Comments on: Money Tips 11 to 20 Explained

By: tom

tom — Wed, 15 Jun 2016 08:36:36 +0000

In reply to Investment Hunting. That tip is from a very wise mentor I had once. Many years ago now, he talked about getting insurance for everything you can't afford. He initially talked about insurance for all sorts of very small things, and it took me a while to realise that it was not bad advice, but rather he was not aware of my financial situation and that I had enough savings to cover many of the things he recommended insurance for. Once I had worked that out we had another talk that eventually resulted in me getting rid of a few types of insurance, and increasing some of the insurance I had not paid enough attention to (like life insurance, income protection insurance, and TPD).

By: Investment Hunting

Investment Hunting — Tue, 14 Jun 2016 21:57:00 +0000

Number 15 is so important. I read a lot of frugality blogs and many bloggers carry minimal insurance. In my opinion this goes against their goal of an early retirement. It just takes one mistake to wipe yourself out financially. Take auto insurance for example, I can buy a minimum policy, then wrap umbrella insurance on the account for a very low annual fee. $1M in excess umbrella insurance costs less than $300 a year.

By: Dividendsdownunder

Dividendsdownunder — Fri, 10 Jun 2016 23:12:57 +0000

I enjoyed reading your list Tom 🙂 All of them are good tips and we try to do the ones that are applicable to us. Bringing your own lunch and only having 1 car is what we do, and it’s saving us a heap of money.

Tristan

By: tom

tom — Fri, 10 Jun 2016 12:33:39 +0000

In reply to Jef.

Tip #101 – learn to count when providing thoughts on finance stuff… … *puts political hat on* … I hope you all enjoyed the bonus one!

By: Jef

Jef — Fri, 10 Jun 2016 03:30:41 +0000

Haha I’m sure you realised this however there’s 11 😉
I’d say definitely at least, preferably more. Although it’s got to be about one’s circumstances I’d say 🙂

Nice work here Tom, thanks for sharing!