Personal finance - Part 2 Debt - Deepstash
Personal finance - Part 2 Debt

Personal finance - Part 2 Debt

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Personal finance - Part 2 Debt

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Debt: Loans

  • Personal Capital = True Assets - True Liabilities
  • Loans? depends on "Good" or "Bad" loans.
  • Good loans - Education, Business, Home, etc.
  • Bad loans - Credit cards, car loans, etc.
  • Your credit score is an important indicator to lenders of your ability to repay loans.
  • Maintaining credit score: pay off loans on time, use credit cards carefully.

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Debt: Repayment

Things to keep in mind wrt repaying your debt:

  • Make the down payment as large as possible. This will reduce the interest on the cost of purchase,
  • Debt repayment per year < 20% of annual Post-tax income,
  • Monthly installments < 10% of Monthly i-hand salary,
  • Use "the Avalanche method" or "the Snowball method" while repaying.

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CURATOR'S NOTE

[2/4] Personal Finance is a very crucial concept that is often ignored. This is an attempt to spread awareness related to personal finance.

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What’s up, it’s @hackedongrowth here, The majority of individuals nowadays are in debt. Maybe you owe money on your school loans? Or a home loan? Perhaps you owe a lot of money to your business? Whether you’ve maxed out your credit card or are drowning in a sea of business loans, figuring out how to get out of debt might be difficult.