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Don't pay taxes, lose my home.
Here in the United States capital asset values have been increasing significantly over the past decade, real estate is no exception. And increasing real estate values are all fine and good except for one thing, increased taxes!
One of the drawbacks to real estate is, it is not liquid. Meaning, I cannot quickly convert it to cash without incurring debt. So whenever my property taxes increase because my real estate value increases, I have to pull money from other sources just to keep my home (if I don’t pay taxes, I lose my home).
Budget for the increase.
So how do I budget for this? Easy, spend less money in other places. Go out to eat two times a month rather than three times a month. Cancel a couple of needless subscriptions. Pay off debt to eliminate debt service payments. Take "stay-cations" instead of a "vacations." Cut little league (baseball) and spend more time with your kid :) Or you can get a second job, uhg, I hate this option!
Now, if you already budget well, you won't have to cut, because you already have a good surplus every month. That is why it's important to always have a lean budget for when these things do happen. Because whether or not it's an emergency or just increased taxes, you always have the room in your budget to absorb the impact.
Stay frosty people.
50% allocated to ph-fund.
Hello @fijimermaid
It is not at all simple to accept this "Don't pay taxes, I will lose my house", even this kind of situations are difficult for me to understand in its full magnitude, because beyond the policies in tax issues, I feel that there is like a kind of government disconnection with the citizens, getting a second, third or fourth job is a reality to which people turn to in order not to fall into depression. Good post.
Best regards, be well.
It is tragic. This is one of the drawbacks of financial gentrification. For those that are living paycheck-to-paycheck, a $50 to $100 increase in taxes every month can significantly increase the probability of foreclosure. That is why it is so important to do the math and make sure you have enough room in your budget for increased taxes.
And thank you :)
Hello friend, the truth is that yes, sometimes having more money makes us have more expenses, so we must be aware of it and keep our responsibilities up to date. Thanks for sharing. Greetings.
Increased expenses because of increased wealth manifests on the individual's side as well. When people have more wealth (in real estate, equities, crypto), they are more comfortable spending more of their cash and income, even though they don't have more money in cash or income. They call this the “wealth effect.” And it's devastating to one’s net worth.
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Beautifully written. Thanks for sharing with us
Thank you for reading :)
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Thank you @tipu.
Thank you @emsonic
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Thanks for sharing
Thanks for reading :)
I see that the posts in the Project Hope community are being set to 50% beneficiary of a Project Hope account and then the main Project Hope account is upvoting those posts to a high value. I see this as the owners of the Project Hope accounts using the community's posts to vote on themselves for profit (beyond normal curation rewards) and my downvote is to help remove the profitability of the scheme. My downvote means nothing personal about you or your post. You've done nothing wrong.
I suggest to the owners of the Project Hope accounts that they discontinue this scheme because it's going to result in downvotes on their community members' posts like this one.