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Story 181 for Stupid Tax
Young & dumb
Original story submitted by Renee
on October 14, 2012
Location:Tn
Age: 25-34
Gender: female
on October 14, 2012
Young & dumb
My husband and I have been together since I was 18 (10 years now). He had $10,000 in the bank and very responsible. We both grew up with paycheck to paycheck parents who would get another loan as soon as the last one was paid off. My hubs aunt and uncle sold us their old house so we wouldn't have to rent. We got it for a great price.. $35,000! We decided to borrow an extra $10,000 to pay off credit card debt. We was both stupid and wanted new cars. I traded my car every 8 months 4 times! The house we bought was old and needed tons of work. After being ripped off by the first contractor (another loong story) we was back in credit card debt and living paycheck to paycheck. We decided something had to change. We took out an equity loan on our house and bought a business. The same year we started our business we had our first (and only) baby. It's not so much the babies that are expensive it's the hospital bill you get a month later. $3000 to have our little bundle of joy. The market crashed and we was literally starving eating sandwiches everyday and only drinking water. So we was back to the credit cards to buy groceries and Christmas gifts. The market slowly started getting better and we had been in a rut so long we went and blew tons of money on stupid stuff bc we felt we deserved it for going without for so long. We have 3 cc total of $14,000.. two cars we owe $40,000 and our house $42,000..Finally now at 28 (my hub is 33) we are on baby step #2 and have a goal of being completely debt free in 5 years.
5 of 7 found this story helpful.
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Story 182 for Stupid Tax
Dear Parents~Thank you for refusing stupid tax!
Original story submitted by StupidWithSmartParents
on October 11, 2012
Location:Concord, NC
Age: 25-34
Gender: female
on October 11, 2012
Dear Parents~Thank you for refusing stupid tax!
I was 28 and had worked very hard to get through nursing school as a single mother raising 2 children. Finally making a decent income, I decided it would be better to buy a home than continue to rent, after all, I would be building equity rather than throwing money away renting. I shopped around for a house and wound up moving in with my parents to save money after my lease ran out on the apartment. I spoke with my parents about co-signing to help me get a house, after all, I was working a great job, making good money and had worked very hard to rise up from the ashes of what was left of my life after being abandoned by my husband.
My parents claimed they supported me but adamantly refused to co-sign a loan for me. I felt like they did not trust me or did not believe in me. I couldn't understand why they weren't supporting me after all the hard work I had done. I and my children wound up living in their home for almost a year and saved up money and got a loan without a co-signor.
Now that I am in my own home and since taking FPU, I realize the wisdom my parents displayed by refusing to co-sign a loan for me. The borrower truly is slave to the lender and co-signing might have destroyed our relationship. I am so glad they had enough wisdom to see that!
I am currently debt free except for my house and my relationship with my parents is great!
80 of 80 found this story helpful.
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Story 183 for Stupid Tax
Cancelled my Best Buy card!!!
Original story submitted by Cheryl
on October 9, 2012
Location:New York
Age: 25-34
on October 9, 2012
Cancelled my Best Buy card!!!
Two years ago I bought a new camera from Best Buy. Because I was stupid and bought things with credit, I decided to purchase this "investment" with a Best Buy credit card. I think the camera was around $650 at the time. Last month when I opened my bill I owed $902. It said they charged me $503 in interest for 2012. STUPID STUPID STUPID!!!! I've probably paid for this camera 3 times. Today I paid it off and cancelled the card!!! wooohooo!!! They asked me why I was cancelling it and I told them because I have paid over $500 in interest this year and will never be stupid enough to purchase something with a Best Buy credit card again. He was speechless and cancelled it for me without another word. Pay with cash people! Don't make the same mistake I did.
30 of 32 found this story helpful.
4.6 out of 5
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Story 184 for Stupid Tax
Networking "Opportunity" Gone Bad
Original story submitted by Nique
on October 2, 2012
Location:Shreveport, LA
Age: 35-44
Gender: female
on October 2, 2012
Networking "Opportunity" Gone Bad
There's very little that makes me more upset than making mistakes that cost me financially. I thought I was done making those kinds of mistakes by taking a very long hiatus from any and all dating. Well, I guess I was wrong. The one thing I've always believed in is taking advantage of and, if necessary, spending on educational opportunities. Well, since I'm going to be transitioning from the military to the civilian sector in the next few years, my focus is on doing everything I can to network and prepare for that transition.
After seeing numerous adds on other professional websites, I decided to apply to the NAPW for what I thought was an opportunity to network with other professionals and broaden my skill set by achieving additional certifications, etc. Unfortunately, I didn't do enough research on the organization until after they'd left a very bad taste in my mouth and I gave them over $1K. Within 3 months after I paid for their "premium" ANNUAL membership (which I thought seemed ridiculous at the time), they were again calling for even more money because all of a sudden I was selected as "Woman of the Year" and was going to be featured in their newsletter and on the website for the low, low price of $2K...which was quickly whittled down to a much lower payment (split into 2 monthly payments) as I began objecting.
They used very aggressive tactics, catching me off guard at work and although I initially agreed, within half an hour when I called back to decline their offer, of course, I couldn't get anyone on the phone. Before another hour had passed, they'd already charged my credit card. Because I was already dealing with a lot of other issues, I cried tears of anger and frustration for almost the entire evening.
Once the weekend had passed and I was back at work, they finally returned one of the many, many calls I'd placed to their various different phone numbers and I was then forwarded to their finance department who agreed to refund the charge. I then told them I wanted my membership canceled (even though I had 9 months left) and all traces of my information deleted from their website because I didn't want to be affiliated with them in any way.
An expensive lesson learned and not one I will ever again repeat if I have anything to do with it...
18 of 20 found this story helpful.
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Story 185 for Stupid Tax
pipe collapse
Original story submitted by Lisa
on September 26, 2012
Location:Pullman WA
Age: 45-55
Gender: female
on September 26, 2012
pipe collapse
I have no debts other than my mortgage and I pay into retirement and a Roth IRA at full amounts. But because of the bad economy - and my own personality - I have been saving rather than paying extra on the principle of my mortgage. Last night I learned that there are real benefits sometimes in being so conservative. The sewer pipe between my house and the street has collapsed. I'll have to have it dug up and a new one laid. The cost is close to $7000. Luckily I have this in savings. If I'd given it to the bank to reduce principle, it wouldn't be in my hands now that I need it. At least for older homes, i think you've got to have a bankroll for maintainance in directions you might not even think of. How much is a good amount to have set aside for household emergencies?
33 of 40 found this story helpful.
4.1 out of 5
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Story 186 for Stupid Tax
Student Loan Confusion
Original story submitted by Rouge Historian
on September 20, 2012
Location:Greenville, SC
Age: 35-44
Gender: female
on September 20, 2012
Student Loan Confusion
Before I lost my job in emergency services to illness, I got married and was constantly being told when my hubby and I decided to have kids I'd lose my job. In a panic, (though we were a few car payments short of debt free) we decided to take out a student loan for me to return to school. We shopped around, found a great school online that was accredited and non-profit. I enrolled and still thinking I was doing a great thing, finished my graduate studies in just 18 months! During that time I lost my job, and the student loan industry changed in such a way that I no longer had some options for getting my loan repaid by teaching in a critical needs area that my state offered.
We fully expected for me to find a job right away, after all they were screaming for special education teachers. Right? By the time I graduated, I had lost my job to an illness, and the state was no longer hiring teacher, but laying them off!!
We bounced back, and I found some work in the school district part-time. After mom died, we were left about half the amount of my student loan. So, as she had directed before she died, we put it to our only loan.
Here is where we get stupid.
The "new and improved" student loan site shows what you owe each month and your payments. It said "$0" payment due after we dropped that big chunk of change. Money was tight, so we weren't stressing by paying that 150.00 a month we were paying, we sent along 50 bucks a month. After all, they said we didn't owe anything this month, right? WRONG!! The interest keeps mounding and it was more than what we were paying in. We realized this month that though we were paying a little every month, the amount was growing.
Thanks federal student loan people for not telling me what payment I need to be making. (we couldnt even call to get an amount)
So now we are making much larger payments, despite the site telling us we "dont owe a payment this month".
This could have been a much more expensive stupid tax, had we not realized it now.
59 of 64 found this story helpful.
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Story 187 for Stupid Tax
To SBA or not SBA?
Original story submitted by Kristen
on September 13, 2012
Location:Mooresville, NC
Age: 35-44
Gender: female
on September 13, 2012
To SBA or not SBA?
We applied for an SBA loan before we got on the program. But it didn't close, so when it came time to make it official, we decided to do it without debt. We had already paid about $5k for the bank stuff, but I chalk that up as stupid tax. So happy to not be in debt for this.
4 of 15 found this story helpful.
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Story 188 for Stupid Tax
401K loans, second jobs, and stupid payments
Original story submitted by In Debt
on September 13, 2012
Location:Atlanta, Georgia
Age: 35-44
Gender: male
on September 13, 2012
401K loans, second jobs, and stupid payments
Very long story short.
We had truck that was nickel and diming me to death so I went out and bought a car with a 266 dollar a month payment. Even after swearing I hated car payments.
Storms damaged the roof on my house. They gave us a 5000 dollar check for the roof replacement. The roofer said it was cosmetic damage so we should wait til it needed a roof. So we spent the money.
Six months later when the homeowners insurance was due, they wouldnt renew unless we replaced the roof. So I took out a 5000 dollar 401K loan.
After that, we needed money for the a/c unit to be replaced. No problem, right? I took out a second 401K loan for 3000 dollars.
My wife lost her job. So then I have two 401K loan payments, a car payment, and doctor bills to boot.
I cant leave my job that I HATE because I am stuck due to the 401K loans that I cant repay if I leave. The borrower is slave to the lender for sure.
I had to take a second job to just keep our heads at water level. I ride my bike as much as I can because the gas costs with my truck were killing us. But winter is almost here so the truck will have to be used more.
The good news is my wife was finally able to start working again part time so that will help some.
NEVER, EVER borrow money!! There is NO justification for it. It will bite you in the butt.
Once I get this debt paind, I will NEVER borrow again!!
The worst part is I knew about Dave and his plan before I did all this stupid stuff. I just didnt listen because I *wanted* stuff. (Like a spolied brat child)
I quit listening to his show. It was only after I got in debt that I realized I quit listening because he was saying what I did NOT want to hear. It wasnt intentional. It was very unintentional as a matter of fact.
I listen to Dave now-and read the site-for continuing inspiration. Just like going to church.
Thank you Dave for your ministry. It has brought me closer to God, my wife, and a happy DEBT FREE life.
52 of 52 found this story helpful.
4.7 out of 5
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Story 189 for Stupid Tax
Car Trouble
Original story submitted by Julie
on August 17, 2012
Location:Los Angeles
Age: 35-44
Gender: female
on August 17, 2012
Car Trouble
We have a 2005 Chevy Silvardo Truck with 90,0000 miles. My husband does keep up with the maintaince on the truck as he should. He found out the hard way coming home one day, the transmission blew and took about $1700 to fix. Proper maintaince is very wise. This wife is not a happy camper.
9 of 83 found this story helpful.
1.6 out of 5
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Story 190 for Stupid Tax
Facebook Games
Original story submitted by Sara
on August 11, 2012
Location:Milwaukee, WI
Age: 35-44
Gender: female
on August 11, 2012
Facebook Games
I'm embarrassed to say that I have spent about $500 over a period of a year on playing Facebook Games like Yoville. I could charge up to $50 per month using my mobile phone. It would be added to my cell phone bill each month. One day, God showed me how stupid I was and I stopped cold turkey. I also got rid of my $100 cell phone bill. I now have Google Voice for my home phone and a cell phone with very limited minutes. I'm happy to say that I am experiencing the benefits of not having large cell phone bills a month and owing on Facebook games. I'm able to do more things for my home and spend quality time with my daughter. I'm currently working on my emotional issues so that I don't go back. I also have learned that my worth is in God and not in a smartphone or Facebook games.
40 of 42 found this story helpful.
4.5 out of 5
rated 4.5 by 48 people
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