Comments on: Shifrins and Wisneskis: The Latest Millionaires in the Making http://ptmoney.com/2008/05/23/millionaires-in-the-making-shifrins-and-wisneskis/ Real Personal Finance for a Life Without Limits! Thu, 18 Mar 2010 21:06:08 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: PT http://ptmoney.com/2008/05/23/millionaires-in-the-making-shifrins-and-wisneskis/comment-page-1/#comment-1558 PT Thu, 29 May 2008 22:26:24 +0000 http://ptmoney.com/?p=481#comment-1558 @J - It sounds like you have a very low risk tolerance. I appreciate your continued comments and look forward to more from you. @J – It sounds like you have a very low risk tolerance. I appreciate your continued comments and look forward to more from you.

]]> By: J http://ptmoney.com/2008/05/23/millionaires-in-the-making-shifrins-and-wisneskis/comment-page-1/#comment-1509 J Sun, 25 May 2008 14:05:06 +0000 http://ptmoney.com/?p=481#comment-1509 Don't do the personal loan!! It's right up there with a 0% credit card advance...there's always a fee percentage. Paying interest on money you're going to use to pay debt that is accumulating interest is a horrible idea (interest on interest....unless it's coming to you, it's killing you). They should use a debt-reduction ladder, and perhaps even forego the savings for a few months until that $20K is knocked way down. Use a different mind-set: savings and credit cards are both liquid, and revolving. As much as love seeing the savings account grow, having debt hanging over my head is painful. Don’t do the personal loan!! It’s right up there with a 0% credit card advance…there’s always a fee percentage. Paying interest on money you’re going to use to pay debt that is accumulating interest is a horrible idea (interest on interest….unless it’s coming to you, it’s killing you). They should use a debt-reduction ladder, and perhaps even forego the savings for a few months until that $20K is knocked way down.
Use a different mind-set: savings and credit cards are both liquid, and revolving. As much as love seeing the savings account grow, having debt hanging over my head is painful.

]]> By: hank http://ptmoney.com/2008/05/23/millionaires-in-the-making-shifrins-and-wisneskis/comment-page-1/#comment-1504 hank Fri, 23 May 2008 22:53:16 +0000 http://ptmoney.com/?p=481#comment-1504 It really is amazing the power of compounding interest! Some say it is the most powerful force on earth. Clearly that person wasn't a scientist ;) It really is amazing the power of compounding interest! Some say it is the most powerful force on earth. Clearly that person wasn’t a scientist ;)

]]> By: Mrs. PT http://ptmoney.com/2008/05/23/millionaires-in-the-making-shifrins-and-wisneskis/comment-page-1/#comment-1503 Mrs. PT Fri, 23 May 2008 17:53:31 +0000 http://ptmoney.com/?p=481#comment-1503 With their income and saving strategy, they should be able to knock out that debt very quickly. I would be uncomfortable with that much CC debt hanging over our heads With their income and saving strategy, they should be able to knock out that debt very quickly. I would be uncomfortable with that much CC debt hanging over our heads

]]> By: Pete @ biblemoneymatters.com http://ptmoney.com/2008/05/23/millionaires-in-the-making-shifrins-and-wisneskis/comment-page-1/#comment-1502 Pete @ biblemoneymatters.com Fri, 23 May 2008 16:24:59 +0000 http://ptmoney.com/?p=481#comment-1502 get rid of that debt! debt=bad :) seriously - i think i would get that debt paid off asap - debt snowball - here we come! get rid of that debt! debt=bad :)

seriously – i think i would get that debt paid off asap – debt snowball – here we come!

]]> By: PT http://ptmoney.com/2008/05/23/millionaires-in-the-making-shifrins-and-wisneskis/comment-page-1/#comment-1500 PT Fri, 23 May 2008 14:51:47 +0000 http://ptmoney.com/?p=481#comment-1500 I agree on getting rid of the debt asap. If they saved $50,000 then they can surely save $20,000 to recover from paying off the debt. I think the CNN expert suggested taking out a personal loan to eliminate the cc debt, but to hold on to all the cash. I agree on getting rid of the debt asap. If they saved $50,000 then they can surely save $20,000 to recover from paying off the debt.

I think the CNN expert suggested taking out a personal loan to eliminate the cc debt, but to hold on to all the cash.

]]> By: J http://ptmoney.com/2008/05/23/millionaires-in-the-making-shifrins-and-wisneskis/comment-page-1/#comment-1498 J Fri, 23 May 2008 12:21:29 +0000 http://ptmoney.com/?p=481#comment-1498 Since lending practices for homeowners have drastically tightened in the last several months, beating down the debt would be the smartest thing. Since they can already (essentially) get by on one check, the other should probably be split evenly between savings and CC debt. Besides the interest being a ton more than their savings rate probably is, that 20K outstanding could prevent a good mortgage rate. Since lending practices for homeowners have drastically tightened in the last several months, beating down the debt would be the smartest thing. Since they can already (essentially) get by on one check, the other should probably be split evenly between savings and CC debt. Besides the interest being a ton more than their savings rate probably is, that 20K outstanding could prevent a good mortgage rate.

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