I’ve never invested like this before, and if I’m honest to myself, I wouldn’t be able to afford an extra $7,000 to make up for the missing year.
Here are some things I’ve learned (in no particular order) that might help me to make that last $7,000:
1. There are so many factors which you have to factor into your financial decision: What type of relationship you have with your lender – How much debt you have, how long you are holding to pay it off…
2. Many factors are only apparent when you factor in the financial implications. For instance the interest I’m already paying may not seem at all relevant in a couple of years, when I’m already in a much higher tax bracket, or when I have an extra $7,000 to save up. But how much interest does it make a month? What are the expenses? What is the total monthly payments? I’ll talk about these things in depth on that later blog post.
3. Keep track of your expenses – How much your expenses include, along with how much you can afford to spend on what you consider essential (what you call luxuries). Do this regularly (every day) whether you’re buying food, getting gas, clothes, anything, every day. I’ve lost so many cash on the side for things I have to put off for now (like that last $1000 of debt I’m on track to pay off).
4. Don’t just live off interest – Think of what the money you’ll have to pay back in interest can replace in terms of your lifestyle.
5. Keep receipts for everything you spend and if you have too little to pay a fee to a lender, make sure they tell you what kind of payments they are accepting. And check this all the time.
6. Don’t overdo it by spending all your money on things you can’t afford…
7. Think of any potential costs you might face before you choose a credit card and keep track of what’s actually required by your creditor(s) and if it’s in your budget.
This article was reprinted with permission from the author. Follow Matt on Twitter
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I got an absolutely delicious book on the subject of a new invention that I am very excited to try. This comes from the man who invented what, when you ask him, was the most important technology of all time: the first transistor.
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