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... use the same example. I was trying to show that even a large debt could be cleared quickly using this method but I think I might just have added confusion there - so I'm sorry for that.
I hope that makes more sense now.
Ian
investmentsuccessnow 3 years ago
Hi,
Many thanks for your comment. Sorry, if I was confusing. What I was trying to say was ...
The ideal % to put into debt reduction is 10% of your gross income. So, if you were earning $3,000 gross per mth, then you would ideally put $300 into it. So, that $300 gets added to the minimum pmts that you are already making so the total amt now going to debt is the min pmt ($1,200) plus the debt elimination amt ($300) making a total of $1,500.
And, yes, you are right, the next chart does not ...
investmentsuccessnow 3 years ago
Don't want to rain on your parade but your example is wrong.
First you show a person that makes 3000.00 per month. You ask that your X factor be 10% or your monthly.
Sounds great but your example does show the 50% split for living.
Your example show people they are living off of 100.00 per month. They have more than that to live.
Total minimum is 1200 on one chart
Total payment is 1500 on one chart
Next chart is showing minimum payment is 2900.00
marquis6461 3 years ago