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The maximum deduction is only $2,500 so when you have hundreds of thousands in student loan debt it only helps a little.
I can't imagine having $200k, or $340k in student loan debt. You can buy a house with that.
yes, I jokingly refer to my husband's school loans as the "house that disappeared"
I just have to keep in mind that it is his school loans that allow him to make the salary he does.
But something about starting your career w/ a $1,000 payment a month for 30 years just because you got an education, just seems wrong.
It's like, if you are not rich enough, or come from a rich enough family, you are going to be paying for the privilege of getting your education for the rest of your life, in my husband's case, if we don't pay off early, until RETIREMENT!
Well, yeah. I always joke with people that consolidate that they'll be 50 and still paying for their school. But, you don't need to stretch them out over 30 years. You could always double the payment to $2,000 and pay it off in 10 years. Or perhaps raise the amount you pay per month $100 each year. That way you'll have it paid off in around 15 years.
Debt
30 k CREDIT Cards no interest due until 12/09 (transferred no fee)
70 k rental house value 200K
Own car outright paid cash 2 yr old BMW own 2003 Jeep (paid cash)
Have 500K in stocks
40K in 401K
Own Farm value 440000 no loan
Farm revenue 55,000 per yr.
Oil revenue 5000K per month
savings 300K
Getting ready to get mortgage dept of 250000 for new home I am buying and will put 100000K down
650,000 accumulated airmiles
1,000,000 hotel miles
Salary 130K Will work 7 more years or maybe more.
59 yr old female (single) no college degree just hard work for 40 years but did not scrimp. Many trips to Tahiti, the islands and Europe and NORDSTROMS lover
Debt
30 k CREDIT Cards no interest due until 12/09 (transferred no fee)
70 k rental house value 200K
Own car outright paid cash 2 yr old BMW own 2003 Jeep (paid cash)
Have 500K in stocks
40K in 401K
Own Farm value 440000 no loan
Farm revenue 55,000 per yr.
Oil revenue 5000K per month
savings 300K
Getting ready to get mortgage dept of 250000 for new home I am buying and will put 100000K down
650,000 accumulated airmiles
1,000,000 hotel miles
Salary 130K Will work 7 more years or maybe more.
59 yr old female (single) no college degree just hard work for 40 years but did not scrimp. Many trips to Tahiti, the islands and Europe and NORDSTROMS lover
Pretty impressive - No college degree !! Congratulations
32 yr old single male, high school grad (no student loans!).
1.23MM USD in debt, payments average $192k per annum (other necessary & discretionary spending is not included). I must admit that I'm part of the generation that believes debt is good for I was habitually enticed by the low interest rates and easy credit.
All mortgages are 15 year fixed, except for the commercial:
$240k Primary Residence, 8 years left on this jumbo loan
$164k Residential investment property
$82k Residential investment property
$83k Residential investment property
$410k Commercial loan
$168k HELOC
$69k credit cards (typically pay in full during grace period to avoid finance charges)
$15k auto loan
I will likely add another commercial loan during Q1 2009 w/ 20% down.
I’m pretty sure that’s it, except for some minor miscellaneous bills. I’m looking forward to a long period of higher than average inflation which should increase the nominal value of assets. Remember kids, savers are losers during periods of cost inflation, so buy your gold and silver (GLD & SLV on the NYSE) while they’re still relatively cheap.
I only have a new car note but needed a new vehicle and when I found I could beat what edmonds said was three thousand under invioce and get .9% interest I bought. Other than that I own my home and have no other loans or credit card debt.
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