Only 2 more days left in the year and only one more day for me to pay off any more bills. And I plan on doing more of that.
The way I see it, the more I can pay off this year the more I can use on tax deductions (if the accountant says ok) and the less I need to worry about next year.
And there is finally light at the end of the tunnel!!
Between my wife and a tax advisor...and two kids...I am 5th in line for getting any money that may be left over.
Many people have bucket lists that include a lot of fun and exciting things...my bucket list includes being debt free by the time I die...because I did most of those other things and now am paying for it...in more ways than one.
Now I do not plan on dying anytime soon but I don't totally control all aspects of that...other drivers...airplane engines falling from the sky...idiots in the world...and the medical unknowns that come with having an adopted mother could play into that.
I have been able to dodge all of those for 58 1/2 years and I think the chances of seeing tomorrow are pretty good!
Because of unfortunate losses a few years ago by our mutal funds and stocks I owned and other shall we say less than stellar business decisions involving a certain other Broker as well as some poor advertising decisions...it was time to pay the piper...thus making this year a concentration of paying as much off as possible and spending as little otherwise has been successful.
I actually now look forward to my statements coming now even though they would make most people cringe... because I have made a significant dent in them. In 2012 I should be able to punch a bigger hole in them and hopefully in 2013 put them finally to bed.
So why do I write this blog making it sound like I am not a financial genius? Because I truly believe that many of us are seduced by low interest rates and duped into thinking that those rates will last forever...they don't.
It is easy to make the purchase on the Visa or Mastercard and way harder to make the payoff...not the payment...the payoff.
I write this blog hoping that someone will see it and realize that they need to stop before they get $78,000 racked up on cards and business loans that did not need to be. My hope is that someone will not be seduced by the Credit Card Companies like I was a few years ago...if I can help one person...then the rest knowing is irrelevant.
In 2010 I paid almost $10,000 in interest. In 2011 almost $8,000. INSANE! And I am locked in on having to make the payments because I can not afford to make the payoff!!!
I have paid enough interest on business loans and credit cards in the last 4 years to buy a new Chevy Impala.
I could use a new car right now...but that will have too wait...as I clean up the mess I hope none of you are in or ever get in.
You know those stories you read about how long it takes to pay off a VISA doing minimum payments? They are true...it may not be forever but by God it seems like forever.
The only recommendation I can give you is to not have credit cards but I realize that is hard when you travel...so my next recommendation is: NEVER EVER run your credit cards up high because of low interest rates...those rates will not last and that is how they hook you. I know!!