Learn more about moneyandinvestments with this collection
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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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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 ab...
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[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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Debt when you're on a tight budget
There are a couple of paths you can take to pay off your high-interest debt when you're on a tight budget.
- The snowball method. For those who need to see progress, pay off the lowest balance first. You'll feel inspired to keep going.
- The avalanche me...
Good Debt Good, Bad Debt Bad
Is debt acquired to purchase something that is going to benefit you financially in the future, usually with low interest. That means it's either going to generate income or allow you to make more money in the future.
Examples of good debt:
The snowball debt method
With this method, you pay off your debts from the smallest balance to the largest balance, regardless of interest rates.
When you pay the smallest debts first, you start to clear your low debts away very quickly. Doing this feels empowering. Once you've paid off a debt, yo...
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