How Paying Off Your Debt Is The Best ROI (Return On Investment)
Do you have debt? How does paying off your debt sound to you? Did you ever think of it as an investment? Does debt make you cringe when you think about it? Does it weigh on you?
I know how you feel!
I took my first big loan when before I turned 23. It was scary, I was worried about how I will pay it off and every day I asked the universe to help me pay it off. My parents taught me to be very careful with loans and not get one unless it’s mandatory. So, in their perspective, the fact that I got one without having a job, was risky and definitely not smart.
Learn how paying off your debt is the best ROI
To paint the picture for you:
I was about to turn 23, just graduated college and was busting my ass to make money from fashion blogging. I knew my dream was to be a coach so, in 2 months after graduating, I found the most amazing school out there – the Institute for Integrative Nutrition and decided to enroll and learn how to be a holistic health coach.
At that time I still was not making any money from my blogging business and was working a summer job. I decided to save as much as I can from that summer job and work hard so by the time autumn comes I have an income from my biz. I took a $6,500 loan, with a monthly payment of $199. You might say:
“Oh, that is nothing, you should see my loan! You should see my monthly payment.”
Well, I had 0 income, so $199/month seemed a lot. Not to mention that I come from Romania, where the minimum wage was around $200/month at that time. You see how this loan seemed like a big deal for me.
I got this loan in August and in September I made my first $97 from my blogging biz. Starting that month I was making constant money. I took a HUGE RIKS and there I was constantly asking myself:
“Did I made the right decision or not?”
In order to pay it off and actually pay it off earlier, I did a lot of inner work and learned how to attract/manifest abundance. (this is one thing that I teach all my clients to do and everyone does it perfectly – 100% success rate, so the exercise REALLY WORK) – if you want to know how – email me at roswitha[at] roswithaherman.com.
Why am I telling you all this?
First, because I wanted you to get to know me and know that I also get you. I get what it means to have loans. Second, because after I started to make more money, I also started to think about investment. I wanted money to work for me and I was looking for ways to make this happen.
Second, because after I started to make more money, I also started to think about investment opportunities. I wanted money to work for me and I was looking for ways to make this happen.
Most people will tell you: buy a property and rent it or invest in stocks. These are usually the 2 main things people invest in.
What I am going to tell you is different. Invest in your debt – meaning -> pay it off earlier.
How much is your interest rate? On average, the interest rate is about 12%. Personal loans have a higher interest rate and I do suggest you start with those.
Using 12% as an example, if you have a loan of $1000, with a monthly payment of $112, you will end up paying $120 more than what you got. It might seem insignificant, but it all adds up. What could you do with an extra $120 a year?
Usually, when you invest in stocks or even properties, the ROI (return on investment) is rarely above 12%, but if you are lucky and you know the market you might get a higher return.
When you pay your debt sooner, you add money in your pocket, without risking anything and without WISHING it to work.
This strategy works by default.
How can you put this into practice and pay off your debt sooner
- See how much in debt you are. Know your numbers.
- What is your interest rate? Different loans/credit cards have different interest rates, make sure to check them all out.
- Commit to adding 10% of what you make each month, to your debt, on top of what you pay already.
Why Is It So Hard to Stop Impulse Buying?
For more help, if you want us to create a plan of how you can save up to $500 each month – by looking at your spendings and adjusting them write a comment below AND email me at roswitha[at]roswithaherman.com and I will tell you HOW. I work with women all the time regarding their financial goals and I know it’s possible for you.
Now, I’d love to know.
Do you need help with your finances? Is paying off debt a priority for you? Why/why not?
Leave a comment below and let me know.
Remember, share as much as you can in your reply. We are all here to learn, get inspired from one another, and you may never know who you are going to influence today. Be the sparkle you want to see in others.
Thank you so much for reading, watching and sharing your voice. You are awesome and I am honored to have you here.
With love,
How Paying Off Your Debt Is The Best ROI (Return On Investment)
Do you have debt? How does paying off your debt sound to you? Did you ever think of it as an investment? Does debt make you cringe when you think about it? Does it weigh on you?
I know how you feel!
I took my first big loan when before I turned 23. It was scary, I was worried about how I will pay it off and every day I asked the universe to help me pay it off. My parents taught me to be very careful with loans and not get one unless it’s mandatory. So, in their perspective, the fact that I got one without having a job, was risky and definitely not smart.
Learn how paying off your debt is the best ROI
To paint the picture for you:
I was about to turn 23, just graduated college and was busting my ass to make money from fashion blogging. I knew my dream was to be a coach so, in 2 months after graduating, I found the most amazing school out there – the Institute for Integrative Nutrition and decided to enroll and learn how to be a holistic health coach.
At that time I still was not making any money from my blogging business and was working a summer job. I decided to save as much as I can from that summer job and work hard so by the time autumn comes I have an income from my biz. I took a $6,500 loan, with a monthly payment of $199. You might say:
“Oh, that is nothing, you should see my loan! You should see my monthly payment.”
Well, I had 0 income, so $199/month seemed a lot. Not to mention that I come from Romania, where the minimum wage was around $200/month at that time. You see how this loan seemed like a big deal for me.
I got this loan in August and in September I made my first $97 from my blogging biz. Starting that month I was making constant money. I took a HUGE RIKS and there I was constantly asking myself:
“Did I made the right decision or not?”
In order to pay it off and actually pay it off earlier, I did a lot of inner work and learned how to attract/manifest abundance. (this is one thing that I teach all my clients to do and everyone does it perfectly – 100% success rate, so the exercise REALLY WORK) – if you want to know how – email me at roswitha[at] roswithaherman.com.
Why am I telling you all this?
First, because I wanted you to get to know me and know that I also get you. I get what it means to have loans. Second, because after I started to make more money, I also started to think about investment. I wanted money to work for me and I was looking for ways to make this happen.
Second, because after I started to make more money, I also started to think about investment opportunities. I wanted money to work for me and I was looking for ways to make this happen.
Most people will tell you: buy a property and rent it or invest in stocks. These are usually the 2 main things people invest in.
What I am going to tell you is different. Invest in your debt – meaning -> pay it off earlier.
How much is your interest rate? On average, the interest rate is about 12%. Personal loans have a higher interest rate and I do suggest you start with those.
Using 12% as an example, if you have a loan of $1000, with a monthly payment of $112, you will end up paying $120 more than what you got. It might seem insignificant, but it all adds up. What could you do with an extra $120 a year?
Usually, when you invest in stocks or even properties, the ROI (return on investment) is rarely above 12%, but if you are lucky and you know the market you might get a higher return.
When you pay your debt sooner, you add money in your pocket, without risking anything and without WISHING it to work.
This strategy works by default.
How can you put this into practice and pay off your debt sooner
- See how much in debt you are. Know your numbers.
- What is your interest rate? Different loans/credit cards have different interest rates, make sure to check them all out.
- Commit to adding 10% of what you make each month, to your debt, on top of what you pay already.
Why Is It So Hard to Stop Impulse Buying?
For more help, if you want us to create a plan of how you can save up to $500 each month – by looking at your spendings and adjusting them write a comment below AND email me at roswitha[at]roswithaherman.com and I will tell you HOW. I work with women all the time regarding their financial goals and I know it’s possible for you.
Now, I’d love to know.
Do you need help with your finances? Is paying off debt a priority for you? Why/why not?
Leave a comment below and let me know.
Remember, share as much as you can in your reply. We are all here to learn, get inspired from one another, and you may never know who you are going to influence today. Be the sparkle you want to see in others.
Thank you so much for reading, watching and sharing your voice. You are awesome and I am honored to have you here.
With love,
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