FINANCIAL TOOLS 4 LIFE – BEING FINANCIALLY PREPARED FOR THE GAME OF LIFE

MONEY MANAGEMENT and PERSONAL FINANCE ARE VERY SCARY THINGS FOR A LOT OF PEOPLE. Many people are afraid to talk about their personal finances, think about money management and have no budget. Are you one of them? If so, you are not alone. However, if you here reading this blog, you have taken a very important first step in taking control of your finances – YOU ARE LOOKING FOR KNOWLEDGE AND ADVICE!! My Blog style is going to be quick and to the point. My intention is not to overwhelm you to the point that you are too stressed to follow through. I will be posting thought provoking ideas and facts so that you can make informative decisions on managing your money. You can follow me on Instagram @financialtools4life where I will be posting daily financial tools for success.

ABOUT ME – HI! I’m Kara

I am a married mother of 3 daughters (2 Millennial’s and 1 Generation Z). I am a full time Financial Controller and part time teacher of Personal Finance to trade school students (range of students is between 18 and 30). Prior to becoming a Financial Controller, I owned and operated a flower shop. I also along with my husband own rental properties. I have gained much of my knowledge of personal finance and money management through personal experiences, research and reading, as well as, taking college courses.

FIRST BLOG – STORE vs MAJOR CREDIT CARD

Did you know that the average Major Credit Card interest rate is 17% vs Store Credit Card is 26%? So what does this mean for your money? Below is a mind blowing example:

An $8000 Store credit card balance with 26% interest rate will take you 15 years to pay off, if you pay $177 a month and you will pay $24,013 in interest!!!!!!

COMPARED TO

That same $8000 balance but you used your Major credit card with 17% interest rate will take you 6 years to pay off, if you pay $177 a month and you will pay $4,812 in interest!!!!!

TAKE AWAY HERE – DO NOT GET A STORE CREDIT CARD unless you are disciplined enough to pay it off monthly!! Stores use all kinds of gimmicks (20% off your purchase, etc) to get you to apply and this is the reason why, DO NOT FALL FOR IT!! If you can not pay this amount off in full, you will be paying ten fold your discount amount!!

February 6, 2020

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Follow Me on Instagram

Instagram @financialtools4life