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My Rant - some prick keeps moving the light!

Discussion in 'Non-Vegas Chat' started by LVHooked, Dec 4, 2014.

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  1. LVHooked

    LVHooked High-Roller

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    So where to start, about six years ago I refied to a 15 year mortgage. Lower rate, same payment but cut about three years off. The first of this year (10 years left) we decided that was still to long. So I came up with what it would take to cut it to five years. I also have some other debt, that includes getting two kids thru college. The plan was to be debt free in five years.

    Even with the stove, (oven quit working) dish washer and washing machine all being replaced this year. And a big vet bill, we stuck to it and are actually a few months ahead of the plan. And we did Vegas in June. We stopped going out, cut our spending to the bone, figuring we could still get two frugal trips to Vegas a year, which we both enjoy.

    Some business expenses have come up that will run about 3k+, bis is kinda flat now, and I knew some of this was coming ,but not 3k+ so the dim light I saw for a December trip, is out.

    My medical insurance is covered by my wife, yesterday we went over the changes for the new year. The rate went up huge, with increased co-pays and prescription costs. So were going to increase the amount going into our medical flex spending account. Hopefully we don’t need it, and a balance can rollover into 2016, but in all another 3k+ hit.

    Our son just switched airlines, (he was with US Air) so hopefully they come thru with free flights. Other wise vacations are not happening, till I’m debt free.

    So if you read my dribble and are going to Vegas in December, (you suck):Þ lol I have a LVA I’m giving away, I used the downtown match and free plays and a few others, but it still has the MSS and Fremont BOGO buffets and just about everything else.

    I don’t mind doing a few mailings if someone only needs a few, or the whole book. PM me or post here.
     
  2. Hobofrank

    Hobofrank Prime Minister of Idiocracy

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    Hi!:wave::poke:
    I guess I suck

    being debt free > a couple winter trips

    the grass will feel better under your bare feet when you have the neighbors over for that "mortgage burning" party
     
  3. Ty

    Ty ?

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    I agree with frank. (We do have a small mortgage though.)
     
    Christmas Trip. Sam's Town & MSS
  4. LVHooked

    LVHooked High-Roller

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    We're sticking with the plan, debt free as soon as possible.
     
  5. makikiboy

    makikiboy VIP Whale

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    I thought about paying my mortgage off earlier but then I would be paying taxes on my full income so I decided to stretch it out so it will end the year that I retire (4 years from now hopefully). My current mortgage is about $650 a month but I was starting to pay double so I could pay it off earlier. The interest isn't that big but I figure I can write it off to lower my tax rates.

    I also refied my 30 year to 15 about 6 years ago and was paying extra already but I figure to just keep the mortgage until the year I retire, then I will have less income with my pension but won't have any mortgage. It should make my lower income more livable although it seems that general expenses are going up (electricity, phone, cable, food, etc.).
     
  6. Hobofrank

    Hobofrank Prime Minister of Idiocracy

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    Wait what?, so depending on yiur interest rate and tax bracket, you'd prefer giving the bank ten grand a year in interest to save $2500 in taxes?
    think that through
     
  7. LV_Bound

    LV_Bound VIP Whale

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    If you get free airline tickets, your room should be nominal.
    If done right your food shouldn't be too bad.
    Heck, with some smart gambling you could even get that paid for.
    I have 2 coupons for 2 free weekday nights that you could have but they expire Dec 25th.
     
  8. LVHooked

    LVHooked High-Roller

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    Thanks for the room offer, I do appreciate it, but I think it's 90 days till we can get flights and he just switched last month.

    The LVA has been claimed, Jay I will mail it tomorrow, don't worry about postage. Things aren't that tight just needed to bitch a little. Lol
     
  9. mikenhe

    mikenhe VIP Whale

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    sucks but debt free will be awesome.

    oh if you want your tax bill lower why not max out your 401k - aint no taxes on that shit and more money in retirement (or before if you convert via roth / sepp)
     
  10. makikiboy

    makikiboy VIP Whale

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    No, our company has a deferred comp plan - pre tax so I throw that extra 600 a month into it so my annual income is about $7k lower so I pay less taxes plus I can deduct the interest for tax purposes. My mortgage is only at 3%, mortgage amount is under $60k so I only pay a few thou in interest a year. In the deferred comp plan I can throw it into stocks, mutual funds (bonds and fixed also) and with the market doing well I can get a 10% (probably much higher, more like 18% for 2014) rate of return on that money.
     
  11. Hobofrank

    Hobofrank Prime Minister of Idiocracy

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    OH OK, I misguidedly assumed you were one of those people that can't do math and think a tax refund is a "paycheck", my apologies:wink2:
     
  12. makikiboy

    makikiboy VIP Whale

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    Not a problem, I know what you mean. Some people think they are saving a lot of money by cutting down on taxes but actually are paying more because all it does is reduce the taxable income.
     
  13. emmas

    emmas Low-Roller

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    You have your priorities in order. It may suck now but once you're debt free, it'll be so worth it.
     
  14. Malibugolfer

    Malibugolfer High-Roller

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    You can pay off the 15 yr mortgage at a 5 yr rate with additional principal monthly or pay bi-monthly. That way if shit happens you can pay the smaller 15 yr scheduled payment with no penalty.
    Or am I overlooking something?
     
  15. LVHooked

    LVHooked High-Roller

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    No you have it right, the first of this year we had 10 years left on a 15 yr morg. By using an amortization calculator, i came up with what i needed to pay monthly, to be done in 5 years. And we have paid slightly more, but if things got tight i could drop back to normal payments.
     
  16. thebig0

    thebig0 Tourist

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    This is the CPA in me speaking. As as been mentioned, the interest deduction is saving you 15% or 25% or bit more depending on your actual tax bracket, plus your state tax rate.
    Still boils down to cash flow, so spend a dollar on interest and get back 15-25%, not the best deal. This also assumes you have enough itemized deductions vs. the standard deduction. Everyone has a comfort level with debt, but heading toward debt freeness (that is a word right?) is a worthy goal.
     
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