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.