INFO THAT PAYS
RESOURCES THAT PAY!
From one individual to another, I would like to share some things I’ve encountered I my life. Some good, some bad but all teachable.
In my experience I have seen one thing that is quite consistent. Throughout every financial endeavor I have taken on I have found out that…
CONVENIENCE AND IMMEDIACY COST!
I mean really cost! Take for instant the all too familiar student loan.
Long, long ago in the distant pass I went to college. Prior to actually attending I was like every other highschooler being primed for the financial aid track. My advisor, advised grants and loans. Not one time was a work through plan considered. So I went in head first, and what grants did not cover the loans filled in. And also to my stupidity I took the remaining of the loans in order to have living money or should I say blowing money.
Long story short, I graduated and did not get a career in my degree. Life began to happen, the loan repayments began to become due, interest accrued, then became over due, collections, rehabilitation, fees, more interest…you get the picture.
All because I wanted things taken care of immediately. I had no concept of working, saving up, then taking a semester or two in order to work my way through college.
I WANTED ALL THINGS NOW!
That has cost me greatly! It has cost me to the tune of $20,000 on top of my original loan amount! $20,000!
Many other instances of this same thing occurs but they have different complexions. Such as the vehicle finance. A while ago we purchased a vehicle, correction we financed a vehicle with a price of $10,000. After the financing, the price was like $13,000 change. The interesting thing about auto financing is that the interest gets rolled into the lump sum of the cost of the vehicle. What that means is that if you pay it off early you will not escape the interest because the interest of the 4 years is tied into the vehicle price.
Not to go on about that but hopefully you get the drift. In short convenience and immediacy when not coupled with adequate capital is…
ALWAYS GOING TO COST YOU MORE MONEY ALWAYS!
It cost us 3 grand. The jist of it is if you feel like you want something and want it now or you “need” something and you “need” it now…
Consider the following:
- Is it an emergency? If not do not get it or spend for it.
- Do I need it “right now”? If not do not get it or spend for it.
- Can I plan to get it at a future date? If so start a plan.
- Will preparing save me money? If yes, prepare and save.