How do i start my self on a road to financial freedom?
If i have a G.E.D. 10,000 owed to child support and about another 6,000 in misc. debt my current annual income 26,000 also living expences total about 1,000 to 1,200 monthly…………….. please help need advice
Tagged with: annual income • child support
Filed under: Financial Freedom Resources
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you have all ready started – you realized you need to seek help and i will be firm but honest with you it will not be a easy road but we can make it — first your debt is way low for you income — expenses 14400 a year vs debt of 16000 so you have roughly 12k to pay off 16k worth of debt… first of all what ever the court say your child support should be pay it plus 25% that will work off part of that debt — the 6k since sine the amount is so low make payments on all the large ones and pay off the smallest one in full as quickly as possible and work on up the line — i know that goes against the rule of paying off highest interest first but you need to reward your self and getting out of any one of these will be a reward. follow these few simple steps in 18 months you will be asking what do i do with the xxk i have in savings!!!
sounds like you need another job then you wont have any time to spend money just get out of the hole
Get more education. You are going to be taking care of your child support for a long time, and it hurts less when you are making more – which more education will get you.
That 26 grand is pre-tax? So after you pay your expenses and pay down your debt, you are going to be living lean. Consider it a commando-like challenge – you got yourself INTO this, you are gonna be a MAN and get yourself out. All vices and most entertainment will have to go. Admit it – the most fun you have with friends is the cheapest hangin' out kind anyway. Pare your lifestyle down to a hard-core minimum. That way, it you find you DO have a couple of dollars to treat yourself – it's all the sweeter. DISCIPLINE, my friend. Pay cash ONLY for things – unless you can get a no-fee cash-back card.
Basically, your outie is bigger than your innie – BOTH ends of that have to change for you to see any gains. None of this is a mystery – it's like losing weight – eat less, run more. You need a fundamental combination of make more, spend less. Suze Orman has GREAT books and a TV show. Her advice is right on. She went from being a waitress to being worth a bazillion – and then she had a lover STEAL a huge amount from her!!! So she is TOUGH about money as well as smart. Check her out. You can do this. Make your kid proud of you!
contact me, I have some idea's. May not get you rich quick, but if every penny counts………can't hurt to check it out.
Feel free to click my avatar and email me.
Well, your situation is not dire, but it could be a lot better.
First. Find out where all your money goes. Write down every penny you spend and on what for at least a month (preferably 2-3 months.) Tabulate up exactly how much you spend and on what.
Next, cut out the FAT from your spending. A lot of the time, you will never miss those $10 things that really eat away at your income. Here are some examples from my personal history:
Cell phone. Went from paying $59 a month to having a prepaid cell phone. Total cost for the prepay, around $100 a year. Savings in the first year, around $680. Virgin Mobile is about the best deal out there.
Coffee. Stop paying for premium coffee out. Seriously, this could cost you in the range of $4-$6 a day. Frankly, Starbucks is crappy coffee anyway, I get a better tasting cup from my drip coffee maker. Savings: $1400 a year
Lunch. Bring lunch to work. I used to dump around $10 a day for lunch and a drink. We are talking about $160 to $200 a month here.
Cable TV. Do you really look at all those premium channels? Drop them. You will never miss them. Savings: around $30 a month.
Bottled water. No difference between that and what comes out of the tap. (few exceptions) If you find the tap water is a little 'off' to you, get a Brita or Pur filter pitcher. Savings; Like you would not believe. Something like $150 a month for me. And, drink water instead of Coke, Pepsi, Gatorade, etc… Better for you and cheaper.
Do you smoke or drink? Cut back. Took me years to quit smoking. It is not something that is easy to put down, but at $5 a pack, it is killing your budget as well as your lungs. Every time you have the urge to smoke, or get a cold one, ask your self if you really need it of if you just want it. It is a lot easier to control your wants then your needs.
I was able to cut over $280 out of my spending every month, and did not notice a difference in my lifestyle. My debts went away a lot quicker then I expected, and I was able to start saving. I am not 100% there, but I am well on my way to financial freedom.
Just remember. It is not the big bills that really hurt you. It is the little "excusable" expenses that really hurt.
Best of luck.
you can try mail order bussiness :) its so funny..money will come like water you know.. :)
The easies way I found is with Citinet, I refer loans and I get paid.
They are a corp Real Estate Mortgage Broker, so I don't need to have a license of my own. No bull crap investment nor no buying software or any of that nonsense.
I just point the finger to who is looking to buy, refi or get a line of credit, give them the app. (1page) , once the person closes I get pay.
People will get their loans with or without me so I help them to get the loan, the company do the work and get $$ for it. In a $500k home one can get $2500 aprox.
I hope u find this helpful.