Fear of Debt

[Junket]

Like anybody, I'm afraid of the unknown.

Not only that, but I hate the idea of being in debt. But in this day and age, it seems impossible to live out of debt unless you take some intense measures.

To the point: I will have to buy a new(er) car. Period.

I brought mine back into the shop and it turns out the last people to do repairs f*cked it up. Repairing has become too costly. But...to get a new car, a car I think would be really worth having, would require that I pull out a loan. A loan that would bear interest. I hate the idea of it, truly.

Remember how I paid off my student loans in one fell swoop? I'm still trying to recover from that. Not that I'm hurting or anything, but $15,000+ for a car is nothing I'm capable of payin' for in cash. Having a monthly payment scares me. I don't like the idea of living outside of my means. All my credit cards I pay off every month.

The guys at work tease that I must have a trust fund or something, because I don't always take the overtime offered. Not that I couldn't use it, but I don't need the overtime because I already have enough in my checking, and regularly deposit into my savings despite my meager 12 dollars. Which I've come to realize is really nothing these days. It's nothing.

I dunno if I'm actually looking for answers, I just needed to blow off a little steam. I hate money.

[misombra]

get a small car. small as you can get. gas is very expensive. so is insurance, which you have to get full coverage if you're financing a car.

[Lipp]

How badly do you need a car? The "period" sounds set in stone, but might want to consider alternatives.

[Tone]

Fear of debt is a very good thing to have, Fras.

[Illusional]

you can give me all of your money and i'll take away your worries.

raverboy

[Junket]

I'm an electrician apprentice, which means my job can be at any 1 of several project sites, so I cannot depend upon a bus or a bicycle.

[IndiReloaded]

Wait until you get your first mortage. We scrimped to pay that off asap. I don't like debt, either Fras but somethings like cars & houses are unavoidable. Even ppl who can afford to buy outright will often hold a mortgage b/c its the better financial option.

Have you thought about working as an indep contractor w/your own business? That way you can lease a car & get a tax deduction for the payments.

[clearskies]

Frasbee has to get a car, how could he go here and there w/o one?.
When I got my divorce and I had no home to live in (we put our mortagge for sale and it took long time to be sold), I lived with my family. With the money I had, I could have bought a flat, I delayed that for sometime because the first thing I needed was a car to help me work here and there and thus afford later to buy a flat. You cant depend on cabs or buses while ur time is valuable.

[Junket]

Wait until you get your first mortage. We scrimped to pay that off asap. I don't like debt, either Fras but somethings like cars & houses are unavoidable. Even ppl who can afford to buy outright will often hold a mortgage b/c its the better financial option.

Have you thought about working as an indep contractor w/your own business? That way you can lease a car & get a tax deduction for the payments.

Trust me, I'm not there yet. The average apprenticeship to become a journeyman electrician is 3-5 years. I have a lot to learn.

[IndiReloaded]

You can own your own business at any point, Fras. It doesn't require a special licence or anything. Tho insurance might be a problem, not sure. Its just an alternate way of getting paid.

Are you actually an employee of the guy you are working for? Does he withhold taxes, provide benefits, etc? If not, you are already an IC, so you know.

Its easy to register your own business. Lots of ppl here can explain, Sombra has done it recently, I think & she's in the US so would be most applicable.

[anachronistic]

I hate money too.

Then again you can't really complain because you've been offered overtime. When I am offered overtime, I always take it. I am barely making it anyway.

Consider yourself lucky.

I'm sure you'll get by. You've got Amy and you're pretty damn smart.

[Mish]

I vote for $2,000 second hand car.

My flat mate got extremely unlucky with his second hand car. He bought it for $2,000 and then he had to put in a whole $2,000 worth of repairs to make it run smoothly as it runs now! OMG!!!

$2,000 + $2,000 still = $4,000

$15,000+ - $4,000 = $11,000+ (Amount of money you save in the worst case scenario)

But that's just me.

[anachronistic]

Never forget, that owner's equity diminishes with time.

[Junket]

Any car 2005 and older potentially may have been under the Katrina's flood waters for 6 weeks.

Something to consider when buying used cars in New Orleans.

[shh!]

You might look into buying a used car from a rental car company. Supposedly, they take excellent care of their cars and sell them off with relatively low miles.