I just feel the need to rant. Im 19 years old. I work a full time job 40+hrs a week. I make 10 bucks an hour. I have a 276.00 a month car payment, 170.00 a month insurance. i pay 45 bucks weekly for health insurance. i go to night school for college. im a high school drop out with an adult ed "high school diploma" I wake (supposed) at 530 each day to be a work by 630 (am) and leave at 5 pm.

This tottaly sucks. I look around at all the other "kids" my age and alot of them have it soooo much better. and on top of that im going to have to start paying my parents rent soon.

I wish i had a get out of jail free card.

Idk.
/rant

$45 weekly for health insurance = typically $180 per month which is a lot ... on your days off I would suggest shopping around online for other low-cost catastrophic coverage with a high deductible ... I don't know much about health insurance but call around to different carriers like Blue Cross Blue Shield and see if they have any offerings directly to individuals as opposed to a group plan.

That car+insurance payment is deadly... I would suggest shopping around for car insurance (you will still have relatively high premiums because of your age group but it never hurts to shop around)... I know that ProgressiveDirect has a really nice program which gives you the bare minimum coverage for a reasonable price. Regarding the car payment, it depends how much longer you have to go before it's paid off ... but you possibly have more car than you can afford and hopefully you'll learn from it next time by saving up to buy it outright without payments... otherwise consider selling it and using the proceeds to buy a used car (assuming you are not upside-down on the loan).

I think you have learned some valuable lessons here, specially not buying things you cant afford. without the car costs I think many students are in your situation I did that for 4 years. school-work-study

Welcome to the "real world".

Sell the car and buy a beater cash.

You either can go to college, join the military or get into a trade (like plumbing, electrical).

You made the choice to drop out of high school...

Well, the one upside is that you are learning about the "real world" at a much younger age than many of your peers, who may still not "get it". So, perhaps it may not seem like it right now, but that could give you an edge compared to others, especially in the areas of personal development and personal finances.

Hang in there.

You have a get out of jail card, it's just not free. You need a plan for your life beyond doing what you're doing now. You should with some effort be able to double your salary and significantly improve your working conditions in a year by gaining some work experience and taking courses at a trade school in the evenings. Trained welders, pipe fitters, drafters, drivers, cabinet makers, medical techs, bookkeeping, hair stylists, chefs, basically any working conditions that you can think of all with higher pay.

You don't know that though. They could be living off of credit cards and in much worse financial shape that you are. They might be living in a dream world whereas you are living in reality. So try not to compare your life to others (I know it's tough - we all do it to some degree) and focus on where you can make changes in your own life and move forward. I think it's great that your getting your degree through night school and hopefully that will give you the credentials you need to move up in your career and increase your income.

What kind of car do you have? The payment is a real weight on your finances so I recommend selling it and buying a cheaper one. I think that's the biggest financial gain you can get right now. Cheaper health insurance or car insurance can be hard to find or qualify for, but there are always cheap (but reliable) cars around to buy, especially now when no one is buying.

UM my car was 10k i got a loan at 10% intrest for 4 years. My car payment isnt that bad for being 19. My insurance is full coverage, you HAVE to have full coverage if your vehicle is financed. I didnt want to drop out of high school it was that or get expelled. Now was it me that got myself into that position? yes.

And btw, most kids have a parent who buys a car for them. I had a "beater" they are not reliable, in a year you can drop almost 5k into it just fixin it.

We just sold our old beater after a year and used savings to move into a better car with cash. We spend a total of $200 for some new tires during the year and paid $2800 for it. That's $3k for a years worth of car, less then you're paying now. Of course, we're in the process of selling it and moving into a better car because we've been saving a replacement for a year since we don't have a car payment. Main differences between our situation and yours, we actually sold our car for more then we paid for it, and we didn't have to pay interest or other fees, or have to carry full coverage.



How'd you come to that conclusion? Your note might be good compared to some other people your age but it's a horrible financial spot to be in. You're paying way to much for an asset that's going to lose a ton of value over the next four years. Even if you're just trying to improve your credit score, this is an expensive way to do it. Stop thinking about how you rate compared to others your age and start thinking about the best move. You'll find nothing but trouble following the pack.

That's my thought too. The downside of having stuff handed to you (like the other "kids" you envy) is that you begin to take it for granted. Sure, some people are "lucky" enough to have parents that will subsidize their lives through college and beyond, but they won't learn to take their fate into their own hands until much later than you. Besides, comparing yourself to "most other kids" isn't a fair comparison if they didn't work for any of the stuff they have.

I think "my life sucks" is a sound reaction to the situation (although many people have it much worse). Soak up the motivation and use it to keep focused on working for something better.

Hey Richby40

You DO have a "get out of jail free" card. It's in your head man. Last year my wife and I faced a financial nightmare when my job (i.e. income), all but dried up. We looked at one another and said, "What are we going to do?"

After two days of this panic and fear, I said to her, "Honey, we're asking the wrong question. We should be asking, "How are we going to BE?""

In that moment I understood that I could be fearful and panicky - from where I'd make bad decisions, if any at all. Or I could choose to be resourceful. My job was in health care, but when I decided to be resourceful I suddenly thought about other skills I have. I'm a writer, I thought. I have hundreds of articles published on and off line.

I went to elance.com and put up a profile. (Half an hour). 24 hours later - that's just 24 hours - I had a contract worth a grand!

You won't get "out of jail" with your present mindset - but that's all that's keeping you there!

Hope that helps!

Wiz.

You are doing pretty well for a 19 years old. Relatively speaking compared to me. My mindset and life was crap at that age.

The fact that you are working on your education (night school) and here on GRS speaks volumes. There is nothing wrong with working hard, a long time ago my grandfather (who retired as CEO of a major company without a high school diploma and two tours in the military) let me in on a little secret. He told me the following: "Sam, I was never the smartest and I certainly was not the best educated. But, I always worked the hardest, put in the longest hours and always said 'yes' when my boss/company asked me to do something. As a result, I ended up on the top and suprassed the 'smartest' and 'the best educated."

My husband and I get up every morning at 5:00 a.m., I'm in the office by 7:00 a.m. and generally leave at 6:30 p.m. and that is with a college degree and a professional degree.

Do your parents have the means to pay off your car and then you pay them back at a lower interest rate? Not that that is going to save you financially, but hey life sucks sometimes. The past is the past. You're in your situation because of choices you made.

You're in night school, and working hard. Life and success don't happen overnight.

Let's run some quick math.

$10/hr x 40 hours/week = $400
Health insurance (assuming pre-tax item): $45
Taxable income: $355/week
$355 x 4 = $1,420
Tax 15% = $213

Net income: $1,207

Car payment: $276
Car insurance: $170

Net income minus car costs: $761

My question is: where does the rest of your money go? Right now you say you don't have rent costs (although you're about to get them). Are you paying cash for school?

$700+ per month left for gas, food, cell phone, etc. seems pretty significant to me. What are your other costs?

Also note that you said 40+ hours per week. So every additional hour you work should be overtime (1.5x base rate) which is $15 pre-tax, $12.75 post tax (at the 15% rate).

credit card -650.00 / need to pay off asap

gas - 60-70.00
/ month


owe parents 1200.00 for tires that i had on a truck awhile ago

i pay cash for school, only way to get reimbursed, they wont reimburse you on credit or loan

i have been very irresponsible with my money

my parents are giving me 15 months to get out. by the time im 21.

keeping my car ill need the credit when i go to get an apartment.

might pick up a part time job if possible

the only thing is when saving money i feel like a recluse beacuse i dont go out. Theres not much to do with your friends but spend money, and i cant bare to be with out human contact lol.