NM Grower wrote:
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If you are going to be frugal, you might consider having your month's expenses earning you money in an interest bearing account, then using it to pay off the credit card balance monthly on time, and you have made money off the banks rather than the other way around.
Don't know if you've checked but finding an intrest bearing account that pays above .25% is gonna be hard to do. My credit union hasn't offered anything close to 1.0% in years. Even my last market acounts were bairly 3.25%. A true waste of time waiting 18 months on a silver certificate to earn pennies whne I could have just paid off the auto loan and saved $500.00 in interest.
A money market account which is fractional % as is the checking acount. I decided a few years back to take $1,000.00 and purchase 3 or 4 inexpensive firearms and resell them...netting me from 10 to 30% on each sale. While it isn't enough to retire on it does pay for my shooting activities.
My FFL license cost $90.00/3yrs doing 4 internet transfers pays for the license. Those transfers are from folks who make a purchase from an out of state dealer thru me.
Several times I paid on the principal of the house mgt. once 7k to save $21k in mgt interest.
Guys I worked with, we'll call them flock type people said I should have put the money in my 401k account. YEA Right.
bpb