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Unexpected Expenses and Income!

February 2nd, 2014 at 06:21 pm

It seems like the moment you stop giving thought to Murphy, he sneaks right up on you.

New expenses I need to figure out how to pay for:

1. Replacing windows. $4500
2. Possible hike in HOA dues, for roof and deck replacement. I'm guessing my total cost will be in the $7-10K range.
3. Helping parents out with home renovation. $40,000. Perhaps, $5000 or so every month.
4. This one wasn't unexpected, but another $3300 tuition payment for the GF in March.
5. $3500 in taxes.

At the rate that I'm giving money away, I need to be making closer to $400,000 a year.

On the brighter side, my income shot up significantly in January and I paid off most of my credit card debt. All I'm left with now is $4700 on a 0% card till Dec 2014 and a $130,000 mortgage.


Current net worth excluding house and mortgage - $120,300.

Posted in Personal Finance | 4 Comments »

4 Responses to “Unexpected Expenses and Income!”

  1. rob62521 Says:
    February 2nd, 2014 at 08:48 pm 1391374104
    1391374104

    Wow, big expenses! Do you have to replace your windows immediately? We saved up for ours.

  2. cardtrick Says:
    February 2nd, 2014 at 11:21 pm 1391383286
    1391383286

    Don't have to do it immediately but they're leaking heat and driving up our heating bills. Then again, the worst of the winter is done. Maybe, it would be wiser to wait a few more months. Still thinking about it.

  3. snafu Says:
    February 2nd, 2014 at 11:40 pm 1391384409
    1391384409

    If you are the beneficiary of your parents estate, would it be a good idea to make the sums given to parents for renovations a 'loan' from your side business, whose terms and conditions would requirement payment after the house is sold sometime in the future? ...just a thought

  4. cardtrick Says:
    February 4th, 2014 at 01:36 pm 1391520992
    1391520992

    My parents are not American citizens and they live overseas. They have land worth a few million dollars that my sister and I will inherit in the future. I wouldn't have to pay taxes on that amount anyway, as far as I know. Because, gift taxes are paid by the donor and not by the recipient. I'm not sure whether estate taxes work the same way.

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