THE DOWNLOAD MONEY MATTERS
revolving debt. “My clients don’t carry credit card debt,” says Scott Tucker, an investment adviser in Chicago.
BUILD YOUR PAYOFF MOMENTUM
Two of the best strategies are the so-called “snowball” or “avalanche” approaches. The snowball strategy involves
listing your debts in size order. Always make the minimum required payments on all the debt, but focus any extra cash only on the smallest debt first. Once that one is paid and off your
ledger, dedicate the money you had been sending to the smallest debt to the next smallest — meaning you’re paying the minimum on that one, plus whatever you had been putting on the smallest debt. So, if your smallest debt had been
a credit card that you were putting $250 a month toward, and your next smallest debt was a school loan that you were paying $100 on, you’ll now pay $350 (minimum) each month on the loan until it’s paid in full. Over time, the amount you can
dedicate to each debt payment will grow, like a snowball rolling down a hill, making it progressively easier to pay off the larger debts that are left. The avalanche method focuses instead on the highest interest rate
you pay. You still write out a list, and you still make minimums on everything, but you send extra money to the debt that is compounding the fastest, irrespective of the amount you owe. For instance, if you have a credit
card that costs you 16 percent, a car loan that costs you 5 percent, and a hospital bill that charges you zero percent interest, you’ll want to tackle that credit card balance first and foremost (paying the minimums on all the other debts) until it’s gone. Naturally, both of these methods
assume you are not adding to your debts elsewhere — say with additional cards or lines of credit. “Hopefully you are still
working when you have started to acknowledge this problem,” says Dave Kennon, author of The Retirement Revolution. Chipping away at debt once you’ve
transitioned to a fixed income can become exponentially harder. If this is a problem you are facing, act now! This should not be an issue you sweep under the rug for another time. “Retirement can certainly be one
of the best chapters of your life,” Tucker adds. “It starts with making a plan. Know what you need each month and what you have to work with. Anything in excess is yours to spend freely. Stick to your plan!”
Average Debt by Age for Americans $150,000
$100,000
RENT YOUR SPACE Have a cool location that could be
$50,000 $0 Gen Z (ages 18 to 23) Millennials (ages 24 to 39) Gen X (ages 40 to 55)
Baby Boomers (ages 56 to 74)
Silent Gen (ages 75+)
rented to others for anything from a baby shower to a photo shoot? You can list it on Peerspace. Think of it like Airbnb, but for short-term rentals for any space you can imagine. Hosts receive $1 million in liability insurance from Peerspace. The company charges a 15 percent fee, and the balance is paid to you within seven days of a booking.
OCTOBER 2021 | NEWSMAX MAXLIFE 77
TRAVEL LOAN TRAPS Eager to travel after being cooped
up last year? Watch out for “buy now, pay later” loans when you book your hotel, travel package, or airfare that promise zero-percent interest. What they don’t tell you is that while zero percent is often advertised, not many people qualify for that rate. Most offers fall between 5 percent and 30 percent. Also: If you cancel your trip, you may encounter hassles or delays getting the refund to pay off the loan, and you may be stuck paying some of the interest or fees.
SCANNING SHOPPING RECEIPTS Fetch is a free shopping app that lets
you scan your receipts and earn points for your purchases, which you can then redeem for gift cards. Just snap a photo of any store receipt, and you’ll earn points for it. You get 10 points for every dollar spent, and every 1,000 points is worth $1. You can exchange your points for gift cards to major retailers like Amazon, Target, and Walmart. The company makes money by getting paid commissions from the retailers.
BENEFITS AT ANY AGE The American Association of
Retired Persons (AARP) offers a range of benefits and discounts to retired people. But did you know you don’t need to be over 50 to join? Members receive hotel, car, airfare, and travel planning discounts as well as up to 30 percent off eyewear, 20 percent on printing services at UPS, 25 percent off Norton 360 virus software, and up to 15 percent off at popular restaurants. Membership is $16 a year.
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