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Let us put our ideas and ourselves in other people's shoes today, his name is Joe Johnson.
Joe Johnson is a data analyst for a large company he works hard and 9-5 $ 55,000 / year.
$ 55,000 / year amounts to $ 1400 per week after taxes.
His car lease payments are $ 300 per month.
His car insurance payments are $ 160 per month.
His apartment rents are $ 950 per month.
His grocery / food cost is about $ 200 per month.
BeInternet / TV / Mobile / Home Phone payments are $ 150 per month.
He let himself into a debt several years ago and has to pay $ 250 per month on his credit cards
Once all paid his bills, and he is fed, he is going over $ 790 left per month to the movies, go to the bar, buy gifts, etc., etc.
Even if this $ 790, if he saves $ 200 per month in a 4% savings account, in 5 years it will) $ 13,519.14 ($ 1,519.14 in interest. Not quite the down payment on a house that he soughtfor.
But now, some interest free money to throw into the equation ... actually, we explain how to get this free money.
Many credit card companies offer promotions on balance transfers with low interest, 0% in many cases. Everything you need to do is simply apply for a credit card to transfer a balance and ask for the maximum credit limit available to do. Let's be indicated by a large number, you are not going to spend t! his money andYou will not lose.
So let's say he ge! ts a vis a for $ 20,000. He may use the full $ 20,000 for a balance transfer, and must be at 0% for the first 12 months to pay.
Ie 1 January of each year (only things) keep it simple, it shall provide the full $ 20,000 into his savings account 4%, and at the end of the year, he makes $ 800 in interest free. 31 December, he pays the $ 20,000 and $ 800 sheets on the account.
In 5 years, theSave $ 200 / month + the $ 800 per year of interest in balance transfer, Joe Johnson has now accumulated $ 18,025.52 (or $) 6,025.52 in interest.
The even greater thing about this trick, every year should increase your available limit. You will probably need to familiarize yourself with the various card companies. Let us take an example of a $ 50,000 balance transfer.
$ 50000 @ 4% interest = $ 2,000 / year
$ 200 / month + $ 2,000 per year, compounded at 4%per year in 5 years = $ 29,011.77 ($ 17,011.77 in interest)
! Perfectly legal, incredibly easy to improve your credit, increase equity. Everyone should do that - unless of course you do not have the discipline not to touch the money.
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