What would you do...financially?

[Lifted]

That's $1000 month to start spending on more lottery tickets...

 

[melly]

*I didn't watch the video; but based on the info the OP provided, here's my $0.02:

405 rent for 2 beds apt
315 food
40 laundry
734 car expenses/insurance
658 credit card/hospital/student loan
165 parking
42 check cashing fee
280 cable, internet, phone
181 gym, shoes, gift, entertainment
50 cat food and liter
30 loan for medicine
1.5 coffee
1.5 mother day card
2 lottery ticket
2905 TOTAL EXPENSE

Rent is rent; you need to have a roof over your head. 315 for food for three people is fine but what are they eating to ensure proper nutrition with two growing boys? Laundry is laundry; you need clean clothes. The car expenses are ridiculous. Turn in your car and try carpooling with someone else for a bit, contribute gas money and bank the extra dough to save up for a beater. If the mom and other son don't work then does that mean only one person is using it? Also I hear insurance for males is pretty expensive. If you absolutely need a car, put the insurance in the mom's name and list the kid as a secondary driver to save some cash. They need to trim their debt repayment to 15% of their total net monthly income. That there would save a couple hundred per month. Cable, internet, and phone, living in subsidized housing? Aw, hellz no. Cable goes, reduce your internet and phone package too. Phone is necessary for communication and internet is useful tool for job hunting. Get rid of any cell phones. Rehome the cat and get rid of the gym membership.

Honestly, it isn't rocket science.

 

[jagec]

The money problems of stupid people with their excess spending and other poor financial decisions should not be my problem.

The financial crisis demonstrated that the poor financial decisions of other people are EVERYONE'S problem. Sadly, said people are in the overwhelming majority, even among the well-educated and well-off. Even more perversely, the world economy pretty much wouldn't run if it weren't for excess spending and other poor financial decisions. One might argue that other peoples' poor financial decisions are directly responsible for the high level of luxury that we currently enjoy in the Western world.

Welfare needs to be ended.

An idea completely lacking in both compassion and fiscal sense. Welfare may be in need of sensible reforms, but abolishing it entirely would lead to huge spikes in crime and incarceration, along with a massive contraction in the economy as large swathes of the potential workforce would be trapped in the justice system, either behind bars or in front of them guarding the others, and therefore not producing the goods and services that drive the modern economy. Welfare is a bargain compared to the alternative--would you really want to pay the taxes for the extra incarceration costs AND the extra child-rearing costs that the state would incur upon the abolition of welfare?

They live better than I do and spend far more than I do.

I seriously doubt the first claim, and while the second may be true in certain cases, it is not the general case.

Yet I am self-sufficient while they are not.

There is an element of truth to this, but while you are probably more self-sufficient than they are, you too are almost entirely dependent on society to provide many of your needs. You may partially pay for your food, shelter, safety, and goods, but they are only available to you (at a convenient location and price) because society has been structured so that people have the opportunity to freely and safely learn a specialized trade and pursue it, for compensation, while other specialists provide the other needs in your life at a low cost.

 

[KLin]

Walmart cashes payroll checks up to 5k for 6 bucks.

http://www.walmart.com/cp/Check-Cashing/632047

 

[zerocool84]

Lol @ everyone saying just get rid of the car like it's so easy. I can guarantee you she's probably upside down on the car and she'd still owe a ton of money on it anyways, plus how are they going to get around without a car? Public transportation sucks for the lot of places in the country. The chick is probably just paying the interest on the car since she already had horrible credit to begin with so she got raped on the interest rate. It's not like she has any extra money to buy a new cheap used car. When financing a car, don't you need full coverage of insurance? Plus in many places, you HAVE to pay for parking so probably no way out of that either. Obviously this chick screwed herself over by buying a new car but she's basically stuck with it.

 

[PlasmaBomb]

Lol @ everyone saying just get rid of the car like it's so easy. I can guarantee you she's probably upside down on the car and she'd still owe a ton of money on it anyways, plus how are they going to get around without a car? Public transportation sucks for the lot of places in the country. The chick is probably just paying the interest on the car since she already had horrible credit to begin with so she got raped on the interest rate. It's not like she has any extra money to buy a new cheap used car. When financing a car, don't you need full coverage of insurance? Plus in many places, you HAVE to pay for parking so probably no way out of that either. Obviously this chick screwed herself over by buying a new car but she's basically stuck with it.

Parking is for secure car parking so that it doesn't get stolen. The car is the mothers, who is unemployed. She could potentially cut down on use and save a few bucks.

The employed son cycles to work for example...

The video mentions that when money is really tight they do miss car payments, so yes they will be upside down on it...

 

[thedarkwolf]

I think I'd let the car get repoed at this point and take the hit to their credit. How much worse can it get? Deal with not having a car for a few months and save the money that would have went to car cost to buy a cheap beater. They could buy a new cheap beater every year if one dies and be better off.

 

[Ronstang]

Why are you trying to figure out what someone who gets free money should do to have more at the end of the month? If they were any good with money they would not need mine. It is much easier to spend money you don't have to earn.

 

[Wreckem]

still doesn't add up IMO (I don't know what kind of car they have, but you can get a cheapo car for $200 a month...insurance and other expenses shouldn't be $500+/mo

EDIT: the video shows the mom? driving a newish Honda Accord...not the cheapest car on the block.

My guess is she has a sub-prime auto loan with interest rates in the 18-25% range. Or even worse its from a tote the note lot. Plus the car is well beyond her means, it looks to be a fairly new and fairly loaded Honda Accord. Her insurance is likely through the roof as well.

But overall its poor choices and laziness. Its ridiculous that a 49 year old, a 30 year old, and a 21 year old cannot bring home more than $1650 in income(not counting her unemployment).

 

[tfinch2]

Why are you trying to figure out what someone who gets free money should do to have more at the end of the month? If they were any good with money they would not need mine. It is much easier to spend money you don't have to earn.

This x 1000.

 

[KLin]

I would start cooking meth

 

[cubby1223]

What would I do?

Vote Democrats into office to take more 1%er money and give it to me.

 

[Wreckem]

*I didn't watch the video; but based on the info the OP provided, here's my $0.02:

405 rent for 2 beds apt
315 food
40 laundry
734 car expenses/insurance
658 credit card/hospital/student loan
165 parking
42 check cashing fee
280 cable, internet, phone
181 gym, shoes, gift, entertainment
50 cat food and liter
30 loan for medicine
1.5 coffee
1.5 mother day card
2 lottery ticket
2905 TOTAL EXPENSE

Rent is rent; you need to have a roof over your head. 315 for food for three people is fine but what are they eating to ensure proper nutrition with two growing boys? Laundry is laundry; you need clean clothes. The car expenses are ridiculous. Turn in your car and try carpooling with someone else for a bit, contribute gas money and bank the extra dough to save up for a beater. If the mom and other son don't work then does that mean only one person is using it? Also I hear insurance for males is pretty expensive. If you absolutely need a car, put the insurance in the mom's name and list the kid as a secondary driver to save some cash. They need to trim their debt repayment to 15% of their total net monthly income. That there would save a couple hundred per month. Cable, internet, and phone, living in subsidized housing? Aw, hellz no. Cable goes, reduce your internet and phone package too. Phone is necessary for communication and internet is useful tool for job hunting. Get rid of any cell phones. Rehome the cat and get rid of the gym membership.

Honestly, it isn't rocket science.

The "boys" are grown ass men. 30 and 21. Helps to watch the video. OP left that part out.

The mother also doesnt even have a GED.

And she got a job, but quit because it didn't pay "well". How the hell do you get unemployment after getting laid off, then getting a new job and then quitting that new job?

 

[dmcowen674]

What would you do...financially?

Wouldn't it be nice ... if we could all live within our means?

I have a few questions for the ATOT rich condescending elite.

1) Do you acknowledge this family is "working poor"?

 

[arkcom]

I have a few questions for the ATOT rich condescending elite.

1) Do you acknowledge this family is "working poor"?

I think you have to be working to be considered "working poor."

 

[chusteczka]

The "boys" are grown ass men. 30 and 21. Helps to watch the video. OP left that part out.

The mother also doesnt even have a GED.

And she got a job, but quit because it didn't pay "well". How the hell do you get unemployment after getting laid off, then getting a new job and then quitting that new job?

She was fired as her employer closed up and moved to another state. She did not quit.

 

[chusteczka]

Priorities

1. Control their spending.
2. Put Giovanni to work, the 21 year old unemployed son.

Food
They need to spend more on food. I do not need out, and I typically spend $110/week for food for myself. They have three to feed. Apparently, their cable tv and car are more important.

Auto Expenses
Juanita has a 2008 Honda Accord. That cost about what, $18k - $22k? She could have purchased a Chevrolet Aveo for $13k. Then she would not need to worry about the costly secured parking.

Hospital Bills
I recommend not paying them. They may also consider declaring bankruptcy.

Credit Cards
They need to control their spending and pay for what they have purchased. Call the creditor and work out a payment plan at a lower interest rate than I assume they are paying now.

Student Loans
IMO, student loans are a responsibility only if a degree is earned. I would balance payments between student loans, credit cards, and hospital bills carefully. Each month selecting which one goes unpaid.

Cable, internet, telephone fees
Drop the cable. Keep the internet but consider going to the library. Do they have cell phones? They better not have any Apple products like an iPhone or an iPad. Consider skype for $60/year or Magicjack. A Net10 cell phone costs $15/month at its lowest price plan, $20/month if they talk more.

Gym Fee
Drop the gym fee and concentrate on exercising at home. Pushups, situps, squats, and pullups at the park. They can purchase an arm curl bar with 5, 10, and 20 lb weights.

Cat
Would not be a problem if the youngest son was working.

We did not see if they have a brand new flat screen tv or an old tube tv. We did not see what kind of beds they are sleeping on.

29% interest for the computer purchase is predatory and dumb to agree to. Did he purchase a refurbished or low cost laptop, or did it cost $600 or greater? It is good he stopped paying for it.

It is interesting to see their check cashing fees. That they did not even know what a bank is for.

For this family, I can accept the welfare for unemployment. I can also accept the food stamps.

 

[dmcowen674]

I think you have to be working to be considered "working poor."

She was working.

Until she finds another job her unemployment insurance is taking the place of the job.

 

[dmcowen674]

29% interest for the computer purchase is predatory and dumb to agree to.

29% is the standard rate for credit cards now.

 

[JS80]

Fuck these people

 

[hans007]

Its sad that they don't have jobs but honestly if you had a choice would you hire a woman who can't even budget well I.e. that car and those cell and cable bills to work for you?

 

[JS80]

Its sad that they don't have jobs but honestly if you had a choice would you hire a woman who can't even budget well I.e. that car and those cell and cable bills to work for you?

Why is it sad?

 

[dmcowen674]

Fuck these people

Why don't you tell us how much you really hate Americans.

 

[Vdubchaos]

People pave their own roads.

I make LOT more than she does and I don't have a 2008 car.

All 3 of my cars are 1999-2001

And I'm paying her F'in bills? This is messed up.

 

[Exterous]

29% is the standard rate for credit cards now.

What?! Since when?

Edit: Just like $5 gas right?
Seems the national average is below 15%
http://www.bankrate.com/finance/news/credit-cards/interest-rates-042612.aspx

And the average for bad credit is below 25% and has been for over a year
http://www.creditcards.com/credit-c...port-041812-interest-rates-unchanged-1276.php