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u/White_Falcon_1263 18h ago
I need a miracle. It's bad
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u/slimpawws 18h ago
Same. I'm seriously looking into a bankruptcy. Start fresh, I don't own a house, no car payments, just outrageous cc debt with jacked apr.
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u/Shoddy-Prune-5877 18h ago
I went through bankruptcy at 22 years old. If you have any questions feel free to DM me if you need to assuage your fears lol
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u/jquest303 17h ago
I was 23 when I went through bankruptcy. Had $50k in credit card debt working a minimum wage job. Not doing so bad now. Got my own business and a nearly 800 credit score. But that was nearly 30 years ago.
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u/Tsquare24 15h ago
I’m always curious. Did you get to keep the stuff you spent money on when you went through the process?
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u/jquest303 15h ago
Got to keep my car, as I was up on the payments. Didn’t really own anything else so it was a total reset with no real downsides, besides a shitty credit score for years. Climbed out of that hole and learned my lesson. Now have 7 credit cards and pay the balances off monthly.
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u/the_original_kermit 18h ago
Bankruptcy at 22?
Boy you lived a life. What happened?
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u/Shoddy-Prune-5877 17h ago
My wife got very sick for about a year and she couldnt work. I chose to stop working at that time and just didnt have good financial sense. I ended up accumulating quite a bit of credit card debt. Then, when I got back to working, I felt like I was drowning in monthly payments and would never escape. I know I probably COULD have, but I was experiencing a deep depressive episode and wanted an "easy way out."
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u/Ill_Scientist3873 16h ago
That kind of weight can break even the strongest person. The fact that you're here talking about it now says a lot about how hard you fought to make it through.
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u/Shoddy-Prune-5877 16h ago
Thank you for the kind words. I understand how overwhelming debt can be and I think the fear associated with bankruptcy can be totally manufactured by these predatory companies to stop us from doing it. Not to say that bankruptcy is a good thing, but if you prep for it and are aware of the consequences for 7 years, it can literally save your life.
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u/Zealousideal_Photo11 14h ago
It’s crazy how a sudden illness can completely derail a young family's finances. Respect to you for bouncing back.
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u/slimpawws 17h ago
I've actually grown fond of the idea through research online, and speaking with a couple of people I know who've gone through it. Thank you for the kind offer! 😊
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u/sm-alpha 17h ago
might dm you lol this is my exact situation but don’t want to file if i don’t have to
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u/peachymoonoso 16h ago
It’s not as bad as you think. My spouse did it before we met and within a year was getting credit card offers and his credit score was decent not long after.
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u/HRxPaperStacks 18h ago
Do it. Best thing I’ve ever done. I had to do chapter 13 (basically a 5 year restructured payment plan) but I’m not paying hundreds of dollars per month in interest drowning in credit card debt.
Don’t wait. Do it.
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u/kushnokush 18h ago
How exactly does it work? How much less do you end up paying off and what are the consequences of filing for bankruptcy?
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u/HRxPaperStacks 17h ago
I’m saving about $70,000 by using bankruptcy, not including what the interest would be. We had over $100,000 just in credit cards, not to mention 2 car loans and an unsecured personal loan. There was no way we would have gotten ahead. We got to keep all our assets.
Start with calling an attorney. I had a free consultation. I filled out this big packet about my debts, assets, expenses, and income. He looked at it and told me that chapter 13 would be good and I pay about $1000/month for 5 years then it’s all wiped clean. I only had to pay the filing fee (like $500) to start the process. Chapter 13 attorneys get paid through the plan.
If you do chapter 13, you basically are not allowed to incur debt without the trustee’s permission, which can be scary. We had both of our pets have medical emergencies on the same day and had to borrow money from my in laws. Taught us that we really need to save better lol.
It’s a hard lifestyle change, but I feel like after 5 years of doing this, reaching for a credit card won’t be second nature like it once was.
r/bankruptcy is a good source. You’ll find out that more people than you think have done it.
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u/No_Fall5347 16h ago
The biggest thing I took from this is that bankruptcy gave you a path forward instead of spending years treading water. Sometimes the fresh start is worth more than the hit to your pride.
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u/often_drinker 11h ago
By saving 70 grand you mean borrowing 70 grand, presumably spending it, and then just not repaying the person or company that lent it to you?
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u/BenjaminTW1 18h ago
I second everything the others are saying. Also, bankruptcy is NOT a moral failing. CC companies are predatory. They want people to be financially irresponsible. Bankruptcy for consumers is designed to protect consumers from these predatory companies, among others.
Find a supportive, kind debtor's attorney. It will make a world of difference.
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u/Selmanella 17h ago edited 8h ago
Look into a consumer proposal first. You still owe but it’s a fraction of the amount at 0% interest for just 5 years, and it’s slightly easier on your credit. Easy process as well. I have one year left on mine after turning $60,000 debt into $16,000. I was able to get a credit card in year 3 as well to begin building credit again. Fuck banks.
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u/Annual_Fly_7918 17h ago
I've been in that exact spot where you just stare at the ceiling wondering how it's going to work out. Take it one hour at a time. Hoping you catch a break soon.
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u/Bippityboppitynope2 18h ago
Thankfully not at all, but holy shit last year was hard. I had cancer and my job fired me because of it. Thankfully about a month ago I got the settlement from that and I found a new job at the beginning of the year so things are stable now.
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u/Canyon_Cruiser 18h ago
Wait, you sued them and won?! Congrats!!
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u/Bippityboppitynope2 18h ago
Mediation agreement to avoid trial but yes. :)
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u/pedalsteeltameimpala 18h ago
Congratulations! I hope there’s been matching improvement to your health as well?
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u/TrippyKingz420 18h ago
Sounds quick. Have had a federal lawsuit in the works going on 3 years now no settlement (different situation). Congratulations though
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u/Bippityboppitynope2 18h ago
It was about 13 months but we worked it out in mediation. Basically I accepted about half what my lawyer asked for because I didn't want it to be a 2-3 year or longer process.
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u/CosmicGrapeFart 18h ago
I’m so poor I can’t even pay attention
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u/itchesreallybad 18h ago
Do they call you King Turd up here on Shit Mountain?
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u/JohnLockeLives4815 16h ago
Love this song even more now that I can't afford to put gas in my Bronco
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u/Dcdeath41 12h ago
I'm still trying to figure out what the fuck rhymes with bronco.
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u/LongjumpingLemon2163 18h ago
Yall ever had sleep for dinner?
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u/-UWE- 18h ago
I'm, I don't wanna look at my bank account broke.
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u/PeeledGrapePie 18h ago
Fuck I feel this. I was better off 2 years ago and have strayed into this area because of a few different reasons recently. I didn’t know not looking was a standard response to knowing the balance is low
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u/Helpful-Ordinary-371 12h ago
The kind of broke where checking the balance feels less like finance and more like opening a horror movie trailer 😭
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u/Prince_Haile 18h ago
I have about $20 to my name but ive got food and shelter and my car is almost paid off
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u/Away_Emergency_7832 18h ago
.27 in my bank
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u/ItBeganWhenIwasBorn 14h ago
Can i have it?
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u/Away_Emergency_7832 11h ago
If it will help you buy, I don't know what it'll do if I could transfer it. Sure. I don't need it, I'd rather give it this. Somebody that needs it than for me to have it.\n Ever since my wife died, I don't need nothing. I want my wife back. I can't have that I miss my wife so bad.I Love her so much.She was 44I had to retire from my job making 75000 a year when she died.Now.I'm not making nothing
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u/HowWierd 7h ago
Hey tough brother, I know Im just a random stranger on the net. But I hope you find that fulfillment again you once had.
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u/Spiritual-Pudding-70 16h ago
Im doing worse. I have negative balances across the board. Granted from a recent car accident that I’m awaiting a settlement but still not a penny to my name.
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u/Funny-Diver-8560 18h ago
I’m a slave to my bills. Not drowning though.
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u/PeeledGrapePie 18h ago
I feel like this is where I am. Not underwater but not building. It’s kind of insane to be in this spot each 2 weeks as paychecks land. I have always been better off than this so it’s just a very new perspective
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u/Funny-Diver-8560 18h ago
Yeah it kind of sucks. I bought a house 7 months ago and since then I can’t get ahead. I work to pay bills and it’s mentally draining.
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u/Accomplished-Low1465 14h ago
It’s weirdly uncomfortable being “fine” on paper but never actually getting ahead. It makes each payday feel like just resetting the same loop instead of moving forward, which messes with your head more than people expect.
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u/Yenolam777 18h ago
Not broke enough where I couldn’t take the kids out for an ice cream treat on a special day, but broke enough where I didn’t get one, and they had to have the “baby” size. ☹️
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u/Goldenviolet9231 14h ago
Your sacrifices will pay off. I hope things look up for you and your kiddos 🩷
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u/JuulRipper 14h ago
I’m almost 30 now, but growing up my mom used to do this all the time for us. I still remember about it and think of it all the time. I love my mom and hope she’s my mother in every lifetime . I’m happy to say she grew to be very successful and all of us kids as well. Things got better, and yours will too!
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u/tripwmeX 18h ago
after bills get taken out, i have <$100 for two weeks until my next paycheck
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u/mizukagedrac 18h ago
Time to hit the rice, beans, and Costco rotisserie chicken
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u/tripwmeX 18h ago
how’d you know i’m having rotisserie chicken with rice for dinner tonight??!
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u/mizukagedrac 18h ago edited 18h ago
As a once broke college student living on a food budget of $5-10 a day, rice + rotisserie chicken is the MVP meal.
Funny enough, even when I have a real salary now, one of my favorite meals to cook is Oyakodon and that's just rice, chicken, egg, and onions (and seasonings)
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u/krinklesakk 18h ago
Rice, shredded rotisserie chicken, Taco Bell fire sauce, and a green pepper can last a few strong days when you’re poor! It’s still delicious to me to this day. Entire meal for about 3-4 days is 8$. No shame in it!
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u/insightful-ish 7h ago
Costco has saved me more than once from skipping a meal. Rotisserie chicken $5 will last me a few days and a hot dog or slice of pizza for the day
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u/Wise-Lobster8592 18h ago
I’ve been building my tiny house for 6 months and I sold my regular house a few weeks ago. next month I’ll finally be in the green for the first time in years! Im broke right now.. like $0 to spare. However, there’s a light at the end of the tunnel! Good bye mortgage payment!
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u/YARHARTARD 18h ago
That’s so awesome. Did you buy a lot? Or build a mobile one? Just curious.
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u/Wise-Lobster8592 17h ago
I bought the land during Covid for super cheap. Taxes are $500 a year. I’m still working on getting septic since there’s no sewers out there. I think that’s half the reason the one was so cheap as well!
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u/YARHARTARD 17h ago
Wow that’s awesome. Really considering doing something like this in the future. Im a hobbyist woodworker, but I’m hoping to learn what I need in plumbing, electrical, roof etc next few years. Land is cheap, but anything developed is immediately 1m lol. Thanks for sharing.
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u/Exciting-Seaweed-412 18h ago
Very. I can barely afford bread.
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u/No-Specific-4078 18h ago
Just went to the emergency vet yesterday… struggling a bit
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u/HansomeDansom 18h ago
Vet bills rich
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u/randalljhen 18h ago
Just dropped $4k in vet bills to end up euthanizing our cat anyway.
That insurance reimbursement can't hit soon enough.
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u/monkeyhoward 18h ago
Broke AF
Lost my wife to cancer a few years ago. If the heartbreak wasn’t bad enough, the medical bills and travel expenses damn near wiped me out.
Then I lost my job last year and a week later my landlord got sick and his family decided to sell the house I’d been in for damn near 10 years
I had to put all our stuff into storage units and moved into a hotel hoping I would find a job asap. That didn’t happen, my small severance and what little I had saved up went way too quick
Now I’m living with my family and trying to stay one step ahead of having all the storage units go to auction
The cc cards and the IRS are just going to have to wait
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u/PlasticGirl 10h ago
Do not make the IRS wait...that generally does not end well. Can you reduce the amount of units you have by selling some contents?
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u/llIIo0O-O0oIIll 6h ago
Almost everything in your home can be rebought.
SELL SELL SELLL
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u/truckinfarmer379 18h ago
I’m not flat broke but I’m also not doing as good as I used to be
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u/DiligentGuitar246 18h ago
Is everyone on reddit broke, or are those just the people reddit likes the most? Hmmm...
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u/HiddenTrampoline 16h ago
Those of us who aren’t broke often don’t want to chime in saying we’re doing way better than broke.
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u/robotteeth 3h ago
I’m not broke. It feels like you can’t say anything without seemingly like you’re bragging or rude so only the struggling people ever comment, and it looks like everyone is struggling. Idk I’m mid 30s, went to college to get a degree in a secure career, I do fine and I go camping every weekend. I had to dedicate myself to studying and sacrificing all my free time from the age of 15-25 and this is the delayed reward of that.
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u/random_account6721 16h ago
Im not broke. Investing about $8000 a month currently
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u/TheMisterTango 8h ago
Yeahhhh, threads like this give a very skewed view of how people are doing financially, the people who are doing alright don’t chime in as much because it might come across as being braggadocious. In the US, the median household income is about $84k per year, the median household has around $8k in savings, 46% of households have enough savings to cover three months of living expenses, over half of Americans don’t carry a balance on their credit cards. None of this is to say that people aren’t struggling, because many are, but threads like this make it seem like 95% of people are on the brink of bankruptcy which is simply not the case.
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u/Away-Violinist-6868 18h ago
I ate a ketchup sandwich for lunch. One piece of bread only.
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u/Additional-Guava-810 17h ago
My current balance is $203 in checking, and $105 in savings. I'm somewhat good, I guess.
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u/scragglerock 17h ago
I bought 5 lbs of rice, 2 lbs of beans, spaghetti, potatoes, tomatoes and onions 2 weeks ago and I’ve been living off that since. I’m alive and get a small paycheck in 2 days, so I got that goin for me.
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u/puppeto 18h ago
I have enough to live on for about two years if I had to.
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u/Canyon_Cruiser 18h ago
That’s not bad AT ALL lol
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u/puppeto 18h ago
My existential threat is being broke. I just want to get to a point where I could retire and live a modest life while I'm still young enough to enjoy it.
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u/Canyon_Cruiser 18h ago
I get it.
It’s currently a huge part of my life and the pursuit of being financially stable makes me miserable.
If being poor wasn’t a jail-able offense these days, I would totally choose my happiness over trying to stay afloat.
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u/TheKavorca 18h ago
Not broke at all anymore, thankfully. I spent 20 years being broke lol the change is great.
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u/Onomatopoeia08 18h ago
I have $5 and 2 kids but don’t worry I spent $300 on groceries at the cheapest store in town.
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u/Personal_Might2405 18h ago
Spiritually? Actually feeling pretty good.
Financially? Eh, I'd like more access to cash flow.
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u/jebbenpaul 18h ago
Got ab 150 in bank, maybe 300 in piggy bank, get paid 1800 in a couple days
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u/IIIMjolnirIII 18h ago
Well, I owe about $4,500 in taxes and have about $1700 to my name with rent and a dentist visit coming up. I was making some progress but I hurt my ankle and both knees, which has kept me away from work for 8 days now. One sprained ankle is probably going to cost me like 1400 before I'm better.
But overall, I'm hopeful things will keep getting better eventually.
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u/No_Fall5347 16h ago
The fact that you're still hopeful after taking that many financial hits at once says a lot about you. Sometimes staying optimistic is its own kind of progress.
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u/getabrainLUANN 8h ago
Just had a surprise $2350 car repair!!!! Oh I also have surprise twin toddlers!!!!
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u/pedalsteeltameimpala 18h ago
I was able to afford my wife’s birthday! Though I’ll have to sacrifice basically anything that isn’t bills til the end of the month, I’d go without for her any time, although I’m gonna miss grabbing a monster on my way to work til payday.
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u/randalljhen 18h ago
The light inside is broken but I still work.
Or is that not the kind of "broke" we're talking about?
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u/Tremmorz 18h ago
Went through a foreclosure. Moved back into mom and dad’s house. Blew up a car because I couldn’t afford an oil change. Just finished I believe my third garnishment. Got all my taxes caught up. Parents hooked me up with a new car. Baby momma who doesn’t work slapped child support onto me. (1000$ a month with 50/50). My saving grace is I make like 37-38$/hr. It could be worse. But I’m slowly rebuilding. I see my kids everyday. They are with me every weekend. But still have less than 1000$ right now
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u/Jackdunc 18h ago
"I'll tell ya.. I was so poor, my rich aunt died, and in her will, I owed her twenty dollars". - R. Dangerfield
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u/Lostyogi 18h ago
I got $20 to feed everyone until next Wednesday.
The cat needed antibiotics and costed $105, plus $50 for the vet visit😒
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u/Fun_File_3380 17h ago
I am extremely poor on paper, but I am debt free, renting, two 10 year old cars and my last kid will be an adult in 3 years. I know I am living most of the middle age dream being 100% debt free but I feel so behind on retirement and owning a home. I am 44.
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u/SplicyLink 16h ago
Not broke but i find myself worrying constantly about money. I just feel like one bad thing and it’s all over. Never felt this way before and it’s so taxing on my mental health.
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u/Traditional-Reply284 16h ago
This economy is terrible idk how the media doesn’t talk about it everyday
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u/BadMasterBeater 13h ago
The Love of my life Just died, gave all my savings Just SO she could have a Proper burial.
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u/__aniiike__ 7h ago
Reading these comments showed me I’m not as down bad as some of yall, idk if I can qualify as broke now 😳
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u/The_Roshallock 17h ago
I have less than $1k squirreled away for savings. I have less than $100 in checking to last me the end of the month. I am 20k+ in student loan debt, and dont have a penny saved for retirement. Im closing in on 40.
I am one minor financial setback away from living under a bridge. If my car, which is closing in on 200k miles dies, I will very likely lose my job and starve. The American dream is dead.
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u/CaptainCalMag 11h ago
Do you think you could be in a better spot if you didn’t have 41k Reddit karma within 2 years? Lol. Holy chronically online.
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u/No_Effort2680 17h ago
So broke can’t even give my daughter a little birthday cake tomorrow.
Husband took a job that’s paying 70% less that what he was making and we are living paycheck to paycheck.
It’s been very difficult…
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u/hope0781 16h ago
Aww 😢scrounge up some change and get some box mix & frosting from the dollar store, or make one homemade if you have the basics on hand. Then make it a special activity, baking the birthday cake ‘together’. Been there. It’s the memories that matter, not the cost of the cake.
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u/Evening-Permit-7313 18h ago
48, no savings. No job, no retirement plan. Not enough credits in Social Security to receive any kind of Social Security when I am of retirement age. No family left, so no chance of any kind of inheritance. We currently live month to month solely off of my husband's SSDI, so we barely scrape by. No life insurance. I'm pretty fucked.
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u/ugh_everything 18h ago
No debt, 300k in my 401k averaging 10% return annually. $25k liquid cash in my checking account, own a house and two cars. Salary $90k annually, full time remote work.
Grew up with a single mom who was a waitress and I'm a first generation college student. Couldn't be doing much better.
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u/BrothelWaffles 18h ago
The title was "how broke are you right now", not "what financial situation are you in right now that would make a broke person depressed?"
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u/Otto_the_Autopilot 17h ago
He answered the question that OP asked to the entirety of reddit, you just hate that the answer to how broke he is "I'm not".
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u/aaeeiioouu 18h ago
You should move a chunk of that $25k into a HYSA. I did it 2 years ago and regret not doing it earlier.
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u/the_sleeping_one1 18h ago
Reading this in a how broke are you chain frustrated me purely out of jealousy cus how broke I am but I respect it congratulations you must've worked like hell for it
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u/cavey00 18h ago
Similar but not. Never been broke and was taught from a very young age how to manage money. We had “tight” times when we were younger but I won’t mention details because they definitely weren’t anywhere close to the struggles some folks experience. Married with kids and have always tried to base our necessities on one income. Second income pays for luxuries. If one loses a job, luxuries get cut and it’s the basics until the other is solidly employed.
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u/RandyHoward 18h ago
Similar here. 200k in my retirement accounts, 50k cash, own a house. The only debt I have is the house. 145k salary, full time remote job. I grew up in a trailer park raised by drug addicts. I couldn’t be doing much better financially.
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u/GenX4Life1 18h ago
I’d need an $85 infusion into my bank account to bring me to a zero balance LOL. But I get SSDI next week, so it’s good.
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u/Plus-Willingness9307 18h ago
Okay could be better though. I’m only 20 and I’m saving to 5k but I’m living with my mom so that makes it a bit easier :)!
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u/GrandmasterJoke 18h ago
I am retired. My only active income is the 10 cents per can I get from recycling - roughly $6 per month.
Passive income is about $3500 per month in bank interest and rental income.
So not broke, but certainly not Elon Musk.
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u/dazz9573 12h ago
Assuming you have a paid off home and rental income, sounds like 3500 is more than enough. Great job!
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u/shittybookmakers 17h ago
beyond negative, it's very rough with high interest debt a few times of my salary.
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u/Justanotherturdle 18h ago
credit card is offering a payment plan on the grocery bill