To anyone who once had nothing and is now worth 7 or 8 figures:

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP I've read all your posts and here are my thoughts.

I am not super familiar with this, but am aware that FFX has set aside 'workforce' housing/apartment units intended to assist people just like you - middle income, working, maybe single parent. Am sure the county website has pages and contact numbers for more information.
And as you know before/after care at SAC is on a sliding scale, and some daycare centers have special set asides for single moms - if you have not previously inquired, make sure to ask.
The child support should be a big help for getting on a more secure footing. I'd put it to the daycare while paying down the credit cards. Then move on to paying off the car asap. Then I would keep aggressively saving to build up a serious emergency fund - maybe 6 months expenses because you don't have a fall back right now as a single working mom. Put your raises and bonuses and any money saved from frugality to debt payoff and then emergency fund buildup.

Also, I'd start reading the good personal finance writers, from the library. David Ramsey on debt payoff. David Bach on how to save automatically to overcome your own worst instincts, Eric Tyson on how to invest most effectively and avoid getting ripped off.

You are going to make this happen OP and will be amazed in 5 years and in a totally different place in 10 years.

You will be surprised. I already checked those and i do not qualify for any housing from the county. I don't make enough money but i make enough to be out of the threshold. Last time I checked the maximum income to qualify for a 2 people household was $68,800. I make $70,000 my luck! I actually considered bribing my employer to decrease my salary to $68,000 so I oculd qualify I have not heard of daycares offering rates for single parents either. Where are those? Yeh I can't wait for the child support to kick in, per the papers, it is supposed to be $1k/month so that will be a huge help when I start getting it.

This is pp. OP, I may have been misled by some posts that weren't yours. Did you say you make $70 k salary but then also post that you got your start in insurance, but 1/2 of your income comes from other sources, or was that another poster responding? Sorry I thonk i misunderstood and thought you were making $35k salary, $35k other sources.

OP Here- I am not the insurance poster, I do not work in insurance. I make $70k a year from my full-time job

[Anonymous]

This is 20:53 again. So..if you are a top performer and your firm gives 10% - 20% bonuses and you work a part time job on top of it, why don't you just talk to your boss or HR and see if you can take on a special stretch assignment tied to a larger bonus? Ask for the money & show you're worth it. Think like a guy!

[Anonymous]

Anonymous wrote:This is 20:53 again. So..if you are a top performer and your firm gives 10% - 20% bonuses and you work a part time job on top of it, why don't you just talk to your boss or HR and see if you can take on a special stretch assignment tied to a larger bonus? Ask for the money & show you're worth it. Think like a guy!

I wish it worked that way. It doesn't. There are strict guidelines as far as pay and bonus in my industry, i-e they rarely deviate from the guidelines. (I work in Banking)

[Anonymous]

20:53 again - then I agree you should look at sectors that better reward effort - in Tyson's you have high tech firms -- also in Reston and further out with good schools and lower CoL. Also commercial real estate. Good luck!

[Anonymous]

Anonymous wrote:20:53 again - then I agree you should look at sectors that better reward effort - in Tyson's you have high tech firms -- also in Reston and further out with good schools and lower CoL. Also commercial real estate. Good luck!

What do you mean by that? As far as my job, I need to stay put for another 4-5 years, and then I can make a lot more than what i am making now, but I need the experience to get there. I can double my salary in 5 years if I stay put

[Anonymous]

Anonymous wrote:

Anonymous wrote:Stuff may be a burden but you shop for your kids at Goodwill. Sorry that is lame. I'm not saying go crazy with money, I'm saying have some freaking balance in your life which you clearly lack. And one purse worn for 5 years looks worn - I don't care what you say.

Ummm...have you actually owned one of those very expensive purses? Not the ugly cloth logo covered stuff at Macy's, but the purses that cross the line into genuine quality? $2,000 is on the low-end of that group. They actually DO last a very long time, though.

Not all leather is the same. There is genuine pebbled deerskin, for example, which is very tough, and mid-grade leather pebbled to look so, which is not. You cannot tell upon purchase, but you certainly can in 5 years.

Do you actually KNOW how long alligator leather lasts? Think of the animal, and take a wild guess. It's quite longer than 5 years, my friend.

Yes, I have and have owned Prada, Gucci and Chanel bags. I have multiple designer bags and after some time, especially with daily use, they get worn. Also, have had pebbled leather which wears well, but eventually the straps and corners will look worn. You are not buying Hermes for 2k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Stuff may be a burden but you shop for your kids at Goodwill. Sorry that is lame. I'm not saying go crazy with money, I'm saying have some freaking balance in your life which you clearly lack. And one purse worn for 5 years looks worn - I don't care what you say.

Ummm...have you actually owned one of those very expensive purses? Not the ugly cloth logo covered stuff at Macy's, but the purses that cross the line into genuine quality? $2,000 is on the low-end of that group. They actually DO last a very long time, though.

Not all leather is the same. There is genuine pebbled deerskin, for example, which is very tough, and mid-grade leather pebbled to look so, which is not. You cannot tell upon purchase, but you certainly can in 5 years.

Do you actually KNOW how long alligator leather lasts? Think of the animal, and take a wild guess. It's quite longer than 5 years, my friend.

To follow up, ostrich and croc goods, if taken properly care of, can be handed down to your heirs. They can seriously last many many decades if you take some care, even with regular use.

You show ignorance with your comment, PP.

PS those bags were not used daily! People with nice things don't just have one. What on earth are you saving it all for?

[Anonymous]

Anonymous wrote:

Anonymous wrote:20:53 again - then I agree you should look at sectors that better reward effort - in Tyson's you have high tech firms -- also in Reston and further out with good schools and lower CoL. Also commercial real estate. Good luck!

What do you mean by that? As far as my job, I need to stay put for another 4-5 years, and then I can make a lot more than what i am making now, but I need the experience to get there. I can double my salary in 5 years if I stay put

20:53 again. Then you should be fine!!

[Anonymous]

Anonymous wrote:

Anonymous wrote:20:53 again - then I agree you should look at sectors that better reward effort - in Tyson's you have high tech firms -- also in Reston and further out with good schools and lower CoL. Also commercial real estate. Good luck!

What do you mean by that? As far as my job, I need to stay put for another 4-5 years, and then I can make a lot more than what i am making now, but I need the experience to get there. I can double my salary in 5 years if I stay put

PP here that wrote the really long response and mentioned my mom being very scrappy and creative. It sounds like it makes sense to stay at your current job. I do think you may need to consider working more at a second job at least for a few years. You are too young to probably remember "In Living Color" Hey Mon skits. You need to be more like that. There is no "oh I could work an extra 20 hours working from home but I am too tired to do more than 10" when you are in credit card debt and can barely pay bills. I have friends in professional positions, including PhD, that had second jobs working all weekend when they needed to have them to get finances straight. You said your ex helps out on weekends, is there any way you could do more In-home work during the weekends and get closer to 20 hours per week? Or look to see if there is another 2nd job or maybe 3rd job, that would pay slightly more. I'm thinking maybe tutoring ( I don't know how much Kumon etc would pay tutors or an independent tutoring center) or teaching an online class in finance. Working 60-65 hours per week plus raising a child won't be easy but that 2nd or 3rd job for 2 years could wipe out the CC debt and start to get you out of the paycheck to paycheck living. If you combine that with the gradual banking job salary increases plus bonus plus potential to double salary in 5 years I'm seeing the light at the end of the tunnel.

Also, while not an advocate of borrowing money from your parents, if you worked more at the 2nd job and possibly had a 3rd job (babysitting, tutoring etc.) and had a real plan to pay your parents back with interest but less than credit card interest, they may consider it. I don't lend money to my sisters because I know it is one of those they need money and have no way to pay it back and will get indignant should I ask for any of it back so unless I am feeling like I want to give a gift of X amount, I won't do it. If they actually had a plan and had 2 or 3 jobs and could show how they would make the extra money to pay me back over a year and still be able to pay bills I would think about it. Knowing what I know now though I would start with a small amount and have them build up a track record of repayment before I considered a larger amount.

Good luck.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Stuff may be a burden but you shop for your kids at Goodwill. Sorry that is lame. I'm not saying go crazy with money, I'm saying have some freaking balance in your life which you clearly lack. And one purse worn for 5 years looks worn - I don't care what you say.

Ummm...have you actually owned one of those very expensive purses? Not the ugly cloth logo covered stuff at Macy's, but the purses that cross the line into genuine quality? $2,000 is on the low-end of that group. They actually DO last a very long time, though.

Not all leather is the same. There is genuine pebbled deerskin, for example, which is very tough, and mid-grade leather pebbled to look so, which is not. You cannot tell upon purchase, but you certainly can in 5 years.

Do you actually KNOW how long alligator leather lasts? Think of the animal, and take a wild guess. It's quite longer than 5 years, my friend.

To follow up, ostrich and croc goods, if taken properly care of, can be handed down to your heirs. They can seriously last many many decades if you take some care, even with regular use.

You show ignorance with your comment, PP.

PS those bags were not used daily! People with nice things don't just have one. What on earth are you saving it all for?

We will have to agree to disagree, then. I am glad your bag collection brings you such satisfaction. It is not my thing, however.

As to what I'm saving it for? For my children and grandchildren and (god willing) great-grandchildren, I suppose. So they can pursue endeavors without worrying about a paycheck. Artistic, charitable, interesting endeavors. Whatever makes them happy productive peple.

I understand wanting multiples of something; I have multiples of things too. Some people collect marbles, some people collect Pokemon, some people collect cars, I guess you collect bags? None of the aforementioned 4 things appeal to me, however.

If for whatever reason it doesn't stay in the family it will go to charity. Where else would it go?

You say "People with nice things don't just have one." Why not? Do you always have a dozen food processors if you have just one? Skis? China set? Grand piano? What about a vacation house? OK, I take that back about vacation homes, that makes a lot more sense, unless they are all right next to each other, in which case, that's just kind of weird unless you're a landlord or something. What about boats? Do you have just one really biggish boat, or a collection of boats? Personally, one big boat is better, no?

I think having a whole bunch of bags is kind of strange, honestly. I thought that Marcos woman was really odd with her billion pairs of shoes, too. Why do you want a billion pairs of shoes? I know someone who collects stuff, but it doesn't depreciate like shoes, so there's some justification for it. Having a bunch of bags is like having a bunch of socks or underwear. Don't get me wrong, I love me a pair of nice underwear, but I have just what I need. Would never say that IRL though. Lord knows I have my idiosyncracies...I collect weird stuff too, now that I think about it.

A guy I know "collects" women and sexual conquests, talk about money drains and headaches! But he loves his collection. Dude actually can't imagine why a man would want just one woman, and he can't stop. So I guess it's like that. Whatever floats your boat! Some men just want one,though. A real well-made, long-lasting one, but just *one* wife.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:20:53 again - then I agree you should look at sectors that better reward effort - in Tyson's you have high tech firms -- also in Reston and further out with good schools and lower CoL. Also commercial real estate. Good luck!

What do you mean by that? As far as my job, I need to stay put for another 4-5 years, and then I can make a lot more than what i am making now, but I need the experience to get there. I can double my salary in 5 years if I stay put

PP here that wrote the really long response and mentioned my mom being very scrappy and creative. It sounds like it makes sense to stay at your current job. I do think you may need to consider working more at a second job at least for a few years. You are too young to probably remember "In Living Color" Hey Mon skits. You need to be more like that. There is no "oh I could work an extra 20 hours working from home but I am too tired to do more than 10" when you are in credit card debt and can barely pay bills. I have friends in professional positions, including PhD, that had second jobs working all weekend when they needed to have them to get finances straight. You said your ex helps out on weekends, is there any way you could do more In-home work during the weekends and get closer to 20 hours per week? Or look to see if there is another 2nd job or maybe 3rd job, that would pay slightly more. I'm thinking maybe tutoring ( I don't know how much Kumon etc would pay tutors or an independent tutoring center) or teaching an online class in finance. Working 60-65 hours per week plus raising a child won't be easy but that 2nd or 3rd job for 2 years could wipe out the CC debt and start to get you out of the paycheck to paycheck living. If you combine that with the gradual banking job salary increases plus bonus plus potential to double salary in 5 years I'm seeing the light at the end of the tunnel.

Also, while not an advocate of borrowing money from your parents, if you worked more at the 2nd job and possibly had a 3rd job (babysitting, tutoring etc.) and had a real plan to pay your parents back with interest but less than credit card interest, they may consider it. I don't lend money to my sisters because I know it is one of those they need money and have no way to pay it back and will get indignant should I ask for any of it back so unless I am feeling like I want to give a gift of X amount, I won't do it. If they actually had a plan and had 2 or 3 jobs and could show how they would make the extra money to pay me back over a year and still be able to pay bills I would think about it. Knowing what I know now though I would start with a small amount and have them build up a track record of repayment before I considered a larger amount.

Good luck.

Thank you for your message. The way it is now, I am out of the house from 7 to 6h30 during the week, so i see my DC from 6h30 to 8 pm ( bedtime) every day. DC goes to dad's house on weekends, mostly every other weekend. It is hard to had a 2nd job to that + spend time with my kid. Yes I want to pay of my cc debt and save money, but I don't want to do it at the expense of my kid, where I spend zero time with DC because I have a second job, we don't spend enough time as it is now and i only have one job. This is why Iam not able to work the additional 30 hours of the work from home job, I usually can manage 10 hours by doing 1or2hours a day after 9pm. I can not get another job on top of this and be a parent. For borrowing money, I know my parents would be open to that, they have offered to lend me the down payment money to buy a house if I wanted to. I am not exploring that option right now, because that would just be another payment to make even though i know they won't charge any interest or ask for it back, but i am a very responsible person and I pay my debts and would not feel comfortable just having my parents right me a check and never pay back. I want to suck it up, work as hard as I can for the next 5 years, pay down the CC +car and then I will be debt free. My total debt right now is less than $10k, once that is wiped out, I will start saving. I saw some condos in Oakton/ vienna area for about $240k for 2 bedrooms. I think I might get one of those once I pay the debt off, good schools, relatively easy commute to Tysons, not crazy expensive. I am also trying to sublet my place right now (lease expires in May) so I can move to a smaller cheaper place like you guys recommended for about $1k. Thanks all for the advice shared.

[Anonymous]

I am not trying to be rude but Op is just full of excuses, she can't do this, can't do that. You are able to justify every single decision that has put you into the position in which you ask for advice but aren't truly willing to change. Couponing, and meal planning, the on,y thing you seem open to doing, aren't going to make you 7 figures. Sorry.

The difference between you and someone like me, who had nothing but now is worth 8 figures, is because I have grit, I am a tough broad, when I was 6 figures in student loan debt and 4 figures in CC debt I did everything I could to make and save money. At one time I had 5 different jobs. I drove the same car, used and paid for for over 10 years. I cut up all my credit cards. I had roommates. I ate oatmeal, generic no less, for dinner all the time. A meeting with free food at work, I was there. I didn't shop at goodwill or anywhere. Period. It took 10 years to erase all debts and get to my current worth, but I did it.

You are wasting our time asking for phony help, be honest. You don't want to change, and that's ok. But don't ask for suggestions and just shot them down, one by one by one.

[Anonymous]

Anonymous wrote:I am not trying to be rude but Op is just full of excuses, she can't do this, can't do that. You are able to justify every single decision that has put you into the position in which you ask for advice but aren't truly willing to change. Couponing, and meal planning, the on,y thing you seem open to doing, aren't going to make you 7 figures. Sorry.

The difference between you and someone like me, who had nothing but now is worth 8 figures, is because I have grit, I am a tough broad, when I was 6 figures in student loan debt and 4 figures in CC debt I did everything I could to make and save money. At one time I had 5 different jobs. I drove the same car, used and paid for for over 10 years. I cut up all my credit cards. I had roommates. I ate oatmeal, generic no less, for dinner all the time. A meeting with free food at work, I was there. I didn't shop at goodwill or anywhere. Period. It took 10 years to erase all debts and get to my current worth, but I did it.

You are wasting our time asking for phony help, be honest. You don't want to change, and that's ok. But don't ask for suggestions and just shot them down, one by one by one.

Good for you! You do realize that I have a child and can't take 5 jobs? Couponing and meal planning won't make me 7 figures, I know that. Never said it would. I was responding to suggestions about managing my debt and saving money, nothing to do with making 7 figures, that's another topic. I also never said I wanted to make 7 figures, my questions were to people who have 7 figures who come from nothing and how they felt when they had nothing which is where i am right now, but thanks for your comment. I do not want to waste anymore of your time, so you do not have to respond.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am not trying to be rude but Op is just full of excuses, she can't do this, can't do that. You are able to justify every single decision that has put you into the position in which you ask for advice but aren't truly willing to change. Couponing, and meal planning, the on,y thing you seem open to doing, aren't going to make you 7 figures. Sorry.

The difference between you and someone like me, who had nothing but now is worth 8 figures, is because I have grit, I am a tough broad, when I was 6 figures in student loan debt and 4 figures in CC debt I did everything I could to make and save money. At one time I had 5 different jobs. I drove the same car, used and paid for for over 10 years. I cut up all my credit cards. I had roommates. I ate oatmeal, generic no less, for dinner all the time. A meeting with free food at work, I was there. I didn't shop at goodwill or anywhere. Period. It took 10 years to erase all debts and get to my current worth, but I did it.

You are wasting our time asking for phony help, be honest. You don't want to change, and that's ok. But don't ask for suggestions and just shot them down, one by one by one.

Good for you! You do realize that I have a child and can't take 5 jobs? Couponing and meal planning won't make me 7 figures, I know that. Never said it would. I was responding to suggestions about managing my debt and saving money, nothing to do with making 7 figures, that's another topic. I also never said I wanted to make 7 figures, my questions were to people who have 7 figures who come from nothing and how they felt when they had nothing which is where i am right now, but thanks for your comment. I do not want to waste anymore of your time, so you do not have to respond.

OP, sorry but this latest is just not true. Here's what you originally posted - nothing about "my questions were to people who have 7 figures who come from nothing and how they felt when they had nothing which is where i am right now." I'm starting to think I've been wasting my time on this thread trying to help you.
1. When you had nothing, did it ever seem possible to you to one day have 7 or eight figures?

2. How does it feel psychologically and emotionally to have 7 or eight figures?

3. How long did it take?

4. Any tips on how to achieve such a feat?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am not trying to be rude but Op is just full of excuses, she can't do this, can't do that. You are able to justify every single decision that has put you into the position in which you ask for advice but aren't truly willing to change. Couponing, and meal planning, the on,y thing you seem open to doing, aren't going to make you 7 figures. Sorry.

The difference between you and someone like me, who had nothing but now is worth 8 figures, is because I have grit, I am a tough broad, when I was 6 figures in student loan debt and 4 figures in CC debt I did everything I could to make and save money. At one time I had 5 different jobs. I drove the same car, used and paid for for over 10 years. I cut up all my credit cards. I had roommates. I ate oatmeal, generic no less, for dinner all the time. A meeting with free food at work, I was there. I didn't shop at goodwill or anywhere. Period. It took 10 years to erase all debts and get to my current worth, but I did it.

You are wasting our time asking for phony help, be honest. You don't want to change, and that's ok. But don't ask for suggestions and just shot them down, one by one by one.

Good for you! You do realize that I have a child and can't take 5 jobs? Couponing and meal planning won't make me 7 figures, I know that. Never said it would. I was responding to suggestions about managing my debt and saving money, nothing to do with making 7 figures, that's another topic. I also never said I wanted to make 7 figures, my questions were to people who have 7 figures who come from nothing and how they felt when they had nothing which is where i am right now, but thanks for your comment. I do not want to waste anymore of your time, so you do not have to respond.

OP, sorry but this latest is just not true. Here's what you originally posted - nothing about "my questions were to people who have 7 figures who come from nothing and how they felt when they had nothing which is where i am right now." I'm starting to think I've been wasting my time on this thread trying to help you.
1. When you had nothing, did it ever seem possible to you to one day have 7 or eight figures?

2. How does it feel psychologically and emotionally to have 7 or eight figures?

3. How long did it take?

4. Any tips on how to achieve such a feat?

I still don't know why you are confused??? My questions are out of curiosity, I am curious , AND i am looking for inspiration and motivation that's ALL. MY personal situation has nothing to do with this thread. I brought it in because someone asked on page 1 why i was asking these questions. I have clearly stated that I am not looking to be RICH , I just want to be comfortable, my parents are rich, and came from well off families. I wanted to get the perspective of people who Have been where i am today i-e with NOTHING and how they turned it around. Sorry you feel like you wasted ur time.