Future Financial Freedom

Have you given any thought to the cost of financing and the toll that takes on your future financial freedom?

I’m talking primarily about credit card financing.

Today I want to talk about not giving up future financial freedom.

But first, let me ask you a question. The question is, how do you as a 401k or 403b participant become a 401k superhero to your future self?

That is the question, and these videos will give you the answers. Hey, I’m Jonathon Schultheiss and welcome to the Becoming a 401k superhero videos.

Did you know that if you had a credit card with 24% interest, and you owed only $5,000, if you only made the minimum payment, it would take you 19 ½ years and cost you $13,743 to pay off?

Now think about this for a second. You’ve traded $13,743 of your future dollars to pay for something that cost $5,000 in today’s dollars.

You are giving up future financial freedom to have something today.

There is another quote from my book that says, “Today people buy things they don’t want to impress people they don’t like.”

Now think about using your credit card to buy these things. It could really be setting you up for financial disaster.

I recommend only using your credit card for things that you can pay off when you receive the bill.

I also recommend that you have an emergency savings account so that you don’t have to use your credit card for emergencies.

Credit card companies will try to get you by offering rewards programs.

I like these programs and take advantage of them myself. But don’t let them trick you into overspending by thinking that you are getting rewards for it.

Because even getting 1% or 2% in cash back rewards, doesn’t make up for paying 15% in interest.

If you are carrying a balance month to month on your credit card, I recommend that you do everything you can to pay it off.

If you need help with idea on how, you can visit the resource page on TheFocusedBook.com website, or you can download a free copy of my book.

If you don’t have credit card debt, then that’s great.

Paying off your credit card and not giving up future financial freedom is a great way to become a 401k superhero to your future self.

If you want to learn more, click on the links above.