Women in Red Racers - West Region

[murphath]

ambellamey:
Not a participant on this board but am on the savers board and the grocery challenge. Does your fiance have any restaurant/bartending experience? If so, he should contact a company called Party Staffers. They are everywhere and always need good people. We have several friends out of work that have hired on with them and they get 2-3 gigs a week. In the summer and Christmas holidays, you can work everyday if you so desire. It would be something until he finds what he wants. Most of the jobs seem to be in the evening hours so he could job hunt during the day.

Just a thought....

[bankergurl]

$100K Club has been updated as of 3/20/11! $10,774.91 paid off this week! Ahhh-mazing!
- Congrats to Red Racer Ris from the South for paying off over $10K!
notmsnmoney.proboards.com/index.cgi?action=display&board=wir&thread=2929&page=1

[nooccar]

Mar 18, 2011 8:47:57 GMT -5 ambellamy said:

My Question becomes this.... He's getting paid as a day laborer (which means mostly cash.) how do we deal with this for tax purposes? He hasn't made much yet, and we are keeping track of every dime he does make... but what should we do?

One answer is it sounds like self-employed. It doesn't take much earnings before it triggers income tax! That's Schedule C for income taxes & also the SE since he'd need to pay both parts (employer & employee) of social security withholding. But he should be able to write off some of the expenses incurred. There's information on the irs.gov site.
Another answer is to utilize some of the free community tax preparation available now and find out exactly what kind of records you need to keep, what expenses can be written off and how to document them.
It's gotten considerably more complicated than when I was filing Schedule Cs a long time ago. But definitely hold enough back for the taxes so you don't have a nasty surprise next year.

[dragon2008]

Ambellamy - seconding what nooccar said - my sister was considered self-employed/independant contractor last year, got tax advice for this status and saved for the taxes she thought she'd owe. She ended up owing more than anticipated, so you might want to add more $$ to the budget for next year's taxes.

Something to offset the taxes might be moving expenses and job hunting fees, if they're allowed. Good luck! and I hope he finds a great job soon!

[dragon2008]

Welcome to this week’s shout-outs! Hope everyone had a great weekend and is ready to be inspired! And don’t forget to vote on your favorite smileys – polling closes soon (see page 13, post 385 for options)!

NoMoreMrDebtGuy: Great paydown! $14,555 paid off in barely over a year!! Congrats!

dvm07: Don’t have your emoticons cry, DVM! You are whipping that debt into line! You just got your second !! And I agree with you – I don’t think I could be so excited about debt paydown if it weren’t for the folks on this board!

PauletteG: I hope your brother and family got out safe. Good thing he has such a responsible sister who is able to help!

Salsera_barby: Don’t you love the West anymore?? That is so great you are almost at 50% of your debt gone forever! Can’t wait for next month’s update when your largest debt goes away!

dsunshine: Terrific news about the business debt!! (this is the official "kissing debt good-by" smiley!) What a weight off of your shoulders (and your pocketbook)!! Can’t wait to see that new paid off number on your next update! I think I made the right change for you to the smiley list – you know the problems I have with smileys!

SlowbutSure: Ah, my friend, what payoffs have you been up to recently?? Argh!! Another great blow to your debt!! That is terrific news for you…!

startsmart: You are amazing!! Over 80% of your debt paid off, mostly during the years when you were working several jobs. Your persistence has paid off!!

RunMarathons: Your spring-cleaning has paid off, nicely-nicely, RunMarathons! Let us know what you’d like to do with the extra mortgage – although I’d hate to see your total paid off shrink with the addition. Sooooo close to 5% paid off!! (which is hard to do with those bigger numbers!)

Ambellamy: Sorry to hear about your fiance’s job interview – hope he gets that chance to show his stuff!

Thanks, murphath and nooccar for the good advice!

Hope this week brings amazing payoffs for everyone!! Take care and post often!

[dragon2008]

WEST REGION ACTIVE MEMBERS

=$100, =$500, =$1,000,
=$5,000, =$10,000, = $20,000,
=$25,000, = $50,000
=$75,000, =$100,000, = $200,000
= LOCATION NEEDED!!!
Bolded names are in danger - Please post an update to stay on the Active list!
Updated: 3-21-11 through Reply #393

---

alpinista: 3/4/2011 $6,157.49 (8/5/2008 $11901.03 W343)
ambellamy[2]: 3/12/2011 $114,006.38.81 (10/3/2009 $127,176.40 W760, W783, WU198)
Arctic Turtle: 1/19/2011 $9,207.22 (9/2/2008 $35,675.66 w385)
cran.vodka[2]: 2/24/2011 $29,657 (4/27/2009 $55899 W656)
credit_buster: 3/3/2011, $6247.82 (4/15/2007 $18898.29 W73)
dragon2008: 1/27/2011 $133,577.92 (5/15/2009 $162750 W670)
dsunshine: 3/11/2011 $33,498.69 (12/17/2008 $35,681.41 WPT8)
dvm07: 3/14/2011 $79,466.21 (12/31/2009 $99945.00 WU12)
entlzha: 3/7/2011 $1,557.91 (3/13/2010 5173.02 WU94)
Esteriod: 1/25/2011 $13,437.54 (11/4/2009 $14,663.97 W778)
FemaleSam: 3/9/2011 $42,200.00 (12/2/2008 $158,350.55 W502)
LaramiK: 3/10/2011 $25,433.37 (6/23/2007 $55,051.61 N220)
luckyinSF: 3/4/2011 $37,380.14 (10/8/2008 $65241.29 W5507)
lvbriannaRN: 3/4/2011 $21,950.00 (1/24/2011 $23,200 WPT6)
mcreal: 2/23/11 $41,735.00 (2/14/2010 $47,277.15 WU68, WU124)
Mrs.GLG: 1/23/2011 $5,730.68 (1/27/2010 $10,148.36 WU51)
NoMoreMrDebtGuy: 3/13/2011 $398,059 (2/25/2010 $412,614 WU75)
nooccar (2): 3/3/2011 $69,464.13 (11/4/2010 $73475.09 WU197)
OneStepCloser: 2/23/2011 $24,774.76 (12/27/2010 $31,903.09 WU218)
Provanity: 1/7/2011 $16,763.74 (2/12/2010 $22261 WU71)
PauletteG: 3/9/2011 $135,700 (2/24/2011 136530 WPT11)
rosebud30: 3/4/2011 $22,594.66 (8/7/2008 $40810 W349)
RunMarathons: 3/17/2011 $153,610.78 (1/19/10 $161,438 WU37)
SalalSal: 3/4/2011 $198795.00 (11/15/2009 $260,244.16 W784, WU50)
salsera_barby: 3/15/2011 $13,059 (7/1/2010 $25,906.10 WU150)
sealy[3]: 2/11/2011 $13,476.00 (1/3/2011 $14118.44 WPT 283)
shanendoah: 3/11/2011 $45,120.02 (12/30/2009 $71,761.03 WU7, WU31)
SlowbutSure: 3/16/2011 $107,879.82 (10/13/2008 $139585.11 W456)
startsmart: 3/17/2011 $2,752.20 (3/19/2008 $14157.31 W155,695)
stormysix: 2/28/2011 $97,795.45 (12/8/2007 $179969.24 N837)
trojen3: 2/28/2011 $92,593.59 (1/22/2010 $99500.13 WU42, WU166)
Twinmama16: 2/18/2011 $29,929.19 (2/17/2011 $30,550.46 WPT10)

NEW MEMBERS

Nomoredebtpls: (1/22/2011 $17,789.00 WPT6)

[startsmart]

dragon - aww thanks! It's been a rollercoaster since I started with the WIR and getting in control of my finances.

Definitely the most impactful thing I've done is increasing my income, first through working 4-5 jobs and now by working for 3 clients in my business and providing high value work.

[DVM gone riding]

I second (third) dragons choices. I like those.

[dsunshine]

dragon thank you for the shoutouts....also you did get the smileys correct. I should have a party hat next week.....I will post later this week.

[bankergurl]

Hey dragon, I keep nervously checking the West board for your update. You are right behind me on the $100K List......and I am waiting for you to pass me.....so I can track you down again!

[DVM gone riding]

i updated the 50-100k thread if you are interested

[trojen3]

Just have to share with everyone my excitement. After paying taxes this weekend, I had just over $6,000 left from my tax-savings account. I was able to buy my plane ticket for a wedding in September and put money towards 2 loans. 1 gets a zero, and the other is cut in half! I can't wait to post my update later this week when they clear!!!

[lvbriannarn]

update

Name of Debt	Current Date	Current Debt $	Starting Date	Starting Debt	Total Paid	% Paid off
Chase - Bri	3/20/2011	$450.00	1/24/2011	$500.00	$50.00	10.00%
B of A	3/20/2011	$8,000.00	1/24/2011	$8,200.00	$200.00	2.44%
Discover	3/20/2011	$5,300.00	1/24/2011	$5,400.00	$100.00	1.85%
AMEX	3/20/2011	$0.00	1/24/2011	$300.00	$300.00	100.00%
Spirit	3/20/2011	$1,450.00	1/24/2011	$1,550.00	$100.00	6.45%
US Airways	3/20/2011	$3,800.00	1/24/2011	$4,000.00	$200.00	5.00%
Chase - Seth	3/20/2011	$2,650.00	1/24/2011	$2,750.00	$100.00	3.64%
Wells Fargo	3/20/2011	$0.00	1/24/2011	$500.00	$500.00	100.00%
Total		$21,650.00		$23,200.00	$1,550.00	6.68%

I am so discouraged right now. I have to cash over $500 from our savings (the one we desperately need so I can take a full maternity leave) to pay for my dental work and other expenses I didn't see coming. It wouldn't bother me so much but if we dont have that money I will have to go back to work sooner, something that I definitely don't want to do. I am glad to still be making progress but it isn't as quickly as I wanted. I know I could be making more progress but I am turning down overtime because I dont have the enegry to work another 12 hour night shift all the time. Oh well, my little pity party is over.

The good news.... I just found out, we are having a boy!!! ;D

[dragon2008]

Way to dsunshine and trojen3!! Can't wait to see those updates!!

Congrats on knowing you're having a baby boy, lvbriannarn!! I've heard that some of your energy comes back after the first trimester.... ;D

bankergurl - prepare to be passed! Need to check my loan today, but I will be posting shortly (thanks to my stupidity and the IRS, I have made a nice payment on the loan). However, Ambellamy and SlowbutSure remain specks of dust on the horizon for both of us! More encouragement to suck it up and charge ahead! (perhaps I shouldn't use the word "charge" ....)

[mtntigger]

Neener, neener, neener...
Get to work, dragon. No excuses.
You said that you were going to pay off 30% of your mortgage this year, so I have to race hard now else you will pass me.

[dragon2008]

UPDATE: dragon2008: 3/23/2011 $125,922.47 (5/15/09 $162,750.00 W670)

New Balance	Previous Balance	Difference	Total Paid Off	% Paid
$125,922.47	$133,577.92	$7,655.45	$36,827.53	22.63%

I have dreams of paying off this loan - sweet, sweet dreams! my tax preparer seriously asked me why I'm paying this off - apparently the percentage of the interest that I collect by itemizing the taxes is worth holding onto this debt - but not for me!

[dragon2008]

HA! Them thar's fightin' neeners, Slow-'n down her debt payment!

(the smiley is the exact face my cat made to me this morning when I told her no!)

[onestepcloser]

OneStepCloser03/23/11 $24,774.76 (12/27/10; W218; $31,903.09)

Well, its not been a good few weeks. Our computer to a on us and had to get a new one (there went the emergency fund). We also had to get some new tools for hubbies job, so there went the rest of the emergency fund. We finally got hold of the correct company who had our Qwest account; problem is if we make payment we have to pay another 8.5 percent on every payment plus incur 12% fee for the whole time i takes to pay it off. We have agreed to pay it off in one lump sum when we get the emergency fund back up to it balance, and have the full amount to pay off the bill.

DH job is in the works to get us moved. They hope to have us moved by mid May but we are not holding our breathe. We have seen the property, seen a pic of the house and started looking for furniture - tho having a very hard time looking for all wood furniture with no fabric at all on it. Oh well.

[onestepcloser]

OneStepCloser03/23/11 $24,774.76 (12/27/10; W218; $31,903.09)

Well, its not been a good few weeks. Our computer to a on us and had to get a new one (there went the emergency fund). We also had to get some new tools for hubbies job, so there went the rest of the emergency fund. We finally got hold of the correct company who had our Qwest account; problem is if we make payment we have to pay another 8.5 percent on every payment plus incur 12% fee for the whole time i takes to pay it off. We have agreed to pay it off in one lump sum when we get the emergency fund back up to it balance, and have the full amount to pay off the bill.

DH job is in the works to get us moved. They hope to have us moved by mid May but we are not holding our breathe. We have seen the property, seen a pic of the house and started looking for furniture - tho having a very hard time looking for all wood furniture with no fabric at all on it. Oh well.

[DVM gone riding]

onestep--I hope the moving goes well. Just a thought that might help you is clarifying with your husband what constitutes an "emergency" while there is nothing wrong with using your savings to buy a computer, it isn't in the same category as an ER visit, job loss, broken down only vehicle, and heater going out in the middle of winter. Just my 0.2 Once you get in the habit of saying NO we don't have to have that we will save separately and what until we can afford it, then the debt pay down will get further faster.

[onestepcloser]

We bought the computer because DH uses it for his job. He is dispatched from home using the computer and our printer: company will re-inverse us 50% in three months once we have established it is compatible with the companies website and working programs. The tools were purchased because we were robbed early last week - and without the tools he is unable to do his job. We say no to everything - including entertainment, clothing except for once every six months (and only if it is falling apart), and tons of other things.

As for a real emergency, the hospital ER visit it 100% covered by DH insurance, broken down vehicle I can fix for the most part, and a heater going out is covered by the land lord right now. As for a job loss, we have another emergency saving account in another bank that is covering more than one year of income in the event that this ever happens. We choose not to include it in our money count since we might get the urge to tough it. And that would be very bad - sure we could use it to pay off debt, but our luck runs that at that point DH would loose his job and we would be in very big trouble.

Guess I should have of included all of this in the beginning - but agian did not want to remember the money since it is so much and so tempting to use.

[dragon2008]

I'm sorry to hear about your troubles, onestepcloser. Thank heavens you had your emergency fund! Will you put your debt payback on hold to rebuild the fund?

And I'm jealous you can fix your car if it is broken.

[onestepcloser]

With DH check this Friday, we will be able to get the fund back to its original $ amount (he worked over 70 hrs last week). Next week we will again start saving to pay off debt one bill at a time.

As for being able to work on our own vehicle, its because its a 78 ford pickup. No computer needed to work on it - just the local junkyard. And now we have a standing relationship with them on a first name and first call basis. They get anything new in for our vehicle we get a call and negotiate price and pick up time. Its an old vehicle, and it does have its problems but until we fix our credit we will not be getting a newer vehicle.

And get this....I just found $137 dollars in my purse from god only knows when. So we are putting it into our debt payment account. One step closer to a bill paid off!

[dragon2008]

Trade you purses, onestep - I know mine doesn't have $137 lurking in it! ;D

[bankergurl]

I just got schooled on debt payoff by dragon .......wow! Guess a little ribbing makes you throw down the hammer! Seriously though, AMAZING update!

[DVM gone riding]

since we don't have "challenges" any more I thought I would post this. It was over on NE when I was checking for updates
financiallyfit.yahoo.com/finance/article-112368-8971-3-10-quick-pickups-for-your-personal-finances?ywaad=ad0035&nc

[DVM gone riding]

onestep-I am jealousy you can fix the car too!! Actually very glad to hear you have money in reserve that you "ignore" I think that is the best way to look at money that is for major major emergency. I understood the tools it was the computer that kinda threw me, but being reimbursed for it is a big deal so I am glad that is going to happen for you. I just have seen so many people fall flat by a) not having any sort of emergency fund b) raiding the fund for minor stuff then not having it when major stuff happened that I would hate to see that happen to you when you already have so much on your plate.

[trojen3]

I'm SO excited to make this post. It feels great to have another 0. This month has also been great at work, so I'll be making another large payment towards SL #2 next month!

UPDATE: Trojen3: 3/25/11; $86,388.53 (1/22/10 $99,500.13 W42,166)

Name of Debt	Current Date	Current Debt $	Starting Date	Starting Debt	Total Paid	% Paid off
CC#1	3/25/11	$0.00	1/22/10	$5,939.78	$5,939.78	100.00%
CC#2	3/25/11	$0.00	1/22/10	$4,327.10	$4,327.10	100.00%
Car Loan	3/25/11	$5,601.76	1/22/10	$8,293.60	$2,691.84	32.46%
SL #1	3/25/11	$2,523.13	1/22/10	$3,454.33	$931.20	26.96%
SL #2	3/25/11	$2,222.41	1/22/10	$5,002.40	$2,779.99	55.57%
SL #3	3/25/11	$46,580.02	8/11/10	$42,554.84	($4,025.18)	-9.46%
SL #4	3/25/11	$0.00	8/11/10	$3,507.29	$3,507.29	100.00%
SL #5	3/25/11	$0.00	8/11/10	$1,186.87	$1,186.87	100.00%
SL #6	3/25/11	$29,461.21	8/11/10	$25,233.92	($4,227.29)	-16.75%
Total		$86,388.53		$99,500.13	$13,111.60	13.18%

[shanendoah]

Trojen: Congrats on the new 0!

[dsunshine]

So here it is my long awaited BIG UPDATE

Debt	Int Rate	Start	Previous	Current Value	% Paid off
CC 1	12.24%	$14,428.14	$14,283.07	$661.14	95.42%
CC 2	16.24%	$1,453.99	$0.00	$0.00	100.00%
DiscPL	9.99%	$19,799.28	$19,215.62	$19,365.71	2.19%
Total		$35,681.41	$33,498.69	$20,026.85	43.87%

dsunshine 3/25/2011 $20,026.85 (1/30/2011 $35,681.41 WPT8)

Total paid off is $15,012.61!! Next month I will have a "1" at the beginning of my numbers. Whoo, whoo I get a and a . Wow, this feels so good. I found out last night that I will be getting $2397 back in taxes. This will pay off CC1 and pay off another small debt I am not racing and give me a nice EF to finally hold on to. Now if I can just sell or rent my house out I will have enough money to make double payment on my last remaining debt.

Looks like I didn't spend long in the $25K-$50K group, but I am happy to be rejoining the $5.6K-$24K group.

Thank you for all the support ladies.