How a Boot Camp member saved $75,000 on his mortgage
December 01st, 2009 - 38 Comments
Here are early results from Week 1 (credit cards) of my ongoing Boot Camp.
Last month, I launched the 6-week I Will Teach You To Be Rich Boot Camp, which is currently happening on a private site.
I was tired of people reading and reading but not actually taking DOING the necessary steps to dominate their finances, so I put together a six-week Boot Camp to power through the logistics and help people start of 2010 with a fully automated system.
It doesn’t matter how many blogs or books or magazines you read — ultimately, results matter.
A few hundred people decided to invest in themselves to take action.
Let’s see what some of them have done in the first week alone.
She saved $75,000+ on her mortgage
“Refinanced my mortgage from a 5/1 interest only ARM at 6.375% to a 30 year fixed at 5.25%. This will cost me ~$100 more a month, but I am paying ~$120/mo on equity in my house instead of it ALL being interest to the bank. Assuming that my ARM interest rate would have stayed the same (almost certainly would rise with inflationary pressures I see coming) at 6.25%, refinancing to a fixed @ 5.25% will save me $75,106.47 over the life of the loan. This is a CONSERVATIVE estimate!
Thanks, Ramit, for the bootcamp. It made me take ACTION!”
Raised credit score
“With a single phone call, I raised my credit limit from $9,000 to $15,300 (even though I asked for $11,000).”
Uncovered $200 in free gift cards
“I checked my rewards points on my credit card and found out I could redeem $200 dollars worth of gift cards, which could’ve gone without notice.”
Saved $600/year on car payments
“OK, good one. I refinanced my car to both lower the interest and the monthly. Now I will own the car and have $53 less per month to pay. I can use this to ‘snowball’ the payments on my credit cards. yes!”
Started paying off debt
“I have 3 credit cards with 5K spread across them. This week I have finally paid off one credit card (1K) off after having had a balance on it for 3 years. I was grinning with glee as I paid it off on Thursday!! 1 down two more to go. I plan to use the snowball effect to get the next one paid off in the next 6 weeks, making payments every two weeks. This will increase my credit utilization ratio and increase my Fico score. This will help me leaps in bounds as I have learned that my Fico score can save me thousands in interest rates as I prepare to take out student loans to go back to school!! Talk about big picture savings. Andy’s chart really struck home.”
This week’s material included:
- A live mini-talk from me on productivity & time-management tactics — with tactics I’ve never released
- A private webcast from ex-MyFico executive Andy Jolls of videocreditscore.com
The Boot Camp is closed, but if you want to get notified when the next one launches in 2010, click here.
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