Informational Resources
Learn More About Interest Rates & Other Important Topics Regarding Finances
You might not understand all of the terminology when it comes to your finances, but there are still ways to teach yourself about topics that can make an impact to you! Mike Harrington wants to provide you with resources to help yourself become more versed in understanding your finances!
Interest Rate Vs. interest Volume
Whereas your interest rate is fixed, interest volume changes over time.
The more money you owe the bank, the more your interest volume will be. Even with a rate as low as 2.99%, depending on how much you owe, up to 60% of your monthly payments could be dedicated to interest.
Let’s say you take out a $200,000 mortgage and your monthly payments (principal + interest) work out to $842.13/mo. At 60% interest, that means $498.33 would go straight to lining the bank’s pockets!
And over a 30 year mortgage, you could end up paying hundreds of thousands of dollars in interest. That’s money that could be spent taking the vacations of your dreams, paying off your kids’ tuition, or investing in businesses to create lasting wealth…
Instead — it’s going to the bank so they can loan it to someone else, charge them interest, and make even more money. This interest volume is quietly stealing your opportunity to create any significant wealth for you and your family.
But that’s not the only price you pay...