Kara and I are in a financial class at church. I am realizing how undisciplined I am in money, and how much I need to get a hold of this area of my life. One of the cool things that we learned this week was that when a credit card sends you a application with a prepaid envelope, you tear up the application and mail it back to them on their dime. Pretty soon they stop sending them.
Also if you pay an extra $125 a month on your mortgage, you can cut your loan length in half! From 30 to 15 years! Wow! With a $100,000 house mortgage, at the end of 30 years you end up paying more than $300,000 for it, if you don't refinance and spend the equity. Also if you finance a car, you end up paying 3X the amount of the actual price in the end! So if you pay off your car, then pay your car payment into an account and COLLECT interest instead of pay it, you can buy a car flat out!
I am loving this class, and I hope to be in control of our money at the end of it.
2 comments:
wow! that's amazing, my car is about to be paid off, I think I am going to do that!!
I'm proud of you, bub. Getting control of your dough and sticking it to the companies that pitch debt is a reason to smile. Just wanted to say good luck on deep-sixing your debt, baby. Here's looking at you. www.debtective.com
Post a Comment