The Simple Dollar Morning Roundup: Post Christmas Letdown Edition

Exhale. Christmas is over for another year. Just get through New Year’s and it’s back to the old grind. Let’s read a couple personal finance news to tide us over.

Exploring The Climax Scene of Trading Places Popular culture meets sound investment planning. I like it. (@ wisebread)

Make January’s Mortgage Payment Early Good advice, but the guy claims this will save him $1,500 on his tax bill. That’s basically ludicrous unless he lives in a mansion. I think he meant that it will reduce his taxable income by about $1,500. (@ making our way)

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  1. Josh says:

    Re: January payment.

    You’re probably right that the author misspoke. But you also probably don’t live in California where the median home price is $550,000, meaning you’d only need a relatively nice home in a relatively nice neighborhood and a bad credit score pushing your interest rate up to make the math at least possible.

  2. makingourway says:

    simple,
    Josh is right. If you had my mortgage, you, too, would also be able to deduct the mortgage interest and property taxes. Actually, I went into Quicken and calculated the exact amount – it’s closer to $1200. Still not that far away.

    I have a $500k house in rural NC – for that area, it’s not quite a mansion – those cost $700k – >$1M. But a prosperous IL suburb – $800k is the walking in price. Plus they pay $15k in property tax – that’s $6k per month (with modest downpayment).

    Regards,
    makingourway

    PS Thanks for the reference though – and I appreciate your checking my numbers – keeps me accurate.

  3. rodgerlvu says:

    thanks. you are the most intelligent person i ever met…

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