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Marriage, education, and tax breaks?

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docchamberlin
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Marriage, education, and tax breaks?  Reply with quote  

I get married Oct 27 to a full-time student with no significant income. I make around 135K per year. I'm wondering if anyone can suggest tax strategies or tell me what I need to be doing to best utilize this situation financially. Thanks for any advice.
Post Fri Aug 10, 2007 6:38 pm
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songwriter
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I'm no financial expert other than managing my own financial situation but I have been married for twenty years and have not had to claim bacnkruptcy yet. My advice is this

Look at the overall world situation and the overall world economy and how other countries decisions and actions will affect the US market.

Cut up your credit cards, don't take on any new ones, don't use second mortgages

Don't lease you next car (the fees add up,), make sure you have good insurance on your self, your sopouse and and your home and automobile. (Ask your agent what your policy limits are and what they cover and don't cover. A three car accident with you at the back end could add to tens of thousands of dolloas in property and medical bills not to mention law suits. Cheap insurance is just that- Cheap.

If you plan on buying property near the water, beware- many carriers are pulling out of those areas and no longer covering waterfront property and any property within certain defined distances of water.


Don't just focus on the ups and down of the domestic stock market. (For example some of the higest rated stock funds from what I've been reading are the China funds.)

Don't forget real estate. You're young, making great money and most of the people I know who became millionaires did it by owning and renting out real estate. A wealthy and wise investor friend once told me to first choose the neighborhood you like best, then choose the street you like best, then find the house on htat street that is in need of the most work and make a lowball offer. Invest a little sweat equity to fix it up and then sell it for double what you paid.

Don't let the one shoe fits all approach be your guide. Be creative and trust your judgement.

Start today, not tomorrow- that goes for your 401k, your cash savings and saving for your childrens college funds.

If you like cars and have the extra cash, look into collector cars. The prices are skyrocketing with no end in sight. People are paying 100,000 to 500,000 for cars that cost 2,500-10,000 back in the 40's, 50's and 60's!

Hope that helps
Post Mon Aug 13, 2007 12:29 pm
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BlankenshipFP
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doc -

You will want to investigate your options with regard to financial aid and/or 529 savings plans for payment of the education expenses. Given your income, financial aid will likely be out of the question, but there may be some benefits available.

Jim Blankenship, CFP, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
Post Mon Aug 13, 2007 1:56 pm
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shaneroof
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I dont think soo .......
Post Wed Sep 03, 2008 11:56 am
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