Hold On To Your Wallet's

[regal-nut]

Some of the states now want to raise your tax on gas. Mass. and OH are the first two that want to do this. Anything to mess with us. Dont they think that we not in enough deep s**t. The president lets us have 65.00 a month tax savings on our federal taxes and now the states want to take it from us.

 

[mazdatech78]

That doesnt suprise me at all. All they know how to do is raise taxes. But none of them know how to balance a budget or cut funding to useless programs. I guess its time to bend over and take it once again

 

[79TurboCutlass]

Bend over and grab your toes. I'm gonna show you where the wild goose goes.

 

[wallyp]

Things are bad enough, higher priced fuel = higher prices on everything.

 

[GNBRETT]

60% Of Americans are still spending more money then they make monthy. That is the real issue. I wondered how those numbers could be legit? Then you take into consideration the $15-60k in CC debt the majority of Americans are in and it makes sense.

Granted, no one wants to pay more in taxes but people need to start being more responsible with their spending vs. blaming the government for their fanancial problems.

 

[Pronto]

Easy credit (or on the surface it certainly looks like it's easy) is in my opinion one of the most insidious things the cc companies present to people. Offering very low interest rates that skyrocket if a payment missed, even innocently. They even will send out late charges one day ahead of the due date if your not watching. Credit limits that are impossible for a person to pay back is another way of ensnaring the customer. I never run a balance. I use my equity line of credit so at least I'm paying myself back and can deduct the interest. I could never imagine running up a bill to 15K. I get dizzy with a 2 or 3.

 

[GNBRETT]

Easy credit (or on the surface it certainly looks like it's easy) is in my opinion one of the most insidious things the cc companies present to people. Offering very low interest rates that skyrocket if a payment missed, even innocently. They even will send out late charges one day ahead of the due date if your not watching. Credit limits that are impossible for a person to pay back is another way of ensnaring the customer. I never run a balance. I use my equity line of credit so at least I'm paying myself back and can deduct the interest. I could never imagine running up a bill to 15K. I get dizzy with a 2 or 3.

Very true. I have had several friends tell me that they missed (1) payment on their CC and the interest went from 18% to 36%! Some even higher. That's doable at $2-3k but not $15-20k or more.

I use to think that it was impossible for someone to run up $30k in CC debt but I know atleast (10) people with $25k or more, some a lot more. It's just staggering to me. The billions we have spent in IRAQ certainly didn't help our economic problems but lack of discipline and people living beyond their means is the #1 problem with peoples finances today.

Most people that pay off their CC debt will be back in debt within (2) years crying the same old blues about being broke. Some just never learn. And most just can't save up enough money on their own to say buy a TR so they take a loan out.

If that was their only loan it would doable. Unfortunately, all people see is MONTHY payments. A fool and his money are soon parted but when that money is available to just about everyone we see some of the issues we are all seeing now.

The CC companies are very sneaky like that and is why I have no CC these days and only use my debit card.

A CC is an EMERGENCY card. Not a buy a new turbo card.

The equity line of credit can be a good idea but most people who use their equity in place of a CC to pay bills don't utilize it to their advantage and the interest written off is just another reason people come up with to take out more then they need or even really want. It is simply another easy way for them to get money and a quick way to fall further in debt.

Almost as bad as tho who borrowed from their 401k.... A 401k that is worth 40-50% less now (Which eventually will go up in probably 4-5 years) and money they not only paid taxes on twice but also paid the penalties for.

The government should make it impossible for people to draw from their 401k unless one could prove some sort of hardship and that they actually needed the money. My 457 plan works like that. Very difficult to draw money from. Must jump thru many hoops to get it.

 

[GregInAtl]

The train is off the tracks, it has been for years, and the Presidents have nothing to do with it. Its people who simply want everything they see, and borrow whatever to get it. 100% home loans were the peak of the intentional destruction that many people chose to take. Regardless of income, most people spend more than they make...I am trying to undo my errors of the past, and that means denying self now, and more...making up for past financial sins.
In the end, the avg consumer has no clue about money, budgets and living w/in their means. That is the real issue....that and impulse control. I wish it was as easy as Republican or Democrat. People started this, govt didnt. Govt just kept feeding the mess the avg citizen started.
The national debt is something complete different that again proves people dont look past their nose in time. What generation will pay the trillions?! Us or our kids as we have or nation foreclosed on.

 

[forcedfedv6]

That doesnt suprise me at all. All they know how to do is raise taxes. But none of them know how to balance a budget or cut funding to useless programs. I guess its time to bend over and take it once again

The thing is, we dont have to bend over and take it again, ever hear of the term REVOLUTION, i think is time the american people wake up to the rape that is going on by our GOVERMENT on its citizens and take a stand to let them know that we put them there and we can also take them out just as easy..

 

[JP112_89]

Very true. I have had several friends tell me that they missed (1) payment on their CC and the interest went from 18% to 36%! Some even higher. That's doable at $2-3k but not $15-20k or more.


The government should make it impossible for people to draw from their 401k unless one could prove some sort of hardship and that they actually needed the money. My 457 plan works like that. Very difficult to draw money from. Must jump thru many hoops to get it.

The Credit Card spike in interest should be illegal . Credit card should only be for emergency like you stated anyway (transfers,accumulate awards..if your responsible).

There should not be any clause stating you get penalized for withdrawing your 401K early. It's OUR money guys. Yes, I know they put this penalty on because of they do not want everyone withdrawing there retirement accounts.

* I have learned one thing however, the only person who benefits from the 401k is the government because of the taxes you will owe. The only reason I am investing know is because I have to double up and offset my losses(4 grand). Don't mean to get of the topic.

 

[GNBRETT]

* I have learned one thing however, the only person who benefits from the 401k is the government because of the taxes you will owe. The only reason I am investing know is because I have to double up and offset my losses(4 grand). Don't mean to get of the topic.

Actually the only person benifitting is you. You are not paying taxes on money you get to invest for free every week. The only time you pay taxes on it is when you withdraw when your ready to retire.

If you only lost $4k in all of this I would be happy if I were you. Well, you really haven't lost anything until you have sold.

The stock may be worth less but in reality you still own the stock, it's just worth less right now. That will change and the stocks you are buying now are worth much less so you are buying many more shares at the lowered price. When the market goes back up so will your investments because you now have many more shares.

 

[JP112_89]

Actually the only person benifitting is you. You are not paying taxes on money you get to invest for free every week. The only time you pay taxes on it is when you withdraw when your ready to retire.

If you only lost $4k in all of this I would be happy if I were you. Well, you really haven't lost anything until you have sold.

The stock may be worth less but in reality you still own the stock, it's just worth less right now. That will change and the stocks you are buying now are worth much less so you are buying many more shares at the lowered price. When the market goes back up so will your investments because you now have many more shares.

Yes, it is tax free when you contribute but when you go to withdrawal they tax you. *** Taxes only go up When I go to retire in 25 years the taxes will be higher than now I would think(chit, they might take half). Off topic, that is why I tell people to invest in a ROTH. I would rather pay tax now while I am working rather than retire and have to pay tax on my retirement.

 

[GNBRETT]

Yes, it is tax free when you contribute but when you go to withdrawal they tax you. *** Taxes only go up When I go to retire in 25 years the taxes will be higher than now I would think(chit, they might take half). Off topic, that is why I tell people to invest in a ROTH. I would rather pay tax now while I am working rather than retire and have to pay tax on my retirement.

Yes, but for 20-25 years you get to invest money you would otherwise be paying taxes on anyway. Your gonna pay taxes one way or the other. Being affored the opportunity to invest $80-$100 additional dollars each week that you would have paid taxes on is something everyone should take advantage of.

Taxes may go up but not anywhere near the rate of return on your overall investment (25) years later. $80 alone weekly for (25) years would be worth $300k.

The whole point of a 401k is the ability to invest money that you would otherwise be paying on. It also lowers your taxable income ratio because your taxable income will be less. $310 a week is basically my weekly gross investment. My taxable income is lowered $16,500 each year from what I grossed.

You need to read up a little on retirement accounts. You don't seem to have a full understanding of their benifits.

 

[gculver]

CC companies are out of control right now!...defaults right and left, and it's their own fault for issuing outrageous credit lines to begin with!!..I don't keep a lot of cc debt..and have had to cancel two cards in a month because of interest rates going thru the roof (5.99% to 16.99%)..I declined the offer...Thanks but no thanks. BTW, I was a customer of both cards for over 10yrs with NO derogatory issues. Congress has passed legislation to limit these increases, but has been postponed....Wonder why..ba$tard$!

GC

 

[Pronto]

The 401k was designed to used for retirement not for loans to yourself to buy a car. I had a friend do that and blew threw tens of thousands of dollars because of his stupidity. If the rules had been tougher for him, he would have something put away for his retirement now rather than a big nothing.
I purposely keep my equity line low so I couldn't get out if hand with it. I laughed out loud at the ads I heard on the radio or tv for equity loans of 125% of the value of the house. Can you imagine the stupidity of that?
Don't cancel credit cards, that drops your credit score. Just cut them up and don't use them again.

 

[JP112_89]

You need to read up a little on retirement accounts. You don't seem to have a full understanding of their benifits.

Haha. Didn't mean to ruffle any feathers. I would rather pay tax on the money I am putting aside now while I am working. Why pay the tax when you are retired and not working? I understand you will be taxed either way but I will take the ROTH. Just my opinion Later dude.

I still say pay off your house and save the cash. I would rather seen my home payed for rather than a piece of paper delivered to my house telling me I have X amount of shares worth X amount of dollars. I posted a pic of my house and ride on the TTA board today. Car was paid in cash and $28,000 left on the house. I am NOT try to brag or think I am better than anyone cause I am not.

I love these boards, sorry I have been sipping on Tia Maria w/ a splash of Brandy.

 

[GSTOY]

Yea got a notice from Capital One on my low intrest card...due to the difficult economy, we will be increasing intrest rates.... well guess what...I'm going to make my own card, and it won't be capital one!! Told em to close the account. I've never defaulted on any payment and have been a loyal customer for over 5 plus years. The one thing I don't see anymore is customer service. Granted, it goes both ways...I'll lend you money as long as you promise to repay, and I'll use your service as long as you provide fair rates... it's the cost of doing business and showing your responsible with money in today's society of credit ratings.

Now the states have gotten themselves in a pickle with budget short falls. I think we have plenty to thank for being greedy and taking advantage of others...what ever happened to making a honest dollar? I think we are all gonna be bending over for awile to get out of this mess

 

[GNBRETT]

I understand you will be taxed either way but I will take the ROTH. Just my opinion Later dude.

A Roth only allows you a $5k a yr. contribution. 401k will allow $16,500 a yr.

 

[JP112_89]

A Roth only allows you a $5k a yr. contribution. 401k will allow $16,500 a yr.

Correct Sir. You and your spouse could put away 10,000 total. Then I would contribute to the 401k after I maxed both Roth IRA's.

 

[iamjeff]

i personally dont mind paying taxes. i enjoys roads/bridges, police/fire/ems, electricity, water, waste removal, hospitals, military protection from foreign nations.... none of which is getting any cheaper.

-jeff