Page 51 - Charles Calhoun Book Rich As You Want To Be
P. 51
If a person was “unlucky” enough to have all three
of the above they would pay each month:
Debt Type Monthly Payment Time
Credit card(s) $ 329 for 3 years
Car loan $ 667 for 4 years
Student loan $ 460 for 20 years
Total each month $ 1,456
Oh boy! How would you like to make these
payments every month FOR YEARS? OUCH! Debts
like those above might help explain why so many
people don’t save and invest enough to become
prosperous. Their income goes to pay debts and
therefore it is not available to invest.
Put another way would you not prefer to put
$1,456 into your savings account each month?
That amount each month saved and invested for
30 years at 12% return would total 5 MILLION
DOLLARS. And what would be the point of having
FIVE MILLION DOLLARS invested? You would
surely be financially independent and only working
50
