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Started By
Message
re: Debt Debt Debt.
Posted on 11/2/18 at 3:25 pm to LSU alum wannabe
Posted on 11/2/18 at 3:25 pm to LSU alum wannabe
quote:
Am I a CPA? No. But I can add. Many is the time I’ve seen that 5th shift equate to an extra 200 bucks of take home pay. Not worth my time or time away from family.
Saderade mentioned a second job. That is the better option. Or one extra shift. 48 hours is the sweet spot. 60 and you are spinning your wheels.
That’s just your payroll system.
2
Posted on 11/2/18 at 3:27 pm to LSU alum wannabe
quote:
Or one extra shift. 48 hours is the sweet spot. 60 and you are spinning your wheels.
It's the same amount of money, and is essentially taxed the same once you file taxes. It may appear that you're being taxed more when you work 60 hours vs 48, but you're getting that money back when you file your income taxes.
Posted on 11/2/18 at 3:30 pm to Golfer
quote:
That’s just your payroll system.
Correct.
Which equates to real world take home cash that I can attack a credit card with.
“Discretionary income” is my downfall. I am amazed to read that their are people that double up my wife and I. $1400-1600 is my monthly. The guy earlier was talking 3000 to 4500. Wow!!
Posted on 11/2/18 at 4:06 pm to LSU alum wannabe
Your 1400-1600 did not see accurate as you were still missing ~2k somewhere in your calculations.
Posted on 11/2/18 at 4:09 pm to Epic Cajun
quote:
Your 1400-1600 did not see accurate as you were still missing ~2k somewhere in your calculations.
Probably.
Sitting at work not accessing each account. They were rough numbers. This thread already has about 6Billion downvotes. I can’t imagine the venom spewed if I were totally accurate.
Posted on 11/2/18 at 4:23 pm to Golfer
quote:
Many is the time I’ve seen that 5th shift equate to an extra 200 bucks of take home pay. Not worth my time or time away from family.
"not worth your time???"
every day you are so hopelessly in debt is one more day you are wasting your time going backwards and deeper underwater. i dont know you but you seem like a reasonable person with intelligence. you already know it will take (many) sacrifices to finally come up for air, for good.
make them now so you dont have to make them double, later. all i've read from you in this thread is a desire to find the easiest least painful way out. there is no easy/painless way out. curb your spending (to the bone if needed) and find additional income, no matter what it takes
edit: response is to OP, not golfer
This post was edited on 11/2/18 at 4:25 pm
Posted on 11/2/18 at 4:28 pm to LSU alum wannabe
quote:
LSU alum wannabe
What does your tax return look like? Do you receive a big return or are you close to $0?
You mentioned the extra shift brings a smaller than expected take home amount. That is based on the payroll system that anticipates this new amount to be "new normal". If you are receiving a fairly large tax return, you may need to adjust you and your wife's payroll withholding.
Posted on 11/2/18 at 4:35 pm to cave canem
quote:
The debt settler is 100% going to default you with some creditors, create charge offs with others and charge you thousands to do so all the while create long term debt for you which will include their fees.
You might as well just default on your own, it will be much cheaper in the long run.
best advice in this thread
Posted on 11/2/18 at 5:00 pm to LSU alum wannabe
quote:
Correct. Which equates to real world take home cash that I can attack a credit card with.
And when you have a tax refund in early 2019 you apply it to the debt. Not to mention you can adjust your withholding to account for your additional OT income.
Posted on 11/2/18 at 8:23 pm to cgrand
quote:
you seem like a reasonable person with intelligence
I must have missed the part of the thread where the OP’s intelligence showed.
Posted on 11/3/18 at 8:07 am to lnomm34
I’m convinced he’s just trolling with the “overtime is not worth the money, because of the taxes” and the fact that since he didn’t charge something, it’s okay to buy it (ignoring the fact that the money spent could’ve been applied to debt). I’ve never taken a financial class in my life, but OP seems to lack common sense, impulse control, or both.
Posted on 11/3/18 at 9:05 am to Ric Flair
quote:
and the fact that since he didn’t charge something, it’s okay to buy it (ignoring the fact that the money spent could’ve been applied to debt
When I read that I thought this whole thing might be a troll also.
Posted on 11/5/18 at 12:11 am to Golfer
quote:
And when you have a tax refund in early 2019 you apply it to the debt. Not to mention you can adjust your withholding to account for your additional OT income.
He is okay with letting debt sit for multi years, but not with paying a few months interest before the payout.
He literally said it is better to not get paid at all if he doesn't get it right now.
Posted on 11/5/18 at 12:13 am to Ric Flair
quote:
I’m convinced he’s just trolling with the “overtime is not worth the money, because of the taxes” and the fact that since he didn’t charge something, it’s okay to buy it (ignoring the fact that the money spent could’ve been applied to debt). I’ve never taken a financial class in my life, but OP seems to lack common sense, impulse control, or both.
Trolling or not....its plausible because those two things are VERY common perspectives from people who have trouble managing money
Posted on 11/5/18 at 7:25 am to LSU alum wannabe
quote:
“Discretionary income” is my downfall. I am amazed to read that their are people that double up my wife and I. $1400-1600 is my monthly. The guy earlier was talking 3000 to 4500. Wow!!
Well if you AREN'T still living above your means, you could spend money on whatever you want. If you are ALREADY spending $1700 a month in CC bills and another $1500 on "entertainment", you could have the money to spend $3k on entertainment without debt.
Posted on 11/5/18 at 9:04 am to LSU alum wannabe
quote:
Sitting at work not accessing each account. They were rough numbers.
Single biggest problem you have and it is consistent. You don't really know how much is coming in or going out. Until you get a handle on this to within a percent or two (I'm 100% serious), any plans or efforts will be thwarted or at least hindered by this lack of awareness/accuracy. You don't seem bothered enough by this lack of awareness.
I mean, if you knew that your payroll department was depositing, say, $1500 every month to an account of a ne'er do well relative of yours, who dutifully went to the bank, withdrew that amount in cash and then lit it on fire to stay warm for a few minutes, you would likely raise hell until this practice stopped, right?
That's essentially what is happening in your household finances (at least $1500 if anything you've said in the thread about your inputs/outputs is even remotely accurate) and you seem far more concerned about incurring additional debt than finding that money with which you could aggressively tackle your current debt.
Again, it doesn't appear you're actually insolvent. Just effectively insolvent. Good news is - that's a relatively easy fix, should you decide to fix it.
This post was edited on 11/5/18 at 9:05 am
Posted on 11/5/18 at 10:47 am to Ric Flair
quote:
“overtime is not worth the money, because of the taxes”
Posted on 11/5/18 at 12:20 pm to cgrand
quote:When my wife worked in the ICU she had coworkers tell her never to pick up a 5th shift because of the take home pay from that shift was so low. I obviously told her they didn’t understand payroll and taxes.
“overtime is not worth the money, because of the taxes”
Posted on 11/5/18 at 4:31 pm to saderade
quote:Yeah. There seems to be some inexcusable confusion regarding marginal tax rates, and how companies tax bonuses/overtime which is probably articulated in some company policy, which someone should know or at least infer if they understood taxes.
When my wife worked in the ICU she had coworkers tell her never to pick up a 5th shift because of the take home pay from that shift was so low. I obviously told her they didn’t understand payroll and taxes.
Posted on 11/5/18 at 10:20 pm to LSU alum wannabe
quote:
But I can add. Many is the time I’ve seen that 5th shift equate to an extra 200 bucks of take home pay. Not worth my time or time away from family.
Saderade mentioned a second job. That is the better option.
You don't understand how your taxes work... AT ALL. Take the time to understand your tax rate and witholding.
Newsflash... You need to track every dollar you spend. Try the YNAB (you need a budget) app. You also need some Dave Ramsey.
Our single income family makes less than you do, has three kids to feed, gives to charity, saves some, and owns a home with no credit card or car debt. Not to say we are perfect, but it can be done. It's tight, and we might eat out once a week. We spend $850/mo on groceries, and we could cut it to $600/mo if needed.
Y'all need to get serious about tracking your spending and sticking to a plan.
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