I was recently talking with a friend who mentioned that he used to be “Drowning in debt”. It’s a commonly used phrase and a situation that I’m sure everyone is familiar with; you’re kicking and struggling against the rising tides of debt until eventually you take a last gulp before being totally covered in water. In a way, alot of financial knowledge and the state you find yourself in can be related to learning to sink or swim through your…
I work in IT, and anyone who has worked in IT or a similar field will tell you that if you ever want something to be done reliably, predictively and repeatedly.. you write a script to automate the action. Computers are fantastic devices; You program in what you want it to do and it (more or less) does as it’s told. A computer never gets bored, won’t be distracted and most importantly; won’t give in to irrational self entitlement. Humans however are not machines. And its…
It’s a question floating around the online personal finance forums for a couple of years now: “Should I overpay my mortgage?” and the answer seems to be more complicated than it appears. Historically, the answer has always been a resounding Yes. Mortgage interest rates were over 5% and even a small monthly contribution would knock years off of the mortgage length which saves thousands in interest. Take a £200k mortgage at 7.5% with a 25 year term. Repayments would be…
Before you can begin to Compound Your Life, you need to destroy your debt by attacking it from both sides. On one side you can cripple your debt by increasing your income. From the other side you hammer it down by lowering your expenses. Combine the two and you exponentially increase your debt destroying power! Increasing Your Income This can be done in several ways and it always helps to diversify yourself so you’re not too reliant on any…