Comments on: The Soggy Hotdog: A Personal Finance Wakeup Call

By: James

James — Mon, 11 Jan 2010 22:16:49 +0000

It’s funny- but I’ve had many a soggy hotdog moments….
Like in 1990 when I was laid off from my job with $10 on my person, $5 in my checking account and no prospects. Selling everything I owned for a pittance just so I get back home before I was homeless which was only a few weeks away if I did’nt act fast.
I also had a drink and drug habit that was eating me alive, when I returned home I checked into a rehab and having no insurance and no cash I was checked in as being on medicaid.
I’ve had to max out my last credit card AMEX using travelers cheques then cashing them in so I could pay my bills and eat when I got out.
After being reduced to living in a bus station with .50 in my pocket and sleeping on a bench I finally swallowed my pride and returned to live with my mom who called me a failure constantly but I had listen to it because I had nowhere else to go.
That was 20 years ago but I still did’nt learn- I’ve filed for bankruptcy twice, My family and I live paycheck to paycheck and I just can’t catch a break. I no longer have any debt except for my mortgage-but I just can’t get ahead!

By: Half of Us Are Living Paycheck to Paycheck | Frugal Dad

Half of Us Are Living Paycheck to Paycheck | Frugal Dad — Wed, 29 Apr 2009 18:27:41 +0000

[...] I don’t know that an official definition of “living paycheck to paycheck” exists, but since I’ve been there myself I can sum it up by the example of checking your balance the day before payday and breathing a sigh of relief that you are not overdrawn, even though the $1.81 left in your checking account doesn’t leave much breathing room. Your credit cards are nearly maxed out, you have nothing in an emergency fund, and your wallet is empty. Kind of reminds me of my own soggy hotdog story. [...]

By: Sherry

Sherry — Mon, 09 Mar 2009 02:48:41 +0000

My soggy hotdog story was more of a situational change. When I was divorced, I was left with 3 kids, next to no job skills and all of the debt. Having the kids was a blessing in that I had no time to sit still, I had to improve our situation.

I began by splurging on a columnar accounting book and proceeded to record each and every purchase. We had no wiggle room, so I needed to know to the penny where our bank account stood. From that I was able to come up with an amount that could be allocated to paying down the debt.

I contacted the credit card companies and others owed and made a proposal to them. I would take responsibility for the principle owed, but as of a specific date, they would no longer charge interest. The deal was structured that all had to agree or the next step would be bankruptcy which was something I really wanted to avoid.

I was lucky, they all agreed. It took a few years to pay them off during which I upgraded my training and found a job. I know having had that experience, I will never knowing allow myself to be in that position again.

I hope my story will give some an alternative to bankruptcy when their backs are up against the financial wall.

By: Until Debt Do US Part

Until Debt Do US Part — Sun, 21 Sep 2008 10:08:27 +0000

Its amazing the things that will push someone over the edge. That mytical ‘tipping point’, for you it was soggy hot dogs for someone else it could be an eviction notice.

In my opinion the key question is how do you get someone to their tipping point faster so that they don’t spend more years than necessary in financial hell? What can you do to help a loved one that you know are spending foolishly? Do you just wait until they have their tipping point or do you intervene and potentially damage that relationship?

By: MyDebtRefinance

MyDebtRefinance — Tue, 02 Sep 2008 07:00:22 +0000

Is great to learn from others. Next year I will get married; seeing all the comments and experiences here make me think about all the financial implications it has.

So I will make sure I start planning from the beginning to avoid debt surprises in the future.

By: Financial-Magazines » The Soggy Hotdog: A Personal Finance Wakeup Call

Financial-Magazines » The Soggy Hotdog: A Personal Finance Wakeup Call — Sat, 05 Jul 2008 14:52:55 +0000

[...] The Soggy Hotdog: A Personal Finance Wakeup CallI subscribed to financial magazines such as Kiplingers Personal Finance and Money Magazine. Reading personal finance books became a side hobby, though it wasn’t until much later that I really developed a taste for this genre. … [...]

By: How Much Cash Should I Carry? | Frugal Dad

How Much Cash Should I Carry? | Frugal Dad — Tue, 27 May 2008 11:00:17 +0000

[...] for gas or food purchases in a pinch should your debit or credit cards decide to not work. After my “soggy hotdog” experience, I’ve made it a point to try and leave an extra $20 bill tucked away in the back of my [...]

By: Hanks Weekly Hangouts #31 (May 25, 2008) | My Investing Blog

Hanks Weekly Hangouts #31 (May 25, 2008) | My Investing Blog — Sun, 25 May 2008 08:02:20 +0000

[...] FrugalDad has a very good “soggy hotdog” post that really brought him to realize what he needed to do to get his $ back in [...]

By: Another Late Linklet « Are You Going To Be This Way The Rest of The Time I Know You?

Wed, 21 May 2008 00:47:59 +0000

[...] Frugal Dad talks about his epiphany in A Personal Finance Wakeup Call. [...]

By: July Bucks

July Bucks — Thu, 15 May 2008 09:21:14 +0000

Great post! I’d say that there can be many “Crappy hotdog” moments in one’s life, especially if there are many things to change. Did your wife help you to stand on your feet in money management?