Thanks everyone, for your advice! I really do appreciate every morsel of insight.
You could indeed look at jobs with on-the-job training, where you get your education paid for by your employer. Ideally the education should be short so that you can start earning a decent salary quickly.
Examples:
- nurse, as mentioned above
- train driver
- flight controller (I checked this one, but you're already a year too old to start...)
Yes, I'm currently applying for apprenticeship and trainee positions. Have to start somewhere!
I came across this article today:
https://www.cnbc.com/2018/05/28/truck-driver-shortage-higher-shipping-costs-amazon-retail.html
I am aware about this, however, I don't have a CDL A. I also don't know how to drive manual transmission vehicles so I'd likely have to go to trucking school (which is $7,000 usd where I live).
Enlist? In the National Guard or some such part-time service. Guaranteed income, mates and structure to daily life.
Investigate carefully before you do, to work out likelihood of overseas tours etc you may not wish to take.
I'd have to apply with conscientious objector status. I'm the guy who carefully holds spiders and centipedes so I don't harm them while taking them outside. If there are positions which do not lead to the harm of living beings, it could be an option for me.
Translation requires very little overhead, and if you're good at it and in the right language pair, you can make a fine living. What's the source language?
The source language is Pali, which is a dead language spoken by the Buddha. It's mostly useful in monastic circles, and monks abstain from the use of money. Perhaps there are academic applications but these positions would probably be rare and require additional qualifications.
What would I do if I got to start all over and didn't want a career...here's a lot of random thoughts:
- I think you start by showing in person at every property management firm and drop off your resume and offer to work their front desk. I would desperately want some income/experience on managing tenants. Working with their "maintenence person" would teach you a lot of basic home maintenance.
- I'd then sign up for task-rabbit, instacart, rover to pickup some income. Signup for NextDoor too, even if its more like twitter for old people.
- If I tolerated the property management, I'd get my real estate license and start researching rental property. I'd also start wholesaling properties and figure out the investor network of buyers. Hustling finds the deal, capital closes the deal. You can have hustle, but you don't have capital.
Just my idea, since you said you had an interest in rental property.
Signing up for some on-the-side freelance work is a good idea. Currently looking for jobs in the field, so with a little luck (to land a job with no experience) and on-the-job experience, this could very well be a viable option for additional income. I can definitely hustle, but it's all bark with no bite when there is no capital to back it up.
If I had a do over I wouldn't change much because my life, through all it's ups & downs ie divorce, mega debt, has turned out great. I'm fire'd now. There are lots of hustles and money to be made but there's no free lunch. That's probably my greatest discovery of walking this earth for 58 years. My dad pointed to the sidewalk at 18 and said get a job. If the career thing is not your way then there is money in free stuff. I turn good coin for fun from the overspending and gluttony of America good luck.
Indeed. No matter how carefully you plan, the world around you is not ideal and there are many variables to contend with. What are some options for turning a coin from the overspending and gluttony of America?
Your net worth isn't $0. It's -$7401. So here's my advice:
1. Your first task is to climb out of the debt hole. The view will be different from there - the air cleaner, the ground more solid. You describe yourself as the "heir" to the debt - was it someone else's responsibility initially? Or have you distanced yourself from it mentally? In your shoes, I'd forget investment properties and a five-year plan, and I'd start thinking, "How can I pay off this debt in the next twelve months. If I pay $616.75 a month toward the debt, it would be gone in June 2019."
2. Your parents are providing you with a tremendous service - I hope you appreciate that, and show that appreciation. Even if they love having you around, I promise you returning to the nest has changed the trajectory of their lives at this age and stage. Are they paying for your cell phone? Your car insurance? Gas? It's time to get ANY job that pays at least $10K a year. That would cover your debt repayment, taxes, and give you choices in taking some financial responsibility from your parents back to yourself. If you're paying for all those things already somehow, then pay some rent to your folks, or ask for the store list and do the grocery shopping.
3. You've got a strong net beneath you, but instead of using it to bounce higher (five-year plan, buying rental properties), I encourage you to start smaller: Get a job - it almost doesn't matter doing what. If you have to get up and go to it five days a week, and they pay you, go for it. Pay off your debt, then build an emergency fund.
4. It sounds like your failed business venture has left you skittish and maybe a little unmotivated? That's why I recommend the "any job is better than no job" route. Get back out there. Getting that first paycheck will feel great, and so will paying off your debt.
1) This is within my five-year plan. My initial idea was to use my entire paycheck each month towards paying off the debt.
2) One should never take the compassion and generosity of others for granted. Likewise, one should aim to lead a life of compassion and generosity.
3) What does an emergency fund look like? What are some things to keep in mind when building an emergency fund?
4) I'm very motivated and ready to go; though definitely skittish about anything that doesn't provide a steady income stream. This is why I'm starting over with the day job route.
Would you consider yourself able to work at an entry position of internet tech?
My son works at a hospital in their IT dept, and says they do hire very low level workers. My daughter works at a different hospital that pays her tuition in a hospital related field (pharmacy)
My skill set is in programming. We're talking windows software, websites, computer games; if it uses computer language, I can do it. Though I'll admit, I'm burnt out by this. I was programming 12 - 16 hours a day on my own software for years. I really need a change of pace.
The common response seems to be centered around getting a job. That's great, because I'm already on track there. For someone with no resources to work with, income from labor / service is a reliable source of capital. I'm still curious about how I could make that capital work for me.
Let's approach it differently:
If—in your current life—someone gave you 2,000 dollars a month freely and you could do whatever you wanted with it; how would you use that money?Assume your debts are paid off.
