Comments on: Defining My Financial New Year’s Resolutions – And Their Action Plans http://www.thesimpledollar.com/2006/12/21/defining-my-financial-new-years-resolutions-and-their-action-plans/ Simple, applicable personal finance advice for the modern world Sat, 21 Nov 2009 19:22:21 -0800 http://wordpress.org/?v=2.8.4 hourly 1 By: rodgerlvu http://www.thesimpledollar.com/2006/12/21/defining-my-financial-new-years-resolutions-and-their-action-plans/comment-page-1/#comment-663098 rodgerlvu Fri, 15 May 2009 06:53:16 +0000 http://www.thesimpledollar.com/2006/12/21/defining-my-financial-new-years-resolutions-and-their-action-plans/#comment-663098 thanks. you are the most intelligent person i ever met... thanks. you are the most intelligent person i ever met…

]]> By: Andrew Ferguson http://www.thesimpledollar.com/2006/12/21/defining-my-financial-new-years-resolutions-and-their-action-plans/comment-page-1/#comment-1608 Andrew Ferguson Fri, 22 Dec 2006 00:48:03 +0000 http://www.thesimpledollar.com/2006/12/21/defining-my-financial-new-years-resolutions-and-their-action-plans/#comment-1608 My plan is to eliminate my $7,000 credit card debt in 6-8 months. I plan to do this by living overall more frugally, setting up a budget based on the guidelines you've set out in one of your previous posts, eliminating as much eating out as I possibly can. I am also slowly adding to an emergency fund while putting every spare penny towards my debt. I've already begun consolidating my debt from two cards at 19% to one card at 12% and am looking at consolidating further with 6 month balance transfers at 0% and personal loans with less than 10% interest. I plan on taking a second job where I work one, maybe two days a week. All income from this job, without exception, goes to my debt. I plan on sorting through my CD and DVD collections to sell the chaff I don't need. In short, I plan to do whatever is necessary to see this goal come to fruition as soon as I bloody can. And I'm doing most of it with your help. Either using your suggestions or just being inspired by blogs such as your, Get Rich Slowly, and Make Love Not Debt. My plan is to eliminate my $7,000 credit card debt in 6-8 months.

I plan to do this by living overall more frugally, setting up a budget based on the guidelines you’ve set out in one of your previous posts, eliminating as much eating out as I possibly can. I am also slowly adding to an emergency fund while putting every spare penny towards my debt.

I’ve already begun consolidating my debt from two cards at 19% to one card at 12% and am looking at consolidating further with 6 month balance transfers at 0% and personal loans with less than 10% interest.

I plan on taking a second job where I work one, maybe two days a week. All income from this job, without exception, goes to my debt.

I plan on sorting through my CD and DVD collections to sell the chaff I don’t need.

In short, I plan to do whatever is necessary to see this goal come to fruition as soon as I bloody can.

And I’m doing most of it with your help. Either using your suggestions or just being inspired by blogs such as your, Get Rich Slowly, and Make Love Not Debt.

]]> By: Kim http://www.thesimpledollar.com/2006/12/21/defining-my-financial-new-years-resolutions-and-their-action-plans/comment-page-1/#comment-1601 Kim Thu, 21 Dec 2006 23:32:28 +0000 http://www.thesimpledollar.com/2006/12/21/defining-my-financial-new-years-resolutions-and-their-action-plans/#comment-1601 My financial resolution or goal this year is to increase my contribution to my 401(k) to 15% of my gross pay! Like you, I also have automatic savings - which is how I built up an emergency fund (ing, orange). Now I am stopping that savings plan in favor of retirement savings. You can see what I am planning for the investment of those funds here: www.netperks.blogspot.com I like your fast food plan! I don't usually eat fast food, but I happened to be eating burger king as I read your post, so I'm adding it to the list. good luck with those resolutions! Kim My financial resolution or goal this year is to increase my contribution to my 401(k) to 15% of my gross pay! Like you, I also have automatic savings – which is how I built up an emergency fund (ing, orange). Now I am stopping that savings plan in favor of retirement savings. You can see what I am planning for the investment of those funds here: http://www.netperks.blogspot.com

I like your fast food plan! I don’t usually eat fast food, but I happened to be eating burger king as I read your post, so I’m adding it to the list.

good luck with those resolutions! Kim

]]> By: phil http://www.thesimpledollar.com/2006/12/21/defining-my-financial-new-years-resolutions-and-their-action-plans/comment-page-1/#comment-1600 phil Thu, 21 Dec 2006 23:25:50 +0000 http://www.thesimpledollar.com/2006/12/21/defining-my-financial-new-years-resolutions-and-their-action-plans/#comment-1600 David: yes mortgage interest is tax deductable so that means you're getting about 30% of the interest you paid back (depending on your tax bracket) - however, the other 70% is still money you're paying to a lender. Plus, if you can put 20% down that means you don't have to pay PMI which is basically. PMI is money flushed down the toilet every month. Also, home prices in many areas are still falling so be careful depending on where you're buying. Many analysts believe that prices may not bottom out for a year or two more and even then it could be several years before they return to their 2005 peak. (check out this article on SeekingAlpha: http://usmarket.seekingalpha.com/article/22755 ) It may actually make sense to continue to rent for a couple of years more and build up even more savings for the downpayment. Home price vs. average income is at historical highs. I recall when we bought our house back in 1990 that we paid about 1.25 X our annual household income. Today if we were to buy the same house it would be about 2.75 X our income. David: yes mortgage interest is tax deductable so that means you’re getting about 30% of the interest you paid back (depending on your tax bracket) – however, the other 70% is still money you’re paying to a lender. Plus, if you can put 20% down that means you don’t have to pay PMI which is basically. PMI is money flushed down the toilet every month.

Also, home prices in many areas are still falling so be careful depending on where you’re buying. Many analysts believe that prices may not bottom out for a year or two more and even then it could be several years before they return to their 2005 peak. (check out this article on SeekingAlpha: http://usmarket.seekingalpha.com/article/22755 )
It may actually make sense to continue to rent for a couple of years more and build up even more savings for the downpayment.

Home price vs. average income is at historical highs. I recall when we bought our house back in 1990 that we paid about 1.25 X our annual household income. Today if we were to buy the same house it would be about 2.75 X our income.

]]> By: David in Vegas http://www.thesimpledollar.com/2006/12/21/defining-my-financial-new-years-resolutions-and-their-action-plans/comment-page-1/#comment-1579 David in Vegas Thu, 21 Dec 2006 20:20:05 +0000 http://www.thesimpledollar.com/2006/12/21/defining-my-financial-new-years-resolutions-and-their-action-plans/#comment-1579 The interest on a home loan is tax deductable making it one of the better forms of debt you can take on because you can actually reduce your tax burden, while at the same time investing in a home. (I am not a tax professional, but have always heard this to be correct) The interest on a home loan is tax deductable making it one of the better forms of debt you can take on because you can actually reduce your tax burden, while at the same time investing in a home. (I am not a tax professional, but have always heard this to be correct)

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