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Debt Management
Mobilunity software company
EmaWillson If you want to know how to improve the tone and quality of your text work, then I advise you to use a tool that specializes in this! The tool will check your text and point out the mistakes that you made! Also, the tool will give you useful tips and tricks that will help you in the future when writing text works. It will help you easily correct mistakes and thus improve the tone of your writing! Click to read for more interesting and useful information! [ more ]
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Debt Management
Paying for Medical School
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Socksket Thank you Landon! I appreciate your advice, and I looked into the state income tax implications for my own state and found no benefits in sight hahahaha, yeah it might be better to just throw whatever I would've contributed into a savings account and collect the 1-2% interest. Also you'd be surprised, from what i can see, and have heard, Med school is more about sustaining an uncommonly high work ethic over a period of decades than it is about being smart. [ more ]
Landon Martin Sorry to hear there is so much uncertainty for you! I hope everything works out. Things to look out for when selecting a 529 plan are the tax benefits, types of investments, and associated fees. Every State in the US have their own 529 plans and the rules can vary with each State. One of the biggest benefits to the 529 plan is that the money can grow and be used tax-free on the federal level but of course there are some exceptions on the state level. Not all states offer a state income tax... [ more ]
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Debt Management
Daz Games Merch
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Debt Management
What it the best debt repayment strategy for getting rid of debt fast on a low income?
Knightlight SGLeavitt357's mention about paying yourself first is a good tip. I would recommend reading the book "The Richest Man in Babylon" as it goes into this and more. It is not too long of a book, but if you don't have time to read it you can see the themes summarized in Wikipedia. One of the themes involves how to cure a lean purse. The first cure is titled: Start thy purse to fattening . Arkad advises on saving 10% of your annual income to start building up your wealth (or purse): "For every ten... [ more ]
SGLeavitt357 There's an old saying that is always painfully true: it's not often about the income but always about the outgo! Be very familiar with every cent you spend. If you are living as frugal as possible your success is assured. Above all, the simplest way to feel accomplished, along with what @Knightlight said, is to pay yourself something FIRST! No matter the amount, put something aside just to tell your brain that you have it. [ more ]
Nef A power move by @vodster above. Lowering your expenses and using all your excess funds will result in a real quick way to reduce debt super fast. If you want to double down lower your expenses and simultaneously raise your income. You will be so happy you sacrificed for the short term. [ more ]
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Debt Management
Paying Off a Mortgage
Riva951ie Hello @RP I had the same thought process, but I took the other route of just paying off the home. I thought this would best fit my case to produce more ROI to buy another home and have a lower debt to income ratio. Also, this would open more doors for me to cash in on the full amount of $$ from this rental. Also, to not end up paying triple for the house after the 30 year. You can also do what @Nathan_Gregory mentioned and refi to lower interest, BUT still pay the full price that you were... [ more ]
RP It's an interesting debate. Say if your mortgage rate is 2%, is it worth putting an extra $1000/mo when you could be putting that into an investment portfolio, which will *likely* yield greater than 2% over the course of 10 years? I have decided to NOT pay down the mortgage, but put these extra savings into investments with the goal of pulling out to pay off the mortgage in 5 years. I've decided this for two reasons: 1) Assuming the investments go up 5-10%, that's a few more thousand dollars... [ more ]
Nathan_Gregory Hi @Landon Martin , Just one strategy that comes to mind for me is refinancing. One advantage to this is if you have certain factors in place like a high credit score and equity in your home, you can refinance your mortgage for a lower rate, which will drastically reduce your payments per month. You can then take advantage of these lower payments by making two bi-weekly payments per month, which may help you pay off your mortgage twice as fast. We wrote a complete guide on this, which goes... [ more ]
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