Five Costly Common Habits
July 4th 2010 14:44
Here are five common habits that cost you dearly!
Just to give my opinion on the topic:
By paying the minimum on balance(1) on your debt, only lowers your debt by pennies. Literally! This was my problem at one time, but after my bankruptcy, I never went back. Therefore I no longer deal with this problem.
Buying a brand new car(2) will never happen in my lifetime. New cars have problems and cost you thousands over a reliable used car. I bought a three year old car last year, and it will be paid off in 2 years!
I'm glad that I quit smoking(3) 12 years ago for good. I was up to three packs a day that in New York today would cost $30 a day, since NY has the highest prices in the nation as of July 1!
3. Smoking. We all know that smoking is terrible for your health, but have you considered what this deadly habit does to your wealth? By smoking one pack of cigarettes a day at an average cost of $5.33 per pack, this common habit can cost $1,945 in just one year. After five years, you've burned through over $9,700 dollars just to light up. Not to mention the potential for steep health care costs down the road.
When I owned a house, I was so much in debt that I could only do minor weatherproofing in the harsh winters. I know about the problems keeping a drafty attic(4) can cause. Keep in mind that heat rises and my heating bills were through the roof!
I never applied for a student loan so ignoring your student debt(5) did not apply to me. But ignoring any type of monthly debt payment will cost you in the long run. In this case, paying the minimum far outweighs no payment at all!
Just to give my opinion on the topic:
By paying the minimum on balance(1) on your debt, only lowers your debt by pennies. Literally! This was my problem at one time, but after my bankruptcy, I never went back. Therefore I no longer deal with this problem.
Buying a brand new car(2) will never happen in my lifetime. New cars have problems and cost you thousands over a reliable used car. I bought a three year old car last year, and it will be paid off in 2 years!
I'm glad that I quit smoking(3) 12 years ago for good. I was up to three packs a day that in New York today would cost $30 a day, since NY has the highest prices in the nation as of July 1!
3. Smoking. We all know that smoking is terrible for your health, but have you considered what this deadly habit does to your wealth? By smoking one pack of cigarettes a day at an average cost of $5.33 per pack, this common habit can cost $1,945 in just one year. After five years, you've burned through over $9,700 dollars just to light up. Not to mention the potential for steep health care costs down the road.
When I owned a house, I was so much in debt that I could only do minor weatherproofing in the harsh winters. I know about the problems keeping a drafty attic(4) can cause. Keep in mind that heat rises and my heating bills were through the roof!
I never applied for a student loan so ignoring your student debt(5) did not apply to me. But ignoring any type of monthly debt payment will cost you in the long run. In this case, paying the minimum far outweighs no payment at all!
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