Personal Debt in the USA is out of control

[winb83]

140 in consumer debt

They stay telling broke people who have no money to sell their cars. If they sell those cars they then have to buy new ones, older ones they have to maintain. Should have never bought the daughter a new car but at this point you kinda gotta roll with it.

 

[Remote]

$23,000 on a car.

And that's light.

But stupid people on the coli are PROUD to pay it.

 

[lamont614]

What helped me get my bread right was:

Cooking at the crib
Not going out to bars or clubs
Not taking bytches out to eat
Stayed single for years and just had a roster that was down
Going to the gym as my hobby/outlet
Learning about investing, then investing
I didn't even take trips anywhere for 2-3 years too

This

 

[Bigblackted4]

They stay telling broke people who have no money to sell their cars. If they sell those cars they then have to buy new ones, older ones they have to maintain. Should have never bought the daughter a new car but at this point you kinda gotta roll with it.

They make like 150k combined a year. New and old cars take money to maintain that’s nonsense. Them rolling with it will have them not paying their rent that’s not smart.

 

[Bigblackted4]

What helped me get my bread right was:

Cooking at the crib
Not going out to bars or clubs
Not taking bytches out to eat
Stayed single for years and just had a roster that was down
Going to the gym as my hobby/outlet
Learning about investing, then investing
I didn't even take trips anywhere for 2-3 years too

Good advice

 

[winb83]

They make like 150k combined a year. New and old cars take money to maintain that’s nonsense. Them rolling with it will have them not paying their rent that’s not smart.

They're broke. They need to come down on some of their other consumer debt and build up funds before worrying about trying to sell a newer car with limited to no maintenance. With their credit the way it is how they gonna be able to get the funds to buy and maintain older used cars. Keep driving those newer cars until their money situation is better then sell them for older ones.

 

[Whips-n-Chains]

Good advice

I promise this shyt works.

You work your job and try to stack as much of it as possible
work on some side projects, amazon FBA, Uber eats, get a real estate license, etc.
low key hustle even if you need to
Stack up enough to start investing in stocks, actual stocks too, not gambling with options trading and shyt like that.
Buy some of the foundational cryptos, BTC, ETH, etc. And spend a little on some risky ones. I bought $250 of Doge back when it first dropped and that shyt turned into like 40 bands
Get yourself a crib you own that's somewhat modest. If you get approved for a $4k/mo mortgage then get a crib that will be $2k/mo, can't be living just to pay the mortgage. Get a duplex, live in one, rent the other.
Then start stacking to get some rental properties. I love 2-4 unit buildings b/c anything 5 or more units needs a commercial loan, but 2-4 units you can use a standard mortgage, much easier to get approved for too.

 

[Bigblackted4]

 

[winb83]

I love this guy's videos. Just found his channel like a month ago.

 

[Bboystyle]

Just took $8500 from my 401k and paid off all my debt. all i have is a car note and house payment

 

[Ohene]

Far worse in Canada

 

[winb83]

Just took $8500 from my 401k and paid off all my debt. all i have is a car note and house payment

You shouldn't do anything to your 401K but add money to it and let it compound. If you had 25 years until retirement (age 37) to let that $8500 compound and didn't add another cent to it while at an average market rate of 8% it would grow to almost $59K.

 

[Pazzy]

I believe in settling all your debts and handling your business matters. Dont sign up or apply for shyt you arent going to take responsibility for especially credit cards and loans. Its called being an adult. Something that i think way too many people especially gen y and younger folks have a problem with understanding for real.

 

[Pazzy]

What helped me get my bread right was:

Cooking at the crib
Not going out to bars or clubs
Not taking bytches out to eat
Stayed single for years and just had a roster that was down
Going to the gym as my hobby/outlet
Learning about investing, then investing
I didn't even take trips anywhere for 2-3 years too

Yep its called having discipline. When someone has no discipline or has a disciplinary issue, it shows through their lifestyle, habits and even how they look and their overall health. As they say with money, theres savers and then theres spenders. A wise person knows how to save more than they spend. Living below your means, doing hobbies such as walking in the park getting fresh air and basic shyt too many people take for granted watching and following all this programming around them never questioning shyt at all. You cant be successful or make it without any damn discipline. Getting by without will only go so far and a lot of folks go down quick.

A lot of following ass people have no discipline and bless them because i wouldnt want to be in their shoes.

 

[Remote]

I couldn't make it through the full 8 minutes, but as soon as dude said "480 credit score"...

Honestly -- I don't want to hurt anyone's feelings if they have poor credit. Everyone makes mistakes and you can fix it over time. And the way things are in this country, for some people a car is necessary to work and survive. But someone like that needs to cop whatever hoopty they can find at a mechanics shop or bodyshop. Get like a $3,000 beater.

Going to a dealership is just