In my last post, I wrote about using a monthly surplus to pay off the house early or invest more. Both great options, one more optimized than the other. Either way, a really good place to be in. In today’s post, I’m going to write about the surest bet anyone can make—paying off debt.
It’s a great position to be in. All consumer debt has been paid off, or never existed in the first place. You’re doing well in your career, invest 10 percent or more of your income, and have plenty of savings in your emergency fund. You also own your own home and don’t plan on moving anytime soon. You’re at a point where you have a surplus of money coming in every month.
A few weeks back I published a post about making your own coffee titled Brewing Your Own Coffee: Can it Really Make You a Millionaire? One of the biggest clichés in personal finance is the idea that making your own coffee can make you a millionaire, or at the very least, save you a lot of money.
The average car payment for a new car in the United States is $563 per month, with the average term 70 months according to a recent article on Lendingtree.com. That’s 70 months, or almost six years of $563 car payments. For a family with two cars, multiply that number by two and you’ve got $1,126 per month!
Americans have a lot of consumer debt. In my last blog about debt payoff systems, I cited a recent study by WalletHub that found Americans began 2020 in more than one trillion of credit card debt.
We have a lot of consumer debt in the United States. A lot. In a recent study by WalletHub, Americans began 2020 in more than one trillion of credit card debt. The same study indicated that the average credit card debt per household was almost $8,000. And that was down from 2019 numbers.
For several years now, I’ve had a slogan of sorts. “Win the Month.” In this article, I’ll be applying it to personal finances, but it translates to almost any area of life.
I buy used books whenever I can. The books are almost always in really good condition, and come at half the price. Some books you’d never even be able to tell are used.
I often hear people talk about personal finance like there is only one pathway to success. “Do this, not that” “The only way to get wealthy…” “That way is for suckers” “The only way is to make more” “Nothing else will work”
We’ve all heard about the lottery winner going broke after 3 years. Or the celebrity declaring bankruptcy 5 years after their prime. Being successful with personal finance is really about the process. And a huge part of the process is creating healthy financial habits.
Now and then it’s fun to go back and reminisce. I did this the other day when I saw a couple young people making a
Like I wrote about a couple weeks ago, interest rates are decreasing. They aren’t plummeting to 2020 levels, but they are decreasing. At the time
“Quit your job and go all in now, follow your passion.” Words like this are spoken every day on social media and other platforms. Now,
The Fed met a couple weeks ago and indicated interest rate cuts were on the horizon. There was lots of media coverage for this as
