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Depending on the condition of your credit, you may be able to transfer your credit card debt to a 0% or low interest rate card. Do this until the rate goes back up, but the key is to pay it off as soon as you can. Then a credit card becomes a powerful tool. Use them to get wonderful rewards like airline miles, cash and even start investing for your child’s college. Phone bills and cell phone bills are often much more than you really need to spend. Get rid of extra services that you don’t need. When you decide to purchase a car, make a smart decision. If you need to finance a $70,000 car, you can not afford it, even though the sales person is going to show you how easily you can afford it because your income is enough. The opportunities that you lose by adding a $1,000 a month payment is astronomical. Let’s say you have no money saved, you can afford to make the payments of $1,000, but you decide to lease a car at $200 per month. You now have $800 per month to invest which is $9,600 per year. Over 3 years this is $28,800. You decide to invest this at 8%. In 18 years, this money is now $115,200. If you bought the $70,000 car at that time, you would have no savings and after 5 years, a $30,000 car that doesn’t even compare to the new models out that year. Instead of costing yourself these opportunities, figure out how you can get to a point when you can afford this car. Pay for the car in cash, or at least use equity from your home so you can write off the interest. Speaking of your home, this is the best place to look for monthly savings. Most of us think of a mortgage as a burden and want to get rid of it as soon as we can in order to live the American dream of owning your home free and clear! Remember what I just mentioned about the opportunities that you missed out on because of the higher car payment. The same thing applies here, but with a slight twist. Get the house, and finance as much of it as you can. Calculate what your monthly payments would be on a 30-year fixed loan, make sure you can afford this payment, then forget about the 30-year fixed loan. There are loan products out there, specifically designed to create cashflow for you. You can save, depending on the loan amounts and interest rates, over $1,000 a month by getting the right kind of mortgage. If you want to learn more about how to accomplish this, you need to learn how to “Harness the Power of Your Mortgage”. Click on this link to go the Global Equity Lending web page. Then click on the Harness the Power of Your Mortgage link in the upper right to open the presentation.
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