by hillary_step 12 Replies latest jw friends
I would like to add, if you don't have a 401K, get one.
There is a very good chance that you will retire in this "system of things™...you will need that nest egg. If you can open one at your place of employment, that is the best place to start. They will take the funds out before tax. It''s never too late to start, and if you have children starting in the work force incourge them to start now. Maybe they can retire younger.
Great post. Thanks.
Lisa
I know someone who used a similar strategy of writing down the amount of debt owed, but decided to take advantage of some balance transfer offers (where the credit company was offering <5% per year interest rate until the advance was repaid in full) to get rid of some credit card balances on high interest rate (28.8% APR) credit cards. He calculated the savings in interest alone (over the projected life of the original debt) to be in the thousands of dollars.
Take a close look at your credit card statements. If you are paying less per month on the principle than you are in interest, this might be a strategy that can work to your advantage.
Just make sure you read the fine print before making a balance transfer transaction, to find out how long you have the lower interest rate for, and only transfer as much as you can afford to pay off in that time frame so you don't get stung when the low interest rate period finishes.
I agree with HS's analysis.
My upbringing in the Watchtower gave me no financial sense at all. This was combined with clueless parents who bought into 'The End is Soon' dogma big time gave me a very poor start in life from a financially.
So... by the time I'm 25 I have amassed nearly £25k in debt through credit cards, bank loans and store cards etc. I was very fortunate to have a wife who worked with me to pay these off and learned the hard way that you have to plan for tomorrow, and the next day ... and the rest of your life!
I don't blame the Watchtower for every last penny of my debt problems, because by nature I'm not that great with money; but I do think they bear a great deal of responsibility for not allowing people to plan for their future financially with their 'end is real soon now' approach to life.
Craig
