Money Matters - Part 12

Lower Hudson Valley, NY(Zone 6b)

Coming from here:

http://davesgarden.com/community/forums/t/1242578/

Wow, all this college stuff is so complex these days.

Thumbnail by victorgardener
Anne Arundel,, MD(Zone 7b)

Thanks for the thread victor!
I must be exponentially daunting to families sending their first ever in the family to college. But our public high school gives lots of support that way. Or it tries, for those students that they don't drive out by being too big chaotic insane
impersonal full of lowlifes

Our state wants to raise the dropout age! from 16 to 18. They can't get all the kids to 'graduate' at the current standard!!!!!!!!!!!! WHat the heck is the use of raising that?

I'm still baffled ./disturbed about work study. If 100 kids accept work study the school has to make work for all of them? So the higher your tuition, the more student you expect to apply for work study, hence the more free (to school )labor the school gets and the more Fed has to subsidize? I can only hope that work study is limited and not a given for all that 'accept' it.

Lexington, MA(Zone 6a)

Sally, I doubt the colleges have any shortage of work for their federal work-study kids. Given the high cost of education, i doubt many of the expensive schools really get that many federal work stoudy kids anyway, and the large state schools can absorb large numbers of kids. Free labor for the colleges under the federal work study program.

Lower Hudson Valley, NY(Zone 6b)

Ouch!!!


"If anyone is having a bad day, remember that today in 1976 Ronald Wayne sold his 10% stake in Apple for $800. Now it's worth $58,065,210,000."

Lower Hudson Valley, NY(Zone 6b)

One other thing about veep. He 'earned' over $21,000 by charging rent to the secret service to use a cottage on his property. He charges them (us) rent to protect him!

Lower Hudson Valley, NY(Zone 6b)

And yes, the same secret service that apparently refuses to pay Colombian hookers. Sheesh!

Anne Arundel,, MD(Zone 7b)

21000 rent- its a sin I tell ya.

So.App.Mtns., United States(Zone 5b)

"Sin" is an old archery term meaning "off the mark"... so I agree that that rental amount is off the mark!

Halifax, MA(Zone 6a)

Sally, I always thought the annuity payments would be better, too. And I would think you'd pay less taxes on them? Not sure. With a lump sum, what would you do with all that money? Put it all in the bank? No bank is insured to cover that much. I would be concerned. Oh, and there is no way I would be giving away 50 million to family and friends. I'm assuming they're talking about cash. What if you gave people gifts? Like cars and such. Does gift tax apply to that? Or say you wanted to help out family/friends by fixing up their homes and such. Gift tax on that? Cause that's what I'd want to do. Hmmm.....

Rosemary, I don't think you can pass on an annuity to your heirs. I think you would have to set up an investment account with some of that money if you wanted to have something to leave your kids.

Karen

Anne Arundel,, MD(Zone 7b)

Gift tax might apply to value over 10 000 as well as cash over that. WHy can't you just buy houses yourself and let the family live there? If you really want them to have a house. Can it be called a gift to hire workers and fix someone elses house? SHeesh. Such problems.

I think I'd rent a big beach house for a whole summer and do come one come all. among other things.

Annuity to be inherited- I know it is possible to buy annuities in your kids names that they can make choices on when you die (continue for later payout,, take lump sum, take payments) When you think, people who've been rich for a long time have probably gotten the banking marketplace to come up with all kinds of suitable investments.

Lexington, MA(Zone 6a)

Usually an annuity is an investment through an insurance company. I don't know how the mega bucks handles it legally, but usually there are owners, beneficiaries and an option for contingent beneficiaries, and I believe they also avoid probate, and they certainly shelter one from legal liabilities--think of OJ Simpson.

central, NJ(Zone 6b)

all this college stuff is making my head hurt!!!!

Lower Hudson Valley, NY(Zone 6b)

Yeah, me too. Hoping for online college very soon! Too much $$ fighting that.

Lexington, MA(Zone 6a)

My ranting about the subject will end soon. May 1 is decision day.

Salem Cnty, NJ(Zone 7b)

Am thankful, our kids are past college age. But, then there are the grandies to think about.

Grandparents Day at one grandson's school with a book fair included. Must remember to bring money for that.

Anne Arundel,, MD(Zone 7b)

Jan, As I read your post quickly i thught you said there are the GRANULES to think about. LOL. But actaully, that works. LOL

Oh yeah, always do book fair on grands day- Thats a money matter!!

Salem Cnty, NJ(Zone 7b)

Definitely a money matter!! Heehee.

Anne Arundel,, MD(Zone 7b)

Good article.

Lower Hudson Valley, NY(Zone 6b)

Facts you never hear.

Lower Hudson Valley, NY(Zone 6b)

Best-paying majors.

http://blogs.wsj.com/economics/2012/04/17/which-college-majors-pay-best/?mod=e2tw

Lexington, MA(Zone 6a)

Learning more about college aid. There are many institutional differences in how they offer aid packages. If I had grasped this deeply, I might have had each kid apply to 20 or more colleges in order to find out which highly respected college would apply the formulas in the most favorable way. Or there must be data banks held by some companies. Some colleges do publish the amounts they offer as merit sholarships and what the standards are, so that part is sometimes public information.

The interest rate on federal student loansis scheduled to rise in July to about 6.9%

Although federal work-study is based upon a formula, some financial aid offices offer it more than others. Some majors will have more offerings for non-federal aid than others, so that makes a reason to choose a major.

Anne Arundel,, MD(Zone 7b)

THanks for sharing info.

I wish I had a nickel for every software update we get from Apple (iTunes)

central, NJ(Zone 6b)

Quote from sallyg :
I wish I had a nickel for every software update we get from Apple (iTunes)


tell me about it!!!!!!!!!!!!!

Lower Hudson Valley, NY(Zone 6b)

Nice. We bail them out. Still own part of the company, and they do this:

http://www.detroitnews.com/article/20120423/AUTO0103/204230371/1148/auto01/GM-build-2013-Cadillac-XTS-China-year

Anne Arundel,, MD(Zone 7b)

How thoughtful of them to 'address the needs of luxury car buyers.' (and ignore the needs of desperate, struggling blue collar workers....)

Halifax, MA(Zone 6a)

I feel I pay way more than my fair share of income taxes. I don't know what the percentage is, but it's at least 25%, and that's a huge chunk out of my paltry $30,000 a year income. And that's not poverty level for a single person. If I didn't live with my father and sister, etc., I would not be able to afford an apartment on my own. There's just no way, not when rent is over $800 a month for a crappy place. I get really anxious thinking about it, so I better stop.

I thought this was interesting. This woman won a lawsuit against a collection agency that was harassing her big time. The story is going to air on Nightline tonight, on ABC.

http://abcnews.go.com/US/va-woman-fights-collect-10-million-debt-collectors/story?id=16205697#.T5h-mFJSS0I

Karen

Lower Hudson Valley, NY(Zone 6b)

Just adding up my federal, state and property taxes paid last year, it is about 27%. Add in social security, medicaid, medicare, mass transit and sales tax and it must easily top 40%. Ludicrous. And what do I get? Schools are decent - no better. Have to pay for trash pickup. NYS is closing parks. It's really sickening. Yet the local cops all make six figures. Teachers too, and they pay NOTHING into their health and retirement. Don't get me started! My property tax is now more than the mortgage!

So.App.Mtns., United States(Zone 5b)

Ahh, Life in the Fast Lane...

Lower Hudson Valley, NY(Zone 6b)

Yeah, snail in the fast lane.

Anne Arundel,, MD(Zone 7b)

Don't forget incidental fees like car registration and drivers licensing, building permits, The share of local licensing fees paid by businesses which are passed on in costs....
; ^)

Deep East Texas, TX(Zone 8a)

And fuel tax, road and use tax on tires, the payroll taxes that employers pay for their employees which is added to the cost of merchandise manufactured that the public purchases. One could go crazy thinking about taxes... revolting isn't it. LOL

Karen ~ I understand where you are coming from. When I was young and single, minimum wage was cheaper but the cost of living was even cheaper. How did it get so out of hand. I don't know any young adults that can move out on their own without the folks' assistance.

Lower Hudson Valley, NY(Zone 6b)

Yes, there are so many more taxes, fees, etc. Hate to dwell on it.

Halifax, MA(Zone 6a)

Yes, the thought of all the taxes and fees we pay is really sickening. I don't like to think about it too much. Don't forget excise tax.

Pod, and I'm not even young. Single, yes, but 49 I wouldn't consider young. Divorced, actually, and never got a dime, either. I make more than minimum wage, but still, I work 60 hours a week on average. When I mentioned my income above, that was before taxes. I would sooo love to make my living selling daylilies and other perennials, but I just don't see how I can do that other than at the hobby level. I work too much and don't have enough to put into a business. I get so discouraged and depressed, cause I feel like unless I'm extremely lucky and hit the lottery or find a man who wants to spend his life with me and get into the plant business as badly as I do (and has a bit of money), then I don't see how I'm ever going to realize that dream.

Okay, enough of that. Just had to vent a little.

Karen

central, NJ(Zone 6b)

2 ladies that used to work for me at JCP just got let go from that store today...guess they are doing another restructuring....I have a hair appt in one of the other stores I used to work in tomorrow, I'll have to get the scoop

Anne Arundel,, MD(Zone 7b)

DH talked to buddies at Northrup Grumman. THings are very tight there still (defense/engineering/radar) they have had two layoffs in two years and are still worried.

Lower Hudson Valley, NY(Zone 6b)

Haven't had a hair appt in a while...

central, NJ(Zone 6b)

how about a wax and shine?

Lower Hudson Valley, NY(Zone 6b)

I'll take it! Buff, too.

Halifax, MA(Zone 6a)

Guess if I lost my first job, I would just try and get more PCA hours and take the time to enjoy working in my gardens. I'd have to cut back on some of my expenses, but I could do it. My only concern would be health insurance.

Karen

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