I need more details.
Was this a previously unmolested (whole) cake, or had a slice already been taken out of it?
Was this a previously unmolested (whole) cake, or had a slice already been taken out of it?
◇☆ Fuckit Friday GMT ☆◇
- Thread starter SkaredShtles
- Start date
Of course they are...
did s/he just reach in and scoop out a hunk with their bare hands??? or eat it with their face??? cause that would be cool...
All high interest debt was already consolidated onto a HELOC, which is a stupid low rate. It's the only reason I am even thinking about considering quitting before the nut is paid off. And other than a single student loan payment, it's the only debt I have.
Unless you include the house from whence the HELOC came from... but that's a "different" kind of debt amirite?
What sort of rates are we talking about here? Intro rate for 1 year? Fixed or variable? I give my financial blessing if it's at 3% or lower, fixed.
You're too old for that shit. Get rid of it.
I think it was around 2006 for me. And the mortgage debt will be gone VERY soon.as of 5/1, aside from my mortgage I'm out of debt.
As of today Mint reports that I have a touch over $825,000 in debt inclusive of the mortgage. Thankfully that's handily outweighed by assets and the trend is good, but still an imposing figure.I think it was around 2006 for me. And the mortgage debt will be gone VERY soon.
/me will be working for a while more yet, yes
A little higher than that, fixed.What sort of rates are we talking about here? Intro rate for 1 year? Fixed or variable? I give my financial blessing if it's at 3% or lower, fixed.
NB: I haven't quit my job yet. Plan is to nuke this debt, then turn resources to (finally) nuking the student loan debt.You're too old for that shit. Get rid of it.
I'd pay it down quicker but the reality of the tax laws means that it's in my best interest to max out the various and sundry tax-deferred spaces that I have available. (Which I do, but which then doesn't leave a tremendous amount left to kill more debt after this and that is accounted for.)
Medicine kind of forces this route unless one goes military. And paying the gov back with 4 years of service doesn't make sense financially, loss of freedom of choice of where to live and practice for that time entirely aside.
Dentists have it even worse: generally higher student loan burdens (? not sure if true across board but anecdotally), tremendous practice loans, and then they make less than I do, I suppose unless they run an orthodontics mill. On the other hand their training is significantly shorter.
Smart move.
We're at a touch under $110K left on the mortgage. 6-1/2 years with no add'l principal payments. I think I'll make some add'l principal payments. I'd like to have it gone by May 2023 when the youngest finishes HS.
well aware, but he's a radiologist.
HELOCs are usually rate + Prime. I'd never consider that a "safe" debt amount. Plus if the worst case scenario arises, you can't dump/default on a HELOC without likely losing the house.
This.You're too old for that shit. Get rid of it.
This. Mortgage if it's less than 4.25% at this point, anything else is a waste of money.What sort of rates are we talking about here? Intro rate for 1 year? Fixed or variable? I give my financial blessing if it's at 3% or lower, fixed.
We carry some debt - Wifey's car a 2-something, the carpet from HD at 0% (duh), and the mtge - but if you aren't making active forward progress on your debt, then stop spending money and get that shit paid off. I'm not going to dig up my financial diatribe in PAWN, but that still mostly stands.
Order of using funds:
401k up to match - it's free money at 100% rate of return
Highest rate loans (highest, with min to everything else)
Variable rate loans (these change change place quickly, so mind rates)
Once you are left with your mtge, which hopefully is no greater than 4%, and any 0% loans, then start saving.
- Schedule payoff of those 0% to hit $0 right before they go up.
Start putting money into high yield after-tax savings, you need fallback money
$19000/yr into 401k.
$5000 into IRA if you don't make too much money
Other after-tax savings
Mind your rate. You might be better off putting it into a 529 plan for the kid's college because of the tax benefits.
Oh - don't worry... we are going to dump whatever is required into the 529s to cover college expenses. JUST for the tax benefits. Although it appears that there may be rules regarding large 529 contributions... hmmm... probably should investigate.
We kinda got fortunate with the 1st kid - with merit scholarships and WUE, along with AP credits, we *may* have enough for his full 4 years in his account already. He just happened to select the cheapest option when it comes to undergrad (MSU). Surprisingly, with all things considered, Montana was significantly less than CU *or* Mines.
ETA: @binary visions - where the FUCK is our monocle smiley??!?
You can carry his funds to the other kids.Oh - don't worry... we are going to dump whatever is required into the 529s to cover college expenses. JUST for the tax benefits. Although it appears that there may be rules regarding large 529 contributions... hmmm... probably should investigate.
We kinda got fortunate with the 1st kid - with merit scholarships and WUE, along with AP credits, we *may* have enough for his full 4 years in his account already. He just happened to select the cheapest option when it comes to undergrad (MSU). Surprisingly, with all things considered, Montana was significantly less than CU *or* Mines.
ETA: @binary visions - where the FUCK is our monocle smiley??!?
Only CO 529 rule I know is that accounts for a given beneficiary can't be contributed to if their total balance is at $400k or higher. So just don't run afoul of that, Watz, and you'll be fine.
:monocle:
Edit: also it’s a deduction so don’t contribute more than your gross taxable CO income in a year, either.
:monocle:
Edit: also it’s a deduction so don’t contribute more than your gross taxable CO income in a year, either.
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/debtmonkey
I've just heard on a radio that we are having the most days with measurable rain ever in April, 18 so far, 20 after this weekend. FTS.
I've just heard on a radio that we are having the most days with measurable rain ever in April, 18 so far, 20 after this weekend. FTS.
Yup. They have their own accounts as well.
If any of them decides to go into the Marines, I may have enough already for the other 2 to get through, given reasonable university choices.
Looks like there are some possible fed consequences that I should probably avoid, just for simplicity:
"However, to avoid gift tax consequences, federal law allows single taxpayers to contribute up to $14,000 in one year or make a lump-sum contribution of $70,000 to cover five years. Married couples may contribute as much as $28,000 per year or $140,000 as a lump sum. "
Hey... you're the one that wanted to live on the East Coast./debtmonkey
I've just heard on a radio that we are having the most days with measurable rain ever in April, 18 so far, 20 after this weekend. FTS.
in fucking boston of all placesHey... you're the one that wanted to live on the East Coast.
Time to leave. Weather patterns changes mean Boston is becoming wetter than Seattle, with extra humidity as a bonus.Hey... you're the one that wanted to live on the East Coast.
ftfy
Sweet!! Join me in the 6 to 8 weeks off the bike club
While we wait we can enjoy this live stream of death metal infinitly generated by computers. SO FUCKING BRUTAL
Looks like a high quality porter. Whachu got there?
The gift tax effects are only relevant if you and your wife will have an estate of over $11 million at your deaths. So again a nice problem to have.
big storms supposed to move in later... may try to leave early and beat the traffic
WELL