Posted on Apr 18, 2014
What financial strategies are you using to kill debt & create wealth?
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Finance
Posted >1 y ago
Responses: 15
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Eliminate depreciating asset loans:
Car loans = paying interest on a depreciating asset. The worst idea ever.
Credit Cards = usually buying stuff that loses value as well. TV etc.
Develop revenue streams.
Buy a house below your means that you can pay off quickly. Be smart when you buy to target the "rental" bracket so you can rent when you PCS to create income streams.
Most importantly, find a way to convince the sig. other that money in the bank is better than luxuries that no one cares about after they meet you anyways (cars, designer clothes, etc)
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Pay cash for everything. Use credit cards only when in an emergency. Invest in retirement accounts. But first, Give back to God.
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I disagree with using insurance as a form of investments. insurance should always be simply for what it is called . if you have a term life insurance with low monthly rates for a 20 yr period you invest the difference and have more money long term .It also takes years to build a so called cash value that will never match what you could of made from a separate investment. just my opinion
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Kill debt? I don't live outside my means...although my wife occasionally tries too. ;)
Create wealth? Thrift Savings Plan (TSP)...I hear that's pretty good.
Create wealth? Thrift Savings Plan (TSP)...I hear that's pretty good.
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Good luck! I did a VA compromise sale since I was over $100k upside down. Problem though is that I can't use my VA loan again until I pay back the settlement amount the VA paid. Better than having to owe $120k to the bank.
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1. IF you can swing it, transfer your existing balances to an unused credit card, then put your existing credit cards in a drawer someplace.
2. After subtracting rent/mortgage, groceries and other necessaries, every last dime goes against that outstanding debt.
3. After a month, transfer that outstanding balance to another credit card, then see Step #2.
Keeping the interest charges at an absolute minimum will accelerate the time it takes to kill that debt. Oh, and Step #4:
4. Whatever got you into financial hot water - don't ever, ever, ever do it again. It doesn't work.
2. After subtracting rent/mortgage, groceries and other necessaries, every last dime goes against that outstanding debt.
3. After a month, transfer that outstanding balance to another credit card, then see Step #2.
Keeping the interest charges at an absolute minimum will accelerate the time it takes to kill that debt. Oh, and Step #4:
4. Whatever got you into financial hot water - don't ever, ever, ever do it again. It doesn't work.
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I am selling my house in Virginia for quite a bit more than I originally paid for it. I should be able to pay off all my debt and still have a nice chunk of money to put into savings.
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Refinancing my home with USAA from 30 years to 15 years. I mention USAA because they gave me such an awesome deal. I was going to do it with BoA, the original bank, but their interest was a whole 1% more than USAA and to top it of, USAA closing costs' were $4,000 versus BoA $6,000. That is what I call service!
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currently, I'm putting 11% of my pay into a lifecyle fund in the TSP and $500 from every paycheck goes into savings.
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MAJ Steve Sheridan live within my means and with surplus money I have it is invested. Started investing early in 20's. 850 credit score as this results in lower interest rates. Learned to cook and don't eat out. Don't rent. Never bought a brand new car.
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