https://www.youtube.com/embed/Ew4B2S8gNUY hey there Tiffany Thomas with wealthy
Tiffany dot com and in today'' s video I wish to show
you how to never ever pay interest on credit cards and prior to we dive in if you are all set for financial liberty comment freedom listed below in the remarks and if
you are severe about fast-tracking your financial flexibility click the link listed below this video in the description and it can help you do that alright you men let ' s talk about how to never ever pay interest on charge card due to the fact that it'' s absurd how much people pay an interest on credit cards and it'' s scary as well as outrageous so let'' s. address this and not paying anymore interest on credit cards and I truly. like this quote I'' m gon na butcher it a bit however something about those who.
understand how compound interest works earn it and those who don'' t pay
it so. those who comprehend interest they ' re not paying interest they ' re getting. that interest and those who put on ' t understand it they ' re the ones paying it.
let'' s not pay that interest any more and let ' s begin making
it so I desire to. show you people five different things that have assisted me to never pay. interest on credit cards I got my very first charge card I want to say it was the.
eighteen I'' m not under percent sure but it was certainly when I was more youthful and.
either flight around high school or start of college and I had gone into.
the shopping mall to shop for clothing like I utilized to do all the time and I went.
into maurices it'' s a woman ' s clothing shop and they had actually said hey do
you desire. to open a charge card and get I believe it was 10% or 20% of your purchase today. and I believed oh yeah I do let'' s do it so I opened one up and got approved and.
I believe that was my first credit card and that was over 20 years ago so I'' ve. been using charge card for over 20 years and have actually never ever paid interest on a.
single credit card and so I desire to share these ideas with you people that so.
that they can hopefully help you to not pay interest on credit cards.
Because I truly like, and I still have multiple credit cards today that I utilize.
making the benefit points that I get on those charge card it'' s like totally free money. to me and I get that not everybody is proficient at handling credit cards but for.
those people that can deal with credit cards and not pay the interest always.
pay our balance in complete and it'' s a really terrific advantage due to the fact that you can get.
those complimentary benefits and a lot of people utilize the travel rewards or you can do.
simply the cash back or you can purchase present cards if you'' re already going to be.
shopping at specific stores so it'' s an actually good perk let'' s dive in and talk.
about the five various things that helped me to never pay interest on a.
credit card for over 20 years of my using charge card so the first thing is.
in fact understanding how interest works and this is actually important.
due to the fact that I I'' ve in fact seen this so I had a roomie that didn'' t comprehend. this principle she was simply paying the minimum balance.
on her charge card which was actually scary to me I learnt that she was.
doing this and I resembled wait a minute do you do you understand what'' s. happening here you ' re paying so much more for the products that you have.
acquired by simply paying your minimum payment because you'' re paying so much an. interest and you are going to have years and years worth of settling these. credit cards for these little purchases that you'' re making now so let me just go.
over how credit card interest works and I wish to share an example with you so.
If you, that you can kind of get an idea on how much you would actually be paying.
were simply to pay the minimum payment on your charge card each month there is.
this website it'' s on bankrate.com and they have a charge card calculator so i.
just wished to reveal you this example let'' s say you have 10 thousand dollars.
on your credit card for whatever purchases you'' ve been making and let'' s. say it ' s it at a 20 percent interest because I had sought to see the average. is really nineteen point 2 4 four credit cards today so we'' re just. going to round that as much as 20 cent and let ' s state that ' s the APR the. yearly portion rate that you'' re paying on your credit card your interest. rate you ' re paying and let ' s say that you have a minimum payment of the.'interest that ' s on your charge card plus a one percent plus the one percent of. your balance so one percent of that $ 10,000 plus the'interest that you ' re. paying so your minimum payment would have to do with two hundred sixty 6 dollars and. if you were just to pay that minimum payment it'' s going to take you 3.
hundred and forty 6 months which is over twenty 8 years to pay that off.
and you would pay over sixteen thousand dollars in interest sixteen thousand.
dollars in interest on a 10 thousand dollar balance you people that'' s like more. than one-and-a-half times of the original balance so this is incredibly crazy.
that is the first thing that helped me not pay interest is actually.
understanding how interest works and just seeing how much you'' re in fact. spending for these little purchases that you'' re making is insane so that was.
the very first step and after that the 2nd step is that I really understood my own.
money circumstance I understood how much cash was can be found in just how much money was going.
out I knew all of my expenditures and I had the picture of my complete cash scenario.
I had I understood my expenditures that I was paying every month like rent prior to.
I bought my residential or commercial property and just how much I was paying and for my phone just how much I was.
paying in utilities and even payments that I would make either semi-annually.
or annually so every six months or every year and like my insurance coverage on my vehicle and.
so there'' s all of these different expenses and I knew just how much each of
. those expense so I knew how much I was spending monthly and I understood just how much.
was can be found in I had an income can be found in I had a full-time task therefore I kept.
track of that and one thing that I actually like now is.
it to individual capital and you can see all of these things in one location which.
is so convenient so you people if you'' re looking just for a basic method if you'' re. not actually a spreadsheet kind of individual and you just desire an easy method to see a.
quick glimpse of all of your financial resources what'' s happening with your finances I.
truly like personal capitals so I'' m gon na leave a link listed below yes it'' s a. recommendation link and if you sign up you'' ll get 20 dollars to Amazon if you hook one.
of your pension to it so feel totally free to do that if you don'' t want. to no issue it'' s just something that I like to use personally so I had this.
image of how much my expenditures work and to sort of accompany this point.
number three is I understood I needed to have a cost savings I understood there would be.
emergency situations that would show up and I understood I would require to have a portion of.
money and my savings account for these emergencies for instance after I had.
purchased my home a while after I needed to purchase a brand-new refrigerator my good friend died I had.
to get a brand-new furnace a new ac system these were larger expense.
products so I understood I needed to have some sort of savings I understood I needed to have.
an emergency fund so that'' s truly important you truly wish to ensure.
you have some money on hand to take care of these emergency situations and it doesn'' t have. to be a lot of money I really did another video on this about just how much you.
must be keeping in your emergency situation fund and I understand a lot of people like to say.
okay have 6 months worth for your expenditures or a year however I seem like it'' s. actually personal and so you truly wish to choose what'' s going to work for you.
you wish to have the ability to sleep in the evening however you wear'' t wish to have too much of
. your cash in cost savings you desire to and be investing your cash so you can make it.
work for you however if you'' re just getting begun ensure you have some sort of.
an emergency situation fund that you feel comfortable with that can cover.
emergency situation'' s if you do have a card like there'' s going to be may need to buy brand-new. tires or something could go wrong with it or you might need to pay your.
deductible on that so take those type of you understand emergency items into.
consideration and figure out an excellent quantity that would work for you to have.
in an emergency fund so that'' s the 3rd thing I did I had cash in my savings.
which I might utilize right away therefore I felt actually comfy with that and.
then number 4 I understood my priorities and you know it'' s. type of amusing I have different priorities now of course things alter.
with time right I think it changed over the years therefore you know I had.
different concerns at that time however I understood what they were and I knew financing.
my emergency fund was primary and I knew that I never ever desired to enter into debt.
for things that I didn'' t requirement I ' ve just entered into financial obligation for a cars and truck and four. houses so for my home for rental properties and which'' s it like'that ' s. that ' s all I ' ll go into financial obligation for I ' m not
going to I put on'' t understand be spending cash. on a getaway that I can ' t afford to take there was yeah just to offer you an.
example I wished to go to Israel and Jordan and Egypt which is a really. expensive journey and one of my girlfriends and I desired to take this trip and I. sat down and made sure that I would have enough cash for all of the costs on. the trip like we did it with a trip part of it with the tour group and so they.
had you know an in advance expense and that we had to pay so there was that would.
cover our transportation and our hotel but I also knew we would need to pay
. additional for food and any souvenirs that I desired or anything additional that we desired.
to do so I made sure I had a buffer for that and I felt comfortable.
having the ability to manage that I had cash in my savings so I wanted to make certain that.
I would still have Sun left for an emergency situation however that I could.
take that money out of cost savings and feel actually comfortable paying for the whole.
trip in full without paying any interest I didn'' t wish to place on a charge card. and not have the ability to pay that balance off completely so you know I know my top priorities.
so actually focus on what your concerns are what you'' re going to spend your
. cash on and what you'' re not happy to invest your money on and I know I have.
good friends that will take holidays and go into debt for that they'' ll put it on. their charge card and pay it off gradually but as you ' ve viewed as I showed them.
that example you'' re paying so much more that it is not worth it to do that just. wait up until you have conserved up the cash to go on'that journey like I
don'' t know I. can ' t besides us enough like it needs to be a concern for you and I get that. When you think it ' s an once-in-a-lifetime opportunity to do this and, possibly you understand.
and maybe it is and maybe that is a priority for you however begin working.
toward that get an extra task start making extra and cons start selling some.
things so you can spend for that without needing to pay any charge card interest.
since you'' ll pay so much more for it and you'' ll most likely regret that later on.
anyway ok so that'' s what I did I understood my concerns and I wasn'' t going to. spend too much to you know take getaways or whatever it is that I desired to do.
which'' s not how I wished to have my money be spent you know not being.
able to afford it and having to pay it off in time due to the fact that it'' s going to cost. way more than it would deserve to me and after that number 5 is understanding your due.
date for your charge card and using that grace period so a lot of credit cards.
might provide you like 21 days or 28 days somewhere around there to pay off your.
charge card and complete and not need to pay any interest so I understood when that due.
date was and I would settle my charge card details every single time the just.
exception to this is when I had a 0% rate of interest on my charge card so there.
When I desired to finish my basement at my at my place, yeah there was a time.
and I wound up putting half of that on my charge card because they had used.
me a 0% rate of interest so I might pay that off in time and I knew I would.
pay it off in complete the for that 0% rate of interest that intro rate that they.
were offering me was going to end like I prepared that out so I would not be.
paying any interest and it would all be settled when that initial 0% rate.
was gone because right after that'' s gone it ' s going to increase to the 19 indicate. 4% or whatever it is which typical rate on your charge card rates of interest.
on your charge card and you put on'' t wish to have any sort of balance when that.
comes into play so if you are not going to have the ability to settle something completely.
if they are giving you a 0% interest for a particular quantity of time then put on''
t do.'it like wear ' t take that threat so that was the 5th thing that I did I utilized that.
When the due date was when I paid it off in complete and by, grace period I knew.
the due date and that also assists your credit report since you'' re
not. using so much of your credit limitation you'' re keeping those balances low and.
which pushes your credit report greater so that'' s another advantage and simply not you.
understand not to discuss there'' s no worry of having to pay these charge card off.
over time and having that financial obligation hanging over your head that'' s not there when you.
are not paying interest on your credit cards so you guys hopefully you discovered.
this video handy and please like it please like struck the like button and.
share it with another person who wish to please and hear this information.
hit the subscribe button to register for my youtube channel that will truly assist.
me out and if you people have other ideas about material you want me to develop.
please post that in the comments below and let me know what you have.
experienced with charge card maybe you utilized to pay a charge card debt or credit.
card interest and but you don'' t anymore and you understand share with us what the.
switchover was what helped you change I like to hear that in the comments and if.
you are major about fast-tracking or financial freedom make certain and click.
the link listed below this video so that I can help you do that.
and I will see you guys in the next one thanksAs discovered on YouTube – Creative Commons License.
https://www.youtube.com/embed/Ew4B2S8gNUY hey there Tiffany Thomas with wealthy