You’ll Never Get Ahead If You Borrow To Buy The Essentials
If you’re using your credit card to purchase the groceries, the gas, or any other monthly normal recurring bill you’re never gonna get ahead.
I know some of us now use credit cards to purchase everything. That’s fine. But, if you are not paying off the credit card at the end of the month you’re financing your normal bills. It means you’re spending even more money than you think on stuff you need and will never pay off your card.
Can you imagine paying interest on the Starbucks coffee and the gas tank? I use a debit card a lot to get gas and shop. A debit card whacks your checking account immediately. If you don’t have the cash you bounce it or don’t get it.
If you are in this position now its time to use my $15 dollar strategy. Do not continue to spend what you don’t have. Its like a ticking time bomb. Just waiting to go off.
David Dassow
Monday, June 30, 2008
Sunday, June 29, 2008
You can't save money when you owe money
You can’t save money when you owe money
You ever wonder where the money goes after you leave a store purchasing an item when it dawns on you…I saved $10 on the purchase of this item, where’s the $10?
It’s the same if you attempt to save money while owing money. If you are paying the minimum payments on credit cards, car loans, home, home equity line, student loans you cannot save money.
Yes, I recommend saving 1 -3 months as reserves for those emergencies in life but under NO circumstances can you save money if you owe money.
The interest you pay on the money you owe is always more than the interest you make on the money you’ve saved. Therefore, from a money making perspective you would come out ahead by paying off your debt before you save.
Proving that you can’t save money when you owe money
David Dassow
You ever wonder where the money goes after you leave a store purchasing an item when it dawns on you…I saved $10 on the purchase of this item, where’s the $10?
It’s the same if you attempt to save money while owing money. If you are paying the minimum payments on credit cards, car loans, home, home equity line, student loans you cannot save money.
Yes, I recommend saving 1 -3 months as reserves for those emergencies in life but under NO circumstances can you save money if you owe money.
The interest you pay on the money you owe is always more than the interest you make on the money you’ve saved. Therefore, from a money making perspective you would come out ahead by paying off your debt before you save.
Proving that you can’t save money when you owe money
David Dassow
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