Personal Finance

When investing or borrowing, the promise of crazy returns or interest rates significantly lower than the competition is most likely a lie. The promise of crazy returns will often result in the loss of your investment and exceptionally low-interest rates usually come with hidden fees. There is no free lunch. Implementation and cost Stay away…

Instead of trusting your money to others, gain financial independence and control by educating yourself on personal finance. Implementation and cost Read books and listing to advice from experts in the field. Start with these personal finance resources: Barefoot investor Money Smart Personal Finance

Investing, although riskier than cash, can create wealth over the long term with a strategic investment plan. Implementation and Cost Calculate your net worth using a net worth calculator. Figure out your short-term, medium, and long-term financial goals (e.g., retiring with a $1000,000 investment portfolio). Understand the risks of investment and consider your risk tolerance.…

Many of us have credit card debts that we never seem to pay off. We intend to borrow the money for short term purchases but, the debt grows until the principal becomes long-term debt. We are far better off having long term debt in our mortgage as the interest rate is often significantly lower. Implementation…

We don’t want to hear it but spending less consistently over time is key to growing wealth. Cut out the spending sprees, comfort shopping and jet skis. Make your coffee and bring lunch to work occasionally. Implementation and cost Don’t go overboard – Your spending limits need to be sustainable over the long run. Use…

This strategy is a simple and effective method to retire with 1 million dollars on an average wage. The key is consistency. Implementation and cost If you are young and can manage to put $200 into a savings account every week earning interest compounded monthly (average 4% interest over your working life 40 years), you…

Work smarter, not harder by pre-planning, organising, and dividing your daily tasks into an effective time management strategy. High achievers are generally expert time managers. Managing your time well will lead to better productivity and efficiency whilst reducing stress, allowing you to increase your net worth and create new life opportunities. Implementation and cost Change…

How many cards and bank accounts do you have? We often have more bank accounts than we need, complicating our finances, reducing synergies, and increasing our fees. Implementation and cost Do an audit of your bank accounts and fees. Consolidate your accounts into a single bank with singular accounts (e.g. 1 checking account, 1 credit…

Reminders are a great way to ensure you do not miss expiring contracts such as insurance, utility bills, subscriptions, and registrations. Setting reminders for expiring contracts has two financial benefits: If you miss an expiring contract such as car insurance, you might drive your car unaware that you are no longer insured. An accident could…

Whether an owner or renter, if you have a room in your house or apartment that you can sublet, you could significantly reduce your monthly rental or mortgage payments. A sublease is when a tenant wants to give a third party (known as the subtenant) rights to rent all or part of their rental property…