Tax refunds
12-30-2007, 03:22 PM
#51
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Re: Tax refunds
Originally Posted by Jmunk
Does anyone save. Mine is going to the bank. I used Turbo Tax past few years, probally do it again.
You mean like save money to pay bills? Every extra penny I have goes to paying extra on credit cards, dirt bike payments and car payments. I should have my Jeep paid off about a year early because of it. I'd rather be out of debt and not paying interest than in debt, paying interest with money in the bank.
I doubt your savings account pays you an interest rate higher than your credit card or car payments charge you each month. That makes it kinda pointless to save money. __________________
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12-30-2007, 03:24 PM
#52
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Re: Tax refunds
Originally Posted by Dr.Boost
Save? You mean like save money to pay bills?
Every extra penny I have goes to paying extra on credit cards, dirt bike payments and car payments. I should have my Jeep paid off about a year early because of it. I'd rather be out of debt and not paying interest than in debt, paying interest with money in the bank. I doubt your savings account pays you an interest rate higher than your credit card or car payments charge you each month. That makes it kinda pointless to save money.
You mean like save money to pay bills? Every extra penny I have goes to paying extra on credit cards, dirt bike payments and car payments. I should have my Jeep paid off about a year early because of it. I'd rather be out of debt and not paying interest than in debt, paying interest with money in the bank.
I doubt your savings account pays you an interest rate higher than your credit card or car payments charge you each month. That makes it kinda pointless to save money. i do the same thing i try to pay as much as possible every month while still having just enough cash to lie comfortably fo the week
12-30-2007, 03:30 PM
#53
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Re: Tax refunds
Originally Posted by hotrex
i do the same thing i try to pay as much as possible every month while still having just enough cash to lie comfortably fo the week
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12-30-2007, 03:58 PM
#54
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Re: Tax refunds
Originally Posted by Dr.Boost
I've been paying all of my bills 1 month ahead and it seems to workout pretty good. I have almost all of January's bills paid so any money I make next month will just sit in the bank until the end of the month and then I'll do it again. I could not work at all next month and my bills would still be paid. I got sick of paying each bill when it's due and not knowing how much I'm going to have. It's much better this way and I'm sure everybody likes being paid early. It also makes it so if I need a large chunk of cash I can spend it without worrying if I'm going to have enough to pay bills, since they're already paid. My goal for 2007 was to be more responsible with my money and I think I'm finally there. My goal for next year is to be out of CC and car debt and in a house. Get out of bad debt and into good debt.
apparently we have the same goals
12-30-2007, 04:22 PM
#56
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Re: Tax refunds
A house is not that good of an investment. It's not really a "Good Debt" unless you're making it work for you. If you just buy it with a standard mortgage you'll probably up spending twice the houses value on the house. I realize it's better than throwing money away on rent, but there's some better investments to be made that will provide a nice return if you're willing to take out that kind of money.
Also, You can use credit cards and profit from them if you use them correctly by paying off the principal every month and leaving all of your money in your savings account until then. I might be a broke dick and make no where near as much as you guys, but I don't owe money to anyone.
Also, You can use credit cards and profit from them if you use them correctly by paying off the principal every month and leaving all of your money in your savings account until then. I might be a broke dick and make no where near as much as you guys, but I don't owe money to anyone.
12-30-2007, 04:28 PM
#57
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Re: Tax refunds
Originally Posted by rawr
A house is not that good of an investment. It's not really a "Good Debt" unless you're making it work for you. You can use credit cards and profit from them if you use them correctly. I might be a broke dick and make no where near as much as you guys, but I don't owe money to anyone.
lol, how do you figure? I've seen hundreds of people get filthy rich off buying/selling houses. I'm sure there are people out there who have made foolish decisions and lost money one way or another, but it's kinda hard to lose money on real estate. The housing market out here has taken a fat ---- and prices are about as low as they will ever be. Buying a house at the bottom of the market and waiting for the market to go back up=good investment. A good friend of mine bought his house for about $80 a few years back. That house would have sold for well over $200k 6 months ago. Yup, terrible investment. :1
I don't understand how you say "profit from credit cards"? How the ---- do you profit from credit cards?
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12-30-2007, 04:48 PM
#58
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Re: Tax refunds
Originally Posted by Dr.Boost
lol, how do you figure? I've seen hundreds of people get filthy rich off buying/selling houses. I'm sure there are people out there who have made foolish decisions and lost money one way or another, but it's kinda hard to lose money on real estate. The housing market out here has taken a fat ---- and prices are about as low as they will ever be. Buying a house at the bottom of the market and waiting for the market to go back up=good investment. A good friend of mine bought his house for about $80 a few years back. That house would have sold for well over $200k 6 months ago. Yup, terrible investment. :1
532.24 x 30 x 12 = 191,607.11 for the house after all is said and done with the interest on the mortgage.
It's not a really good investment. You'd be better off throwing money into something simple like a hedge fund.
You can make money off credit cards by making all of your daily purchases with them, keeping the money you get from your paychecks in the bank, collecting interest off that money then paying the entire principal of your credit card debt at the end of the month. You'll probably only pull like .5% if you don't have a money market, but it's still technically a profit.
12-30-2007, 05:18 PM
#59
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Re: Tax refunds
Originally Posted by rawr
80k house with a 30 year loan at 7% interest will be a 532.24 cent payment a month
532.24 x 30 x 12 = 191,607.11 for the house after all is said and done with the interest on the mortgage.
It's not a really good investment. You'd be better off throwing money into something simple like a hedge fund.
You can make money off credit cards by making all of your daily purchases with them, keeping the money you get from your paychecks in the bank, collecting interest off that money then paying the entire principal of your credit card debt at the end of the month. You'll probably only pull like .5% if you don't have a money market, but it's still technically a profit.
532.24 x 30 x 12 = 191,607.11 for the house after all is said and done with the interest on the mortgage.
It's not a really good investment. You'd be better off throwing money into something simple like a hedge fund.
You can make money off credit cards by making all of your daily purchases with them, keeping the money you get from your paychecks in the bank, collecting interest off that money then paying the entire principal of your credit card debt at the end of the month. You'll probably only pull like .5% if you don't have a money market, but it's still technically a profit.
You have to make a housing payment every month on SOMETHING(unless you live with your parents your entire life). Paying rent for 30 years gets you NOTHING. Paying a mortgage for 30 years gets you a house. Which would you rather have?
Also, you can cut your mortgage down to 15 years by making a little more than the minimum payment each month. You could even live in the house for 5 years, sell it and upgrade to a nicer/bigger home.
You're crazy if you think renting is better than owning.
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12-30-2007, 05:29 PM
#60
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Re: Tax refunds
Originally Posted by Dr.Boost
lol, so paying rent at $600/month and NEVER making a dime off it is better?? You forget to calculate in the fact that after you pay all that money, THE HOUSE IS YOURS.
You have to make a housing payment every month on SOMETHING(unless you live with your parents your entire life). Paying rent for 30 years gets you NOTHING. Paying a mortgage for 30 years gets you a house. Which would you rather have?
Also, you can cut your mortgage down to 15 years by making a little more than the minimum payment each month. You could even live in the house for 5 years, sell it and upgrade to a nicer/bigger home.
You're crazy if you think renting is better than owning.
You have to make a housing payment every month on SOMETHING(unless you live with your parents your entire life). Paying rent for 30 years gets you NOTHING. Paying a mortgage for 30 years gets you a house. Which would you rather have?
Also, you can cut your mortgage down to 15 years by making a little more than the minimum payment each month. You could even live in the house for 5 years, sell it and upgrade to a nicer/bigger home.
You're crazy if you think renting is better than owning.
Originally Posted by rawr
I realize it's better than throwing money away on rent, but there's some better investments to be made that will provide a nice return if you're willing to take out that kind of money.
