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Calculate your Payoff

Is one of your New Years resolutions to pay off some debt? This is a great goal! There are some different philosophies about how to get there, let’s learn about some of them. Debt costs us money from the interest we are charged. Let’s use an example… you have $1000 in debt with an interest rate of 20 percent a year; you are paying $200 a year for that debt. You have $100,000 in debt at 5 percent a year; you are paying $5000 a year. Then you have $10,000 in debt where you pay 30 percent for a cost … Continue reading →

Online Debt Calculator

If you read my article yesterday on how to Calculate your Payoff, then you are ready to begin you own debt reduction plan. Of course, not all of us are very good at math. In addition, interest configurations can be extremely complicated especially when you consider all the compounding that occurs. Therefore, I wanted to share a cool tool I found on the Internet to help. It is from the website WhatsTheCost.com. They call it their snowball calculator, because that is their term for paying off your debts in the correct order. Their concept is similar to my recommendation to … Continue reading →

Knowing When to Quit

Remember that old saying that “Winners never quit and quitters never win?” Well, it might be true in sports and competitions, but in business, sometimes it’s definitely time to cut your losses and throw in the towel–shifting your energy to another project or purpose. But, how can you tell when it’s time to quit and when it’s necessary to keep plugging along? Of course, it is important to be willing to take risks and work hard in order to make things happen. This is one of the mainstays of running a business–being willing to stick things out and work hard … Continue reading →