Principle #11 from Chapter #3 The Cost of Making Minimum Monthly Payments:
Is crucial that this family understands that is crucial to pay the debts as fast as possible. Minimum payments increases the amount of interest payed and delay the debt in years to be extinct. There is no benefits at all in making minimum payments, it only makes the banks receive more money from us.
Principle #12 from Chapter #5 Use Credit Wisely:
Credit might be beneficial if used wisely, It can be used in emergencies in case of lack of cash for something that is needed, not wanted. But for using credit is crucial that this family keep the goal of eliminating the debt as fast as possible, pay the credit account each month, to decrease the amount of interest, and do …show more content…
But, they will be independently wealth when they have accumulated enough funds to live comfortably and no longer need to work for the rest of their lives. As they follow all the lessons discussed in this letter, they will have all their debts paid later. Then will be the time to prepare for the ultimate financial independence.
Principle #19 from Chapter #9 Planning for retirement: In order to plan for the ultimate financial independence, they need to plan in how much they need in their savings to retire comfortably. Also, How much do they need to save each working year or month between where they paid their debts and their retirement to accumulate enough savings.
Principle # 20 From Chapter #2 Financial Records:
With all the expenses this family has we would suggest they put together all their financial records such as budget and goals and financial statements by organizing it in a filing system so they can keep track for their records. However we also think it would be a good idea to do the same thing for their tax records so they can keep track of it for their records.
Principle #21 Chapter #8 Assume
Is crucial that this family understands that is crucial to pay the debts as fast as possible. Minimum payments increases the amount of interest payed and delay the debt in years to be extinct. There is no benefits at all in making minimum payments, it only makes the banks receive more money from us.
Principle #12 from Chapter #5 Use Credit Wisely:
Credit might be beneficial if used wisely, It can be used in emergencies in case of lack of cash for something that is needed, not wanted. But for using credit is crucial that this family keep the goal of eliminating the debt as fast as possible, pay the credit account each month, to decrease the amount of interest, and do …show more content…
But, they will be independently wealth when they have accumulated enough funds to live comfortably and no longer need to work for the rest of their lives. As they follow all the lessons discussed in this letter, they will have all their debts paid later. Then will be the time to prepare for the ultimate financial independence.
Principle #19 from Chapter #9 Planning for retirement: In order to plan for the ultimate financial independence, they need to plan in how much they need in their savings to retire comfortably. Also, How much do they need to save each working year or month between where they paid their debts and their retirement to accumulate enough savings.
Principle # 20 From Chapter #2 Financial Records:
With all the expenses this family has we would suggest they put together all their financial records such as budget and goals and financial statements by organizing it in a filing system so they can keep track for their records. However we also think it would be a good idea to do the same thing for their tax records so they can keep track of it for their records.
Principle #21 Chapter #8 Assume