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Bob1062 wrote:I don't have a "real job" now. I work construction with a local school teacher and I get paid cash; so I have no proof of employment.

You're not going to like my advice.

Proof of employment for those paid in cash or who own their own businesses are IRS tax forms. You need enough of a history to show that your income is stable.

You've used your car as collateral and credit unions will often take a chance on that--once. You got them to do it twice, so you are ahead of the game already.

My advice: Pay off your loan. Wait for the tuba. I've seen lots of "sweet York Eb's" go by, and they will continue to go by. There is no shortage of King 2341's, and they are still being made, so there is no foreseeable shortage in the future. Wait.

Pay off your loan, save the money, and buy it with cash. You will be better off in the long run.

I have bought tubas on credit in the past, including once using a credit card and once by arrangement with the seller. Both worked fine and I have no regrets. But I had a steady income to count on and a track record in both cases. In one case, I even had the cash, but needed to preserve it for another use.

Even if you use credit later, when you pay off your loan and have a couple of years worth of IRS records, you'll have a credit rating. In the meantime, don't get credit cards and don't ask for more loans--credit requests do count against you at credit bureaus.

Rick "advising patience" Denney

You aren't going to like this, but if you keep letting your wants exceed your means you're going to be in deep trouble before you realize it. You already sound like you're in over your head.

Redirect some of that energy towards getting that "real job" you don't have now. Save up for your wants. In the long run you'll be glad you did.

Jim Wagner

I'm sure this isn't what you wanted to hear also, but here goes:

1. What Rick and Jim said.

2. If you are being paid in cash (no tax deductions), not all the money is yours. You do have to pay taxes quarterly. I hope you are taking this into account. [Your employer must also file either form W2 or form 1099, reporting your earnings, if he cares to comply with the law.]

3. You have no reserve in case of difficulty. If you were to be sick or injured for a month or two, you might not be able to continue your payments (as well as pay for house expenses, food, insurance, etc). You are getting too old to be running with no margin.

Yeah, it's hard matching desires and resources. And, easy credit availability makes it tempting to not do the matching for real. Furthermore, tubas are endlessly tempting -- I'm waiting to read next about you having a fascination with BATs! [It struck me too, but so far I have resisted.]

Probably, you could figure all of this out if you were advising someone else. It's just hard to see oneself as others see one.

Cheers,
Allen
[who has a son your age]

Dude,
Whatcha gunna do when you go to apply for a mortgage in a year 1/2? They need stuff like credit history and an actual, full-time job, too.

Bite the bullet. If the York is so good, sell the L&H. If not, wait. Tubas a great, but its hard to sleep under one!

Bob1062 wrote:Anyone got any advice?

Sell any instrument you currently own that isn't generating income at least twice your loan payments on the instrument.

Don't buy an instrument while you are still paying off another one.

Make sure you are properly reporting and paying taxes on all your income, including gig income.

**Disclaimer** This . . . somewhat arrogant . . . advice is only posted publicly since you asked for advice in your original post.

In a "prior life," when I was depressed, instead of indulging in smoking, sex, eating, or some of the other more common "coping" or "feel good" activities people are prone to do, I'd go buy music instruments, whether for myself or someone else. Usually guitars in the $500 to $1G range, sometimes stranger things (anybody know of a church that can use a small scaled 16' 30-note pedal bourdon with fronts of flamed quarter-sawn oak out of an old Estey?). Now with my wife and son I purchase guitar strings by the single string, cut and repair broken cords, finally got a trumpet to replace the one that was stolen from me 25 years ago for $76, not more, etc. Been there, done that, now I haven't had a new t-shirt in so long the old one is threadbare. Sorry, guy: deal with it.

30-note pedal bourdon with fronts of flamed quarter-sawn oak out of an old Estey?)

Completely of topic, but ...
The first church at which I played "professionally" (i.e. got paid for it) when I was 15 years old was the First United Church of Christ in Goshen, IN. The organ was a 12-rank, 1907 Estey with tubular pneumatic action. The stops were activated by a mini-keyboard sort of like on an old Hammond. It was of the tubby, orchestral design that was common in the USA at that time. However, it had a wonderfully brilliant salicional that sound like a full, baroque diapason chorus far off in the distance; and it had a lovely oboe. The rest was completely disposable.

One wonders if the thing is still playable.

There is never enough money, toys, or room to stow more toys. There are certain items I refuse to go in debt for if I have at least one that works:
Boats
Tubas
Guitars
Computers
Motorcycles

CAREFUL, debt will really screw up your life. When you get too much, it's like falling off water skis: motion is much more difficult.

Sort of a boring consistency to the responses, isn't there??

The very best thing my parents did for me was give me an allowance and make me save up to buy things I wanted. Kids who grow up in a house where they ask parents for everything, never learn the value of earning something. That value is priceless. Not commenting on the poster in particular, because I don't know how he grew up. Even with that background, I almost lost my first purchase that I got a loan for (motorcycle) because I lost my job.

But being paid in cash by a boss who appears to be a dingbat...you could both end up in deep trouble with the IRS. They *like* to go after little guys.

MA

Patience, young Jedi, patience.

I never paid on more than one horn at a time. In fact, going into debt to buy a horn automatically makes me uncomfortable.

It's called "setting priorities." Since I like to have a roof over my head and eat once in awhile, I'm very judicious about what I go into debt over.

Your mileage clearly varies.

MaryAnn wrote:Kids who grow up in a house where they ask parents for everything, never learn the value of earning something.

I will have to respectfully disagree with that one. I grew up in a family that had very little. An allowance was not really feasible for me or my 3 sisters. As life went on things got tougher. I did have to ask my parents for things but I knew how much money was there, or not there as the case sometimes was. I never asked for a new $400 i-pod or anything unnecessary such as that. (I did save up the money I made doing odd jobs for my family to buy a super nintendo but that is the only major time I got money for anything as a kid.)

I did learn the value of earning, saving and keeping as debt-free as possible. My wife and I will be going to Europe this summer. I will not be taking a loan or putting it on credit cards, but with careful budgeting, our current extra margin of savings which we keep for emergencies, and the fact that on a couple of teacher salaries we will be able to save $12,000 at the minimum to get the job done.

I understand the sentiment and the philosophy behind your statement and it is not, in my view, completely off base. It is just the use of the word 'never' in a loaded situation. As the stupid cliche goes, 'never say never'

Captain Sousie wrote:

MaryAnn wrote:Kids who grow up in a house where they ask parents for everything, never learn the value of earning something.

I will have to respectfully disagree with that one. I grew up in a family that had very little. An allowance was not really feasible for me or my 3 sisters. As life went on things got tougher. I did have to ask my parents for things but I knew how much money was there, or not there as the case sometimes was. I never asked for a new $400 i-pod or anything unnecessary such as that. (I did save up the money I made doing odd jobs for my family to buy a super nintendo but that is the only major time I got money for anything as a kid.)

I did learn the value of earning, saving and keeping as debt-free as possible. My wife and I will be going to Europe this summer. I will not be taking a loan or putting it on credit cards, but with careful budgeting, our current extra margin of savings which we keep for emergencies, and the fact that on a couple of teacher salaries we will be able to save $12,000 at the minimum to get the job done.

I understand the sentiment and the philosophy behind your statement and it is not, in my view, completely off base. It is just the use of the word 'never' in a loaded situation. As the stupid cliche goes, 'never say never'

I think you are both in agreement. I would reword it to say that:

"kids who grow up in a house where they get everything they ask for from their parents, never learn the value of earning something."

I think you are both in agreement

I can go with that one.

"kids who grow up in a house where they get everything they ask for from their parents, never learn the value of earning something."

That one too for the most part (there's that annoying little n-word again).

MA had a great point that I agree with, I'm just picky about a little part of the post that, in the end, is not really that important. No disrespect or arrogance was/is meant and I hope I didn't/don't come across that way.

Thanks,
Sou

Bob1062 wrote:Thanks guys.
I'll probably try to pay off my loan first now (but no promises!), and then see what I can do from there.

Now you're really in bad shape. What do you think a loan is based on? -- a PROMISE TO PAY!!!

If you can't keep that one, nobody will even consider taking your word elsewhere.