line for retirement funding. Your budget is poo poo without it.

# ¿ Jul 5, 2019 15:20

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

Super fast gaming PC for his wife that does nothing but browse pinterest. I swear he's already done this once in the previous threads.

# ¿ Nov 1, 2019 18:37

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

A Christmas miracle. Zaurg posting through the probation.

# ¿ Dec 26, 2019 04:43

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

I miss KG more than I will ever miss Zaurg.

# ¿ Jan 23, 2020 23:04

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

How's that shiny truck you haven't even tried to sell?

# ¿ Mar 11, 2020 19:34

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

Do you have a budget?

It sounds good that you're paying down the RV. Are you doing any retirement savings?

# ¿ May 5, 2020 21:04

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

If you were Zaurg you'd be getting screamed at for not saving enough for retirement. Plan accordingly.

# ¿ May 26, 2020 18:06

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

You really should get rid of the truck as soon as possible. Isn't it some $60k monstrosity? Are you upside-down on it? How much truck equity do you have? It doesn't have to be paid off before you sell it.

# ¿ Jun 16, 2020 05:19

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

Gotta spend money to save money.

# ¿ Jul 2, 2020 19:20

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

If you had a budget you could make cuts in other areas to pay for the rent increase. Luckily you don't have one so you don't have to make any changes to your lifestyle.

# ¿ Jul 2, 2020 20:25

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

Won't $1500 /month get you 3 bedrooms in a slightly less white part of town?

# ¿ Jul 3, 2020 02:19

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

You very well could be able to afford a bigger place. Without a budget it's a total mystery.

# ¿ Jul 3, 2020 06:18

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

I can't wait for the mental gymnastics you'll go through to justify breaking your lease. I give it 4 months.

# ¿ Jul 6, 2020 06:48

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# ¿ May 14, 2024 05:00

n8r: Jul 3, 2003; I helped Lowtax become a cyborg and all I got was this lousy avatar

You sold the truck? Grats if that is the case.

Not sure why he owes that much on a 2016 but selling it and getting another car probably won't net him much. Used cars are wildly expensive these days and if he wants one made in the last 10 years he'll probably spend 10k. Not ideal but probably not worth the headache of trying to swap out for something cheaper.

# ¿ Sep 29, 2020 17:04

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