Join Date: Feb 2005
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Ok, I'm going to argue the opposite. We're headed for a recession. Now IS the time to sell stock before it tanks.
From what I understand, there would be no taxes as a transfer from my father since it became mine the minute he bought it since this stock was bought under the Uniform Gift to Minors, but it is something I am going to double check with an accountant. Of course, there would be taxes on the gains and that is something I have considered.
I have previously thought about some of the points that people brought up. I have thought about whether cashing in the stock is "taking the easy way" and would we really learn anything since we didn't have to struggle to pay it off. That is part of the reason I have considered only selling enough to buy the two used cars and then use those payments towards the debt but then I think of the finance charges that we'd be paying over the time we'd be paying off the debt and think if we sold the stock, we'd avoid a lot of those. If we don't sell at least part of the stock, we'd have to finance the cars and that would defeat the some of the purpose of starting the plan to pay off our debt.
I don't know what I am going to do and I don't plan on making a decision immediately, but I am taking into consideration what "experts" like Dave Ramsey, Suze Orman, etc would say to do. However, just because they say to do it, doesn't mean I will, but I am looking into other's perspectives before making a decision.