How much debt do you have including mortgage etc..
Replies
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mattig89ch wrote: »
I know you said something about Texas. No state income tax, but property taxes are about double Oklahoma’s.
Also, if you live anywhere near the gulf, home insurance is high.
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Motorsheen wrote: »
Yeah, it's a lot...
But..then we have
*free health care
*free schools, both public and private for just a small fee
* free universities and college
* all students (without mucjh income) gets about 5k in scholarship
* decent retirement plans for everybody
* etc2 -
corinasue1143 wrote: »mattig89ch wrote: »
I know you said something about Texas. No state income tax, but property taxes are about double Oklahoma’s.
Also, if you live anywhere near the gulf, home insurance is high.
Oh yea, I'm considering the Dallas/Ft Worth area. As north in that state as you can get. That said, so far as I can tell, Oklahoma has no real IT positions available2 -
Late to the party but I have $291 debt.
I paid cash for my home
I pay cash for my cars
I might carry a few dollars on my credit card for a month or two if I went on vacation or had a larger expense but I pay it off ASAP. (Just paid for medical tests for my cat which is where the $291 I currently owe comes from)
My credit score ranges around 825.
My monthly expenses:
$80 for utilities
$125 for cable/phone/internet
$186 for health insurance
$400 for groceries and pet supplies
$100 for gas
$200 for property tax (paid annually)
$65 for auto and homeowner's insurance (paid semi annually)
I was able to pay cash for my home by delaying buying. The amount I saved by renting instead was invested and I used that for the purchase price. The idea of paying at least double the purchase price for a home is abhorrent to me. My net worth is significantly higher than it would be because I invested instead of throwing money down the rabbit hole of a mortgage. I was able to retire at age 59 because of saving so much by not carrying a mortgage. The most I ever earned in a year was less than $50k.2 -
Late to the party but I have $291 debt.
I paid cash for my home
I pay cash for my cars
I might carry a few dollars on my credit card for a month or two if I went on vacation or had a larger expense but I pay it off ASAP. (Just paid for medical tests for my cat which is where the $291 I currently owe comes from)
My credit score ranges around 825.
My monthly expenses:
$80 for utilities
$125 for cable/phone/internet
$186 for health insurance
$400 for groceries and pet supplies
$100 for gas
$200 for property tax (paid annually)
$65 for auto and homeowner's insurance (paid semi annually)
I was able to pay cash for my home by delaying buying. The amount I saved by renting instead was invested and I used that for the purchase price. The idea of paying at least double the purchase price for a home is abhorrent to me. My net worth is significantly higher than it would be because I invested instead of throwing money down the rabbit hole of a mortgage. I was able to retire at age 59 because of saving so much by not carrying a mortgage. The most I ever earned in a year was less than $50k.
Where do you live? 2400 in property tax and $80 for utilities? I need to move.1 -
Motorsheen wrote: »
25K in taxes on a 90K income ????
My actual and marginal tax rate is way higher than that. I think my marginal rate is 55%, although UK tax laws are complex and I don't pay a very intelligent interest to them.
I joined a start-up a few years ago. We were bought out shortly afterwards for a formulaic but heavily geared future amount. That converted last year to a more straightforward equity consideration. The upshot of all this is that I owe tax on money I've not been paid yet, and it's potentially quite material (extra mortgage type level). I have no idea what the amount is yet, though.
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Motorsheen wrote: »
Yeah, it's a lot...
But..then we have
*free health care
*free schools, both public and private for just a small fee
* free universities and college
* all students (without mucjh income) gets about 5k in scholarship
* decent retirement plans for everybody
* etc
Given confiscatory tax rates, 'Free' seems like bit of a stretch.
6 -
Late to the party but I have $291 debt.
I paid cash for my home
I pay cash for my cars
I might carry a few dollars on my credit card for a month or two if I went on vacation or had a larger expense but I pay it off ASAP. (Just paid for medical tests for my cat which is where the $291 I currently owe comes from)
My credit score ranges around 825.
My monthly expenses:
$80 for utilities
$125 for cable/phone/internet
$186 for health insurance
$400 for groceries and pet supplies
$100 for gas
$200 for property tax (paid annually)
$65 for auto and homeowner's insurance (paid semi annually)
I was able to pay cash for my home by delaying buying. The amount I saved by renting instead was invested and I used that for the purchase price. The idea of paying at least double the purchase price for a home is abhorrent to me. My net worth is significantly higher than it would be because I invested instead of throwing money down the rabbit hole of a mortgage. I was able to retire at age 59 because of saving so much by not carrying a mortgage. The most I ever earned in a year was less than $50k.
Where do you live? 2400 in property tax and $80 for utilities? I need to move.
Yeah, back east (in many states) the property taxes are verrrry high.
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Late to the party but I have $291 debt.
I paid cash for my home
I pay cash for my cars
I might carry a few dollars on my credit card for a month or two if I went on vacation or had a larger expense but I pay it off ASAP. (Just paid for medical tests for my cat which is where the $291 I currently owe comes from)
My credit score ranges around 825.
My monthly expenses:
$80 for utilities
$125 for cable/phone/internet
$186 for health insurance
$400 for groceries and pet supplies
$100 for gas
$200 for property tax (paid annually)
$65 for auto and homeowner's insurance (paid semi annually)
I was able to pay cash for my home by delaying buying. The amount I saved by renting instead was invested and I used that for the purchase price. The idea of paying at least double the purchase price for a home is abhorrent to me. My net worth is significantly higher than it would be because I invested instead of throwing money down the rabbit hole of a mortgage. I was able to retire at age 59 because of saving so much by not carrying a mortgage. The most I ever earned in a year was less than $50k.
Where do you live? 2400 in property tax and $80 for utilities? I need to move.
Suburbia in Wisconsin.1 -
As of last month, when we happily paid off the last of the principle on the house, we are debt free.
We paid the house off in chunks when we got good bonuses or other investments had ripened. It took just a little over ten years.
We live in the VERY low cost of living Midwest, so that helped us keep housing and living expenses in check.
Now, all that extra cash will get set aside for the kids’ college funds... And maybe a few trips or toys.1 -
Phoenixsunflr wrote: »LiftingSpirits wrote: »What is the motivation behind this question?
Im just curious to see what everyone’s situation is. How they did it. Tips they have etc
TIPS:
Save 20%-50% of your income. Live below your means. Buy nothing you cannot pay for. Have only one credit card and pay off your balance every month. Don't eat out.1 -
squiffiegirl wrote: »Phoenixsunflr wrote: »LiftingSpirits wrote: »What is the motivation behind this question?
Im just curious to see what everyone’s situation is. How they did it. Tips they have etc
TIPS:
Save 20%-50% of your income. Live below your means. Buy nothing you cannot pay for. Have only one credit card and pay off your balance every month. Don't eat out.
Also, buy gently used vehicles. Let somebody else take that depreciation hit.2 -
We have a car payment that's nearly done and a credit card payment we pay on monthly. It's not extravagant amounts, but it's still debt. The car payment is maybe a bit over 1k at this point (and then it's mine, baby!) and our credit card debt is more like 4k.. but that's because we had emergency car repairs that we couldn't cover with our emergency money (at the time). No one expects to have to shell out close to 10k in repairs on a car you're still paying off.
We don't own a home as we move every 3 or 4 years and either live on base housing (which they already take money away from your take home pay to cover) or rent someplace out in town or near where we need to be.
Once upon a time I owed about 65k for college debt, but I've had that paid off since 2014. It took awhile to pay it all off, but I am happy not having it over my head anymore.
All of our stuff we own (sans car which we *almost* own). Our other vehicle is already paid off. That being said, it would be nice to have actual extra cash to buy things like.. new furniture, but alas, we can't. So we just deal.
It's all mismatched and kinda cobbled together from stuff I've accumulated over my 30+ years of life. Some of it is nicer than others. A lot of it was given to me by my folks when they upgraded to fancier stuff. I'm okay using hand-me-downs. Better than it being in a dump.0 -
JustReadTheInstructions wrote: »amorfati601070 wrote: »JustReadTheInstructions wrote: »Debt and credit scores are a racket. They don't mean anything. If I had to put a number on it though, like $348K
You know, the whole world is in debt anyway. Like, when you die...that debt...where does it go? Its just numbers then..bouncing around in a bubble of speculation.
Right? It's all in imaginary figures anyway. If all the databases went down tomorrow I wouldn't be in debt.
Some people have figured that out and have decided to exit the rat race. Folks are paying off their debts by selling everything they have and instead living and working full-time in converted vans, boats, tiny homes, or homesteading intentionally. It's great for the adventurous person at heart too.0 -
JustReadTheInstructions wrote: »amorfati601070 wrote: »JustReadTheInstructions wrote: »Debt and credit scores are a racket. They don't mean anything. If I had to put a number on it though, like $348K
You know, the whole world is in debt anyway. Like, when you die...that debt...where does it go? Its just numbers then..bouncing around in a bubble of speculation.
Right? It's all in imaginary figures anyway. If all the databases went down tomorrow I wouldn't be in debt.
You would need all the banks and debt collecting agencies "backup" to go down too.
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JustReadTheInstructions wrote: »777Gemma888 wrote: »JustReadTheInstructions wrote: »amorfati601070 wrote: »JustReadTheInstructions wrote: »Debt and credit scores are a racket. They don't mean anything. If I had to put a number on it though, like $348K
You know, the whole world is in debt anyway. Like, when you die...that debt...where does it go? Its just numbers then..bouncing around in a bubble of speculation.
Right? It's all in imaginary figures anyway. If all the databases went down tomorrow I wouldn't be in debt.
You would need all the banks and debt collecting agencies "backup" to go down too.
ALL the databases. I'm talking apocalypse yo
Convenient 1 -
265,000 mortgage (ex lives in the house, lucky me)
$4000 CC0 -
$8.79
My brother-in-law bought me lunch at Bojangles a couple days ago because the card reader was not working and I had no cash; he did.
I'll give him $9 next time I see him0 -
Some of you all have car payments that are more expensive than my mortgage. It makes my head swim.
2019 Top 10 Most Expensive US States To Live
1. Hawaii
2. California
3. New York
4. Massachusetts
5. Maryland
6. Oregon
7. Alaska
8. Connecticut
9. Rhode Island
10. New Jersey
2019 Top 10 Least Expensive US States To Live
1. Mississippi
2. Arkansas
3. Oklahoma
4. Missouri
5. New Mexico
6. Tennessee
7. Michigan
8. Kansas
9. Georgia
10. Wyoming0 -
GymGoddessGoals wrote: »Some of you all have car payments that are more expensive than my mortgage. It makes my head swim.
My state (Wisconsin) almost always lands somewhere in the middle of the COL rankings. The only exception is for retirees. It is expensive to retire here because of taxes on retirement income.
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Talking about debt and cost of living can be a real eye-opener, right?0
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