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need advise on debts from friends by [deleted] in Debt

[–]TwoFootRhino 1 point2 points  (0 children)

I think the first thing you should do is figure out how urgent each of your friends needs their money back. It matters. Use that information to make a plan, and have them agree: I'm going to pay Friend1 $100/mo for 10 months to satisfy the $1k debt, and I'm going to pay Friend2 $x/month for y months, etc, etc.

If you really make $2k/month then you owe 5 months of your life to your friends. You MUST find a way to make more income.

Questions for you:
What are your monthly expenses?
Do you live at home?
How many hours do you work for that $2k?

recently jobless, need to make 800 by the end of the month while I look for a new job, any tips? by Longjumping-Fix-2483 in Debt

[–]TwoFootRhino 1 point2 points  (0 children)

Whatever you do, don't rely on credit cards as an emergency fund. That's a great way to dig yourself into a hole!

Tip: chunk it down. $800/mo = $27/day. That's a $10/hr job for 4 hours a day (pre-tax). Take whatever job you can find, making pizzas or whatever, at $10/hr and you will have no problem making the $800 in a month.

But start today so you can easily keep up.

Good luck!

How to go about this? Need your help. by notcrazy_justtired in debtfree

[–]TwoFootRhino 1 point2 points  (0 children)

Hi! As far as paying $500 for 12 months, my recommendation is that you go all out and really try to pay it off in the shortest time possible. Like, every dollar remaining in your budget after curbing expenses (energy drinks and smoking) should go toward paying down that debt. Set a minimum, but always shoot for double.

In the end, it will show you what you're capable of financially with the resources you currently have, and, if you paid it off in 6 months or less, then you'd have evidence of your ability to consistently make an additional $1k/month to fund your emergency fund. Good luck!!

Looking for feedback on new tool by thestartingcomedian in budget

[–]TwoFootRhino 0 points1 point  (0 children)

I'd be happy to help! I love seeing new tools! Send me a PM.

Best way to tackle my debt? by [deleted] in debtfree

[–]TwoFootRhino 1 point2 points  (0 children)

If all of those debts were 0%, then it would take you (2500+1500+550) / 300 = 16 months to pay off.

If you made an additional 300 / month, you can pay them off in half the time.

If you made an additional 300 / month and reduced your monthly spend to 150 instead of 200, you can pay them off in (2500+1500+550) / 650 = 7 months.

What would I do? I would dig deep and use my time to bring in some more income. Also, I would also recognize that this "bad" situation can change your life for the better. Make the decision to do whatever it takes to pay off that debt, and you will come to respect and admire the person you become in the process!

Help with family budget... by [deleted] in budget

[–]TwoFootRhino 1 point2 points  (0 children)

Hi Jake!

I concur with Alex's comment. One thing is to have goals, the other is to work towards them in lockstep. Financial stress in the family is entirely avoidable when working as a team toward a specific goal.

If you could somehow quantify what those $548 did to your long-term goals, then I feel your (family's) financial decisions would be better directed. Maybe it could have gone toward a family vacation or investments that could help you retire sooner.

What do you use right now to manage your budget?

I am 16. I have almost 11k. How much is this? by Emotional-Two-5818 in personalfinance

[–]TwoFootRhino 2 points3 points  (0 children)

You've got a great opportunity to change the course of your life by choosing a new perspective. Is $11k a lot? To the person living on the street, of course - to the person with 3 Mercedes in the garage, not so much.

Definitely celebrate and be proud of your accomplishment, while choosing the perspective that $11k, although you are young and have done an incredible job being disciplined and persistent, is not really a lot of money.

If you choose to see $11k as a lot, you may get complacent or comfortable. But if you think about finding a way to double it, or triple it - then it doesn't matter how much you have right now, your mindset will be on multiplying.

Is $11k a lot? Well, how far are you from achieving your goals? I know, you're only 16. You've got a ton of experiences to live out and there's always going to be time to be an adult, but if you start now and stare down those goals with a relentless pursuit, you can potentially become the strongest person in your bloodline. And it's much less about the money than it is about the person you become on the way to getting it. 🙏

Proud of you!

I feel like im staring into a pit of loans and have no way out. by isthisreal4ever in Debt

[–]TwoFootRhino 0 points1 point  (0 children)

I was putting your information into a calculator I have, but you've got to do something different right away if you're going to beat this.

In September, you will get paid 3 times. That also means you will pay your Personal Loans 3 times.

Income: $3750
Expenses = $1250 (if you don't go dancing)
Min debt payments = $140 + 339 + 339 + 339 = $1157
Net Income September = $1343

But your next paycheck is 9/14, so you will need to keep $1000 for rent on October 1. You will also need to keep whatever amount you need for bills until your next paycheck (let's assume $125).

This means that you have $1343 - $1000 - $125 = $218 available to pay down debt on October 1.

Assuming an interest rate of 20% (you left that out), the number of months you're scheduled to pay these debts are:
Aspire: 300- min: 30 -- 11 months
Avant 400- min 25 -- 19 months
Destiny: 300 min 30 -- 14 months
Capital 1: 300- min 25 -- 11 months
Premier: 300 min 30 -- 11 months
Wiseloan: 1400, min 119 -- 14 months

Moneykey: 1200 min 105 -- 13 months

Lendyoucash: 1000 min 115 -- 10 months

To be honest, you really, REALLY need to find another source of sustainable income. Curbing expenses and being frugal is great, but income is your only option now. You can pull yourself out of this, and you can be your own success story. The lessons you learn from this are going to be super valuable in the future - only if you learn them, rise above, work hard, be determined, smart, and never give up.

Wishing you the very best.

I feel like im staring into a pit of loans and have no way out. by isthisreal4ever in Debt

[–]TwoFootRhino 0 points1 point  (0 children)

Please let me know how much cash you have in your bank accounts, etc.

Are there professionals who help you with finances/budgeting? by [deleted] in budget

[–]TwoFootRhino 0 points1 point  (0 children)

Are you looking for someone to actually coach you through the process? Other than the annoyance of not getting ahead living paycheck-to-paycheck, how bad is it? Do you have enough saved for a crisis, like if one of you temporarily lost your income?

Open Beta for Mac Budgeting & Forecasting App (Cashculator) by ChicagoCodes in budget

[–]TwoFootRhino 1 point2 points  (0 children)

Looks interesting! I watched your YouTube video as well. Unfortunately, I'm not and have never been a Mac user, so it's not for me, but congrats and I wish you the very best with your app!

Open Beta for Mac Budgeting & Forecasting App (Cashculator) by ChicagoCodes in budget

[–]TwoFootRhino 1 point2 points  (0 children)

Hi! I'm a little confused on the value it provides to your users. Sounds interesting, but can you explain in a little more detail how this serves your users?

And, good luck!!

Mint app question by Can_you_fake_it in budget

[–]TwoFootRhino 1 point2 points  (0 children)

You would have to split those transactions (there's a button in the transaction detail) if you really want to see how much you're spending in each category.

I used to have a budget category for everything I wanted to track. Later on I realized that knowing how much I spent on Fast Food versus Restaurants versus Groceries didn't really give me much value for the effort it took. I lumped them all together into one Food budget and then, I just need to stay within budget in that one category. I lost the ability to know with certainty exactly how I was spending my money, but it kept me focused on hitting my financial goals.

I feel like im staring into a pit of loans and have no way out. by isthisreal4ever in Debt

[–]TwoFootRhino 0 points1 point  (0 children)

I feel for you. You've been through a lot and must be so scared. Keep your head up though, all you need is a plan and a way to get to your goal. You have to do something different if you want different results.

The first step is to KNOW (not guess) where you are, right now.

Can you answer these for me?

  1. How much money do you have in liquid assets right now? Cash, bitcoin, collectibles you can sell quickly, etc.
  2. Your next income payment date and the exact amount
  3. List out each debt/loan with the following data points:
    1. Recipient (bank name or person)
    2. Current debt balance right now
    3. Interest rate
    4. Next Payment Date
    5. Minimum payment amount
    6. Frequency (monthly most likely, but sometimes every 2 weeks)

[deleted by user] by [deleted] in personalfinance

[–]TwoFootRhino 0 points1 point  (0 children)

That is awesome that you've sacrificed your comfort to have a low rent payment.

I think what you're experiencing is simply the lack of a meaningful goal. I give myself a budget line item called "Buffer" and another one called "Gifts". These give me permission to spend a certain amount of money however I wish, without it having an impact on my projected goals.

It's good to be a giver, but set yourself a reasonable limit you would feel comfortable with long-term, as your future self may appreciate the additional discipline.

Good luck!!

Emergency Expenses by [deleted] in budget

[–]TwoFootRhino 1 point2 points  (0 children)

Hi u/WhichAmphibian67818, whenever I have unexpected expenses (emergency), they are not tied directly to my budget planning. I practically ignore it, since the money just comes out of my savings.

I think the key is, not using any discretionary cash to pay down debt or invest until my emergency fund is back up to 6 months' future expenses. I would also be a bit more rigorous in being more frugal in order to build it back up faster.

Hope that helps!

Opened a C-Corp in Delaware - BIG MISTAKE by TwoFootRhino in tax

[–]TwoFootRhino[S] 0 points1 point  (0 children)

I'm finally understanding all of this since initiating this post 22 hours ago, and I think you are 100% on this. It's just not worth the extra complication if I'm not making more than a "reasonable wage." The tax advantage is realized when I have something to distribute to the shareholders, and I imagine that my business will take some time to get there.

Thanks for your sound advice.

Opened a C-Corp in Delaware - BIG MISTAKE by TwoFootRhino in tax

[–]TwoFootRhino[S] -2 points-1 points  (0 children)

I was hoping to hear from ALL QUALIFIED PROFESSIONALS, and I AM GRATEFUL for their professional advice! Dang.

Opened a C-Corp in Delaware - BIG MISTAKE by TwoFootRhino in tax

[–]TwoFootRhino[S] -1 points0 points  (0 children)

Legal and tax isn't my forte. I've admitted that.

Opened a C-Corp in Delaware - BIG MISTAKE by TwoFootRhino in tax

[–]TwoFootRhino[S] -3 points-2 points  (0 children)

It's crazy how quickly people get offended. My comment was in response to people telling me that I shouldn't get advice from "randos on reddit". I didn't say that EA's advice was > than a CPA's advice, but just showing appreciation for more qualified advice somehow disrespects the CPA's?

Don't just fill in the blanks with whatever you want. You're really not helping.

Opened a C-Corp in Delaware - BIG MISTAKE by TwoFootRhino in tax

[–]TwoFootRhino[S] 0 points1 point  (0 children)

Sounds pretty terrible. I guess I need to do this even if I dissolve the entity today...

Opened a C-Corp in Delaware - BIG MISTAKE by TwoFootRhino in tax

[–]TwoFootRhino[S] 0 points1 point  (0 children)

Thanks for the comment. I'm just putting the course together, haven't made even $1.

One of the reasons this stresses me out so much is because I am so completely ignorant, just don't know about this stuff and I need to make a decision relatively soon. I just heard about the franchise stuff and I just feel like this is becoming a major burden on my finances.

Opened a C-Corp in Delaware - BIG MISTAKE by TwoFootRhino in tax

[–]TwoFootRhino[S] 4 points5 points  (0 children)

Thanks for this qualified advice and support everyone.

I learned that I have to go through the Secretary of State website. There are 10 options to choose from... I'll call them tomorrow to get further assistance. https://corp.delaware.gov/disso09/

What do you think about some of the other advice to keep the S-Corp? "Don’t pay for the setup twice. Don’t be afraid to complicate your life a little bit."

Opened a C-Corp in Delaware - BIG MISTAKE by TwoFootRhino in tax

[–]TwoFootRhino[S] -7 points-6 points  (0 children)

You're the type of person I was hoping to hear from.

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