Anyone financially savvy?

[jdcobra]

So while being sick the majority of the year, I had got laid off from my job and of course depleted most of my savings on procedures that insurance wouldn’t cover.

I am currently looking for another job but trying to pay minimums on what I owe monthly.

My credit has also taken somewhat of a hit due to losing my job and missing some payments on my credit cards.

The question I have is besides getting a job and selling miscellaneous things I don’t have use for to get extra money, what else can I do to get caught back up and improve my credit once again?

I have about $12k in medical bills and only about $1200 in credit due.

Any help would be greatly appreciated.

 

[VegasMichael]

I know you can take hardship withdrawals from a 401/403b without penalty if it is for medical expenses.

 

[Klaus]

Do an internet search on credit counselors. They will work with you to find a realistic payment schedule and then reach out to your lenders to restructure your debt/payments. Outstanding balances are always negotiable, especially medical debt. You can also reach out directly to hospital billing department and work directly. Her is guy on Reddit that cut $12k bill down to $1500

 

[black4vcobra]

IDK if you have one but one of the reasons I have a Roth IRA is because I can get my contributions out with no penalty or taxes owed. For me it essentially serves as a savings account and retirement account at the same time.

Do you own a house? A home equity line of credit (HELOC) could be a quick way to get cash with a low interest rate.

Do not miss minimum payments on credit cards ever again. Unless the bills are real high, the minimum payments are pretty low.

As mentioned, try to workout a payment plan or reduced bill for the medical charges.

Depending on what you do and the local economy, jobs are not hard to come by nowadays so get back to work if you can.

Of course you could sell your Mustang but I'm sure that's not a desirable option.

 

[JpL4K3]

Find David Ramsey on YouTube and watch all of his videos inbetween looking for a job.

In 12 months from now your position will look 100% different from where you are today if you follow his advice.

 

[jdcobra]

Thanks for all the info guys, I appreciate it.

I don’t have a house or anything of the sort that I could borrow money on. Of course I can’t even get a loan because of my credit and no job currently.

I would sell the mustang but wouldn’t get the full amount I need to break even unfortunately.

The only issue with having to find a job is that I need to tell them why I have this year gap in my work history and I know that’s looked down upon most of the time.

 

[CV355]

The only issue with having to find a job is that I need to tell them why I have this year gap in my work history and I know that’s looked down upon most of the time.

It depends on the interviewer. You are not obligated to fully divulge "hardships." You can simply say that after a layoff, unrelated to work performance, you needed to focus on personal/family until you were in a position to re-enter the workforce. What interviewers don't want to hear, and unfortunately hear often, is "I needed a break" or "I wanted to get the full duration of unemployment benefits."

In regards to extra money, liquidating is an unfortunate necessity. Many of us have been through it, and it quite frankly sucks. 7 years ago, I had nothing. Less than nothing, technically, because I had a $24k car loan, no job, and a diminishing savings account. I sold everything that I could, which paid for about two month's worth of expenses at the time. Without a full time job, you can only liquidate so much. My advice there is only pick what you can actually make money on. If it takes more effort to sell something than the dollar value you're getting, that time would have been better spent in the job search.

If you're truly at the pennies and nickels stage, blood plasma is one option to buy you a little bit of time, but the focus really needs to be on the job search. Recruiters are your friend right now- use anything as a stepping stone.

 

[CompOrange04GT]

you live in Texas. The oil business is ****ing BOOMING. You live in a state and next to a state ( New Mexico) that is trying to hire 20,000 people at a great wage.

Hell if you're not married, and dont have kids. MANY companies will pay you to relocate over to West Tx/New Mexico.

Cypress isn't too far from a lot of oil out your way.. or even jobs in the Dallas Fort Worth area... Houston is booming.. Corpus Christi is booming.

I dont know, I could understand if you lived in like Ohio or something... but texas is ****ing BOOMING with work right now, hell even lousiana has oil.

And no.. you dont need experience. I know a guy that got hired onto an oil company out here in my area.. $34 an hour starting.. $36 after 6 months.

And many of these dont care that you havent worked.. We just need bodies BAD


i edited to not be such a penis

 

[jdcobra]

you live in Texas. The oil business is ****ing BOOMING. You live in a state and next to a state ( New Mexico) that is trying to hire 20,000 people at a great wage.

Hell if you're not married, and dont have kids. MANY companies will pay you to relocate over to West Tx/New Mexico.

Cypress isn't too far from a lot of oil out your way.. or even jobs in the Dallas Fort Worth area... Houston is booming.. Corpus Christi is booming.

I dont know, I could understand if you lived in like Ohio or something... but texas is ****ing BOOMING with work right now, hell even lousiana has oil.

And no.. you dont need experience. I know a guy that got hired onto an oil company out here in my area.. $34 an hour starting.. $36 after 6 months.

And many of these dont care that you havent worked.. We just need bodies BAD


i edited to not be such a penis

Thanks for not kicking me when I’m already down :beer:

I actually had 2 different employers in the oil field deny me because I had no experience, which I thought was BS.

I’m applying to at least 3 jobs a day. Thanks! I’ll have to look into that.

 

[LogiWorld123]

Oil rigs will hire outright felons with zero experience out in the fields. Keep hitting up the drilling companies.

 

[RDJ]

Find David Ramsey on YouTube and watch all of his videos inbetween looking for a job.

In 12 months from now your position will look 100% different from where you are today if you follow his advice.

david ramsey is a joke if you are broke and no spendable cash.

as far as the year unemployed as long as it was a lay off and you didn't get fired you will be ok just tell them that. did you file for unemployment? didn't have a chance to sign up for COBRA ?

 

[Zemedici]

Thanks for not kicking me when I’m already down :beer:

I actually had 2 different employers in the oil field deny me because I had no experience, which I thought was BS.

I’m applying to at least 3 jobs a day. Thanks! I’ll have to look into that.

PM @CompOrange04GT and see what he can do.

 

[jdcobra]

david ramsey is a joke if you are broke and no spendable cash.

as far as the year unemployed as long as it was a lay off and you didn't get fired you will be ok just tell them that. did you file for unemployment? didn't have a chance to sign up for COBRA ?

Well I wasn’t fired but I didn’t get laid off either, they were nice enough to just “let me go” as how they put it. The manager in charge was pretty cool.

 

[CompOrange04GT]

Oil rigs will hire outright felons with zero experience out in the fields. Keep hitting up the drilling companies.

in 2012 maybe. now not so much

also as a starting position... i would highly advise to not get into drilling as it's the most volatile part of the industry

PM @CompOrange04GT and see what he can do.

Basically yeah... I can give you names of companies i KNOW that are hiring, and positions to seek out

 

[LogiWorld123]

in 2012 maybe. now not so much

Coming up on the colder months, they will be looking for guys.

also as a starting position... i would highly advise to not get into drilling as it's the most volatile part of the industry

Sure is, but it pays pretty well even if the job only lasts 2 weeks. Just thoughts

 

[ford fanatic]

Find David Ramsey on YouTube and watch all of his videos inbetween looking for a job.

In 12 months from now your position will look 100% different from where you are today if you follow his advice.

This.

This is the whole reason to not carry credit card debt and have an emergency fund in place. People don't think about what they would do in hard times, until they're there...next time be prepared.

 

[CompOrange04GT]

The MAIN thing right now is I understand you were sick.. If you are on any meds for it.. let the companies know. Oil companies are hard core strict on drug tests now. ( I've been tested 4 times now in 4 months)

Hell in 2014 they were " outlawing " energy drinks on frac sites because guys were using them so much, and the hours were so insane. I would just make sure you disclose it.

 

[CompOrange04GT]

Coming up on the colder months, they will be looking for guys.

Sure is, but it pays pretty well even if the job only lasts 2 weeks. Just thoughts

Where it is going crazy we dont really have " colder" months.. We will hit 20s for a few days, but thats about it.

Everybody actually comes down here because it's warmer lol.

And these days due to safety concerns.. there is no more " only last 2 weeks" .. most companies have weeks of training before throwing guys on anymore, and that's not due to the drilling companies thats due to the production companies requiring so many things.

You have Safeland training, h2s, benzene, confined space.. blah blah blah etc etc ( fortunately companies pay you as you go through the training).. Hell my girlfriend is in oil marketing and will never step foot on an oil site, but was required to go through days of training just so she knows WHAT things are.

I wish I could say it's the wild west like it was even 4 years ago, but it's not.

 

[jdcobra]

This.

This is the whole reason to not carry credit card debt and have an emergency fund in place. People don't think about what they would do in hard times, until they're there...next time be prepared.

I had an emergency fund in place. That went to the procedures that the insurance wouldn’t cover which was a little over $10k

 

[Sleezy T]

Roughneck, Frac, coil tubing. Get a cdl and the possibilities are endless. Get nccco certified and you will have an easy job for life. I make a rediculous amount of money and most of the time just watch other people work.


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