Comments on: Mixed Messages http://gailvazoxlade.com/blog/archives/6 Thu, 09 Feb 2012 02:58:08 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Phil http://gailvazoxlade.com/blog/archives/6/comment-page-1#comment-11 Phil Sun, 03 Feb 2008 18:11:50 +0000 http://gailvazoxlade.com/blog/archives/10#comment-11 Finding your site was an accident thanks to google, but I like it Finding your site was an accident thanks to google, but I like it

]]> By: Amanda http://gailvazoxlade.com/blog/archives/6/comment-page-1#comment-10 Amanda Mon, 10 Dec 2007 23:51:21 +0000 http://gailvazoxlade.com/blog/archives/10#comment-10 Gail, I am not sure if I am posting in the right spot, but I have a very important question that I need answered. How much is too much for a consolodation loan? My husband and I are very much in debt and I believe the only way to get on the right track would be to consolidate our credit cards but they are high balances. Very much needed help! Thank You! Gail, I am not sure if I am posting in the right spot, but I have a very important question that I need answered. How much is too much for a consolodation loan? My husband and I are very much in debt and I believe the only way to get on the right track would be to consolidate our credit cards but they are high balances. Very much needed help! Thank You!

]]> By: Gail http://gailvazoxlade.com/blog/archives/6/comment-page-1#comment-9 Gail Sun, 25 Nov 2007 14:22:55 +0000 http://gailvazoxlade.com/blog/archives/10#comment-9 It really isn't a question of interest. You save because if you don't save you're going to step in elephant-sized goop -- it's only a matter of time. And an RRSP is the single best savings vehicle going, particularly if you're under the age of 55 and have gobs of time to let compounding do some of the work for you. If you're frustrated with your debt, there are two things you can do... 1) Find a way to cut what you're spending on other stuff so you can put more money toward your debt repayment. You should aim to have your debt paid off in under three years. See my article Face Up and Fess Up and the Own Up to Your Debt Worksheet for help. 2) Find a way to make more money: get a second job, a third job, a better job. Work smarter or work harder. And put all the extra income toward you debt. Before you go off saying that will mean the tax man will be after you for even more taxes, I'll head you off at the pass. You're right. Which will make using an RRSP even more important. Or you could just keep on keeping on, never getting further ahead, frustrated out of your mind. Hey, you decide. It really isn’t a question of interest. You save because if you don’t save you’re going to step in elephant-sized goop — it’s only a matter of time. And an RRSP is the single best savings vehicle going, particularly if you’re under the age of 55 and have gobs of time to let compounding do some of the work for you.

If you’re frustrated with your debt, there are two things you can do…

1) Find a way to cut what you’re spending on other stuff so you can put more money toward your debt repayment. You should aim to have your debt paid off in under three years. See my article Face Up and Fess Up and the Own Up to Your Debt Worksheet for help.

2) Find a way to make more money: get a second job, a third job, a better job. Work smarter or work harder. And put all the extra income toward you debt.

Before you go off saying that will mean the tax man will be after you for even more taxes, I’ll head you off at the pass. You’re right. Which will make using an RRSP even more important.

Or you could just keep on keeping on, never getting further ahead, frustrated out of your mind. Hey, you decide.

]]> By: AP http://gailvazoxlade.com/blog/archives/6/comment-page-1#comment-8 AP Sun, 25 Nov 2007 06:43:59 +0000 http://gailvazoxlade.com/blog/archives/10#comment-8 Mixed Messages! Tell me about it! I’m supposed to pay myself first, so I get my wages garnished for the 4% my company RRSP will match me for. But I’m in debt to my teeth so I try to pay that off as much as possible, but yet it always seems to be one step forward two back. The taxman apparently thinks I make to much money and tries to take more taxes off me in March. So I fight him off by paying in more on my personal RRSP so my whole contribution for the year is 10% annual pay. But that just equals me out so I don’t have to pay taxes but I don’t get a refund to put towards my debt. Oh ya this is all money I could have put on my debt so may be I’m actually three steps back? Hmm so my question is it better to just say screw RRSP’s and pay the taxman so I can focus on paying my debts? Or am I on the right track thinking that paying interest on debt now is ok cause I’m making more in compounded interest on my RRSPs? To RRSP or not to RRSP that is the question. Mixed Messages! Tell me about it! I’m supposed to pay myself first, so I get my wages garnished for the 4% my company RRSP will match me for. But I’m in debt to my teeth so I try to pay that off as much as possible, but yet it always seems to be one step forward two back. The taxman apparently thinks I make to much money and tries to take more taxes off me in March. So I fight him off by paying in more on my personal RRSP so my whole contribution for the year is 10% annual pay. But that just equals me out so I don’t have to pay taxes but I don’t get a refund to put towards my debt. Oh ya this is all money I could have put on my debt so may be I’m actually three steps back?

Hmm so my question is it better to just say screw RRSP’s and pay the taxman so I can focus on paying my debts? Or am I on the right track thinking that paying interest on debt now is ok cause I’m making more in compounded interest on my RRSPs? To RRSP or not to RRSP that is the question.

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