At the end of July, we’re adjusting to life with a newborn baby. Fortunately, Sasha hasn’t had any issues with Evie. It’s amazing and scary at the same time being a father. I do not feel like I’m ready, but I’m doing the best I can. I can’t believe we have a baby girl. We are starting to focus now on the Capital One Auto loan, since it is the smaller balance, and it is the debt that secures the car. Whatever your debt free strategy is you must remain focused on getting out of debt. If you hadn’t noticed before, the reason the Navient Student loan balance went up is not because I didn’t make the required monthly payment; it’s because the interest capitalizes against the loan. What this statement means is that the interest adds into the existing balance. This makes the amount of interest that you pay through the life of the loan will be higher if you don’t attack the principal. When credit card statements disclose that amount you pay on a balance if you just pay the minimum payment and assuming the balance doesn’t increase, the amount of interest paid is high. What a person fails to realize is the amount of income that is robbed from you by just making the minimum payments. Do not pay just the minimum. Do you still want to be debt free?
If you want to learn more about the self-lending principle or if you need a financial check-up, then contact me.
This month’s video is “Only a Handful of People Know About It” | THE BEST KEPT SECRET from the Video Advice YouTube channel.
“The LORD will send rain at the proper time from his rich treasury in the heavens and will bless all the work you do. You will lend to many nations, but you will never need to borrow from them.”
I believe in your journey to….
A Debt Free Me