Dave Ramsey - Don't Get It (pay, taxes, credit, income)
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You do understand that an advance is not borrowing money, right? When you borrow, you have to pay back. You dont pay back an advance.
You most certainly do pay back an advance. If your normal net is 5000.00 and I advance you 2500.00 a week early then the next payday you only net 2500.00 you certainly borrowed 2500.00 and paid it back
You do understand that an advance is not borrowing money, right? When you borrow, you have to pay back. You dont pay back an advance.
You don't? You just get to keep the money? That's swell. Why isn't it called a gift, I wonder?
Gosh, I guess I've been processing client payroll wrong all these years. No need to track advances or deduct for them, as they do not have to be paid back. Got it.
You most certainly do pay back an advance. If your normal net is 5000.00 and I advance you 2500.00 a week early then the next payday you only net 2500.00 you certainly borrowed 2500.00 and paid it back
That's not borrowing. You're not "paying" anything back. You're simply getting a partial of the money you work for in advance of the normal time you would normally get it. Imagine this. You get paid Bi weekly. One month you decide you need to get paid weekly two consecutive weeks. Then you go back to getting paid Bi weekly. You're not borrowing money for a week and paying it back.
Asking and getting a check got 2500 dollars PAYING NO TAXES on it (as it is not income) and then getting your paycheck and paying 2500 dollars back to your employer. That's borrowing.
I have never been impressed when someone has a broad brush for how everybody should run their lives. When God is so aware of us that the hair on our heads are numbered, I don't think He would plan for everybody doing everything the same way about everything. It sells books but it isn't practical.
If we had listened to the rules for financial freedom we would be nowhere. We had about $500 to our name and made the first home purchase on a VA loan borrowing almost every penny. Our payments were lower than rent. We took care of the house and when we started to sell it the RE agent told us it still looked new. We had lived in the house several years.
During that time when we had very little savings we started buying stocks on my husband's company stock plan in the amount of $10 per week. We don't even know what those stocks are worth now because they became AT&T stocks and then they were spun off to several other companies. If we were to sell the stocks we would have to pay taxes on the full sale because they have changed hands so many times we have no idea what we paid for them. We are going to let our children deal with it. I'm sure they won't mind.
That's not borrowing. You're not "paying" anything back. You're simply getting a partial of the money you work for in advance of the normal time you would normally get it. Imagine this. You get paid Bi weekly. One month you decide you need to get paid weekly two consecutive weeks. Then you go back to getting paid Bi weekly. You're not borrowing money for a week and paying it back.
Asking and getting a check got 2500 dollars PAYING NO TAXES on it (as it is not income) and then getting your paycheck and paying 2500 dollars back to your employer. That's borrowing.
That's not borrowing. You're not "paying" anything back. You're simply getting a partial of the money you work for in advance of the normal time you would normally get it. Imagine this. You get paid Bi weekly. One month you decide you need to get paid weekly two consecutive weeks. Then you go back to getting paid Bi weekly. You're not borrowing money for a week and paying it back.
Asking and getting a check got 2500 dollars PAYING NO TAXES on it (as it is not income) and then getting your paycheck and paying 2500 dollars back to your employer. That's borrowing.
Don't worry bro you have no idea of what you are talking about
Actually he does. I run payroll. When someone wants an advance, they get amount they are asking for, but I do deduct taxes. The following week they get their salary minus what I paid them in their advance.
Thats not borrowing. They are getting money they worked for.
You most certainly do pay back an advance. If your normal net is 5000.00 and I advance you 2500.00 a week early then the next payday you only net 2500.00 you certainly borrowed 2500.00 and paid it back
You didnt pay it back. You simply got paid up front for your work.
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