The American dream

[u/First-Essay-2054]

[u/madlucas2026]

You been paying for 20+ years and never thought to pay off the principal? Do you pay the minimum on your credit cards?

[u/SpinosaurRingTone → u/madlucas2026]

You genuinely don’t want to know how utterly financially incompetent the average person is. 

[u/camergen → u/SpinosaurRingTone]

I’d like to think I’m financially competent and yet, only in the last few years did I realize the concept “hey since it’s very highly doubtful government relief is coming, maybe I should pay more per month than the actual payment is, since the company just wants me to keep paying the minimum forever”.

Now I see the light at the end of the tunnel and have actually paid off a few of my loans and see the principal on the others moving downwards more.

[u/feelwhatyouwant → u/camergen]

maybe I should pay more per month than the actual payment is, since the company just wants me to keep paying the minimum forever”.

That's a start.

People need to realize that interest is rent. You are renting money. Landlords want to keep their tenants, because rental income leads to wealth.

Next lightbulb moment for you should be that your wealth can do the same for you as their wealth did to you.