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Significant $$$ issues
Apr. 3rd, 2006 06:35 pmLots of stuff to write about over the past few days... unfortunately, most of it isn't good.
First, I went to the local Acura dealer on Monday to get discount coupons for an upcoming car show. I also ended up checking out and test-driving a 2006 Acura TSX, which I actually found rather easy and enjoyable to drive. For a relatively small car, it seemed to have enough passenger and cargo space to rival the Camry, and it seemed bigger than the S4. I also was curious to find out how much the S4 would be as a trade-in if I were to get the TSX.
The results were, to say the least, far less than stellar. In the 6 months since I bought the S4 (remember it was a used 2001 model) the car's resale value dropped by over half its value at the time I traded the Camry for it. That alone prompted me to seriously consider trading in the S4 now and eating the losses I had, which amounted to roughly $12K. I think in retrospect I really should have kept the Camry longer and just waited for the TSX to come out, but of course I didn't know how well the Camry would have held its resale value (but I'll bet that it would have been higher than the S4).
Second, I decided to order a replacement phone for my Sprint PPC because the keyboard LEDs went out. Considering I use the phone somewhat frequently in the dark to text message people or to look up URLs, I figured I should go ahead and replace it... also no telling what else could have been on the verge of going out as well. That ended up costing me another $50 (nonrefundable deposit required for a replacement due to water or case damage).
Third, I expect to take an almost $1K hit financially on my taxes due to my parents' estate. Right now I owe $350 on my state and am getting roughly that much back on federal. But that's without my parents' trust factored in... when that's added in I expect to owe more on state and get less back from federal. I think after all is said and done they will either cancel out, or I'll end up with a net loss.
Overall, it means I'm dropping significantly financially over the next few months. It's not yet enough to put me completely in the hole financially, but I definitely won't be able to enjoy the standard of living I've had until now. And perhaps it's time to get that wake-up call because now I'm forced to put almost everything that I had been planning to buy on hold. And that is specifically because I want to save up for FC07. My goal is to get my finances up to a minimum of $25k to $27k before FC07. If I drop below $20k, though, I won't be at FC07... so only time will tell at this point.
My biggest concern right now is that if something happens to me, any beneficiary will end up with a debt after final costs have been paid (i.e., funeral expenses, etc.). I originally had wanted a relatively big nest egg so that my survivors would not have to pay so much out of their own pockets, like we had to do for my mom (her primary bank account was completely depleted after she passed away).
Fortunately I'm not married, nor do I have a GF. That's one less battle I have to fight. But I am seriously faced with the notion/prospect that I did not steward or take care of my finances as well as I should have... and that is NOT reassuring.
In other news, the silver lining in all the clouds is... that there aren't as many today as there were last week. Clouds, that is. We've been seeing clearing weather and our cooling trades are finally back.
First, I went to the local Acura dealer on Monday to get discount coupons for an upcoming car show. I also ended up checking out and test-driving a 2006 Acura TSX, which I actually found rather easy and enjoyable to drive. For a relatively small car, it seemed to have enough passenger and cargo space to rival the Camry, and it seemed bigger than the S4. I also was curious to find out how much the S4 would be as a trade-in if I were to get the TSX.
The results were, to say the least, far less than stellar. In the 6 months since I bought the S4 (remember it was a used 2001 model) the car's resale value dropped by over half its value at the time I traded the Camry for it. That alone prompted me to seriously consider trading in the S4 now and eating the losses I had, which amounted to roughly $12K. I think in retrospect I really should have kept the Camry longer and just waited for the TSX to come out, but of course I didn't know how well the Camry would have held its resale value (but I'll bet that it would have been higher than the S4).
Second, I decided to order a replacement phone for my Sprint PPC because the keyboard LEDs went out. Considering I use the phone somewhat frequently in the dark to text message people or to look up URLs, I figured I should go ahead and replace it... also no telling what else could have been on the verge of going out as well. That ended up costing me another $50 (nonrefundable deposit required for a replacement due to water or case damage).
Third, I expect to take an almost $1K hit financially on my taxes due to my parents' estate. Right now I owe $350 on my state and am getting roughly that much back on federal. But that's without my parents' trust factored in... when that's added in I expect to owe more on state and get less back from federal. I think after all is said and done they will either cancel out, or I'll end up with a net loss.
Overall, it means I'm dropping significantly financially over the next few months. It's not yet enough to put me completely in the hole financially, but I definitely won't be able to enjoy the standard of living I've had until now. And perhaps it's time to get that wake-up call because now I'm forced to put almost everything that I had been planning to buy on hold. And that is specifically because I want to save up for FC07. My goal is to get my finances up to a minimum of $25k to $27k before FC07. If I drop below $20k, though, I won't be at FC07... so only time will tell at this point.
My biggest concern right now is that if something happens to me, any beneficiary will end up with a debt after final costs have been paid (i.e., funeral expenses, etc.). I originally had wanted a relatively big nest egg so that my survivors would not have to pay so much out of their own pockets, like we had to do for my mom (her primary bank account was completely depleted after she passed away).
Fortunately I'm not married, nor do I have a GF. That's one less battle I have to fight. But I am seriously faced with the notion/prospect that I did not steward or take care of my finances as well as I should have... and that is NOT reassuring.
In other news, the silver lining in all the clouds is... that there aren't as many today as there were last week. Clouds, that is. We've been seeing clearing weather and our cooling trades are finally back.
