Okay I'm going on a banking rant.
We got our yearly mortgage statement in the mail
yesterday which normally I would just file away.
Instead, I decided to actually take a look and be proud
of our progress. Well then I noticed that indeed we did pay
$22,000 off last year, to then realize that
60% of that was interest and only 40%
was principal. Ummmm WHAT!
I knew that mortgages paid a ton of interest to the
bank but I was hoping it was even closer to
50/50 or 60/40 in our favour!
Well then I looked into my student loan.
SAME THING!
That's it! I don't want to let our
earned money go straight into the banks pockets!
Time to smarten up!
It's disgusting isn't it?? then when you think about the interest on all your loans/credit cards, almost 40% income tax, property tax, GST ect ect ect it starts looking like about 20/80......:( but you recognize this and that's a great first step!!
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