WellesleyWeston Magazine

FALL 2012

Launched in 2005, WellesleyWeston Magazine is a quarterly publication tailored to Wellesley and Weston residents and edited to enrich the experience of living in two of Massachusetts' most desirable communities.

Issue link: https://wellesleywestonmagazine.epubxp.com/i/78488

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Page 158 of 211

Unlike an ATM or debit card, there are no associated funds to pay off the balance. What's more, that loan has a very high inter- est rate and needs to be paid off completely on time, every month. While it is possible to carry balances from month to month, con- sider the following. If you charge $2,000 on a card with an 18.9 percent interest rate, by paying $100 a month it will take 25 months to pay that balance off, assuming no more debt is added onto the card. That $2,000 will end up costing $2,421. 5. You will always have at least two jobs. In addition to a day job, each of us is our own financial planner. We have to pay bills, invest money, create budgets, calculate and pay taxes, and determine where we will make charita- ble contributions. The world of online and mobile banking makes managing finances relatively easy. Personal finance software like Quicken can consolidate digital financial statements from many sources and generate reports regularly. But, like a day job, this job needs time and attention. Setting aside a reg- ular time to go over the details and glean the bigger financial picture is time well spent. Successful money management creates freedom, unlocks opportunities, and builds a sense of personal accomplishment. But in and of itself, it is not necessarily enough to make people happy. Figuring out what and who does, well that is what the rest of life is all about. 157 fall 2012 | WellesleyWeston Magazine

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