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How much debt do you have including mortgage etc..

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  • karsei01karsei01 Posts: 402Member Member Posts: 402Member Member
    Motorsheen wrote: »
    karsei01 wrote: »
    40 yo
    Norway

    Income 90k
    (Taxes 25k)
    Mortage: 150k
    Car:19k
    Motorcycle 15k

    Cars and taxes are extremely expensive here. Also, I had to give my ex 50k a couple of years ago.
    No cards or student loans.


    25K in taxes on a 90K income ????



    img_rental_26cargovan.jpg

    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
  • mattig89chmattig89ch Posts: 1,520Member Member Posts: 1,520Member Member
    mattig89ch wrote: »
    nooshi713 wrote: »
    I feel I would do better moving to a state with no state income tax.

    Same here.

    I'm turning in applications, but I've not heard anything back yet.

    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 available
  • earlnabbyearlnabby Posts: 7,416Member Member Posts: 7,416Member Member
    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.
  • accavalloaccavallo Posts: 50Member Member Posts: 50Member Member
    earlnabby wrote: »
    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.
  • drmwcdrmwc Posts: 149Member, Premium Member Posts: 149Member, Premium Member
    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.


    edited September 10
  • MotorsheenMotorsheen Posts: 14,538Member Member Posts: 14,538Member Member
    accavallo wrote: »
    earlnabby wrote: »
    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.

  • earlnabbyearlnabby Posts: 7,416Member Member Posts: 7,416Member Member
    accavallo wrote: »
    earlnabby wrote: »
    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.
  • doubleap77doubleap77 Posts: 44Member Member Posts: 44Member Member
    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.
  • squiffiegirlsquiffiegirl Posts: 13Member Member Posts: 13Member Member
    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.
  • MotorsheenMotorsheen Posts: 14,538Member Member Posts: 14,538Member Member
    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.
  • CanesGalacticaCanesGalactica Posts: 4,829Member Member Posts: 4,829Member Member
    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.
  • helow88helow88 Posts: 57Member Member Posts: 57Member Member
    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.
    edited September 11
  • 777Gemma888777Gemma888 Posts: 8,369Member Member Posts: 8,369Member Member
    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. ;)
    edited September 12
  • JustReadTheInstructionsJustReadTheInstructions Posts: 2,245Member Member Posts: 2,245Member Member
    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
  • 777Gemma888777Gemma888 Posts: 8,369Member Member Posts: 8,369Member Member
    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 ;)
  • mscanadianbakinmscanadianbakin Posts: 89Member Member Posts: 89Member Member
    265,000 mortgage (ex lives in the house, lucky me)
    $4000 CC
  • ArmyVeteranM1A1CArmyVeteranM1A1C Posts: 410Member, Premium Member Posts: 410Member, Premium Member
    $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 him
  • GymGoddessGoalsGymGoddessGoals Posts: 314Member Member Posts: 314Member Member
    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. Wyoming
  • earlnabbyearlnabby Posts: 7,416Member Member Posts: 7,416Member Member
    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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