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Budgeting Works!
To gain financial freedom you must take control of your money, plan for the future and Stop Borrowing Money!
Two families striving to gain financial freedom share their experiences.
Blog Author Mona Weathers (monawea)
Co-author, Manda C. -
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Time To Budget News!
Manda C. is our new contributing author. Welcome Manda!
Stupid Tax Stories from Dave Ramsey’s Website
I am not sure why I like reading the stupid tax stories on Dave Ramsey’s website but I do. It may be that I find comfort and know that there are people as stupid as I am. So here are a few of my favorite stories I read today.
My husband and I were going to breed bulldogs for some fast cash. We paid over $3,000 for these two dogs and an additional $400 for tests they didn’t pass. We had to spay the female, but complications happened during surgery, and she got very sick. Another $1,300.
I have two dogs that are more work than my son and we’re out at least $4,700!
There is no way for easy fast cash! Someday I will be on the We Did It board not the Stupid Tax board!
Good Intentions Cost Me
This has to be Stupid Tax paid by many women.Wanting to get exercise, I joined a women’s gym, for close to $35 per month. The monthly fee was automatically deducted from my checking account. I regularly exercised for months, but at some point I stopped going.
Always planning to go back, I continued to pay the fee for at least a year before I cancelled it. That’s over $400 worth of Stupid Tax!
The Business That Fell Apart
My father owned his own business and the building. I worked for him for several years when he told me, “If anything ever happens to me, sell it all and go get a job flipping cheeseburgers until you find another career.” A few years later he would pass away from an unexpected heart attack.Being 24, my first thought was, “Work hard like your father, and the business will run itself.” I lost $25k a year for 3 years before I looked back and saw that he had been losing money the 2 years before he died. I had financed everything to keep the company afloat.
In the end, I borrowed $4k from my girlfriend to pay taxes. That month I laid off everybody, refinanced the building to cover all the debt, and put the building on the market. I would eventually lose about $25k on the money I borrowed against the building when we sold it and will lose about half the profit I would have made had we sold it as inheritance. Now I have to pay capital gains tax.
I figure the grand total will be about $75-100k when all is said and done. LISTEN TO THE OLDER AND WISER.
These people all have something in common. These people are human and make mistake but they also have learned from their mistakes. Stupid tax stories like these should be a reminder that we need to learn from our mistakes and takes steps to not repeat them.
October 16, 2007 | Filed Under Financial Freedom Journey Pep Talk, Stupid TaxLeave a Reply
