How much debt do you have including mortgage etc..
Replies
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My mortgage payment is lower than most new car payments.
I never had student debt and don't have car payments.
I get airline miles on a credit card that I use for household spending. I pay that card in full each month.
I use the miles to pay for hotels when we go play.
I got pushed into early retirement last year. I use my IRA to make my living with buying and selling stock options each week. It's working pretty well.
I figure if too many people learn how easy it is to make a decent income with their saved cash, there will soon be no-one left to work for the man.3 -
I'm in bad shape. my financial woes have contributed to my overeating - which in turn contributed to my financial issues (overeating the way I was doing it - LOTS of fast food). My husband is also a compulsive spender, so that doesn't help. I don't see much way out of the hole I've dug. If you are in the positive every month after paying down debt, you are on the right track. Unfortunately, I cannot get ahead of it. Don't know what to do about it. At this point its credit card and loans that I took to pay other credit cards that is sucking me dry every month. You are not alone.9
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Only 2 sources of debt: #1 is mortgage ($200k+ left...after 14 years and sizeable down payment); we live about an hour outside of DC. COL is pretty high. I think $12kish on the one car loan (0% interest loan, so no rush to pay that off ahead of schedule). Generally, I pay credit cards in full monthly. I only use those for gas and major purchases.
I don't know exact monthly expediture; my goal is $1500 in savings per month (sometimes I hit the target...sometimes more, sometimes less).
I'm trying to get a head start on kids' college $. My husband and I (both have BS and Masters) had zero student loans...I'd like to make that happen for my kids.3 -
Budget Buster !!
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sammidelvecchio wrote: »@Danw586 I live in a 1 bedroom apartment in a nice suburb of Cincinnati (about 15-20 minutes north of downtown). My apartment is about 1000 square feet, nice but nothing extravagant. I put a big down payment on my car, so that kept my monthly payment low. I hardly ever eat out, maybe once a week, but I mostly cook my own food. I buy a lot of frozen stuff and eggs, splurge on fresh fruit! I don't have cable. I keep my heat low in the winter, probably around 63-65 degrees, and use my fireplace a lot. I lived for 29 years without central AC, so now that I have it I honestly don't use it a lot so that keeps my electric bill low. I fill up my gas tank about every 2 weeks, and a full tank is $30 depending on the current price of gas.
Impressive!1 -
AliNouveau wrote: »rickiimarieee wrote: »Just bought a new house so around 170k of debt. Paid some of my home with cash but had to get a mortgage for the rest!
My monthly spending varies.
Usually about 100 in gas
500-600 in groceries
200 for electric
300 for tv and internet
100-200 for water and sewage
40 every 3 months for trash.
About 200 in formula for my LO.
50-200 in diapers
And about 100-200 in prescription medication.
Mortgage is 1300 a month.
Wish I lived where do that a new house incurred that much debt. I need to move
Whatcha mean? I’m not quite understanding the way this sentence was worded0 -
rickiimarieee wrote: »rickiimarieee wrote: »Just bought a new house so around 170k of debt. Paid some of my home with cash but had to get a mortgage for the rest!
My monthly spending varies.
Usually about 100 in gas
500-600 in groceries
200 for electric
300 for tv and internet
100-200 for water and sewage
40 every 3 months for trash.
About 200 in formula for my LO.
50-200 in diapers
And about 100-200 in prescription medication.
Mortgage is 1300 a month.
Your doing great! thats not debt.. it's living expenses
Well my mortgage is debt lol but yes the rest is monthly living expenses! Thanks!! 😀
Mortgage is considered "good" debt because you can liquidate and pay off at any time; it appreciates; you get tax breaks; and you can utilize the equity in the home for other uses. Good job at such a young age buying!
Thank you! I figured I should atleast have it paid off before retirement!0 -
AliNouveau wrote: »rickiimarieee wrote: »Just bought a new house so around 170k of debt. Paid some of my home with cash but had to get a mortgage for the rest!
My monthly spending varies.
Usually about 100 in gas
500-600 in groceries
200 for electric
300 for tv and internet
100-200 for water and sewage
40 every 3 months for trash.
About 200 in formula for my LO.
50-200 in diapers
And about 100-200 in prescription medication.
Mortgage is 1300 a month.
Wish I lived where do that a new house incurred that much debt. I need to move
Yes, its scary and crazy overwhelming to me the housing costs in our general area. I rent and live in fear of the skyrocketing prices here, and the idea that my landlords may jack the price because the demand and affluence is so high.
If you own a property in our general area, its a gold mine.0 -
I didn't have debt, but then a family member got sick, so I've been paying the medical bills due to the person's bad insurance coverage. I'm currently $3k in debt; bank accounts drained. I don't know what to do at this point. I'm already working three jobs.5
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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.
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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.
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
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