Hold On To Your Wallet's

[bison]

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.

This is true Brett but the ones who were responsible suffer more than the ones who werent with the economy sucking balls. Damn liberals still want to take the responsible Americans money and spread it to the irresponsible. Look at the capital gains BS. You pay capital gains on any capital gained. You can only claim $3k capital loss though. Even if you cashed out and lost $50k. Penalize the smart investor for taking a risk and making more money so it can be redistributed to the irresponsible instead of increasing the investors net worth more so he or she can re-invest it to get a further potential return. Im not against taxing at all but am against anything that takes away from those who risked money to make money with the end result being given to a non tax payer especially when the investor is paying extra tax for smart investments. It is funny how those with CC debt are always planning thier next vacation. How the hell can you afford to go on vacation if you owe on CC's. Fuc king stay home and get rid of the CC debt then plan your vacations.

 

[85HotAirGN]

the best decision I ever made was paying off my Credit Cards and cutting them up.

It doesn't surprise me (gas issue). Here in SC/GA it's not too bad. I hope it holds steady, and they don't follow suit with OH/MASS

 

[QuickBuick87]

Penalize the smart investor for taking a risk and making more money so it can be redistributed to the irresponsible instead of increasing the investors net worth more so he or she can re-invest it to get a further potential return.

BINGO!! People didn't care when Obama said he was going to "spread the wealth", said that was a good thing. Soooo, work real hard and he's gonna "redistribute" YOUR wealth to people 'under you'. If people think it's bad now, well, lets talk again in a year or so.

Ken

 

[chas52]

if you think you got it bad come to wis. ******* gov wants our xprswys to become toll roads, raise the gas tax ,licensefees, ciagrette taxes to third highest in the country, and god forbid!
raise the taxes on beer. cant drink smoke or drive. what next no sex?

 

[bison]

what next no sex?

Nahh. They will just find a way to tax it.

 

[Little6pack]

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.

Would you expect any less from Blue Dogs of MASS? Hey Gov Patrick has BROTHA NOBAMA in office.

 

[bison]

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.

I agree with you only about the ROTH. Its advisable to anyone to contribute to the Roth if you are young up to its max if they dont have any other CC debt or auto loans. The purpose of other retirement plans (which you can contribute way more than the ROTH and employers may match %'s of a 401k) is that when you are retired you will be in a lower tax bracket than you were working and your money will have more time to compound if untaxed initially. Paying off you mortgage would only be advisable to one who does no other type of investing including retirement. Why pay off a mortgage that you are only paying about 5% interest on and itemizing on your tax return to get back at least 25% of it? You should be able to make smart investments and make way more than the interest savings(which is actually only about 4% if your paying 5%). You could buy and sell 2 or 3 used cars and make more than you save in a year paying off your mortgage and still be able to itemize the interest.

 

[bison]

There should not be any clause stating you get penalized for withdrawing your 401K early. It's OUR money guys.

Wrong. They are allowing you to withdraw retirement but you can only take from your principle contribution if you are a first time home buyer. They are letting your money compound and when retired you will be withdrawing in a lower tax bracket than you were when the contributions were halted. If you were able to take the money out early without penalty you would defeat the whole investment profile which would make the dollars you invested grow way slower than they potentially could. Those investment options wouldnt even exist if you were able to pull from it any time you wanted un-penalized. Its your money when your retired. You should just get a money market acct if you want to be able to withdraw your money.

 

[JP112_89]

Wrong. They are allowing you to withdraw retirement but you can only take from your principle contribution if you are a first time home buyer. They are letting your money compound and when retired you will be withdrawing in a lower tax bracket than you were when the contributions were halted. If you were able to take the money out early without penalty you would defeat the whole investment profile which would make the dollars you invested grow way slower than they potentially could. Those investment options wouldnt even exist if you were able to pull from it any time you wanted un-penalized. Its your money when your retired. You should just get a money market acct if you want to be able to withdraw your money.

I would never touch my Roth till I retire but just don't like the idea of all the clauses the 401k has... My wife has the 403B. They match up to 6% so it's a no brainer for her. Funny, quite a few people she works with do not contribute.

 

[JP112_89]

Its advisable to anyone to contribute to the Roth if you are young up to its max if they dont have any other CC debt or auto loans.

Why pay off a mortgage that you are only paying about 5% interest on and itemizing on your tax return to get back at least 25% of it?

110% Agree, foolish to think otherwise on any debt. House debate however... Where does the other 75% go??? That's what bothers me...

 

[GNBRETT]

Funny, quite a few people she works with do not contribute.

I'd be suprised if 10% contribute. Probably only 1% max it out.

Not saving for your retirement can't be blamed on the government these days.

What most don't realize is the majority of the money one has at retirement from a retirement account is the actual money they have contributed. Of course the compounding interest will give you more but the majority of it is what you have contributed.

There is no magic formula, money grows with interest but without the initial contribution the growing interest is worthless.

 

[gculver]

The only thing thats compounding nowdays..is losses, unless you were proactive and realocated your savings vehicle about 16 months ago. I got lucky and did just that!..2.9% gains...but better than a 27% loss....
You know what they say...When you can't make money, pay down debt..

GC

 

[vicious6]

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..

Revoloution Calling!

 

[Rivical]

Armed insurrection will necessarily be the last resort which will result in the slaughter of many if not all of the first patriots to take up arms. As many of as are gathered here and elsewhere online, isn't it time we work toward consensus on an actual agenda of 'change' that WE can agree is actually in our interests? Higher taxation wont help any of us 95% who make under $250K yr.