Do you have any debt? How did you tackle your debts? Do you live 'on the road' because of debt?
Tynan, Maneesh Sethi, the Faliaphotography girl, and Colin Wright have me literally obsessed with travelling now. I'm working on condensing my possessions down to nearly nothing, but I have some student loans hanging over my head. Fortunately, they are very minuscule compared to many, but it's still more than I can afford right now as I'm currently unemployed with few marketable skills it seems.
You've got to kill your debt first. If I had debt, it would be all I focused on. Literally. I would eat the same food every day, and it would be lentils, brown rice, squash, and kale. Simple and very cheap. I would never eat out or spend anything on entertainment. I would sell everything I had that was worth anything and couldn't make me money. If you have $12k in debt and make $3k a month, you could have that nailed in 5-6 months and then be free.
You said your unemployed. If I were you, I would take ANY job. Try to find the best one you can, of course, but work at McDonalds if you have to. This will probably be a good experience, will (very slowly) pay off your debt, and will leave a lasting anchor associating debt with having to suffer. It doesn't sound like you were very irresponsible, but the problem with debt is that creating it feels good. It's instant gratification.
If your student loan debt is really low, like under 5%, I wouldn't actually pay that off. I would save up an equivalent amount, invest it in Lending Club, and use a portion of the monthly income from that to pay of the debt.
Hope this is helpful and not preachy. I hate debt (actually, I mostly hate not having a buffer of money invested) so my reaction is probably stronger than normal.
I don't think your response was preachy; it rings true to me for sure.
Credit card debt is the devil, 25%+ APR is insane (coming from a guy who has 10K of it currently, I know all too well). Mortgage & student loan debt, like you said under 5%, isn't as bad — you can actually make more money investing elsewhere; paying off these kind of debts is more of a mental benefit, but from a pure mathematical standpoint, it often makes more sense to invest elsewhere instead of paying off the mortgage/student loan all at once.
There are always other options :)
I'm sitting at about 10 grand of credit card debt, and 240 grand of remaining mortgage debt for my Condo. How to solve this, as quick as possible?
This is my solution: Keep my current job where I make about 4K a month net, rent out my condo (so it can build equity for me, not on my dollar), move into my RV fulltime (bought a 1995 Rialta FD for ~15 grand)...instead of paying between 2-3 grand a month for Mortgage and Bills, I can now pocket this money; I can pay off my entire 10K credit card debt in just about 3 months with this strategy, whereas if I were to work full-time and live in my condo, it would most likely take YEARS.
Have a degree? I'm teaching English in China 20 hours a week and saving $1000/month. I could be saving more, but I like to eat out and taxis rather than cook and take the bus. $1000/month goes a long way towards paying off debt/saving and you have the marketable skill necessary. You can teach in 6 month stints if you want and travel all over.
My debt actually isn't all that bad compared to what I have just read... It's only around 12k total with everything. 10k being student loans.
As far as the pants go from the other topic. I'm tempted to order a pair of these and test out dying them with Rit or Dylon dye, but I'd hate to have these things fade on me if I really start to like them.
I'm definitely planning on paying debts before making any rash decisions. I hate the thought of being enslaved by debt. I was admittedly careless with my life for the past few years, but I guess mistakes must be made or I wouldn't be the person I am today.
I have never traveled full time but will be making the leap in about 6 months. Paid off the last of my student loans about a year ago and am 100% debt free. I absolutely HATED having that debt in my life, finding it influenced all of life's major 'what comes next' decisions more than anything else. If you carry $X debt and lose everything you still need to earn $X dollars just to be broke. Not fun.
I would make a plan to pay off your loans first, then see how travel fits around that plan.
Side point: If you figure out how to make high quality wool jeans I will add to your revenue stream personally :)
A new friend asked me how I save money for travel. I get this question a lot, in different forms: how did I buy a Ducati? How can I afford not to work (people assume that because I don't have a job that I don't work)? How do I travel constantly?
These questions stab at the situation, but don't quite skewer the meat of the issue. A more useful question would be: "How do you manage your finances such that you're able to do whatever you want?"
The reason this question is a lot more meaningful is because it takes into account both sides of the invisible see-saw. People notice the things that I spend money on, but it's easy to ignore the things I don't spend money on. Let's dig into a few:
ATTENTION ALL HIGH-SCHOOLERS and current college students - Only 35.1% of college students in North Carolina graduate college in 4 years. However 59.1% of students graduate in 6 years The longer you are in school the more debt you accumulate! The moment you arrive on your college campus storm into your advisers office and get a road map to a 4 year degree! Thats right! Ask your adviser how you can graduate in 4 years and every year check back with them. Do not wait until you are senior to find out you are behind. Remember colleges may be learning institution but they are also businesses. If they can make more money off you....they will. It's up to you to plan ahead now.
May 2015 will make 4 years of college for me. Within these 4 years I have failed 1 class (Accounting ) and I have switched majors twice and I have worked full time all my years of college. With that being said UNCC finally decided to tell me this semester that I was a year behind on graduating. They told me I would be 9 credits (3classes) behind and I needed to take summer classes (1,000$ per class) and stay in school until 2016 (adding a total of 6,000$ to my college debt). I looked at them and firmly said No way! I'm not doing any of those options. Mark my words Brandon J Pierce will be graduating on time despite the odds. BUT I don't want anyone else to go through the hassle I'm going through. Stay on track of your college pathway and leave no room for surprises! Despite the fact that colleges are learning institutions they are still in the money making business which means they will not chase u down to help you graduate in 4 years. Instead they will happily let students continue to graduate in 5 and 6 years.
If you need any help or advice please don't hesitate to contact me!!!