Hi there, look on the bright side at least you do now have a job.
Can you bring in more money by perhaps renting out a room to a student for additional income.Definately recommend consolidating loans, at least try to minimise debt.
I believe there is a Govt Department that can assist with consolidating your loans and help you get on track. Perhaps someone on this forum may know who exactly, I cant recall.
[biggrin]
Good luckHi There,
Definately seek some professional advice regarding consolidating your loans, this could save you a fortune. Or alternately as was suggested a Govt body to assist, this probably wont cost you.Also, what about a second job on a temporary basis (night/weekends), at least until you are back on track.
Also, look at other options to assist ie. minimising your rent – either go back home, or depending on your situation get someone in to assist with the rent.
Good luck
PS
You could also write up a personal budget, though painful this may help you eliminate all the unnecessary expenses or at least cut back.Hi there,
I’ll try again!!!! Having problems with my computer, what’s new.Firstly, definately look at consolidating your loans, this may save you big dollars.
What about a second job, only a short term measure until you are out of the woods. I know it aint a nice thought, but at least you may sleep at night.
Look at other possibilities, can you rent out a room for extra income. If possible that is??
Also seek professional help financially, if a Govt body can help and it is for free, try this in the first instance.
Alternatively, many morgage brokers could assist with the consolidating process.What about preparing a personal budget, you should be able to estabish where the money is going and if possible reduce expenditure. Boring I know, but it all helps.
Good luck….[blink]
Hi there,
as recommended by others:consolidate loans, this could save alot of month. I would check out the Govt body who assists in this area, at least it wont cost you…. I think?
review your personal budget, can you save there.
Ugly as it may be, what about a second job until you are out of the s#*&.
Other options, not sure of your situation, can you rent out a room to assist?
I would not be looking at buying another IP not until your financial situation has improved. If dont sleep now imagine what will happen if you get into further debt.
Dont know your age but IPs are always out there.
Good luck…..
Hi there, have been trying to reply to your post for some time now, computer keeps craaaaaaaashing….. need a sledge hammer ….
Anyway, last time for what its worth.
Agree with most:
You need to amalgamate loans and seek professional help. If you can access free Gvt service – even better.What about preparing a personal budget, review this, are there any areas where you can save money?
Perhaps look at a second job as an interim measure only until you get back on track. I know this is drastic but at least you may get some sleep.
Is there a possibility of additional income by renting out a room. Dont know your situation?
Also I would not look at buying any IPs at moment until you are in a reasonable financial position.
IPs are always out there…Good luck
MrVip,
There’s plenty of mortgage brokers on this website.They’re always looking for business, except in your case. “Keeping your heads down fellows”?
So let’s try and get you out of the “sh_t”.
Your loans,you don’t say what type of loans they are. Good debt(no such thing).PPOR loan,shares or some form of investments.
Bad debt,Cars,stereos,credit cards, etc. And of cause the worst kind- women.
Dump the girlfriend,sell the car, cash to the credit cards.
Then get a second job.Coles-Myer and Woolworths are always looking for night fillers.Weekend people for all sections of their supermarkets.
If you’re still in the POO, sell some of the “good debt”.(If you have any).
DON’T buy anyones book! Just a waste of money and time.
Think.
“Have the courage to take your own advice”.Put yourself in the position of some one else who is asking you for your advice on this problem.
WHAT WOULD YOUR ANSWER BE???????bbruham
a one property millionaire.[whistle][whistle]add mine to the last posting, do what others dont and stop procrastinating.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
BBruham said:
“Bad debt,Cars,stereos,credit cards, etc. And of cause the worst kind- women.
Dump the girlfriend,sell the car, cash to the credit cards.”hehe, BBruham- that has to be the funniest thing i have heard for a long time- this is 2004, BB- not 1957. I do hope VIP (if he exists) HAS a gf- women are in a pretty good financial position these days in their OWN right, and expect guys to be too.
kay henry
Originally posted by kay henry:I do hope VIP (if he exists) HAS a gf- women are in a pretty good financial position these days in their OWN right, and expect guys to be too.
Some are, some aren’t.
There was an article on the topic recently in the SMH about how many women are neglecting their own financial success due to being brought up to believe they would be looked after…..the belief still exists in this day & age.
And I reckon that many people on the forum could testify that some girlfriends do expect to have their way paid – which is not to say whether this is right or wrong
Cheers,
Aceyducey
Here’s a thread at Somersoft discussing that article on women BTW: http://www.somersoft.com/forums/showthread.php?p=102292
Make sure you read Corsa’s post at the end of the thread – it’s a very clear look at the different ways five women are approaching investing.
Original article is at: http://finance.news.com.au/common/story_page/0,4057,9498695%255E14302,00.html
Cheers,
Aceyducey
Interesting answers on this forum. Nothing like cryptic posts. So I will add mine. You have to decide if you live in a world of scarcity or abundance.
if its scarcity then you draw up a bugdet.
if its abundance you figure out how to create new sources of income.
I dont know if its like the states, but I would call and see if you can get a lower rate and maybe a balance transferRob
By the way I also recommend Burleys stuff. The download is free. The books and the bootcamp arent but they can pay for themselves.
Originally posted by bruham:MrVip,
There’s plenty of mortgage brokers on this website.They’re always looking for business, except in your case. “Keeping your heads down fellows”?Fantastic generalisation bruham. I am not looking for any business. I just enjoy discussing finance and investment related issues.
The reason I have not responded yet is because I didn’t think I could do so without being critical but I will try for your sake. I do not know why other brokers have not responded. Maybe it is the subject – if it does not sound related, I usually don’t look.
As you mentioned, the loan types have not been provided. An asset position is not evident. The only expense stated is $900 per month and he only lost his job earlier this year. Worst case scenario is two payments behind which is not a major problem.
He now has a job taking home more than the monthly payment each week. The late payments can be caught up and exceeded in less than 2 months without struggling unless there are other unstated expenses.
Regarding advice on where to go to consolidate, without knowing the type of debts, there is no way advice can be given.
As for trying to save for an investment property, I think this is ridiculous if a measely $900 per month causes difficulty when earning over $900 a week. I would be interested in knowing the total debt because the repayments represent minimal debt for someone on $50,000 net per annum. Paying down bad debt would be a smarter thing to do than save money as I am sure the interest rate would be much higher than the return on money in savings.
All the advice about this book and that book made me laugh as well. How can anyone know which book will help without knowing the overall picture?
What made me roll over laughing was the secrets of the rich rubbish. Nothing is a secret! All investment opportunities, strategies, tactics, etc are available to anyone who knows how to find them. The biggest secret of the rich is to write a book about freely available information and market it to people who want to get rich quick without doing any research.
If they provide the book for free, there is usually a marketing campaign to drive traffic to a website or a service provider where they make a fortune off visitors or users of the services plus the advertising revenue from other organisations.
In my opinion, MrVip has nothing to worry about and 2 minutes with a financial planner would sort out all his problems.
If I took all the advice I had been given so far regarding this problem, I would be in a worse position because I would have bought 100 books and missed another monthly repayment!!!
Books are a learning tool and not an answer. Always seek professional help if you are unsure of something. Books also go out of date very quickly!
Now you know why I refrained from posting here on this topic.
Robert Bou-Hamdan
Mortgage AdviserHi MA
I don’t think all books go out of date quickly, i noticed “The Richest Man in Babylon” is still in 3rd Spot at Dymocks when i was browsing the shelves.
Had a quick look at your’hot links’, some great stuff..how about some links to free e-books for investors, such as TRMIB and some of Burleys stuff etc?
“Money is a currency, like electricity and it requires momentum to make it Effective”
Count The Currency With This Online Positive Cashflow CalculatorGreat idea. I will add some if I find any good ones.
Robert Bou-Hamdan
Mortgage AdviserHey
You guys always this funny. Rob you say that we dont have enough information. Yet then you make comments based on what you have concluded.Maybe the best post would be the one that says.
Hey come back and give us more information.
Personally when I got into debt paying it off didnt really get me anywhere. Some new expense crops up. Then your right back in the hole.
You have to learn to change your thinking .Rob
Spidey, you are right about needing more information but it is difficult to keep asking for the information that is required. If this is done, it would take a week of posting ping pong before a complete answer can be provided.
This is why many of my posts are qualified or are provided as examples of specific scenarios and often end with “speak to a mortgage adviser” (or other professional. There is a process to go through to get the information required to provide an accurate response when it comes to finance.
The comments I do provide are not based on any conclusions but rather assumptions about the person’s situation. Often, those assumptions are correct and no further correspondence is required to help that person. If those assumptions are wrong, the person seeking information usually lets you know and you adjust your comments appropriately.
We are all just trying to learn or help each other here the best way that we can.
Robert Bou-Hamdan
Mortgage Adviser
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