Getting Out Of Debt
Did you know that adding just $100 a month to your house payment can save you over $7,687 in interest on a 15 year mortgage (5% APR) and over $57,035 if you have a 30 year mortgage (5.5% APR)? Additionally, your payments will end 27 months ($32,027) and 79 months ($71,047) early, respectively.
If your house payment is $1,000 a month, in a minimal tax bracket you have to earn $1,552.57, which (after taxes and tithing) equals $1,000 net income for your house payment. Remember, YOU PAY ALL BILLS WITH NET INCOME, NOT GROSS. That’s $37,261.68 (15 yr.) and $122,653.03 (30 yr.) you don’t have to earn if you retire your mortgage early with just $100 extra each month. For the cost of two dinners out ($50 each) and two movies ($15 each) per month, couples can save $130 a month to do it.
IT NEVER PAYS TO BE IN DEBT. Mortgage interest doesn’t give as good a tax deduction that Fast Offering and Missionary Donations do. And, the best movie in town and an excellent dinner can cost as little as $10.00, and no tipping is required. Dinner and a movie at the temple twice a month can not only get you out of debt early, but can give vision and pay dividends for all eternity.
For more information, call (your ward emergency preparedness specialist).
CATCH THE VISION, GET FACTS, DEVELOP SKILLS, AND BE PREPARED.