Do you know about - Financial Literacy
Mortgage Interest Rates Today! Again, for I know. Ready to share new things that are useful. You and your friends.Can you read? Are you computer literate? Are you financially literate? I have been asked the first two questions in my lifetime. I have never been asked the third. So let me ask you are you financially literate? I would venture to say that most Americans today are lacking in the Arena of financial literacy. I myself find that even after being employed in the financial services field for 15 years I too still have room to grow and learn.
What I said. It isn't outcome that the real about Mortgage Interest Rates Today. You check this out article for info on that need to know is Mortgage Interest Rates Today.How is Financial Literacy
It is the midpoint American though that I truly wonder about. When I think about the way that Americans spend and the methods that we use to spend I have to demand our financial literacy. Do we surely understand the impact of combination interest? When we receive a prestige card in the mail it comes the the terms and conditions brochure. Have you ever read it? Did you understand it? The Gao Office has determined that you would need to read on a 28th grade level to understand all printed on that brochure. Is there a 28th grade level? Do you read at that level because I have a bachelor's degree and I don't think I do. The midpoint reading understanding grade level in America is an 8th grade reading level, that being the case how many Americans surely understand what they have agreed to?
I was speaking with client the other day who could not understand why his interest rate on his prestige cards went up to 29.99% when he had not missed a payment to them? He said they went onto tell him it was all in the brochure he received with the card. His monthly minimum went from 5 to 0, this happened to all his cards! He is being forced now to refinance his home to pay off these prestige cards. Not because it is something he wants to do but is being forced to do if he wants to be able to keep his home and prestige standing. He is fortunate that he has sufficient equity in his home to do so even in this current market. He has now embraced a new way of looking at his finances. It was Albert Einstein that said,"we cannot fix a problem with the same mental that created the problem." We must look at the problem from a separate perspective.
This client has started to learn and use the same philosophies the banks use to conduct money for his own personal finances. The banks make money with other peoples money. They take our money (which we freely give them) give us a small interest rate then take that money and move it in other accounts to whether earn a larger dividend then they pay, or they lend it back to us the consumer at a higher rate then they are paying. So I ask you this why can't we do that? In short, because of our lack of financial literacy! We don't know or comprehend what they are doing or that we can surely do the same thing for ourselves!
As Americans our largest expenses are taxes, mortgage or consumer debt if we are not homeowners. Today I will deal with the mortgage any mortgage that is amortized. When we sign on the dotted line we are according to specific terms. I am of the thought that most Americans do not comprehend the impact of those terms much like my client with his prestige card. If we did, we would be able to minimize the cost of these home mortgages. Let me ask you this if I said you had the selection to pay me back 7,000 or ,000 which would you pick to do? Duh... Well, here it is America 96% of Americans acknowledge that demand by paying back 7,000! Why? Financial literacy, population don't know they can surely pay ,000 instead of the 237k! How can that be? I have my theories, but it boils down to population are not aware that they can do this (save 7,000). All you need to do is bank like a bank. I myself have been able to use the banking system mentioned here to sell out my mortgage liability by 8,000 by using cheaper money to payoff more costly money. That is what the bank does pays less than they receive. They give me 2% for my savings inventory and fee 6% for my mortgage!
Let's use a mortgage of 0,000 @ 6% fixed for 30 years. I will pay back, if I am never late, 7.677 dollars which is an efficient rate of 116%! So can I find money somewhere that I can borrow for less than 116%? If so and I use that cheaper money to payoff the mortgage which is in reality costing me 116% wouldn't I be saving money? Of course I would! Now your saying but that is a lot to ask of me. To be able to figure out what is a cheaper efficient rate to borrow at in order to pay off a higher rate. It sounds as if it is very complicated and I don't understand how to do that. Fair enough, what if I said you don't have to figure it out there is a mathematical software to do that for you?
What if I was to say I agree it is a complicated math recipe to have to figure out. I myself don't think I could figure it out for every payment I make on all my bills. Step in technology. There is a software system that has taken this complicated math recipe and made it as easy as point and click, so that even person like me, barely computer literate can use it! There is a program that will allow me to input my income and my bills, all of them, prestige cards , mortgage (if I have one) car loans, equity lines anyone I have along with anyone I make. This program then figures out the best way to mathematically use all these accounts! Just like the way the bank would use them if they had the same accounts. This program in a sense makes me my own bank. It works my finances like a bank would (as if I was the bank) and for me the effect was a savings of over 8,000 in interest payments and paying off a 30 year mortgage in 11.8 years as well as being fully debt free!
I hope you obtain new knowledge about Mortgage Interest Rates Today. Where you possibly can offer use within your evryday life. And most significantly, your reaction is Mortgage Interest Rates Today.Read more.. Financial Literacy. View Related articles related to Mortgage Interest Rates Today. I Roll below. I even have counseled my friends to help share the Facebook Twitter Like Tweet. Can you share Financial Literacy.
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