After living with debt for years, very little in retirement and no savings, enough was enough. Something had to change and I knew it was up to me to be the agent of change in my life. I started studying money and how it works within our society. Through this journey I paid off over $100,000 in debt, build a 6 month emergency fund and got my retirement on track with a military income. I also learned a ton.
On this channel I will be sharing everything I've learned about personal finances and investing along the way. My purpose is to help you learn from my experiences and fast track your personal financial journey. This is for real people with real money questions.
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The advice about making principal only payments was absolute game for me. I made a decision in panic after totaling my previous car and am regretting it so bad! I planned on paying 500 more per month but didn’t realize that I should put it toward the principal. THANKS SO MUCH!
You got a new subscriber! Thanks for the great info. I was making extra payments and now I’m gonna spend that extra towards the principal. So to be clear, am I still making two payments. My regular, and then the extra I would have spent toward the principal? Or do I make one payment toward the principal and my loaner applies their share of interest out of that?
What a great inspiration everything you have said is true it’s all good getting the keys it’s not until you get the car and your in your own you then start thinking about what you have then you have to think about getting out of the Det. Did you keep the truck or did you buy another one? And do the same thing? Being able to pay it off can also be a curse then you think you can up grade and do it again😂😂 thanks for the video 👏🏽👍🏽🤜🏽
Im not so good in math like i used to be back in high school but my loan was $8,323 i paid the monthly $219 and $104 principal yet my balance is $8,094? so my total payment was $229? what happened to the $94? (this was my 1st payment)
Question, I'm not understanding what you are talking about. I do know to make your contract monthly payment I want to make extra principal payments. While pouring all my funds into principal . Do i stop making monthly payments ?
Diamond is this gap (489 dls)insurance one pay only for every year I have my loan (5 years) Or I have to pay it every month? Or just one time only? Excuse my ignorance. I like the way you explain everything and I suscribe to your channel. Apréciate your help. 😊
Ima tell u a better way to oay off ur car ur house.. u takec All that money invest in selling options for premium... u take all the premiums u make weekly from selling cash secure puts and covered calls on shares u own.. and ur money is invested and all rlthe premiums ur buying more shares tocmake more money and withcthe more money ur paying more weekly.. end of the payong off the debt u still have all ur capital and shares...
Wow 2024 and this helped. They should really teach people this in schools! They should teach real life things in schools! I can’t believe I’ve been making extra payments and I thinking it will pay off my loan faster. I’ll be making it towards the principal now. Thank you for this video!
So I requested a 10-day payoff amount for my auto loan but it was $8 more than the present balance. So it includes all the interest plus the extra 10 days. WTF? I only have 6 more payments so shouldn't the 6 month's interest be subtracted?
How about 36 month term vs let’s say a 72/84 month term with an extra payment towards principle? I know it will vary a lot with interest. Thinking about purchasing a new vehicle with a longer term and pay as much as I can towards interest.
I'm finding a vehicle for the first time My payments is 400 a month. So if i wanted to make a extra payment on top of my monthly payment I call the bank and tell them to put it towards principal? Thank you
Okay I’m new to this buying a car thing and I got my car through CarMax how would I pay the principal payment do I have to call them and tell them that? Can someone help me please and explain a little better
Ok so my payment is 698 but 200 goes to interest so i been doing 1k a month since i got the car n $800 is going towards the principal n ill be done a yr shorter 48m instead of 60
I wasn’t able to convince them to undo the charge off. “Voluntarily” dropped it off at the bank today and made sure to show everyone at the bank the utmost respect. They wrote a decent note on the paperwork about me falling behind on payments. I don’t plan on paying them another dime and will instead see if they take it to court. I have plenty of evidence to prove that the dealership created a predatory loan and that this short range EV cost me my initial job and several others because the estimated range is no where close to the actual range. I was even the victim of a hit and run in a rental car because the EV was inoperable for 2 months. I fell behind on payments because of having to pay out of pocket for the rental and having to quit yet another job because of the intense pain I was in from being rear ended at a stoplight by an SUV going 45 mph. ALWAYS document your journey. Not just with auto loans but also toxic work places💯 oh and they technically can’t garnish my wages because I do DoorDash full time now and am not considered an employee😉
Worked there for nearly 2 years. Operations, order pickup, various VPL positions, etc. It truly is a store dependent experience. Pay I found, at the time anyway, was extremely low for what was asked of my role, especially in a full-time position. You'll have managerial duties if one isn't present but obviously your pay isn't matched. This can include counting each till in the store before/after close, dictating various breaks and lunches, processing warranty claims, etc. As a teenager or someone working through college, it's a fantastic part-time opportunity. For someone that needs to rely on the income for their day-to-day life, not so much. The overall atmosphere is what gives this job it's legs. Co-workers are great to chat with, leadership is generally affable, customers are usually interested in what you have to say. Just don't expect the pay to match your output.
I’m just a bit confused can someone help explain it to me, should I pay half of my monthly payment and then at a later date before the payment pay the rest? Or should I pay an additional $100 when I pay my payment on time
I do it as my payment is $700 but $200 of that is interest but I pay 1k a month/ $250 every week so $200 for interest n $800 on the principal n each month yo interest payment goes down each month by a lil bit
I feel more comfortable and confident on making my first car purchase because of this video. Thank you so much! Keep doing these videos. It’s a great way to teach us newbies 😂
Good vid. I'm a principaller. The interest game is the percentage of the total value of the loan. Each time the total value is reduced the interest payment becomes smaller while the principal payment becomes larger. This works GREAT for home loans. I am 3 years into a 30 year and am on track to have it done in less than 2 years. When you start out, most of your payment goes to interest while very little goes to principal. That is why it takes 30 years to pay off. I am at the point where if things took a bad turn in life I could pay the minimum and still be paying twice as much on principal as interest, about 12ish years to finish if I did minimums now. Some say it is not the best approach for your money to pay off a home early. Instead they want your extra payment money to go into the stock market instead. Then if you go the distance with your loan you should have all that extra payment money working for you after 30 years. Just kinda risky to do that in today's market.
