When you live in California and have four children, $500+ Dental bills are "normal."
Of of these was coming up for me, and since I recently pledged to add $75 HBD (cheering the 1USD Peg on) per month to my HBD Savings, I decided I was going to purchase $500 HBD.
Instead of handing $500 USD to the Dentist, I would take them up on their 0% interest plan, and pay them monthly.
Instead of purchasing 75HBD per month, I would pay the dentist $75USD per month.
Save money on fees of purchasing crypto, and add some padding to my little book nest.
According to my math, having the HBD in the Savings Account would net me an extra 25.53 HBD.
If I take the math a step further the 25.53 sitting in the account for 4 years netting 10% interest, and I would have another 12.49
These numbers are not exact, as this math assumes that I would put in the $500 in one swoop every six months - instead of the monthly increase I agreed with myself to deposit. But we get a small picture here. Of how time works on growth of money.
It is like the idea Ramit Sethi explains in his book: I Will Teach You to be Rich, you can tell yourself that you are never going to buy yourself a Cappuccino, or, you can re-arrange the money for the long term and let yourself indulge on what you love.
This Master Plan didn't work, for more than one reason
Reason One
The HBD is not pegged. Today I would have to spend $600 USD to buy 500 HBD. Buying HBD with Fiat is just not a good move at the moment.
I still could have though, saved the money in my savings, earning pennies, and convincing my bank to offer me more credit cards, and then bought when the peg got stronger...
Which leads me to:
Reason Two
The Dentist doesn't really want to finance these procedures. If I was paying in full, I could have paid before the procedure. Since I was getting a payment plan, I had to wait until after.
Queue me leaving the dentist with 2 kids who just got some dental work done (and haven't ate all day because they weren't supposed to eat before the procudure), a baby who has been sitting at the dentist for hours, a line for "payments" a lobby full of kids and moms in similar situations...
I handed that debit card over, bought a few electric toothbrushes and rushed myself right out of there.
In this instance, the Receptionist was in charge of my money, or the dentist, or the set-up, and one could even argue that they were actually just taking care of their money.
Do you re-arrange money in order to build long term wealth? I would love to hear about it in the comment section.
this is part of the ctpcontent challenge thank you for reading