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Old 02-01-2016, 09:27 AM
 
Location: Denver CO
21,216 posts, read 11,838,248 times
Reputation: 32243

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I took on a new 30 year mortgage in my 50s. But my plan is to pay it off in 17 years. I didn't go for the 15 year mortgage because it was just a little too aggressive for my current cash flow but I am paying extra now and will continue to pay enough extra to bring it down to 17 years, prior to my targeted retirement date. I don't necessarily care if it's 100% paid off anyway as I plan to sell and downsize at that point, and I expect to have enough equity to pay cash for something smaller, even if I don't make a large profit (although I am optimistic that I will net a profit just like I did with the 2 other homes I've sold). No guarantees of course, but I bought in what is considered a good area, and which I expect will remain popular.
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Old 02-01-2016, 10:41 AM
 
13,994 posts, read 7,465,102 times
Reputation: 25580
Quote:
Originally Posted by Hoot N Annie View Post
Sadly, you are not alone in this thinking. And as I have asked others, what is the minimum amount of taxes I have to pay in order to be entitled, according to you, to voice an opinion about how tax revenues are spent? Just give me a number.


Mahalo
The US Constitution grants everyone the right of freedom of political speech. People are entitled to say whatever they want regardless of how uninformed it might be. People are also entitled to cast their one uninformed vote in any election. Just don't get too butt-hurt when they complain about "how my tax dollars are being spent" when they pay essentially no taxes beyond payroll taxes and they get called on it.
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Old 02-01-2016, 10:50 AM
 
4,069 posts, read 1,566,233 times
Reputation: 7412
Quote:
Originally Posted by GeoffD View Post
The US Constitution grants everyone the right of freedom of political speech. People are entitled to say whatever they want regardless of how uninformed it might be. People are also entitled to cast their one uninformed vote in any election. Just don't get too butt-hurt when they complain about "how my tax dollars are being spent" when they pay essentially no taxes beyond payroll taxes and they get called on it.

I know all of that- just give me your number of what the minimum amount of taxes I have to pay in order to have a voice in how they are spent? $1 per year? $100? $1,000? $10,000? $100,000?


You're the one who brought up the issue, and smugly told us how much you paid in, and are "butt-hurt" about it. So just give us your number. You are being "called out" on this issue based on your comments.


Mahalo
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Old 02-01-2016, 10:58 AM
 
13,994 posts, read 7,465,102 times
Reputation: 25580
Quote:
Originally Posted by kinkytoes View Post
As far as the older people in trouble today...the ones I know who are in trouble were optimistic with housing. One couple bought a McMansion and got foreclosed on. One couple and a single took on new 30 year mortgages in their 50s. I'm not sure what people in other parts of the country did, but it seems weird to think that you want to pay for a house into your 80s.

But it seems like none of them planned to do this? In two cases, the plan was to have the house appreciate and then be able to sell it. Of course prices went down, and now they are stuck. You can't just bet on housing prices going up unless you buy in a prime affluent area....and even then...

One couple had a job loss and medical issues coupled with a new mortgage. Luckily they are back on track. They had paid off their main house, so this may have put them in a better position financially.
This is just basic human nature. Most people will opt to live for today and not worry about 30 years from now. The problem is that the country is so affluent that people think there will be no penalties for living their lives that way. 100 years ago, you'd starve or go off to the poor house. We have people who post here saying, "I'm living in subsidized housing. I get free medical care. I get a monthly check and other benefits." You can eat or smoke or drink yourself to a SSDI check and a free place to live. With tens of millions of boomers hitting retirement age with no retirement savings, there isn't the money to provide that free housing, free quality medical care, and monthly check for everybody no matter how much you raise taxes on 1%ers.
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Old 02-01-2016, 10:58 AM
 
Location: Los Angeles area
14,018 posts, read 17,769,401 times
Reputation: 32309
Quote:
Originally Posted by Hoot N Annie View Post
I know all of that- just give me your number of what the minimum amount of taxes I have to pay in order to have a voice in how they are spent? $1 per year? $100? $1,000? $10,000? $100,000?


You're the one who brought up the issue, and smugly told us how much you paid in, and are "butt-hurt" about it. So just give us your number.


Mahalo
I am not the one whom you addressed with this, but I am wondering what you mean by "in order to have a voice". I presume you mean morally speaking, as you acknowledged that legally speaking, each voter has a voice no matter how ignorant or how little he/she pays in taxes. So am I correct that you mean in order to have a legitimate voice in these discussions on City-Data?

If so, then my take on the matter is that there is no such number. The more taxes one pays, the greater the moral right to a "voice". How can there be some cut-off point, which would be highly arbitrary? (Indeed, that may be your point).

Also, are we talking about Federal income taxes only? Pretty much everyone pays sales taxes in the states which have them, which is most states.

I do agree with the concept that it is hypocritical for someone who pays little or nothing in Federal income taxes to complain about the use of "our" tax dollars, but don't ask me for an amount.
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Old 02-01-2016, 11:03 AM
 
Location: USA
1,815 posts, read 2,247,075 times
Reputation: 4139
Back to the article . . . .


I was struck by her thoughts of suicide.


I have an elderly friend that I help out from time to time. She too has expressed the suicidal thoughts and usually over money matters.


She has no debt, a small pension and her deceased husband's SS and lives in a very low cost area, owning her own home. When he first passed away, it was a comfortable living. Now that prices keep rising, food, taxes, utilities, medical -- it's a juggling act every month. It wears you down after a while.


I just wonder if we will see more elderly suicides in the coming decade.
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Old 02-01-2016, 11:48 AM
 
13,994 posts, read 7,465,102 times
Reputation: 25580
Quote:
Originally Posted by Escort Rider View Post
I am not the one whom you addressed with this, but I am wondering what you mean by "in order to have a voice". I presume you mean morally speaking, as you acknowledged that legally speaking, each voter has a voice no matter how ignorant or how little he/she pays in taxes. So am I correct that you mean in order to have a legitimate voice in these discussions on City-Data?

If so, then my take on the matter is that there is no such number. The more taxes one pays, the greater the moral right to a "voice". How can there be some cut-off point, which would be highly arbitrary? (Indeed, that may be your point).

Also, are we talking about Federal income taxes only? Pretty much everyone pays sales taxes in the states which have them, which is most states.

I do agree with the concept that it is hypocritical for someone who pays little or nothing in Federal income taxes to complain about the use of "our" tax dollars, but don't ask me for an amount.
Yeah, well I am the one called out. I was reacting to a flame from someone who posts like a Trump supporter. A loud, uninformed opinion about how "their" tax dollars were being squandered. I forget the exact offenses but it was the usual things like foreign aid and tax dollars being spent on illegals. The demographics of the typical Trump supporter are poorly educated and, at best, median household income. Those people typically pay little or no Federal income tax. Fox News has co-opted them into opposing government spending on virtually anything. But they magically come out in violent support for those few spending programs like Social Security and Medicare where they will benefit even though they will most likely pull out far more in benefits than they ever contributed. I vaguely support the right for those people to vote though I sometimes think the founding fathers had it right that to vote, you needed to own property and have a stake in the system.

There is no point in answering the question. Our law is "one man, one vote". You seem to agree with the hypocrisy I pointed out where I get tired of reading Fox News/Trump rants from people complaining about how "their tax money" is being spent when, from writing style, it's pretty likely they pay little or no taxes. Mouth-breathers of the world, unite. Bring on President Trump. I own the movie Idiocracy. Life imitating art.
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Old 02-01-2016, 11:54 AM
 
Location: Florida and New England
1,237 posts, read 1,421,892 times
Reputation: 1686
Quote:
Originally Posted by kinkytoes View Post
As far as the older people in trouble today...the ones I know who are in trouble were optimistic with housing. One couple bought a McMansion and got foreclosed on. One couple and a single took on new 30 year mortgages in their 50s. I'm not sure what people in other parts of the country did, but it seems weird to think that you want to pay for a house into your 80s.

But it seems like none of them planned to do this? In two cases, the plan was to have the house appreciate and then be able to sell it. Of course prices went down, and now they are stuck. You can't just bet on housing prices going up unless you buy in a prime affluent area.
I read the entire article. Three different stories -- all exhibit serious financial shortcomings. The common thread is bad financial planning and budgeting. The first two have problems with debt. The article doesn't reveal the origins of the debt, but in each case it was disabling, even devastating. No one should go into old age with debt (including mortgage debt), and certainly no one should plan on using credit cards as a form of cash management.

The third story, the couple without debt, splurged on an used pickup truck. Then it got damaged to the tune of 18,000 of engine work. What? Did they not have insurance? If you like expensive things, they need to be insured. That includes your body -- health and dental insurance are key (fortunately, all of these couples should be eligible for Medicare, although that won't help with bad teeth).

There is no solution, neither from government nor from charity, for people that cannot manage their finances. They will always be scraping along the bottom.
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Old 02-01-2016, 12:20 PM
 
6,347 posts, read 5,085,406 times
Reputation: 12907
Quote:
Originally Posted by emm74 View Post
I took on a new 30 year mortgage in my 50s. But my plan is to pay it off in 17 years. I didn't go for the 15 year mortgage because it was just a little too aggressive for my current cash flow but I am paying extra now and will continue to pay enough extra to bring it down to 17 years, prior to my targeted retirement date. I don't necessarily care if it's 100% paid off anyway as I plan to sell and downsize at that point, and I expect to have enough equity to pay cash for something smaller, even if I don't make a large profit (although I am optimistic that I will net a profit just like I did with the 2 other homes I've sold). No guarantees of course, but I bought in what is considered a good area, and which I expect will remain popular.
That is what I hope to do. My house right now has no mortgage, but it will be too big to maintain as I get older. I am 55. It has a huge yard - 1.5 acres. It is an old vintage house. We've made updates, but I want something modern and easy to clean. All these little nooks and crannies here - eh.

But reading these stories scares me. Of course I would sell this house and put that towards the purchase or building of the new.

I have two pensions and then can get SS, so my income will increase, but still scary.
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Old 02-01-2016, 01:07 PM
 
Location: Tennessee
23,685 posts, read 17,651,107 times
Reputation: 27772
Quote:
Originally Posted by kinkytoes View Post
As far as the older people in trouble today...the ones I know who are in trouble were optimistic with housing. One couple bought a McMansion and got foreclosed on. One couple and a single took on new 30 year mortgages in their 50s. I'm not sure what people in other parts of the country did, but it seems weird to think that you want to pay for a house into your 80s.

But it seems like none of them planned to do this? In two cases, the plan was to have the house appreciate and then be able to sell it. Of course prices went down, and now they are stuck. You can't just bet on housing prices going up unless you buy in a prime affluent area....and even then...

One couple had a job loss and medical issues coupled with a new mortgage. Luckily they are back on track. They had paid off their main house, so this may have put them in a better position financially.
If you relocate or upgrade homes, I'm not sure how this is so surprising.
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