[quote=killerRep]

your absolutly right joe. I have already began dumping ANYTHING that is not needed in my life (example: car, cell phone, etc), Living in NYC makes life a bit easier when it comes to communications and transportation. This way all my extra income goes straight to debt. So I should be up and on my feet soon. This temp job is going to boost that time and as soon as I start getting clients, im dumping the job (or after all my debt is paid off, whichever comes first).

Also, my girl is getting a part-time job to help me pay debt .

[/quote]

In this business you cant imagine how much better things are with little or no debt. Even the pro's have bad months and most of us are re-investing in our practices so we can get cash strapped. Pay off your debt and invest in your business and enjoy your life five and ten years from now. I am a prime example, as much as I wanted a G35 a couple of years ago, I bought a Civic Si. Nothing wrong with Honda's, we now own two, but its no Infiniti. However the payment is no Infiniti either, $375ish instead of almost $600.

You just have to be judicious. Dont waste or gamble your money, when the time is right make a calculated risk to grow your practice.

Good luck!

[quote=killerRep]

your absolutly right joe. I have already began dumping ANYTHING that is not needed in my life (example: car, cell phone, etc), Living in NYC makes life a bit easier when it comes to communications and transportation. This way all my extra income goes straight to debt. So I should be up and on my feet soon. This temp job is going to boost that time and as soon as I start getting clients, im dumping the job (or after all my debt is paid off, whichever comes first).

Also, my girl is getting a part-time job to help me pay debt .

[/quote]

Keep humpin' soldier!  Maybe I'll run into you some day when I'm in the city visiting clients!

[quote=giff74][quote=killerRep]

your absolutly right joe. I have already began dumping ANYTHING that is not needed in my life (example: car, cell phone, etc), Living in NYC makes life a bit easier when it comes to communications and transportation. This way all my extra income goes straight to debt. So I should be up and on my feet soon. This temp job is going to boost that time and as soon as I start getting clients, im dumping the job (or after all my debt is paid off, whichever comes first).

Also, my girl is getting a part-time job to help me pay debt .

[/quote]

In this business you cant imagine how much better things are with little or no debt. Even the pro's have bad months and most of us are re-investing in our practices so we can get cash strapped. Pay off your debt and invest in your business and enjoy your life five and ten years from now. I am a prime example, as much as I wanted a G35 a couple of years ago, I bought a Civic Si. Nothing wrong with Honda's, we now own two, but its no Infiniti. However the payment is no Infiniti either, $375ish instead of almost $600.

You just have to be judicious. Dont waste or gamble your money, when the time is right make a calculated risk to grow your practice.

Good luck!

[/quote]

LOL....We have a nice car that I take when I go out to meet clients or professional contacts.  Otherwise my wife takes it because she has the longer drive to work.

So, my daily driver, believe it or not, is a 99 Toyota Sienna minivan that is totally paid off and in great shape.  Completely reliable.  I'm actually a car lover, and now and then get the idea that I want to get rid of the van and go out and buy a nice Escalade or Yukon Denali.  Or, maybe keep the van but also get a rockin Bimmer 545 or an E-class.  Truth is I could test drive one over my lunchtime, they could run my credit, and I could sign on the dotted line and drive it home the same day.

When that urge hits me I step out into the garage for a work break, take a look at that ole' van.  I think about the fact that I have two young kids and two big grehyhounds, and how hard they are on the interior of the car.  Then I contemplate the 500-600 or more a month I'm NOT paying on the paid off van, and how I can either put that money into the kids' education fund, my retirement plan, or additional marketing for the business.  Soon enough the urge passes and then I get back to work.

Eventually I'll probably cave in and buy the sweet wheels, because I really want to have a cool, fun ride before I get too old to enjoy it.  But, for now, I'll continue to practice what I preach.  Live below your means, invest the excess, and enjoy the intrinsic value of buidling my net worth. ;-)

But oh damn that new 545 is sweet lookin!

LOL....We have a nice car that I take when I go out to meet clients or professional contacts.  Otherwise my wife takes it because she has the longer drive to work.

So, my daily driver, believe it or not, is a 99 Toyota Sienna minivan that is totally paid off and in great shape.  Completely reliable.  I'm actually a car lover, and now and then get the idea that I want to get rid of the van and go out and buy a nice Escalade or Yukon Denali.  Or, maybe keep the van but also get a rockin Bimmer 545 or an E-class.  Truth is I could test drive one over my lunchtime, they could run my credit, and I could sign on the dotted line and drive it home the same day.

When that urge hits me I step out into the garage for a work break, take a look at that ole' van.  I think about the fact that I have two young kids and two big grehyhounds, and how hard they are on the interior of the car.  Then I contemplate the 500-600 or more a month I'm NOT paying on the paid off van, and how I can either put that money into the kids' education fund, my retirement plan, or additional marketing for the business.  Soon enough the urge passes and then I get back to work.

Eventually I'll probably cave in and buy the sweet wheels, because I really want to have a cool, fun ride before I get too old to enjoy it.  But, for now, I'll continue to practice what I preach.  Live below your means, invest the excess, and enjoy the intrinsic value of buidling my net worth. ;-)

But oh damn that new 545 is sweet lookin!

I love cars too.  The main thing that keeps me from buying a hot new car, besides the fact that I don't want a hot new payment , is the demographics of my area.  If I was driving an expensive car my, oh so conservative, clients would think.  "Hmm she must be making way too much money off of me"

So I'll stick with my Blazer for my daily driver.  But you know what is weird? No one seems to have the same ..Hmmm ...thoughts about the various hot rods and restored classic cars that I have had. They cost as much or more than many new luxury cars.  Go figure.  We belong to a car club. Good networking source.  If some one has the discretionary income to do a 12,000 paint job on a 1970 Mustang GT with a Cobra Jet engine (there is a hot car that I lust after!!)...they have money to invest.

[quote=babbling looney]

LOL....We have a nice car that I take when I go out to meet clients or professional contacts.  Otherwise my wife takes it because she has the longer drive to work.

So, my daily driver, believe it or not, is a 99 Toyota Sienna minivan that is totally paid off and in great shape.  Completely reliable.  I'm actually a car lover, and now and then get the idea that I want to get rid of the van and go out and buy a nice Escalade or Yukon Denali.  Or, maybe keep the van but also get a rockin Bimmer 545 or an E-class.  Truth is I could test drive one over my lunchtime, they could run my credit, and I could sign on the dotted line and drive it home the same day.

When that urge hits me I step out into the garage for a work break, take a look at that ole' van.  I think about the fact that I have two young kids and two big grehyhounds, and how hard they are on the interior of the car.  Then I contemplate the 500-600 or more a month I'm NOT paying on the paid off van, and how I can either put that money into the kids' education fund, my retirement plan, or additional marketing for the business.  Soon enough the urge passes and then I get back to work.

Eventually I'll probably cave in and buy the sweet wheels, because I really want to have a cool, fun ride before I get too old to enjoy it.  But, for now, I'll continue to practice what I preach.  Live below your means, invest the excess, and enjoy the intrinsic value of buidling my net worth. ;-)

But oh damn that new 545 is sweet lookin!

I love cars too.  The main thing that keeps me from buying a hot new car, besides the fact that I don't want a hot new payment , is the demographics of my area.  If I was driving an expensive car my, oh so conservative, clients would think.  "Hmm she must be making way too much money off of me"

So I'll stick with my Blazer for my daily driver.  But you know what is weird? No one seems to have the same ..Hmmm ...thoughts about the various hot rods and restored classic cars that I have had. They cost as much or more than many new luxury cars.  Go figure.  We belong to a car club. Good networking source.  If some one has the discretionary income to do a 12,000 paint job on a 1970 Mustang GT with a Cobra Jet engine (there is a hot car that I lust after!!)...they have money to invest.

[/quote]

Funny you say that.  When I'm daydreaming about my future Bimmer or Caddy CTS-V I often wonder if clients wouldn't draw the wrong conclusion if I pulled up at their home or office in a car that cost that much.

Part of me says that clients want to work with successful advisors, and a nice car(expensive watch, custom suit) are outward evidence of success that makes you seem more attractive to affluent clients.

OTOH, I'm concerned that folks will take one look at the fancy car and say "Oh man if you can afford that car you're probably WAY too expensive for me!"

cool deal joe regarding you coming by NYC. In any case, all the cars you mentioned are nice. I had (as in going to give it up) a Scion tC. I love that car: its fast with great torque (enough for me living in NYC), its 4 cylinders (saves on gas), and it is under $19,000 with tax and options that I put in. 

In any case, you guys are right about driving to see a client in an expensive car. It's truly a double edge sword:

A) "this guy is to expensive for me."  

B) "This guy must be really good being an agent. "

C) "How much this guy is/going to be taking out of me!?"   (lol )

I've got you all beat, with the wheels I drive. She's a sweet little number I bought used some time ago, with only 30,000 miles on the odometer. She looks good and she cleans up real nice. Plus my 122 lb mutt loves to ride in the backseat with the windows down... Oh yeah, she's got 415,000 miles on the odometer and is in great shape. Original engine and original transmission. It's a Honda Accord and still gets 30 mpg.

This car is worth its weight in gold in conveying my conservative values to my conservative clients. It also breaks the ice with prospects. So, in those respects, my car is priceless.

Like everyone else, I lust after Beemers and Infiniti's (remember Jimmy Carter?) Never did care for Mercedes.

Just thought I’d throw my 2 cents in now that I’m licenced with my 7 and 66. DO NOT FILE. I have a judgement/lien agienst me right now, relating to child support. Florida, Michigan and Alabama so far have given me a lot of sh*t regarding this. Florida and Michigan were fine with just a personal balance sheet, Alabama on the other hand was a lot more stringent… it took two months, a lot of paperwork and a lot of help from Merrill Lynchs registration office to get everything straightened out. As of right now I’m registured in the above three states, now the NYSE is starting to send questions… this is just with one judgement. I can’t imagine how it would look with a bankrupcy. I can tell you right now if your in debt as much as you say you are I hope you do not have any liens agienst you. Alabama will reject you… Who ever said for you to get a second job gave you the best advice. even a weekend $7/hour job will help you get out of debt. Think about it.

Here is what scares me.  You will be in such desparate shape to make money that you will sell the highest commission products.  Do you say you won't? hah.

People like you do not belong in the business,.

thanks for the advice DR, im actually getting paid a lot more in my part time job then $7/hour so im not that worried anymore. Im planning to consolidate my debt instead.

Maybee(etc), the one thing I wont do is sell my integrity. I am a man of faith and the one thing I do not want to do is screw people over (I am a God fearing man). As far as you predicting what I (or anyone else for that matter) am going to do or not do is wrong. Being judgemental will only pass judgement onto yourself. And if you dont believe in a God, here is a more simpliar way of putting it: when you assume you make an "ass" out of "u" and "me". So what you think you might have done in my situation is your buisness. Your narcissistic way of thought is not going to affect me. Remember all the great people in the past, they were remembered because most went from nothing to something (doesn't necessarly have to be regarding $ but never the less...). Chris Gardner is the perfect example though in reference to this buisness (if you don't know his story, you got to check it out, its amazing).

(you see joe, I can keep my cool bro )

I just realized that this post is no longer needed. I appreciate your concern from some of you (you guys know who you are). You guys truly did help me with my decision not to file. My debt is not as bad after I was told my monthly payments with consolidation. Thank you guys, take care and Godspeed.

[quote=killerRep]

thanks for the advice DR, im actually getting paid a lot more in my part time job then $7/hour so im not that worried anymore. Im planning to consolidate my debt instead.

Maybee(etc), the one thing I wont do is sell my integrity. I am a man of faith and the one thing I do not want to do is screw people over (I am a God fearing man). As far as you predicting what I (or anyone else for that matter) am going to do or not do is wrong. Being judgemental will only pass judgement onto yourself. And if you dont believe in a God, here is a more simpliar way of putting it: when you assume you make an "ass" out of "u" and "me". So what you think you might have done in my situation is your buisness. Your narcissistic way of thought is not going to affect me. Remember all the great people in the past, they were remembered because most went from nothing to something (doesn't necessarly have to be regarding $ but never the less...). Chris Gardner is the perfect example though in reference to this buisness (if you don't know his story, you got to check it out, its amazing).

(you see joe, I can keep my cool bro )

[/quote]

Well done sir.

Now make it a life habit to live on less than you earn. Pay off that consolidation loan and never be in debt again!

[quote=maybeeeeeeee]

Here is what scares me.  You will be in such desparate shape to make money that you will sell the highest commission products.  Do you say you won't? hah.

People like you do not belong in the business,.

[/quote]

I hear what you say Maybeee, and that is the risk that firms worry about.

Having said that, I know plenty of 'advisers' who focus on selling the highest margin product even if they don't have a penny of debt.....

[quote=killerRep]

thanks for the advice DR, im actually getting paid a lot more in my part time job then $7/hour so im not that worried anymore. Im planning to consolidate my debt instead.

Maybee(etc), the one thing I wont do is sell my integrity. I am a man of faith and the one thing I do not want to do is screw people over (I am a God fearing man). As far as you predicting what I (or anyone else for that matter) am going to do or not do is wrong. Being judgemental will only pass judgement onto yourself. And if you dont believe in a God, here is a more simpliar way of putting it: when you assume you make an "ass" out of "u" and "me". So what you think you might have done in my situation is your buisness. Your narcissistic way of thought is not going to affect me. Remember all the great people in the past, they were remembered because most went from nothing to something (doesn't necessarly have to be regarding $ but never the less...). Chris Gardner is the perfect example though in reference to this buisness (if you don't know his story, you got to check it out, its amazing).

(you see joe, I can keep my cool bro )

"Well did you ever hear "neither a borrower or lender be"

Maybeeeeee you should practice what you preach.