noksagt,

Those were good! Thanks!

In response to Myth #27. Nothing is good "value for the money". Things are simply "good value".

Value = Benefit / Price (money)

Saying "value for the money" is analagous to "My car gets great mileage for the gas".

</soapbox>

KrayzyAzn said:

<< The tip says: "FW helps you to find the best value for your money. It's you who have to decide whether to spend more money or not." Which is analagous to "FW helps you get great mileage for your gas." Makes perfect sense.. It's value for YOUR money, not THE money.. you misread. >>

Ummm, you missed the point. It doesn't matter if it is for "THE" money or "YOUR" money. The money part is redundant. Again, it would be like saying "the car gets better mileage for YOUR gas". You just say "fatwallet helps to find you the best value". Period. Just like "the Honda Insight gives you the best mileage".

"The new video card gives you more FPS for your time than any other".

Equally wrong.

FPS is a measure of output per unit of input. MPG is a measure of output per unit of input. Mileage can be interpretted the same way, but it doesn't strictly mean it. It can just as well mean the distance travelled. Mileage does not necessarily equal MPG. Don't be so anal.

LordKronos said:

<< FPS is a measure of output per unit of input. MPG is a measure of output per unit of input. Mileage can be interpretted the same way, but it doesn't strictly mean it. It can just as well mean the distance travelled. Mileage does not necessarily equal MPG. Don't be so anal. >>

Argh! People keep missing my point. I give up.

rooster1865 said:

<< Myth: I don't want that raise/extra job because it will move me into a higher tax bracket and I'll actually come out behind

Nope, this isn't the way tax brackets work. If you move into a higher tax bracket, only the portion of your income that is above the threshold is taxed at that rate. For instance, if the threshold for the 28% tax bracket is 55,000 and you currently make 54,999 and get a $1001 per year raise (for a total of $56,000), only the extra $1000 that is over the 55,000 threshold is taxed at the 28% rate, not the whole $56,000. >>

Please clarify that this is relevant to federal and not all states. CT kicks you in the nuts pretty darn hard for being one dollar over a threshold, it'll cost you a substantial amount MORE in tax than earned. Last I reviewed it I believe making that 1$ costs you 50 (you want to end up at the top of the brackets)

"If you are going to pay AMT for this year, you should accelerate income and delay deductible expenses."

Two decades ago this was true, but the 1986 Tax Reform changed the rules by adding phaseout of the AMT exemption. This increases the AMT marginal rate by 6.5% to 7% once your AGI hits the phaseout threshold ($150k for joint returns). The vast majority of AMT payers are in the phaseout range, and facing AMT marginal rates of 32.5% to 35% plus the full state marginal rate. Unless you are well into the top 1% of taxpayers, this typically is higher than the marginal rate for regular tax, meaning that you will owe more AMT if you follow the conventional advice.

When it comes to AMT, there is no substitute for running the numbers. Tax planning shouldn't have to be this hard, but the AMT makes it tougher than writing a college term paper.

SUCKISSTAPLES said:Which brings up yet another MYTH: "A CSR told me something, so it must be correct!"
FACT: CSRs, especially at credit card companies, are clueless drones and often dole out conflicting or incorrect information. Read the printed terms of your card agreement.

hey SIS, this comment made above was when someone had spoken about the CSR telling them about household income. in another thread i started you replied the same to me to put down household income. when i spoke to the CSR they told me that i couldnt include parents or brother in my household income, which seems ridiculous to me. however, this was for AMEX, and because of this they denied the app. now, what could i do to bypass the CSR who is making the decision to let me have credit or not

Myth: "My credit card has a fixed rate, which means the rate will never change."

Fact: "Fixed" rate only means it does not fluctuate as the prime rate does. By the terms of the CC, the CC issuer can change your "fixed" rate any time (usually after an "accont review"). You have the option of not accepting the rate change but you have to stop using that credit card. Otherwise the new rate takes effect anyway.

SIS said:#3 MYTH: "I can only list my personal salary on a credit card application"
Read the application carefully. Most credit card applications ask for "household income", which can include much more than your salary, and can also include other members of the household. Presenting the highest legitimate # to the cc issuer should get the best cc terms.

Since a while all the Citi apps I see seem to ask for "your" income instead of the household's, eliminating the chances of higher credit limit for some.

Excellent compilation nonetheless, SIS !