You are searching about How Often Do Masters Programs Give Funding Math Statistics Reddit, today we will share with you article about How Often Do Masters Programs Give Funding Math Statistics Reddit was compiled and edited by our team from many sources on the internet. Hope this article on the topic How Often Do Masters Programs Give Funding Math Statistics Reddit is useful to you.
Generate Passive Income – It Starts With the Right Mindset
Many people ask me about passive income. What is? Where can they find it? But why all the interest in this topic at the moment? Well, people are looking for passive income opportunities right now; they have either lost their job or are looking for additional avenues of income, perhaps their business has slowed down so they are looking for new ways to generate income.
The term “passive income” has become more popular since Robert Kiyosaki’s “Rich Dad, Poor Dad” was first published. However, this money making technique has been known to wealth builders for ages!
More often than not, the same people looking for passive income are the same people looking to get out of debt. However, unfortunately the two concepts don’t work so well together. Here’s why… The goal of getting out of debt (paying off your mortgage, paying off your car loan, etc.) is to pay off your outstanding debt by any means necessary. When you focus on getting out of debt, don’t focus on making more money! This is where the two concepts collide. The main concept of passive income is to EARN MORE MONEY, either by creating residual income or starting a business for example. If you’re looking to create passive income, don’t focus on getting out of debt…this will take care of everything!
While paying off all your debt (mortgage, car, credit card) obviously has the positive effect that you can’t hurt your credit score with missed repayments, in fact, missing credit on your credit report will have a positive effect negative impact (I recommend keeping credit card debt below 30%). You want to have these items on your credit report, as this helps strengthen your score. People will look for this type of account when they want to extend or grant you lines of credit.
It’s about getting into the right mindset. People are stuck between what I like to call a consumer mindset and a wealth generator mindset. The wealth generator mindset is all about creating passive income. The consumer mindset is the 9-5 job, security, getting out of debt… all the things you think give you financial freedom, but are really disguised as security, not real freedom. Hopefully this will give you some clarity on which side you want to move.
Getting out of debt won’t help you get more money because you won’t have anything to draw on to get more money or grow your business.
You also have to look at the time value of money. Paying off your house will not help you create passive income. You may have seen some of the mortgage accelerator products on the market, which promise to show you how to pay off your 30-year mortgage in 7 years. First of all, the number of people who actually do this is less than 0.01%! One of the reasons for this low rate is that you actually need to pay more out of pocket each month to pay off the mortgage over the 7-year period. They use fancy math to make it look like you don’t, but you’re actually paying more every month. Even with the smallest amount of interest to pay, you need to have extra money for it.
So, you are giving up money that is immediately available to you, but remember, this is the wrong mindset! You could use that money for passive income, your business or growing your passion. Focusing on getting out of debt keeps you poor longer!
So you have a 30-year fixed rate mortgage. If you pay it off using one of the 7 year acceleration plans (and remember less than 0.01% of people who buy these acceleration plans actually follow through and manage to pay off your mortgage within 7 years!!!) then you are doing it two things:
- You are damaging your credit. You must have at least one mortgage on your report to qualify for credit!
- You are losing the time value of money.
So now you’re saving 5% a year. But, the most important thing to keep in mind is that you are giving up extra income to pay off that mortgage faster. Instead of saving 5%, you could be making 20%, 30%, 40%, even 100% more. When looking at passive income, it’s not even worth your time to think about one that would yield less than 10%. For example, if you are looking to start a network marketing business, get started in real estate, etc… these things earn WAY more than 10%! There are investments that earn much more – you can educate yourself on how and where to find these opportunities!
So you are losing money!
Let’s look at an example… On August 1, 2009, you take out a $100,000, 30-year, 5% fixed mortgage. Interest payments will be $536.82 per month. Pay just that amount and you’ll pay off your mortgage 30 years later after paying about $93,000 in interest over the period.
To pay it off over 7 years, you would need to increase your monthly payments to $1,400. This will bring the total amount of interest you will have paid over the term to just under $19,000.
However, realistically, how many people can afford to MORE THAN DOUBLE their mortgage payment? The response based on statistics of people choosing this 7 year accelerator option is less than 0.01%!
Even if you can… there are better ways to use that money… yes, you guessed it: PASSIVE INCOME OPPORTUNITIES!
For example, even with a conservative 20% return (and believe me, in the world of passive income, 20% is VERY conservative!) on the investment, let’s say you can pay the $1,400 per month in the example previous Keep your mortgage payments at $536.82 per month. I would then invest the excess payment of $863.18 in a passive income opportunity with a 20% return.
Over a 30-year period, investing a total of $10,358.16 per year ($863.18 per month) at a 20% return… your investment is worth just $9 million* after the same 30-year period !
If you just extend the calculation to 7 years…your monthly investment of $863.18 is now worth $173,750 after 7 years. That far exceeds the $74,000 you would save in interest payments if you had adopted the consumer mindset.
(*includes 3.1% inflation, 15% tax rate)
As you can see from this example, you are losing money to create this extra security. If you want to create extra money, focusing on paying off debt is NOT the way to do it! You must focus on my two key principles:
- Master the ability to access capital
- Invest that money wisely
The absolute best place to invest your money that never goes wrong is to invest in yourself. Invest it in your passions!
Video about How Often Do Masters Programs Give Funding Math Statistics Reddit
You can see more content about How Often Do Masters Programs Give Funding Math Statistics Reddit on our youtube channel: Click Here
Question about How Often Do Masters Programs Give Funding Math Statistics Reddit
If you have any questions about How Often Do Masters Programs Give Funding Math Statistics Reddit, please let us know, all your questions or suggestions will help us improve in the following articles!
The article How Often Do Masters Programs Give Funding Math Statistics Reddit was compiled by me and my team from many sources. If you find the article How Often Do Masters Programs Give Funding Math Statistics Reddit helpful to you, please support the team Like or Share!
Rate Articles How Often Do Masters Programs Give Funding Math Statistics Reddit
Rate: 4-5 stars
Search keywords How Often Do Masters Programs Give Funding Math Statistics Reddit
How Often Do Masters Programs Give Funding Math Statistics Reddit
way How Often Do Masters Programs Give Funding Math Statistics Reddit
tutorial How Often Do Masters Programs Give Funding Math Statistics Reddit
How Often Do Masters Programs Give Funding Math Statistics Reddit free
#Generate #Passive #Income #Starts #Mindset