Common money mistakes we make in our 20s, 30s and how to fix them

By on November 19, 2014

Get serious about student loans and pay them as soon as possible you don’t want to accrue more debt in the area of interest over time on student loans its more rigorus than your average debt to pay off. Again this is while you’re in your 20’s don’t go out to eat all the time you cant afford to live like your parents just yet.

Now while in your 30’s the biggest misconception is you will be able to live off your retirement not true what you need to do by this time is invest and the sooner invest the better.

OUR CACULATION:

BY AGE 30

500.00 per month

At 10% interest will render

1.7 Million by age 65

The math and taxes are on your side when you invest in your 30’s

 

OUR CACULATION:

BY AGE 40

500.00 per month

At 10% interest will render

650,000.00 by age 65

 

One huge mistake while in your 40’s in not having life insurance. When you have people that depend on your income children spouse other family members it is important to have life insurance. Term life is the best option and usually the most affordable.

Now the big 50 Sources say hanging on to the mortgage for tax reasons is not always the be way to go.

MORTGAGE VS. TAXES

OUR CACULATION:

200,000.00 Mortgage @ 5% interest

= 10,000.00 / year loan interest

 

 

 

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