Who am I and do I think I got it all figured out?
I am not a big economist or financial advice. I just read a lot and hate the idea of always working to pay tax the rest for my life. So I am trying to offer advice financial to those less fortunate than myself?
The plan is to give you information so you can retire early, life is hard and rapidly changing. business is laying off lots of people, health care is rising but the salary is not. People around the world manage to get wealthy, while others are going bankrupt. I’ll show you the present and help you plan the future. There is a fine line between financial growth and bankruptcy.
Here comes the lesson for the day: in your normal month, you will pay all your bills and pay off your credits. Each month with no interest, at the moment you are not able to save a cent.
Let’s take an example now, a new Starbucks opens next to your office where you work. You start buying coffee once a week. Suddenly, you can’t pay your credits card bill each month so a small balance starts to accrue
- Month #1: there’s a $510 balance and you pay $500
- Month #2: you are charged interest on the unpaid $10 from the first month at 20% so you’re $12 short
- You are a few days at the end of the month so they charge you a late fee and suddenly the balance is plus $30. Now you’re $40 in the hole for a missed payment
So check your budget for micropayment. Say a burger from Macdonald, it is ~$60 after 3 months. After 10 years, you’ll have a credit card debt of about $2400. If you couldn’t pay it off when it was $500, things are looking much tougher now.
- There is a highly great line between staying afloat and sinking, even over a quick length like ten years. Recognize this and then all those stories approximately people going bankrupt. how does this make you feel?
- Never let a credit card go a day over every month without paying the balance – because the interest rate is ridiculous, and in case you ever slip up at the due date, they trick you via charging your hobby on all of your purchases for the whole month.
- However there additionally an exceptional line between staying afloat and rising up quickly to grow to be very rich. What if the man or woman breaking even above discovered a manner to save $10 an afternoon as opposed to spending $25 greater than she made every month?