Hey there, my name is Donray. I created this site out of a recent obsession I had, personal finance! I grew up not knowing anything about personal finance and after some research and courses I grew much better at it over time and found it really enjoyable and freeing. This site will slowly expand and grow as time comes, so far it just utilizes the debt avalanche method. I hope it helps anyone out there as much as it helped me. Have a wonderful day!
Front-end: Next.js, React, Eslint, Sass, Typescript, Lodash, and Bootstrap.
Back-end (AWS): Amplify, DynamoDB, IAM, Cognito, Route 53, AppSync(GraphQL)
Check it out and send any feedback or issues!
https://www.manage-my-debt.com
This site may not be for everyone, maybe you already have a pretty good handle of your debt. Maybe you prefer to pay someone to manage it for you. Maybe you don't like the author 😞 ... Some of these are valid points but when trying to take back control of your life the first step may be difficult, the avalanche method helped me and I hope it can help you.
"A debt avalanche is a type of accelerated debt repayment plan. Essentially, a debtor allocates enough money to make the minimum payment on each source of debt, then devotes any remaining repayment funds to the debt with the highest interest rate. Using the debt avalanche approach, once the debt with the highest interest rate is entirely paid off, then the extra repayment funds go toward the next-highest interest-bearing loan. This system continues until all the debts are paid off."
"The advantage of the debt avalanche method of debt repayment is that it minimizes the amount of interest you pay while working toward your debt-free goal, as long as you stick to the plan. It also lessens the amount of time it takes to get out of debt—assuming consistent payments—because less interest accumulates."
"Interest adds to these debts because lenders use compound interest rates. The rate at which compound interest accrues depends on the frequency of compounding such that the higher the number of compounding periods, the greater the compound interest. Most credit card balances will compound interest on a daily basis, but there are loans where the interest can compound monthly, semi-annually, or annually."
Many places, the internet is large and information is free. I will list a few resources below that helped me get started.
- Investopedia: Personal Finance
- Udemy: Personal Finance 101: Everything You Need to Know
- Khan Acadamey: Personal finance
- The Simple Path to Wealth
- A Beginner's Guide to the Stock Market: Everything You Need to Start Making Money Today
If you have any feedback, please reach out to us at donrayxwilliams@gmail.com