Adventures in Personal Finance
I recently refinanced my loan from 4.25% to 2.875% and lowered my loan time from 29 years to 15 years. While my monthly payment went up a bit, I am saving thousands of dollars in interest over the life of the loan. With such a low interest rate, it makes me wonder if I should try to pay off the loan early or invest my extra funds?
In a perfect world, we wouldn’t have to worry about student loans and credit card debt when dating, but credit score dating has become a real thing. Once you are past dating and in a serious relationship, things get even more complicated.
It has been a long while since my last Lending Club update. I am happy to share only good news as my social lending experiment moves forward.
I remember the day like it was yesterday, I was looking at my four credit card statements and saw that I was just north of $20,000 in credit card debt. I asked myself, how did I get there? It did not help that I had just come back from the music store having purchased four or five CD’s that I had no business buying, yet I still did not see the issue. My problem was that I was using credit cards to fund a lifestyle that I wanted, and felt that I deserved but was doing it at the expense of my future. It would be one thing if the credit card debt was due to me losing a job or something like that, but sadly it was largely spent on junk that I did not need. One question kept running through my mind – was all that stuff worth the cost?
So you want to become a millionaire? The path isn’t easy. Those seeking millionaire status are going to have to make some extreme lifestyle changes to get there, and here are six ways to start.
Over time, many of us become account collectors. You have that old checking account at the bank by your parent’s house. The checking account you use now, and maybe the old one you never closed. Over the last 10 years you collected three 401(k) accounts as you moved jobs, and opened a couple of investment accounts of your own.
This is way too much account clutter. Here are some reasons and tips to help you consolidate your accounts down to only the ones you actually need and use.
Last week, I did some digging on mortgage rates and had a talk with my mortgage banker, who happens to be a work friend of my Dad’s. After talking for a bit, she found me a rate that seemed almost too good to be true. 2.875% is a big improvement from my 4.25% mortgage. I did an analysis to figure out the best decision for me.
Some people debate whether it is a good idea to pay off your mortgage early. I don’t see why it is a debate at all. Sure, we can conjure up some numbers that make it look smart to stay in debt, but staying in debt is never a good idea.
As fall begins, students around the country are heading back to school. Just this week, my sister had her first day in medical school. (Proud, gushing brother) My sister, and many millions of others, are taking on new student loans this year. When you get a new student loan, you can choose your provider, and it is important to do the research to find a good fit for your needs.
I have written about who should pay for the first date in the past. We have also discussed how to save money when in a longer term relationship. Today, though, I am interested in how much you share about your finances, and what you expect to know, when in a new relationship.
Did you know large companies never pay invoices right away? They don’t even care about the due date. They set a policy telling vendors when they will be paid. While you don’t have as much leverage as a Fortune 500 company, you can manage your cash like one.
This is a guest post from Jason at Frugal Habits.
Anyone who has experienced the pressure of excessive credit card debt or the stress of paying bills they can’t afford, usually can point back to a series of bad financial decisions that they wish they could take back and have a ‘mulligan’ on.
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