11 – Credit Cards

By moneylifeandcoffee_qk3ge6

47% of all people have credit card debt – 48% of those make the minimum payment – Half DO pay it off!
70% of those people who have credit card debt can’t pay their credit card in a year
31% do not use their points or rewards AT ALL.

Avoid stupid tax as much as possible. Speeding Tickets, Banking Fees, Penelties, or just misplacing money.

Investment Calc Link – We use a base of 12% return interest
$500 for 30 years turns into $1.5 Million!

$100 per month after 10 years (or $12,000 total) turns into $22,000.
in 20 years (at $100 per month, or $24,000) it turns into $91,000!

The Billy story:
At age 16, Billy gets a job. He saves and invests $5,000 per year in a retirement account. He does this for 10 years, until he is age 25, and then stops. His total contribution to his retirement account is $50,000. He doesn’t put ANYTHING else in that retirement account – Ever again.

At age 50, Billy has almost $1.5 million. At age 60, that grows to over $4.5 million.

David gets a great job at 29, and starts seriously investing when he’s 30 years old. He invests $10,000 a year. If he invests that until he is 50, he will never catch up to what Billy has. Even if he continued until he was 60!

Moral of the story: INVEST NOW!

Want to do something really cool for a newborn baby? invest $5000 in a retirement account for them. That will grow to $1.5 million by age 50.
$4.5 million at age 60.
This is not only life changing, but family tree changing.