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Featured Wise or Foolish financial move?

Discussion in 'General Baptist Discussions' started by evangelist6589, May 17, 2015.

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  1. InTheLight

    InTheLight Well-Known Member
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    It depends on your marital status, if you have children, etc. You may do this worksheet to determine how many exemptions you should claim:

    http://www.irs.gov/pub/irs-pdf/fw4.pdf
     
    #61 InTheLight, May 18, 2015
  2. InTheLight

    InTheLight Well-Known Member
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    Previously I said:

    Must have had some people scratching their heads!
     
    #62 InTheLight, May 18, 2015
  3. evangelist6589

    evangelist6589 Well-Known Member
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    I cant claim him as he is not my child.
     
    #63 evangelist6589, May 18, 2015
  4. InTheLight

    InTheLight Well-Known Member
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    I can't tell you what you should claim for exemptions, just do the worksheet and decide for yourself.

    Getting a refund means the government has held onto your money throughout the year, instead of you getting the proper amount on each check.
     
    #64 InTheLight, May 18, 2015
  5. InTheLight

    InTheLight Well-Known Member
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    The minimum you should pay is $6,000/11 months or $545 per month. The goal is to have it all paid off before the interest rate kicks in. My advice would be to pay $600 per month, every month, AND DON'T USE THE CARD AGAIN!!

    Can't help you there. Not going to touch that.
     
    #65 InTheLight, May 18, 2015
  6. evangelist6589

    evangelist6589 Well-Known Member
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    I cant afford $600 per month.
     
    #66 evangelist6589, May 18, 2015
  7. Rolfe

    Rolfe Well-Known Member
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    Evan, a little story as a side note. When Mrs. Rolf and I closed on our present home, the realty agent for the seller told us that at one time she owed nearly $100k in mostly CC debt (if I remember the amount correctly). She paid it off with her earnings from that job.

    My point. $6k is a lot, but very doable. It is a matter of discipline.
     
    #67 Rolfe, May 18, 2015
  8. JonC

    JonC Moderator
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    :thumbsup: That is the key. It is hard not to spend when we want something (especially when those wanting our money make it so easy). There's a child in each of us.
     
    #68 JonC, May 18, 2015
  9. InTheLight

    InTheLight Well-Known Member
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    Then you need to pay as much as you can each month to reduce that balance as much as you can so when May 2016 rolls around you don't have thousands of dollars on that card when the high interest rate kicks in.

    I presume the minimum payment, after your computer is added to the total amount owed, will be around $150 a month or so. Can you pay $300 a month? Also, if you sell your old computer be sure you use a giant chunk of the proceeds to pay your credit card.
     
    #69 InTheLight, May 18, 2015
  10. evangelist6589

    evangelist6589 Well-Known Member
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    Min payment is balance times 1% so about $60 a month. But yes I agree I am gonna pay as much as I can. What I cannot pay I am going to transfer to another low interest CC by the time may 2016 arrives.
     
    #70 evangelist6589, May 19, 2015
  11. evangelist6589

    evangelist6589 Well-Known Member
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    Indeed so indeed so. I have this problem.
     
    #71 evangelist6589, May 19, 2015
  12. evangelist6589

    evangelist6589 Well-Known Member
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    Is it possible to pay that on 30K a year before taxes? 27K after taxes?

    I still have my student loans but fortunately for me and one good thing Obama did was that he made it easier to pay them. Since I don't make much I don't pay much on the income based payment plan.
     
    #72 evangelist6589, May 19, 2015
  13. Rolfe

    Rolfe Well-Known Member
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    Yep. The credit card companies know this and make millions.
     
    #73 Rolfe, May 19, 2015
  14. Rolfe

    Rolfe Well-Known Member
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    You missed my point entirely.

    The point: You dug a hole for yourself and now must live in it, but you can pay it off by practicing real discipline.
     
    #74 Rolfe, May 19, 2015
  15. evangelist6589

    evangelist6589 Well-Known Member
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    By not buying books, movies, and spending wisely.
     
    #75 evangelist6589, May 19, 2015
  16. annsni

    annsni Well-Known Member
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    Do you realize that means that you couldn't afford the computer? Is there a way to return the computer?
     
    #76 annsni, May 19, 2015
  17. Rolfe

    Rolfe Well-Known Member
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    Real discipline. What you mentioned is only a start.
     
    #77 Rolfe, May 19, 2015
  18. annsni

    annsni Well-Known Member
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    $6,000 on $27,000 a year can be tough but if your wife is paying the home expenses, you can absolutely do that. My daughter pays $500 a month on her student loans making $14,000. She has no housing expenses but she does pay for her own car insurance, car repair and maintenance, lunches (if she chooses to not bring from home), credit card repayment (she has not been wise with her spending) and entertainment. I've told her now is the time to buckle down and get everything paid off so she can be free from debt.
     
    #78 annsni, May 19, 2015
  19. InTheLight

    InTheLight Well-Known Member
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    That's the best advice so far.
     
    #79 InTheLight, May 19, 2015
  20. InTheLight

    InTheLight Well-Known Member
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    Wow, only 1% a month, I thought it would be 2.5%.

    OK, you seem to know how this game is played.

    Just stop using the cards.
     
    #80 InTheLight, May 19, 2015
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