Reply to Earning Well but Drowning in Debt...how to dig out?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Well if all apartments are small and in crappy school districts and your kids MUST do activities and you cannot possibly eat at home more and I assume you'd never ever consider getting rid of the dogs -- well, then keep on trucking. How is anyone supposed to help you?

BTW - there are apartments for rent in Arlington, nice 3 bedrooms costing about $1000/month less than your mortgage. I'm sure you wouldn't consider it, but don't assume anything that's walkable to the metro is going to be expensive and crappy.[/quote]

Because paying rent instead of having a mortgage/write off and equity makes so much financial sense, right? [/quote]

Wow -- you're even more financially illiterate than I thought. Let me guess - you read somewhere than rent is "wasted money" and equity is important, so you ran with it, right?? Yes a mortgage writeoff and equity are nice WHEN YOU ALREADY HAVE CASH IN HAND FIRST. You know what's nicer -- not having debt looming over you -- which you do in the form of 200k in student debt + 50k in CC debt. Sit down and run the numbers -- if you understand them -- there is no way that your tax write off is exceeding your cost of debt. None. And equity -- you realize that it's illiquid, right? Are you planning to sell anytime soon? If not, that why does that equity matter to you right now -- when you need the cash to pay debt? Cash comes first, then pay off debt, then build equity. You seem to have jumped to step 3 while ignoring steps 1-2.

And btw - every kid in this area is labeled gifted at something. It's highly unlikely that your kid is the next Mozart. I'm not saying cut off music altogether, but you can cut out one of music lessons or music camp without totally hurting your gifted child's advancement in music. Reality is there are a LOT of kids living in smaller school districts, smaller towns etc. where there are no music lessons and pricey camps to be had. Guess what - if there are THAT talented, they make it in the music world simply by doing music classes in elementary/middle school, playing in the school band, rehearsing on their own for said band and via music class in school, and later if they want -- forming their own band. You seem to think that the only way to nurture a gifted child is to spend $$$.[/quote]

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