Author Topic: Hi guys! Im new! But let me tell you all about myself  (Read 3352 times)

Funk3

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Hi guys! Im new! But let me tell you all about myself
« on: September 20, 2015, 12:50:24 PM »
I am a 26yr old male with a 23yr old fiancee and we are happy as fuck :D

However, our finances are in the gutter. we have collectively 13,535 in debt

8,500 in student loans for me
3,000 in student loans for her (all her minimum payments pay off the principal for some reason, we can thank her mother for that)
900 in collective credit card debt before I can even think about applying for a secured credit card (horrendous credit card history)
900 in license - I lost mine for checking my phone :(
235 in phone debt, paying it off at end of contract so that i can get a cheaper phone plan

We make about 1800 collectively and have the following expenses

700 rent (350, we have roommates)
150 phone (both billls) (hers, 65, mine 85)
40 gas
200 groceries

total : 1090 in expense, and I am cutting my phone bill to 55 at the end of october so that I pay 30 less a month, I bike 27k a day to school so that I save 81 a month in gas for my fiancee driving me to work and school

Basically I make minimum wage working at a vape shop. Why aren't I working harder towards getting a better shop? Future income plans, I absolutely love my job (which money can't buy) and it is giving me TONNES of insight to one of my goals of owning my own vape shop.

I am actually going to be talking to my boss about selling my own juice in store ($3 to make a bottle, $15 to sell, and I give my boss $5 per bottle, so I still make more profit, and when it does sell well, he doesn't complain ;) )

I am also going to school right now, to upgrade so that I can begin a bachelors degree in electrical engineer. I want to design and create dj equipment, speajer and amplifiers :)

So, with all this knowledge, what else can I do to improve my life? I want to stay here, so I can generate income through my juice, and eventually open my own shop where I will have better inventory and better customer service, I am going to be paying off my license first so I can deliver chinese food at night, then pay off my credit card debt in order to get a credit card to increase my credit rating while I pay off my student loans so I can actually go to university. Any input would be gladly appreciate!

I also live in British Columbia, Canada, which is beautiful, and somewhat expensive :P

405programmer

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Re: Hi guys! Im new! But let me tell you all about myself
« Reply #1 on: September 20, 2015, 07:47:46 PM »
It sounds like you're kicking ass in the expenses department but you definitely could stand to increase your income. Keep an eye out for the chances to turn any sidehustle profitable. The juice is a good idea but making juice takes time and depending on how long it takes it may not be as profitable as you might think. (a close friend juices for most meals but he basically juices all day on Sunday for the week)

Also, if I were in your situation I would keep an eye out for better paying jobs while still working at the vape shop. Enjoying your work is hard to put a price on but you also have quite a bit of debt looming over your head. I was able to consistently make greater than 20 USD/ hour while in college by waiting tables. The hours were often late but it was very rewarding to walk away from a long shift with over $200 in my pocket.

I think you are currently doing the best thing possible by working toward a degree in engineering. That will open many doors that lead to amazing incomes. You just have to try to minimize the price on the way there!

11ducks

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Re: Hi guys! Im new! But let me tell you all about myself
« Reply #2 on: September 20, 2015, 11:39:37 PM »
Welcome! Can you explain what a vape shop is? ( I googled and got confused, something about cigarette replacements?)

I'd second increasing your income as a huge priority.  If you put $600 of your remaining cash a month onto your debts (ie have no other life), it's still going to take more than 2 years to pay out your debts. Can you offer to extend out the business for your boss? (Is vaping something that you could set up a market stall for, or offer home or office parties?)

What does your SO do? Could they pick up extra hours, or could you two run a business from home?

catccc

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Re: Hi guys! Im new! But let me tell you all about myself
« Reply #3 on: September 21, 2015, 09:09:03 AM »
Welcome! Can you explain what a vape shop is? ( I googled and got confused, something about cigarette replacements?)


That's exactly what it is- another way to deliver nicotine, basically.  I'm seeing these shops pop up everywhere, and I'm not really a fan.  Of vaping or smoking. 

Is this juice stuff for vaping, or stuff to consume as a meal/food?  Initially I thought it was the latter, but in answering 11ducks' question, I'm thinking it's the former.

If the OP is using this stuff, I highly suggest he quit as it is a total wallet drain.  Not to mention the health effects.

The phones are pricey, switch to an MVNO.  Even after the change that brings it to $55, that's still high.  For the US, at least, IDK what options you have in Canada.


Easye418

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Re: Hi guys! Im new! But let me tell you all about myself
« Reply #4 on: September 21, 2015, 10:03:19 AM »
Glad to see you are happy. 

Non-Mustache advice:  go cheap on the wedding, spend on the honeymoon.  Honeymoon cost as much as our wedding and it was the best times of our life.  Charged it all on 0% CC, paid it off in less than a year.

How much longer till graduation?  How much more expected student loan debts?  Is this a top tier school?

Raise the income, you'll be fine. 

Funk3

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Re: Hi guys! Im new! But let me tell you all about myself
« Reply #5 on: September 21, 2015, 11:11:45 AM »
Welcome! Can you explain what a vape shop is? ( I googled and got confused, something about cigarette replacements?)


That's exactly what it is- another way to deliver nicotine, basically.  I'm seeing these shops pop up everywhere, and I'm not really a fan.  Of vaping or smoking. 

Is this juice stuff for vaping, or stuff to consume as a meal/food?  Initially I thought it was the latter, but in answering 11ducks' question, I'm thinking it's the former.

If the OP is using this stuff, I highly suggest he quit as it is a total wallet drain.  Not to mention the health effects.

The phones are pricey, switch to an MVNO.  Even after the change that brings it to $55, that's still high.  For the US, at least, IDK what options you have in Canada.

In Canada that's as good as it gets. 1 gig of data, unlimited voice and text messaging for 55 in my area. I'm thinking of cutting the data to 500mb and going in a minutes plan. I just want unlimited incoming is all. I get a lot of phone calls and don't make a lot! I could probably cut it down to 35 if I tried harder.

The Vaping thing.... I'm not giving it up. I am part of an awesome culture that helps people quit smoking, and I absolutely love that. I also make my own juice which costs me 40$ a month as opposed to 200 if I bought the juice. I also use rewards in order to get products for free in store (belly :D)

The juice making is for ecigs. Like I said I will be selling that in stores to make a profit. For every bottle I sell I'll be making 7 dollars profit. I am marketing in store and would have made an extra 35 yesterday in the slowest day I have worked yet. It is profitable, and I will be using the juice sales in order to raise income to make my own vape shop which is a dream of mine. I work at a shitty store that makes on average for the last two years 20k a month (shitty as in terrible inventory and bad location) I've done my homework and if I had my own store I could stock wide and make 30k a month which would have 10k taken off with expenses (rent, utilities, wages) and spend 5-6 a month in restocking and still make 14k a month. However I am starting from the bottom and it will take me a while. Again that vape shop is giving me a lot of insight.

I appreciate the input!

Funk3

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Re: Hi guys! Im new! But let me tell you all about myself
« Reply #6 on: September 21, 2015, 11:15:25 AM »
Glad to see you are happy. 

Non-Mustache advice:  go cheap on the wedding, spend on the honeymoon.  Honeymoon cost as much as our wedding and it was the best times of our life.  Charged it all on 0% CC, paid it off in less than a year.

How much longer till graduation?  How much more expected student loan debts?  Is this a top tier school?

Raise the income, you'll be fine.

Good advice :) we plan on going cheap on the wedding. 5 grand at most. But we have to save aggressively. We are planning in vertigo a rewards card and charging all our basics on it once we are a few more months on ynab. We have instantly become more fiscally responsible.

In upgrading which will take a Max 2 years. Then doing an engineering transferring program at my local university (top 30) to start second year engineering at uvic(top 20) which I believe will take me 4 years for the last supposed 3. I want to go slower and take my time. So I don't burn out!