How Much Debt Do You Owe?
To get out of debt, you have to start with an honest list of every single debt you owe. Here's a worksheet to help you get started, but be sure to add your own items that we haven't included. Write down the numbers from the last bill you received for each item.
| How Much Do You Owe? | |
| Debit Amount | Interest Rate |
| Primary Home Mortgage | ___________ |
| Vacation Home Mortgage | ___________ |
| Investment Property Mortgage | ___________ |
| Car | ___________ |
| Personal Loans | ___________ |
| Student Loans | ___________ |
| Taxes | ___________ |
| Credit Cards | ___________ |
| American Express | ___________ |
| Visa | ___________ |
| MasterCard | ___________ |
| Discover | ___________ |
| Department Store Cards | ___________ |
| Others | ___________ |
Are you married? Living with a partner? Now that you've listed all of your debts, ask your partner or spouse to do the same and compare notes. Whatever you do, make sure you each know what the other's debts are, as well as what the joint debts are.
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Child Savings AccountsWhen opening a savings account for your child, make sure their Social Security number is used as the account's tax identification number. That way, as long as your child is under age 14, interest earned will be taxed at your child's lower tax rate, not at your tax rate. This rule holds true as long as your child earns less than $1,300 a year in interest. |
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