<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Ah, the Joys of Teenage Life...

Ah, the Joys of Teenage Life...

July 20th, 2006 at 05:39 am

For the past little while, I've been reading everyone else's blogs about personal finances and it's been a huge help for me. Considering that I'm deep in the hole, it just might do someone else some good to know what I go through. First off, let me tell you a little about me and how I got in this deep =)

I'm 22 years old, and since I was 16 I've been self-employed as a contract web developer. In those early years I was making $20/hour on average, and as one of my clients once told me, "the more you make, the more you spend." Regretfully, I lived that mantra to the max! After hundreds of CDs, burgers, [insert anything and everything here], I managed to spend every penny I had. Along came the credit cards... "I'll pay it back when I get my next check." We all know that game - I'd never pay it back, the balance would go up and up, and pretty soon I had no more credit. Sooooo...I'd get another card, transfer the balance, and start all over again (don't we ever learn?!)

Long story short, here I am today with $14,000 in credit card debt and another $3,000 owed to the IRS on a payment plan.

I was married on October 14, 2005, to my beautiful wife Leslie. She knew I had all of this debt, and thankfully she still loved me enough to saddle herself down! We're now 9 months into marriage, and we're ready to take control of our finances!

Posted in Misc | 12 Comments »

12 Responses to “Ah, the Joys of Teenage Life...”

  1. Thrifty Ray Says:
    July 20th, 2006 at 05:47 am 1153374430
    1153374430

    Welcome! You have found a soft place to fall...and I am sure you will gain much from your new 'friends' here at this site.

    Looking forward to hearing about your financial journeys!

  2. squatto Says:
    July 20th, 2006 at 06:08 am 1153375708
    1153375708

    Thanks! I look forward to both furthering my knowledge and hopefully helping somebody else in the process =)

  3. boomeyers Says:
    July 20th, 2006 at 06:42 am 1153377774
    1153377774

    Hi Scott! Welcome and good luck! The discussion area is full of all kinds of fascinating stuff and you are bound to find a kindered spirit here!

  4. debtfreeme Says:
    July 20th, 2006 at 01:43 pm 1153402999
    1153402999

    Welcome!

    I know it is a hard lesson to learn but you have learned it early so once it is all gone you should be rset for life with good tools and knowledge. Never underestimate the power of learning.

    We are glad you found us.

  5. ima saver Says:
    July 20th, 2006 at 02:14 pm 1153404845
    1153404845

    Welcome, you are still so young and I am happy you are taking control of your finances. My husband did not make $20 an hour until he was about 50. You have a lot of years left to really build up your savings!

  6. miclason Says:
    July 20th, 2006 at 02:48 pm 1153406884
    1153406884

    I didn't dare look at my finances until I was 30....you are definetely way ahead!

  7. squatto Says:
    July 20th, 2006 at 03:28 pm 1153409324
    1153409324

    That's one of the biggest reasons that I'm taking control of them now. I am very well aware of the crushing effect that debt has, and I do NOT want to feel this any more! My wife and I have talked about how glad we are that we are in debt right now, for the simple reason that there's absolutely no way that I will be getting further into debt down the road. I've been so laden with the stress of debt for the past few years that I now know how NOT to handle my finances. Now it's just a matter of taking control of my previous mistakes!

  8. cashqueen Says:
    July 20th, 2006 at 06:10 pm 1153419032
    1153419032

    Welcome! It's great that you're nipping this in the bud early. You are really young and you are recognizing you're mistakes now. Good luck and keep us posted!!

  9. lrjohnson Says:
    July 22nd, 2006 at 04:18 pm 1153585091
    1153585091

    This may sound crazy, but I think being in a lot of debt at 22 could be great for you in the long run. It's such an early time to learn the lesson...if you get out of debt and avoid debt from now on you will have so many more relaxing years. For some of us we need to be low income or in debt to jumpstart frugal ways. It may not feel super at 22, but it's so much better than at 52 or 62. So in between attacking that debt, I'd be a little grateful that you are getting this option so very young.

  10. squatto Says:
    July 22nd, 2006 at 04:27 pm 1153585662
    1153585662

    My wife and I have talked about that exact thing - in an odd way, we're extremely grateful that I'm in debt now and not later on down the road. I know the feeling of crushing debt and I know the stresses it causes. This is one lesson that will stick with me forever! I haven't charged anything on credit for over 3 years (thankfully) and have no plans on doing so ever again (assuming there are no emergencies that merit the need...)

  11. Homebody Says:
    July 22nd, 2006 at 05:27 pm 1153589235
    1153589235

    Just want to add my congratulations to you too! You learned a great lesson. Before you know it you will be out of debt and on your way. Also congratulations on finding your life partner. You will do well together!

  12. LuckyRobin Says:
    July 25th, 2006 at 09:58 pm 1153864711
    1153864711

    I wish I'd known at 22 what you do. Took me a few more years. The great thing about it, though is that you are young and don't have kids yet, so you can get out of it, before you do have them (or decide whether or not to have them). It is one thing to not buy something for your child because they don't need it. It is another thing entirely to not buy something for your child because you can't.

    It sounds like you have your head on straight now, and that your wife has always had hers on straight regarding your finances and it is a wonderful thing in a marriage to be on the same page regarding money and debt. Saves a lot of struggle down the road.

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 4.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]