Watch your bank accounts. Make sure you are being charged the lowest bank charges possible for your needs.
When initial contract periods expire, consider cancelling the debit order. Cellphone contracts, gym fees, magazine subscriptions, if debit orders are still running, make sure you are receiving value. Query any unusual transactions.
Shop around for better rates on insurance, medical cover, gym fees. And do it again next year. And whenever your personal circumstances change. Marriage. Divorce. Childbirth.
But at the same time, make sure you have enough insurance & medical cover. This may often be a grudge purchase, but it could prevent a major financial setback.
Other setbacks could result from contractual obligations. Whenever you enter into this kind of agreement – an employment contract, rental lease, partnership agreement, marriage – make sure you have an appropriate exit strategy, agreed and documented up front.
Most people are too excited at the time to even think about this. They end up tied into restraints of trade, or lengthy notice periods. Or ex-wives who own everything they worked for. Be practical. Be smart. Be prepared.
Don’t be like Marvin Gaye.
He declared bankruptcy in 1976 when he couldn’t afford to pay back alimony amounting to $600 000. As part of the settlement process, he agreed that his ex-wife would receive the royalties from his next album, which included a song entitled “You can leave, but it’s going to cost you.”
According to Rolling Stone, Marvin lived in a bread van around this time…
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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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