Comments on: My Assets & Debts in full http://www.debtkid.com/my-assets-debts-in-full Debt Kid - I'm Getting Out of Debt Sat, 21 Nov 2009 05:13:13 -0700 http://wordpress.org/?v=2.8.4 hourly 1 By: audrey http://www.debtkid.com/my-assets-debts-in-full/comment-page-1#comment-19760 audrey Sat, 11 Jul 2009 03:42:47 +0000 http://www.debtkid.com/?p=3894#comment-19760 After I thought about it, maybe what i need to do is work for you, so i can make at least double what im making now. it would be nice to go from 1,500 to 3,000. I could work with that..... :) After I thought about it, maybe what i need to do is work for you, so i can make at least double what im making now. it would be nice to go from 1,500 to 3,000. I could work with that….. :)

]]> By: audrey http://www.debtkid.com/my-assets-debts-in-full/comment-page-1#comment-19754 audrey Fri, 10 Jul 2009 19:11:44 +0000 http://www.debtkid.com/?p=3894#comment-19754 Ok. from everything I saw you worked really hard to come up with your solution. its not the easiest thing to do. But what do you suggest for the average joe that has to use every bit of their income to survive and can barley do that and still has debt. I believe my total amount in debt is around 20,000. 15,000 of it is child support arrears that are being garnished from my check. if there was a way to get that off my credit I would have poofed it off of there a long time ago. but there is nothing i can do. i dont owe current support so i dont have to worry about it building any further. Im barley bringing home 1,300.00 home per month and with a family of 6 and 4 of them being children, it makes it almost impossible to do anything. cant even budget for needs or clothes or if something happens to my car, which if something does I wont have job. I would love to list out all the things that I have to pay for, include my room mates income so that maybe someone can show me how else to do this. i've tried and tried and cant come up with anything that works. sincerley does anyone want to take my info and help me? Ok. from everything I saw you worked really hard to come up with your solution. its not the easiest thing to do. But what do you suggest for the average joe that has to use every bit of their income to survive and can barley do that and still has debt. I believe my total amount in debt is around 20,000. 15,000 of it is child support arrears that are being garnished from my check. if there was a way to get that off my credit I would have poofed it off of there a long time ago. but there is nothing i can do. i dont owe current support so i dont have to worry about it building any further. Im barley bringing home 1,300.00 home per month and with a family of 6 and 4 of them being children, it makes it almost impossible to do anything. cant even budget for needs or clothes or if something happens to my car, which if something does I wont have job. I would love to list out all the things that I have to pay for, include my room mates income so that maybe someone can show me how else to do this.
i’ve tried and tried and cant come up with anything that works.
sincerley
does anyone want to take my info
and help me?

]]> By: Josie http://www.debtkid.com/my-assets-debts-in-full/comment-page-1#comment-19749 Josie Fri, 10 Jul 2009 15:23:50 +0000 http://www.debtkid.com/?p=3894#comment-19749 Wow, I felt like I was reading something that I wrote. While our debt is different, my husband and I did just about the same thing recently. We took a good hard look at all our debt and decided that while we were doing good by saving heavily towards retirement, we should pull back and focus on debt right now. So we're leaving our 401(k)s alone (right with you, not turning down free money!) but we're stopping our other investing which frees up almost $1000/month. That will go straight towards the debt and hopefully soon we'll be debt free and can get back to saving. Wow, I felt like I was reading something that I wrote. While our debt is different, my husband and I did just about the same thing recently. We took a good hard look at all our debt and decided that while we were doing good by saving heavily towards retirement, we should pull back and focus on debt right now. So we’re leaving our 401(k)s alone (right with you, not turning down free money!) but we’re stopping our other investing which frees up almost $1000/month. That will go straight towards the debt and hopefully soon we’ll be debt free and can get back to saving.

]]> By: Real Estate Kid http://www.debtkid.com/my-assets-debts-in-full/comment-page-1#comment-19748 Real Estate Kid Fri, 10 Jul 2009 14:56:38 +0000 http://www.debtkid.com/?p=3894#comment-19748 @Neil, thanks. That was my thinking too. It's good to invest but better to pay down debt first both mathematically and mentally. Once I'm free from debt payments and interest I will be able to focus on saving again. @Redeeming Riches, my job has had some layoffs but we're a huge company and I've been ok so far. My understanding is that if I lose my job I would have 60 days to pay the balance of the 401k loan in full before the penalties go into effect. I've taken this into consideration and you'll be reading about it in my next post. @Neil, thanks. That was my thinking too. It’s good to invest but better to pay down debt first both mathematically and mentally. Once I’m free from debt payments and interest I will be able to focus on saving again.

@Redeeming Riches, my job has had some layoffs but we’re a huge company and I’ve been ok so far. My understanding is that if I lose my job I would have 60 days to pay the balance of the 401k loan in full before the penalties go into effect. I’ve taken this into consideration and you’ll be reading about it in my next post.

]]> By: Neil http://www.debtkid.com/my-assets-debts-in-full/comment-page-1#comment-19746 Neil Fri, 10 Jul 2009 12:23:44 +0000 http://www.debtkid.com/?p=3894#comment-19746 Hi I think that cutting your contributions down to the level that your employer will match is exactly the right thin to do. It doesn't make much sense to be investing a lot of money if you have debt, but in this case you are getting a 100% return on your investment immediately. As you say, you should never turn down free money. Hi

I think that cutting your contributions down to the level that your employer will match is exactly the right thin to do. It doesn’t make much sense to be investing a lot of money if you have debt, but in this case you are getting a 100% return on your investment immediately. As you say, you should never turn down free money.

]]> By: Redeeming Riches http://www.debtkid.com/my-assets-debts-in-full/comment-page-1#comment-19745 Redeeming Riches Fri, 10 Jul 2009 11:20:48 +0000 http://www.debtkid.com/?p=3894#comment-19745 Good job on being aggressive with the debt! I'm not sure what kind of job you have or how secure it is, but just a word of caution on the 401k loan - If you lose your job or quit, that loan will be considered a full distribution and all taxes and penalties will be due. Just something to be aware of. I've seen this happen with clients who then get slapped with a major tax bill and are scrambling to pay that as well. Good luck with the clean slate!! Looking forward to watching your progress. Good job on being aggressive with the debt! I’m not sure what kind of job you have or how secure it is, but just a word of caution on the 401k loan – If you lose your job or quit, that loan will be considered a full distribution and all taxes and penalties will be due. Just something to be aware of.

I’ve seen this happen with clients who then get slapped with a major tax bill and are scrambling to pay that as well.

Good luck with the clean slate!! Looking forward to watching your progress.

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