Dave Ramsey, debt, credit cards, retirement, etc

SuperJETT

SuperJETT

So long and thanks for all the fish
Location
none
I'm talking about with the 'stimulus'. I went from $3300+ in federal taxes last year to $196 this year if I don't change my withholdings. The point: if you get bonuses, the tax rate is way higher and contributed the bulk of my federal taxes, and no bonuses this year, plus the stimulus dropped my tax withholdings.

I'm just glad I caught it now.
 
SuperJETT

SuperJETT

So long and thanks for all the fish
Location
none
Just locked in a refinance on our mortgage. We have ~26 years left on our 30 year @ 6%, the new one is a 20 year @ 5%. The payment will go up $45/month, but the closing costs will be recovered in ~10 months and going forward we'll build equity way faster.

I could have gotten a 4-7/8% but wanted to stay at our credit union, so they were 1/8% higher with the same closing costs as Countrywide (current holder) and Republic Bank.
 
steveyz250fpilot

steveyz250fpilot

Banned
Location
Huntsville, Alabama
SuperJETT said:
Just locked in a refinance on our mortgage. We have ~26 years left on our 30 year @ 6%, the new one is a 20 year @ 5%. The payment will go up $45/month, but the closing costs will be recovered in ~10 months and going forward we'll build equity way faster.

I could have gotten a 4-7/8% but wanted to stay at our credit union, so they were 1/8% higher with the same closing costs as Countrywide (current holder) and Republic Bank.
Click to expand...

Do you really feel you will live in your home for another 20 years?
 
dbrutherford

dbrutherford

Parts Whore
Location
Fairmont, WV
That is what I am saying YZ. I was all gun ho to buy a 225 to 250k house but then I said nah, get a 75-125k house, live there min of two years, put a little work into it, and flip it. No need to over extend myself now. I don't want to be house poor. But then again, I am not wanting to live at home any longer then I have to because yoiu just can't put a price on your mental well being!
 
steveyz250fpilot

steveyz250fpilot

Banned
Location
Huntsville, Alabama
I dunno...maybe I am different that others when it comes to a house. I get bored with my homes very quickly. I always seem to want something different, more innovative, creative... I got a 7 year arm on my current house. I have been in about 16 months, and I will probably be out of it in another 6 months!
 
Big Kahuna

Big Kahuna

Administrator
Location
Tuscaloosa, AL
yz250fpilot said:
I dunno...maybe I am different that others when it comes to a house. I get bored with my homes very quickly. I always seem to want something different, more innovative, creative... I got a 7 year arm on my current house. I have been in about 16 months, and I will probably be out of it in another 6 months!
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uh, yeah, but you build the houses that you move into when they dont sell!!!!!!!!!!! j/k!!!!!!!!!!!!
 
SuperJETT

SuperJETT

So long and thanks for all the fish
Location
none
$1800 closing costs, and the first month our principal portion will be $150 higher than the current mortgage, so, ok, 12 months to break even on closing costs.

freestylegeek just went from a 30 year to a 15 year at 4.5% and his payback time is even less.
 
SuperJETT

SuperJETT

So long and thanks for all the fish
Location
none
yz250fpilot said:
But during that 12 months, you could have been putting that towards your loan balance.....say if you sold your house in 2 years.... that money would have gone much better widdling your loan down.
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That would be your situation, we won't be selling for many many years, trust me. Paying $1800 down on our balance barely changes anything. Trust me, I've run the numbers every which way.
 
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oxnard111

oxnard111

Creative RE Purchasing
Location
so Cali, Ventura/Oxnard area
So my wife and I have been throwing the idea back and forth for weeks now and we finally made the decision. We are moving in with my parents for a year or so. We will be able to pay off our cars in about 4.5 months taking into consideration money I hope to get from the square nose I have for sale, and 6 months if the square doesn't sell.

After that we will be able to put $1970 extra a month toward individual school loans. We have zero credit card debt.

One of her school loan's outstanding balance is about $300 more than the outstanding balance on my truck. We decided to attack the two car balances first so we have all the money we are applying toward those monthly payment to put elsewhere.

So please someone wish us luck. We're gonna have to deal with my mom who is an insomniac and watches TV at all odd hours of the night, a loud azz barking beagle, my sister that listens to music as loud as her speakers can handle, and not to mention all of our crap in storage.

I can just see it now, needing something that is in storage about once a week.

Luckily we are able to take their second spare bedroom and make a TV/family room for ourselves out of it.
 
Emm

Emm

skank
Location
Huntsville, AL
Good luck! It will fly by.

We lived with Garrett's dad after our house sold and we were building another one a few years ago. He is NOT an easy man to live with but we made it ...and saved every penny of our paycheck to put toward new house stuff. It will be worth it.

As for storage....it will help you realize what you can actually live without :biggrin: Only thing I ever have to get out of storage is my suitcase when we go on trips....the rest of it is all useless now.
 
oxnard111

oxnard111

Creative RE Purchasing
Location
so Cali, Ventura/Oxnard area
Emm said:
Good luck! It will fly by.

We lived with Garrett's dad after our house sold and we were building another one a few years ago. He is NOT an easy man to live with but we made it ...and saved every penny of our paycheck to put toward new house stuff. It will be worth it.

As for storage....it will help you realize what you can actually live without :biggrin: Only thing I ever have to get out of storage is my suitcase when we go on trips....the rest of it is all useless now.
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ya, for me it will be jetski stuff and stuff that I currently have in my garage... You know there are those tools or sprays or gadgets you only use like once every six months when wrenching on the skis...

For her, she is a teacher and the same applies for her... Every year around the same time she'll need a certain manual or book. But we hope to have all the furniture in the back of the storage unit, boxes in front, and the tool box and one of my garage racks near the front too.
 
dbrutherford

dbrutherford

Parts Whore
Location
Fairmont, WV
Good luck man, you are going to need it... I moved back home in with my grandparents 9 months ago. It has been the longest 9 months of my life. Then again, I have other family drama which makes life hard on me. But it has its rewards, I did exactly what you are doing with paying off debt. Now I am debt free and have money saved up for a down payment. I am about to go buy my first house and it feels pretty good. Now if I could just get these idiots selling this house I want to knock 25k off the asking price...
 
SuperJETT

SuperJETT

So long and thanks for all the fish
Location
none
Anyone got a Chase card that had the minimum payment bumped from 2% to 5%?

We have a Chase card, but it's been zero balance for almost 2 years now, only used for my business trips (get reimbursed the Friday I get back) of which I haven't had any in over 7 months.

We haven't gotten a notice, but then again we haven't received a bill in a long time either.

Back when we were paying off our debt, I transferred our HELOC to our Chase card at 5% fixed. $15,000 total, so a 2% minimum would have been $300/month, a bump to 5% minimum would have been $750/month, yikes!
 
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A

afcblink

Stuck in the no wake zone
Location
KC
I moved back in with my parents from ages 25-28, and it was a really positive experience. I am much closer to my parents now because of it. Of course, all my sisters had already moved out, so it was a pretty calm household.

My folks had always told us kids that we could live at home for free while we were in college, but I went in the Army instead. Once I got out, I worked for a few years at various motorcycle dealers, making barely more than minimum wage. I got really sick of being broke, so I called my folks up one day and said, "Does that offer to stay at home if go to college still stand?" They said sure. "Great," I said, "My lease is up tomorrow." To their credit, they rolled with it.

I lived at home and worked part-time while I went to community college for two years, then went away to a 4-year university while staying at home over two more summers.
 
32vickie

32vickie

X-
Location
Pipersville, PA
We have eight more years to pay on our house. Great school district and i am 2.4 miles away from work so i go home each day to let out the puppy and take him for a walk. Now i just need the wife to pay off her charge cards.

Doug
 
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