| The System - DEMO MODE |
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Click on any Item to Begin |
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Use the Budget Wizard to enter your monthly expenses. |
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Use the Income Wizard to enter your monthly income. |
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Use the Debt Wizard to enter your current debts. |
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Use the Insurance Wizard to enter your current insurance policies. |
id |
Description |
Type |
Income |
Expense |
|---|
43836 |
Wages and Tips |
Income |
5000.00 |
0.00 |
43835 |
Interest Income |
Income |
125.00 |
0.00 |
43826 |
Wachovia |
Mortgage |
0.00 |
1500.00 |
43829 |
Toyota |
Installment |
0.00 |
420.00 |
43844 |
Fuel/Gasoline |
Budget |
0.00 |
400.00 |
43842 |
Groceries |
Budget |
0.00 |
400.00 |
43828 |
Spike Ford |
Installment |
0.00 |
285.00 |
43830 |
Visa |
Credit Card |
0.00 |
250.00 |
43827 |
JC boat & rv |
Installment |
0.00 |
200.00 |
43838 |
Electricity |
Budget |
0.00 |
150.00 |
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id |
Rate |
Payment |
Balance |
Description |
Type |
Est Payoff |
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43831 |
12.00 |
44.00 |
2400.00 |
Gas Card |
Credit Card |
2011-09-15 |
43830 |
18.00 |
250.00 |
10917.00 |
Visa |
Credit Card |
2014-02-01 |
43827 |
17.00 |
200.00 |
10000.00 |
JC boat & rv |
Installment |
2014-12-01 |
43828 |
6.75 |
285.00 |
15500.00 |
Spike Ford |
Installment |
2014-12-18 |
43829 |
7.00 |
420.00 |
23750.00 |
Toyota |
Installment |
2015-02-18 |
43826 |
5.50 |
1500.00 |
170000.00 |
Wachovia |
Mortgage |
2019-01-15 |
| / 1 |
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| Debt Payoff Accelerator |
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| Monthly Income and Expenses |
Income |
5125.00 |
Expenses |
4805.00 |
Disposable Income |
320.00 |
| Debt Interest |
Interest before plan |
93764.00 |
Interest using plan |
77295.90 |
Interest Saved |
16468.10 |
| Debt Payoff |
Debt Free (except Mortgage) |
02-18-2015 |
Debt Free |
01-15-2019 |
id |
Matures |
Bank |
Original |
Future |
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| / 1 |
| Add | ||
| Edit | ||
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| Purchased CDs |
Original Amount |
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Future Value |
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Interest Earned |
Date |
Amount |
CD Total |
Account |
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| / 1 |
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Education
Knowledge is power. I have compiled a list of terms and definitions that will help you understand financial terms.
Compounding-the application of interest on top of interest on top of principal. The value of an investment increases at a faster rate because accrued interest is added to the investment’s interest-earning balance.
Debt-to-income proportion ( DTI)-is the relationship between the amount of money coming in and the amount of money going out.
Residual income-income that continues to make money off of a onetime service; it continues to pay even when no work is being done.
Revolving credit-has not specific term to pay off. Interest is accumulated off the balance; the balance can be paid down and built back up. An example of this is a credit card.
Installment credit-has a specific term (when it begins & ends). The principal and interest has an inverse relationship. Examples of this are mortgages or car loans.
Asset- is anything that has monetary value.
Blended rate-is the average interest rate between two or more specific debts when combining debts as a whole.
CD (certificate of deposit ladder)-an assortment of CD’s that mature at regular intervals.
Certificate of Deposit-is insured by FDIC for up to $150,000.
Consumer Debt-is money borrowed for the purchase of consumer goods and services.
Credit Score-is a tool used by banks to evaluate a person’s worthiness to extend credit.
Debt-is an obligation or money owed to someone.
FDIC (Federal Deposit Insurance Corp.)-is an agency of the government that manages bank insurance funds. It guarantees deposits in banks for up to $150,000.
Interest rate-the amount charged per year on a personal or home loan at a percentage that varies depending on the type of loan.
Annual percentage rate (APR)-is the total amount of fees and interest that is expressed in an interest rate; it is anything the lender charges.
Liabilities-are all debts and legal obligations.
Loan to value ratio (LTV)-is the ratio of the home loan taken to the appraised value or the sale price, whichever is lower.
Net income-is the amount left of your income after taxes have been paid.
Gross income-is the total sum of all the money, goods and property you received during the year.
Net worth-is the sum of all of your assets minus all the debts.
Obligation-is a promise to repay any financial debt
Per Diem interest-.is the amount of interest calculated per day.
Return on capital-is a percentage which determines how much you invest in making improvements versus how much it is worth to someone who is interested in buying your home.
Rule of 72-is the means of estimating how many years it will take to double an investment.
Risk-is the evaluation of the risk of investing versus paying off the debt. An example of this would be a CD ladder.
Remaining balance-is the amount left to pay off the loan.
Revolving line of credit-is a secured credit card.
Reserve fund-is a rainy day fund, usually 3 to 6 months of living expenses.
Savings-is the amount of one’s income after expenses are deducted.
Term-is the amount of time it takes for a loan to be paid off.
Personal finance-refers to the practices of managing one’s money.
Unsecured loan-a loan not guaranteed by collateral, usually a credit card.
Inverse Relationship-interest gradually decreases over time as the principal increases over time.
Disposable income-income left over after paying bills.
Accrued interest – is interest that has been accumulated since the principal investment.