Black Friday…the day retailers traditionally run in the black…or set themselves up to have a very jolly Christmas. Shoppers strap on their armor and line up early, coffee in hand, hoping not to be trampeled to death during the 4:00 a.m. rush – all part of the buying frenzy artifically created by retailers to create a stampede, whereby competitive customers egg each other on. That’s followed by Cyber Monday – a day to spend shopping online for bargains, even if you’re back at work.
Of course, there are marketing smoke-and-mirrors everywhere, like Amazon’s Cyber-Monday free shipping on qualified orders over $25. Why is that bogus? Because Amazon always offers free shipping on qualified orders over $25!
There are some genuine deals, too, and being the Mortgage-Riches Queen does not immunize me from bargains–far from it. Me and my Scots-Irish blood love a bargain when we see it (read this sentence in your best brogue). I snagged free shipping for gifts coming from Hammacher-Schlemmer by searching for that term plus the word coupon. Saved me about $16, which I will more than spend by personally and lovingly gift wrapping these items and re-shipping them off myself, to my beloveds.
The latest thing seems to be Black Monday-Sales All-Week! I thought the Staples’ email I received today arrived a day too late for Cyber Monday, it being Tuesday and all. But there are specials all week! Yay! What’s better than that? PLENTY!
How about your being in the black – for the rest of your life? No more debt! How RELAXED could you feel with all debts paid off for once and for all, including the house? That’s almost ‘unAmerican’ – paying off the house! Things didn’t used to be that way! People used to pay off their homes in 3-5 years. Now most folks take longer than that to pay off a car! (No wonder some of them end up living in it!)
If all your credit cards and vehicles were paid for, how much extra money would you have each month? And if your house were paid off, how much cashflow could you redirect each month?
When I was much younger, friends who sold insurance told me I should be paying $1000 a month into insurance for my future (or my family’s, should I not survive paying $1000/month!). And how about some paid-in-full investments! I wondered who in the heck had $1000 extra per month for security they might need 30-40 years from then. Did my own insurance advisor set aside $1000/month?
Then I stumbled into an idea. What if I didn’t have a house payment (nor rent!)? The average house payment in America is around $1000/month, for about 30 years, for about a $200,000 house, for which one will usually pay over $415,000. That’s a lot of smackers that could be directed toward those awesome investments people are always telling us we should have.
I mean, if you paid off your mortgage early, and by paying off the house sooner you cut your interest payments in half – just as an example – what could you accomplish with an extra $107,500?
That’s what I’m talking about! Black Monday, Tuesday, Wednesday, Thursday, Friday, Saturday, Sunday, Monday…You get my drift. We should probably call this golden week, because we’re absolutely turning our lives to gold by getting off the treadmill of paying 30-40% of all our income into the coffers of bankers and lenders who – while meaning us no intentional and direct harm – by virtue of putting themselves first – are sapping our lifeblood and optimism!
What are your thoughts on this?