so what is the big deal behind this. You are just deferring the interest payment and readding it to your savings account at a later time as opposed to at the beginning when you saved $1000 dollars. You could easily postpone your purchase till you have saved enough money to buy what you need.
@mississippibill Not even an emergency fund, more like planned spending. You know your fridge isn't going to last forever. And because you know this, you set money aside ahead of time to pay for it. Once it finally dies or you just decide to replace it, you use the planned spending money to replace it. No different than any other planned spending. Common sense. But then again, most people don't have near enough discipline or self control. That's where they fail.
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so what is the big deal behind this. You are just deferring the interest payment and readding it to your savings account at a later time as opposed to at the beginning when you saved $1000 dollars. You could easily postpone your purchase till you have saved enough money to buy what you need.
blackdragon1911 2 months ago
Comment removed
blackdragon1911 2 months ago
This is just an old fashioned emergency fund.
mississippibill 6 months ago
@mississippibill Not even an emergency fund, more like planned spending. You know your fridge isn't going to last forever. And because you know this, you set money aside ahead of time to pay for it. Once it finally dies or you just decide to replace it, you use the planned spending money to replace it. No different than any other planned spending. Common sense. But then again, most people don't have near enough discipline or self control. That's where they fail.
garfles1 2 months ago
So it's like a checking account except you treat it like a bank
DrTTube 7 months ago
very good idea
MorpheusWasRight 11 months ago
Good job! This is a very information video... Keep it up!!
managerofwealth 1 year ago
Great video. Well done. Simple. I like it!
thewaytobank 1 year ago