Right when I was starting to be able to put money into savings again..

I seize a caliper in the truck

I was supposed to drive home Wednesday, here's to hoping I can get it fixed in time.

11/22/2009 2:11:23 PM

i'm always broke, but i will post in your thread

11/22/2009 2:11:48 PM

when it rains it pours

11/22/2009 2:12:21 PM

Yeah, and last week was quite possibly the worst week i've had all year.

11/22/2009 3:36:44 PM

August 09 was the worst month in my entire life thus far.


I'm still feeling the effects yo. Don't worry. Always darkest before dawn and such. you'll be aight.

11/22/2009 3:39:42 PM

11/22/2009 3:42:32 PM

if a brake caliper is enough to make you transition from not broke to broke

then you probably were broke the whole time

11/22/2009 4:12:52 PM

Several months ago my budget was negative. I had to use credit cards as a buffer. A few months ago I finally got bills lowered enough to put me slightly green, enough to start paying down cards and putting some money in savings every month. This brake job is going to all but take out my savings. I drive a diesel 3/4 ton truck, parts aren't cheap.

Sucks taking a 10,000 dollar paycut

11/22/2009 4:23:05 PM

^ why do you even bother putting money into savings? just put it into the credit cards - if you declare bankruptcy, they'll take your savings anyway. credit cards have far higher interest rates than you'll be making in your savings account, too.

if you put your money into your credit card instead of your bank account, you can basically think of it as a savings account that gives you 19% interest rate.

11/22/2009 4:52:57 PM

^Because i'm following Dave Ramsey's advice. I'm building a 1,000 dollar safety blanket then snowballing my debt. My enlistment bonus will pay off all of my credit card debt in January. They're only at 6% each so i'm not too worried about it.

11/22/2009 4:55:11 PM

dave ramsey is a dumbass.

11/22/2009 4:55:44 PM

The snowball method is very logical though.

11/22/2009 4:59:04 PM

its not logical at all. the most logical thing to do is to pay down the debt with the highest interest rate first, whether or not it is the least amount of debt.

[Edited on November 22, 2009 at 5:01 PM. Reason : s]

11/22/2009 5:00:47 PM

from personal experience, things always turn around pretty quickly. you're not in bad shape until you start selling your body for used beer cans to take to recycling centers for cash.

11/22/2009 5:00:54 PM

^ that's so true. been there done that - never wanna go back LOL

11/22/2009 5:01:50 PM

Quote :

"if you put your money into your credit card instead of your bank account, you can basically think of it as a savings account that gives you 19% interest rate."

you can do this?

11/22/2009 5:01:54 PM

For me it is logical. Every interest bearing account I have is 6.00%, except one student loan which is like 5.45%

11/22/2009 5:03:16 PM

^^i think you missed the point

11/22/2009 5:04:22 PM

i must have. i thought he was saying you could pay off your card and keep adding money into the positive and they would pay YOU the interest, which would be sweet as hell

11/22/2009 5:07:05 PM

what you are doing may be logical, but the snowball method in and of itself is not logical, which is what you originally claimed.

Quote :

"i thought he was saying you could pay off your card and keep adding money into the positive and they would pay YOU the interest, which would be sweet as hell"

no... you missed the point. if you owe $1000 @ 20% interest and instead of paying it off, you put it into the bank which only gives you 2% interest, you're incurring an 18% opportunity cost.

If you put it into a bank account which gives you 20% interest, then you're incurring a 0% opportunity cost.

It will be very difficult to find a bank which returns 20% interest, however, you can match the net impact on your finances by putting your money into your debt, which will also result in a 0% opportunity cost.

[Edited on November 22, 2009 at 5:09 PM. Reason : s]

11/22/2009 5:07:06 PM

What you're forgetting is everything is obviously revolved around me. If it works for me, it is 100% logical.

11/22/2009 5:08:00 PM

^ i totally forgot about that - i see your point now

11/22/2009 5:11:53 PM

It's ok. People forget all the time. I just have to remind them how important I am.

11/22/2009 5:12:26 PM

^^^^ no i gotcha, i just misread your post

[Edited on November 22, 2009 at 5:12 PM. Reason : carats]

11/22/2009 5:12:37 PM

11/22/2009 5:14:52 PM