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Material Possessions vs. Financial Security |
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DeTrevni 
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b-YOU-ick. Was that so hard? Joined: 19 September 2005 Location: Houston, Texas Status: Offline Points: 11957 |
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 Topic: Material Possessions vs. Financial SecurityPosted: 13 January 2010 at 10:31pm |
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Man, I dunno what to do. I am living WELL beyond my means right now. I'm a college student and a simple cashier at a grocery store making $9 an hour, yet I own a '65 Buick (hence my avatar), an '04 Impala and a '05 Honda VTX1300 motorcycle. I have a paintball gun that costs over a grand by itself. However, I'm in debt up to my eyeballs. I have $6k left to pay on my motorcycle at $250 a month, I owe around $3k on my car at another $125 a month. I owe around $1,000 on my credit card bill at a minimum of $25 a month, with 12.something% interest. I'm pretty much only paying minimum, but I haven't missed payment yet. Interest is going to murder me. Fortunately, I don't have to pay rent or for college. I still live with my folks (ironically because of my situation, I can't afford to move out), so that helps a little.
However, there is a way out of this. My Buick. I can sell that for enough money to cover the rest of my motorcycle payment and pay off my credit card bill. Then I won't have to pay for my motorcycle except for insurance, and I can start putting aside for savings and such. But there's a problem with this. That Buick means a LOT to me. First off, I'm a classic car fan. I love that car for the simple fact that it's a '65 Buick. Secondly, it was my first car. That alone gives it a lot of sentimental value. I worked hard for that car. I pretty much made Eagle Scout JUST for that car. That alone was worth making Eagle. I just love that car. Lastly, if I sell it, I'll regret it the rest of my life. I'll always look back and will regret that. So what can I do? I can sell the Buick and get out of my situation before it gets worse, or I can live paycheck to paycheck and try to regulate myself until I get caught up. The first one is much more financially secure, the second one will allow me to keep my material possessions. What are your thoughts on all this? Edited by DeTrevni - 13 January 2010 at 10:33pm |
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Evil Elvis: "Detrevni is definally like a hillbilly hippy from hell"
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Eville
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Posted: 13 January 2010 at 10:37pm |
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Get another card at 0% for xmonths on balance transfers and transfer your balance to that one. That will at least buy you some time.
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Darur
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Posted: 13 January 2010 at 10:37pm |
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Why did you buy another car and a motorcycle again?
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Real Men play Tuba
[IMG]http://img89.imageshack.us/img89/1859/newsmall6xz.jpg"> PH33R TEH 1337 Dwarf! DONT CLICK ME!!1 |
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jmac3
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Posted: 13 January 2010 at 10:38pm |
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Sell the car.
There is no reason to keep it just for sentimental value. You'll regret not selling it when you are still in debt and still living at home. |
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Que pasa?
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DeTrevni
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b-YOU-ick. Was that so hard? Joined: 19 September 2005 Location: Houston, Texas Status: Offline Points: 11957 |
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Posted: 13 January 2010 at 10:38pm |
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Darur: The Buick was a toy. My Impala is a reliable form of transportation. The Impala was basically necessity. The motorcycle I just wanted. I'll just say this: I'd consider selling the Buick before the motorcycle.
J: I don't know. I talk to the old-farts around the car shows and races and such. 90% of them have a story they tell me with a sullen look in their eyes of a car they used to own that they still wished they had. Edited by DeTrevni - 13 January 2010 at 10:40pm |
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Evil Elvis: "Detrevni is definally like a hillbilly hippy from hell"
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brihard
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Posted: 13 January 2010 at 10:43pm |
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So let me get this straight... You're a student making $9 an hour, and you own or owe money on two cars (plus insurance I'm assuming) and a motorcycle, AND are holding credit card debt?
Yeah... Whatever you do (your call) you need a bit more personal finance acumen.
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"Abortion is not "choice" in America. It is forced and the democrats are behind it, with the goal of eugenics at its foundation."
-FreeEnterprise, 21 April 2011. Yup, he actually said that. |
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slackerr26
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Posted: 13 January 2010 at 10:46pm |
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dont you have like 5 grand worth of paintball guns and equipment? if so, sell off all but maybe 2 or 3 markers and only enough equiptment to sustain playing. if the buick means alot to you, sell the bike
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Darur
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Posted: 13 January 2010 at 10:48pm |
QFT Sorry DeTrev, from the sounds of it something definitely needs to go, and if it isn't the bike then its gotta be the Buick, unless you plan to just sell the gun to pay off the credit card debt and get another job or something.
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Real Men play Tuba
[IMG]http://img89.imageshack.us/img89/1859/newsmall6xz.jpg"> PH33R TEH 1337 Dwarf! DONT CLICK ME!!1 |
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jmac3
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Posted: 13 January 2010 at 10:50pm |
Doesn't mean they would have kept it even if it could help them get out of stupid debt. How do you even afford all that at $9 an hour? Do you spend money on anything else? |
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Que pasa?
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DeTrevni
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b-YOU-ick. Was that so hard? Joined: 19 September 2005 Location: Houston, Texas Status: Offline Points: 11957 |
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Posted: 13 January 2010 at 10:53pm |
Not really... |
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Evil Elvis: "Detrevni is definally like a hillbilly hippy from hell"
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slackerr26
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Posted: 13 January 2010 at 11:07pm |
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yea i wouldnt even think about selling the buick. i know if i had to i would sell every single thing i owned to pay off debt before i sold my firebird
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tallen702
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Posted: 13 January 2010 at 11:10pm |
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DeTrevni,
Here's what I'd do. Sell off your paintball gun collection. Trust me, after years of gun hording and strapping myself for cash, I've finally gone down to 3 markers total. 1 that I will keep always, one that I have to tinker with, and 1 that I actually play with. If you have more than that, you're just wasting space and money with the rest. Secondly, I'd see about a new job. See if there's a position that you can get moved to at your store which will pay better, or find something outside of your current job that will pay more. Remember $1/hr at 40hrs per week = $2,000 per year gross. If you can make the jump of $4/hr even at just 30hrs/wk, that'd be $120 more per week gross that you could then use to pay down your credit card, over-pay your car/motorcycle loan (i.e. pay the payment and interest, and then put the overage towards principal) which will lower the monthly payments on either of those ultimately, or even just give you a bit more breathing room. I was the same way when I was younger. My father would always say that if I had a dime, I'd spend twenty cents. It's best to learn this lesson now than later in your life when you could get hit with a default on a card, loan, or mortgage and really screw yourself over. If that doesn't work, I would suggest seeing if you could pawn the Buick. Don't go to a title-loan store, they'll rape you with interest. If you got to a legit pawn shop, you can probably pawn the Buick for what you need to pay off the credit card. They'll usually give you 120 days to come up with the cash plus about 10% interest. That gives you four months to come up with $1,100.00 to get your Buick back. Of course, you'd better get it done or you'll lose out BIG TIME if you lose the Buick by defaulting on the pawn loan. But I'd try to either sell some paintball equipment to make up the credit card bill, or find another job first. Good luck. |
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<Removed overly wide sig. Tsk, you know better.>
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DeTrevni
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b-YOU-ick. Was that so hard? Joined: 19 September 2005 Location: Houston, Texas Status: Offline Points: 11957 |
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Posted: 13 January 2010 at 11:14pm |
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Honestly, guys, I know how fortunate I am to be in my position. Especially at only $9 an hour. The Buick is payed for, so it has no monthly cost. It does have insurance, but it's minimum coverage right now since I'm working on it. Well, going to. I can't afford to right now, for obvious reasons.
I figure $250 plus $125 plus around $100 will be about $475 a month for my expenditures. Take into account fuel and the like, I figure I'm spending about $550 a month. Each paycheck I get is about a $225, times 4 for a month, so I get about $900 a month, with very little to take out. In theory, I should be able to manage. But that's risking a lot on something not very stable: my job as a cashier. Plus, I still live with my folks. I need to get on my own soon. But due to my personal spending habits, I'm in a lot of debt. It's like this: I MIGHT be able to make it if I don't sell the Buick, but I WILL make it if I do. I just don't really want to sell it. :( Edit: Tallen, you're right. I just don't know how much I've got tied into my paintball gear. I'll do some divvying and see how much I think I can make. I don't really want to, but it may be worth more than I think... Edited by DeTrevni - 13 January 2010 at 11:17pm |
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Evil Elvis: "Detrevni is definally like a hillbilly hippy from hell"
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TinMan
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Posted: 13 January 2010 at 11:22pm |
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Sell the bike, Buick, and part some of your markers. Pay down your debt.
Accumulate later.
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StormyKnight
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Posted: 13 January 2010 at 11:23pm |
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It is time to take a long hard look at what you have. Place a value on all your toys in terms of necessity. You say the Buick is your prized possession? Keep it. The motorcycle is a no-brainer. Get rid of it. You can always get another later on when you can afford it. It is, afterall a Honda. The Buick sounds like one of those 'chance in a lifetime' opportunity. What are the chances you'll find another one as good or better for the same price? Doesn't sound likely to me. You need to concentrate on that credit card debt. You said it yourself, the interest is going to kill you. |
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Eville
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Posted: 13 January 2010 at 11:33pm |
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Why don't you cancel insurance on the Buick and let it sit until you fix it?
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DeTrevni
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b-YOU-ick. Was that so hard? Joined: 19 September 2005 Location: Houston, Texas Status: Offline Points: 11957 |
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Posted: 13 January 2010 at 11:36pm |
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I pretty much have. Antique insurance isn't that much, really, and since it was minimum, it doesn't help all that much.
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Evil Elvis: "Detrevni is definally like a hillbilly hippy from hell"
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Koolit32
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Posted: 13 January 2010 at 11:42pm |
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Sell everything and live in the woods.
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BearClaw
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Posted: 14 January 2010 at 1:18am |
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If it helps any i would have a hard time letting a car as nice as that buick go.
BUT in a similare situation i did let a vehical that meant ALOT to me (not as nice a car but it was one i took from scrap and fixed up) go out of nessecity and as much as i miss it i DONT regret selling it |
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AGD 68 Automag
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RoboCop
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Posted: 14 January 2010 at 1:23am |
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Sell bike. You don't look like you should be riding a bike.
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brihard wrote: