I would like to talk about the power of debt versus the power of saving. The key word to understand is “interest”. It can either work for you or against you (of course the preferred being for you). If you overspend by $80 each month for five years, you would have overspent by $4,800. If you charged it, in order to pay this off in five additional years at 18%, you would actually pay back a total of $7,485. That’s the power of debt. If you save $1,000 per year for twelve years, you’ll have saved $12,000. If you invest it, the same amount after the same time period would be worth $24,672 with 6% interest. That’s the power of saving. Get the idea. Start saving today. Let us know if we can help. Comment here.
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Tags: finances
