Debt seems like a simple concept, you owe money and then you have to pay it down. However, with interest coming into play, multiple forms of debt, your income and expenses, it’s not as easy as it might seem! Where do you begin in developing a plan to get back ahead of the game? The answer is saving, and saving has several different meanings. mySmartPay Wealth Solution wants you to save in the following ways: putting money in a savings account, saving by avoiding interest, saving time and ultimately saving several years of payments. The way this is achieved is with 4 money saving principles.
Developing a plan of action is critical to success. Breaking down the numbers, knowing when your debts will be paid off and being able to adapt are all essential in this process. Our wealth solution program uses algorithms that are precise and can pinpoint the specific dates your debt will be paid off, the amount you’ve saved, what’s remaining and more. If you’re income fluctuates, the system adapts with your adjustments. Also, it will let you know with red arrows when you need to pay what, essentially pointing you in the direction of the most efficient way to pay back your loans.
Interest Accumulation and Interest Float
One of the ways mySmartPay will point you, is in the direction of making your money work for you. By utilizing loans or lines of credit for free (interest float,) it gives you time to accumulate interest that is made on your money, essentially helping you get ahead and eliminate interest on new debts. Over the period of time it takes (quickly or not) to pay off a mortgage and other loans, this incremental interest each month can build into large amounts of money. On top of this, the interest you are avoiding paying will help you to pay down loans faster.
By utilizing interest accumulation and interest float, you will soon reach interest cancellation. Interest cancellation occurs when the amount of scheduled interest decreases, essentially saving you tens of thousands of dollars. This can happen in less than a year! When interest cancellation occurs, you begin to pay yourself rather than a lender.
mySmartPay Wealth Solution Utilizes These Principles
Our program utilizes these principals to pay off debts as quickly as possible. If you’d like more information on the 4 principles, this mySmartPay Wealth Solution demo video thoroughly explains each, and offers an example scenario to show what the program can do. We encourage you to explore what it can do for your current financial situation by reaching out to us for a Free Savings Analysis. Thank you for reading, we appreciate your interest and want to do what we can to help!