First I want to say is that I'm only 22 and I've made a ton of mistakes, most of which are financial. To sum up the doo doo: 1. Two credit cards totaling $1000 that I don't make payments on for over 1.5 years. 2. -$600 bank account with National City, from 1 year ago. 3. $4000 repo balance on Toyota, which they are determined to get back. Toyota called me to inform me that they are perusing this in court. Other I'm guessing will follow similar route very soon. Problem: I'm unemployed. All I have ever accumulated in my life is in my brokerage account, and it's only $8000. I used to work for automotive supplier in MI for 3 years, now unemployed and on unemployment. I'm very much devoted to trading, and have almost doubled my account size. Now I feel like it's all about to go bye bye because creditors are not joking. They can go ahead and garnish my savings account that has balance of less then $100. Only reason for bank account is to fund brokerage account. But my brokerage account is sacred. Any advice to how I can prevent my trading account from those evil bastards? (It's not like I'll never pay em back, I would really like to, after I get situated, my credit is important to me no matter how messed up it is). After all, bank records will lead them to my trading account through history of ACH and Wire transfers (only activity on that account a side from deposits). I need to be able to trade. It's like the only thing I'm good at - to my surprise. Taking this away from me would force me to enlist probably in army. I know that discipline helps out in trading but growing up with a strict father is also pretty darn chaotic.
Nothing personal but to me the real "evil bastards" are the ones who live beyond their means and won't pay their debts. If your so good at trading why not simply pay your bills with some of your gains?
I am looking for any job right now, something that will be greater then unemployment checks. MI economy sucks. I even called some friends out of state to see if they know about an opening or some opportunity.
Come on, call them irresponsible tools maybe... but evil bastards? To the original poster: you have 8k in assets and 5600 in liabilities. Why you are choosing to fuck your credit up and pay high interest, as well as lose your motor vehicle, instead of using your assets to pay of your debts, is beyond me. With 2400 left, you can still have a trading account open. It sounds like there is more to the story than you told us...
First thing you should do is pay off the highest interest rate loans. Then get a night job and contact each creditor and purpose a payment plan. You will need to have the job before any of the creditors will deal with you amd agree on a plan. The biggest problem I see is 8K is very little to trade with It may be a better idea to pay it all off and get a job and rebuild a decent stake. Edit: You also need to learn how to deal with debt and your obligations to pay. I do not know you situation so maybe some of it was not due to irresponsiblity. If you do not deal with it now it will just grow and grow into a bigger problem.
That makes me "evil bastard". As far as my brain lets my think, all this credit card debt is fault of bad lending practices.
True....but......... most mutant debt collectors buy these debts for 2% and then sue you for 200% of what you owe. They win by filing fraudulent affidavits in court and lying about service. Living off of your trading account is close to hell. My company in the Washington DC area is hiring....$40k with almost full benefits. Its not a great job but I dont hate it.
Thread title: Determined to get THEIR money back That makes THEM "evil bastards"? Which were YOUR words BTW. Bad lending practices? Your unemployment not withstanding did those "evil bastards" force you to borrow more than you could pay?
You say you know how to trade, but you don't know the first thing about taking responsibility for your own actions. Bad lending practices? If you do your trading homework as well as you did your borrowing homework, you are not going anywhere as a trader. Quite honestly you sound like a spoiled punk and I think the people to whom you owe money should get it, whether it be through your brokerage account, or by whatever other means they can get it. I think this is the type of response you get from most people on this site, since this community was formed so traders can help each other learn to excel, not so someone can learn how to avoid their debts. Growing up and dealing with shit has to come before being a successful trader, and that means being responsible and paying your debts. I feel I can be harsh because I was there once (albeit a long time ago). You think you'll make enough trading to eventually make all that you want and pay off your debts and then get rich, etc..etc.. Judging by the synopsis of your situation, it ain't gonna happen. Work, work, work, work, work, work...and then more work.