Wednesday, February 22, 2012

Final “Charts by LTSP’s poster boy for student debt”—Tax season edition

I don’t want to beat a dead horse or anything, but I did pay my taxes this month. I guess I’d gotten used to receiving money back from the IRS… not so now that I’m self-employed. I ended up paying well over 2,000 dollars into Medicare and social security. Those of you whose employers pay half—be glad they do.
Below is a pie chart similar to chart A of my initial post about being LTSP’s poster boy for student debt. This one contains the percentage I spent in six different categories from January 16th to February 15th.

Now that I’ve paid taxes and continue to pay student loans I at least know approximately what my year spending will look like. I will be paying nearly 15,000 a year on student loans and 9,000 a year in taxes. That totals about $24,000 of my $40,000 a year being non-spendable income. After tithing that means I’m living on $13,000 a year. On the other hand I live in the parsonage.
So, before I take off my Ross Perot hat for good, the final Pie Chart—expressing what the next 10 years of my life will look like financially thanks to my student debt:

So, if someone asks about how student/seminary debt shapes the spending habits of pastors--and that has been a hot topic in the ELCA--point them this direction.

And now back your regularly scheduled theological and political thoughts.

1 comment:

Norma Cook Everist said...

Chris, thanks for this. It's the story of many seminarians, graphically told. I'm also glad to know where you are, having had lunch and dinner with you often last spring at LTSP. I'd love to know about the community and your ministry there.
Norma Cook Everist, Wartburg Seminary