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connection to ham radio is?
Maybe you need a new group: rec.boring.nolife.discussion Mike Coslo wrote: N2EY wrote: In article , Mike Coslo writes: some snippage If you look at the total dollars spent, you can still pay less money on some of the higher interest lower cost loans than lower interest higher priced loans. (although I'd never suggest doing that) It's just the sheer amount of dollars. Yep. That's why you have to calculate the options. So the best bet is to pay all the loans off as quickly as possible. Not always. Suppose you're in a situation where money is tight but you can expect big increases some time in the future. (example: kids are small and one parent is home with them, but when the youngest reaches school age both parents will be working full time). In a case like that, having a lower monthly payment may be the best alternative even if it requires a longer loan term. Well, a qualified yes. I've found people, including myself, sometimes too optimistic when dealing with "future" things, like earnings and expenditures. While what you sat is true, I'll take the tack of either paying the thing off ASAP, or go without. Maybe even save for what I want. (Modern Heresy Alert!) Best way to not be a fool is to not go heavily into debt in the first place. I have a 5 percent loan, but I'll pay it off quickly, I think. I wouldn't but thats me. What I would do is see if you can refinance at all to a lower rate. I have actually seen a interest rate recently somewhere in the 3 percent range!! Talk about a cheap loan, hell, I would refinance/remortgage my neighbors house if I could legally get away with it! LOL Sure - because a house is something you need anyway, it's insured and not likely to wind up obsolete or useless in a few years. Most of all, almost no one can afford to buy a house for cash. Instead of paying off that low interest loan quickly, one is smarter paying off the higher interest loans like automobiles, department and credit card charges, and other loans/debts. Again, it's better to not get into a situation where you would have to choose which loan you're paying off early. Well, its not paying the principle that kills ya, its the interest that does over a long time. The lesser the interest rate, the less I am interested in rushing to pay it off extra early. Either way, one needs to do the math or find someone who does understand real estate finance and other financal calculations to make sure in their own individual circumstances. Exactly - it's all in the numbers for your particular situation. The biggest financial boo-boos people make a - confusing "wants" and "needs" (you may need a car, but you want a new SUV) - not having a budget, or not having one based on real data - looking at their income out-of-context and saying "I can afford X" without doing the numbers. Don't forget succumbing to the credit card problem. It's soooo easy to live life large when you have 10 credit cards with a 20 thousand liimit on each card. That's simply another version of looking at their income out-of-context and saying "I can afford X" without doing the numbers. If you can't afford to pay off the credit cards at the end of the month, you really can't afford the purchase made on them. I consider credit cards as "payment cards", nothing more. One of those nifty little life secrets I've found out is that if you are willing to avoid spending credit money like a drunken sailor while you are young, you will have much more money for your toys when you get older. New verse to an old song: What shall we do with a drunken sailor What shall we do with a drunken sailor What shall we do with a drunken sailor Ear-lie in the morning? Put 'im in charge of an Exxon tanker Put 'im in charge of an Exxon tanker Put 'im in charge of an Exxon tanker Ear-lie in the morning! HeHe! - Mike KB3EIA - |
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