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Discussion Starter #1
Hey folks,

I really love my RS. I bath it weekly. I realize that doesn't convience anyone that I love it but I made a rather impulsive decision to vacate Virginia this year and I ended up purchasing a home. Money is a little to tight and my job security isn't the greatest. Seems I might have to take a cut in order to jump which means I have to drop some of my debt. I purchased the RS when I unfortunately living at home so I had the extra funds. Right now I make it pay check to pay check but if something pops up I would be S.O.L. I don't like being here. Suggestions or ideas? I haven't found any part time jobs yet that are remote type work.

C++ programmer
beginner automotive painter
Virtualization
Citrix
Linux / Windows admin
A.D.

I am still about 10k upside down. I've already paid down 11k this year alone. Looking for pearls of wisedom, ideas. I am not set on anything. Since many of the folks here are a bit older like myself I am looking for new ideas.
 

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Being 11k under really limits your options, unfortunately. You are going to have to bake that into whatever car you end up replacing it with or taking out a straight up loan to pay it off. I've seen a few people try and downsize and the payments for their "economy money saver" aren't that much lower thanks to the extra debt and higher interest rates a more risky loan brings.

Can you cut budgets anywhere else to help pay off the car or save up some more money? I have some pretty aggressive savings goals for the end of the year so I've been trying to save money where I can. Just some areas where I have saved some money: Washing your car two times a week comes to mind. Yeah, I do love cleaning my car too but it can get very expensive if you are doing it properly twice a week. Food is another great way to save some money. I stopped (well mostly stopped) going to fast food or restaurants for lunch which alone saves me $60 a week. Any other hobbies that you have that you can put on pause for a season or two?

I guess the biggest piece of advice I can give is really think it through before you make any decisions. I find it's really easy in these situations to make rash decisions that aren't any better in the long run. I've certainly been there and done that before.
 

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Discussion Starter #3
Being 11k under really limits your options, unfortunately. You are going to have to bake that into whatever car you end up replacing it with or taking out a straight up loan to pay it off. I've seen a few people try and downsize and the payments for their "economy money saver" aren't that much lower thanks to the extra debt and higher interest rates a more risky loan brings.

Can you cut budgets anywhere else to help pay off the car or save up some more money? I have some pretty aggressive savings goals for the end of the year so I've been trying to save money where I can. Just some areas where I have saved some money: Washing your car two times a week comes to mind. Yeah, I do love cleaning my car too but it can get very expensive if you are doing it properly twice a week. Food is another great way to save some money. I stopped (well mostly stopped) going to fast food or restaurants for lunch which alone saves me $60 a week. Any other hobbies that you have that you can put on pause for a season or two?

I guess the biggest piece of advice I can give is really think it through before you make any decisions. I find it's really easy in these situations to make rash decisions that aren't any better in the long run. I've certainly been there and done that before.
Yea, I'm using my retirement to pay off my debt. Unfortunately, I have student debt which is even hard to shake. For me though if I can drop my car payment in half that returns a big chunk of money. The down side is I will completely unhappy in whatever I drive because I totally love the RS. Sadly, there really isn't much more to shave. We spend 75 bucks a week on food. the electric bill is only 100 bucks internet is 40. I have already consolidated my student debt the best I can. If I take a pay hit I really won't have much of a choice. I am hoping to find a part time job working second shift remotely. Than I could put money in savings and use the rest to pay off debt.
 

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Discussion Starter #4
If I had a place to work. I should shoot paint for extra cash. That would be ideal. Or even some welding.
 

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It sounds like you took on debt to purchase a car, and then took on debt to purchase a house. It sounds like you shouldn't have done either, but here we are. Both have high transaction costs to selling, so I wouldn't sell either unless you fall on hard times in an emergency. I'd look to see where else you can cut expenses, like stop drinking or going out to eat, or earn a little extra change on weekends, like advertising on craigslist to do bumper repaints and things like that. Save up enough that you have an emergency cushion and start working through your debts.
 

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Discussion Starter #6
It sounds like you took on debt to purchase a car, and then took on debt to purchase a house. It sounds like you shouldn't have done either, but here we are. Both have high transaction costs to selling, so I wouldn't sell either unless you fall on hard times in an emergency. I'd look to see where else you can cut expenses, like stop drinking or going out to eat, or earn a little extra change on weekends, like advertising on craigslist to do bumper repaints and things like that. Save up enough that you have an emergency cushion and start working through your debts.
Thanks for the advise. We don't eat out. My girl and I have stomach issues. We primarly eat at home. Really can't cut to much out. We are already living pretty thin.
 

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I mean, you have all the necessary knowledge to have a decent job in the area. Fredericksburg is a little far out to make a DC trek everyday, but have you thought about the potential of looking for jobs closer to the city and moving a little further north?
 

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Discussion Starter #8
I mean, you have all the necessary knowledge to have a decent job in the area. Fredericksburg is a little far out to make a DC trek everyday, but have you thought about the potential of looking for jobs closer to the city and moving a little further north?
I'm in Charlotte now. sorry never updated profile
 

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Discussion Starter #10
duuude, gotta come back to the hub! I have aspirations of leaving NoVA, but truth is, job security just isn't as good anywhere else. I know that doesn't help in the interim, but maybe something to consider, if possible.
Yea, but the only jobs I was being offered were in Reston, Arlington, etc and that was just to far to drive. My last job was in fairfax a 45 minute drive and I would spend 5 hours a day on the road. 2 hrs to work, 2 to 3 coming home. I was burning out from nothing more than being stuck on 95 and having zero life.
 

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Yea, I'm using my retirement to pay off my debt. Unfortunately, I have student debt which is even hard to shake. For me though if I can drop my car payment in half that returns a big chunk of money. The down side is I will completely unhappy in whatever I drive because I totally love the RS. Sadly, there really isn't much more to shave. We spend 75 bucks a week on food. the electric bill is only 100 bucks internet is 40. I have already consolidated my student debt the best I can. If I take a pay hit I really won't have much of a choice. I am hoping to find a part time job working second shift remotely. Than I could put money in savings and use the rest to pay off debt.
You'll be extremely lucky to cut your payment in half, especially being 10k under. You'll also be restarting the repayment period and you'll most likely be paying on it for at least an additional year or two. It's a short term financial relief but a long term loss of quite a bit of money.

I'm not really sure what your car payments are right now, but trading in and still owing 10k is going to add an additional ~$170 a month onto a 72 month loan. That doesn't leave you a whole lot in budget for a car while still trying to keep your goal of cutting a payment in half.
 

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Discussion Starter #12
You'll be extremely lucky to cut your payment in half, especially being 10k under. You'll also be restarting the repayment period and you'll most likely be paying on it for at least an additional year or two. It's a short term financial relief but a long term loss of quite a bit of money.

I'm not really sure what your car payments are right now, but trading in and still owing 10k is going to add an additional ~$170 a month onto a 72 month loan. That doesn't leave you a whole lot in budget for a car while still trying to keep your goal of cutting a payment in half.
Yea, I know. I was pondering using Navy fed who will let me go 125% over. Still not sure it will work though. My ultimate goal would be to find a part time job. That's rather hard when your working a primary and don't really need a full 30 hours or a large pay check.
 

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such is life up here. truth is, you have the ability to job hop and move closer. I mean, the fredricksburg life is cheaper, but at the end of the day, that commute is gonna kill you. Honestly though, still having student loans, debt, etc... sometimes you have to sacrifice a life and fun to get your head above water again. Look into a rental in Manassas (i know it's not going to be glamorous) which will help centrally locate you to make commutes to reston/herndon, etc. Arlington and DC are still too far from there, imho. Again, i don't even know if it's feasible for you to move back here. Just kicking around ideas man.
 

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Yea, I know. I was pondering using Navy fed who will let me go 125% over. Still not sure it will work though. My ultimate goal would be to find a part time job. That's rather hard when your working a primary and don't really need a full 30 hours or a large pay check.
That really isn't going to help you much I don't think. You are looking at a car that is priced around 34k to be eligible to cover that 10k under the 125% rule. Your total car loan will be around 43-44k depending on taxes. You aren't going to save a whole lot by taking on a car loan that's MORE than the msrp of the car you are selling. In fact, it's probably going to be slightly higher thanks to interest rates. The only chance you have at saving anywhere close to your goal is to buy a car around the 10k mark or less. Those loans are going to have astronomical interest rates too.

Can you talk with them and see about refinancing? Maybe on a longer term?
 

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Discussion Starter #16
Honestly man, with C++ can you pick up some side jobs?
Or like you said painting on the side?
I see more Java, Python type jobs. Most job requirements require like 5+ years. I have years of c++ creating my own apps but nothing corp.
 

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Add for app development? People come up with apps all the time and don’t know how to create them


Sent from my iPhone using Tapatalk
 

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Discussion Starter #18
Add for app development? People come up with apps all the time and don’t know how to create them


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As long as its in desktop environment. Mobile is tpically C#, Java and or Java script. Android and iOS really are in a different group. Especially with UI stuff. I've tried using QT for iOS and right now it's a little broken.
 

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Discussion Starter #19
Just to expand on the programming aspect. I've not checked lately but Android was suppose to adopt C++ in their development. However, you also have to realize that the finished product will be ultimately converted to java. Most people don't really dig to much into what their OS does. One of the big theories about Android dying is Oracle putting a licensing fee on Java. iOS is actually objective-C. Swift is nothing more than a type safe Objective-C language. They've built a lot more into but the root is basically Objective-C.

Sadly, the programming world is definitely broken. Everyone rushes to put out the next language and hopes it get adopted. Right now the demands for C++ is low and looks like fields like AI, machine learning. Everything right now hot seems to be mobile which is something I've avoided getting into.
 

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Just to expand on the programming aspect. I've not checked lately but Android was suppose to adopt C++ in their development. However, you also have to realize that the finished product will be ultimately converted to java. Most people don't really dig to much into what their OS does. One of the big theories about Android dying is Oracle putting a licensing fee on Java. iOS is actually objective-C. Swift is nothing more than a type safe Objective-C language. They've built a lot more into but the root is basically Objective-C.

Sadly, the programming world is definitely broken. Everyone rushes to put out the next language and hopes it get adopted. Right now the demands for C++ is low and looks like fields like AI, machine learning. Everything right now hot seems to be mobile which is something I've avoided getting into.
I was in a similar situation. Needed to cut my installment debt down. Ended up having to sell my RS and took a big hit because honestly...resale values right now are garbage. Carmax offered me 30k on a '17 RS1 with 12k miles on it. That was pretty good as far as I'm concerned, since its still sitting on their lot almost 8 months later and theyve had to drop the price 4k off what they initially posted it for.

It cost a pretty penny out of pocket for the downpayment that let me roll that negative equity into my WRX, bu navy fed let me do it, and now I pay $200 a month less for the next 5 years for a car that is equally as utilitarian. Its a matter of do you have the cheddar to take the upsidedown hit and get into something else. Like you said, banks have rules about how much they're willing to finance into a car; typically they wont lend you more than 120% of what a cars book value is. So no rolling over 10k in negative equity into a $17k fiesta ST, unfortunately. Never a bad thing to have a home, since you will get that money back assuming the housing market doesnt tank. So its a matter of just holding on until you are at an even equity on the RS before you sell it. Think your job is secure for at least a couple years?
 
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