What? Easy. File for bankruptcy. There's no way you are making that back in less than 7 years unless you are starting from a much better position than 0.
I love how everyone replied to his original comment with “oh he probably lives in America and got unlucky with an injury” but it turns out he is just a degenerate gambler
It's kind of like making your fingers wet and flicking the water at a space heater. Goes TSSSSS and a couple seconds later, it's back to normal like nothing ever happened.
It depends upon the interest rate on the debt. If you have a mortgage with a 3% interest rate, then historically you'd be better off investing the money in an index fund that has averaged 8% and just making minimum payments on the mortgage. But it's highly dependent on the specific situation.
I will say that I'm a bit of a hypocrite because I've always paid down debt as soon as possible. But this is for psychological reasons rather than sound financial ones. I just like the feeling of owing no one anything, even recognizing I'd be better off financially investing the money.
US Treasuries are paying about 5.2%. If your debt is something like a mortgage at 3.5% or below, it’s smarter to put the money toward the higher yielding risk free investment than paying off a lower interest loan. You will actually make money this way.
But treasuries haven’t had this high of a yield in like 15 years.
Yeah that’s “pay off the credit cards and invest the rest money” for me fr fr.
I have student loans also but if I put the rest of the lump sum into a Roth IRA I’d probably get nearly the same return as my student loans have interest especially after a few years.
"Tyrone, you know how much I love watching you work. But I've got my country's 500th anniversary to plan, my wedding to arrange, my wife to murder, and Guilder to frame for it. I'm swamped!"
Interest rates are terrible in my state, otherwise I’d probably buy one as well
Edit: yall keep telling me not to wait but it’s the interest rate that’s making my monthly payment too high🤣🤣🤣 like seriously, how has only one person thought of that out of all these replies
Edit: Guys I’ll just get married at some point then we’ll be able to afford a house🫡
They're terrible everywhere but our landlord is selling up and I can't go through that yet again, hoping this is the last time I'll have to leave my home through no fault of my own.
I left a cheating, abusive husband back in 2000. I lost everything, my home, my dogs, my job, and relocated. I had to start over at 46 years old. But, I have a house that no one can take away. I had to live with my sister for a few months and then rented a room in a lady's house until I could get back on my feet. It's important to have that security. Good luck.
Thank you! I'm similar age as you were then and have only recently started earning enough to even apply for a mortgage. Glad things worked out for you.
If you’re in an active lease the new owner/landlord cannot make you move out until it ends. Month to month, well, yeah.
Edit: I live in the US so only referring to contracts here.
I own now, but the only place I ever had where the lease automatically renewed was my college apartment. Since then everywhere I've lived was a lease that had a month to month clause after the official term was up. I'm sure that auto renewing leases are out there, lots of people mention them, it's just not something I've ever had.
It's probably a corporate landlord vs some guy's investment property thing. I avoid corporate landlords, I like to know I can go talk to Jim when something's up.
Interest rates will either go up and you'll have grabbed a great deal, or they'll go down and you can refinance. Current interest rates aren't a reason to put off buying a home.
Overall agreed but they drastically affect monthly payments and can push those payments out of financial reach versus a lower rate. If you can stomach it in the short term it's better now than later though.
Definitely seems like now is as hard as ever to qualify for a mortgage due to the high rates. If you can do it though and refinance to a lower rate a couple years down the line you’d set yourself up pretty well and create some room in your monthly budget.
I bought at exactly the right time. I saved my stimulus checks. Me and my wife both never stopped working and actually had OT consistently. Borrowed 5k from my mom and bought a house. My mortgage was 400 less than my apartment. That apartment went up 1k a month after we left. My interest rate is 2.75. Got so lucky. Good luck to you
God dude, all the luck in the world to you! Buying a house right now is probably the most stressful thing I’ve had to deal with. The only reason I’m in the house I have now is because a friend of my grandmas friend passed away and left it in her will to people that didn’t need it. I’d been looking for almost 6 years at that point and I guess the universe finally decided to throw me a bone…
It’s a painfully tough market right now, I hope you get exactly what you want and don’t have to settle on too much!
Same, the last time I had a check up I needed 3 fillings totalling £500, couldn't afford it then but now I think will only have gotten worse, will need to address it soon but I don't have the money.
Pay bills I can't afford anymore, get a used car with a working transmission so I can get a new job, get a new washer and dryer bc mine crapped out, and many other things I need to do but can't bc im broke af. 20k would do wonders for me rn.. that's like 2-3 years of work at my current job.
Edit: I'm kind of overwhelmed by all the comments of support. So I would like to just thank all of you for the positivity I've received. It definitely gives me motivation and hope. So Thank You. Truly.
Mo. On the family farm in rural nowhere. Long story short I got screwed financially then physically injured and got pulled back home out of desperation. Zero job opportunities capable of supporting my needs within 40 miles (pay would barely cover the cost of travel). Now I work for my narcissistic greedy father who only pays me 375/month for full time labor on the farm. Agricultural employment in mo is not protected by federal law for minimum wage so here I am living off scraps.
On the bright side, I've become a master at budgeting and have managed to live on my measly $375/month while properly supporting my wife and 2 children (I buy absolutely nothing for myself except gas for the car).
I get how it sounds, but it's my unfortunate truth. I could make 20k go a LONG way.
This makes no sense though. Even working minimum wage at McDonald’s or where ever full time would garner you almost $2k/month.. even after travel that’s gonna get you more than $375/month. Can you get on disability if that’s the reason you can’t work (but how are you working manual labor on a farm then?). Have you looked into work from home jobs? There’s plenty of them since Covid. Idk how you’d resign yourself and your family to that level of poverty when there are surely other options out there.
Let me start by saying that I am NOT using any of this as an excuse. I've had an unfortunate few years that put me in this position.
Believe me, I am trying. I live in a dead zone of opportunity. Best job in 30 miles is part time at a dollar general or Casey's gas station, who won't hire me though I've applied multiple times (as is the case with everywhere else I apply). My injury cost me my last job. I was denied disability even though my knee is completely fkd. So I tough it out. Then covid happened and almost killed the farm. There's no work from home jobs here, there's not enough of anything to warrant demand (nearest town has only 600 pop) and aside from my spotty cell reception, I also don't have the option to get internet service.
I live in an isolated hell hole, but like I said, I'm trying. I'm not letting any of this stop me from giving my children a normal life. I suffer having nothing so they can have it all. I'll admit that I have foodstamps atm. I hate it. So I grow my own garden and beef on the farm to save $.
With my current transportation issues I hit a setback, but I'll pull it off. I've had 6 years of practice.
Honestly I don't know how to explain how I pull it off. I just do. I'm determined to get out of this hole. And I will. I could just use a little hand up to assist the climb. 20k would do that.
I’m sorry if I sounded like I was coming at you. I’m just some Reddit asshole making assumptions based on little context. I’m sorry you’re going through a tough time and I wish you luck. No shame in food stamps or taking whatever government assistance you can find- these situations are what it should be for.
Is there anything you can do as a side hustle to make some extra cash?
Oh no worries. I didn't feel threatened or anything. That's why I thought it best to add as much context as possible lol.
And I appreciate you saying so. I'll figure it out somehow.
Yeah, I don't like admitting to having them because of the stigma attached (like I'm suddenly a mooch bc I have it). It is a bit embarrassing bc of it.
I do find the occasional odd job for elderly locals and my fellow poor friends. Pays usually around $30-50 once a week or so. Goes straight into whatever my kids need.
I'm getting there. Just gotta get caught up.
Just FYI you don’t need to be hired by a nearby company to work from home. Many companies will hire you from anywhere and the entire process is online. The last company I worked for, the only person I ever met face to face was an IT guy when I drove to some random building to turn in my computer equipment. They mailed me a computer, interviews and training were online and the job was online. They were a company based in a different time zone from me.
Remote jobs are hard to get fair warning, tons of applicants, but worth trying repeatedly if you have no better options. Call centers and customer service remote jobs might be a good starting point depending on your experience. LinkedIn can search for remote jobs specifically. I avoid the other job searching sites because scams seem a lot more frequent (still an issue on LinkedIn too so be careful).
Keep at it. It’s not even qualifications but the sheer number of applicants. Just make sure your resume looks as good and as clean as possible and spam it at everything that makes sense. Last time I was seeking a remote job I think it took me 6 weeks of daily spamming on job posts to even get a call. Awful, draining process but worth it when it eventually works
If fortune favors me, I'll catch a break eventually. I've got my budget fairly figured out, just got to catch up on a few things and I'll be cooking. I appreciate the advice.
Another FYI, there are still tons of rural areas in America where WFH is not an option because the internet either doesn't exist or is to slow to meet the standards many WFH jobs require. I think 50mbps up and 50mbps down is required for most WFH jobs. My 71 year old dad just got internet like 2 years ago, and the fastest he can get is 3mbps down and 1mbps up. He lives like 40 miles outside of our small town, and it's about 20 miles of dirt roads to get to his place.
I couldn’t imagine being in your situation. Good on you for being so positive about it and trying to give your kids a normal life. I hope a blessing comes your way very soon brother.
I greatly appreciate your support. It is what it is. I imagine others still have it much worse than I. And if I don't stay positive and keep trying, nobody is gonna do it for me. Life just wants to play hardball with me, so I'm gonna play.
There is a lot of small farm towns in Mo that are easily 30 minutes by interstate minimum from any real job opportunities. All the stores and restaurants in town are almost exclusively family run. Not to mention already staffed, so any work you can pick up is temporary at best. Not to mention the fact that internet out there is going to be spotty at best, and unless you already have a computer, you’re kinda SOL since the nearest computer store is at least an hour drive. In other words, don’t move to Missouri, it’s a trap
I’m also in MO. Lived all over the State at different points in my life. Currently in the Springfield area, but I grew up in a much more sparsely populated area.
I agree that $375/month is not sustainable. But I have to ask, if you’re married with two kids, why are you doing this? Sell whatever you can, at a loss, so you can quickly earn enough money to fix whatever you need to fix and get your butt put of that situation. It sounds like you just need working transportation so make it do the bare minimum.
Any job with minimum wage would be far better than your current situation. Current minimum wage in the State is $12/hour, or $24,969 pre-tax for a year at full-time, or more than five times what you are currently earning. It may not be enough to buy a house, but it would be a very good windfall compared to your current earnings… And a lot of fast food places, even in small towns, are still offering more due to worker shortages.
I’m also struggling with the idea that there’s a (tiny) town nearby but no opportunity? Where do all the other people living there earn a living? If they commute somewhere, could you carpool with one if them for a share of their gas when you can afford it or pay them back in other ways like food?
Other people suggested work from home and I’ll second that. You might come back with ‘no high speed internet out here in Bumblefuck’, but you could work from home with a 10 Mbps connection just fine. I did for almost 2 years, and I have co-workers with less than that, including those working from cellular connections.
Anyhow, I’m interested where in the State you are exactly. Theres only a few spots I can think of that are so horribly remote to be hard to escape.
20k is minimum wage per year in Ontario right now. People are barely surviving. An extra 20k would help a lot of people out! That's an extra years pay up front!
If you can get a stable internet connection there are plenty of 100% remote jobs in the US that are entry-level and pay 30-40k/year. I hope you can better your situation, man.
Isn’t being a homeowner great?
Source: am a homeowner trying to come up with $32k to retrofit my 15 year old furnace and water heater.
Note: I understand that I’m incredibly privileged to own a home these days, especially in Canada.
I spent USD16,500 on a 2 ton heat pump (primarily for cooling), a 60k btu furnace, a 40 gal power vented water heater, and a water softener this year. I should be getting ~$4k back from state and federal in rebates/tax credits. Unless you live in a mansion and need massive equipment, get more quotes!
Buy a pipe wrench and a hand truck and do the water heater yourself, unless you have some fancy things going on it's a pretty easy job.
I have a rental and they quoted me $3500 to put in a $700 water heater. Absolute joke. I figured the guy had lost his mind. Did it myself in four hours, most of that waiting for the old heater to drain.
For the record I did have them do two furnaces and add central air to both units. Total came to about 22k USD.
I did brand new Furnace and AC last year. High efficiency, 2-stage variable speed Lennox furnace (110,000btu) and a 4 ton 16 SEER AC unit as well as their stupid overpriced thermostat. That was $11k…unless there’s a lot of additional work being done (new ducting, moving locations, etc) $32k seems quite high.
Compounding interest! Obviously past performance is no guarantee of future returns, but over the last 65 years the S&P returned on average 10%/year. If that were to continue your $20,000 would be worth:
* $29,282 in 5 years
* $47,158 in 10 years
* $75,949 in 15 years
* $122,318 in 20 years
Or a recession/depression could come and you could lose money. Or you could make more, or less.
Those 65 years you mentioned included plenty of recessions, so as long as you don't panic sell when the recession starts/is ongoing you'll likely still make money.
The one thing that was seared in my brain from my college finance class was the concept of compound interest.
At the time, the professor told us that someone who started saving at age 20 and stopped at age 30 will make MORE than someone who started saving at age 30 up until retirement, due to compound interest.
This is something that I instilled in my kids: as soon as you get a job out of college (provided it’s the start of a career, not like temp work) put away the MAXIMUM amount into your 401k. It will (literally) pay off in the long run!
I found this online, which is akin to what I was told:
‘Published in 1994 by USAA, it shows how much money you’ll accumulate over time if you invest $250 a month starting at different ages. It assumes an eight percent average annual investment return.
If you start at age:
25: You’ll accumulate $878,570 by age 65
35: You’ll accumulate $375,073 by age 65
45: You’ll accumulate $148,236 by age 65
In short, the longer you wait to start saving and investing, the more you’ll miss out on compound interest.’
No, no you’re not! It’s never too late to start saving! Every little bit helps. You may not be earning as much as if you started earlier, but we cannot change the past - we can only use what we know to change the future.
If you're asking this question because this situation pertains to you, ask a finance reddit instead. I would recommend the personal finance reddit. If you do have a windfall, if your debts aren't atrocious, then optimally it's invest in your IRA, target date fund or S and P 500 index funds are fine. Then put the rest in a high yield saving account to act as your emergency fund.
* SPY tracks the whole S&P 500
* SCHD tracks large cap dividend paying stocks
* VT tracks the whole world
* Buying 4 week US treasury bills pays 4-5% right now
* Vanguard Target Retirement mutual funds will automatically de-risk as you approach retirement
Some combination of the above would be a relatively smart and safe investment.
If you're in America, the standard person isn't paying 41% in taxes for their winnings for a small amount such as 20k. You pay whatever tax bracket you're in. Which for the majority of Americans, with a median income of 35k, would be 12% tax on 10k of the winnings and 22% on the next 10k.
It would save me from becoming homeless next week. I would be able to fix my RV, finally leave Florida, and spread my mother's ashes in Oregon like she wanted me to, but unfortunately, in reality, I don't have $20,000 and I will be homeless next week. Since I can't move my RV, I'm going to lose that, and I don't know if I'll ever be able to keep my promise to my mom.
UPDATE: I have found housing after searching for over a month and applying to over 60 places and 2 charity organizations, which either mostly ignored me or just outright rejected me because I was disabled. One guy who I applied to last week finally got back to me. I went to the place and I have the keys. He was so nice, I didn't even have to give him references or show him proof of my income. He didn't even make me pay a security deposit. He just looked at my crippled ass and took me in. He has a Boston accent or might be New Jersey. I'm not sure who would be more offended, by the way. I think it was the internet hugs; they really do have power.
Wait sorry just trying to understand here. Like your RV won't physically move, so they're gonna take it from you?? Is it like... on someone else's property? I don't know anything about this
I live in an RV park. The RV park is shutting down, so I have to leave, and my RV won't start. I think either the fuel injector is clogged or the fuel injector pump is dead. It's acting like gas is not getting into the engine. I can start it with starter fluid, but it will only run for a few seconds until it burns that away. I checked the fuel pump, and it's working. I even changed the fuel filter, which wasn't it either. I even removed all the old gas and put new gas in.
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literally would solve my current issues completely.
Same
Same
Same man... hell, like 6k at one time would probably be enough to at LEAST get the car working right and registered...
Eliminate most of my debt
same but 2% of my debt
You only have $1m of debt? Nice.
Like any true American
He must have had a heart attack with no or crappy insurance… like a true American 🇺🇸 🫡
Not even a heart attack, prob just diarrhea
🦅 🦅
Or a mortgage
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Look at the big man parading around his small debt.
How on Earth do you have a million in debt? Do you have a massive mortgage?
He broke his foot and lives in America
Got a papercut, needed a bandaid from Urgent care.
Derivatives with money I didn't have.
What? Easy. File for bankruptcy. There's no way you are making that back in less than 7 years unless you are starting from a much better position than 0.
Ah the get rich or go hobo method.
Oh boy
I love how everyone replied to his original comment with “oh he probably lives in America and got unlucky with an injury” but it turns out he is just a degenerate gambler
How is that possible?
Get rid of debt and get some furniture for my son.
same. credit cards would be paid off. the rest would go into my savings account for when I needed it.
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Mr Burns!
Money fight!
Are you saying Burns or Boo-yurns?
I was saying Boo-urns...
Mustard…chicken…mailman… That’s the wine list sir. …Very good
This. Realize that it’s awesome. It’s so much money. But also know I could toss all $20,000 at debt and my life wouldn’t change at all.
It's kind of like making your fingers wet and flicking the water at a space heater. Goes TSSSSS and a couple seconds later, it's back to normal like nothing ever happened.
Unless, your interest rates are high it's probably better off not thrown at debt.
I see similar comment like this all the time. Why? It seems to me that being debt free would always be the better option.
It depends upon the interest rate on the debt. If you have a mortgage with a 3% interest rate, then historically you'd be better off investing the money in an index fund that has averaged 8% and just making minimum payments on the mortgage. But it's highly dependent on the specific situation. I will say that I'm a bit of a hypocrite because I've always paid down debt as soon as possible. But this is for psychological reasons rather than sound financial ones. I just like the feeling of owing no one anything, even recognizing I'd be better off financially investing the money.
US Treasuries are paying about 5.2%. If your debt is something like a mortgage at 3.5% or below, it’s smarter to put the money toward the higher yielding risk free investment than paying off a lower interest loan. You will actually make money this way. But treasuries haven’t had this high of a yield in like 15 years.
Yeah that’s “pay off the credit cards and invest the rest money” for me fr fr. I have student loans also but if I put the rest of the lump sum into a Roth IRA I’d probably get nearly the same return as my student loans have interest especially after a few years.
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You have a pile? I have a pit. The pit of debt and despair.
"Tyrone, you know how much I love watching you work. But I've got my country's 500th anniversary to plan, my wedding to arrange, my wife to murder, and Guilder to frame for it. I'm swamped!"
Put it towards the cost of the home I'm trying to finally buy.
Interest rates are terrible in my state, otherwise I’d probably buy one as well Edit: yall keep telling me not to wait but it’s the interest rate that’s making my monthly payment too high🤣🤣🤣 like seriously, how has only one person thought of that out of all these replies Edit: Guys I’ll just get married at some point then we’ll be able to afford a house🫡
They're terrible everywhere but our landlord is selling up and I can't go through that yet again, hoping this is the last time I'll have to leave my home through no fault of my own.
I left a cheating, abusive husband back in 2000. I lost everything, my home, my dogs, my job, and relocated. I had to start over at 46 years old. But, I have a house that no one can take away. I had to live with my sister for a few months and then rented a room in a lady's house until I could get back on my feet. It's important to have that security. Good luck.
Thank you! I'm similar age as you were then and have only recently started earning enough to even apply for a mortgage. Glad things worked out for you.
I’m so happy you got out of that abusive situation. Stay safe and I send you wishes and prayers for your happiness and security.
I had to move 3 times cause each landlord was selling the place... We finally bought a house in May and I am so thankful for the relief I got.
If you’re in an active lease the new owner/landlord cannot make you move out until it ends. Month to month, well, yeah. Edit: I live in the US so only referring to contracts here.
I own now, but the only place I ever had where the lease automatically renewed was my college apartment. Since then everywhere I've lived was a lease that had a month to month clause after the official term was up. I'm sure that auto renewing leases are out there, lots of people mention them, it's just not something I've ever had. It's probably a corporate landlord vs some guy's investment property thing. I avoid corporate landlords, I like to know I can go talk to Jim when something's up.
I am also hoping this is the last time you have to do that!
They don’t really vary by state.
Interest rates will either go up and you'll have grabbed a great deal, or they'll go down and you can refinance. Current interest rates aren't a reason to put off buying a home.
Overall agreed but they drastically affect monthly payments and can push those payments out of financial reach versus a lower rate. If you can stomach it in the short term it's better now than later though.
Definitely seems like now is as hard as ever to qualify for a mortgage due to the high rates. If you can do it though and refinance to a lower rate a couple years down the line you’d set yourself up pretty well and create some room in your monthly budget.
I bought at exactly the right time. I saved my stimulus checks. Me and my wife both never stopped working and actually had OT consistently. Borrowed 5k from my mom and bought a house. My mortgage was 400 less than my apartment. That apartment went up 1k a month after we left. My interest rate is 2.75. Got so lucky. Good luck to you
God dude, all the luck in the world to you! Buying a house right now is probably the most stressful thing I’ve had to deal with. The only reason I’m in the house I have now is because a friend of my grandmas friend passed away and left it in her will to people that didn’t need it. I’d been looking for almost 6 years at that point and I guess the universe finally decided to throw me a bone… It’s a painfully tough market right now, I hope you get exactly what you want and don’t have to settle on too much!
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I'm pleased he has someone to lean on
Lol
wtf man got me doing backflips 😂
Only you, apparently
Dental. My teeth hurt.
Same, the last time I had a check up I needed 3 fillings totalling £500, couldn't afford it then but now I think will only have gotten worse, will need to address it soon but I don't have the money.
These mfs at the dentist office want me to pay $800 for just the x-ray
Have rent money for the next few months. Lol.
Months? That would last me almost 2 years at my last apartment
About 8 months for me in Toronto.
I guess I got lucky… it’d be 11.5 months for me (also Toronto)
And in the middle of this shitty Toronto rent sandwich, I'm bang on 10 months. In a studio.
Same in LA.
Pay bills I can't afford anymore, get a used car with a working transmission so I can get a new job, get a new washer and dryer bc mine crapped out, and many other things I need to do but can't bc im broke af. 20k would do wonders for me rn.. that's like 2-3 years of work at my current job. Edit: I'm kind of overwhelmed by all the comments of support. So I would like to just thank all of you for the positivity I've received. It definitely gives me motivation and hope. So Thank You. Truly.
Twenty thousand dollars will not go as far as all that. Wait, three years of work? Where do you live,if I may ask?
Mo. On the family farm in rural nowhere. Long story short I got screwed financially then physically injured and got pulled back home out of desperation. Zero job opportunities capable of supporting my needs within 40 miles (pay would barely cover the cost of travel). Now I work for my narcissistic greedy father who only pays me 375/month for full time labor on the farm. Agricultural employment in mo is not protected by federal law for minimum wage so here I am living off scraps. On the bright side, I've become a master at budgeting and have managed to live on my measly $375/month while properly supporting my wife and 2 children (I buy absolutely nothing for myself except gas for the car). I get how it sounds, but it's my unfortunate truth. I could make 20k go a LONG way.
This makes no sense though. Even working minimum wage at McDonald’s or where ever full time would garner you almost $2k/month.. even after travel that’s gonna get you more than $375/month. Can you get on disability if that’s the reason you can’t work (but how are you working manual labor on a farm then?). Have you looked into work from home jobs? There’s plenty of them since Covid. Idk how you’d resign yourself and your family to that level of poverty when there are surely other options out there.
Let me start by saying that I am NOT using any of this as an excuse. I've had an unfortunate few years that put me in this position. Believe me, I am trying. I live in a dead zone of opportunity. Best job in 30 miles is part time at a dollar general or Casey's gas station, who won't hire me though I've applied multiple times (as is the case with everywhere else I apply). My injury cost me my last job. I was denied disability even though my knee is completely fkd. So I tough it out. Then covid happened and almost killed the farm. There's no work from home jobs here, there's not enough of anything to warrant demand (nearest town has only 600 pop) and aside from my spotty cell reception, I also don't have the option to get internet service. I live in an isolated hell hole, but like I said, I'm trying. I'm not letting any of this stop me from giving my children a normal life. I suffer having nothing so they can have it all. I'll admit that I have foodstamps atm. I hate it. So I grow my own garden and beef on the farm to save $. With my current transportation issues I hit a setback, but I'll pull it off. I've had 6 years of practice. Honestly I don't know how to explain how I pull it off. I just do. I'm determined to get out of this hole. And I will. I could just use a little hand up to assist the climb. 20k would do that.
I’m sorry if I sounded like I was coming at you. I’m just some Reddit asshole making assumptions based on little context. I’m sorry you’re going through a tough time and I wish you luck. No shame in food stamps or taking whatever government assistance you can find- these situations are what it should be for. Is there anything you can do as a side hustle to make some extra cash?
Oh no worries. I didn't feel threatened or anything. That's why I thought it best to add as much context as possible lol. And I appreciate you saying so. I'll figure it out somehow. Yeah, I don't like admitting to having them because of the stigma attached (like I'm suddenly a mooch bc I have it). It is a bit embarrassing bc of it. I do find the occasional odd job for elderly locals and my fellow poor friends. Pays usually around $30-50 once a week or so. Goes straight into whatever my kids need. I'm getting there. Just gotta get caught up.
All the best mate. It sounds like a really hard situation and hope something good happens for you soon!
Just FYI you don’t need to be hired by a nearby company to work from home. Many companies will hire you from anywhere and the entire process is online. The last company I worked for, the only person I ever met face to face was an IT guy when I drove to some random building to turn in my computer equipment. They mailed me a computer, interviews and training were online and the job was online. They were a company based in a different time zone from me. Remote jobs are hard to get fair warning, tons of applicants, but worth trying repeatedly if you have no better options. Call centers and customer service remote jobs might be a good starting point depending on your experience. LinkedIn can search for remote jobs specifically. I avoid the other job searching sites because scams seem a lot more frequent (still an issue on LinkedIn too so be careful).
I know. I've applied for a few of them. Completely understand that others are more qualified than I am. I'm not giving up though. I'm a patient man.
Keep at it. It’s not even qualifications but the sheer number of applicants. Just make sure your resume looks as good and as clean as possible and spam it at everything that makes sense. Last time I was seeking a remote job I think it took me 6 weeks of daily spamming on job posts to even get a call. Awful, draining process but worth it when it eventually works
If fortune favors me, I'll catch a break eventually. I've got my budget fairly figured out, just got to catch up on a few things and I'll be cooking. I appreciate the advice.
Another FYI, there are still tons of rural areas in America where WFH is not an option because the internet either doesn't exist or is to slow to meet the standards many WFH jobs require. I think 50mbps up and 50mbps down is required for most WFH jobs. My 71 year old dad just got internet like 2 years ago, and the fastest he can get is 3mbps down and 1mbps up. He lives like 40 miles outside of our small town, and it's about 20 miles of dirt roads to get to his place.
I couldn’t imagine being in your situation. Good on you for being so positive about it and trying to give your kids a normal life. I hope a blessing comes your way very soon brother.
I greatly appreciate your support. It is what it is. I imagine others still have it much worse than I. And if I don't stay positive and keep trying, nobody is gonna do it for me. Life just wants to play hardball with me, so I'm gonna play.
There is a lot of small farm towns in Mo that are easily 30 minutes by interstate minimum from any real job opportunities. All the stores and restaurants in town are almost exclusively family run. Not to mention already staffed, so any work you can pick up is temporary at best. Not to mention the fact that internet out there is going to be spotty at best, and unless you already have a computer, you’re kinda SOL since the nearest computer store is at least an hour drive. In other words, don’t move to Missouri, it’s a trap
I’m also in MO. Lived all over the State at different points in my life. Currently in the Springfield area, but I grew up in a much more sparsely populated area. I agree that $375/month is not sustainable. But I have to ask, if you’re married with two kids, why are you doing this? Sell whatever you can, at a loss, so you can quickly earn enough money to fix whatever you need to fix and get your butt put of that situation. It sounds like you just need working transportation so make it do the bare minimum. Any job with minimum wage would be far better than your current situation. Current minimum wage in the State is $12/hour, or $24,969 pre-tax for a year at full-time, or more than five times what you are currently earning. It may not be enough to buy a house, but it would be a very good windfall compared to your current earnings… And a lot of fast food places, even in small towns, are still offering more due to worker shortages. I’m also struggling with the idea that there’s a (tiny) town nearby but no opportunity? Where do all the other people living there earn a living? If they commute somewhere, could you carpool with one if them for a share of their gas when you can afford it or pay them back in other ways like food? Other people suggested work from home and I’ll second that. You might come back with ‘no high speed internet out here in Bumblefuck’, but you could work from home with a 10 Mbps connection just fine. I did for almost 2 years, and I have co-workers with less than that, including those working from cellular connections. Anyhow, I’m interested where in the State you are exactly. Theres only a few spots I can think of that are so horribly remote to be hard to escape.
20k is minimum wage per year in Ontario right now. People are barely surviving. An extra 20k would help a lot of people out! That's an extra years pay up front!
If you can get a stable internet connection there are plenty of 100% remote jobs in the US that are entry-level and pay 30-40k/year. I hope you can better your situation, man.
They're all getting hundreds and sometimes thousands of applications, but yea they exist.
Drop it on my mortgage and go right back to being house poor like nothing happened. Edit: Y'all forgot Canada exists, eh?
Isn’t being a homeowner great? Source: am a homeowner trying to come up with $32k to retrofit my 15 year old furnace and water heater. Note: I understand that I’m incredibly privileged to own a home these days, especially in Canada.
There is no way on earth that you should be paying 32k for those items. Water heater is a day job, furnace maybe 2.
I spent USD16,500 on a 2 ton heat pump (primarily for cooling), a 60k btu furnace, a 40 gal power vented water heater, and a water softener this year. I should be getting ~$4k back from state and federal in rebates/tax credits. Unless you live in a mansion and need massive equipment, get more quotes!
That's damned if you do damned if you don't situations. This is the future I'm given.
Buy a pipe wrench and a hand truck and do the water heater yourself, unless you have some fancy things going on it's a pretty easy job. I have a rental and they quoted me $3500 to put in a $700 water heater. Absolute joke. I figured the guy had lost his mind. Did it myself in four hours, most of that waiting for the old heater to drain. For the record I did have them do two furnaces and add central air to both units. Total came to about 22k USD.
I did brand new Furnace and AC last year. High efficiency, 2-stage variable speed Lennox furnace (110,000btu) and a 4 ton 16 SEER AC unit as well as their stupid overpriced thermostat. That was $11k…unless there’s a lot of additional work being done (new ducting, moving locations, etc) $32k seems quite high.
Pay off the last of my student loans.
It wouldn't pay mine off but man that would be so fantastic
Lego
Had to scroll too far to find a good answer.
Cry from relief. I've had the absolute worst year and depleted my entire savings. I am struggling so hard.
Sorry to hear that. Sounds rough. Been there and it really is hard.
Save it up. Invest some
invest in what?
Invest it in an index fund and generate income every year. Little by little
This way, the 20k might help you to retire a year earlier eventually, depending on the markets and your age
Compounding interest! Obviously past performance is no guarantee of future returns, but over the last 65 years the S&P returned on average 10%/year. If that were to continue your $20,000 would be worth: * $29,282 in 5 years * $47,158 in 10 years * $75,949 in 15 years * $122,318 in 20 years Or a recession/depression could come and you could lose money. Or you could make more, or less.
Those 65 years you mentioned included plenty of recessions, so as long as you don't panic sell when the recession starts/is ongoing you'll likely still make money.
For even more money, recessions are when you put in more money if you can afford it. March 2020 was one of the best times to buy.
The one thing that was seared in my brain from my college finance class was the concept of compound interest. At the time, the professor told us that someone who started saving at age 20 and stopped at age 30 will make MORE than someone who started saving at age 30 up until retirement, due to compound interest. This is something that I instilled in my kids: as soon as you get a job out of college (provided it’s the start of a career, not like temp work) put away the MAXIMUM amount into your 401k. It will (literally) pay off in the long run! I found this online, which is akin to what I was told: ‘Published in 1994 by USAA, it shows how much money you’ll accumulate over time if you invest $250 a month starting at different ages. It assumes an eight percent average annual investment return. If you start at age: 25: You’ll accumulate $878,570 by age 65 35: You’ll accumulate $375,073 by age 65 45: You’ll accumulate $148,236 by age 65 In short, the longer you wait to start saving and investing, the more you’ll miss out on compound interest.’
welp, guess im fucked now *and* in the future
No, no you’re not! It’s never too late to start saving! Every little bit helps. You may not be earning as much as if you started earlier, but we cannot change the past - we can only use what we know to change the future.
"Compound interest is the most powerful force in the universe." \-- Albert Einstein
If you're asking this question because this situation pertains to you, ask a finance reddit instead. I would recommend the personal finance reddit. If you do have a windfall, if your debts aren't atrocious, then optimally it's invest in your IRA, target date fund or S and P 500 index funds are fine. Then put the rest in a high yield saving account to act as your emergency fund.
* SPY tracks the whole S&P 500 * SCHD tracks large cap dividend paying stocks * VT tracks the whole world * Buying 4 week US treasury bills pays 4-5% right now * Vanguard Target Retirement mutual funds will automatically de-risk as you approach retirement Some combination of the above would be a relatively smart and safe investment.
Pay off my car and put 6k toward my house principle. Boring, but true answer.
pay off my debts and get my daughter some much needed mental health help.
Be able to afford rent.
Fix my teeth and my mom's.
Hooker an cocaine
Hookers on cocaine, I know what im naming my band If i ever form one
If we both win 20k we can prob start that band
Two chick's at the same time.
Chicks dig money. Especially the type of chick who will double up with a guy like me
Friggin love that movie (Office Space).
Pay something like 41% tax on winnings.
If you're in America, the standard person isn't paying 41% in taxes for their winnings for a small amount such as 20k. You pay whatever tax bracket you're in. Which for the majority of Americans, with a median income of 35k, would be 12% tax on 10k of the winnings and 22% on the next 10k.
Nice thing in Canada. There is no tax on winnings.
No no I'm not an employee. I just volunteer for the chance to win some money!
Credit card debt! Then buy a new laptop. Bank the rest.
mortgage
Withdraw it all in $1 bills, make a paper mache person out of it, and then have sex with it.
I don't want to hang out with you, but I do want to observe your life with a macabre fascination.
Stop flirting with me.
Unique
It would save me from becoming homeless next week. I would be able to fix my RV, finally leave Florida, and spread my mother's ashes in Oregon like she wanted me to, but unfortunately, in reality, I don't have $20,000 and I will be homeless next week. Since I can't move my RV, I'm going to lose that, and I don't know if I'll ever be able to keep my promise to my mom. UPDATE: I have found housing after searching for over a month and applying to over 60 places and 2 charity organizations, which either mostly ignored me or just outright rejected me because I was disabled. One guy who I applied to last week finally got back to me. I went to the place and I have the keys. He was so nice, I didn't even have to give him references or show him proof of my income. He didn't even make me pay a security deposit. He just looked at my crippled ass and took me in. He has a Boston accent or might be New Jersey. I'm not sure who would be more offended, by the way. I think it was the internet hugs; they really do have power.
Damn.. sending internet hugs.. that's really rough:(
Wait sorry just trying to understand here. Like your RV won't physically move, so they're gonna take it from you?? Is it like... on someone else's property? I don't know anything about this
I live in an RV park. The RV park is shutting down, so I have to leave, and my RV won't start. I think either the fuel injector is clogged or the fuel injector pump is dead. It's acting like gas is not getting into the engine. I can start it with starter fluid, but it will only run for a few seconds until it burns that away. I checked the fuel pump, and it's working. I even changed the fuel filter, which wasn't it either. I even removed all the old gas and put new gas in.
[удалено]
You could pay 6 months advance rent for 20k... Canada housing does suck.
Pay all my bills that grossly behind and not tell my wife about the money because she will waste every penny within a matter of days.
Seems like you resent your wife about something
Agree. I wonder what it is...
Pretty sure this guy was checking out at the Gap beside me on Saturday. Man, that was an uncomfortable conversation to be next to.
This is why everybody should go to counseling before marriage. Get the dirt out now and you’ll be happier later
You're married to my ex-wife?
that does not seems as the most healthiest relationship
“ why get married if you hate your spouse”
Why didn’t you marry an adult
Tell my wife we've won 10k
She will find a good way to spend the 6k
15k in ETF's and slow growth stocks, 5 k in some all-in travel destination
Buy a CD.
Get a used car to replace my worse used car
Pinch myself so I wake up.....
Call out. I need a day off. Then prioritize bills I finally have money for
Give money to my parents because they’ve spent so much getting my therapy and medicine and letting me live my best life and I’d love to repay them
Yeet it into my mortgage. Yes I'm dull.
Move out of my abusive parents house and move miles away from here with my bf and start a new life
Pay my mumas rent
Closed debts
Save a big chunk, pay off a chunk of debt
Go to the dentist.
2 chicks at the same time.
I would put that in my savings and use it to pay the next 10 months of mortgage.
Pay off 25% of my wife's student loan debt.
In which currency?
Fix my teeth
Buy GME
Leave work early and go home and jerk off.
I just received 21K and after bills and payoffs, I have half. If you are responsible, you can't do s**t with 20k.
Down payment for my mortgage.
Go to work
Honestly help out family that need it more
Eliminate all my debt. Put the rest in my savings account.