EFFORTPOST 24% interest on a current car loan and eyeing a Tesla for as a third car

https://youtube.com/watch?v=w9mhzx10Fk8

Daniel, 22, Lubbock TX

His other half overrode the financially savvy asian half :marseycry:

Self-rated - 6/10

Personal Life:

  • "Barely 22"

  • Why'd you go in to the debt?timestamp

    • "Well it's a long process"
  • Went to a trade school, Universal technical institute

    • Automotive, certified in Volvos
  • Friend encouraged him to come on the show, doesn't watch the show himself

  • "Last year I got myself into a predicament"

    • "I moved out by myself and I was paying so much in rent I didn't really think it through so last year was a year where I really struggled and this year is a year where I really tried to step it up"

Career:

  • A Volvo technician

  • 52'000 a year pre-taxes

  • Lives in Lubbock for his job

Expenses/Debts:

  • Credit Card - $1'628

    • Not spending on it while paying it off, made $200 payment (way more than minimum)

    • 35% interest, talked them down to 18%

    • "I honestly don't remember how I got so high up in debt, I think I did pay off some student I think I paid off a class and it really set me behind and then I used my credit card to get a car"

      • Put the downpayment on the card :marseyxd:
  • Collections (1) - $972

    • Medical Debt

    • When he was living in Arizona, not working at the time, wasn't feeling well

    • Two years ago, not something that will repeat

    • Wants to pay credit card off before this

    • "They can't report medical debt on your credit if it's less than $500?"

    • Tried to negotiate but failed, only tried once

    • Been in collections since last year?

  • Student Loans (4) - $12'000

    • Federal but he thought they were private

    • Around a $150 minimum payment

  • Maco debt toolbox? timestamp

    • 18% interest rate

    • Toolbox itself was 6'500

    • Owes 9'500

    • Minimum monthly is $180

    • There's something weird later on where he thinks it shows up differently on his credit report timestamp

    • Missed a payment at some point?

  • Car Loans (2) - $30'638

    • "I have two cards, I'm thinking about getting a third, a Tesla"

    • "Well you save on gas, yuh know, it's always nice to have three cars"

    • "I have one car, the other ones from my mom, it wouldn't hurt to get another one... it's always an investment"

    • "My mom needed a car so I bought her a car under my credit"

      • "She's in a financial situation as well"
    • Sion IM 2016

      • 19'000

      • "I'm pretty sure it's overpriced... it's just my mom really needed a car"

      • Put down $2'000

      • 13% interest

      • "That's the cheapest they had on the lot" "I was in a tight schedule with work"

      • 72 months

      • "Well at the end of it I'm not really paying for it, Mr.. pushes up glasses Hammer, my mom is" timestamp

        • The plan is once she buys a house she will buy the car off him with her credit?
    • Ford Focus 2019

      • 11'703 remaining

      • 103k miles

      • 2 for one deal with the other car :marseyemojirofl:

      • He's not sure about the term or the interest rate

      • 9'000 downpayment?

      • $312 minimum payment

      • 24.39% interest

  • :marseychonker2: Trashes In n out and Red Robin timestamp

Savings/Retirement:

  • High Yield Savings with Amex:

    • $866 => $1'066

    • 4% interest

  • Investment Account

    • All part of the Acorns

    • $200 in one

    • $300 in another

    • No match

Budgeting Conversation:

  • Under contract at job, can't leave until it's over, Feb of next year, plans to move back home after timestamp

  • Putting money into a "Christmas Fund" at work

  • Doesn't pay renter's insurance timestamp

    • Apartment is under his roommate's insurance?

    • Not on the lease, "they didn't approve me" (because of the collections)

    • :marseythinkorino:

89
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What an excellent channel, thanks OP. Also this guest looks like :chudsmug:

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Looks like shreddedmanlet but not a midget, so very aryan looking.

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