Debt as of 7/12/2005: $27,891.91
Okay! That's a relief!Originally Posted by wizardPC
I think I explained this once, but here it is again. For your personal home, you don't want to owe unless you have to. Most of us have to. However, if I have a house rented out for $1000/mo and there is no mortgage on that house, that income is taxable at my taxable income rate of 30% - I lose $300/mo. If I carry a mortgage on that house and use the equity to cover my living expenses, and the rent is set to cover the mortgage - I'm deducting nearly 100% of my taxable income. In other words, I'm not paying taxes. Your biggest expense in life is taxes - avoid that trap with financing and you'll work a whole lot less! Like I said - it's a matter of knowing the rules of the game and using them to your benefit.Originally Posted by wizardPC
There is risk associated with this approach, just like there is risk associated with EVERY approach. If you lose a renter, it costs money. Then again, if you lose your job, that costs money, too! So a strong savings account is a necessity regardless of what approach you take.
how is paying off all this cash affecting your standard of life pal, obviously will be great to have no doubt at the end but are you making your social life suffer because of it?
www.streetrace.co.uk - The UK's best modified car club (With lots of 16/17/18 year olds for scouse to abuse)
for acouple years, yes. But I just spent the last 6 years as a poor college student, so there is no noticable drop in my standard of living. In fact, I'm better off now even though I live on half of my pay
How the situation looking regarding the takeover?
You have a long term plan, just as most of us do. Glad to see you took charge of your financial life. When this one's all said and done, the next step is investing...
Absorb, elaborate, plan, execute.
I've got about $25,000 in debt ($ 20,000 being my car) so i feel your pain, except your doing better off than myself
nice. good job man. I hope you'll be there fast cheers. and please still hold the laptop, i'm getting it off of your hands... promise...Originally Posted by wizardPC
OH and BTW. How does the Saturn story continue?