What should I do with this money?

xxForgedxx · 12-21-2008, 10:23 AM

Ok so I just found out and I am almost positive I will be getting around $2,500 in January along with a $500-700 tax return I believe. I am in College and I don't have a car but what I do have is pointless debt that I created for my self VIA credit card and crap. I will not be able to work as much once I start back up school again because of school and ROTC. I will be getting paid $350.00 per month with ROTC as well as my E-5 drill pay $240.00 or so. I have the following bills to take care of per month (not much, but too much for a college student at a Big Ten school I think)

Credit Card: $1,500 or so... I have not used it in almost 2 years because I have been paying it down, it is closed out and I have payments set up to be directly withdrawn from my account @ $40.00 a month, it isn't really getting rid of the balance but it is maintaining it. Not a huge hit to my monthly income but having it off my back entirely would be nice

Military Star Card: $900 or so... I don't use it unless I am on base but really don't need it even if I am. Payments are $90.00 a month

Jewler Account: $700 or so, useless... I hate these guys but could I do something more usefull with this money than pay these DB's off?

Settlement: Now this is a big hitter, $3,800 over 18 months and I have paid 2 payments so far @ $217.00... I could pay my payments ahead for months and almost be done with it? I would have $217.00 less to worry about for quite a while and then forget it all. I sold my car because I couldn't afford this and my payment/insurance/gas

Those are my debts and these are the scenarios I came up with:

OPTION 1:

Pay off
-Military Star
-BOA Credit Card
-Jewler Card

so that I only have the recording industry settlement payment to worry about and my cell phone bill monthly.

OPTION 2:

Pay off
-a good portion of each? Pay a solid chunk on everything/spread it out

OPTION 3:

-Buy a solid daily driver, having a car really does make life harder/suck... it would be paid off and I know how to shop well for a solid higher mileage or good daily driver car. Now I will have a car again but it won't be one I make payments on until I graduate and can buy whatever I want.

OPTION 4:

-Pay some of my debt, get a couple things for my self and feel good that I have a couple new toys and I paid off some stuff? I heard that it's a bad idea to dump all of a new lot of money into one thing because it makes you much less likely to do it again.

OPTION 5:

-Buy a riskier car ($1,000) and then apply the rest to debt? But the car may be more of a pain in the ass than what I am getting out of it...

Any other suggestions would be great. I don't want to regret what I do with this money and to be frank I'm tired of being the college kid that has to pay out more than anyone else while in school... Please though, don't get all mutual fund on my ass getting too deep into future planning and what have you. I am just not that guy who counts on life being there way down the road, you are never guaranteed a tomorrow so mix that with some responsibility lol.

mikeokimster · 12-21-2008, 10:33 AM

Option 6: E90post profit sharing FTW!

OO---OO · 12-21-2008, 10:38 AM

Pay off the cards. Cancel the Military Star card, it sucks and you dont need it anyways.

xxForgedxx · 12-21-2008, 10:39 AM

Quote:

Originally Posted by OO---OO

Pay off the cards. Cancel the Military Star card, it sucks and you dont need it anyways.

So pay off the cards even though they really aren't a huge hit on my monthly income while in school?

ATC330i · 12-21-2008, 01:06 PM

Dude, just pay it off in the order of interest rates. Whatever has the highest rate, pay it off first. Simple.

Seminole · 12-21-2008, 01:14 PM

Sorry to ask, but you got caught downloading music? How much were you downloading!

Oh and what ATC330i said, highest interest first.

xxForgedxx · 12-21-2008, 01:23 PM

Quote:

Originally Posted by Seminole

Sorry to ask, but you got caught downloading music? How much were you downloading!

Oh and what ATC330i said, highest interest first.

I know people that got hit with it using all kinds of services and regardless of volume.

Seminole · 12-21-2008, 01:41 PM

Quote:

Originally Posted by xxForgedxx

I know people that got hit with it using all kinds of services and regardless of volume.

Wow. I usually steal my neighbor's wireless internet when I am going to download music. That way it is traced to his IP

Good new is they are stopping lawsuits: http://www.dslreports.com/shownews/R...Lawsuits-99761

xxForgedxx · 12-21-2008, 01:46 PM

Quote:

Originally Posted by Seminole

Wow. I usually steal my neighbor's wireless internet when I am going to download music. That way it is traced to his IP

Good new is they are stopping lawsuits: http://www.dslreports.com/shownews/R...Lawsuits-99761

Too late

Blake · 12-21-2008, 01:48 PM

RIAA FTL! what, may i ask, p2p program were you using at the time? i'm going to guess limewire...

40yroldawakening · 12-21-2008, 01:56 PM

I would put 800-1000 of this money in a savings account, and take the rest and payoff one bill off and spread the rest out to the others.

My opinion is its gonna get rougher after the holidays, you must have a little nest-egg put back in case of an emergency.

I was kinda in the same boat with about 3k, I could have paid bills off, but i'm comfortable making the payments and would sooner have some cash set back in case something pops up. You never know what can happen and the economy has not seen the worse yet.

Year's_End · 12-21-2008, 02:05 PM

paypal it to me dawg.

that, or get 3k single dollar bills. hit up a strip joint.

in all seriousness, option 1 ftw.

Tondtar · 12-21-2008, 02:17 PM

Quote:

Originally Posted by Blake

RIAA FTL! what, may i ask, p2p program were you using at the time? i'm going to guess limewire...

Not meaning to jack the thread but Blake is right. P2P is shit.

I quit using it years ago and switched to Bit Torrent. It was great, more secure but still a hassle sometimes. Since a year ago, I have switched using only the web sites which gives you links for fast downloads through Rapidshare, Depositfiles, etc. (mostly Russian/ East European sites). The bad part is that you have to pay to subscribe to Premium service to get +300k/s download speed and also have more than one account if they are on various sites. The best thing about it is downloading a 2CD album in less than 5 minutes and no f'ing RIAA on your ass.

If you are into Chill/ Chillhouse, Nu-Jazz, House music, this Russian site is one of the better ones : http://mp3.uzhgorod.name/

BTW, getting back to OP's question, I'd pay whatever has the highest APR first i.e, the credit cards. Good Luck.

DougLikesBMW · 12-21-2008, 03:35 PM

Wait so it is not safe for me to download music via Limewire anymore? Even though I don't share?

Sorry I can't really help with this Forged...

Blake · 12-21-2008, 03:45 PM

Quote:

Originally Posted by DougLikesBMW

Wait so it is not safe for me to download music via Limewire anymore? Even though I don't share?

no, RIAA trolls limewire all the time. they'll bait you by sharing files intentionally just to gather your IP address and then proceed to fuck you over. this is why you see banned IP options in those programs...but getting a new IP is easy when you have the resources of the RIAA. NEVER use limewire or any gnutella variant anymore unless you want to get owned. turning sharing on there is even more deadly...i have over 12,000 music files and if i shared all of them, pick your poison, RIAA would get me eventually. i use torrents exclusively (piratebay) and if you know how to configure it right, you'll get faster downloads (i average 1.3MBp/s on my torrents) than you ever would on any gnutella client.

Sara · 12-21-2008, 03:51 PM

Buy me bigger boobs

DougLikesBMW · 12-21-2008, 03:57 PM

Quote:

Originally Posted by Blake

no, RIAA trolls limewire all the time. they'll bait you by sharing files intentionally just to gather your IP address and then proceed to fuck you over. this is why you see banned IP options in those programs...but getting a new IP is easy when you have the resources of the RIAA. NEVER use limewire or any gnutella variant anymore unless you want to get owned. turning sharing on there is even more deadly...i have over 12,000 music files and if i shared all of them, pick your poison, RIAA would get me eventually. i use torrents exclusively (piratebay) and if you know how to configure it right, you'll get faster downloads (i average 1.3MBp/s on my torrents) than you ever would on any gnutella client.

Hmm, okay, I will have to do what you've mentioned then. Good thing I haven't used Limewire in a long time.

Quote:

Originally Posted by Sara504

Buy me bigger boobs

Fakies FTL.

Seminole · 12-21-2008, 04:55 PM

Quote:

Originally Posted by Sara504

Buy me bigger boobs

Why do girls always want bigger boobies. I'd much rather have a nice natural good looking set of B's than a set of rock hard poke my eyes out D's.

Blake · 12-21-2008, 04:59 PM

fake tits are fun and they don't look like shit after mileage has been put on them. don't know why people hate them so much.

Year's_End · 12-21-2008, 04:59 PM

Quote:

Originally Posted by Seminole

Why do girls always want bigger boobies. I'd much rather have a nice natural good looking set of B's than a set of rock hard poke my eyes out D's.

+mega1

Year's_End · 12-21-2008, 05:00 PM

Quote:

Originally Posted by Blake

fake tits are fun and they don't look like shit after mileage has been put on them. don't know why people hate them so much.

-super1

Blake · 12-21-2008, 05:03 PM

Quote:

Originally Posted by Bimmer Loyalist

-super1

so? my opinion...they aren't satanic or anything. if they're done right and not completely outrageous, why not?

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12-21-2008, 10:23 AM	#1
xxForgedxx Lieutenant 603 Rep 516 Posts Drives: Slow/Fat Join Date: Aug 2008 Location: USA iTrader: (1)	What should I do with this money? Ok so I just found out and I am almost positive I will be getting around $2,500 in January along with a $500-700 tax return I believe. I am in College and I don't have a car but what I do have is pointless debt that I created for my self VIA credit card and crap. I will not be able to work as much once I start back up school again because of school and ROTC. I will be getting paid $350.00 per month with ROTC as well as my E-5 drill pay $240.00 or so. I have the following bills to take care of per month (not much, but too much for a college student at a Big Ten school I think) Credit Card: $1,500 or so... I have not used it in almost 2 years because I have been paying it down, it is closed out and I have payments set up to be directly withdrawn from my account @ $40.00 a month, it isn't really getting rid of the balance but it is maintaining it. Not a huge hit to my monthly income but having it off my back entirely would be nice Military Star Card: $900 or so... I don't use it unless I am on base but really don't need it even if I am. Payments are $90.00 a month Jewler Account: $700 or so, useless... I hate these guys but could I do something more usefull with this money than pay these DB's off? Settlement: Now this is a big hitter, $3,800 over 18 months and I have paid 2 payments so far @ $217.00... I could pay my payments ahead for months and almost be done with it? I would have $217.00 less to worry about for quite a while and then forget it all. I sold my car because I couldn't afford this and my payment/insurance/gas Those are my debts and these are the scenarios I came up with: OPTION 1: Pay off -Military Star -BOA Credit Card -Jewler Card so that I only have the recording industry settlement payment to worry about and my cell phone bill monthly. OPTION 2: Pay off -a good portion of each? Pay a solid chunk on everything/spread it out OPTION 3: -Buy a solid daily driver, having a car really does make life harder/suck... it would be paid off and I know how to shop well for a solid higher mileage or good daily driver car. Now I will have a car again but it won't be one I make payments on until I graduate and can buy whatever I want. OPTION 4: -Pay some of my debt, get a couple things for my self and feel good that I have a couple new toys and I paid off some stuff? I heard that it's a bad idea to dump all of a new lot of money into one thing because it makes you much less likely to do it again. OPTION 5: -Buy a riskier car ($1,000) and then apply the rest to debt? But the car may be more of a pain in the ass than what I am getting out of it... Any other suggestions would be great. I don't want to regret what I do with this money and to be frank I'm tired of being the college kid that has to pay out more than anyone else while in school... Please though, don't get all mutual fund on my ass getting too deep into future planning and what have you. I am just not that guy who counts on life being there way down the road, you are never guaranteed a tomorrow so mix that with some responsibility lol. Last edited by xxForgedxx; 12-21-2008 at 01:30 PM..
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12-21-2008, 10:33 AM	#2
mikeokimster Lieutenant Colonel 205 Rep 1,699 Posts Drives: e90 jerez m3 Join Date: Sep 2005 Location: North Seattle, WA iTrader: (10)	Option 6: E90post profit sharing FTW! __________________ Current: 10' E90 Jerez M3 DCT ///Mods: Xpel front clip wrap, Nokya 2500k H8 halos, matte grills, IND reflectors, scoops, MS drop-in, MS track pipes, Dinan exhaust, 240E, ESS tune, BBS CHR, s04 255x35 295x30, KW Clubsports, ceramic pads Retired: 08' E92 328i JB 6mt 212 rwhp 190 rwtq
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12-21-2008, 10:38 AM	#3
OO---OO Nekid Bandit 10 Rep 292 Posts Drives: BMW Join Date: Jul 2008 Location: USA iTrader: (0)	Pay off the cards. Cancel the Military Star card, it sucks and you dont need it anyways.
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12-21-2008, 01:06 PM	#5
ATC330i Enlisted Member 0 Rep 32 Posts Drives: 335i e90 MT (on order) Join Date: Aug 2005 Location: San Jose, CA iTrader: (0)	Dude, just pay it off in the order of interest rates. Whatever has the highest rate, pay it off first. Simple.
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12-21-2008, 01:14 PM	#6
Seminole Colonel 448 Rep 2,032 Posts Drives: Red Flyer Join Date: Aug 2008 Location: 38.8977° N, 77.0366° W iTrader: (2) Garage List 2008 E90 328i [7.00]	Sorry to ask, but you got caught downloading music? How much were you downloading! Oh and what ATC330i said, highest interest first. __________________
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12-21-2008, 01:48 PM	#10
Blake Banned 754 Rep 4,649 Posts Drives: Chevy Aveo Join Date: May 2008 Location: Parent's Basement iTrader: (7)	RIAA FTL! what, may i ask, p2p program were you using at the time? i'm going to guess limewire...
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12-21-2008, 01:56 PM	#11
40yroldawakening Lieutenant 40 Rep 480 Posts Drives: e90 335i Join Date: May 2008 Location: Chambersburg,PA iTrader: (1) Garage List 07 e90 335i [0.00]	I would put 800-1000 of this money in a savings account, and take the rest and payoff one bill off and spread the rest out to the others. My opinion is its gonna get rougher after the holidays, you must have a little nest-egg put back in case of an emergency. I was kinda in the same boat with about 3k, I could have paid bills off, but i'm comfortable making the payments and would sooner have some cash set back in case something pops up. You never know what can happen and the economy has not seen the worse yet. __________________ Legal Disclaimer: Anything I or anyone else says about my vehicle on this website(e90post.com or any affiliated or nonaffiliated sites), pertaining to modifications, is only to gain acceptance from my/our peers, and does not actually represent anything actually existing on my car, and thus, cannot be held against me in any issues, i.e. warranty claims, that may arise.
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12-21-2008, 02:05 PM	#12
Year's_End Lieutenant General 1137 Rep 12,444 Posts Drives: 2020 Shelby GT350 Join Date: Feb 2007 Location: FL iTrader: (0)	paypal it to me dawg. that, or get 3k single dollar bills. hit up a strip joint. in all seriousness, option 1 ftw. __________________ Past: '08 E92 335i\|ZPP\|ZSP\|6AT Past: '15 Mustang GT\|401A\|PP\|6MT Current: '20 Shelby GT350\|6MT
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12-21-2008, 03:35 PM	#14
DougLikesBMW Fapmin 399 Rep 2,660 Posts Drives: '03 E46 330Ci Join Date: Mar 2007 Location: Plano, Texas iTrader: (0)	Wait so it is not safe for me to download music via Limewire anymore? Even though I don't share? Sorry I can't really help with this Forged...
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12-21-2008, 03:51 PM	#16
Sara Lieutenant General 5791 Rep 17,879 Posts Drives: A car Join Date: Aug 2007 Location: Nola iTrader: (6)	Buy me bigger boobs
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12-21-2008, 04:59 PM	#19
Blake Banned 754 Rep 4,649 Posts Drives: Chevy Aveo Join Date: May 2008 Location: Parent's Basement iTrader: (7)	fake tits are fun and they don't look like shit after mileage has been put on them. don't know why people hate them so much.
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