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Story 181 for Stupid Tax
In State Tuition
Original story submitted by Danimal
on May 15, 2012
Location:Germantown, TN
Age: over 55
Gender: male
on May 15, 2012
In State Tuition
Four years ago, my daughter entered Ole Miss at 18 years of age and faced out of state tuition. 356.00 an hour vs. approximately 100.00 per semester hour. Being the smart dad, I purchased a home in Oxford and waited for the second semester to begin. I proudly met with the school bursar to explain her residency and all the money I was going to save. He began to laugh when he looked at me and stated, lots of people have tried this sir, by state law, your daughter cannot establish residency until their 22nd birthday. Stupid tax, on top of tuition, mortgage and expenses for four years, requirement to live in sorority house one year (house sits vancant) and loss of her ability of first time home buyer benefits. Those were very expensive visits for football weekends. Anybody want to buy a home in Oxford Mississippi?
35 of 39 found this story helpful.
3.2 out of 5
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Story 182 for Stupid Tax
Shot myself in the foot
Original story submitted by big spender/little income
on May 12, 2012
Location:Ohio
Age: 35-44
Gender: male
on May 12, 2012
Shot myself in the foot
I have sold a ton of stuff since first hearing about Financal Peace in September. Really, I've sold every major item I can sell except two things. I came to Dave's site hoping to figure out if I should sell a couple fire arms at a loss. I paid retail price for both and have quickly learned that they are worth less than retail when I try to sell them. I still have a small vehicle loan and a huge student loan to pay off. I wish I had known Dave a long time ago - before I used my money to buy toys that didn't hold their value instead of paying down my debt.
It seems, as I read these stupid tax stories, that I have one of my own.
And now that yard sale season is here, the non-major items will be sold soon.
7 of 10 found this story helpful.
2.4 out of 5
rated 2.4 by 10 people
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Story 183 for Stupid Tax
Door prize disaster
Original story submitted by Robbie
on May 8, 2012
Location:Nashville, TN
Age: over 55
Gender: female
on May 8, 2012
Door prize disaster
I had just gotten my first apartment and knew nothing about money or gimmicks. I graduated top of my college class without any money smarts. A local shopping warehouse was offering a free set of steak knives for attending an informational meeting. Mind you I had a one bedroom apartment and was making $5.32 an hour. I went to the seminar, got the knives, and bought a membership for $500! I couldn't afford to buy anything, anywhere, after that. And the knives didn't even cut all that well. Learned my lesson-paid the stupid tax!
9 of 10 found this story helpful.
4.3 out of 5
rated 4.3 by 9 people
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Story 184 for Stupid Tax
Lost the amp, the ring, and the girl
Original story submitted by Debt-free Rocker
on May 8, 2012
Location:Colorado
Age: 35-44
Gender: male
on May 8, 2012
Lost the amp, the ring, and the girl
Too many of us musicians and artist-types have used a credit card to buy a guitar. Or an amp. Or groceries. And too many of us have been burned.
Case in point: I was once foolish enough to buy a guitar amp with a credit card. (I get extra bonus stupid points for doing this at a pawn shop.) Of course I couldn’t afford to buy the amp. (Roland Jazz Chorus 77. Mint.) I was a starving college student. I was also 19 or 20 years old, and I’d recently received five or six credit card applications in the mail. I thought this was FREE MONEY! Being young and ignorant, I responded accordingly, applying for every card I could get my hands on. And every card I received felt like a blessing.
How wrong can a guy possibly be?
Anyway, back to the amp… after taking it home, playing it for a few months, and using it to earn a grand total of exactly $0.00, I decided I was in love with a woman. I took the amp back to the same pawn shop and hocked it for a diamond ring.
Two months later, when the relationship ended and I took the ring back to the same pawn shop, they were happy to buy it back from me. For 50% of what I’d paid for it.
They still had the amp, and I wanted it back. But I didn’t have the full amount. And guess what… they only would accept the minimum $15 payment OR the full amount. After a few months of minimum payments, I realized I would never get the amp back.
So, in conclusion, I lost the amp. I lost the ring. I lost the girl. But I got to KEEP all of the credit card debt!
That’s how this game works.
So here’s my rant. Using credit cards = being in debt. For life. It means sending part of every paycheck to a credit card company. It means living life in debt.
In contrast, being DEBT FREE = walking down the street with a smile. It means not worrying about how the bills are going to get paid. It means abundance, wealth, joy, and the ability to GIVE.
I lived all of my adult life (from age 19 to age 41) in debt. Then I woke up, paid off all of my debt, CUT UP ALL OF MY CREDIT CARDS and closed every credit card account, built up an EMERGENCY FUND of six months worth of expenses, and now my wife and I are saving for a house. (Say it with me: We won’t even THINK about signing a contract until we have at least 20% down, and the terms will be a 15 year fixed mortgage with monthly payments that equal no more than 25% of total income. Until then, we wait, we work, we save, we stay in GRATITUDE for all of the abundance in our lives.)
(NOTE: My wife and I both work for non-profit agencies. It took us almost two years of constant effort to get ‘debt free’. It was NOT the overnight cure that I’d hoped for. Much to my surprise, I’m finding that nothing worthwhile in my life IS a quick fix.)
What’s happening today?
When I get my paycheck each month, I don’t worry about “minimum payments” or “late payments” or “missed payments” to any credit card company. I laugh all the way to the bank. When I want to rent a car or buy an airline ticket, I use my DEBIT CARD. (If a company doesn’t accept my debit card, I don’t USE that company.) I like to pay CASH for things. I don’t owe anyone ANYTHING. Especially not a credit card company.
And with all of the energy and passion that is freed up by releasing debt-related fears and worries, I have more energy for my music, for communing with nature, for connecting with my colleagues, family, friends, and loved ones. My life is simply fuller, richer, and more delicious than ever before!
62 of 63 found this story helpful.
4.9 out of 5
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Story 185 for Stupid Tax
Airfare lesson learned
Original story submitted by Dana
on May 3, 2012
Location:Nashville, TN
on May 3, 2012
Airfare lesson learned
I recently purchased airfare online for a quick trip from Nashville to Tampa. When I first started looking early in the week, I was happy to see the cost of only $149 each way. Waiting on others to make their final plans on when the trip would be, I didn't yet buy the tickets. As the week went on and I checked on the prices, the cost for each way had gone up by $15, so $30 more total. When I was ready to make my purchase on Sunday night, the cost for the way down had gone up another $70. Mistakenly, I thought increased prices meant tickets were selling out. I found out from a friend a couple of days later that many times the prices are inflated over weekend days. Sure enough, I got online again (on a Tuesday) and the prices were back down to only $149 each way. I can't believe I never knew this! So, this $100 lesson has taught me to buy airline tickets during the week!
39 of 41 found this story helpful.
3.8 out of 5
rated 3.8 by 14 people
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Story 186 for Stupid Tax
Expensive bicycles
Original story submitted by Josh
on May 3, 2012
Location:RTP, NC
Age: 25-34
Gender: male
on May 3, 2012
Expensive bicycles
My wife and I decided it would be a good idea to buy a couple of bikes. Unfortunately, the first time I rode the bike, I found out that I didn't like it. A year later, the bikes have been sitting on our porch, unused. We managed to sell them for half of what we bought them for. I recommend test driving or renting something like this before purchasing. Could save you a few hundred dollars to figure out whether or not you like something!
5 of 6 found this story helpful.
3.7 out of 5
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Story 187 for Stupid Tax
Cashed Out 401k to be "Independent"
Original story submitted by Stu Pidly
on April 27, 2012
Location:Bozoville, DC
Age: 35-44
Gender: male
on April 27, 2012
Cashed Out 401k to be "Independent"
Got weary, restless, and really STUPID with well-paying job. Had $200k in 401k, so quit job and put 401k into IRA brokerage account.
Stupidly thought I could trade my way to financial freedom and make enough to pay bills, including tax penalty of withdrawals from IRA.
Long story short: Didn't make much, certainly not enough to pay bills, and had to draw down IRA account to survive. Now desperately trying to find a decent job before IRA runs out, and owe big bucks to IRS. Stupid!
18 of 19 found this story helpful.
4.4 out of 5
rated 4.4 by 21 people
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Story 188 for Stupid Tax
Diploma in Stupid Tax
Original story submitted by April
on April 23, 2012
Location:Ontario, Canada
Age: 35-44
Gender: female
on April 23, 2012
Diploma in Stupid Tax
I used a brand new credit card with an exceedingly unhealthy limit (and a 19% interest rate) to go to a "private career college" to pursue a 2-year diploma in alternative/complementary heath care. (Yes, dear readers, this is the part where you slap your forehead; wish someone had slapped mine.) As a matter of interest, I was already carrying some consumer debt and working only part-time to support my family.
I graduated successfully after spending many thousands of dollars but as it turns out, my credentials aren't worth much here in my province. (As an alternative health care practitioner I'm in direct competition with our provincial health care system and I live in an economically depressed area.) I'm now many thousands of dollars in debt for an education I'm not even able to use and scrambling to stay on top of my payments while I work through Dave's program on a poverty-line income. To top it all off, I will be spending more money and time going back to an accredited school to start working on a degree I can actually use!
You can bet your cut-up credit card I'm researching my next school AND the programs AND doing a preliminary job search with a fine toothed comb to make sure that:
a) I'll be highly employable when I graduate
b) I'll be qualified for a position with a good salary that will allow me to live AND pay down all that stupid tax from my last educational decision.
Stupid, stupid, stupid tax.....
40 of 44 found this story helpful.
4.2 out of 5
rated 4.2 by 27 people
Story 189 for Stupid Tax
bigger isn't better...i sold the car
Original story submitted by Jules
on April 18, 2012
Location:rural washington state
Age: 45-55
Gender: female
on April 18, 2012
bigger isn't better...i sold the car
i've always liked the shiniest and the best. when i "needed" a new car to transport a troupe of teens (my husband and i were foster parenting teenagers)i refused my husband's advice that we get what served our needs but didn't cost the most. i insisted that we get the biggest and the best. it was a one year old ford expedition. it had every everything a new car could. it was 54K new. i paid 39K 1 yr old. i drove it for two years. the cost of the down payment (6K), the monthly payments (700.00), insurance, gas (it took more than most vehicles), new tires (pirelli), repairs (my daughter backed it into another car) totalled $26,000. i took the FPU class and decided i needed to sell the car. i knew i had to sell the car. i ended up paying $2,500 for the dealer to take the car back. total cost to drive biggest and best SUV for 24 months $28,500. what do i have to show for it?? a stupid tax story AND respect for my husband's conservative opinions
33 of 35 found this story helpful.
4.7 out of 5
rated 4.7 by 23 people
Story 190 for Stupid Tax
Did a Refi via early use of IRA :-( AMT bit me
Original story submitted by CraigEvans
on April 16, 2012
Location:Indianapolis, IN
Age: 35-44
Gender: male
on April 16, 2012
Did a Refi via early use of IRA :-( AMT bit me
I wanted to lower my monthly mortgage payment, take mortgage from 23 years left to 15 year loan, and get to 75% ltv. I brought about $41k cash to the table by withdrawing about $25k from and IRA and selling some long term gain stocks. Now I owe the IRS 10k and it's April 16th. I knew about the 10% IRA penalty and stock sale cap gains, but I forgot that the funds received would send our two income family of 7 above the AMT threshold. I'm going to have to pay the IRS via credit card. I pay my debts -- I don't default, but I'm afraid my proper moral act of paying by bills will not benefit as much as doing the wrong thing and relying on a future government bailout of underwater homes or credit card default.
4 of 8 found this story helpful.
3.0 out of 5
rated 3.0 by 12 people
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