Clever Wealth: EXPERIENCE bootcamp - the things I wish I had learned | Foresters Community Finance

Clever Wealth: EXPERIENCE bootcamp – the things I wish I had learned

Experience boot camp. Finance experience, we all have it.

The blending of all our studies, discoveries, assignments and conversations which stemmed from maths, reading, analysing and balancing reality.

Financial experience is the key to success. That key opens a lock, and that lock is –  to make friends with your bills.

Are you after something that requires a loan or do you simply wish that you had more money? Because either choice relies heavily on your financial experience, here are some of things that can make a big difference to your financial experience.

Boot camp tips

  1. Asking the right person for advice. Think about, is the person you are asking, wealthier than you, or are they really deeper in debt? If you are wealthier than them, find someone who is wealthier than you! They will know the best way of handling wealth.
  2. Lines of credit are like fast cars. A fast car driven by an inexperienced or uneducated driver is dangerous.,. Credit cards or using a line of credit will help you to get what you want, but is the stress of the future repayments worth it? This secret can save you a lot of money.
  3. More organised equals more money! It is a fact if you get more organised with your life your money will follow and you have more of it. Bills get paid on time, you don’t waste money on fines and overdue fees. Money works for you, it keeps your stress levels lower and managing your bills and money will improve your credit score!
  4. You can make compound interest work for you or .. against you. So it pays to understand the maths behind the fees and charges that are presented to you.

Saving to buy something sounds boring, especially with so many interest-free options available.

But is it truly interest-free? The interest has been tacked onto the price. So, the best way to find out is to – ask for the cash price!

What else

  1. Debt consolidation can be your best friend or worst enemy. When you consolidate, yes the repayments become lower. But if you do not use the extra money created by lowering the repayment to pay off a debt, you are burning up money and creating more debt!
  2. Don’t assume a loan is a long-term debt. A loan if handled correctly and paid weekly or fortnightly will be paid over sooner. Small regular extra repayments also shorten the life of the loan.

The flow of small things“Do not save what is left after spending; instead spend what is left after saving.” Warren Buffet