Thank you all. We are sitting down tonight to go over everything.
Wear a helmet… and a CUP! :shocked SAFETY FIRST!
Well it was done. No broken bones though some tears were wept. We set up a plan and laid out all the pertinent info about balances and interest rates so we could see the terrible debt vs bad debt. Some wins have occurred already:
$40k went to $32k after I cut the check for her car. It is mine now. I needed a car and she didn’t need two.
She filed her tax return. $30,500 after $1500 back.
She is putting her extra cash into the highest % rate. Debt is $28,500 in about a week. Not a bad start.
In addition, she got a huge promotion at work and is negotiating a new salary.
This should be gone in a year. She even got the audiobook “You’re poor because you want to be”.
Awesome!! Congrats! That’s great that you could have a heart to heart talk about finances. Her being willing to make these changes is a great sign for both of you. Let’s just hope she keeps it up.
You have to ask yourself. Is she cute? Does she dress well? Does she smell good? Is her hair done are her nails just right? Those are the reasons you picked her over all the other girls out there. It is also the reason her expenses are too high. If you cut her expenses she will then be just like the other girls out there and she won’t be special. One day when you are rich, you are going to have to have her so that she can help you pick the correct mansion and the correct vacation house and decorate your mansion immaculately. You will need her to entertain your business associates properly.
If you dump her for a draft horse, you will have to dump that draft horse once you are successful to get a thoroughbred like her to help you enjoy your successes. You need to keep her, but just help her be the beautiful girl you are attracted to in a more cost effective manner.
WHAT??? :biggrin
I feel like I just got done watching a episode of Dr. Phil.
Thanks Bluemoon… lol
BlueMoon06,
Loved the analogy!
So the secret is to just rein in that thoroughbred with some new training. No whips. Carrots (carats?), sugar cubes, and rub-downs work much better.
Furnishedowner
Lol… well Furnishedowner,
If there were any residual doubt about whether you were female or not… you just put that to rest… :beer
posOutlook,
I have no residual doubt about anything whatsoever. Why are you so obsessed about other people’s sexual orientation? Strangers?
What’s in YOUR closet? And are you on some kind of Stalker HotList?
Furnishedowner
Furnishedowner,
“I have no residual doubt about anything whatsoever. Why are you so obsessed about other people’s sexual orientation? Strangers?”
Lol… no, there was some confusion on whether you were male or female… Some were addressing you as male, others as female… You were asked on many occassions to clarify it so we could address you properly, but as usual… no answer… kinda like all the other threads… example - like your “deep throat” expert debate challenge on global warming… You very good at words until challenged, which is why I suspect you are reluctant to post to Random Ramblings…
Funny thing is, noone mentioned your sexual orientation, just your gender… and then you ask me about my “closet”… interesting projection…
“What’s in YOUR closet? And are you on some kind of Stalker HotList?”
Yeah, it’s the “I wish Furnishedowner would answer simple questions” stalker hotlist… :rolleyes :biglaugh
Amazing what happens when you ask for advice on a public forum. Choosing a new girlfriend is not the answer, yet if she is really the right woman, why are you waiting to get married. I would suggest 2 things.
Read and study the bible as it will teach you how to handle your money and your relationship. Secondly, this being a format for real estate investors…how about getting to work and paying off the debt! There could not be a better time to make money in real estate and related business.
Here is a simple solution. Use the creation of highly discounted notes to pay off your debt. The following are two of endless examples:
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Contract to acquire a house at a discount ‘subject to’ the loan. Contract to resell at just below retail to someone who is credit impaired (which is a high percentage of our population these days). Have the buyer give you a small down payment and create a second mortgage (out of thin air from your mark up) and use the second mortgage to go towards your debt. Do a few deals and you have an adequate cash flow to pay down the debt from your efforts rather than your money. This will also prevent the rediculous choice of BK.
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Contract to buy a mobile home (car, equipment, etc) at a large discount. Contract to resell at retail with owner financing. Sell the note secured by the title to an investor (IRA money is a good source) at a high yield. Use the proceeds to pay down debt.
I’ve purchased dozens of mobile homes for $3k and resold for $500 down and $200/month for 5 years. With $2,500 left in the deal and a cash flow of $2,400, that is creating a (marketable) note at the rate of nearly 100% yield. Sell the note to an investor at 18% for $7,876.05. You walk away with $5,376.05 which can be used to pay down your debt.
Being in debt makes you a slave. Owning debt (or creating a debt instrument and reselling it) makes you king!!! Get rid of the debt and keep your girl (queen).
Hope this helps.
Rob in Atlanta
This weekend I was flipping channels and I ran across Brokeback Mountain on HBO. I decided to watch it for the first time. I made it trough about 15-20 minutes of it (until it started to get strange) It made me think of you guys.
I will actually pay for a ticket to get you guys together. I believe you are soul mates.
You have to understand what debt is. Debt is not all the same. There is consumer debt and business debt. Business debt creates returns on investment, while consumer debt just creates bills. The above statement is true about consumer debt. Being in business without debt is restricting your business growth to whatever you can save. When Donald Trump bought the land under the Empire State building, he didn’t save up a billion dollars to buy it, he borrowed that billion dollars. Real estate is no better than any other investment except for leverage. Leverage allows you to control more real estate than you could using all cash. If you are not going to use debt in real estate you can do just as well buying laundromats or pizza stores all cash. You can borrow a billion dollars on a billion dollar asset and that asset will spin off an income that will make anybody happy. You can’t save your way to riches no matter how much your income is. You have to leverage your time, leverage your talent, and leverage your money.
Weird, same thing’s happening to me. Except it’s my boyfriend who’s the spender and I’m the compulsive saver. I scrimp on practically everything and my boyfriend jumps at the first deal (at least he thinks it’s a deal) he sees without thinking things through. I think it’s time to get a new boyfriend…