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OT: How many missed paychecks would it take for you to be homeless?


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Showing 51-75 of 122 posts in this discussion
In reply to an earlier post on Dec 18, 2012 11:25:40 AM PST
M. Lewis says:
I got lucky with student loans. I graduated in 2003 with more than $30,000 but consolidated right away and got a very low interest that got lower when paid on time for a year. The rate is only 1.85%.

Posted on Dec 18, 2012 11:35:59 AM PST
Banner says:
Wow, I should have been coming to the vgf for financial advice.

Posted on Dec 18, 2012 11:39:46 AM PST
M. McFly says:
never

Posted on Dec 18, 2012 11:39:57 AM PST
Only two. Then I'd have to move in with my in-laws. sad story

In reply to an earlier post on Dec 18, 2012 11:43:56 AM PST
Chewy5431 says:
That IS a good rate!

I realized something this last year when I decided to pay off all of my debt though. When I graduated I had 2 loans:

1) $10k at 5%
2) $12k at 3%

Both had an $80 min monthly payment so I paid $100 on the 5% interest rate loan and the min on the other. I did that for a couple of years and then had to go to min payments for both. 8 years later I went back to both of these loans and decided to pay them off as fast as I could. Loan #1 at 5% that I paid extra on only had $300 left to go while loan #2 that I only paid minimums the whole time still had $9k left to go!

The moral of the story is: pay off your student loans as fast as you possibly can. If I had continued to make min payments I would have paid on it for 40 years and would have paid more than double the initial principal in interest!

In reply to an earlier post on Dec 18, 2012 11:45:05 AM PST
Chewy5431 says:
There's quite a deep well of knowledge here. I was surprised myself!

Posted on Dec 18, 2012 11:45:35 AM PST
Sheila (NJ) says:
I don't think we would ever wind up homeless unless our family all lost their jobs too. I married into a very close Italian family, they are pretty awesome. We don't have quite as much saved up in cash as we should since my husband was laid off a couple of years ago and we used our savings then and haven't fully built it back up yet. However, we do own rental property so we could always sell this more expensive property and move into one of our rentals.

Posted on Dec 18, 2012 11:46:43 AM PST
AmmmY says:
We have three incomes so thankfully if one of us were let go we would be okay.

Posted on Dec 18, 2012 11:48:37 AM PST
I'm married with a kid, so if my wife and I BOTH lost our jobs at the same time, we could probably go 7-8 months before we'd be completely broke. Not bad, since it's hopefully unlikely we'd both lose our jobs at the same time, but I'd still like to have a solid year.

Posted on Dec 18, 2012 11:49:42 AM PST
Dukeshire says:
After reading some of these posts, I need a new job. Being a teacher does not pay....I barely scrape by as it is.

In reply to an earlier post on Dec 18, 2012 11:50:22 AM PST
Lucanus says:
Thanks for your service, we certainly appreciate it. Personally I don't view anybody who is trying to better themselves a free loader. :)

Posted on Dec 18, 2012 11:53:58 AM PST
McAwesomeo says:
3-4 months, personally. Or one catastrophic car mishap since mine is a piece of junk.

In reply to an earlier post on Dec 18, 2012 11:57:34 AM PST
Oh, I know!

In reply to an earlier post on Dec 18, 2012 11:59:16 AM PST
But you can always sub/tutor if the going gets rough :)

In reply to an earlier post on Dec 18, 2012 12:04:32 PM PST
Dukeshire says:
I can. But I have limited sub days. Luckily our Union allows us to pool sick days to help other people out, so that is nice.

In reply to an earlier post on Dec 18, 2012 12:09:30 PM PST
Ditto about pooling sick time... but I actually meant if you ever lose your job, you'd have options :)

Posted on Dec 18, 2012 12:14:14 PM PST
Last edited by the author on Dec 18, 2012 12:50:02 PM PST
About 6 months give or take. If I went to extreme measures and paid for nothing but the mortgage and romen noodles, I could make it about a year probably.

In reply to an earlier post on Dec 18, 2012 12:17:47 PM PST
Dukeshire says:
True. But would I really want to go back into teaching? That is the real question....

In reply to an earlier post on Dec 18, 2012 12:29:44 PM PST
Chewy5431 says:
Both of my parents were teachers. It's a very noble profession. Even though it doesn't pay well you're investing in our nation's future.

That being said you can still live below your pay. Even if it's only slightly below your pay you can still save that extra little bit.

If you're still barely scraping by once summer rolls around you can pick up extra jobs. My dad taught construction so in the summer he did odd jobs like building shelves and installing countertops.

Posted on Dec 18, 2012 12:30:12 PM PST
User says:
I live in an apartment provided through employment. I just have to handle on-site emergencies after-hours. So, no job, no home. They'd give me 30 days and that'd be it. I'm not very liquid so I'd be pretty screwed in the short-run.

In reply to an earlier post on Dec 18, 2012 12:33:01 PM PST
Dukeshire says:
I love my job. Just not sure if I quit, got RIF'd or fired that I would want to do it again. My family is large, so that is part of the problem. I stopped most of my coaching positions to spend more time with family. Also, we got a paycut initiated statewide. I make do though. I used to work summer school but they cut that.....This summer was the first I did not work in eight years and it was really, really nice.

In reply to an earlier post on Dec 18, 2012 12:34:14 PM PST
D_Strasse says:
Depends how long UI goes for when it happens, though I think I could do a year pretty easily by cracking into savings, IRAs and my home equity line of credit.

In reply to an earlier post on Dec 18, 2012 12:34:42 PM PST
D_Strasse says:
Yes.

In reply to an earlier post on Dec 18, 2012 12:35:31 PM PST
Yeah, I'm always conscious of spending and think twice before I buy something. Right now I don't think there's much more I can cut. We only eat out once a week and it's cheap places. My car is 14 years old with 180K miles. We don't run the A/C very much. Our phone bills combined are $80 a month. No cable tv....just Netflix and internet. Gaming related purchases were under $300 for the whole year.

The only thing I could cut back on is drinking. I spend about $100 a month on alcohol. :/

Posted on Dec 18, 2012 12:38:07 PM PST
D_Strasse says:
This is making me rethink a stupid collectible I was eyeing.
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This discussion

Discussion in:  Video Games forum
Participants:  50
Total posts:  122
Initial post:  Dec 18, 2012
Latest post:  Dec 19, 2012

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