Highlights of today’s show:
- Going through special limited offers I’ve receive in my mail lately
- How a reward credit card that helps pay off your mortgage might cost you more in the long run
- Don’t pay the bank money for something you can do yourself
- Avoid reverse mortgages like the plague
- Indecision can impact your finances
Have you gone to your mailbox and found some junk mail from your local bank offering you a special limited time offer? After you open it up you are about to throw it in the recycle pile, but you keep reading and say to yourself, “this actually might be a good deal for me.”
If so, don’t worry; I’ve done it too. But often we forget to read the fine print and once we do we realize that special deal isn’t that special, in fact it can actually cost you more money in the long run if you aren’t careful. Today I share three different special offers that I personally have gotten in the mail in the past few months. I share what each offer is and why it isn’t as good of a good deal as it seems. The three offers we cover are all related to mortgages:
- The Home Rebate Credit card. This credit card is a rewards program that pays down your mortgage with each purchase. As I’ve said before on the show, I’m not a huge fan of credit cards but even if I was, this program can actually cost you more in the long run.
- Mortgage accelerator programs. Hey, the bank is offering me a way to pay off my mortgage sooner. That can’t be bad, right? Yes, paying off your mortgage sooner is wise, but you don’t have to pay the bank to do that; you can do it yourself!
- Reverse Mortgage-You can’t do a reverse mortgage until you’re 62, but if your parents or grandparents ask you about them, tell them to avoid them! That’s because they have high interest rates and have a lot of fraud associated with them. In addition they aren’t all they’re cracked up to be and have backfired on a lot of senior citizens.
I also share my thoughts on indecision and how it can impact our finances. As Robert Schuller said, “Indecision is the greatest thief of opportunity.” My challenge to you is to look at a decision you have upcoming in your life and set a deadline to make a decision.
In addition, I have finally created a newsletter for JW’s Financial Coaching. This newsletter will be published once a month and will have exclusive content, allow you to learn of new products and features from JW’s Financial Coaching first, and let you know about other good personal finance information around the net. You can register for the newsletter here, and in addition to receiving the newsletter, those who sign up will receive a free download of “JW’s Manifesto on Money.” This is a 20 minute audio recording sharing my views on money including the topics of spending, debt, saving, marriage and money, where money fits in your life, and how you can win with money. I’m excited to share the manifesto with my newsletter subscribers.
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