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Financial Plans

January 18th, 2007 at 10:45 pm

I finished re-reading The Automatic Millionaire last night and tonight while Rose is at basketball and Tobias is doing his Headsprout lesson for reading practice, I will start working through the workbook.

Once I do that, I will probably buy the Finish Rich Workbook, too, but I may not be quite ready for that. I think that one is more into teaching about buying stocks and bonds and IRA set ups and all that while the workbook that I bought is about getting out of debt.

Chase (a card I have now with no balance) has offered me a 4.9 percent interest rate for the life of the loan which I am thinking about taking. I have one card that is at 6.9 percent until March of 2008 and another card that is at 15.9 percent which is a fixed rate air miles card. The 6.9 card loses its rate in March and goes up to 17 percent.

So I think I will use Chase to transfer the balance on the card that is going to go up to 17% and then focus on aggressively paying down the air miles card. The balance on the 17% card is almost $19,000 and the limit on the Chase card is $16,700. We will be taking $2000 of our tax return to pay on that card and with the two payments I have to make between now and then, the balance should be under $16,700, so that card will be empty and then we will cancel it.

I have been wanting to cancel it as it was an MBNA but got bought out by BOA and now I have three cards owned by BOA, which I don't like to have so many from one company. Once it is cancelled I will have one BOA VISA air miles card, one MBNA/BOA Master Card, one Chase VISA card and one Citi Master Card. The Citi card is the one at 6.9% and still has $2000 worth of credit line I can access at that same precentage, so if I need to I will transfer around a bit so I can stay with only 3 cards with a balance on them.

So for now, that is my plan.

1 Responses to “Financial Plans”

  1. Lez Save $ Says:
    1169172777

    Don't buy the book yet! Try to see if you can find an online copy of it. I know it is slightly illegal vai torrent and all but some people I know have managed to get a copy of that and the audio series.

    I personally disagree with Bach on a few points, but he does offer clear simple ways to build wealth.

    Some of the calculations in the workbook can be done by finding other free worksheets online. Visit his website, I heard he has a free section where you can download some worksheets.

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