Thread: Money How Fast Can I Become Debt-Free?
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Old 05-09-2013, 04:06 PM   #84
Hog's Gone Fishin Hog's Gone Fishin is offline
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Join Date: Nov 2001
Casino cash: $1720477
Quote:
Originally Posted by KCFaninSEA View Post
I was given some great advice many years ago. It fits with long term financial planning not necessarily getting out of debt but I thought I would share. When I was about 20 I was asked who the most important person or company was that I owed money to. I didn't own a home at the time but had a car payment so I said the car loan was my most important debt. He looked me in the eye and said, wrong!!!! The most important person you owe money to is yourself. After I thought about it, he was right. I set up an automatic deduction from my paychech every week to go into a savings account I don't touch. It has taken some willpower to leave it alone but after some time I just don't even think about it very often. It has been over 25 years now and it will be a nice chunk of change when I start drawing my pension.
Savings accounts are paying 0.5% or less . Inflation is 5% +.
You Lose.

And you misspelled paycheck !
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