Help with financial advice

Member

Posts: 148

Joined: Feb 2021

Posted on Oct 20, 2023, 9:27 pm

#1

Hello everyone I’ve been looking into LL for a long time and Have committed to it 100%. My issue is that I’m financially illiterate and seriously need help. I currently make only about 40k a year. However, in a year this I will graduate college and will be making a minimum of 60k to 70k. My goal is to see a doctor in the states. Probably Dr. Asayag. So that’s about 70k just for the surgery, and probably another 10 to 20 k for emergency/ safety fund. I have almost no bills, I currently am living with my parents. Should I look into a loan? Or should I get the entire amount up front?

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tallmen

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Posts: 234

Joined: Jan 2021

Posted on Oct 20, 2023, 10:18 pm

#2

Quote from: Sambollio on October 20, 2023, 09:27:51 PMHello everyone I’ve been looking into LL for a long time and Have committed to it 100%. My issue is that I’m financially illiterate and seriously need help. I currently make only about 40k a year. However, in a year this I will graduate college and will be making a minimum of 60k to 70k. My goal is to see a doctor in the states. Probably Dr. Asayag. So that’s about 70k just for the surgery, and probably another 10 to 20 k for emergency/ safety fund. I have almost no bills, I currently am living with my parents. Should I look into a loan? Or should I get the entire amount up front?

Don't take a loan better to save up and then do it, especially in this very high-interest rate environment.

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wantingtobetaller

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Posts: 133

Joined: Oct 2023

Posted on Oct 21, 2023, 12:29 am

#3

As the above person said, now is really not a good time to get a loan. Ridiculously high interest rates.

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JJ299

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Posts: 194

Joined: Mar 2022

Posted on Oct 21, 2023, 2:52 am

#4

Quote from: Sambollio on October 20, 2023, 09:27:51 PMHello everyone I’ve been looking into LL for a long time and Have committed to it 100%. My issue is that I’m financially illiterate and seriously need help. I currently make only about 40k a year. However, in a year this I will graduate college and will be making a minimum of 60k to 70k. My goal is to see a doctor in the states. Probably Dr. Asayag. So that’s about 70k just for the surgery, and probably another 10 to 20 k for emergency/ safety fund. I have almost no bills, I currently am living with my parents. Should I look into a loan? Or should I get the entire amount up front?

lol I know a guy in his mid 20s that took 7 credit card loans to finance his surgery. Don't know how he's going to pay it off though, but it's never a good idea to get into CC loans.

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trademitech

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Posts: 79

Joined: Oct 2022

Posted on Oct 28, 2023, 6:38 am

#5

I saved up the amount of the surgery, then financed half of the surgery so I could afford the monthly payment. I did a loan for about $40k through Lightstream, and I'm so happy I did it that way.

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lessthanavg8300

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Posts: 84

Joined: Sep 2022

Posted on Oct 28, 2023, 12:05 pm

#6

The unfortunate but realistic answer is you are nowhere close to affording an $80k surgery. It's unlikely your savings at the end of the year amount to anything substantial unless you live in a very poor country and your cost of living is really low. If you finance it at current APR's (well past 20%) your debt is likely to spiral out of control. Just the interest on that is going to be past $1,500 per month and increase if you cant pay it. Frankly you would need to blatantly lie and forge docs to even get a loan this size because no lender will give you this. My advice is to find a side hustle and make more money or live in a van or something if this is that important to you. But you need to save up the majority of the surgery in cash. You could maybe finance like 20k but thats probably the limit on what anyone would give you or what you should responsibly do.

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