Go Into Debt to Get a Raise at Work?

Brought to you by the EveryDollar app. Start budgeting for free today. I'm basically a subcontractor working for a company. I have to be doing a lot of driving, need a personal vehicle. Right now my boss is lending me one of his. I currently have a broken down truck that needs an engine, probably around a $5,000 fix. If I get that fixed, my boss will give me the equivalent of a 20 to 33% raise across the board, um, on my job. The question is whether or not to take out a loan to do that. And then since right now, uh, the income that I'm getting fixed pretty good. Um, so I can literally, what are you doing? What's that? What do you do for a living? I'm a, I clean, clean swimming pools. Okay. And so a 5,000 or a $6,000 truck will get the job done as long as it runs and get you there. Well, so I currently have a vehicle that is broken down. It needs an inch. I know you told me that I don't want to fix it. It's crap. I'd rather just buy one that's already running. Okay. So what can you sell that piece of crap for that salvage? A thousand bucks, 1500. Not quite sure. I haven't priced that yet. Yeah. Okay. What, um, what, what kind of, what kind of year model and what truck is that that's sitting with no engine? Uh, 2001 or maybe a 2003 Ford F one 50. Okay. Yeah. So you can buy that car with an engine running for five or six grand. Yeah. Okay. Um, and what, what are you making? How much do you make before he gives you this 20 or 30% rate? A net is 33.5 gross is 30 after my 1099 taxes. 33.5, $33,500. Okay. Yeah. Okay. And so a 20% raise is $7,000. That sound right? Uh, yeah. 20% of 33. Okay. And so, um, yeah, the, um, so you break even after one year, if you spend $7,000 to get a truck and he pays you 20%. Um, how long have you been working for Well, so, so he's the one that trained my dad. I've been working for my dad for ever since I'm 20, I'm 28. I've been working for my dad off and on since I've been 15. Um, I, I recently had a life destruction event and have been literally have started working last week back in this job that I have, like what's a life destruction event. Hey, what's up guys. It's Jade. Listen, my husband and I drive used vehicles and we really do plan on keeping those running for a long time. So we trust Christian brothers automotive to take care of them. Their team is honest. Their shops are super clean. And what I love is they don't try to upsell us on things that we don't need. I personally feel really confident walking into Christian brothers because I know that no one's going to try to take advantage of me or scare me into unneeded repairs. Christian brothers gets it. So schedule a service today and get 10% off your visit. That's up to a $250 value. See stores for details. What's a life destruction event. I had a mental health crisis during the mental health crisis. There was finance, there was a family violence happening between me and my wife. I got put in prison for that. Um, even though in Texas, there's supposed to be provisions for preventing, for helping people with mental health. They're not just put them in prison, but that didn't happen with me. How long were you, how long were you away? Uh, two years and a month. And then I got a violation and was back in for another five months. So back out a week now. So, okay. No. Yeah. Don't borrow money. Please. You do not need to borrow any money. You're, you're, you're coming off of a highly unstable situation and you haven't stabilized yet. Um, at least we don't know that we hope you have and you hope you have. Okay. If you told me this was all three years ago, it might be a different discussion. It wouldn't be a discussion about borrowing money. It would be a bit, a different picture, but instead we're three minutes into this, not three years into this. So you need to sustain a life with very little stress and adding debt to this as not the thing. So thank you boss for the new job. I'm sorry. I'm a minute out of prison and I don't need to be borrowing money right now. I'll have to drive your truck for a while longer, um, until I can save up and pay cash for something. How long can you can save up six grand? Um, that's kind of, that's kind of the issue. The, all my money's basically kind of breaking even in my every dollar zero budget. Where's it going? One second. Most biggest expense is $300 in gas. I'm spending about 105. I'm purchasing about 105 gallons a month. So how much is your rent? That's it. Me and my wife are currently separated. She has a $500 rent. I have a $250 rent. You have to pay the $500 rent? Yes. Why? Uh, currently because we have, we have two kids. She's basically stay at home. Her family sometimes helps, but if I'm paying this stuff, she doesn't ask for the money. Um, and currently because of the family violence, there's a no contact order. So I cannot coordinate anything with her. So I'm kind of defaulting to doing everything basically. Yeah. Well, um, I'm going to help you. You don't have to do everything. You need to make sure the kids have something to eat, but she also is going to have to bank a life without you. And so she, and that means she has to develop a way to live sustainably without you feeding her. Okay. So, um, you know, right now we've got to get you up and stable. So your two 50 rent, um, even 500 going out for her still not used up all your money. So you've just started. Thomas, please don't go borrow money to buy a truck to work for a guy that you've been working for for 10 minutes, even though you've known him a hundred years, this whole thing, everything in your life has been quick and sudden and fast impulsive. And I want you to slow down and just be boring for a while. Let's no excitement. You've had enough excitement to last you the rest of your life. Just be boring. Thomas. Can I, can I paint you a picture brother? All right. The last two plus two and a half years, somebody told you when to get up, when to eat, when you could go outside, what you were going to eat, right? When you borrow money, that bank tells you, I don't care how you feel. You're going to work tomorrow. Cause I want my money. You already took my truck. Oh, you got, you lost that job. I don't really care. You're doing this because right. And so what I don't want you to do is walk out of prison and then walk right back in voluntarily. And that's what borrowing money does. Stay free. That's good. That's good. Stay free. Hang on. I'll send you a copy of the total money makeover and we'll help you as you rebuild your life. Steady, steady and slow. Christian, send him building a non-anxious life too. I want to give him some tools for walking through the ups and downs that are going to be the next five, 10, 15 years of his life as he steadies himself and builds a new version of himself from the inside out. We'll send him both of those. Yeah. Very good. That's good. I like that. Create your free every dollar budget today. The simplest way to budget for your life.