Anyone been broke before?

[Damien Karras]

One piece of advice people seem to forget about is getting the right insurance in case something happens.

Thank god I had salary insurance when cancer hit me. I am able to maintain a similar quality of life and keep paying the bills while in treatment. I also took out student debt insurance in case of cancer which was kind of a fluke because I didn't know I was paying into it as I thought I had opted out. The bank makes my student loan payments for me while I'm in treatment.

It's important to save in case you lose your job but when you get a health scare it's a double whammy because of the stress from being sick as well as the inability to provide.

For you TS, I'm not sure exactly what to say since you're in a line of work that depends on the market. Side income is your friend at this point. I saw someone suggest selling drugs which I wouldn't suggest at all. The last thing your boy needs is a daddy who is in jail...

 

[TSO]

I lost my job a couple of months ago, so I’m currently working as a real estate agent with no salary. Things are tough, market is down. I’m not even making enough money to pay all of bills. Just like 40%
I’m married and I have a son. I’ve never experienced this before

Where do you live.

 

[TheFirstEMP]

Yep and I picked up 2 jobs working 7 days a week, 1 job day shift the other nights. Have only been motivated for more since and have moved up and am living comfortably.

 

[kahiljabroni]

Yep been there. Owed back taxes, thousands on multiple credit cards and out of work. You need a 5 and 10 year plan. Sounds lame but it works

 

[ralphc1]

One piece of advice people seem to forget about is getting the right insurance in case something happens.

Thank god I had salary insurance when cancer hit me. I am able to maintain a similar quality of life and keep paying the bills while in treatment. I also took out student debt insurance in case of cancer which was kind of a fluke because I didn't know I was paying into it as I thought I had opted out. The bank makes my student loan payments for me while I'm in treatment.

It's important to save in case you lose your job but when you get a health scare it's a double whammy because of the stress from being sick as well as the inability to provide.

For you TS, I'm not sure exactly what to say since you're in a line of work that depends on the market. Side income is your friend at this point. I saw someone suggest selling drugs which I wouldn't suggest at all. The last thing your boy needs is a daddy who is in jail...

So many people don't take the insurance on home or car loans. Some take liability only on a vehicle. Where I worked they had a $5000 life insurance policy on employees without any charge and you could purchase more in $10,000 increments at very good rates but few took advantage of it. They had disability insurance that would pay 70% of your normal wages/salary for a year. We even had people opt out of the health insurance when they started charging $6/week.

One worker had a wife that didn't work and she managed his money. He brought his lunch from home and she gave him $5/week spending money. He collected aluminum cans to get some extra cash. He could never stop after work for a beer. He got a cancerous brain tumor and was treated. He came back to work but collapsed about a year later and died soon after. His wife never took out any extra life insurance on him even though she could have. They hadn't taken the mortgage life insurance even though it would only have cost an additional 7/month in 1985.

I've known people who had their own business because they didn't want to work for anyone else. They didn't have any kind of insurance for medical or loss of wages. One was injured in a car crash and lost everything. Another had a child get sick and lost his business. Both were doing well enough to afford insurance at the time.

 

[dembones22]

I'm broke right now.

Got fired, got no job, owe rent, no food. Am in debt. Surprisingly enough, I'm not depressed or sad or anything. I follow two simple principles:

1. Hard times create good men
2. Suffering builds character

It is what it is, there's been people in way worse situations than you or me. If the market is down and you have some spare time, might as well spend more time with your son.

You have bum like qualities.



You're son wants you to stop playing his Xbox and be a fucking man.







Someone has to say it.

 

[VulcanNervPinch]

Not literally $0, but close.

A loooong stretch of unemployment (which I only survived by having previously lived cheaply and saving well on what little I made back then) took me down to not being able to afford the next month's rent before I finally got a solid job.

 

[Lawblaw]

Where do you live.

Been living in Dubai for 8 years, which sounds weird but its a long story. I’m originally from Egypt and my country is a mess now so I don’t want to go back. Especially since I have a young boy!

 

[MarloStanfield]

Yeah I had to sell the yacht and hardly can afford to get to Aspen, had to cut back European vacations to twice a year, probably won’t be able to upgrade my Lamborghini this year
FML

 

[luv24nic8]

Not broke, but not where I want to be yet- i own my own business - last year was tough and cash flow was slow- I took a weekend night job at a hotel- I still work at the hotel and run my business during the week- times get tough, you gotta do what you can to bring in $$$ . I work 7 days a week, and sometimes it sux- Do whatever it takes to pay the bills and stay afloat.

 

[is normal]

 

[dildos]

ive been broke mentally before, never financially.

 

[IloveTHIS]

Checking in.

Lost job.
Monthly medical bills that need paying
Expensive car repairs needed
Credit card is essential maxed out so can't lean on that.

I have more than enough to save my ass in investments I could liquidate but I'm trying to ride it out..

 

[HHJ]

I was doing really shitty since the summer when I had a bunch of shit happened to me at the same time. Lost job and had to move,and a bunch of other shit ...i got another job but it wasnt enough money and then I got a 2nd job and pulled myself through. Took me about 6 months of struggling to repair the damage. If you don't panic,and can deal with hard times,you can get through anything. Just don't fall apart,and don't be afraid to ask for help.

NYC is especially a place where something can go from 100 to 0 and back up again,so you gotta have a support system and good crisis management

 

[Son of Jamin]

I’ve experienced being both broke and pretty rich! I’ve learnt that money can be wasted easily but it takes time to build up a healthy amount for rainy days!

I know that life will probably throw some curveballs at me but my goal is to be able to retire at 55. By that time, I want a boat and a house somewhere in the Mediterranean. I want to live comfortably and be able to support my family!

The taxes in Sweden are horrible so it takes determination to invest and above all not to spend money lavishly.

 

[VivaRevolution]

Ha Ha!

You guys in your 20's wake up with no aches, drink like a fish til 4 in the morning and be at work by 7. The parties, and drugs, all that.

In your 30's, you get money.

Enjoy your health broke bitches.

If your in your 30's and broke, get your shit together.

 

[VivaRevolution]

I’ve experienced being both broke and pretty rich! I’ve learnt that money can be wasted easily but it takes time to build up a healthy amount for rainy days!

I know that life will probably throw some curveballs at me but my goal is to be able to retire at 55. By that time, I want a boat and a house somewhere in the Mediterranean. I want to live comfortably and be able to support my family!

The taxes in Sweden are horrible so it takes determination to invest and above all not to spend money lavishly.

Man, I'm just hoping FMLA law stays how it is.

3 months fmla, and 2 months vacation time. That is almost half the year off.

I don't know if I would want to retire before 63, if I only have to work 7 months a year.

I think I would rather go on more vacations, and work longer.

 

[Son of Jamin]

Man, I'm just hoping FMLA law stays how it is.

3 months fmla, and 2 months vacation time. That is almost half the year off.

I don't know if I would want to retire before 63, if I only have to work 7 months a year.

I think I would rather go on more vacations, and work longer.

Fair point, might be the same with me but I want to be able to tell my boss some colorful words if justified when the time comes and not worry about a paycheck! It’s about freedom!

 

[VivaRevolution]

Fair point, might be the same with me but I want to be able to tell my boss some colorful words if justified when the time comes and not worry about a paycheck! It’s about freedom!

Hah. We have had a culture change at my workplace over the last few years, and alot of the old timers were having none of it. Seen some interesting retirement announcements.

I think my favorite was this old timer that was getting harassed a bit to finish this project he had been working on for a month, decided he had enough, threw the project away, and showed up to the meeting he was supposed to deliver the project to, and handed in his retirement papers.

It actually caused a pretty significant impact to operations.

 

[Son of Jamin]

Hah. We have had a culture change at my workplace over the last few years, and alot of the old timers were having none of it. Seen some interesting retirement announcements.

I think my favorite was this old timer that was getting harassed a bit to finish this project he had been working on for a month, decided he had enough, threw the project away, and showed up to the meeting he was supposed to deliver the project to, and handed in his retirement papers.

It actually caused a pretty significant impact to operations.

Great read! One has to go out in style! Now I know why I have to bust my ass to make it all possible!