7 top tips for destroying your finances and making sure you retire broke
1. Buy a house as soon as you can.
Don't wait until you are married, settled in your job, had kids, and know where you want to be. Buy a.s.a.p. to make sure you pay commissions, transfer duties, lawyers fees etc. etc. when life changes and you need to sell and buy again.
Don't wait until you are married, settled in your job, had kids, and know where you want to be. Buy a.s.a.p. to make sure you pay commissions, transfer duties, lawyers fees etc. etc. when life changes and you need to sell and buy again.
2. Avoid investing
Investing creates wealth and can buy you financial freedom. Avoid it at all costs!
Investing creates wealth and can buy you financial freedom. Avoid it at all costs!
3. After you pay off a car, immediately buy and finance another one.
Always make sure you buy new instead of second hand to maximise the depreciation cost. It is also vitally important to finance all cars with a balloon so you can achieve maximum wealth destruction
Always make sure you buy new instead of second hand to maximise the depreciation cost. It is also vitally important to finance all cars with a balloon so you can achieve maximum wealth destruction
4. Spend more than you earn.
Each month make sure your expenses are more than your income. Then, destroy your finances properly by taking on debt to cover your extra lifestyle expenses. It's a great way to become poor.
Each month make sure your expenses are more than your income. Then, destroy your finances properly by taking on debt to cover your extra lifestyle expenses. It's a great way to become poor.
5. Do not build up any emergency savings.
If you end up with savings, it means you won't get to load up more debt or use a credit card when something unexpected comes up. Remember we are trying to maximise short term debt, and an emergency fund stops you from doing that.
If you end up with savings, it means you won't get to load up more debt or use a credit card when something unexpected comes up. Remember we are trying to maximise short term debt, and an emergency fund stops you from doing that.
6. Do not insure your car or house.
If you don't have insurance and something bad happens, it is a great opportunity to take on more debt or cash out your investments. Insurance has this terrible way of keeping your finances in tact if something unexpected happens.
If you don't have insurance and something bad happens, it is a great opportunity to take on more debt or cash out your investments. Insurance has this terrible way of keeping your finances in tact if something unexpected happens.
7. Never pay anything extra towards debt.
Paying off debt is possibly the best investment you can make on your way to financial freedom, so it is best to only pay the minimum amount. This allows you to maximise the interest and keeps you in debt
for as long as possible.
Paying off debt is possibly the best investment you can make on your way to financial freedom, so it is best to only pay the minimum amount. This allows you to maximise the interest and keeps you in debt
for as long as possible.
