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Thread: My sig explained (finally..and it's a fricken' novel)

  1. #161
    Maximum Bitrate R32 JUhl's Avatar
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    Quote Originally Posted by wizardPC
    hey, I dont plan on living like I am now forever, that's no fun!

    Just the next 18 months or so. Maybe the next 4 years if I decide I really do want to go to law school.
    Okay! That's a relief!


    Quote Originally Posted by wizardPC
    Yes, interest is tax deductable, but you deduct from your taxable income, not the taxes that you pay. If you paid $10,000 in interest on a house this year, and you are in a 25% tax bracket, you've only avoided $2500 in taxes. If you want $2500 of your taxes for 2005 paid for you, I'll gladly do it--as soon as your check to me for $10,000 clears the bank.
    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.

    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.
    My first attempt at a carputer.

    PM me if you're interested in a monitor faceplate for your '99-'04 Golf or Jetta. My Vortex ID is NorthAtlR32 - you can IM me there, too. Go here for more information.

  2. #162
    Raw Wave wizardPC's Avatar
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  3. #163
    Constant Bitrate elmo's Avatar
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    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)

  4. #164
    Raw Wave wizardPC's Avatar
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    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
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    I'M DEBT FREE!!
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  5. #165

  6. #166
    Raw Wave wizardPC's Avatar
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    I'm pretty sure im gonna be fine. But, that's part of the reason the debt didnt drop as much this month as normal.
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    I'M DEBT FREE!!
    I'm now a reasonably successful gunblogger.

  7. #167
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    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.

  8. #168
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    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

  9. #169
    Raw Wave wizardPC's Avatar
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    Just wait til next month. I get 3 checks in september
    Debt as of 1/1/05: $34,354.48
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    I'M DEBT FREE!!
    I'm now a reasonably successful gunblogger.

  10. #170
    Raw Wave BoyNextDoor's Avatar
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    Quote Originally Posted by wizardPC
    Debt as of 8/8/2005: $26,962.64

    Just wait til next month. I get 3 checks in september
    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...

    OH and BTW. How does the Saturn story continue?

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