When I learned that the inflation rate is around 2.9% a year, I started to freak out. this means that the money I have sitting in the bank getting interest of .01% a year is losing basically 2.89% buying power every year. The money I was saving I was actually losing. The crazy thing is most people were also in the same position as me, keeping their funds at a brick and mortar bank and only getting .01% interest. So, guess what I did? I switched my savings account from Chase to Barclay online saving. They give 2.5% interest on your money. Yes, that is correct, two-point-five percent per annum. …
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Parents! Want to Learn How To Make Money Back While Paying For College?
So this is counter intuitive but stick with me…use at least some credit cards to pay for college tuition. I want to start out first with why you shouldn’t do this, but again, please stick with me cause I have the solution. Credit card interest rates are very high. Credit cards are unsecured debt so of course they are going to charge higher interest rates. Here is a card with a 18% interest rate used to pay for one year of college costing 30,000. If you let the debt sit on the credit card, you will end up paying 5,400 in interest the first year, $6,372.00 the second year and…
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How to Get Lower Interest Rates on Loans
I recently went to go buy a car, and after walking around the lot for a bit, I ended up picking a Toyota highlander which was $15,000. Before I went shopping I told myself that I was not going to buy a car unless I could get a very low interest rate like between 1-3%. When the salesperson and I went in side to haggle over the price, I told him about the interest rate I wanted. He just blew it off and focused on how much of a monthly payment I would have (they always do this) and that the interest rate would be 11%. I told him, “I…
