to start I am not poor – single mom making comfortable living, own condo in upscale neighborhood, have Ok retirement account and can afford the private school for 8 years old kid.
accidentally came across the book – \” start late finish rich\”- I found out I am wasting hundreds of thousands on NOTHING- half way through the book- I am paying extra $1000 on my mortgage monthly as I have interest only loan and could not get biweekly plan. mortgage payment calculator tells me that I will save little bit more then $400,000.!!!!!!!
I moved around all my credit card from highest interest of 29.9 APR, including 13.9% and 9.99% to highest of 1.9%. what I looked how much interest I have payed over one year I needed to take a long walk. Car loan in 2.9 APR and I cannot squeeze more money out of me tight now – but that is next on my radar.
I have set up the automatic payment on all 3 almost max ed up credit cards and will be debt free by September 2011. I am using cash only on the purchases and if don\’t have enough – will think twice before to I get buy. Big purchases like airplane tickets – debit card work wonders –
By saving all this money I will work less I will spend more time with my 8 years old , and I don\’t need live- in nanny.
I have SEP IRA and 401K and my child has college fund going-
I have set up my own saving account- so rainy day I will not reach for credit card-
made appointment with my financial advisor to see where else I can divert my money
About the charity – we do monetary contribution to local issues and donate our time on thanksgiving to the neighborhood shelter
I cleaned the closets – 25 skirts – who needs them
all the clothing we did not used and grew out of it – are in the trunk on the way to salvation army – I have also freed the space at home.
I promised myself – no more drama in my life – i am taking charge of my money
I was going to retire rich anyways – but now I will do it much earlier
Did I mention I have not finished the reading yet