Laid Off

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RichBy40
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Laid Off

Postby RichBy40 » Fri Jun 12, 2009 4:13 pm

Alright so I just got layed off yesterday. Instead of freaking out and getting angry im trying to be optomistic about it. I have filled for unemployment.

Problems.
I have a car payment and insurance to worry about.
I need to man up and GTFO of my parents house, right now this is not an option though.

I currently have 1,032.00 in my checking. I owe 9,875.00 on my car with payments of 276.00 every month. and 170.00 for insurance every month.

I dont wanna sell my car but I might have to. But I dont think im going to get 10k out of it.

Maybe I can use this as an opprotunity to go back to school somehow, IDK my mind is a cluster fuh right now. And the millitary is NOT an option.

please chime in.

RichBy40
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Postby RichBy40 » Fri Jun 12, 2009 5:06 pm

LOL after reading my post again I forgot to mention I am ONLY 19. Most of the readers on here are well past this age and the being at home still part looks like I'm a 40 year old virgin or something, lol.

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kmull
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Postby kmull » Sat Jun 13, 2009 9:25 pm

What are your other employment options in your area?

Get a job.

Fast.
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RichBy40
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Postby RichBy40 » Sat Jun 13, 2009 10:30 pm

Yea, i'm trying to. Not much for work around here, and it's gona get worse....

BuckNekket
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Postby BuckNekket » Sun Jun 14, 2009 8:47 pm

How important is it that you get back to school? There are other ways to make money as long as you're not too particular about it. *wink*wink* kidding.

Maybe you can try marketing if you're up to it.

RichBy40
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Postby RichBy40 » Sun Jun 14, 2009 8:59 pm

Ill be keeping it legal lol

and i can try anything

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Postby BuckNekket » Mon Jun 15, 2009 8:11 pm

Have you ever thought of investing? I think investing in precious metals like gold and silver or whatever can be done with a very low capital. It probably won't get you instant cash but it will get you more money in the immediate future since gold prices are way up these days. I think I read a blog of that somewhere. I'll post it when I remember who wrote it. :oops:

jac
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Re: Laid Off

Postby jac » Mon Jun 15, 2009 8:33 pm

RichBy40 wrote:I need to man up and GTFO of my parents house, right now this is not an option though.

I currently have 1,032.00 in my checking. I owe 9,875.00 on my car with payments of 276.00 every month. and 170.00 for insurance every month.


From your previous post, you mentioned you owed $650 on a credit card, is that still there? If you're not driving to work you'll be saving most of that gas money, and no longer paying for lunch at work. Hopefully your parents will give you some extra time on the $1200 for tires, and won't push getting your own cell phone til you find a job. So you have cash to cover two months payments on your car and insurance. plus a minimum payment on the cc if that is still there: have you already made this month's payments?

I certainly don't think you should try investing in precious metals. You have until August to find a job (given all my assumptions ;) ) and I assume school wouldn't start until September, so you have a bit of time now to start checking it out.

One suggestion: if it's possible to stop driving now that you aren't getting to work, can you just cancel the registration? It may/may not be worth selling the car, but if you spent $90/month on public transport/taxis instead of keeping your car insured and on the road, you could cover the car payment for an extra month with your current savings.

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Postby JerichoHill » Tue Jun 16, 2009 1:27 pm

BuckNekket wrote:Have you ever thought of investing? I think investing in precious metals like gold and silver or whatever can be done with a very low capital. It probably won't get you instant cash but it will get you more money in the immediate future since gold prices are way up these days. I think I read a blog of that somewhere. I'll post it when I remember who wrote it. :oops:


If gold is priced high right now, why would one buy high? Seems like an easy way to sell low and lose money.
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BuckNekket
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Postby BuckNekket » Tue Jun 16, 2009 8:39 pm

JerichoHill wrote:
BuckNekket wrote:Have you ever thought of investing? I think investing in precious metals like gold and silver or whatever can be done with a very low capital. It probably won't get you instant cash but it will get you more money in the immediate future since gold prices are way up these days. I think I read a blog of that somewhere. I'll post it when I remember who wrote it. :oops:


If gold is priced high right now, why would one buy high? Seems like an easy way to sell low and lose money.


Yes, I have to admit that was a stupid response. I was overly excited when I took a look at the soaring gold prices and assumed that it was best to sell during these times. :oops:

But then you'll be selling them in exchange of a devaluating dollar. But the dollar took a comeback yesterday that could have been short lived.

nossorc
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Postby nossorc » Thu Jun 18, 2009 8:20 am

find a job you can eventually make a career...a bunch of random jobs are never going to amount to anything but frustration and sitting at the same pay level forever with limited benefits and retirement possibilities

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Postby jac » Fri Jun 19, 2009 3:55 pm

nossorc wrote:find a job you can eventually make a career...a bunch of random jobs are never going to amount to anything but frustration and sitting at the same pay level forever with limited benefits and retirement possibilities


That was barely worth typing, surely? Might as well write 'get rich, being poor sucks.'
Presumably he is working towards a 'career' already, that's why he's going back to school.

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kmull
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Postby kmull » Mon Jun 22, 2009 2:14 pm

Again, at this point (unemployment) the type of employment doesn't matter much.

This is where life change hits you in the face. You need to get as many jobs (part time or whatever) as possible to increase your income and pay off your debt.

Imagine if you were completely out of debt and lost your job. Much better financial position, right? That's where you need to move to. Quickly.
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Postby DoingHomework » Thu Oct 15, 2009 3:56 pm

Investing is for when you have a surplus between income and expenses and you want to preserve some of that for the future. You do not have a surplus since your income is now zero and your expenses are positive. This is not a time to invest even if gold were cheap, which it is not as was mentioned.

Wha tthe poster should have said instead of "investing" is "speculating." Speculating is like gambling. You take money you can afford to lose and you make a bet that something will go up in price quickly. It does not sound like you have any money you can afford to lose so you do not want to speculate even if you think gold is going up.

Your primary goal should be to get a job to get income. If you can go to school that would also be good because it increases you likely income in the future.

It seems to me like the LAST thing you want to do is buy gold or anything else like that. You need a job where someone pays you and does not require you to pay anything up front to buy a license, a franchise, supplies, or anything else. A real job will never require you to so that.


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