A humbled request.

Right, so. This is probably the wrong forum, omgresmods feel free to move this somewhere proper.

Those of you who know me (hopefully) get the gist that I'm a fairly honest guy in all of my dealings, personal or financial.

At the same time, some of you might know that I absolutely bristle at the mere thought of carrying an outstanding debt to people or corporations. I enjoy being financially clear, as it were.

As most of you on the forums know, I use any and all income from SL to help alleviate the crushing tuition costs going to university can throw at your average student (that'd be me).

Of course that's not the only way I pay for college; a regular Day Job (tm) pays for that.

Well, sorta.

Over the last few months, the Day Job portion of life has been unexpectedly lean and slow-going. As a result, the normally maintainable debt problem continued to grow, and grow, and grow, until we're at the current crossroads today.

Today, due to some aggravating policy changes with my university, I owe my credit card companies about $US 4000, in tuition from last semester and this semester.

Needless to say, I'm a bit broke.

I'm not one to (seriously) beg; indeed, if anything I have the good graces to not need to in order to scrape by. But this financial situation changes things a bit.

Going to college has been the only thing that's really kept me going in life the last 4 years. It's the greatest challenge I've ever faced, and it's been the "end all" goal for this point in my life; I've gone farther in my education than anyone in my immediate family has ever dreamed of going, entirely by my own financial backing. On the unfortunate semesters I've had to take off, I've felt detached, isolated, and without purpose.

So basically, I'm throwing myself at the mercy of the court. This probably won't work, but I've been surprised by the generosity of people in the past.

Essentially I'm asking the community at large for a long-term, unsecured loan in $L.

The only collateral I have is my good standing with the community. I take such a thing very seriously, contrary to what some of my posts must sound like.

At current prices, the $L equivilent of $US 4000 is $L1,108,000. That's uh, a lot of zeroes.

Anyways, the way I'm structuring this is such:
1) any donations given to me will go towards the payoff of my RL debt hole by using the Lindex.

2) I'll keep track of every single person who loans me money, and keep the amount they have given in a list.

3) Going from the first person onward, any sales, stipends, prize winnings, etc. will go towards the payoff of the outstanding debt with the community. This is minus two small $L50 allowances in order to advertise in the classifieds in order to keep income going.

4) Once the RL debt is successfully paid for, and I get some regular money again, I'll be putting some of my RL income back into the Lindex to accelerate the payback process in order to pay everyone off as soon as possible.

5) During this time I'll keep a running total of "outstanding public debt" on my in-world profile and my forum sig.

Now, let's get the "worst case scenario" problems out of the way: Can Lordfly default on his loan?

At absolute worst case scenario, at current stipend rates, assuming I get no sales from here until the heat death of the universe, a $L500 per week stipend will take 2,216 weeks, or 184 years to pay off.

Obviously I make more than that. Last year's income from SL was roughly $US 2000; it would have been more, but I donated several times to various charities throughout the year, or otherwise blew it on orgies of consumer spending. Assume a max cap of $US 3000. That's coming from SL alone. The shortfall would be paid off by my RL endeavors via the Lindex.

Generally speaking it'd be paid off within a year, maybe two years.

Is this unorthodox? Definitely. Is it the "best" way to pay off my outstanding RL debts? Well, given the current state of things, I can pay $L debts off a hell of a lot better (and faster) than debt restructuring.

If this were Cory Doctorow's "Down and Out int he MAgic Kingdom", my Whuffie score would be 0. I'm really, honestly, throwing myself at the mercy of the community here.

Essentially, I'm a broke young man looking to get through a rough period of his life the best way he knows how: going to college to continue his education to get out of this constant financial problem.

Any takers?

Thanks for your time.

LF

Just as a point of interest, is there anything beyond your word to indicate that the money actually goes to pay off debt and not say....currency speculation with the entire $L1MM?

Are there any interest terms or just a straight repayment of original principal?

Well, I'm not entirely comfortable showing people my billing statements, really. I suppose yes, I could in fact take all this money and throw it into the stock market or something, cackling insanely as I sip tequila in Bermuda. It IS an unsecured loan, after all.

However, the sad reality is a) I'm broke, and b) College is expensive. Therefore, c) I'll use the money to pay for college so I can get my degree.

And I'd hope for a straight repayment of original principal; I don't want my financial hardships to be a point of income for people.

On the first point, I understand. On the second, I was just looking to clarify.

I'd love your help with the history wiki if you don't mind working for your money

Capital idea.

LF I know we have historicaly been at odds in these forums... With that said I think education if very important. Sending my youngest off to college soon myself . Your a builder how about auctioning your services to the hightest bidder? Or perhaps some of your work? That way you won't have to pay back anything. Just an idea. Knowing you for as long as I have I know it took a hell of a lot for you to post this. Much luck to you.

Cat

Right on Eggy! This is so kewl.

Cat

I'm a married mother of 2. My husband and i are both in school and we have debts mounting, especially to credit card companies.

Everyone send me some money too.

We moved to illinois we had to take out a loan for $6,000 from MBNA. PLEASE HELP ME PAY IT OFF! K? thx.

oh yeah, i'll pay you back and keep a log of who gives how much.

Briana Dawson

On a serious note.

Humbled or not it's an audacious request. Get a better job? Get a 2nd job? (Welcome to McDonald's can I take your order please?)

While you are at it, why not go to your local mall with a big sign on that says "Starving Student - Please help me $$"

Is it easier to ask the faceless for money as opposed to asking people in RL?


Briana Dawson

I need $3000 since I was screwed over in college.

Hi Briana,

I'd be more than willing to shoot eggs at your house until you paid me $US 3000. Somehow I think we'd both rather I just ask on here. Kthx.

I know how hard it is to go to college on your own without parental help. It took me 12 years going part-time some semesters while raising four kids (single mother) and working full-time. I'd be willing to help in any way I can.

Thanks everyone so far for the kind words and loans.

I'll be hammering out some pages for the History Wiki soon, as soon as I brew up some tea.

I understand your feelings in your last sentence totally. It means you must, must, must have your education!

As for the challenge, etc., I know about that, too. My husband has gone farther in his education than anyone in his immediate family ever dreamed of going, and now, at 55, is getting his master's degree in art education. Did I mention how proud I am of him?

Thing one: Education is more important than money. Remember that, and don't panic.

(Of course, that is just my own personal value system, and remember, I say that as a perpetually impoverished person, currently with 3 of four family members in school! One in college, one in graduate school, and one in high school. )

Anyway, five thousand clams in debt isn't the end of the world, no matter how bad it makes you feel. You're young.

Consult with your college financial offices, if you have not already done so. Throw yourself on their sympathies, cause here's the deal: By credit card is no way to do college. They have loans out the kazoo, at much better interest rates, with more lenient pay-off terms. You just have to get them for yourself.

Now if you already have these and are STILL racking up credit card debt, you need to cut back on school and ratchet up on part-time employment. There is nothing wrong with doing school part-time. After all, my husband is getting his degree at night, on top of his regular teaching job. And most of his undergraduate schooling was done that slow, part-time way as well, as we were already married.

In fact, we should look into those loans ourselves, as the graduate school thing is making our finances godawful, and our credit card debt is mounting, too.

coco

I long ago made a personal promise not to give money out, because as a parent I have some serious responsibilities of my own (not detailed here for public consumption).

However! A few words here.

1) As a person 'in the business' of architecture in Second Life, I see your prefabs business as having a LOT more potential. Perhaps this is shooting myself in the foot competitively, but I would say this: you have the skills, make some high-end houses to sell! Don't be shy. Do not underestimate yourself, and charge accordingly.

2) College is an incredibly difficult time. But I'll be brutally straightforward - easing debt won't happen without even *more* austere lifestyle changes. 4000 USD debt will become 8000 fast, corrections notwithstanding. I was quite on my own at your age, with no one to turn to. The independence and discipline you will gain by surviving this will make you strong, respected, and a source of strength for others. Embrace it.

3) While you breathe, you are ahead of the game. Some consider a life of adversity as a life worth living for good reason. I know a few 'trust fund' people. As rich as they are, their respect and envy is reserved for those of us that 'did it the hard way' even though we may be far poorer.

Begin your noble climb, and let everyone else be in awe of the look of surety and success in your eye. Even as you scoop ice cream at a drugstore, if need be. A simple choice of outlook is powerfully transforming.

I wish you the best of luck!

Wow! Impressive, you go sisterfriend!

Hugz you, that's a hell of an accomplishment.

Cat

Astonishing..why dont you apply for a scholarship or financial aid? If you are truly in financial need you would be eligible for financial aid, and if you have the smarts that would justify a university degree you should be eligible for a scholarship.

I just cant imagine asking for money to be honest. As I commented regarding those who cant pay their child support, perhaps the time spent in SL and trolling on the forums would be better spent working for a pay check. If your day job is not producing sufficient income then perhaps its time to find a different line of work. Bartender? Waiter?

How much do you spend on SL and broadband internet per month by the way?

Much appreciated, however I've been trying to increase my prefab business for the better part of 2 years; nothing really sticks. I think the problem lies in the fact that I build what I'd want to live in, not what other folks would. Building homes with 3 bathrooms and 5 bedrooms gives me pains.




Indeed. The majority of this debt problem is the result of my austere university refusing to take less insane forms of payment: They no longer take VISA cards (which are, incidentally, my normal low-interest cards), checks take forever to clear and are frequently lost, and I certainly don't have the cash to pay them all in one go. So I'm shoehorned into a high-interest credit card that they also charge 2.5% on top of tuition to use. Bleh.

Regardless, thanks for the advice.

Broadband: $0 (still live at home)
SL: $0 (pays for itself)

This is like the second time in recent weeks that I have seen you use some personal intimate info that someone has disclosed here in an attempt to belittle them. And I wonder why. Now granted once one makes a plea such as he did they are open to all sorts of comments and I dare say he's aware of that. I do not say this to incite anything...just an observation.

That being said I can imagine the vast majority of people have at one time or another been in some serious financial straits....as percieved by them....I certainly had my days when rice and golden mushroom soup were the staple in my abode And when one feels such desperation it is all consuming.

Alas my $L holdings are nil but I will say this Lordfly if my Powerball ticket for tomorow nite hits big (it's a record jackpot) consider URself out of debt.

I'd help, but I wouldn't want to ruin your college immersion.

been there, and it sucks. best of luck to you LordFly, I hope all this works out for you. <3

Thats cold, even for a die hard capitalist like me.

Is this a chapter of the study? I mean, are you just writing a paper here or has the hypothetical proven true? I'm still making payments on a very low interest graduate loan myself. No interest is, of course, a better option. But you've not answered the general question of why you're not using available financial aid options.

Then again, it's not really any of our business is it.