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Thread: Stupid Tax

  1. 06-22-2008, 11:57 PM #16
    Cricketlegs
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    I don't know what a HELOC is but after this thread I sure don't WANT one lol!
    The math never lies, budget in INK!
    Step #1 Pay off Home Depot Card PAID
    Step #2 $120 Secondary Savings PAID
    Step #3 Snowball Home Depot Payment into camper note Starting March $4,645.26/$3991.55
    Step #4 $110 Secondary Savings [COLOR="#00FF00"] PAID
    Step #3B Hitting dds Student Loan #1 hard Starting April $2119.69/$1385.03
    Step #5 $121 Secondary Savings
    Step #5B Student Loan #2 $4196.45/$4136.89 Starting May
    Step #6 $110 Secondary Savings
    Step #7 $105 Secondary Savings
    Step #8 $90 Secondary Savings
    EF Savings $318.29

    Madness, mayhem chaos...my work here is done!
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  3. 06-23-2008, 05:45 AM #17
    Greebo
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    Quote Originally Posted by Cricketlegs View Post
    I don't know what a HELOC is but after this thread I sure don't WANT one lol!
    A HELOC is a Home Equity Line of Credit. Say your home is worth $200,000 and you owe $150,000 on it. That means you have $50,000 of equity in your home. A HELOC lets you convert that equity into cash. The interest rates tend to be higher than mortgages but lower than cards and cars, because you're putting your home up as collateral.

    Are they convenient? Yes. But they're still debt, and still have a stupid tax associated with them, not to mention the added risk of if you fail to pay back a HELOC, they can foreclose, just like a mortgage, I believe.
    If you could kick in the pants the person responsible for your problems, you wouldn't be able to sit for a month.

    Did you know that a 4 year student paying $20,000/year who finances their education graduates with over $103,000 in debt to start? But a student who works and pays cash and takes 6 years to graduate ends with $6,300 in their pocket! So much for "getting a head start by financing!"

    Greebo    (Nerd Spender): Loving and extremely patiently tolerated husband of ceashels.
     WARNING: Y Chromosome behind the keyboard. Adjust your listening filters appropriately!

    Three     Two mortgages, two one no car loans, one no credit cards, and a partridge in pear tree!
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  4. 06-24-2008, 02:06 AM #18
    Cricketlegs
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    ohhhhh that! LOL!

    Yes I already informed dh a while back that we would NEVER do that.

    no no no no...NO!
    The math never lies, budget in INK!
    Step #1 Pay off Home Depot Card PAID
    Step #2 $120 Secondary Savings PAID
    Step #3 Snowball Home Depot Payment into camper note Starting March $4,645.26/$3991.55
    Step #4 $110 Secondary Savings [COLOR="#00FF00"] PAID
    Step #3B Hitting dds Student Loan #1 hard Starting April $2119.69/$1385.03
    Step #5 $121 Secondary Savings
    Step #5B Student Loan #2 $4196.45/$4136.89 Starting May
    Step #6 $110 Secondary Savings
    Step #7 $105 Secondary Savings
    Step #8 $90 Secondary Savings
    EF Savings $318.29

    Madness, mayhem chaos...my work here is done!
    Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiTweet this Post!Share on FacebookSpurl this Post!Reddit!Wong this Post!
    Reply With Quote Reply With Quote
  5. 06-24-2008, 03:41 AM #19
    itsahumanzoo
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    Buying a brand new car instead of used. As soon as we drove off the lot we were upside-down. Two years later and we still are. Oh and that extended warranty? That's just another way of saying STUPID TAX!
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  6. 07-20-2008, 07:14 AM #20
    Sonnenwende
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    Quote Originally Posted by missmanny View Post
    My stupid tax...

    Puchasing probably $1000's of dollars worth of clothes that I rarely wore and now are so out of date (or not the right size) and so I never will.

    I sold a lot of them (at a much reduced price) and gave a heap to good will, but lesson learned.
    Yeah, I am about to put some of them up on Craigslist. I always have that problem when I am shopping for clothes. I only shop for clothes maybe twice a year, but I always end up buying things that just rot in my closet.
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  7. 07-20-2008, 02:17 PM #21
    magnolia
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    Leasing a minivan for $360 a month for 36 months and at then end of the lease having nothing to show for it. I just had to have that brand new fancy van even though we could not afford it. Bleh... Should have bought a used van.
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