toldailytopic: If you became completely broke and had to start over what would you do

[Nathon Detroit]

The TheologyOnline.com TOPIC OF THE DAY for March 22nd, 2011 09:48 AM

toldailytopic: If you became completely broke and had to start over what would you do this time around?

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[Nathon Detroit]

This time around I wouldn't obtain any credit cards. I would work to buy a car using no loan to get the car. I would work to buy a house that had a reasonable mortgage and one that might rise in value over 5 years so I could sell it and move up. I would never refinance nor get a second mortgage. I would not use Chase Bank for anything. :noid:

I would live within my means.

I think I would likely choose to make money the same way I do now because I like what I do.

 

[nicholsmom]

I wouldn't first grade off 3' of hill before digging the basement of my home :noid: I'd have a walk-in basement instead.

When we started out, we didn't have kids and we each had a job. We moved back home (Indiana) when we decided it was time to start having kids. We lived with my folks while we purchased unimproved land (cheap stuff, that), got a construction loan, and started to build slowly but surely. We did it all with our own hands and we thank God for the ability, the opportunity, the help we got along the way.

If we had it to do all over again, we'd at least have a few extra strong arms (teen-agers) and some great little helpers (the little ones). We'd have to find a decent rental property since we have way too many kids to live with my folks again - though my big sis has a house way too big for her family...

I'm pretty sure I could also get a job at home working on web sites if we absolutely had to have the extra income, but my husband works in an industry that is always hiring.

We'd be fine. God is good all the time =)

 

[Sherman]

Cut up all the credit cards for starters. Set up a savings and squirrel away cash. When the cash pot gets big enough, use it to buy things like cars and do home repairs. That us pretty much the approach my husband and I are using. We are phasing out the credit cards. They make you poor and fatten the wallets of the credit card companies. We have learn the hard way that credit card companies are only interested in fattening their own back pockets, not yours.

 

[bybee]

The TheologyOnline.com TOPIC OF THE DAY for March 22nd, 2011 09:48 AM

toldailytopic: If you became completely broke and had to start over what would you do this time around?

Take the topic above and run with it! Slice it, dice it, give us your general thoughts about it. Everyday there will be a new TOL Topic of the Day.
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When we had four preschool children my husband had a very good job and we were working a good plan. He then had a nasty horse-back riding accident and wound up in a cast from hip to toe for seven months. (Today they would have pinned it and he'd have been walking on it in days!)
We lost everything.
I babysat my sisters two children for income and we were able to stay in a small house my father-in-law owned rent free for a few of the months. We were able to receive foodstuffs from the county.
My husband cried when we gathered the food to take home.
But I learned how to make my own bread, creatively feed my family on cheese, peanut butter, pasta and powdered milk.
On the day they took the cast off my husband sent in job applications. He was hired by a coffee company to be a route salesman. He could barely walk. He had to carry big boxes of product into his customers storage areas. Often this would mean a trip down rickety, greasy basement stairs to storage areas.
He never complained. He felt like a man again because he could take care of his family. I prayed for him every morning when he left for his route. Luckily, a co-worker who helped train him was wonderful to him.
We came back! We never took anything for granted and thanked God for all the help that came our way in our time of need.
When we owned our own small company, time and again my husband lent a helping hand to his employees in time of need.
If I should lose everything now, I'd move in with one of my children.
I'd help as much as I could.

 

[lightbringer]

At my age? I'd have to think about it after recovering from the heart attack!

 

[Newman]

Move to Maui and teach ukulele lessons.

 

[Nathon Detroit]

Move to Maui and teach ukulele lessons.

And what would you teach the ukuleles to do?

:drum:

Thanks folks, I'll be here all week. And don't forget to tip your waitress.

 

[lucybelle]

I'd move to California and become a Princess...
uh...
wait...

 

[Random]

That's a difficult one. I have never been in serious debt and have always saved money whenever possible. Likewise, I have always made sure that I had a credit card with a small spending limit so I wouldn't be tempted to spend beyond my means. There are advantages to being a tightwad.

If I had to start over again I would find a job and just save up. One thing that I do regret is that I have always had my money in checking and started a savings account much later than I should have. Now that I have a better understanding of banking, I would open up a savings account with compound interest and create a monthly deposit based upon by income.

 

[Krsto]

I'd get an education in something that was more economically useful such as computer science rather than psychology which I thought would be good for the ministry - but if I were broke I couldn't afford the education - which is why I haven't gotten it yet and am still broke (having 5 teenagers in braces might have something to do with it too). That's really the only regret I have in life, not majoring in computers after getting a job paying 3 times min. wage after only 3 credits in BASIC. What was I thinking?

 

[kmoney]

This time around I wouldn't obtain any credit cards. I would work to buy a car using no loan to get the car. I would work to buy a house that had a reasonable mortgage and one that might rise in value over 5 years so I could sell it and move up. I would never refinance nor get a second mortgage. I would not use Chase Bank for anything. :noid:

I would live within my means.

I think I would likely choose to make money the same way I do now because I like what I do.

OK Dave Ramsey. lain:

 

[Random]

I'd get an education in something that was more economically useful such as computer science rather than psychology which I thought would be good for the ministry - but if I were broke I couldn't afford the education - which is why I haven't gotten it yet and am still broke (having 5 teenagers in braces might have something to do with it too). That's really the only regret I have in life, not majoring in computers after getting a job paying 3 times min. wage after only 3 credits in BASIC. What was I thinking?

The problem with computer science degrees is that the market is extremely competitive and it is very easy to get laid-off. If you were to go that route, your best bet would be to get a job working for the state. It has better job security, but not by much.

 

[One Eyed Jack]

I'd just stay away from my family. They have a way of sucking your wallet dry.

 

[Krsto]

The problem with computer science degrees is that the market is extremely competitive and it is very easy to get laid-off. If you were to go that route, your best bet would be to get a job working for the state. It has better job security, but not by much.

I'll let my youngest son who is 13 know since he is really interested in programming. For some, job security is really important and for others it's just important to be doing something you enjoy and are good at even if it's risky.

 

[Random]

I'll let my youngest son who is 13 know since he is really interested in programming. For some, job security is really important and for others it's just important to be doing something you enjoy and are good at even if it's risky.

I don't mean to discourage your son, but if it is something he really enjoys, then I would say go for it. Of course, with the way the job market is, most jobs don't have any security. Hopefully the economy will be better by the time your son is ready to graduate. One thing to keep in mind is that when it comes to computers, you have to be as versatile as possible if you are going to market yourself. It's one of the reasons that I backed off.

 

[TomO]

Be generally irritable and unpleasent to be around for a week or two. lain:


.....then start over? :idunno:

 

[The Berean]

Be generally irritable and unpleasent to be around for a week or two. lain:


.....then start over? :idunno:

TomO, pisan, we can go into business together. I hear the olive oil "business" is booming these days. :think:

 

[genuineoriginal]

Yesterday you gave me $10,000,000. Now I am completely broke. I haven't even finished planning on how to spend the $10,000,000. In fact, I never got the chance to spend any of it since it hadn't cleared the bank.

What a let down.

 

[Dena]

I came into my marriage four years ago with nothing but a paid off car (which my dad bought me). I'm currently working at a part time temp job for minimum wage. So I guess essentially with my husband I would be totally broke. I'd try to get help for nursing school I suppose. It's something I'm capable of doing and it pays decent. It's probably what I should have done in the first place but I didn't realize until after I already had a Bachelor's in something else.