Hi Sally!
I am reading your book to get ideas to share with the clients I teach about
budgeting and decision-making skills through our Community Emergency Services
program at Catholic Charities in Mansfield, Ohio. I would like to know if I can use your spreadsheets to give to the clients to work out their own budget, as most do not have computer access. Thank you! Laurie
Laurie
Hi, I bought my condo in 2006 at the high-point ($400K) and put 20% down on a 35-year loan (first 5 years are interest only, after that, I have a 30-year fixed, but the interest rate does not change at 6.25%. But then, I will pay another $400+ per month to start paying down on the principle). In the last year and a half, my condo went down in value by the money that I put down. Now my home-owner's association is asking for a "special assessment" of $16K to do some condo repairs and upgrades. I cannot get a home equity loan from any lender. I'm starting to feel trapped, not only with losing all that I put down, but having to pay the assessment, plus another $400. per month added to my mortgage in (3) years. Do you have any guidance for me?
Nancy
Hi, We have been trying to sell our home for over a year, our property taxes have more then doubled in the past 4 years. We had the house appraised before we listed it, it appraised for 408,000. We listed it at 389,000, which was much less then the realtor thought it should be. We have it currently listed at 339,000 & still no bites. We owe 273,000 the payment is 2475.oo including taxes & insurance. My next door neighbors house sold after 14 months for 410,000. We have had realtor open houses they have nothing but good reviews, they say there is nothing more we can do to increase our chances of selling the house. I have never paid the mortgage late until last month now we have a 30 day late on our credit report. I don't know what to do! We have about 35,000 in credit card debt, 5,000 in medical debt. I always had good credit until recently my score averages 640 now. I don't know what to do. I have been looking for a job with no luck. I have been a stay at home mom for 15 years. I feel like the walls are closing in on me & can't stand living like this. The interest rate on the mortgage is 6.6 fixed. I thought we should lower the price on the house again the realtor said no we should leave it where it is that it is priced low, we need to have some room for negociating. If there is any advice you can give me I would appreciate it. I don't want to destroy my credit because we will need to buy a new home if ours ever sells.
Thanks,
Elizabeth
I am a former career woman that has gone through a lot of changes in the past year. I married a man in the US Navy and we have a 10 month old son. We have just moved to Hawaii. Up until I had my son, I made a really good living in Florida. We currently own a home in Florida and have it rented but it has no equity. My problems are: since moving to Hawaii, I cannot find a job that pays more than $40,000 a year. We have $51,000 in unsecured debt and lose $300 a month from our home in Florida due to the horrible housing market there. My renters have decided not to extend their lease agreement past July of this year. Hawaii is very expensive, daycare is almost impossible to find, and taking a $70,000 pay cut and trying to make ends meet on my husband's $30,000 salary makes things really impossible. I am now behind on credit card bills by over 60 days now and feel we will never get out of our dilemma. Should we file for bankruptcy?
Miserable in paradise
Hi, I am at a loss as to how withholding works, and am concerned that too much is going to be withheld from my summer paychecks. I am a student, but will be working at a law firm for 12 weeks in the summer. The pay rate is $3100/week, which would put me into a high tax bracket. However, the money made in those 12 weeks is the only money I will make all year, for a total of $37,200, which would put me in a much lower tax bracket. I am concerned that money will be withheld as if I'll be making that much all year long, as if I am making $160,000. Is that the case? Is there any way to prevent that from happening?
Sam
I am 55 and my wife is 53. I still work making $50k a year and my wife is an out-of-work realtor who is waiting for the market to get better. We just inherited some money that's all in the stock market. Since the market is in a slump which may get a lot worse, would it a good idea to pay off the $135,000 mortgage (5.95 interest rate)? That would leave me with a nice amount to keep in the market or put in CDs. We also have a car loan at 7% of $16,000.
I originally had the idea that I'd put my money in the market and it would pay me enough to only work part time, but that hasn't worked out. I want to make the right decision, can you help?
Thanks
RS & BS
Hi Sally. I heard you on Marc Pearlman's show and now I'm reading your book. I am a single woman of 45 who has always lived paycheck to paycheck. I have no savings, $7000 in credit card debt, and about $20,000 in an IRA (which I know is very little for my age, but I've had problems keeping jobs). I rent, don't own a car, and my immediate goal right now is to get out of debt, become a saver, and change my lifestyle of always being broke. (Thinking of buying a home or condo is a distant dream right now.)
I started a full-time job 2 months ago and I make $65,000 a year before taxes. Here's my question: I wonder if I should have my W-4 adjusted so that I have less money withheld from my paychecks and can pay my debt off faster? I've already done my 2007 taxes and got a $2,600 refund. I think the refund was so high because I only worked half the year (June to December).
Right now I only take one allowance. I tried to use the IRS withholding calculator on their site, but the link is unavailable temporarily, and it looks like I can’t have more than one allowance because I’m not married, haven’t bought a house, have no kids, etc. Thanks for the information and the great advice! I am going to use your budget sheets. By the way, from your picture on the site, you don't look old enough for your daughter to be 20! Thanks and best wishes. Cynthia, Chicago, IL
I have a question. I just purchased your book, and I'm about $20,000 in debt not including mortgage and car payments. We make over $117,000 a year. I'm going on a budget and have printed your worksheets. I have no savings, only $9,000 in our 401(k) plan (we are going to max out 401k this year to help taxes). We pay a lot of taxes - over $20,000 a year. My husband and I need help. I'm getting back $4,500 for taxes - should I put it in savings or pay off credit cards? Any tax break ideas? Thank you - enjoying your book.
Elizabeth
Does a beneficiary need to give the deceased's CPA their social security number?
Peggy
I have a home equity loan that I used to finance a portion of the purchase of an expensive car. The loan is about 1/2 paid off, but now I have enough money to pay off the loan. I am not sure if I should pay off the loan now (early) to save on paying the additional interest (6% on the loan) vs. should I keep the loan and use it, as I have been doing, to get a nice take deduction each year since I am in the 36% tax bracket?
Mike S.