Read on Twitter
There’s a lot of hypotheticals on Money Twitter like
“What if $50,000 landed in your account tomorrow, how would you spend it”
What if tomorrow you found out you OWE $50,000 (7% interest let’s say)
What would YOU do?
Here’s how I would attack it
(A Thread)
“What if $50,000 landed in your account tomorrow, how would you spend it”
What if tomorrow you found out you OWE $50,000 (7% interest let’s say)
What would YOU do?Here’s how I would attack it (A Thread)
First,
Set payment date
Best case scenario, what’s a realistic date to choose?
Things to keep in mind when making this decision:
- Upcoming Big Purchases
- What’s your Expected Income over this Period
- Current Expenses
Set payment date
Best case scenario, what’s a realistic date to choose?
Things to keep in mind when making this decision:
- Upcoming Big Purchases
- What’s your Expected Income over this Period
- Current Expenses
Obviously “tomorrow” would be the ideal date to have a debt paid off 
But let’s choose a more realistic date of say 2 years from today, 9/16/2022
But let’s choose a more realistic date of say 2 years from today, 9/16/2022
Second
We need to make a payment plan
Items used:
- Number of Months
- Total Owed
- Calculator
With the payment date 2 years away at a 7% interest rate, you’ll need to pay $2,238 / month to achieve your goal
$2,238 / month for 2 years to pay back $50,000 at 7% interest
We need to make a payment plan
Items used:
- Number of Months
- Total Owed
- Calculator
With the payment date 2 years away at a 7% interest rate, you’ll need to pay $2,238 / month to achieve your goal
$2,238 / month for 2 years to pay back $50,000 at 7% interest
Sometimes it’s very hard to conceptualize large tasks, like paying down debt
With a little math and some planning, you can be well on your way to get back into the game and eliminating your debt
Now that you have your plan, you have no other excuse than to execute !
With a little math and some planning, you can be well on your way to get back into the game and eliminating your debt
Now that you have your plan, you have no other excuse than to execute !
