a financeial plan

Ellen has been praising her Dad in almost every post recently. We always knew he was exalted as the lone voice of borderline competence in Ellen's life, but she's really laying it on thick. The intimation of immortality is touching. 
P.S. Still no sign of S&S...I'm beginning to think I really was FOOEYed. 
...Yoohoo...

Ellen September 19, 2012 at 10:46 am

This is a VERY good Idea. I had alot of credit card debt when I gradueated law school, and my dad said that I had to grow up and learn how to budget. He also said I had to learn the TIME value of money, and gave me an INTEREST rate calcuealator. From there, I learned that it is better to have MORE money in the bank (where they pay YOU interest) ONLEY if it is earning more INTEREST then the credit card interest that you have to pay TO the bank.

So if the bank is paying you 1% on the saveings account and you are payeing 24% to the bank on the credit card, you are looseing 23% for the priviledege of having a bank account with money in it.

That, my dad showed me, does NOT make any sense at all. Even my ex told me the same thing and he is a CPA, so between the two, I knew I was getting good advise.

Now I have both a bank account and a credit card debt, but both are manageable. I also am going to watch my spendeing more carefully as my dad is NOT happy that I am NOT planning to increase my 401(k) contribution’s. He said he is going to put together a financeial plan for me b/c he is not going to be here forever. I said YES YOU ARE!!!!! And he had better, b/c he helps me alot.

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