UpstateNYUPSer(Ret)
Well-Known Member
None that he knows of.
He has $70K of student loan debt. Very hard to put away 20% and service that debt at the same time.
Would someone who works at UPS over 10+ yeats and hates it..
- Thread starter Matty_lawn
- Start date
None that he knows of.
He has $70K of student loan debt. Very hard to put away 20% and service that debt at the same time.
Brownslave688
You want a toe? I can get you a toe.
What's more important is what rate is that debt at. If it's a low rate he'd be smarter to pay for retirement first. Pay the min on the debt. It's a write off.
Orion inc.
I like turtles
debt can be managed. I agree it would be smarter to save and invest at a higher rate of return and growth if the debt has a small interest rate. Most student loans do. He'd make more in the long run and still pay off the debt.
He's actually losing money in the long term if he focuses solely on the debt and eliminating it as a means to more "income ".
Brownslave688
You want a toe? I can get you a toe.
There are exceptions. My wife's intrest rate is fairly high and we make too much to write the intrest off. So we are hoping to pay off in less than 5 years.
UpstateNYUPSer(Ret)
Well-Known Member
Only $2,500 of interest is deductible per year.
hellfire
no one considers UPS people."real" Teamsters.-BUG
Yup, pay sucks, gotta take a day or to off a week to help my body get to the finish line. In hindsight this job was not worth the sacrifices..30 yrs btw....
ups
olroadbeech
Happy Verified UPSer
I didn't like management and that's about the only thing I did not like. I liked the pay, the bennies , the paid days off , the friends I made , the respect you get from the general public, and the pension I now will get for the rest of my life. ( Thank you Teamsters. )Yup, pay sucks, gotta take a day or to off a week to help my body get to the finish line. In hindsight this job was not worth the sacrifices..30 yrs btw....
I did retire as soon as I could because we had so many interests outside of work and invested wisely. We are more busy now than ever.
Brownslave688
You want a toe? I can get you a toe.
The rules are pretty terrible for student loans. Measly 2500 a year can't make over 80k. Usually loan debt is fairly equal to pay. So what difference does it make how much you make.
It's not like the person making 200k has the same debt as the one making 30k.
Something has to give as far as student loan debt over the next 20 years or so.
UpstateNYUPSer(Ret)
Well-Known Member
Last I heard there is roughly $2B of student loan debt.
Orion inc.
I like turtles
I thought it was trillion?
2 billion seems small given the US student population.
Either way, it's the next "bubble" to burst soon.
Brownslave688
You want a toe? I can get you a toe.
I think that's trillion?
UpstateNYUPSer(Ret)
Well-Known Member
Really?
Brownslave688
You want a toe? I can get you a toe.
This is obviously a little old. But it's 1.3 trillion now. Will be over 2 trillion not much into the next decade.
JL 0513
Well-Known Member
Remember I said ALL taxes. People seem to lose track of how much the government confiscates.
Federal
S.S.
Medicare
State
Sales/services
Property
Excise
Gas tax
Cell Service
"Sin" taxes (tobacco, etc)
Luxury taxes
Utility taxes
There's many other specialized taxes on certain people and businesses.
You're lucky if it's just 40%. Depends on the state.
Brownslave688
You want a toe? I can get you a toe.
No you don't get to add in all kinds of bs that's completely dependent on how much you spend.
Everything you listed after the 1st 4 is stuff you build into your budget.
JL 0513
Well-Known Member
I'm not advocating "living it up". Just saying that 20% is even more than Dave Ramsey recommends for the average person and he's all about wealth/retirement building. It's just really difficult to do when you have 2+ kids and you live in a high cost of living state. Average homes are $400K in my state.
Brownslave688
You want a toe? I can get you a toe.
Those are choices people make.
Those things certainly make it harder. I have no ide why anyone would choose to live in some of these high cost areas. Not unless you're there for a very high paying job.
JL 0513
Well-Known Member
These are taxes just about everyone pays, some don't who are below the poverty line.
Fact of the matter is that these are taxes and perfectly legitimate to add to you total tax bill. How are real taxes BS?
Sure you budget them but they're still coming out of your income in most cases pretty unavoidable.
JL 0513
Well-Known Member
Well, high population density is what leads to high cost living. There's reasons people live in the northeast and west coast.
