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Thread: Money Management Thoughts

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    Cyburbian michaelskis's avatar
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    Money Management Thoughts

    I know that money is important to most of us, and with many people commenting on the state of the economy, I thought I would inquire about what people and governments think about how to handle finances.

    Mine is simple, I donít spend more than I have. Other than when I buy a house someday, if I donít have the money, I wonít buy it. This means I will not take out loans, use credit cards, or anything that would require that I have a debt that cost me interest. I also follow what Dave Ramsey Teaches when it comes to money.

    I also think that the federal government gives too much money to the poor. If they are truly disabled then that is one thing, but if they are able to work, then they should work. I think that handouts make people lazy. Why work for it when someone will just give it to you.

    I also think that states governments should not give funding to areas other then existing incorporated towns and cities. That means no funding for utilities, roads (other than state roads), schools, emergency services, and such. And if they do allow for funding, it will be in proportion to the amount that they get from the residents of that area. State and federal governments spend too much money on the one thing that will destroy cities, only to also have to fund development in cities. It developers front all the costs for roads, public utilities as well as local taxes to fund schools and services, this will just about eliminate sprawl.

    What are your thoughts on the handling of money?
    Not my monkey, not my circus. - Old Polish Proverb

  2. #2
    Cyburbian mike gurnee's avatar
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    Absolutely un-American.

  3. #3
    Cyburbian michaelskis's avatar
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    Quote Originally posted by mike gurnee
    Absolutely un-American.
    Normal in America = Over weight and broke.
    Not my monkey, not my circus. - Old Polish Proverb

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    Handling what money??? My own...oh well, that is gone every other friday as soon as my check gets here...you dont believe in gov't handouts? well I dont believe that daycare should cost me 850$ a month and that is on the low end, I was paying $1100.00 a month when the youngest was in diapers. I understand the need to pay daycare providers, that is exactly why I pay what I do each week/month. But if I wasnt able to pay that I wouldnt be able to work and then what? I don't believe in handouts, but I do believe there are alternatives and those of us that do work, should be able to catch a break somewhere. I do not quailfy for any assisstance, I "make too much money"...funny how that works.
    As far as handleing money, well there isnt too much for me to handle so I do my best, and I do not buy things I cannot afford...I do buy my children things I cannot afford, however.

  5. #5
    Cyburbian
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    Quote Originally posted by michaelskis
    I
    I also think that states governments should not give funding to areas other then existing incorporated towns and cities. That means no funding for utilities, roads (other than state roads), schools, emergency services, and such. And if they do allow for funding, it will be in proportion to the amount that they get from the residents of that area. State and federal governments spend too much money on the one thing that will destroy cities, only to also have to fund development in cities. It developers front all the costs for roads, public utilities as well as local taxes to fund schools and services, this will just about eliminate sprawl.

    What are your thoughts on the handling of money?
    So the kids whose parents work on farms or live in unincorporated rural areas do not deserve an education? Or emergency care? Police protection? medical care? They have to move to the city for that? I suppose you also support the elimination of the CDBG funding that is in Bush's proposed budget. If developers fronted all the costs, the housing supply would deteriorate, we would have more homeless people, the new homes that were built would be too expensive for the majority of the population, and the social ills of the country would get worse. When you say all costs, do you mean ongoing mainetance of roads, infratstructure, etc? How would you figure out the cost of that? I think you need to think through your ideas a little better.

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    My thoughts: Do exactly the opposite of what I have done with my life.

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          Downtown's avatar
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    We have a mortgage, and we have one car payment and we have student loans. But we're not house poor, and live within our means and have insurance to make sure that should anything happen to us, our kids are financially taken care of.

    In an ideal world, people wouldn't need help from the government. But people lose their jobs, and can't find other ones, or their husbands leave, and can't feed their families.

    Now, I have acquaintances that are on government assistance (WIC, food stamps) and are actively trying to procreate - which I think is wrong. I can understand when circumstances happen and you need a little help before you get back on your feet. However, I also believe you should be able to provide for and afford the family you have, before trying to increase their numbers.

  8. #8
    Cyburbian boilerplater's avatar
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    Put those ideas back in the oven a little longer. They're half-baked.

    What if you want to start a business? Start reeaaaly small?
    Adrift in a sea of beige

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    Quote Originally posted by Downtown
    We have a mortgage, and we have one car payment and we have student loans. But we're not house poor, and live within our means and have insurance to make sure that should anything happen to us, our kids are financially taken care of.

    In an ideal world, people wouldn't need help from the government. But people lose their jobs, and can't find other ones, or their husbands leave, and can't feed their families.

    Now, I have acquaintances that are on government assistance (WIC, food stamps) and are actively trying to procreate - which I think is wrong. I can understand when circumstances happen and you need a little help before you get back on your feet. However, I also believe you should be able to provide for and afford the family you have, before trying to increase their numbers.
    I couldnt agree with you more.

  10. #10
    Cyburbian michaelskis's avatar
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    Quote Originally posted by cololi
    So the kids whose parents work on farms or live in unincorporated rural areas do not deserve an education? Or emergency care? Police protection? medical care? They have to move to the city for that? I suppose you also support the elimination of the CDBG funding that is in Bush's proposed budget. If developers fronted all the costs, the housing supply would deteriorate, we would have more homeless people, the new homes that were built would be too expensive for the majority of the population, and the social ills of the country would get worse. When you say all costs, do you mean ongoing mainetance of roads, infratstructure, etc? How would you figure out the cost of that? I think you need to think through your ideas a little better.
    No, I thought about this one quite a bit. Currently, most states on average spend 5 times more on suburban or rural schools than they do on Urban School districts. More so, they close several inner city schools every year due to funding issues, yet open several new schools in non-urban areas. I do believe in education for all, but I also think that there are other resources available such as buses into smaller towns, home schooling, and distance learning programs. I also think that cities should have the ability to annex suburbs, and this will also help balance the education crisis.

    As for the non-state roads in rural areas, I think that if developers want to pay for them to be put in, the local residents, local government, or the county should be responsible for them. This would allow for better care for the existing state roads, as well as inner city roads.

    For emergency and protection services, the state police and county sheriffís departments will still deal with them, and most of them are also EMS trained.

    To me, it does not make all that much since when most of the state funding does to suburban and rural areas, when our inner cities are left to decay. If you want to live in the middle of no-where... make sure you can pay for it. Simple as that.

    As for CDBG, it is being consolidated into several other HUD programs. We will still have first time homeowners programs, redevelopment programs, and other similar programs. As it is, the first time homeowners program will have more money then before.

    Quote Originally posted by boilerplater
    Put those ideas back in the oven a little longer. They're half-baked.

    What if you want to start a business? Start reeaaaly small?
    There are several corporations such as Harley Davidson and J.C. Pennyís that were started without banks. As it is it was not until after James Penny died, could you even use anything other than cash to buy something from them.

    Donít need to start small, but you should start smart.
    Not my monkey, not my circus. - Old Polish Proverb

  11. #11
    Cyburbian
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    Quote Originally posted by michaelskis
    No, I thought about this one quite a bit. Currently, most states on average spend 5 times more on suburban or rural schools than they do on Urban School districts. More so, they close several inner city schools every year due to funding issues, yet open several new schools in urban areas.
    I can't comment on other states spending habits, but in Utah, the state funds the individual school districts based on the number of students in that district. They do close schools in the inner city, but perhaps it is because there are no students there. Wouldn't it be a bigger waste of money to have a school open, but no students in it, while the suburban schools are overcrowded? That isn't very conducive to learning.

    Quote Originally posted by michaelskis
    As for the non-state roads in rural areas, I think that if developers want to pay for them to be put in, the local residents, local government, or the county should be responsible for them. This would allow for better care for the existing state roads, as well as inner city roads.
    But many rural areas do not generate enough revenue to cover the costs of maintenance of such roads. Locally, most new roads are paid for by developers, but smaller communities have to create special service districts to generate enough revenue to simply plow them in the winter.

    Quote Originally posted by michaelskis
    For emergency and protection services, the state police and county sheriffís departments will still deal with them, and most of them are also EMS trained.
    But doesn't this mean that state funding is being used to support these services for those people, regardless of the agency actually providing the service? I thought your argument was that the state should not provide funding to these areas? Even county sheriff depts. receive state and federal funding, in addition to county funding. They couldn't provide an adequate level of service without it.

    Quote Originally posted by michaelskis
    To me, it does not make all that much since when most of the state funding does to suburban and rural areas, when our inner cities are left to decay. If you want to live in the middle of no-where... make sure you can pay for it. Simple as that.
    Except that man yofthe industries that drive the economy are located in rural areas. Ever been to rural Wyoming to see the living conditions of those that work i nthe oil fields?

    Quote Originally posted by michaelskis
    As for CDBG, it is being consolidated into several other HUD programs. We will still have first time homeowners programs, redevelopment programs, and other similar programs. As it is, the first time homeowners program will have more money then before.
    Yes it is being consolidated, and slashed dramatically. The consolidated program is slated to be funded at 3.7 billion dollars, while the fiscal year 2005 funding for CDBG alone is 4.1 billion. Seems like there will be a lot of programs slashed, eliminated, or unfunded.

    p.s. Your personal money mangement plan, I agree with and follow as well.

  12. #12
    [
    What are your thoughts on the handling of money?[/QUOTE]


    I always lived in smaller homes or condominums. I bought my first condo with a FHA mortage and $2,000 cash down. That was about all the cash I had on hand. It was a one bedroom 1st floor condo, and I lived there for 5 years, sold it and made a $25,000 profit. I took that money and put itwn on my second condo in a very fashionable part of town. I lived there for 15 years, was married and divorced there and luckily was able to hang on to it during the divorce.( A sad subject but I'm glad its over and she's gone.) I ended up selling that condo last and made a profit of $130,000, I actually had someone bid it up and give me $12,000 more than I asked for, so I took it. I took all that money and put it into a townhouse. My girlfriend sold her house, moved in and she made over $100,000 on her sale, so we paid off the mortgage, and she put some money in the bank to pay for her son's education. I am mortgage free. It has not hit me yet, although its supposed to be a big deal.

    I have two crdit cards, got rid of all the rest, a discover and a master card. They both have a rebate sytem. My master card rebates 1% of my gas purchases, I'll take it. I don;t have any debt at the moment, although I have had car loans in the past. I bought my last car for Carmax and my previous three cars for the bank foreclosure lots, always got good cars and year of so old. If you aren't picky about colors check out the foreclosure lots. I did get a good deal from Carmax, and I hate car dealers.

    I have deffered compensation at work and I am putting a lot in every month, helps on the taxes now that I have no deductions. I have tried to live modestly, I spend money on concerts and eat out once a week. My folks have a timeshare and they don;t use it so I have been using that for vactions. I try to live somewhat modestly and keep my consumer needs to a minimum.

    As far as government is concerned, the Feds make everyone else look like the kindergarden when it comes to wastingney. We got so much fat in that budget and it makes no difference if its Democrats or Republicans.

  13. #13
    Cyburbian zman's avatar
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    I am buying a house, and I just bought a car. I have small credit card debt, but nothing to prevent me from getting good loan rates on both the car and the house. I do not make big purchases, and my vacations are non-existent. Unless it is going to the mountains and using my parents' home.

    I am paying a huge chuck of my credit cards each month, and hope to pay most of it off before I buy the house. (When my housing payments get larger). As for the car, I pay more than the minimum payment everymonth and I am setting myself up for a decent timeframe to pay it off. That was a necessity and I will have it til it dies. (Unless some new additions come along and something bigger is needed).

    I have debts, but they aren;t out of control, and my credit is good. Once that is settled, I can buy something nice (with saved money of course) for my house. (Also I vow not to make purchases on credit like furniture or appliances. I save for those.).
    You get all squeezed up inside/Like the days were carved in stone/You get all wired up inside/And it's bad to be alone

    You can go out, you can take a ride/And when you get out on your own/You get all smoothed out inside/And it's good to be alone
    -Peart

  14. #14
    Cyburbian abrowne's avatar
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    My money management plan is pretty simple. Don't buy what I can't pay for.

    That being said, I am currently in university. Rules have to be bent now and then. I don't own a credit card. I do have credit, though, in the form of non-interest bearing gov't line of credit and an interest-bearing bank line of credit. This is unavoidable. Skipping ahead to the notion of handouts that I talk about below, I, and every other university student in Canada, have our education subsidized hugely each year. If this were not the case I would not be in university due to the prohibitive cost. Yet, the scheme works because the government recognizes that I am worth more to the economy as an educated, productive worker than an uneducated worker of limited means and skill. Thus, over the years of my expected employment I will more than pay back in taxes what they invested in my initial education. In similar fashion, a worker supported for a little while and allowed to get back on their feet is much better than a worker that loses their house, begins squatting, spreads disease and homelessness, and so on. And that is not even thinking about the responsibility of the state to consider the well-being of the children in the situation.

    As for handouts, I think you should ponder that some more. As can be seen in another topic today, Wal-Mart "full-time" workers (i.e. Wal-Mart gives them as many hours as they can without the employee being designated full time) are often below the poverty line! In that case the solution lies within Wal-Mart, but there are other situations that you should not be so quick to cast off as laziness. The number one user of welfare in almost any country is the single mother. People need to remember that. And as someone above previously mentioned, the period between jobs can stretch on longer than anticipated. Most users of welfare are on it for less than six months (in Canada, anyways) before they are able to get back on their feet. This is a right and just offering of assistance.

    As for your ideas about rural funding, I don't even know where to begin... if inefficiency is an issue, then perhaps management practices should be looked at. There is no reason that rural schooling and essential services should be denied or used as leverage to force people to move into a city. You seem to think that rural is synonymous with sprawl and suburb! How ludicrous. You seem angered at the money spent on servicing and schooling hasilty constructed suburbs, which is a valid criticism of the development of cities. But this has little to do with rural living in any way.

  15. #15
    Cyburbian michaelskis's avatar
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    Quote Originally posted by cololi
    I can't comment on other states spending habits, but in Utah, the state funds the individual school districts based on the number of students in that district. They do close schools in the inner city, but perhaps it is because there are no students there. Wouldn't it be a bigger waste of money to have a school open, but no students in it, while the suburban schools are overcrowded? That isn't very conducive to learning.
    I always hear people say that they move to this neighborhood or that suburb because they want their kids to go to a good school. Well you start giving inner city schools more funding, then you will get better teachers and programs, and people will start to move back. The downfall is many inner city schools in the mid west, and northeast are over crowed.

    Quote Originally posted by cololi
    But many rural areas do not generate enough revenue to cover the costs of maintenance of such roads. Locally, most new roads are paid for by developers, but smaller communities have to create special service districts to generate enough revenue to simply plow them in the winter.
    So continue to let the streets in cities crumble while rural areas get new roads. Wouldnít it be more cost effective to have more streets in a smaller area, then the same amount spread out over a larger area? Utilities also cost more in rural areas because they have to be spread out over a longer area.

    If a rural community is incorporated then fine, let it have funding, but when you go out to so and so township in the middle of no where and a farmer sold of a section of his fields, and some developer gets money to build houses out their, funding for electricity, sewer, and maybe water to be run out there from the federal government, and then sells it to someone who gets funding and a rural living grant to buy the house from the federal government, all while many cities have utilities that needed to be replaced back in the 60ís but they just donít have the funding for it.

    Quote Originally posted by cololi
    But doesn't this mean that state funding is being used to support these services for those people, regardless of the agency actually providing the service? I thought your argument was that the state should not provide funding to these areas? Even county sheriff depts. receive state and federal funding, in addition to county funding. They couldn't provide an adequate level of service without it.
    Some rural areas will have a local public safety agency that is paid for by the state or federal government.
    Quote Originally posted by cololi
    Except that man yofthe industries that drive the economy are located in rural areas. Ever been to rural Wyoming to see the living conditions of those that work i nthe oil fields?
    No matter what people say, they choose the work that they do, their location, and the life style they live in.
    Quote Originally posted by cololi
    Yes it is being consolidated, and slashed dramatically. The consolidated program is slated to be funded at 3.7 billion dollars, while the fiscal year 2005 funding for CDBG alone is 4.1 billion. Seems like there will be a lot of programs slashed, eliminated, or unfunded.
    I agree it is not perfect, and I think that all the funding to rural areas is what has caused these problems.
    Not my monkey, not my circus. - Old Polish Proverb

  16. #16
         
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    QUOTE (Michaelskis):No matter what people say, they choose the work that they do, their location, and the life style they live in.

    I do not agree with this, yes people have a choice and thier life is what they make it. The oopportunity is not always there for some. You take govt. assisstance away from everyone and oportunity diminishes even more. I am not an advocate of handouts by any means, I work hard for what I have and to keep food on my childrens table and a roof over thier heads. But do not judge people so quickly, there are circumstances beyond some peoples control. I disagree that all people choose to live a certain a way or the location in which they live or the work in which they do. The choice that some have is not available to everyone. Just my opinion.

  17. #17
    Cyburbian Budgie's avatar
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    No matter how much you make, your monthly income is always $30 less than your monthly expenses.
    "And all this terrible change had come about because he had ceased to believe himself and had taken to believing others. " - Leo Tolstoy

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