Welcome to the latest series on JosephSangl.com – 10 Random Questions To Ask Yourself About Money
These are 10 questions that have personally challenged me in my finances, and I know they can help you too!
Question 4 How much money do I use each month to service debt?
Most people have no idea how much money TOTAL is being sent to lenders each month. They know their car payment to the penny, of course, but they have never taken the time to add up all of the debt payments to understand their total debt payments. For the average family, it is $500 – $1,250 per month in non-house debt payments and $1,250 – $2,000 (or more) in total debt payments. The question that wrecked me was: “What else could I do with this money?”
ACTION: If you have debt, take a few minutes to add up all of your debt payments (car, truck, house, credit card, student loan, furniture, personal loan, etc.) Ask yourself the critical question: “What else could you do with that money?”