January 22, 2008

THE BANKER'S SECRET
Unedited


Many times we feel as if we are climbing uphill. We work and work and work and still we have to scrimp and scrape to make ends meet. We think if only there was some way to catch a break. We say things like, "I can't get ahead because I can never pay anything extra when I don't have enough to pay the bills in the first place?"

How many times did you take a cab, buy a Starbuck's coffe, a gift for your favorite niece or a toy for the kitties that they completely ignore? There is usually a little extra - it's simply a matter of keeping track of what and where you are spending. Now that you know the "extra" exists how would you like to take years off of your debt/school loan/mortgage payments and save thousands in finance fees?

The Bankers have a secret and Marc Eisenson wrote about it in 1984 in his book called "Your Mortgage Can Save You a Fortune! All You Need to Know Is...The Banker's Secret." Pay as little as $25 per month on top of your minimum monthly payments and you'll be amazed how quickly the balance falls.

"On a $75,000, 30 year mortgage written at 10 percent interest, the total payback will be almost $237,000. That's nearly $162,000 in interest charges on a $75,000 loan...if you (invest) as little as $25 each month, you'll save more than $34,000 in interest...and you'll reduce the loan's term by over 5 years." page 3

Interest accrues daily. If this seems too amazing to be true I invite you to give it a try.





PLAN OF ACTION
1) Write down your commitment to pay an amount "extra" on your loans for a given period of time. ($5 extra is still extra.) Start with the amount that you can.
2) Share your agreed upon amount with at least one other person.





Okay, next week will be an "emotional" fix.





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