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Re: Mortgage interest ignorance [Re: Green Bay] #6725094
01/11/20 07:39 PM
01/11/20 07:39 PM
Joined: Jul 2017
Posts: 2,665
PA
W
w side rd 151 Offline
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w side rd 151  Offline
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Joined: Jul 2017
Posts: 2,665
PA
Originally Posted by Green Bay
Interesting discussion all the way round. My thoughts are that since I have no debt and my mortgage is paid I can stick even more into my retirement investments if I wish. If everything all goes down the drain (2008 - 2009) and we see a major drop again my house is paid for and I will have money on the side to swoop in and make some great deals on everyones toys (traps, guns, etc) that they are getting rid of. grin

The money we where able to save after paying off our mortgage and before the health issue happen was how we where able to get by .Like pcr2 said "got what I want owe no one"Too many people in today's society are spending money to buy things to impress people they do not even like to start with

Re: Mortgage interest ignorance [Re: midlander] #6725109
01/11/20 07:50 PM
01/11/20 07:50 PM
Joined: Aug 2010
Posts: 10,787
Asheville, NC
C
charles Offline
trapper
charles  Offline
trapper
C

Joined: Aug 2010
Posts: 10,787
Asheville, NC
Met a very successful dentist years ago. He owned lots of high value real estate. He said he could only use his two hands for so many hours per day. The key to his financial success came from other hands and money from other people.

Re: Mortgage interest ignorance [Re: QuietButDeadly] #6725122
01/11/20 07:59 PM
01/11/20 07:59 PM
Joined: Aug 2016
Posts: 545
Pennsylvania
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Claypool313 Offline
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Claypool313  Offline
trapper
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Joined: Aug 2016
Posts: 545
Pennsylvania
Originally Posted by QuietButDeadly
A personal finance course should be required for high school graduation. It should cover interest, simple and compound, simple stuff like managing your bank accounts and filling out routine personal tax returns. It is not rocket science but there is certainly no shortage of ignorance about managing ones personal finances.


We had in out school. It was called Business Math. Elective. I think i took it in 8th grade. Remember goofing off a lot a seeing how many spit wads i could get to stick to the clock.

Re: Mortgage interest ignorance [Re: midlander] #6725129
01/11/20 08:05 PM
01/11/20 08:05 PM
Joined: Jan 2009
Posts: 6,683
PA
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gryhkl Offline
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gryhkl  Offline
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Joined: Jan 2009
Posts: 6,683
PA
MY sons(19,21,23) learned a ton more about money management and investing than they taught back in the day. They have ROTHs and they bought their fist stock share at 12 years old. We have also taught them as much as we know about money since they were small.

Re: Mortgage interest ignorance [Re: midlander] #6725136
01/11/20 08:11 PM
01/11/20 08:11 PM
Joined: Nov 2015
Posts: 829
Maine
S
SleekOtter Offline
trapper
SleekOtter  Offline
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S

Joined: Nov 2015
Posts: 829
Maine
I hear all the time about the tax break of how they won't make as much in stocks etc. but even if you invest that in stocks and don't make a huge return, you still have that money if you want it back. Unless of course you lose it, but that's not too common unless you don't pay attention.

I say pay off all loans as early as possible. It's just that much more money in your pocket every month. You think I don't wish I had the $730 I'm paying in just interest for my mortgage monthly?

Re: Mortgage interest ignorance [Re: midlander] #6725192
01/11/20 08:59 PM
01/11/20 08:59 PM
Joined: Dec 2015
Posts: 6,323
se South Dakota
NonPCfed Offline
trapper
NonPCfed  Offline
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Joined: Dec 2015
Posts: 6,323
se South Dakota
Quote
I would like to see property taxes abolished for the same reason. My property taxes are dirt cheap here... I pay a day and a half's wages a year. But if I didn't pay for a few years the county could steal my house over basically a week's wages... And I sure don't get much for what I pay, even if it's only a day's wages.


There would be almost no way to fund school districts and local governments in South Dakota, especially rural areas. We have no state income tax and counties don't have their own sales tax, only the state and municipalities. My property tax in bedroom town goes about 50% to the school district, about 48% (can't remember the split) to the county and bedroom town gov, and the remaining 2% to misc stuff. I like telling people I own a certain percentage of a teacher in our school district.


"And God said, Let us make man in our image �and let them have dominion �and all the creatures that move along the ground".
Genesis 1:26
Re: Mortgage interest ignorance [Re: midlander] #6725214
01/11/20 09:18 PM
01/11/20 09:18 PM
Joined: Jan 2009
Posts: 6,683
PA
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gryhkl Offline
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gryhkl  Offline
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G

Joined: Jan 2009
Posts: 6,683
PA
All earners are paid their wages by all the other earners. People will whine at board meetings if teachers get a raise. But the guys at the power plant make a lot more and nobody protests their wages when electricity rates go up. Truck drivers get a raise, shipping goes up. ......You get the idea.
Maybe everyone should have their wages posted in the local paper and websites as has been done with teachers by name in the past.

BTW, power plant workers and truckers were just used as examples.

Re: Mortgage interest ignorance [Re: midlander] #6725266
01/11/20 09:52 PM
01/11/20 09:52 PM
Joined: Feb 2009
Posts: 3,897
minnesota
M
mnsota Offline
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mnsota  Offline
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Joined: Feb 2009
Posts: 3,897
minnesota
I would rather they find some other funding mechanism than property tax,..don't know what that would be but would probably favor it.

Re: Mortgage interest ignorance [Re: midlander] #6725461
01/11/20 11:48 PM
01/11/20 11:48 PM
Joined: Mar 2007
Posts: 35,129
McGrath, AK
W
white17 Offline

"General (Mr.Sunshine) Washington"
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"General (Mr.Sunshine) Washington"
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Joined: Mar 2007
Posts: 35,129
McGrath, AK


Mean As Nails
Re: Mortgage interest ignorance [Re: NonPCfed] #6725567
01/12/20 01:17 AM
01/12/20 01:17 AM
Joined: Sep 2013
Posts: 10,404
Northeast Oklahoma
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Mike in A-town Offline
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Mike in A-town  Offline
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Joined: Sep 2013
Posts: 10,404
Northeast Oklahoma
Originally Posted by NonPCfed
Quote
I would like to see property taxes abolished for the same reason. My property taxes are dirt cheap here... I pay a day and a half's wages a year. But if I didn't pay for a few years the county could steal my house over basically a week's wages... And I sure don't get much for what I pay, even if it's only a day's wages.


There would be almost no way to fund school districts and local governments in South Dakota, especially rural areas. We have no state income tax and counties don't have their own sales tax, only the state and municipalities. My property tax in bedroom town goes about 50% to the school district, about 48% (can't remember the split) to the county and bedroom town gov, and the remaining 2% to misc stuff. I like telling people I own a certain percentage of a teacher in our school district.


So you're telling me South Dakota had no schools, roads, and bridges before someone came up with the idea to tax everyone and pay county employees to spend it on schools, roads, and bridges for you?

Mike


One man with a gun may control 100 others who have none.

Vladimir Lenin
Re: Mortgage interest ignorance [Re: midlander] #6725689
01/12/20 07:42 AM
01/12/20 07:42 AM
Joined: Dec 2012
Posts: 6,501
Wi.
D
Diggerman Offline
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Diggerman  Offline
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Joined: Dec 2012
Posts: 6,501
Wi.
I believe there is a difference between "personal' debt and "business" debt. I agree that personal debt should be limited and payed up as soon as possible, business debt should be looked at totally different.

Re: Mortgage interest ignorance [Re: Diggerman] #6725706
01/12/20 08:07 AM
01/12/20 08:07 AM
Joined: Jan 2007
Posts: 2,136
B61-12 vicinity, MO
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TreedaBlackdog Offline
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TreedaBlackdog  Offline
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Joined: Jan 2007
Posts: 2,136
B61-12 vicinity, MO
Originally Posted by Diggerman
I believe there is a difference between "personal' debt and "business" debt. I agree that personal debt should be limited and payed up as soon as possible, business debt should be looked at totally different.


Just another reason to have a second home based business of which the mortgage becomes another partial cost of doing business. The tax code is set up for small businesses, farmers etc....not the working man who goes out and works, earns a paycheck, pays taxes and goes on. I encourage everyone to have a second business to build up net worth. My old tractors, rakes, balers, cows may not be much - but they are mine and can be sold if need be. If I pay 10k in taxes a year - what do I have.

Re: Mortgage interest ignorance [Re: midlander] #6725718
01/12/20 08:27 AM
01/12/20 08:27 AM
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Posts: 6,683
PA
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gryhkl Offline
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PA
When it comes to business expenses, why can't college tuition, or at least the interest on loans be written off?
My son got a very well paying job right out of college, but he also has pretty big loan payments which he cannot write off. A friend of his bought some heavy equipment and runs a small excavating business. He can write the cost of the equipment off because he needs it to make his money, just as my son needs his masters degree in order to be allowed to practice his profession.
If one is working in a profession for which the degree he eared is required, it should be considered a business expense. IMHO

Re: Mortgage interest ignorance [Re: TreedaBlackdog] #6725724
01/12/20 08:31 AM
01/12/20 08:31 AM
Joined: Dec 2012
Posts: 6,501
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Diggerman Offline
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Diggerman  Offline
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Joined: Dec 2012
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Wi.
Originally Posted by TreedaBlackdog
Originally Posted by Diggerman
I believe there is a difference between "personal' debt and "business" debt. I agree that personal debt should be limited and payed up as soon as possible, business debt should be looked at totally different.


Just another reason to have a second home based business of which the mortgage becomes another partial cost of doing business. The tax code is set up for small businesses, farmers etc....not the working man who goes out and works, earns a paycheck, pays taxes and goes on. I encourage everyone to have a second business to build up net worth. My old tractors, rakes, balers, cows may not be much - but they are mine and can be sold if need be. If I pay 10k in taxes a year - what do I have.

This is so correct. Anything that can be "written off "is like getting a 30% rebate. If you have a farm, no matter how small, clothing, dog food, %of your house expenses, vehicles, insurance, etc. etc.

Re: Mortgage interest ignorance [Re: gryhkl] #6725729
01/12/20 08:34 AM
01/12/20 08:34 AM
Joined: Nov 2007
Posts: 9,780
St. Cloud, MN
trapperkeck Offline
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trapperkeck  Offline
trapper

Joined: Nov 2007
Posts: 9,780
St. Cloud, MN
Originally Posted by gryhkl
When it comes to business expenses, why can't college tuition, or at least the interest on loans be written off?
My son got a very well paying job right out of college, but he also has pretty big loan payments which he cannot write off. A friend of his bought some heavy equipment and runs a small excavating business. He can write the cost of the equipment off because he needs it to make his money, just as my son needs his masters degree in order to be allowed to practice his profession.
If one is working in a profession for which the degree he eared is required, it should be considered a business expense. IMHO

I'm pretty sure tuition and education loan interest are both tax deductible. I have always been able to write off continuing education expenses and loan interest on education debt.


"The voice of reason!"
Re: Mortgage interest ignorance [Re: midlander] #6725747
01/12/20 09:06 AM
01/12/20 09:06 AM
Joined: Jan 2009
Posts: 6,683
PA
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gryhkl Offline
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Joined: Jan 2009
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PA
I did some looking around and I think maybe one can write off the interest on the loans. I still haven't seen where he can write of the tuition. He'll have to find a good tax person,
Thanks, Trapperkeck

Re: Mortgage interest ignorance [Re: midlander] #6725879
01/12/20 10:53 AM
01/12/20 10:53 AM
Joined: Jan 2007
Posts: 2,136
B61-12 vicinity, MO
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TreedaBlackdog Offline
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TreedaBlackdog  Offline
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Joined: Jan 2007
Posts: 2,136
B61-12 vicinity, MO
There also used to be an education "credit" at least for a few years when I was in grad school. Was not a write off but a credit - still helped

Re: Mortgage interest ignorance [Re: midlander] #6725909
01/12/20 11:28 AM
01/12/20 11:28 AM
Joined: Dec 2015
Posts: 6,323
se South Dakota
NonPCfed Offline
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NonPCfed  Offline
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Quote
Originally Posted by NonPCfed
Quote
I would like to see property taxes abolished for the same reason. My property taxes are dirt cheap here... I pay a day and a half's wages a year. But if I didn't pay for a few years the county could steal my house over basically a week's wages... And I sure don't get much for what I pay, even if it's only a day's wages.


There would be almost no way to fund school districts and local governments in South Dakota, especially rural areas. We have no state income tax and counties don't have their own sales tax, only the state and municipalities. My property tax in bedroom town goes about 50% to the school district, about 48% (can't remember the split) to the county and bedroom town gov, and the remaining 2% to misc stuff. I like telling people I own a certain percentage of a teacher in our school district.


So you're telling me South Dakota had no schools, roads, and bridges before someone came up with the idea to tax everyone and pay county employees to spend it on schools, roads, and bridges for you?

Mike



Mike, you're asking me to dive back into the history of SD state government which rather bores me to tears and certainly isn't want I want to do on a Sunday morning, but yes, it appears that a property tax in this state has been going on since at least 1906 (see the link to the SD state constitution). The founders of this state set up counties very quickly, even when the state was a territory. Why set up county organizations if you're not going to fund them somehow...? South Dakota became a state in 1889 and I don't know how it funded local governments (including school boards) the 15+ years before the state constitution appears to have been amended. maybe they were trying other methods and they weren't working.

How do YOU think they funded local governments without a property tax...??

https://ballotpedia.org/Article_XI,_South_Dakota_Constitution


"And God said, Let us make man in our image �and let them have dominion �and all the creatures that move along the ground".
Genesis 1:26
Re: Mortgage interest ignorance [Re: midlander] #6725988
01/12/20 12:33 PM
01/12/20 12:33 PM
Joined: Sep 2013
Posts: 10,404
Northeast Oklahoma
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Mike in A-town Offline
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Joined: Sep 2013
Posts: 10,404
Northeast Oklahoma
PCFed, my local landscape is dotted with old one room schools that were paid for by the early residents of the area... Everyone paid what they could and built the school building and hired a teacher. So in effect, a tax. But not compulsory and the county didn't get your farm if you didn't pay.

Probably a little tougher to do today. However, my sister pulled my nephews out of public school and put them in home school with online classes... When you do that the state takes the money earmarked per student and pays it to the home school organization. It seems the money goes quite a bit further since there's not a building, maintenance, buses, superintendents, principals, vice principals, councilors, physical textbooks, lockers, and all the other added costs and infrastructure that go along with public schools.

And I don't buy into the "socialization" argument against home schooling... If I had it to do all over again I'm not sure I would want my kids exposed to the "socialization" social engineering going on in public schools today... My nephews know which bathroom to use.

Now, I realize not every mother can afford to stay home and monitor their kids in home school. But if people weren't paying tens of thousands of dollars a year in property taxes maybe a lot more moms could afford to stay home.

I'm not necessarily calling for the entire system to be scrapped. But we could definitely use an overhaul and it wouldn't hurt to take a serious look at how we can get more for our money.

Anyhow, I've drug this way off track from the original topic... My apologies to the OP.

Mike


One man with a gun may control 100 others who have none.

Vladimir Lenin
Re: Mortgage interest ignorance [Re: midlander] #6725993
01/12/20 12:38 PM
01/12/20 12:38 PM
Joined: Mar 2007
Posts: 35,129
McGrath, AK
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white17 Offline

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Joined: Mar 2007
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McGrath, AK
^^^^^^^^^^^^^^ X2


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