You’re now making an extra $277 per month! So you went from two payments totaling $501 to one payment of $224. The monthly payment for this would be $224.
You could get a $22,000 from Wells Fargo with an interest rate of 4.1% that is set to be paid off in 10 years. To consolidate you need to get a new loan of $22,000 so you can pay off both loans you have. Let’s say that in addition to your student loan we just mentioned, you also have a car loan of $12,000 that has a 4.5% interest rate and is set to be paid off in 3 years. If you have more than one loan payment every month you can apply the same principle by consolidating your payments into one big loan. Now you’re making and extra $42 per month! Multiple Loan Consolidation You use this $10,000 loan to pay off the old loan and the new loan has monthly payments of $102. You could use Lending Club to get a new $10,000 loan that has 4.1% interest and is set to be paid off in 10 years. This would put your current loan payment at around $144. So for example, you may have a $10,000 student loan with 5.5% interest and is set to be paid off in 7 years. Which is simply taking out a new loan with different terms in order to pay off your current loan. Option one is you can refinance your existing debt. You can act on your debt right now even if you can’t pay it off. So what can you do with your debt right now? 2. The problem is, paying off your debt can take a long time. This one will work for everyone 100% of the time. Many of the ideas on this list will take careful planning and strategy to actually make you more money. Whatever the debt payment is, it will disappear the moment that loan is paid off. Whatever it is, it’s taking money from you every month. Maybe it’s a car loan, maybe a home loan or student loan. Just about everyone has some debt with a monthly payment. Paying off debt is absolutely the most reliable way to increase your personal cash flow. Here are 50 ideas to get you started increasing your personal cash flow.
#Family cashflow software
It’s a software suite I created to help walk new investors through their first few investments. If you want guidance creating new streams of income, you can check out the Investor’s Handbook. Once you’ve done that it’s time to look for new streams of income. It sounds simple, but see if you can amplify the money coming in while lowering the money going out.
Then look at all the ways you make money. When you’re trying to brainstorm ways to improve the cash flow situation in your own life, the most powerful thing you can do is open up your bank statements and begin identifying the things you spend money on every month. There are three methods to increase cash flow:Įach of the 50 ideas listed below will fall into one of these categories. We’re only interested in strategies that are legal and will continue to bring in money month after month. So shoveling your neighbor’s driveway for $50 or pickpocketing don’t count. My 401k can’t take me on vacation because that money doesn’t end up in my bank account.Īnd in order to be on this list the idea has to be repeatable. Money to buy lunch, to pay the utility bills, to go on vacation. We need money flowing into our bank account each month that we can use to support our lifestyle. When Kate and I make investment decisions, our true North is “Will this increase our personal cash flow?”īecause our cash flow status is the most important metric to get us to early retirement.
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