https://www.youtube.com/embed/Ew4B2S8gNUY hi there Tiffany Thomas with rich
Tiffany dot com and in today'' s video I want to share with
you how to never ever pay interest on credit cards and prior to we dive in if you are prepared for monetary flexibility remark flexibility below in the remarks and if
you are serious 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 speak about how to never ever pay interest on charge card due to the fact that it'' s ridiculous just how much people pay an interest on charge card and it'' s scary as well as ridiculous so let'' s. address this and not paying any more interest on credit cards and I actually. like this quote I'' m gon na butcher it a little bit but something about those who.
comprehend how compound interest works make it and those who wear'' t pay
it so. those who understand interest they ' re not paying interest they ' re getting. that interest and those who don ' t comprehend it they ' re the ones paying it.
let'' s not pay that interest any more and let ' s begin making
it so I want to. share with you people five various things that have assisted me to never pay. interest on charge card I got my very first credit card I wish to state it was the.
eighteen I'' m not under percent sure but it was certainly when I was younger and.
either ride around high school or beginning of college and I had actually gone into.
the mall to go shopping for clothing like I utilized to do all the time and I went.
into maurices it'' s a female ' s clothes store and they had actually said hey do
you want. to open a credit card and get I think it was 10% or 20% of your purchase today. and I thought oh yeah I do let'' s do it so I opened one up and got approved and.
I think that was my very first charge card and that was over 20 years back so I'' ve. been utilizing charge card for over 20 years and have actually never paid interest on a.
single charge card therefore I desire to share these tips with you guys that so.
that they can ideally help you to not pay interest on credit cards.
Due to the fact that I really like, and I still have numerous credit cards today that I utilize.
earning the benefit points that I get on those charge card it'' s like totally free money. to me and I get that not everyone is great at managing charge card however for.
those people that can deal with charge card and not pay the interest always.
pay our balance in complete and it'' s an actually great advantage since you can get.
those totally free rewards and a great deal of individuals utilize the travel rewards or you can do.
simply the money back or you can buy gift cards if you'' re already going to be.
shopping at particular shops so it'' s an actually great perk let'' s dive in and talk.
about the 5 various things that helped me to never ever pay interest on a.
charge card for over 20 years of my using credit cards so the first thing is.
actually understanding how interest works and this is actually important.
because I I'' ve in fact seen this so I had a roomie that didn'' t comprehend. this idea she was simply paying the minimum balance.
on her credit cards which was actually scary to me I discovered out that she was.
doing this and I resembled wait a minute do you do you understand what'' s. taking place here you ' re paying a lot more for the items that you have.
bought by simply paying your minimum payment since you'' re paying so much an. interest and you are going to have years and years worth of paying off these. credit cards for these small purchases that you'' re making now so let me just go.
over how charge card interest works and I desire to share an example with you so.
If you, that you can kind of get a concept on how much you would really be paying.
were simply to pay the minimum payment on your charge card monthly there is.
this site it'' s on bankrate.com and they have a charge card calculator so i.
simply wished to show you this example let'' s say you have 10 thousand dollars.
on your charge card for whatever purchases you'' ve been making and let'' s. state it ' s it at a 20 percent interest since I had actually sought to see the average. is in fact nineteen point 2 four credit cards right now so we'' re just. going to round that approximately 20 cent and let ' s state that ' s the APR the. interest rate that you'' re paying on your credit card your interest. rate you ' re paying and let ' s state that you have a minimum payment of the.'interest that ' s on your credit 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 2 hundred sixty 6 dollars and. if you were just to pay that minimum payment it'' s going to take you three.
hundred and forty six 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 ten thousand dollar balance you men that'' s like more. than one-and-a-half times of the initial balance so this is super crazy.
that is the very first thing that helped me not pay interest is really.
comprehending how interest works and just seeing just how much you'' re really. paying for these small purchases that you'' re making is crazy so that was.
the first action and then the second action is that I in fact comprehended my own.
cash circumstance I understood how much money was can be found in just how much cash was going.
out I knew all of my expenditures and I had the photo of my full money scenario.
I had I understood my expenses that I was paying every month like rent before.
I purchased my property and 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 yearly so every six months or every year and like my insurance coverage on my car and.
There'' s all of these various expenses and I knew how much each of
. those expense so I knew just how much I was spending monthly and I knew how much.
was being available in I had an income coming in I had a full-time job therefore I kept.
track of that and one thing that I really like now is.
it to individual capital and you can see all of these things in one location which.
is so handy so you guys if you'' re looking just for an easy way if you'' re. not really a spreadsheet kind of individual and you just want a simple way to see a.
fast glimpse of all of your financial resources what'' s occurring with your finances I.
actually 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 retirement accounts to it so feel totally free to do that if you put on'' t want. to no issue it'' s just something that I like to utilize personally so I had this.
image of just how much my expenses work and to kind of go along with this point.
number three is I understood I needed to have a cost savings I knew there would be.
emergencies that would turn up and I understood I would require to have a portion of.
cash and my savings account for these emergency situations for example after I had.
bought my home a while after I needed to buy a new refrigerator my pal died I had.
to get a brand-new heater a new ac system these were bigger expenditure.
products so I knew I required to have some sort of savings I knew I required to have.
an emergency situation fund so that'' s really important you truly wish to make certain.
you have some cash on hand to look after these emergencies and it doesn'' t have. to be a great deal of money I actually did another video on this about just how much you.
must be keeping in your emergency fund and I understand a lot of individuals like to say.
okay have 6 months worth for your expenses or a year but I seem like it'' s. actually personal and so you actually want to decide what'' s going to work for you.
you desire to be able to sleep at night but you put on'' t wish to have excessive of
. your cash in savings you want to and be investing your money so you can make it.
work for you however if you'' re simply starting make sure you have some sort of.
an emergency situation fund that you feel comfy with that can cover.
emergency'' s if you do have a card like there'' s going to be might need to buy new. tires or something might go incorrect with it or you might need to pay your.
deductible on that so take those sort of you know emergency products into.
consideration and determine a good quantity that would work for you to have.
in an emergency situation fund so that'' s the third thing I did I had cash in my cost savings.
which I could utilize right away therefore I felt really comfy with that and.
then number 4 I understood my priorities and you understand it'' s. kind of funny I have various top priorities now naturally things alter.
in time best I think it altered over the years therefore you know I had.
various priorities back then however I understood what they were and I understood financing.
my emergency situation fund was number one and I knew that I never wished to go into debt.
for things that I didn'' t requirement I ' ve just gotten into financial obligation for a vehicle and four. homes so for my house 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 don'' t understand be spending cash. on a trip that I can ' t manage to take there was yeah simply to give you an.
example I wished to go to Israel and Jordan and Egypt which is an extremely. pricey trip and among my girlfriends and I wanted to take this journey and I. sat down and made certain that I would have sufficient cash for all of the expenditures on. the journey like we did it with a trip part of it with the tour group and so they.
had you understand an upfront cost and that we had to pay so there was that would.
cover our transport and our hotel but I also knew we would need to pay
. extra for food and any mementos that I wanted or anything additional that we desired.
to do so I ensured I had a buffer for that and I felt comfy.
having the ability to afford that I had cash in my cost savings so I wished to make sure that.
I would still have Sun left for an emergency but that I could.
take that cash out of cost savings and feel truly comfortable spending for the whole.
trip completely without paying any interest I didn'' t want to put on a credit card. and not have the ability to pay that balance off completely so you understand I know my concerns.
so actually concentrate on what your priorities are what you'' re prepared to invest your
. money on and what you'' re not going to spend your money on and I understand I have.
buddies that will take vacations and go into financial obligation for that they'' ll put it on. their credit card and pay it off in time 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 actually conserved up the money to go on'that journey like I
put on'' t know I. can ' t besides us enough like it has to be a priority for you and I get that. possibly you understand when you think it ' s an unique chance to do this and.
and perhaps it is and perhaps that is a priority for you however start working.
towards that get an extra task start making additional and cons start selling some.
things so you can pay for that without having to pay any credit card interest.
because you'' ll pay so much more for it and you'' ll probably are sorry for that later on.
anyhow ok so that'' s what I did I knew my top priorities and I wasn'' t going to. spend too much to you understand take getaways or whatever it is that I wished to do.
which'' s not how I wished to have my money be invested you understand not being.
able to afford it and having to pay it off over time because 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 utilizing that grace duration so a great deal of credit cards.
might give you like 21 days or 28 days someplace around there to settle your.
credit card and full and not need to pay any interest so I knew when that due.
date was and I would settle my charge card details each and every single time the only.
exception to this is when I had a 0% rate of interest on my credit card so there.
When I desired to complete my basement at my at my place, yeah there was a time.
and I wound up putting half of that on my credit card because they had provided.
me a 0% rates of interest so I might pay that off gradually and I understood I would.
pay it off completely the for that 0% interest rate that intro rate that they.
were giving me was going to end like I planned that out so I would not be.
When that initial 0% rate, paying any interest and it would all be paid off.
was gone because right after that'' s gone it ' s going to go up to the 19 indicate. 4% or whatever it is which regular rate on your charge card rates of interest.
on your credit card and you don'' t desire to have any sort of balance when that.
enters play so if you are not going to have the ability to pay off something completely.
if they are providing you a 0% interest for a particular amount of time then put on''
t do.'it like don ' t take that threat so that was the fifth thing that I did I utilized that.
When the due date was when I paid it off in full and by, grace period I understood.
the due date and that likewise helps your credit rating since you'' re
not. utilizing so much of your credit line you'' re keeping those balances low and.
which pushes your credit report higher so that'' s another benefit and simply not you.
know not to mention there'' s no worry of having to pay these credit cards off.
gradually and having that financial obligation hanging over your head that'' s not there when you.
are not paying interest on your charge card so you men hopefully you discovered.
this video helpful and please like it please like struck the like button and.
share it with another person who would like to please and hear this information.
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me out and if you guys have other ideas about content you want me to produce.
please post that in the comments listed below and let me know what you have.
experienced with charge card perhaps you utilized to pay a credit card debt or credit.
card interest and but you don'' t any longer and you know share with us what the.
switchover was what assisted you change I enjoy to hear that in the remarks and if.
you are major about fast-tracking or monetary flexibility make certain and click.
the link listed below this video so that I can assist 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 hi there Tiffany Thomas with rich