Unlike marketing, credit cards are not evil. If they are used properly. Live within your means and settle the full balance as it becomes due every month.
Paying as much as you can by card – either credit card or debit card – also allows you to see where you spend your money. This will help you to draft an accurate budget (see Chapter 11), which will be one of the cornerstones of your prioritized savings plan.
Credit cards also allow flexibility on the odd occasion when you do need to finance a large purchase, like car repairs. You can choose to pay this off over two or three months if you really have to, without applying for a loan.
Another advantage to using cards is that you may find yourself less inclined to indulge in impulse buying if you carry very little cash. It comes down to how much self-discipline you have.
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Finally, a word about tax.
Journalist P.J. O’Rourke tells us that giving money and power to government is like giving whiskey and car keys to teenage boys.
Yet give we must, if only to avoid being investigated later.
If the only two certainties in life are death and taxes, why don’t we treat them the same? Nobody rushes into the reaper’s arms at the first opportunity. We exercise. Eat healthy food. Schedule regular medical checkups.
Tax should be handled the same way. Accept that it’s going to happen, but minimize the damage. Put it off as long as possible. Consult an expert.
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Stop living from salary to salary. Achieve Financial Independence. Retire Early. Join the FIRE movement igniting the world.
Follow these weekly posts for solid advice on how to escape the rat race, covering material contained in Hard Money.
This is no get-rich-quick scheme. It won’t be easy. That’s why it’s called Hard Money.
Work while they sleep. Learn while they party. Save while they spend. Then live like they dream.
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