For many years I have seen articles galore in the major magazines giving consumers “rules of thumb” about making financial decisions. In a society today where we want to get all of our information in sixty seconds or less, many of these magazines can talk one week about five dollar meals to make and then the next week discuss major financial decisions to make in your household. I’ve never really been a big fan of “rules of thumb”, so here are four major financial “rules of thumb” that I am simply thumbs down on when it comes to making smart money moves. Rule Of Thumb #1- 2% Difference In Interest Rate To Refinance – Many popular magazine and newspaper articles will suggest that you generally shouldn’t consider refinancing unless the difference between the new interest rate and your old interest rate is 2%. This “rule” makes very little sense to me. What you want to be considering are a handful ...Read More →
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