Compound Interest
Driving to work this morning, I heard an ad on the radio where a guy was bragging to his friend about what a great day it was because he had “paid off all his credit cards.”
“This soon after Christmas?” his friend was amazed, “That IS incredible.”
“Yep,” smugged the man, “I just called up Quicken Loans and REFINACED MY HOUSE!”
“YOU IDIOT!” I screamed at the radio (I do that a lot), “You didn’t pay off your credit cards. You just extended them for THIRTY YEARS!”
I did some quick checking and learned (this is true) that under Quicken’s brilliant financial guidance, that $600 X-Box 360 he bought for his bratty kid will cost him, exactly $1260.00.
Keep in mind, in the year 2035 while he is still paying off this loan, the X-360 will be sitting in a garage sale, (25 cents…still works!) stirring up nostalgic memories akin to our feelings about PONG, EZ-Bake ovens, and Rock-‘em Sock-em’ Robots.
Man, I miss those…
“This soon after Christmas?” his friend was amazed, “That IS incredible.”
“Yep,” smugged the man, “I just called up Quicken Loans and REFINACED MY HOUSE!”
“YOU IDIOT!” I screamed at the radio (I do that a lot), “You didn’t pay off your credit cards. You just extended them for THIRTY YEARS!”
I did some quick checking and learned (this is true) that under Quicken’s brilliant financial guidance, that $600 X-Box 360 he bought for his bratty kid will cost him, exactly $1260.00.
Keep in mind, in the year 2035 while he is still paying off this loan, the X-360 will be sitting in a garage sale, (25 cents…still works!) stirring up nostalgic memories akin to our feelings about PONG, EZ-Bake ovens, and Rock-‘em Sock-em’ Robots.
Man, I miss those…
posted by Colonel Havoc at 11:13 AM
3 Comments:
I hear ya. But can I refinance my apartment for a Tippmann A-5?
By the way, don't worry about the 4th. We'll just shoot something else that day.
If you know how the next month or so is gonna look, e-mail me your availability of the next handful of Saturdays.
Thanks.
hmmm... good point.
Post a Comment
<< Home