Money ~ Responsibility and Self-Reliance

A Fool And His Money Are Soon Parted

?????????????????????In 2001, an ordinary man called Paul Walton had a small pension fund.  Paul listened to a financial adviser salesman from one of Britain’s top wealth management companies, St. James’s Place, and entrusted them with his money.  Lo and behold, 15 years later, when Paul checked on his pension it hadn’t grown into a nice nest egg ~ it had all vanished.  St James’s Place had taken so much in fees and charges that there was nothing at all left of Paul’s pension, in fact Paul owed £37.32 ($60) in unpaid fees.  George Bailey would be horrified.

People often ask me how to make the most of their money, thinking I’ll give them advice on savings accounts, or the stock market, or property investments…  Usually there isn’t much point in that.  What most people really need is sage advice on how to stop throwing their money down the drain.  Most people don’t need more money, what most people need to do is stop wasting the money they’ve got, each and every single day of the year.

No one’s ever achieved financial fitness with a January resolution that’s abandoned by February.  ~  Suze Orman

Paul threw his money away because he didn’t take responsibility for his own financial well-being.  Practically nobody I know is willing to really take full responsibility for their finances, or anything else in their lives if it comes right down to it.  And, it isn’t rocket science, your grandmother knew all the right stuff.

The more you are willing to depend on your own ability to think and act, the less you will rely on experts, consultants, doctors, contractors, and advisers salesmen.  These days everyone has a vast library of knowledge at their fingertips, it’s called the internet.

For example;

  • Formulate your own ideas for a sound retirement plan before speaking to a financial consultant, and do not take their word as Holy Writ ~ they may will have more of an eye on their own commission, fees, and bonuses than they do on your financial future.
  • If you have a really bad headache, make a list of the possible and probable causes of your headaches, and then visit your doctor.
  • Workp1020966 out exactly how much the used car you’re thinking of buying is actually worth, what’s likely to be wrong with it, how much that will cost to repair, and how much it’s going to cost to run ~ and only then visit the lot and speak to a used car salesman.  Some all car salesmen will not tell you anything like the whole truth, and they will rip you off, especially if you are a woman.
  • If you’re thinking of moving home, fully research the market, property values, taxes, location, crime rates, amenities, how long it will take you to get to work, & etc., before ever speaking to an estate agent / realtor.  Realtors are mostly interested in selling property, not whether the home they’re talking up is a good place for you to live.
  • If you have to employ a contractor, never leave them alone in your home, or you may come back and find it’s flooded.  Never employ a contractor without getting, at least, a couple of quotes and personal references.
  • When you need a loan, thoroughly prepare before you talk with your bank.  Work out exactly how much you really need, what a reasonable rate of interest would be, how much you can afford to repay each month, (and if you can save that amount for a few months before you ask for the loan, so much the better).

Practically everyone, (including me in the past), throws thousands of $ £ € away every year just because they are irresponsible, lazy, intimidated by ‘professionals’, trusting, naive, weak, and overly dependent on others.  Too many people take the first offer instead of looking the gift horse in the mouth.  Too many people think the answer is in programmes, courses, workshops, seminars, and motivational speakers/ authors.  It isn’t.

Workshops and seminars are basically financial speed dating for clueless people.  ~  Douglas Coupland

If you want to have more money for the good things in life, do yourself a favour, and do the hard work up front, during, and after you make a deal.  Whatever happens, it’s always your responsibility.

Financial freedom is available to those who learn about it and then work for it.  ~  Robert Kiyosaki

Don’t trust anyone because everybody lies, and never, ever, pay anyone for advice, financial or otherwise.  If you want to have more ready cash, take responsibility and stop throwing good money after bad.

~

Wall Streetthese views are mine and mine alone.

jackcollier7@talktalk.net

liebster-12

 

5 responses

  1. Spot on advice! As a retired CPA, I have seen so many people bilked by “snake oil salesmen”. I am not wealthy, but I am frugal and I do my own research … even learned to do a bit of plumbing and other minor repairs to save a buck here and there (I do, however, refuse to do anything with electricity … don’t necessarily want to die just yet) 🙂 . Insurance salesmen, realtors and car salesment are people I just refuse to trust! Great post, Jack!

    Liked by 1 person

  2. You’re right – handling your money is a lot about common sense.

    Liked by 1 person

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