One of the most common and least interesting debates in personal finance is whether you should use the debt snowball or the debt avalanche to get out of debt.
Here's a summary of the debate:
Team debt snowball tells you that you should pay off your debts smallest balance to largest balance. The psychological boost that you receive from paying off the small debts will motivate you to stick to the debt payoff plan.
Team debt avalanche says, "You fools." Math indicates that you should payoff the highest interest rate first. That way you'll pay less over time.
Why do we waste so much time on this debate? The reason is that we can see that some plan is better than no plan.
It's much better to focus on debt payoff than to pay a little bit off here, and a little off there.
However, isn't even better to make a tailored plan that will work?
One size fits all debt payoff plans don't work. Instead of assuming that your favorite type of frozen water will work for everyone, let's get a little bit smarter. This is a guide to making your own debt payoff plan that will work for you.
Our tenants skipped town last week. They left two truckloads of trash, the stench of cigarette smoke, and disgusting bathrooms and floors. The state of the apartment was not a surprise. During some routine maintenance to the AC unit, Rob noticed the cigarette smoke, and the general disarray of the unit.
At that point, we informed them that we would start eviction proceedings if they continued to smoke in the unit. They stopped smoking indoors, but the stench lingered on.
Our former renters paid the rent late in July, later still in August, and now they are gone. For being the type of people who skip town without cleaning, they've actually been great renters. For 18 months they paid the rent on time and in full. Aside from the smoke and routine wear and tear, they didn't damage the unit. Plus, they had the courtesy to inform me that I could dispose of their crap.
These are a few lessons that I've learned from my rookie landlord experience.
A few weeks ago, the US stock market officially entered the third longest bull run in US history. At 2370 days long, it seems like stock pickers can't miss.
From a practical perspective, these are a few things you should know:
Above all, investors today need to remember the maxim, "Trust in time, not in timing."
Except for me. I'm the exception to the rule. Let me explain.
I'm a wife, a mom, an employee, and a personal finance nerd who is devoted to spreadsheeting my way through life.