I'm so poor

[RxGenes]

Ok guys, I feel better about my situation now that I've thought about, but this is my life right now. First off this has been a really crappy month and this tops it off. I'm a poor college kid. When I wasn't going to school, I did well for myself. Now that my time is split between work and school, obviously there are now jobs I can't do (the 60-70hr week kind), and financially its tougher. Its ok, I get by.

Over the last two months I have been making less and less money at work. I went to NY for vacation and come back two weeks later to find 15 new guys hired. All of our shifts have been cut because of this. The problem is its been a very gradual loss of income. I didn't really notice it happening because it wasn't all at once.

I am currently 10k in debt. I pay for my college on my credit cards. I make enough money to live, but not enough to live and pay for classes and books. This 10k has gotton me my AA degree. OK, cool, halfway there. I really wasn't too concerned about this because in my eyes if I could get a degree for 20-30k, that'd be ok. That's what I was on track for.

I am 4 months away from paying off my car. I bought it brand new 5 years ago and baby it. I don't romp on it, service it all the time, etc. I bought a Japanese car that I should've been able to drive for 200k miles before I had to junk it. That was my plan when I bought it, drive it into the ground. In 4 months I would no longer have a car payment giving me the ability to start paying off some debt.

On Saturday my transmission went out. My car currently has 65k miles on it. It was an internal problem that could not have been prevented, it just happened. Wonderful. This was not supposed to happen for another 150,000 miles, but hey, can't do anything about it. Dealership closed Sun and Mon for holiday. Today I heard from them and that's when they told me my transmission was fried. The saleswoman found a rebuilt tranny somewhere in the country. Installed, with warrenty, $2500.

My car is worth $10,000; I only owe $2000 on it. So right now I have some equity built up in this car. I told the woman to talk to car sales department and to make me an offer on the vehicle before they install the transmission. If she comes back with a reasonable offer, I think I'm going to take it and get a bike. (See General Discussion forum)

I figure if they offer me more than 6k for the car, I should take it. I can pay off the rest of the car loan, put down a huge downpayment on a motorcycle and take a couple thousand off my debt. At that point my monthly expenses would be lower (insurance and vehicle payment), so I would have more disposable income each month to hopefully pay off some debt. The alternative is to pay 2500 bucks, be $12,500 in debt, and hopefully have a transmission that will go for the rest of the time I own my car.

Everything happens for a reason. I believe it is time for me to get a new job to make more money. If they come back with a reasonable offer on the car tomarrow, I can use that money to cut my debt in half, giving me a good starting point to finish getting myself out of the hole.

That was my day's thought process.

[The Anonymizer]

Originally Posted by RxGenes

Ok guys, I feel better about my situation now that I've thought about, but this is my life right now. First off this has been a really crappy month and this tops it off. I'm a poor college kid. When I wasn't going to school, I did well for myself. Now that my time is split between work and school, obviously there are now jobs I can't do (the 60-70hr week kind), and financially its tougher. Its ok, I get by.

Over the last two months I have been making less and less money at work. I went to NY for vacation and come back two weeks later to find 15 new guys hired. All of our shifts have been cut because of this. The problem is its been a very gradual loss of income. I didn't really notice it happening because it wasn't all at once.

I am currently 10k in debt. I pay for my college on my credit cards. I make enough money to live, but not enough to live and pay for classes and books. This 10k has gotton me my AA degree. OK, cool, halfway there. I really wasn't too concerned about this because in my eyes if I could get a degree for 20-30k, that'd be ok. That's what I was on track for.

I am 4 months away from paying off my car. I bought it brand new 5 years ago and baby it. I don't romp on it, service it all the time, etc. I bought a Japanese car that I should've been able to drive for 200k miles before I had to junk it. That was my plan when I bought it, drive it into the ground. In 4 months I would no longer have a car payment giving me the ability to start paying off some debt.

On Saturday my transmission went out. My car currently has 65k miles on it. It was an internal problem that could not have been prevented, it just happened. Wonderful. This was not supposed to happen for another 150,000 miles, but hey, can't do anything about it. Dealership closed Sun and Mon for holiday. Today I heard from them and that's when they told me my transmission was fried. The saleswoman found a rebuilt tranny somewhere in the country. Installed, with warrenty, $2500.

My car is worth $10,000; I only owe $2000 on it. So right now I have some equity built up in this car. I told the woman to talk to car sales department and to make me an offer on the vehicle before they install the transmission. If she comes back with a reasonable offer, I think I'm going to take it and get a bike. (See General Discussion forum)

I figure if they offer me more than 6k for the car, I should take it. I can pay off the rest of the car loan, put down a huge downpayment on a motorcycle and take a couple thousand off my debt. At that point my monthly expenses would be lower (insurance and vehicle payment), so I would have more disposable income each month to hopefully pay off some debt. The alternative is to pay 2500 bucks, be $12,500 in debt, and hopefully have a transmission that will go for the rest of the time I own my car.

Everything happens for a reason. I believe it is time for me to get a new job to make more money. If they come back with a reasonable offer on the car tomarrow, I can use that money to cut my debt in half, giving me a good starting point to finish getting myself out of the hole.

That was my day's thought process.

dont sell the car for a bike. your car is almost paid off, so at that point it becomes an asset instead of a liability (debt). theres nothing better than a paid off car, especially if you keep the mileage low like you did.

take into account depreciation into your debt calculation. a motorcycle is a depreciation monster.....plus, your mistake on the car was not getting the 100k mile extended warranty. live and learn, but you'll have a much more reliable mode of transportation if you keep the car. plus, if you lay down the bike....the parts are way more expensive than a rebuilt transmission.

what kind of car do you have anyway??? if its not a toyota or a honda, theres no benefit to it being japanese. by the way, mazda is now built by ford and i think mitsubishi is owned by GMC if i'm not mistaken.

[The Anonymizer]

by the way, what do you do for a job and what state are you in?

maybe learn to bartend....its a much better job for a college kid than whatever you're doing. go to www.craigslist.com and check the job listings....theres some good ones.

[RxGenes]

Originally Posted by The Anonymizer

dont sell the car for a bike. your car is almost paid off, so at that point it becomes an asset instead of a liability (debt). theres nothing better than a paid off car, especially if you keep the mileage low like you did.

take into account depreciation into your debt calculation. a motorcycle is a depreciation monster.....plus, your mistake on the car was not getting the 100k mile extended warranty. live and learn, but you'll have a much more reliable mode of transportation if you keep the car. plus, if you lay down the bike....the parts are way more expensive than a rebuilt transmission.

what kind of car do you have anyway??? if its not a toyota or a honda, theres no benefit to it being japanese. by the way, mazda is now built by ford and i think mitsubishi is owned by GMC if i'm not mistaken.

I have a Honda. That's why I'm so pissed. Honda's are not supposed to do this. I feel cheated.

You think it would be ok to have a rebuilt transmission in the car ? My justification is that I don't want to be in the same situation again in another two years.

Better to go farther into debt currently and try to make it out the other side ?

[RxGenes]

Originally Posted by The Anonymizer

by the way, what do you do for a job and what state are you in?

maybe learn to bartend....its a much better job for a college kid than whatever you're doing. go to www.craigslist.com and check the job listings....theres some good ones.

LOL. I've been a bartender and server for the last few years. About 6 months ago I got fed up with it and went another direction. When I said I was going to get another job, I was going to go back into the service industry. Its good money but the people get to me sometimes. There have been two occasions where I've left the service industry and both times I've said "Uhhh, I will never do that again" I guess its ok to go back to because I'm only doing it for a couple years, not for life. I just have to keep reminding myself that

[FreeBirdbulker]

Originally Posted by RxGenes

I'm a poor college kid.

dont need to go any further. I understand 100%, bc I am in the same boat. but may I ask, WHY THE HELL DID YOU PUT YOUR COLLEGE ON YOUR CREDIT CARD? should have just taken a loan from them with 5-6% interest compared to 20-24% on your CC.

[RxGenes]

Originally Posted by FreeBirdbulker

dont need to go any further. I understand 100%, bc I am in the same boat. but may I ask, WHY THE HELL DID YOU PUT YOUR COLLEGE ON YOUR CREDIT CARD? should have just taken a loan from them with 5-6% interest compared to 20-24% on your CC.

My credit card is only 7.9% so its not that bad. Loans are the right thing to do I just like to have all my debt consolidated in one place.

[Deuce]

Originally Posted by RxGenes

I just like to have all my debt consolidated in one place.

Amen.

I have a CC, but only for emergencys... like surfboards, clothes, juice, and protein.

[FreeBirdbulker]

Originally Posted by Deuce

Amen.

I have a CC, but only for emergencys... like surfboards, clothes, juice, and protein.

juice !?!?!

care to let me in on a secret

[Deuce]

Originally Posted by FreeBirdbulker

juice !?!?!

care to let me in on a secret

Yea bro, I'm addicted... apple, orange, cranberry- you name it!

I just get cash advances for it.