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I think op gets credit for honesty though. I don't hear any excuses, which means there is hope. You have to stick making excuses for your mental framework before you can attempt to change it.
OP please do ONE thing different. I gave my recommendations long ago. Pick one and try it for 6 months.
It's pretty cheap though for a half million dollar policy. No?
Who cares? You don't NEED a a $500,000 life insurance policy. Money spent on that policy's premiums is money wasted.
STOP WASTING MONEY ON CRAP YOU DON'T NEED! Frankly, if you want to help your parents out, the single best thing you could do for them is to become financially independent of them. It will be a big psychological burden lifted off their shoulders once they can see for themselves that you will be able to make it in the world entirely on your own once they are gone.
College degree? Yes.
Am I using it? YES!!! This is why this situation sucks!
Like where I am? No.
Comfortable where I am? Probably. I really am tired of treading water. Words can't even begin to describe how much I want to change careers, find a higher paying job, get rid of debt, live comfortably on my own. This is all I think about literally almost every waking moment.
How can I find a better career if I'm struggling, severely, finding a part time side job?
I'm honestly not trying to be frustrating to you guys but I can see where it comes off that way.
Why? Do your parents depend on your income? I doubt it. They'd be sad if you kicked the bucket, but I doubt they'd be suffering financially. Life insurance is about protecting loved ones who depend on your income from sudden loss of that income due to your death. You honestly don't need it right now (and maybe not ever).
I really like the idea of trying to do one thing different for 6 months. If I do, it'll be getting rid of the life insurance policy. I have to admit that just "thinking" about it is freaking me out a little.
Instead of 6 months, I might just take baby steps and try it for 3 months.
I really like the idea of trying to do one thing different for 6 months. If I do, it'll be getting rid of the life insurance policy. I have to admit that just "thinking" about it is freaking me out a little. My parents are boomers and they are also in debt. They are both still working as well. ($500,000 would clear their debts and then some, if something were to happen to me.)
Instead of 6 months, I might just take baby steps and try it for 3 months.
This is something.
I know you love them, but they made mistakes and it's their job to fix their mistakes as it is for you to fix your own.
Please understand this: Life insurance is for survivors, mostly for spouses and children. Traditionally it was for the stay at home wife and children, but I suppose with changes in society it's for dependents in a household. If you plan to forever consider yourself a part of your parents' household then, I suppose, you could consider life insurance for them, but it's not really how life insurance is considered. And really, when I think of life insurance, I'm mostly thinking of children and what it would take for the remaining parent/spouse to raise the children. Its about the future generation. You don't have children, there isn't a future generation to pay for (yet).
Now I understand why your parents are asking $400 in rent each month too. In a way, it's shameful. If I ever asked my kids for rent, I'd be using that money for an IRA or a taxable account in their name. In other words I'd be using that money to HELP my kids. Your parents are using that money because THEY need it. Maybe you all are justifying the situation as a win-win situation, and maybe it is in one sense, but yeah, as a parent your job is to make sure your child is doing the best that they can. Even at the age of 33 this is still true.
Don't have life insurance. You need to get rid of the debt first.
385 *6 = 2310 but were not talking about why donating almost the same cost of helping her parents keep a roof over her head is more important than her ability to care for herself. Life insurance in this case is a waste of money but $25 life insurance isn't really hurting her at all.
I've actually applied some of the advice that I've been given and my debt is down to about $30,500. Also, I haven't been behind on bills since the start of this thread.
However, it's been really discouraging because I've worked really hard this year and it seems like I've barely made progress.
My current debt total is $30,439.90 as of this morning and my yearly take home pay is roughly $34,400.
I have a little in retirement and I also have a small emergency fund. I still live with my parents and I'll probably stay with them until I'm married. Debt free or not.
I've applied to a ton of restaurants to be a waitress/hostess and haven't heard anything. Not a single call back. This, too, is discouraging. I'm going to focus on applying to only retail for now until the end of the year.
Monthly expenses:
Tithes: $385 Rent: $400 Car Insurance: $120 Gas: $160 Food: $160 Cell phone: $44 Life Ins: $25 Gym: $11 Car Loan: $374 Student Loan: $191 MISC: $250
*MISC includes household items, women hygiene items, parking fees, etc...
Tithing is important to me. I know you guys are going to give me grief about this. I think life insurance is also necessary. You just never know what's going to happen. These are the only two items that I'm unwilling to budge on.
I'm currently 33 and it would be nice to be debt free by 35.
We also listen to Dave Ramsey and he would NEVER recommend you pay tithes given the numbers you've presented here. He is very generous and wants people to be generous but you ARE the poor in this case. You are not somebody who has a solid foundation on which to give to others and thus you are NOT the person he would suggest this to. He would say to contribute your time instead.
Quote:
Originally Posted by iShine86
Flying,
I really like the idea of trying to do one thing different for 6 months. If I do, it'll be getting rid of the life insurance policy. I have to admit that just "thinking" about it is freaking me out a little. My parents are boomers and they are also in debt. They are both still working as well. ($500,000 would clear their debts and then some, if something were to happen to me.)
Instead of 6 months, I might just take baby steps and try it for 3 months.
You do realize that the only way for your parents to ever see that insurance money is if you die? Statistically speaking and realistically NOBODY see's that happening or wants that to happen, especially your parents. The absolute only reason you would ever get life insurance on yourself is if you have dependents who are YOUNGER than you. You dying before your parents is likely not going to happen. If you're suicidal or something then they won't pay out for that in most cases. Why are you justifying $25 a month on something that your parents are responsible for. If anything, you should take a policy out on them since you're more likely to see a return that way, not that I would condone that either but in comparison it makes a lot more sense.
The reason you feel like you're treading water is because you are. You're wasting time and money on things that aren't a priority. Not sure what your degree is in but you need to look for a higher paying job. You also need to dump the tithing (how did the amount GO UP BTW?!?!), and you need to dump the life insurance policy.
You are a much better resource to your parents if you were debt free and successfully able to actually SAVE for your own future. In response you might even be able to move your parents in and support them that way if they ever need it. That should be your goal for right now.
College degree? Yes.
Am I using it? YES!!! This is why this situation sucks!
Like where I am? No.
Comfortable where I am? Probably. I really am tired of treading water. Words can't even begin to describe how much I want to change careers, find a higher paying job, get rid of debt, live comfortably on my own. This is all I think about literally almost every waking moment.
How can I find a better career if I'm struggling, severely, finding a part time side job?
I'm honestly not trying to be frustrating to you guys but I can see where it comes off that way.
What do you mean how can you find a better career if you're struggling? You have the internet. Look up what the qualifications are for better paying jobs and then apply to those. There are plenty of decent paying jobs. Many with few qualifications you should be able to meet. You have at least $400 of disposable income whether you want to use it or not. You could even use that money to get a cert which may cost up to $500. If you're not willing to change much of anything about your situation how exactly do you expect it to get better?
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