So, I’m 23, laid off and still looking for a job… However, I’m not really sure that I want they same type of job or want to deal with the responsibility… …I was previously making $42,000/yr & was laid off. Then I was making $32,000/yr and was laid off again.
I pretty much went straight from high school to working 40 hrs/week.
I want to be young and free before its too late. I don’t want to wake up tomorrow and be 55 years old after going through a 30 year routine of work, sleep, work, sleep…
I have about $15,000 in consumer credit card debt, plus $17,000 left on a car.
Here’s what I’m thinking about doing:
File for bankruptcy - I want to be free and clear of any financial responsibilities.
Get a job with less stress and less responsibility.
Chill for the next 10 years or so - do lots of writing, maybe some charity work or activism - maybe even walk across the country.
Maybe go to a community college and get a degree, plus hone any skills I may have.
Does anyone think this is a valid plan for starting my life over? Has anybody done this? Anybody have any advice?
I think that you put a hardship on everyone else by declaring bankruptcy if you’re able to work. Your bad dept has to be paid in some way, and that way is to pass it along to the consumers. Grow up - you bought the stuff, you owe for it. If you’re able to work, you should. When you pay your debts off, have enough saved to insure you can pay for health insurance and living expenses and then choose a reduced lifestyle, go for it. But don’t expect society to take care of you durong those ten years you’re going to “chill”.
This is the worst idea that I have heard this month and I have heard some doozies.
There is no such thing as “young and free” unless you live on the dole from your wealthy benefactors. You are not that young at 23. You are an adult and you need to set the foundation for the rest of your adulthood. Young and irresponsible dumbass is more like it.
Lots of people have been laid off. I got laid off twice in the last year myself. I am still looking for a job now but I work every day for several hours at it and I follow up on everything that I get. BTW, I am not that much older than you and I have plenty of responses just because I am extremely diligent. I do any job that I can to pay the mortgage and not tap into any savings or bankruptcy (that will NOT happen),
Bankruptcy is for scum if it is used in this way - You bought it, you pay for it. Your credit will be crap for 10 years or so but you don’t really care about that anyway do you?
Are you my Uncle Jim? He won a 3.5 million dollar lottery fifteen years ago. Where is Jim now? He spent the first 10 years payments in less than three years and had to pay interest on it for the life of the loan. He has 5 years left, is severly in debt, no health insurance (because he can’t afford it and is 100 pounds overweight and a perfect candidate for an early heart-attack according to the doctors at the only free clinic that would take him).
Where do you think that you will get the money to support this “young and free carefree lifestyle”? Welfare? It is not that much and have you ever heard of welfare reform? It is a very successful reform that prevents people like you from going on the dole for years at a time.
Wow. I don’t want to rag on you, dude, but I can remember when this was the dream of many, many people. Not so long ago (late 70s, early 80s, again in the late 80s, early 90s), a hell of a lot of people went straight from high school to collecting welfare.
I’m not making any moral judgements, but maybe … maybe what we have here is a chance to count some blessings?
If you file for bankruptcy they WILL take your car and your credit will be screwed for the next 10 years.
With bad credit you will be unable to rent an apartment, rent a car (you won’t have a credit card) and some employers actually check your credit history when they hire you.
My ex-wife had declared bankruptcy several times (I did not know this beforehand). She was a stupid idiot (watch language, not Pit) and is royally screwed for a lot of things a normal adult takes for granted. If debt payments are killing you (and with no job, I can see that happening), seriously consider every other alternative before bankruptcy. I did Consumer Credit Counselling Service for 6 years or so to get out from $25K (and I got rid of part of the problem, too), and I am getting fully on my feet now. As for the other ideas? CC for skills, less stressful job, GO FOR IT! Those make you a BETTER person.
If you file bankruptcy because you genuinely can’t pay your bills, have a family to support and are going to be eating out of restaurant garbage cans if you can’t get some debt relief, fine.
If you file bankruptcy and you’re a young, healthy, capable man fully able to work, who just decided that you want some time off, then you’re a jerk.
If you want to get rid of some debt, sell the damn car and get a consolidation loan to reduce payments of the credit card debt. Think how carefree you’ll feel taking the bus!
Don’t be discouraged, fatdave, most of the negative comments in this thread are only in response to #1 on your list. You really should work on paying off that debt yourself, but other than that, your other ideas sound good. You should do what makes you happy, as long as others are not harmed in the process.
I think you can simplify your life without having to declare bankruptcy, and that would be the honest way to achieve your goal.
I’m all for less stress and less responsibility, as long as you can support yourself in whatever work you do.
Take a good look at your lifestyle and your budget. Figure out what you can cut and how much you really need to make to pay your bills and get by. Then go from there…if you can get a part-time job that will cover your bills, spend the rest of your time writing and watching clouds, traveling, whatever.
I went from full-time teaching ($38K/year) to full-time sahm…quite an adjustment, but life is a bit simpler now. Now (after 2 years of not working at all), I carry newspapers…not much prestige there, not much money, but it’s peaceful, I can take the babies with me if I need to, and I don’t have to worry about my students committing suicide over the breaks. I don’t plan, frankly, to ever have a “real” career again. You can do a lot with very little money, if you’re willing to work at it.
Good luck.
~karol
I wouldn’t file for bankruptcy, fatdave, but I completely understand where you’re coming from. I’m 24 and just got my MA while holding two part-time jobs at the same time. After six years of busting my ass (college and grad school), I’ve realized it’s time to enjoy myself for awhile. You’re young, you have no dependents, when else are you ever going to have this much freedom again? Go for it and good luck!
I agree with alice – selling the car is probably the best way to get out of the hole. If you HAVE to have a car, make it a cheap used one. If you’ve got other stuff you can sell off (electronic equipment, CDs, furniture, etc.) remember that every little bit helps.
As for points 2 through 4, go for it – just be aware that it’ll mean some major lifestyle changes. No instant gratification, no buying shiny new stuff or eating out on a regular basis. I don’t mean to sound discouraging, but if you’ve racked up that kind of debt while making considerably more than I’ve ever made in my life, it sounds like you have a lot to learn about living cheaply.
Agree with everyone about the bankruptcy. It’s the start of a lot of problems, not the end of them.
Otherwise, I completely agree that your fulfilment is more important than any job, and any amount of material rewards. I speak as someone who got out of the whole wage slave \ hamster wheel thing about 5 years ago. I’m glad I did, and I only wish I’d done it sooner.
Nobody on their death bed ever says ‘Gee, I wish I’d spent more time at the office’. You do need to behave responsibly towards yourself and to others. The bankruptcy ‘easy option’ isn’t behaving responsibly, and it’s not an easy option either. But otherwise, I’d say do the things you want to do, have the experiences you want to have, see the things you want to see, meet the people you want to meet, and do it all now, while you can. One day you’ll be too old, and then you’ll be a long time dead. As they never tire of saying, this isn’t a dress rehearsal.
Do seriously think of getting yourself well-qualified in any kind of transferable skill, such that if you do get the wanderlust you can earn a crust almost anywhere.
