Encore: Don't Steal From Yourself

About this episode

In this encore episode, Valerie LaRoque discusses how to avoid paying interest to banks and instead pay yourself, potentially leading to a larger retirement nest egg.

This is an encore episode of Don't Steal From Yourself , originally aired on May 11, 2023. Banks potentially steal tens of thousands of dollars by the time you retire. How? With compounding interest. I know, not a revolutionary concept, but considering how a loan for a $30,000 car actually costs more like $40,000 when you factor in an 11% interest rate... Banks steal from you every day you're paying back a loan — (well actually, you are willingly throwing extra money at them!) That's the bad news. The good news? You can avoid paying the banks ANY interest (and pay yourself that interest.) And when you do this, you're going to potentially retire with a larger nest egg, because you're saving up that excess interest (and not forking it over to Wells Fargo or some other greedy banker.) So, if this excites you, then read on. In today's episode, you'll discover how to stop stealing money from yourself. Listen now! Show Highlights Include: Why paying yourself back with interest allows you to grow a large nest egg by the time you retire (a much bigger savings pool than if you housed your money at a bank) (2:48) Interested in setting your own interest rate? Try an "Amortization Schedule"…

People in this episode

Host: Valerie LaRoque

Topics covered

• personal finance
• interest rates
• retirement planning
• banking
• investing

Keywords

• compounding interest
• personal banking
• retirement savings
• loans
• financial independence

Mentioned in this episode

Organizations: Wells Fargo

Products: Amortization Schedule

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