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Buying a mobile home for $5K, resell for $11,900 financed for 30 months at 12% interest. By my calculations that's an 82% yield. I have a note buyer to buy this note for $10K. Will buy two more mobiles and do the same thing except hold the note myself to buy down personal debt. Using this method I can smash out $35K in personal debt for roughly $11K of these deals.
That's how to smash debt, not by using personal income to do so...
I work full time but still qualify for EITC. I could take a really nice vacation with my refund. Or buy a really nice 4x4 atv that I have been eyeing up for years. But the refund is going to savings instead.
Next year that Atv is going to be mine. But I need to sell a house this year, refinance another one, and simplify my finances. I also want to do some home repairs to my main house.
The atv will be the reward when I get that all done.
Unbelievable, you pay no tax and then get our taxes back (in EITC) allowing you to take a really nice vacation, buy a really nice 4x4 atv or put it in YOUR savings.
I don't get to go on vacation, get an ATV or save that money because I'm giving it to the government so they can funnel it back to you.
I can understand the poor not paying any tax, however, getting back more money then you paid in is mind boggling and I can't believe Americans have not revolted over this.
Your "windfall" is my family having to forgo a vacation so we have the funds to send to the IRS.
While I typically would agree with you, not everyone gets a refund because they had too much withheld. I get a refund because of EITC and refundable credits.
Me too, I have nothing withheld, but I get some nice credits. I was not expecting anything, but I will get a decent amount that will go towards my home equity line. It isn't savings, and it isn't dramatic, but it will put me a lot closer to being debt free (not counting my actual mortgage).
I am close to being promoted. That will turn the corner for me so I can start SAVING again!
Refund, what's that? I'm holding off as long as I can until I have to write that big check to the IRS.
My sister-in-law, who paid no tax, is getting a large refund due to earned income credit...she's taking a vacation with hers. No vacation for us as we have to come up with a large amount to send the IRS. My wife and I bust our butts working and paying LOTS of tax and get no vacation. My single-mother sister-in-law doesn't work but part time in a low paying job because she "wants to spend time with the kids" and lives sometimes better than we do.
Just keep telling yourself she is in debt up to her eyeballs and will owe until she dies. Some of us don't consider that 'living better'.
I don't get much back, as I try to break even. Massive tax refunds from the IRS is just silly. Anyway, whatever I get goes as extra towards principle on my mortgage.
Unbelievable, you pay no tax and then get our taxes back (in EITC) allowing you to take a really nice vacation, buy a really nice 4x4 atv or put it in YOUR savings.
I don't get to go on vacation, get an ATV or save that money because I'm giving it to the government so they can funnel it back to you.
I can understand the poor not paying any tax, however, getting back more money then you paid in is mind boggling and I can't believe Americans have not revolted over this.
Your "windfall" is my family having to forgo a vacation so we have the funds to send to the IRS.
You could choose to have low income and get EITC, but I think you are better off having the higher income and paying taxes on it.
My parents are retired and write a check three times my refund, so we like to say I just get back part of their money.
My kids and I did not go on a vacation this past year either.
I don't get much back, as I try to break even. Massive tax refunds from the IRS is just silly. Anyway, whatever I get goes as extra towards principle on my mortgage.
What's your technique to do so? Websites, unchanging life circumstances from year to year, something else?
For us, it's hard to estimate with a new child that could have been born in either year, miscellaneous unpaid time off for health reasons, etc.
1/3 going to cash savings
1/3 to be invested in a stock or two
1/3 going towards a visit to Busch Gardens Tampa in March
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