 After my last post on good debt vs. bad debt, I did have a few people
want to see some numbers that showed how their house could possibly be
"costing" them so much money (hence the idea that a mortgage is bad
debt).
Here's some numbers provided me by one of my clients on his house:
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The Cash for Clunkers program has recently ended.
Was
the program successful in it's attempt to save the U.S. economy
valuable fuel costs? Well, let's see...let's do the math and find out:
A vehicle at 15 mpg and 12,000 miles per year uses 800 gallons a year of gasoline.
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Is there such a thing?
Absolutely. And we teach our clients that the home they live in is bad debt.
Most
people do not like this answer. They usually respond with, "Yeah, but
my home is an appreciating asset, how can it be considered bad debt?"
Well, let's first define the difference.
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One of my clients recently asked me a question about changing his
insurance deductible. I thought I'd share the question and my answer:
Question:
While applying the Money Mastery system, we took your advice and upped
our deductible on our cars to get a cheaper monthly insurance rate.
About a week later, I slid off the road and needed a tow truck to pull
me out of the snow.
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 I am often asked by my clients about the various retirement plans available out there.
There are two general kinds of retirement plans.
The
first is a defined benefit plan that vests after a certain number of
years. This is usually defined by 60 percent of salary after so many
years of service.
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