Having a bunch of payments is bad enough (yet another reason to ditch them with the debt snowball).
But when you discover how wealthy you’d be if you invested that student loan or car payment instead of sending it to the bank, it can just about make you sick. Some members of My Total Money Makeover know what that feeling is like as well as the tough road to be free from it.
We asked our members to list their highest ever monthly payment that wasn’t on the house. We then calculated what that would be worth if invested for 30 years at 12% interest.
Here are the top 10:
Other memorable monthly payments included $490 for a truck that was a third of the person’s take-home pay, a $445 student loan payment for a person who graduated and took a $24,000-a-year job, and someone who cash-flowed $834 a month for private school, only to take a job as a microbiologist that paid $12.64 an hour!
When you get rid of your payments and get a hold of your money, you put yourself on the path to unbelievable prosperity. Don’t let that get away from you.
New study adds to recent research that examines the merit of snowballing debts and how small victories provide encouragement to pay others.From Seattletimes.com
Buying a used car can be both a scary and expensive experience. Here are seven ways to be better prepared when shopping for a used car.From Huffingtonpost.com
Whether you are going through a new job search or a complete career transition, it's important to have a solid personal finance plan.From Blog.Chron.com