Hey guys, CCollector here. I need some advice from you all... financial advise, life advice, etc. Some of you know me, but I'll do a quick run down of me and my life: I am a 20 year old male, I go to college full time, and work 30 hours per work at an internal collection agency for a major credit card company. I am in a lot of debt. It is manageable, but it is a lot. I owe approx $4,000 in revolving debt. I bought my fiance's ring for $3,000 back in July and I fortunately only owe about $800 now. It needs to be paid before this July so I take advantage of the 0% interest for a year deal. My fiance and I bought new cars ($18k a piece) in October. Our credit sucks because of poor ratios and relatively young credit (my credit cards are about to turn 2 years old)... neither have any delinquincies though. Here is my situation: I make $1000 a month at work. My car payment is $350 a month, my insurance is $130 a month, cell phone $30, Ring payment is usually 250 a month, etc.... Now we both regret buying the new cars. We both regret racking up our credit cards, etc. We stopped charging on them roughly 4 months ago and we understand our mistake and we are going to do everything we can do resolve it. We are both sick and tired of living paycheck to paycheck, and we are both always worried about money. Our college has suffered... we are about half-way into this spring semester and we have missed about 30-40% of our classes. I have kept in touch with the professors and they are understanding, but neither of us are motivated to go to school are we're afraid our GPAs are going to be hit hard. We are strongly thinking about taking a year off to get bills paid off. Now, we are not the typical people to just drop and not come back. I'll be a junior after this semester, I've not taken any breaks before, and I *know* I will return to school. My fiance took a semester off two years ago when she switched school and she *knows* what a break is like and how to return to school. I recently took real estate school outside of work and college, spent approx ~$1000 for that, and I took my state exam last week. I passed! =) I got a job at Coldwell Banker but I need to take their training... which right now seems impossible with my schedule. It's M-F 9-5... and I cannot do it with school right now. I can work like 6-12pm M-F to get my hours in at work. I have thrown my resume out because I really want to find a full-time job making around $20 an hour. I make $10 now, and I am very successful at my job, but collecting sucks. I called my dealer last month about trading the car back in and getting something cheaper and he said that even if I got in a cheaper car my payment would be almost the same because of inequity. My fiance owe $2,000 in revolving debt, and works 25 hr/s a week so she only makes about $800 a month.
Well, I can't give you great advice on your other problems. I wouldn't encourage either one of you to take off from school. I did one semester, and 15 yrs later started back LOL! I'm a real estate agent so I can make some suggestions - Is the school mandatory for you to start working? I went to one of these, and it was just a repeat of what I learned in school. Some who took the fast track courses really benefited from it. Other agencies may not require this type of time committment - especially when they aren't paying you to be sitting in a classroom! In TX, Apt Finders have to be licensed RE agents. Its not the big bucks commissions, but the work is steadier, and would probably add up. RE is not going to get you out of trouble fast. You have to spend money to make money in this biz. I don't know where you are, so what is the market like? You might also check into working for title companies. With the RE training, that might be an opportunity, as well as apartment management. Some apt management companies also provide free housing, so that might save you some expense. The cars, you are probably just stuck with for a while. What about trading in both, and having one car? Is that doable?
I appreciate advice coming from a fellow real estate agent... Coldwell Banker requires their one-week training to able to do certain aspects of the business, I think phone work and other things like that. To be honest, I would much rather be working a steadier job, such as with a title company or as an apartment seeker. I called an apartment complex the other day and asked about property management...I advised the woman on the phone I was half-way through college, a state licensed real estate agent, and she basically said I would have to start at the bottom like someone off the street. That was only one particular apartment, but it was discouraging. What are my options besides the general house buy/sell market? How would I work for a title company and what exactly is the apartment finder position you were talking about? I'd like to start working full time in the real estate business, but I believe it will be difficult for me, a 20 year old college punk, to sell a house to a 50-year old couple who is moving into their third home.... so, as I mentioned, I love the real estate field, but I would like to do something besides the general market. Please advise =) Oh, and no... one car will not do, unfortunately.
Re: Re: In Search Of: Advice for Life Title companies- may go by another name in different states. These are the companies that research the chain of title on a property, and coordinate all the paperwork necessary to close on a house. They order appraisals, surveys, handle all the mass of paperwork, and complete the close etc. Apt Finders- Companies you call when leasing an apt. Busy people, rather than going from complex to complex, call these companies, tell them what they are looking for, and then the agent finds choices and "shows" the apt. If they secure a lease, then they receive a commission from the complex. 20 yr old punk - LOL this is where marketing comes into play. You have to find your target, your unique qualifications, and sell yourself. You are in a better position to understand and relate to the needs of a 1st time homebuyer, young couples, singles, etc. These groups require a lot of hand holding, but can become your customer for life as opposed to the 50 yr old 3rd time buyer that just needs a warm body to do the paperwork for them. Go over to monster.com and do a job search on "real estate" and see what you come up with, you might be surprised, and it will give you a good idea of what other types of regular paycheck jobs are out there with your education. BTW - What are you studying in college? You have to figure out how to marry the two.
Re: Re: In Search Of: Advice for Life Studying Speech Communications... I figured it would help me sell! =) But yes, I need to find a niche if I decide to do the general real estate market. However, I would much rather work for a stable paycheck job at this point. But, we'll see. Are apartment finder companies just like a real estate place? I know there are local apartment magazines, if there is a company offering finder services, should I call that number and inquire about employment? As for title companies, yes, we have them but I would need to do some research about their locality. Thanks for the response.
Re: Re: In Search Of: Advice for Life In a sense, they are like realty companies. They have an "MLS" of apartments for lease, most of their work is phone work, rather than farming for clients--which costs you money and time. You don't have your individual advertising expenses, because pretty much its a yellow page kind of business. If you find some, give them a call and see how they work in your state. Good luck!
Re: Re: In Search Of: Advice for Life Have you looked at any fulltime openings in your present company in marketing, credit analyst or, litigation support,etc? Also, look at any large bank holding companies in your area that have a credit card operation and see what they have to offer along those lines.
Re: Re: In Search Of: Advice for Life No, my location is strictly customer service and collections. The only way to make more money in my current position would be to enter into management--- but people who are in management have worked there for 10+ years... which I can't comprehend how a person is a collector for 10 years. I've been doing it for about a year and I'm ready to scram.
You have a couple of options folks, so here is my take on the situation........... Option 1 - She goes off to work full time and you stay and study. She services the bills, you finish college. Option 2 - Sell your cars get your shit together and knuckle down and finish college. The amount of money you guys owe is not substantial (You will believe me in a few years time). You have a comittment problem, not a money problem. Quit screwing around. I have a net worth of $3 million dollars. My wife loves me and I have not bought her any jewellry in years. She drives a new car, I have a 1993 Ford. If you are really intending to spend the rest of your life together, start solving your problems jointly like grown ups do. You will probably make more money when you graduate than your wife will. She can keep the pot boiling in the meantime. Just get into it. There is only one thing worse than no qualifications, and that is half of one!!! Don't get caught up in trinkets and stuff. They are for suckers. Best of luck to you both - stick together. JP
