DHP Financial topic of the week: Success stories?

[music]

hey g man we all have our time. thank god for brothers and sisters who loved and cared for us. it's that village in us. african proverb.

[Wild i]

You guys are doing so well, but I am still the "poor dad." I make an "okay" salary, but I'm tapped. I took U's advice last month and set up that ING saving account. The deduction is extremely small for now, but I'll raise it as time goes on. It's a big step for me because I've been "threatening" to save for years, but haven't.

I have paid off several cards. I have 2 more to go, then I can start working on my personal and student loans.

BIG SETBACK was the $3K tax bill I just got from the city for 1999. I'd just paid off a $5K bill from the feds. MUCH CONSIDERATION MUST BE GIVEN TO WHOM YOU CHOOSE TO DO YOUR TAXES. In 1999, I went to a storefront so-called tax accountant/attorney and he failed to include the short sale of my co-op. I'm paying for it now. And don't say anything about going back to him for recourse. I've done so and it's a clear case of Caveat Emptor.

Anyway, I will persevere in my efforts to become solvent. I am trying to finally learn from my considerable financial mistakes.

[imported_Gman]

Originally posted by Wild i:
You guys are doing so well, but I am still the "poor dad." I make an "okay" salary, but I'm tapped. I took U's advice last month and set up that ING saving account. The deduction is extremely small for now, but I'll raise it as time goes on. It's a big step for me because I've been "threatening" to save for years, but haven't.

I have paid off several cards. I have 2 more to go, then I can start working on my personal and student loans.

BIG SETBACK was the $3K tax bill I just got from the city for 1999. I'd just paid off a $5K bill from the feds. MUCH CONSIDERATION MUST BE GIVEN TO WHOM YOU CHOOSE TO DO YOUR TAXES. In 1999, I went to a storefront so-called tax accountant/attorney and he failed to include the short sale of my co-op. I'm paying for it now. And don't say anything about going back to him for recourse. I've done so and it's a clear case of Caveat Emptor.

Anyway, I will persevere in my efforts to become solvent. I am trying to finally learn from my considerable financial mistakes.

WildI, I am doing well now but make no mistake at one time I was heavy in debt (credit cards,personal loans, student loans and taxes). Student loans were in default and collection agencies were calling all the time. With the hope of giving people more encouragement I will add that Linda's wages had also been garnished. Now her credit rating is higher than mine [img]graemlins/cussing.gif[/img] . Its a matter of stopping the madness and saying that each and every day you are getting more and more out of debt rather that going deeper into more debt. You are making excellent progress and congratulations on paying off those two credit cards [img]graemlins/OLA.gif[/img]

One other thing that I noticed when paying off my debt was as I got closer to being debt free other debts started popping up from outta no where. Ones that I had long forgotten about that had to be paid off as well.

[ September 05, 2003, 09:29 AM: Message edited by: Gman ]

[imported_Gman]

Originally posted by Wild i:
...BIG SETBACK was the $3K tax bill I just got from the city for 1999. I'd just paid off a $5K bill from the feds. MUCH CONSIDERATION MUST BE GIVEN TO WHOM YOU CHOOSE TO DO YOUR TAXES. In 1999, I went to a storefront so-called tax accountant/attorney and he failed to include the short sale of my co-op. I'm paying for it now. And don't say anything about going back to him for recourse. I've done so and it's a clear case of Caveat Emptor.

Can you file an amended return for that year and get some of that money back ? Any Tax folks out there no about this ? Also what is a co-op and what does Caveat Emptor mean ?

[mercado]

I finally paid off my Huge student loan for college and university the other day. I'd increase the payments year after year.

Man I feel lighter already. [img]smile.gif[/img]

ps gman caveat emptor means "let the buyer beware"

ciao
gerard

[Wild i]

Originally posted by mercado:
ps gman caveat emptor means "let the buyer beware"

Quite right! And congrats on the student loan payoff.

G- A co-op is a co-operative apartment. Not quite a Condo. You'd have to ask a real estate maven (mhd?)for the exact details of the differences. Suffice it to say, I had a mortgage which I needed to divest. I sold short to avoid foreclosure. The bank was all too happy to assist. They, of course, reported the loss to the IRS. The IRS attached the difference ($25K) to my income, taxed it and informed the state. This happened in a year when my salary was actually cut in half. Predatory tax practices! [img]graemlins/cussing.gif[/img] [img]graemlins/cussing.gif[/img] [img]graemlins/cussing.gif[/img]

[Leslie]

Originally posted by Wild i:
</font><blockquote>quote:</font><hr />Originally posted by mercado:
ps gman caveat emptor means "let the buyer beware"

Quite right! And congrats on the student loan payoff.

G- A co-op is a co-operative apartment. Not quite a Condo. You'd have to ask a real estate maven (mhd?)for the exact details of the differences. Suffice it to say, I had a mortgage which I needed to divest. I sold short to avoid foreclosure. The bank was all too happy to assist. They, of course, reported the loss to the IRS. The IRS attached the difference ($25K) to my income, taxed it and informed the state. This happened in a year when my salary was actually cut in half. Predatory tax practices! [img]graemlins/cussing.gif[/img] [img]graemlins/cussing.gif[/img] [img]graemlins/cussing.gif[/img] </font>[/QUOTE]I believe with a co-op the difference is you own "shares" of the co operative building and not the actual apartment itself. Before you are able to sell or possibly sub-let your apartment, it has to go before the co-op board who can yea or nay your wishes as to who is buying or possibly sub-letting your apartment.

You hear stories all the time here in NYC about celebrities of all types who wish to purchase co-ops in exclusive buidlings get turned down by the buildings board.

[DeesKo]

Originally posted by Gman:
I am doing well now but make no mistake at one time I was heavy in debt (credit cards,personal loans, and taxes).

I too have known the joys of parking a block away, putting the wrong tags on your vehicle, etc to avoid the repo man from time to time.Things came to a head earlier this year when I had a couple of paychecks bounce. Luckily things worked out, I'm still catching up so to speak but in the long run I'm gonna come out ahead because this forced me to get my ass in gear and get out of debt.

For me, I didn't have any HUGE individual debts so instead of trying to pay all of them off slowly month to month I ended up eating the 30 or even 60 day late charge/credit hit on a couple, and putting everything into paying debt #1 off, then moving to paying all of debt #2 off etc etc.

Not to say that's the best option for anyone else, but hey, it worked for me.

Peace