Vanquishing My Debt

I'm 29 and trying to get a handle on my finances so that, one day, I can buy a home of my own. I've been reading personal finance blogs recently and decided to start one chronicling my own struggles and success (hopefully). I am lucky, considering the amounts of debt and tales of tragedy I've read about... but I am making some positive changes and moving in the right direction.

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Location: Los Angeles, CA

Wednesday, February 07, 2007

Being broke = simple taxes

I almost have to laugh when I read other blog posts about the minutae of doing taxes. For me, it's very simple since I don't have kids, a husband, property, retirement funds (yet) or anything else that makes taxes complicated. It took me about a half hour this year to do my federal and state taxes sitting on my couch with my high school calculator... very basic by-the-book calculations. No itemizing, no providing paperwork, no frantic calls to my financial planner to double check facts and figures. No tearing apart the filing cabinet to find statements.

I think this is a very overlooked benefit of being asset-less. Why save and make investments when it means more headaches at tax time? Plus, I'm actually saving money because I can do my taxes myself, instead of hiring an accountant. So I'm really saving time, money and stress by staying broke. :)

Boy, do I wish I had some of those tax time headaches. This time next year I'll be all stocked up on Excederin and ready to go... I plan on having some assets.

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Anonymous Anonymous said...

This is a good start. I encourage you to try to learn more about money as much as possible. In the end, you get the benefits.

Good Luck.

12:25 PM  

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