Wyoming B.S. Thread

Went skiing again today. Snowed all day. Was windy as fuck so the lift ride suuuuccckked. Was fun otherwise. Devin and I are picking it up quick. Still miss my board though.

 

I stopped and helped a semi driver put chains on right after Carter, WY. The wind was miserable for the short amount of time I was out in it.

I guess that makes sense, something to think about.



How big of a project are you looking for?



I am selling a 2001 Toyota Tacoma Double Cab TRD 4X4

Has rear locker

New frame and all parts associated with replacement through Toyota recall 5 years ago.

So frame is perfect.

I bought this with intention on fixing it up and just keeping it.

I realized I don't have the time to put towards it so just going to sale it for someone else to finish.

The 3.4 has a blown head gasket.

I know where there is a 3.4 out of a Tacoma with 90 day warranty for $600, along with all other little things that would make it a really nice and clean 1st gen taco that would be worth more then what you'd have in it.

My intention was to swap in another 3.4 and clean up/ replace some of the interior (pretty dirty)

I'm asking $2850. I don't have to sale and I'm not looking to give it away so please don't waste yours or my time with lowball offers as they will be ignored.

Drivers side rocker has two rust spots along with front driver's fender. (I also have located a rocker section from a salvaged yard for cheap)

Passenger side rear bed corner is dented.

Feel free to message me for more info or any questions you might have. Thanks Gary

 

That's pretty much exactly what I'd want. Don't love the rust in the rocker panel. That sucks big time.

Everything else is perfect.





Went and looked at our first house today. Small intown house. Was nice. I can afford it too. Also has a smaller shop that's not heated but could be. Be a little tight with two rigs in there but totally work able.

 

Curious to see just how high the mileage is on it. No model year listed but I'd guess an '01 based on the engine bay emissions stuff. No ABS is a plus. Looks to be fairly unmolested. Any idea where it is? Where it's from? Frame replacement suggest a salt-belt history. Are those Missouri plates on the trailer?

Exciting! Is it in Columbus?

 

I can’t find the post again atm, I’ll have to dig deeper.

 

Yeah in town. It's good. Not great but would work just fine.

We are going to go look at the 4000sq foot shop house next week. Learned it has some faults with water so might be able to talk it down a lot

 

Fun times!

 

Sure. Plunging into hundreds of thousands of dollars into debt. Fun...hahahah

 

The American dream.

 

What a dumb dream.. lol

Sure. Unless its too much. Im just not comfortable with the idea of debt. Least being salary is nice with having a house payment.

 

Slow down bucko.

Money working for you -- that's good. When it's the right money.

Buying a home has generally been a good idea in the US over previous generations because as you've noted, house prices have generally risen. However, this is not necessarily true going forward (there are studies showing that it's slowing and currently due for a correction), and there have absolutely been long periods of time (10+ yr lengths) where it's not true, so ensuring that you have the funds to continue making payments (or access stored equity) are still very important.

That's hard to do if you have an interest-only loan on your home and/or very little equity under the guise of "I'm making my money work for me."

Also - and this is a new key bit of info - with the new tax laws this year, home ownership doesn't necessarily have the same benefit it has in previous years, financially. With the standard deduction raised to $12K ($24K when filing jointly), a lot of folks will no longer get to deduct mortgage interested from their taxes (since it was an itemized deduction). And, if you do, it's "lost some of it's value" since you'd have been able to deduct $12/24K anyway.

OK, I say all that as a big proponent of home ownership. I am one after all. But it's super important to do it responsibly and as part of an overall financial plan. I think Monte's in a good place for that, but it's still important to keep in mind.

Car loans are almost never a good idea.

 

That makes sense. But no way could I afford a 15yr loan. Thats a 1800-2400 month payment. That is ridiculous.

 

Explain this more too me guru of the moneys

 

Well, it's taxes, so long - sorry about that.

Say that on Jan 1, 2019 you took out a $300,000 @ 5% to pay off over 30 years. That would mean that the first 5 years would look like this:

Code:

Monthly payment: $1610.00

Year      Interest        Principle
===================================
2019*      $14,899           $4,426
2020       $14,673           $4,653
2021       $14,435           $4,891
2022       $14,185           $5,141
2023       $13,922           $5,404

*note: the "first year" of a mortgage is also a bit special because you have closing costs, points, fees, etc. and you can deduct many of those as well. So, really think of the above as a "longer term" thing.

Mortgage interest has historically been considered good interest b/c when tax time comes, you write it off, effectively reducing your taxable income.

- - -

As far as taxes go - very generally - when you file taxes, you have some amount of income and some amount of deductions, and at a high level you are taxed like this:

income - deductions = what you're taxed on

(it's more complicated than that b/c there are different tax levels for different types of income - earned income, investment income, etc. but you get the point)

Now, there are two ways to do deductions:

• Standard deduction - this is an amount that anyone filing taxes can claim without paperwork. Essentially it's the governments way of saying that you probably paid for "certain things" that they want to help you out with.
• Itemized deductions - if know you paid for more for these "certain things" than the govt would normally help you out with and you have documentation to prove it, you can itemize (list) those things and take the full deduction of what you actually paid. Generally, there are 3 big buckets here: mortgage interest, charitable contributions, healthcare, but historically for younger people, only mortgage interest is large enough to get us up over the standard deduction.

So...

In 2017, the standard deduction was $6,350 for a single filer, or $12,700 for married. So, if you spent more than that on mortgage interest (+other deductions), you'd get to deduct the that from your taxes. In the case above,

• Single: $14,899 > $6,350 so you'd deduct the mortgage interest. In fact, it's an extra $8,549 worth of income that you don't have to pay taxes on by owning a home.
• Married: $14,899 > $12,700 so you'd deduct the mortgage interest. In fact, it's an extra $2,199 worth of income that you don't have to pay taxes on by owning a home.

But in 2018, the new tax bill (I won't get into whether it was a good bill or not) raised the standard deduction to $12,000 for a single filer and $24,000 for married. That then means that you end up like this:

• Single: $14,899 > $12,000 so you'd deduct the mortgage interest. However, it's only $2,899 more than you'd deduct if you'd not owned a house - a "loss" of nearly $6,000 from last year.
• Married: $14,899 < $24,000 so you wouldn't deduct your mortgage interest at all, you'd take the standard deduction.

----

So, even if your deduction is higher (b/c the standard deduction is higher), you would have gotten that standard deduction whether you owned the home or not; whereas in the past, you were "rewarded" for owning the home.

That's why mortgage interest is no longer "as good" as it used to be. The standard deduction getting raised means that you get to write off less of that loan each year.

None of this should discourage home ownership, it's just important to understand. And of course, as taxes changed in 2018, they can change in the future as well - either better or worse for the mortgage interest deduction.



(anyone) Ask questions if you don't quite get some bit of that.

 

This is why I hate taxes and my accountant wife is in auditing instead

 

Wait are you paying that much for your house? jesus dude. Why? I refuse to pay more than 1500 a month with my salary now.

Nice. Thanks for the break down.

Crazy though.

Taxes are not my thing. I really wish Id gotten a business license this last year so I could write off my gear purchases. But i made literally no money as a freelancer last year haha

 

Looks at any Engineering firm*

Looks at any oil company*

 

Very good stuff here, Dan!

 

What I shoulda is with the title of “engineer” you shouldn’t have a problem getting recognition haha. Atleast from what I’ve been told, but I’m sure there’s some exaggeration.
I’m sure taking the test and having your stamp would help also.

I’m a young kid with little real world experience, what do I know.

 

I doubt I could ever affod that kind of payment with my job.

Wouldn't ever go into the world with that attitude. No title gets you anything. That's called entitlement and no one likes hiring those assholes.

Just work hard. Shitll buff out.