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I stopped reading at the second paragraph when you indicated you turned down a job, or at least an interview, because it wasn't paying enough. Let me ask you - is making $23 an hour, or 0$ an hour, better?
You chose the $0 an hour option. And that's where my sympathy and advice ends.
To add: someone mentioned you are losing the opportunity cost in taking a lower paying job. Opportunity to do what? Sit on your butt and whine in an internet forum? Take the lower paying job, any job, keep on looking for a better paying job while obtaining experience. This should be obvious.
He believes spending time working for $24/hr will take away from the time he could have used to get himself a job that pay at least 70K
His decision would make sense if he was getting interviews for jobs that pay that type of salary. But he said he rarely gets calls back.
I feel like he is just starting to realize there are no guarantees in the world...
While it is mind-blowing how after all the financial crushes (of 2002, 2008), an older person still can voluntarily get his neck into a financial noose, the student debt system is also ridiculous in USA.
A lot of people have a ton of debt AND a bankruptcy on their records and are still able to buy houses, cars, get more loans, etc.
I know this first hand, because I know these people.
Question...
If you have $80,000 in student loans, are a single parent of two teens and are the sole payer on a 30 year mortgage, when will you ever erase your debt?
The answer is when you're dead and buried or when you marry rich.
In any case, you'd be surprised how common this is outside of the American born, bachelors by age 22 demographic.
What do you guys think about a $40000 loan used to buy puts on the IWM expiring in June of 2020. $13 a put. What do you think the chances of the IWM going to $120 by the first half of 2020. Equivalently I can do the same for the SPY $290 puts expiring in December of 2020. $23.75 per put. What do you think are the chances of the SPY going to $200 or close by the end of 2020?
You should know from your MBA classes that it's impossible to time the market. In 2012 I was tempted to liquidate my holdings and just hold cash because I thought the market was overvalued. Laziness and inertia prevented me from following through. Had I done it, I would have missed out on a hell of a run-up.
Frankly, your answers on this thread and your plans (like the one above) don't show me that you have a good head on your shoulders.
You were working full time, stopped working to get your degrees, then worked again and were let go about 2 or 3 months ago?
Most adults who decide to return to school work full time and go to school at night, on the weekends, etc. It's hard but we do what we have to do. Did you realize how much your degrees would cost you and how soon/ much you would have to start paying it back? Did you have a concrete plan for after graduation or just a vague 'I'll get a high paying job with my degree'?
Unless you win the lottery, you are not going to able to discharge this debt as soon as you would like.
Did you graduate from a recognized school? Were you near the top of your class? I guess what I'm trying to say is do you have the skills that would make employers want you for the jobs that pay what you are looking for? Either your skill set doesn't match up with what they are looking for or something is wrong with your resume/ interviewing skills. Can your school offer you any suggestions? Maybe you should meet with alumni to see if they can offer you any tips on how to get your foot in the door, so to speak.
And what does your wife think about all this? You are married so your debts are her debts as well. How does she and her salary figure into your plan to discharge your loans as soon as possible?
He believes spending time working for $24/hr will take away from the time he could have used to get himself a job that pay at least 70K
His decision would make sense if he was getting interviews for jobs that pay that type of salary. But he said he rarely gets calls back.
I feel like he is just starting to realize there are no guarantees in the world...
Yeah, and you can still look for a job while working for another job. In fact you are more likely to find another job while employed as you are making connections, getting real world experience, and your resume doesn't have the "loser" (i.e. currently unemployed) label on it.
Hmm. Getting sunk by bad debt.
Then getting more debt to pay it off.
By gambling on options.
Is this what you were taught to do as a Sr. financial analyst ?????
Yeah MichiganGreg, I think the economy is due for a recession. In the next 2 years, and with that will come a 20% or more correction in the stock market. Mod cut.
Last edited by PJSaturn; 08-29-2018 at 07:40 PM..
Reason: Inappropriate language.
Yeah MichiganGreg, I think the economy is due for a recession. In the next 2 years, and with that will come a 20% or more correction in the stock market. Another snide remark. [snip]
I have been hearing this for the past 5 years or so.
The bull run will eventually come to an end. Could be next week. Could be 10 years from now.
You'll dig yourself in a deeper hole if you borrow money hoping to time the market
Last edited by Liar_Liar; 08-29-2018 at 04:33 PM..
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