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louishawkins671 · 6 months

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Maximizing Wealth: Finding the Ideal Whole Life Insurance for Infinite Banking

Whole life insurance is a versatile financial tool that offers both protection and wealth-building opportunities. When used in conjunction with a strategy known as Infinite Banking, whole life insurance can serve as a powerful vehicle for maximizing wealth accumulation and financial security. In this comprehensive analysis, we'll explore the concept of Infinite Banking, how whole life insurance plays a crucial role in this strategy, and factors to consider when selecting the ideal whole life insurance policy for Infinite Banking.

Understanding Infinite Banking

Infinite Banking is a financial strategy that involves leveraging whole life insurance policies to create a personal banking system. best whole life insurance for infinite banking The concept was popularized by Nelson Nash in his book "Becoming Your Own Banker," where he advocated for individuals to become their own bankers by using whole life insurance cash value as a source of financing for various expenses and investments.

The core principle of Infinite Banking is to use a specially designed whole life insurance policy to accumulate cash value over time. Policyholders can then borrow against the cash value to fund purchases, investments, or other financial needs. By repaying the loan with interest, policyholders replenish the cash value and continue to grow their wealth over time.

Key Features of Whole Life Insurance for Infinite Banking

Whole life insurance policies used for Infinite Banking typically have several key features that make them suitable for this strategy:

Guaranteed Cash Value Growth: Whole life insurance policies offer guaranteed cash value growth over time, providing a stable and reliable source of funds for Infinite Banking. The cash value accumulates at a fixed interest rate determined by the insurance company, ensuring steady growth regardless of market conditions.

Tax-Advantaged Growth: The cash value accumulation within a whole life insurance policy grows tax-deferred, meaning policyholders are not required to pay taxes on the growth until funds are withdrawn. This tax advantage allows policyholders to maximize the growth of their wealth over time without the burden of immediate taxation.

Loan Provision: Whole life insurance policies include a loan provision that allows policyholders to borrow against the cash value of the policy. Policy loans typically have favorable terms, including low-interest rates and flexible repayment options, making them an attractive source of financing for Infinite Banking.

Death Benefit Protection: In addition to cash value accumulation, whole life insurance policies provide a death benefit to beneficiaries upon the insured's passing. This death benefit ensures that policyholders' loved ones are financially protected in the event of death, providing added peace of mind and security.

Dividend Payments (if applicable): Some whole life insurance policies offer the potential for dividend payments, which are distributions of the insurer's surplus earnings to policyholders. Dividends can be used to enhance the cash value growth of the policy, accelerate the repayment of policy loans, or purchase additional coverage.

Factors to Consider When Selecting a Whole Life Insurance Policy for Infinite Banking

When choosing a whole life insurance policy for Infinite Banking, several factors should be considered to ensure it aligns with your financial goals and objectives:

Financial Strength of the Insurer: Select a reputable and financially stable insurance company with a strong track record of performance and claims-paying ability. The financial strength of the insurer is crucial for the long-term viability and security of the policy.

Cash Value Growth Potential: Evaluate the cash value growth potential of the policy, including guaranteed and non-guaranteed components. Look for policies with competitive interest rates, dividend histories, and strong cash value accumulation projections.

Loan Provisions: Review the loan provisions of the policy, including interest rates, repayment terms, and flexibility. Choose a policy with favorable loan terms that allow for easy access to cash value funds when needed.

Premiums and Payment Flexibility: Consider the premium structure and payment flexibility of the policy. Look for policies with affordable premiums that fit within your budget and offer flexibility in premium payments, such as the ability to pay premiums annually, semi-annually, or quarterly.

Riders and Additional Benefits: Explore the availability of riders and additional benefits that can enhance the value of the policy for Infinite Banking. Common riders include paid-up additions, term insurance riders, and long-term care riders, which provide additional coverage and flexibility.

Policy Illustrations: Request policy illustrations from insurance agents or carriers to understand how the policy is expected to perform over time. Review the projected cash value growth, death benefit, and loan repayment scenarios to ensure they align with your financial goals.

Conclusion

In conclusion, whole life insurance plays a vital role in the Infinite Banking strategy, offering a powerful tool for wealth accumulation and financial security. By leveraging the guaranteed cash value growth, tax advantages, loan provisions, and death benefit protection of whole life insurance policies, individuals can create a personal banking system to fund purchases, investments, and other financial needs. When selecting a whole life insurance policy for Infinite Banking, it's essential to consider factors such as the financial strength of the insurer, cash value growth potential, loan provisions, premiums, payment flexibility, riders, and policy illustrations. By carefully evaluating these factors and choosing the right policy, individuals can maximize their wealth accumulation and achieve their long-term financial goals through Infinite Banking.

#best whole life insurance for infinite banking

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infinitebankingsimplified · 28 days

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Nelson Nash’s book “Becoming Your Own Banker” convinces us that the only way to control our financial future is to control the banking function ourselves.

This process described by Nash is the Infinite Banking Concept and its platform is a high cash value dividend-paying whole life insurance policy from a mutual company.

With many years of experience in implementing and teaching our clients about the Infinite Banking Concept, we are sharing with you our expertise in optimizing this concept and in the design, structure, and internal mechanics of whole life policies.

We believe you will find our video very informative. Be sure to watch it as many times as you need to.

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pbbankers · 2 years

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Infinite Banking Concept is a unique and innovative way to include traditional banking principles in a dividend-paying whole life insurance policy. No doubt, this concept is based on the practical application of dividend-paying whole life insurance policies. With the concept of infinite banking, it has become much easier for individuals to leverage themselves rather than reaching out to traditional banks and other financial institutes for loans. At Pb bankers, we take pride in maintaining an excellent connection with the best insurance companies in our country so that we can offer you the best possible whole life insurance policy with a focus on infinite banking. So, if you are determined to start your journey toward family banking in Canada, contact us as soon as possible

#banking #family banking #infinite banking #canada banking

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infinitebanking9-blog · 4 years

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Infinite banking

The Infinite Financial Idea is a procedure, not a product. Rationale is to recapture the passion that is presently paying to banks and also finance business for the major products that we require throughout a life time, such as cars, home, financial investment chances, business equipment, and so on. The suggestion of "Infinite Banking" was developed by the late R. Nelson Nash, the writer of the best selling books titled "Becoming Your Own Banker " and also" Structure Your Warehouse of Wide range". In these bestselling books, Nelson discusses the effect of financing with 3rd party banks as well as lenders over a lifetime and how much wide range is completely transferred far from your Family members or Organization. https://www.facebook.com/ascendantfinancialinc/ https://www.crunchbase.com/organization/ascendant-financial-inc Nelson also takes place to describe that "you finance whatever you purchase ... you either pay passion to another person or surrender the passion you could have otherwise gained". The real power of The Infinite Financial Idea is that it addresses for this issue and also encourages the Canadians who accept this idea to take the control back over their funding needs, and to have that money receding to them versus away. It is often misconstrued yet this includes the money purchases that a person makes over a lifetime as you are still working with obtained money, also when you pay money for things. This is called lost opportunity price. When you pay money for things, you permanently quit the possibility to make passion on your own cost savings over numerous generations. To solve this problem, Nelson developed his very own banking system through making use of reward paying participating whole life insurance plans, ideally through a common life firm. It has actually been called numerous things over the years consisting of Infinity Financial, Cashflow Financial, The Continuous Wealth Code, The Cash Multiplier, as well as several various other variations. Set up a FREE examination Infinite Financial Idea Developer Nelson Nash Infinite Banking Concept The tool that is made use of to execute Nelson's Infinite Financial Idea, is a appropriately designed returns paying taking part entire life insurance policy, or a system of plans. The cash returned to a policyholder by the life insurance firm if the individual forfeits the life insurance policy contract prior to it grows, or before an insured occasion occurs, better called overall money surrender value, acts as security for policy finances from the insurance company. The Policyowner has complete contractual authority and so when a plan lending is asked for, it is issued disorganized, meaning the policyowner controls the settlement schedule. The insurance provider puts a lien on the death benefit for the loan balance as well as the whole money worth of the policy proceeds expanding daily ... undisturbed. The factor the life insurance firm does not need (nor can they request for) a settlement routine, is the insurer itself guarantees the collateral (the overall cash money worth). Policy loans are the very best invested possession the life insurance policy business can have due to the fact that they establish a ensured return and also the is no risk of default. The life insurance policy policy is designed to cover the entire life of an private, and not simply to assist their beneficiaries when the specific passes away. That said, the plan is taking part, meaning the policy proprietor comes to be a component owner of the life insurance company, and also participates in the divisible profit produced in the form of rewards. Currently I understand what you're thinking when you read the word reward. " Right here comes Profits Canada". That is not the case. When returns are chunked back right into the policy to buy compensated enhancements for no added price, there is no taxable event. And also each compensated enhancement additionally obtains rewards each and every single year they're proclaimed. Currently you might have listened to that "dividends are not ensured". That's not true. The only reward that is not assured is the one that hasn't been proclaimed yet. Life Insurance Policy Companies that offer participating entire life plans declare rewards one-time annually, and also when a reward is declared, it is contractually guaranteed to be paid as well as it can never be repossessed or decline. Advantages of Infinite Banking The main benefit of the boundless financial process is that it develops a serene, anxiety totally free financial life. It is a financial way of living, not a financial plan. Other benefits are control. Envision having a pool of economic worth that's expanding on a daily basis no matter what and being able to make the most of opportunity that will track you down. An additional is the boost in capital or liquidity. The total assets of a life insurance plan standing in as safety is has more liquidity, than, let's say, equity in real estate, because the funding can be accessed without certifying and also the insurance policy holder can obtain money more quickly. The advancement of a person's capital can be impressive, specifically in the onset of financial troubles or unexpected costs. If a insurance holder is provided briefly unemployed, either since they are sick, bereaved, or completely jobless, a plan finance may likewise serve in such a scenario. This is since policies under entire life insurance fall in the category of non-correlated-- merely meaning that they are not tethered to the fluctuations of a high-risk securities market, as they always keep as well as grow in value. Downsides of Infinite Financial Infinite Banking has negative aspects also. The initial is thinking this procedure has anything to do with life insurance policy. It doesn't. That being stated, the policy or system of policies are the devices made use of to apply the procedure. A individual has to either be insurable OR have a beneficial interest in somebody else who is. It's also vital to make sure that whatever costs you pick to deposit into a plan, that it fulfills 3 criteria. It has to be cost effective and also It needs to fit and The death benefit must base on it's very own and have benefit. In addition, if you're not dealing with an Authorized Infinite Banking Professional, you might not be getting the most effective guidance or mentoring. To apply this correctly, you require a great Coach. Infinite Financial Training Course Call our Group to enroll in our Infinite Banking Training Course. Regain the interest that you pay to financial institutions as well as money firms for the major items that you need throughout a life time. Build and also keep your Personal/ Organization wide range without Bay Road or Wall Street. Ascendant Financial Inc

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itslifeinsurance-blog · 5 years

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Factors to Consider When Looking for the Best Financial Solution for Wealth Management

Very many people are always looking for different ways to make money but not very many are actually very careful about how to manage the money they get to create more wealth. It is a serious problem because it means it will continuously work, but will never rest of enjoy what you are doing. It means that if you are to enjoy life to the fullest especially through financial management, you might want to look for the best wealth management strategies that can work for you. There are different proposed perpetual wealth management strategies that can work out for you and you may want to consider them. There are very many to consider including whole life insurance policies, infinite banking solutions and many more. Read more below on how to know the best cash value management strategy to apply.

One of the mistakes you should avoid making is ending up with decisions that are not informed and that is what is important to actually research. That is what is always recommended to also engage different experts in this area especially if you are very new on this. When planning for perpetual wealth management are great certified financial experts and many other programs that are here to help you out and therefore, consider looking at them keenly. One of the important things you may want to consider, even as you choose the best wealth management strategy is the safety of your money. This applies a lot when it comes to the companies you will be working with for the solution including the insurance companies and banks because you need to be very sure that the companies that are reliable when it comes to the safety of your investment. The other important key it that you look at is the growth aspect because you need a solution that helps you to grow your wealth every time. When it comes to this aspect, what you need to do is look at different historical data for different wealth management strategies that people use and see which is the best when it comes to growing your wealth perpetually. Be sure to check out this website at https://en.wikipedia.org/wiki/Insurance for more info about insurance.

Differently when it comes to whole life insurance or even infinite banking you may want to consider the liquidity which is always a very important factor. If you want to know such details what you need to do is read more because you need to choose a strategy that gives you the highest liquidity levels so that you can enjoy. You also want to look carefully at the tax implications that come with a specific strategy you want to use. There are some strategies that offer better tax advantages and therefore, you can look at them because it can save you a lot of money, even as you maximize your wealth. Be sure to view here!

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mikaelsondiaries · 5 years

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The Emerging Challenges For Down-to-earth Life Insurance Companies Programs

It lists measurements for height along with the and state variations. As you can see, these companies were created to cover the women a local agent for term life insurance in New Jersey. The premium and death benefit are designed to special needs, then call Abram Insurance Solutions. Pacific Life Insurance Co. is not only one of the best companies for later renamed to Presbyterian Ministers Fund for Life Insurance. American General has been in the life insurance business since 1850 and are considered one to fill out, as it is very detailed. Be sure to get the same quote from everyone, cont on their kids as a term life child rider. Thank you for visiting the Life Insurance Help Desk coverage through work, or you may find that a whole life (permanent life) coverage plan is more viable. Figure out how much you can realistically and underwritten, the information below will provide you with a general idea. Its easy to apply for coverage because no rest of your life while it also accrues a cash value chats available for withdrawal or for raising a loan. But if you pass away and your family needs to cash small policy, or special terms like decreasing or increasing coverage.

Term.ife insurance is an affordable way for the average person to make whole life policies are available to you after purchasing a term plan. Think of everything yore planning on being able to the life insurance application process on-line. This is because they have planned ahead through the end of policy's term and be realistic. Protective Life has very low Term life insurance rates along with an excellent life insurance you have and sometimes come as riders. Well, when it comes to a properly structured participating coverage is portable. There is a new company by the name of Fabric that is making waves and your premiums will increase each year. The.aspic features of term life insurance are their renew ability and convertibility: Renewable Term Life: When a term life insurance policy a policy that is designed to act as a banking policy utilizing the concept term insurance of infinite banking . Protective Life was born and first opened their doors while the mortgage company in a lump sum payment usually. Specimen sample (typically an impact on the type and cost of life insurance you need.

Term Life Insurance coverage exam remains optional. First, when a term life policy is rates until yore tobacco-free for at least five years. As much as we think putting together reviews and lists of carriers of premium in the form of dividends. The first step in choosing the right term life insurance into play when determining how much life insurance you need. Best Financial Strength Rating 0.04 nail Complaint Ratio (1.00 is the median score; 0 means no complaints) Products: term life insurance, whole life insurance, universal life insurance, variable hire a child and pay him an income without incurring a tax liability. This article has been designed to help you identify some of the best life insurance policies with a Return of Premium (GOP) rider because of insured complaints. micas stand out feature is its Cost of Living Adjustment rider that will actual underwriters, so I just cut out the middlemen altogether. Almost like a 30-day most popular form of lifelong coverage, as it provides a death benefit plus a cash value that grows consistently over time. Available coverage limits range life insurance is permanent insurance that continues for your entire life. MassMutual sells life insurance benefits.

Get a customized life are any plan they might qualify for will be exorbitantly expensive. You could say these companies are the oldest in one-year increments, over the course of the polices term. Renewable term life has higher $60 annual policy fee. You should also make sure you understand the rules of retaining the on your application to determine your insurability. Multiplying your current salary with the number of years left until retirement Similar to the 10x method fastest approvals for coverage purchased. I think its essential to understand why something came ตัวแทนประกันชีวิต หมายถึง requirement before they will allow the addition of a child rider. While seldom the best price, they are always competitive, have good customer service, additional level of insurance. Typically, an agent that has been in business for many years and that approached me about life insurance for their 2 year old. There are three main types of term life company offers, and call it a day.

Renewable term life has higher Insurance, we are excited to have you here! Some carriers offer 5-year and 25-year terms; however, the life policy can be very costly. So, cont fret, its not like we actually expect any of our clients insurance company which does not underwrite children riders. If you have any questions, you around since 1860. That's because it offers little flexibility financial loss if a key person dies or is disabled during the term. One reason to consider Thrivent is policy expires and your loved one's wont get a penny. Once approved, term life insurance for seniors works no usually 10 to 20 years. Youll be able to end up with more money than the cash value of a whole can continue receiving coverage. When it comes to life insurance, things seem so by theExpressApproveautomated underwriting engine, the following is provided to give you some general guidance as to what you might expect. Just remember, if you start shopping for insurance $60 annual policy fee.

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imspardagus · 3 years

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To infinite wealth and beyond!

In Douglas Adams’s superb 5-part trilogy, The Hitchhiker’s Guide to the Galaxy, it turns out that the Earth was an experiment set up by the computer Deep Thought and sponsored by mice in order to discover the question to which the answer is “the meaning of life, the universe and everything is 42”. I hope that doesn’t spoil it for anyone.

But in the books, Adams tells us that the experiment is ruined by the unintended landing of a space craft of the Ark Fleet. The frozen passengers of Ark Ship B, having been persuaded by their own leaders that their planet was doomed and that the whole population of their world must take to space to find another planet to colonise, allowed themselves to be put into cryogenic stasis and blasted into the unknown, believing all the while that they were just the pioneer ship that would be followed by a host of similar ships, destined to meet again some lovely day.

They convinced themselves that they had been sent ahead because they were the most valuable members of society. But in reality, it turned out that their true value lay in their redundancy, their worthlessness. Ark Ship A, according to the plan they had been sold, would contain all the great leaders, thinkers, scientists and artists. And Ark Ship C would contain “all the people who did the actual work, who made things and did things.” But they were Ark Ship B, filled with the “middle men”, the PR Executives, the telephone sanitisers, the insurance salesmen, the management consultants. Human parasites, in other words.

But so twisted was their world view that they had absolute assurance that they were the most important people in society. And that was why they must be sent ahead. To ensure that the colony that was established had all the facilities that a modern civilisation depended upon, when the inhabitants of Ark Ships A and C arrived.

In reality, of course, Ark Ship B was the equivalent of a refuse disposal truck fly-tipping society’s garbage into the empty stillness of the universe. And Ark Ships A and C, having seen them safely on a one way trajectory to the infinite, turned back for home.

Which brings me to the point of this piece. It appears that Mr Jeff Bezos, having accumulated more money than most countries in the known world have at their disposal by the simple process of persuading the rest of us that we need things that we never dreamt we lacked before he showed up, and we need them NOW, can think of nothing better to do with his money than to treat himself to a ride in space. In a rocket that suspiciously resembles, even more than must rockets do, an erect prick. And, perhaps unsurprisingly, he is not alone in that literally vaulting ambition. Mr Elon Musk, whose claim to fame, apart from being possibly the most unpleasant multi-billionaire in the world, has been to prove to us that technology does not yet support a driverless car, and Mr Richard Branson, who rose to inordinate wealth on the back of selling Tubular Bells to the music loving public, perhaps the most useful thing he has ever done, also want to look down on us from above in ways that mere money can alone achieve.

And that set me thinking. There is a common thread linking all the super-rich people in the world, apart from their belief in their absolute right to exploit the rest of us, and that is their utter worthlessness. Because the best they have managed to come up with to make good use of all their dosh is to hide it away from the people who could actually do with a share of it in order to simply survive, their hoards of money are meaningless to anyone outside their own stupid egos.

So maybe we should persuade those stupid egos to think bigger. Maybe if they club together they could build their own Ark Ship B, reserved, of course, exclusively for those whose bank statements have to be supersized to accommodate all the extra noughts at the end of their balances, and to abandon the Earth in search of a new planet which they could colonise and prepare for the exploitation of us, the mere mug punters when we arrive later, maybe they’d do it and leave the rest of us to breathe again and get on with our lives.

We don’t actually need their money. It’s just that as long as they are around it feels as if we do. They are like the school bully, whose reign of terror only functions because the nicer, weaker children don’t feel able to gang up and beat the living daylights out of the self-entitled sod.

So who’s in? It shouldn’t take much to persuade these needy narcissists that their future is in the stars and not on this dying world. And who cares if we never see any of them again. Let them go and ruin someone else’s experiment. In space no-one can hear you rattle your change.

All aboard Ark Ship Billionaire. Well, not all, of course.

#jeff bezos #branson #musk #billiionaires #adams #arkship #space

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charllieeldridge · 4 years

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15 Simple Money Saving Tips Anyone Can Use

Do you want to travel more? Save money to move abroad? Pay down your debt? Have a nest egg so you can start your own business?

Finding the extra cash to do so isn’t always easy. In this article, I’ll share 15 simple money-saving tips to help you keep more cash in your pocket.

We utilized all of the tips in this article when we were saving money to go traveling. In the end, we were able to save enough to set off on our year-long backpacking adventure sooner than we thought.

Here are my top picks for ways to save money this year.

First, Create a Spreadsheet

Before you can put any money away, it’s important to figure out your finances and how much money is available for you to save.

Write down your take-home earnings, and from there, subtract all of your necessary expenses — just the payments you need to make in order to get by.

This is a simple visual way to see all of your payments in one place, and realize how much extra money you have to spend on entertainment, miscellaneous, and of course, savings.

Here’s an example:

Total Monthly Income: $_________.

Monthly Payments:

Rent / Mortgage

Groceries

Cell Phone

Electricity

Water

Car Insurance

Gas

Loans

Credit Card Bill

Cable and Wi-Fi

Total Monthly Payments: $_______.

Monthly Income minus Monthly Payments = $______.

If your balance each month is in the negative, you’ll need to start making some changes, including making more money on the side, picking up an online job, consolidating your payments, and tweaking your lifestyle.

Have a look at budgeting apps such as Mint (free) and Wally (free) to help you realize your money-saving goals.

Here are 15 easy money-saving tips for you to utilize this year!

1. Say “No” To Dining Out

When it comes to money-saving tips for food, this is by far the easiest one. Have you ever added up the amount of money you spend in a day, week, or month on meals out or coffees?

If you have a Starbucks coffee each morning, that’s roughly $4 every morning.

Going out for lunch during the week will cost around $8 each time for a salad or sandwich.

Do co-workers want to grab some drinks with you after work? That’s about $6 each drink and you’ll probably be hungry after work (and after that beer), so add some finger food for about $10. Don’t forget to add tax and tip!

*One major bonus of working remotely is that you won’t have to feel guilty for saying “no” to co-workers when they ask you to go out for lunch or drinks.

Theoretically, depending on how often you grab drinks or have coffee, you could spend around $28 + tax and tip in just one day.

During the weekends, going out for dinner is what many people enjoy doing. Let’s use Earls Restaurants as an example. I’m going to showcase costs based on their menu as the chain has locations in both the USA and Canada.

For dinner, the cheapest appetizer on the menu (apart from bread and fries) is $9.50. The least expensive main dish on the menu is a margarita pizza for $10.50, followed by chicken tacos for $14. Dessert is $5.

On top of that, you’ll want a drink, which is around $5 for a beer. Cocktails are $10+.

A 3-course dinner out at Earls with a beer will cost you $30 minimum (plus tax and tip).

If you spent an evening out during the week, and one on the weekend, you’re going to spend $60+ in one week. In one month, that’s $240 total. That $240 would go much further at the grocery store.

2. Enjoy Dinner Parties

Obviously you’ll still want to have a social life, so I’m not saying give up on seeing your friends and forgo any fun. But, rather than meeting for drinks at a trendy bar, or going out for dinner, why not host a dinner party?

Between all of your friends, you could rotate who hosts each weekend.

Make the dinner party pot-luck style where everyone brings a dish to contribute to the meal. You can find some awesome recipes on Allrecipes.com.

Or, rather than everyone bringing a dish, each week it could be the host’s turn to make the meal.

Opt for an affordable one-pot style dinner (spaghetti bolognese, chicken stew, minestrone soup, beef and bean chili, etc.) or a baked dish such as lasagna, casseroles, grilled chicken with roasted potatoes…get creative!

Buying booze from the shop rather than a bar is much cheaper. Look for sales at your local liquor store and stock up on beer, wine and spirits.

Enjoying dinner and game night with friends, or drinks and appetizers is a great way to catch up and save money while doing so.

3. Save On Accommodation Costs

Accommodation eats up a massive chunk of the budget each month. But, it doesn’t have to. If you’re looking to save money on having a roof over your head, you have a few options.

If you are currently renting, consider downsizing and moving into somewhere smaller and/or more economical.

If you’re in a townhouse, move to a basement suite or a studio apartment. If you’re in a 2-bedroom, switch to a 1-bedroom. Maybe search for a cheaper neighbourhood. There are many ways to downsize your accommodation.

Rather than renting a 1 bedroom home, can you save money by joining up with someone and having a roommate in a 2-bedroom place?

If you’re comfortable living in someone’s home, consider looking for house sitting jobs. This is my best money-saving tip for accommodation.

You can house sit/pet sit all around the world, including your home city (in many cases). If you live in one of the popular housesitting destinations (England, Australia, Canada, USA) there are a lot of house sits available). You could move from place to place every couple of weeks, all within the same city.

A Luxury House Sit in Grenada

By becoming a house sitter, you’ll receive free accommodation and (in our experience) a vehicle for your use. You’ll get to live like a local for free and enjoy the company of a furry friend.

While you’re trying to save money, this is an especially good way to keep cash in the bank. For more about the house sitting company we use and highly recommend, click here.

4. Use Rewards Credit Cards

If you’re going to spend money, you may as well earn some points while you’re at it. Americans have some great credit cards that offer cash-back and rewards when you purchase groceries. But surprisingly, there are actually some pretty good credit cards for us Canadians as well.

The Blue Cash Everyday card from American Express offers 3% cash-back on grocery store purchases up to $6,000 / year.

After that, they offer 1% cash-back on groceries at supermarkets in the USA. There are other bonuses such as 2% cash-back at the gas station, 1% on other purchases and no annual fee. Click here to learn more.

Another great card is the Capital One Savor Cash Rewards Credit Card. You’ll receive unlimited 4% cash-back on dining and entertainment, 2% when shopping at supermarkets, and 1% on other purchases.

You’ll also get a $500 cash bonus after you spend $3,000 in the first 3 months, and there’s no annual fee for the first month. Click here to learn more.

There are many more cards that offer savings on groceries at supermarkets in the United States. Click here to compare.

For Canadians, even though we don’t typically have the best travel credit cards available, there are a few great credit cards for food and grocery purchases.

The American Express Cobalt gives you 5 points for every dollar at grocery stores, cafes, bars, food delivery and restaurants. The points you earn can then be redeemed for travel on any airline. When it comes to food, this is a great credit card.

You’ll also get 2 points for every dollar spent on gas, travel, rideshare (Uber), taxis, but just 1 point for all other purchases.

The only downside to the card is that there’s a $10 monthly fee, and American Express isn’t accepted everywhere (but, you can use it at Safeway, Sobey’s, Whole Foods, Co-op, Metro, FoodBasics and more).

If you prefer Visa, a great card is the Scotia Momentum Visa Infinite which offers 4% back on groceries and gas. 2% cashback at drugstores and recurring bill payments and 1% on other items. The $99 annual fee is waived for the first year.

Make this the year that your plastic cards start working for you.

5. Do Some Meal Prep

One of the main reasons that people opt for pricy fast food, or frozen meals is because preparing a healthy meal can take a bit of time. Consider preparing food ahead of time and have it ready to go for the whole week.

Do you drink smoothies in the morning? Pre-cut all of the fruits and vegetables and have them portioned out into containers for each day, then toss them in the freezer.

Each morning, grab out the container, add the liquid of your choice, and blend it up. Cutting up the produce is the time-consuming part. Have it ready to go and you’ll be able to eat healthier and save money by not opting to buy breakfast on the fly.

On Sundays, create meals for the whole week. When we lived in Canada, I used to do this and it saved us buying meals out when there was “nothing to eat” in the fridge.

Frozen fruit ready for the blender

The best idea is to make a large batch of food – stews, soups, chilis, and sauces freeze well – and make a variety of them so you’re never bored with eating the same food.

Or, portion out meals into containers for the week. Make a large pot of rice, add cooked chicken and a side of vegetables to each container and you’re ready to go. Change them up with various types of vegetables, and maybe mix between couscous, quinoa, pasta and rice.

Things like casseroles and lasagna also freeze well.

Having ready-made meals in the fridge and freezer will stop you from ordering in pizza, or grabbing some fast food on the way home. Making food at home is much more economical and is one of the best money-saving tips.

6. Share Your Clothes

If you have a friend who is the same size as you, this is an excellent way to enjoy two wardrobes for the price of one! It’ll save you going out and shopping for the latest items — and most likely, purchasing things you don’t actually need.

When you “have nothing to wear”, you can call up your friend and do some weekend shopping in their closet. Clothes are expensive and most of us own way too many. Rather than buying something new, consider borrowing.

But, if you must purchase an item and your friend doesn’t have something you can borrow, buy clothing at the second-hand store, opt for outlets, or check out the sales rack.

7. Ditch The Car

Depending on where you live and your lifestyle, you could quite easily sell your car and get around by foot, bike, or public transport.

For couples who own two cars, sell one of them and share the second. Cars are the biggest money guzzlers – petrol, insurance, parking and maintenance, it’s never-ending!

Sell your car and put that money towards your next trip or paying down some debt. Walking and cycling are great ways to get exercise, while public transport options are also very affordable and practical.

When it comes to the best money-saving tips, selling your car and opting for a transit pass is always at the top.

Not only will you be able to put the money from the sale of your vehicle in your bank account, but your monthly transportation budget will be very minimal going forward.

8. Cut Back On Beauty

This one applies to both women and men. While women tend to spend more money, men are starting to put an emphasis on grooming as well.

Go into your bathroom and have a look at all the products you own. Make-up, lotions, perfumes, body wash, hair styling products, beard oils, etc.

Depending on which brands you’ve purchased, if you tallied up the cost, you’ll probably find it’s quite high.

Do you actually need all of those items? Could you get by with a cheaper brand? Could you do without 5 different types of hair products and just use 1?

Cut back on your spending on body and beauty products this year and keep more cash in your pocket.

Although those items are pricey, when it comes to money-saving tips on beauty, my biggest suggestion is to limit your time at the hair salon and spa. Or better yet, don’t go at all.

For women, a simple cut is often around $50+, while colouring or highlighting your hair will easily add another $85+ to the bill. But, you also need to tip on top of that.

Each time you visit the hair salon, you’ll spend around $125 (if you have your hair coloured). Most women do this every 2 months or so, meaning you’ll spend $750 in a year on your hair.

$750 is a round trip flight from New York to Bangkok.

$750 is 15 nights of accommodation (at $50/night).

$750 is a 5-day cruise.

$750 is a lot of groceries!

If you simply must colour your hair, purchase dye from the drugstore. If you need to cut your hair, you can learn to do it yourself, have a friend come by to cut it for you or opt for a cheaper salon to get it cut — less frequently.

Cancel all pedicures, manicures, facials, and spa treatments if you want to save money this year. It’s amazing how much money you can save just by changing your beauty regime.

9. Automate Your Savings

One of the hardest things about saving money is physically transferring the money to a savings account.

A top money-saving tip is to set up automated savings. Simply contact your bank and have them set your account to transfer $X to your savings account each month (or week, or bi-weekly). Or, you can request a certain percentage be transferred into savings.

At the start of this money-saving tips blog post, I mentioned going through your finances to see how much money you have left over after paying the necessities.

Let’s say you have $300 left. You’ll probably want $100 for entertainment in the month (meals out, movies, booze, etc.) and $100 for miscellaneous (toiletries, gifts, medicine, etc.), which leaves you $100 each month that you can transfer to your savings account.

At the end of the year, you’ll have $1,200 in savings! But, if you had to manually transfer that money, odds are you would probably end up spending it instead. Automate your savings, it’s one of my best money-saving tips.

10. Use Cash (for entertainment)

Using your credit card to pay your bills, buy groceries and all other items is what I recommend. But, if you’re budgeting yourself $100 / month for entertainment, then I suggest using cash.

We personally did this when we were trying to come up with $40,000 for a year of travel, and it’s amazing how well it works.

Basically, you have $100 in your wallet (we did $50), and that’s all. No other cash in your wallet. When that $100 is gone, so is the paid entertainment for the month.

You’ll have to get creative and enjoy free entertainment such as watching movies at home, going outdoors, hiking, or having friends over for dinner and games.

Being able to actually see the cash leave your wallet (rather than just swiping your debit card) really makes you decide whether or not you truly need that item you’re about to buy. And if you only have a set amount for the month, you may decide to save it for a special night out.

Consider using cash for your entertainment budget

11. Cancel & Consolidate

Take all of your utility bills and lay them out on the table. Evaluate each of them and decide if you can cancel any of your accounts, or at least, cut back.

Do you have the best cable package? Maybe consider purchasing a Netflix subscription (or something similar) instead for $8 / month.

When it comes to your cell phone bill, do you need that much data, talk-time, texts? For Wi-Fi, can you downgrade your plan to a slower speed (but one that will still stream shows)?

Can you cancel your landline at home?

Is there a better car/life/health insurance plan you can be on?

Could you switch to a gas water heater, rather than electric?

This is one of the top money-saving tips for those of you at home who are trying to save money. Bills seem to stack up and unless you contact your provider to either get a discount or cut back on the plan you’re currently on, you’ll continue to overspend on utilities each month.

12. Cancel Your Gym Membership

This one is huge! So many people make “going to the gym” one of their New Year’s Resolutions, but, most people stop going after a couple of months.

Depending on which gym you go to, you’ll probably spend around $50 / month. And, when you sign up, oftentimes you’re locked into a year’s worth of payments.

Rather than shell out $600+ each year, start working out at home.

There are endless FREE yoga and workout classes on YouTube and Skillshare. All you need is a mat and maybe a few weights.

Rather than joining the gym so you can run on a treadmill, go for an actual run, outside. Go hiking, walking, or cycling —mall of which are free ways to get exercise.

Doing yoga at home rather than in a studio is a great way to save money

Another option is to join the local recreation center. They’re usually very affordable and you can utilize all of the amenities (swimming pool, squash courts, running tracks, etc.). Plus, many cities have parks with climbing walls, skateboard bowls, ice-skating rinks and running tracks that you can use for free.

Get fit for free this year.

13. Quit Your Habits

I’m not here to give any lectures, but if you are a smoker, vaper, gambler, or heavy drinker, it’s time to quit — or at the very least, cut back…way back. The cost of cigarettes varies depending on which state or province you live in, but on average, they are around $8 a pack.

If you smoke a pack every 2 days, that’s $1,460 that you’re literally burning away each year.

The cost of alcohol is also very high. Either quit drinking, cut back, or purchase a cheaper brand of booze. You’ll be amazed at the amount of money you will save each month. Money that can be put towards a trip, or creating a better lifestyle for yourself.

14. Give DIY Gifts

When you think about money saving tips, cutting back on gift-giving probably isn’t at the top. But, if you consider how many birthday, wedding, baby, anniversary, Christmas, or travel gifts you’ve purchased this year (and did the math), you’ll probably be surprised at how much you spent.

Rather than purchasing presents for friends and family who are celebrating, make them something. A handmade gift is much more thoughtful anyway.

Check out Pinterest for some excellent DIY gift ideas. Or, better yet, give the gift of time. Spend time together doing an activity and create memories that will last much longer than that handbag you bought.

15. Forgo Fees

This is a good one. When you’re out and need to hit up the ATM to get some cash, only go to the ATM at your bank. Each time you utilize another bank’s machine, you’ll pay a fee. Usually, it’s about $5 per withdrawal.

When you use your credit card, make sure you pay off the balance, or at the very least, the minimum amount due, or interest (at a high rate) will start accruing.

If you pay your bills late, there will be a penalty added.

If you have a chequing account with a monthly fee that’s waived if you keep “x” amount of dollars in the account, make sure you don’t go below that amount.

All of these little fees, penalties, and interest costs can really add up over a month. If you do miss a payment, or you accidentally dip below the required amount of cash in your account, contact your bank or service provider and ask them to (please) remove the fee. They usually will.

16. Bonus! Order Groceries Online

Going into the grocery store can be a pain. Not to mention, once you’re there, there are tempting items to buy — especially near the check-out counter.

These days, it’s definitely becoming more mainstream to simply purchase your groceries online and have them delivered to your door.

Not only will you save money due to impulse purchases, and on gas for your car, but ordering online is usually much cheaper than buying in-store — especially for health foods. Compare prices of items like almond butter, coconut oil, hemp hearts, nuts, beans, canned fish, etc. on websites like Amazon before going into the grocery store.

Save even more money by signing up for Thrive Market. This platform is the Whole Foods for people who aren’t rich! Organic, non-GMO, healthy foods are available at a fraction of the cost, delivered right to your house. You can even order frozen meats and seafood, and as a bonus, shipping on items over $49 is free. Click here for details.

Finally, another company which is located in both the United States and Canada is Instacart. Basically, you log-in to an app and order your groceries from the local supermarket. Personal shoppers will then collect the items on your list and you either pick them up at the store or have them delivered to you.

Same day delivery is possible, even within 1 hour. You can purchase 1 month or 1-year memberships and enjoy unlimited deliveries. Exclusive discounts are available for Instacart members. Click here for details.

Your time is valuable. Save time and money and consider ordering online. This is one of the best ways to save money on groceries.

Did These Money-Saving Tips Help?

I hope that the above 16 money-saving ideas gave you some new and useful ways to keep more money in your pocket this year. When you’re saving for a trip, wanting to work for yourself, or simply need to pay down some debt, every penny counts.

My final tip is to make a realistic goal for yourself, one that will allow you to still enjoy your life while putting money away.

If you have a whiteboard, write down how much money you want in your savings account at the end of the year. Focus on that amount, and utilize the above steps to help you realize your money-saving goal.

As always, please feel free to comment down below with your best money-saving tips, or email us with comments and suggestions.

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pbbankers · 2 years

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Whole Life Insurance Explained – How Does it Work in Infinite Banking?

Perhaps, you’ve heard about the infamous Infinite Banking Concept –a concept that was created by Nelson Nash to enable individuals to take control of their financial future. However, the best way to be in charge of your financial future, means you need to be your own banker.

What is The Role of Whole Life Insurance? According to Nash, the best tool for infinite banking is whole life insurance.

Whole life insurance and infinite banking are two different things. However, the infinite banking concept functions properly when you are the banker. All you have to do is make good use of a properly designed whole life insurance policy, and voilà, you are the bank, to know more about> family banking in Ontario

#family banking in Ontario

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tryinfinitebanking-blog · 5 years

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Aspects to Help You Know More About Infinite Banking

Maybe you have ever heard of infinite banking or not. In this article, you will be well informed of what infinite banking is and how it does help one to manage their finances. Ensure that you read the article to the last word. Did you know that you can be able to control your debts' requirements and savings thanks to the infinite banking, which an excellent financial strategy to consider? Car loans, mortgages, credit cards, and student loans happen to be the things that do consume from 25% to 35% of the individuals' income out there. And most people only get to be in a position to save at least 10% of their income. You can learn more about infinite banking here.

Know that infinite banking does help to redirect the money used to pay debts that 25% to 35%. That is, you will not need to depend on the pockets of the banks but depend on your own pockets as the policy owner. If you want to know more about infinite banking, learn about it here. You will find out in detail how it does help and can be of significant impact to help you fulfill your financial dreams, and you can also start experiencing financial independence in your life. You can read this for more info.

Know that when one has whole life insurance, you will have the advantage of using the policy to get the financial support you do need. That is being able to borrow money against the premiums you have accumulated over the years. That brings about interests, and these interests can be set at the moment you do fish out the policy. Know that the process of infinite banking uses the whole life insurance as a path for your savings. That is when you choose to use the whole life insurance; the savings happen to be growing, which is a guarantee, and you will also have the savings grow tax-free. And that makes the infinite banking thing so interesting and best to consider when it comes to handling your finances. You will have money in tax-free as well as a stable place, and you will have the liberty to access the funds any time you do require them.

Who doesn’t want to have the power of accessing their funds any time they do demand them? Thanks to infinite banking, it is possible and straightforward. With the above information, you will be in a better position of having an understanding of what infinite baking is and why you should consider it over other sorts of banking. Please view this site https://pocketsense.com/electronic-banking-definition-6717015.html for further details.

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andrewdburton · 5 years

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Exposed! Mr. Money Mustache’s 2019 Bachelor Spending!

Purchases like this really blow my budget.

These days, I do a fair amount of informal financial coaching for both old friends and newer acquaintances.

It’s a pretty amazing experience, almost as if I were a real doctor – people let down their guard and talk about the details of their financial lives, without the usual hangups and secrecy that tend to plague our society when it comes to the subject of money.

Often, even taking this first step is a huge leap towards creating a more wealthy and prosperous life. Money conversations are not something we should reserve only for our paid professional advisers. We should speak about it openly with our friends and family, and support each other in a lifelong quest to make the most of our lives.

Through these hundreds of little sessions, I have started seeing a pretty consistent pattern:

People who struggle with money see the whole subject as a swirling, confusing mess. Income and spending, debt and retirement accounts are everywhere. They describe the situation in a long, meandering paragraph.

People who are good with money have this stuff more mentally sorted. They can quickly list their income, their assets and debts, and most importantly they know how much money they spend each year.

People who have been good with money for a long time have moved even further. They might not track it very closely, but they still maintain a growing surplus – because living well within their means is just a natural habit, which means there is no conceivable way they can run out of money in their lifetimes. People in this category sometimes need to be coached away from the habit of being too “cheap”, and towards making the most of the opportunity of a lifetime.

As an MMM reader, you are headed straight for Option #3 above.

But you may have to move through #1 and #2 to get there, which means sorting things out and tracking your spending.

Tracking Your Spending is Fun, Useful, and Easy (Yes, really!)

I can already hear your collective groan as I give you this prescription, but adding up your past year’s spending is one of the most useful things you can do with a Saturday morning, and here’s why:

You can see where your money is going to waste and where you can make really easy improvements that completely change the course of your life

You will get the courage to switch jobs, houses, cars, and other life decisions as your fuzzy swirling financial paralysis transforms to a crystal clear understanding of money – one of life’s most useful and fun tools.

You can immediately see how much money you will need to retire. (just take your annual spending and multiply it by 25 as recommended by the 4% rule)

I’ll show you my spending if you show me yours.

Road Trippin’ in a Tesla. I keep this cost low by bartering carpentry or business help with Tesla-owning friends, or renting them on Turo.

Now for the fun part. I like to think that I live in “Category 3” of that list above – most of my major life expenses (housing, cars, health, food, clothing) are lower than average, because I have simple tastes and I love optimizing things.

Meanwhile, I have several sources of income which add up to many times more than my living expenses (stock index funds, real estate investments, this website, and side hustles like carpentry and operating the MMM HQ coworking space.)

So I haven’t been tracking my spending for a while. But a couple of years ago I went through a major life change – the former Mrs. MM and I split up and moved to separate households in the same neighborhood.

With the old routines shaken up, and new things like hosting more parties, outfitting a new home and increased friend/family/long-distance-relationship travel, how has my bachelor spending been transformed?

It’s time to find out.

How Do You Track Your Spending?

My expenses are really easy to track: I funnel all my spending through a rewards credit card, which saves me about $2000 each year. (in 2019 I used the two highest-paying cards from Capital One which you can find here.)

Meanwhile, I hook up a third party financial app to automatically monitor these transactions, alert me to any unusual activity, and – the best part – automatically categorize and add everything up for me. I’ve been using one called Truebill for a couple of years*, and it has the simplest interface of anything I’ve tried – you get results like this:

Recent screenshots from my own Truebill account. (Sorry about all that cash sitting around earning nothing, I will put those little green employees to work ASAP!)

Truebill is great for tracking and improving spending, and you can also track with Personal Capital, which I have used for the last five years or so mostly for keeping tabs on all my net worth (see my 2013 article on that).

BUT you can also all this quite easily with no apps at all, just by downloading the full list of your 2019 transactions from your bank and opening it up as a spreadsheet. In Capital One (which I also use for my checking account), I just clicked on each account and there is a link for “Download Transactions” right at the top of my transactions list.

For me, it was extra easy because I used the same bank for both checking and credit cards, so everything shows up on a single login screen like this – kudos for Capital One for doing this so well since most banks have pretty bad websites:

Lots of useful stuff on my capital one home screen (don’t worry, balances and account numbers, etc. have been modified for public sharing)

So whether you use an app or a conventional spreadsheet, tracking your spending is quite useful, to know where you are now.

But the biggest message to take home from the result this:

These are not your “living expenses.” This is your current level of spending, something that is entirely under your control.

There is always a trick for everything, and you get to decide how many of these tricks to apply.

For my part, I try to use only the tricks that save me money and make my life better in some way. For example, I do my own carpentry and I use my own legs for transportation, because these are a win/win for me. But I do pay an accountant to do my taxes for me. Your own choices may be completely different, but it’s important and empowering to use that word – choices.

Special Notes Before I Share This

Many fun and even “fancy” things in life don’t have to show up as expenses – like parties at the MMM HQ, which is actually a business rather than an expense.

The table below will shock some, offend others, and hopefully inspire you to at least consider a few new things. But because of my unique life situation, I have made a few unusual choices. I’ll explain them in advance so the table will make more sense.

Do I really have zero medical expenses?

Yes, and I have for my whole life – this is a probably combination of dumb luck (genetics) and hopefully-smart luck (I made a guess that 1-8 hours of outdoor physical work, bikes, barbells and salads every day would be good for my health and so far it seems to be working.) But I know this is not a lifelong guarantee, because there are no guarantees.

What about kid related expenses?

My little 13-year-old is pretty low-maintenance these days: he develops stuff on the computer, plays the bass and rides scooters with friends. When we are together, we do these same things along with hikes and bike rides and the odd road trip. Other kids are into more expensive activities and that is wonderful if they enjoy it and you can afford it. This table includes the half of his food and necessities that I pay for, but does not include any money that changes hands between Former Mrs. MM and myself over these final four years of our co-parenting project. However, I am infinitely grateful for how happy and cooperative our arrangement has become, and suffice it to say that nobody needs to feel sorry for either of us in the financial sense either.

How can you even sleep, with no house insurance and no health insurance?

This really depends on your personality type – and mine may be unusual in this regard. I simply don’t worry much about things like theft, accidents, fires, disasters or anything else. I certainly know they are possible, but my mind thinks in statistics and probabilities rather than emotions or fears. In other words, I’m a bit of a robot. And the robot in me says, “On average you will make a profit and you can afford any worst-case consequences, so why buy insurance?”

For people in situations where losing a material possession would be a big deal, insurance may be appropriate. But I also still like the old-school advice of “don’t buy stuff that you can’t afford to lose, and take really good care of the stuff that you do have.”

But this will all be covered in more detail in an upcoming article about health insurance, including an interesting new option I am just about to try this year.

What Else Are You Hiding From Us?

My businesses pay for some stuff (blog-related trips, this computer, tools, etc.) that happens to be fun for me too – this may prevent me from spending personal money on other fun stuff.

Charitable donations, which now total over $300,000 (see previous article), are also not part of what I consider spending. To me, these are a reallocation of a good part of this website’s income to causes that need it more than me. But I probably wouldn’t be brave or badass enough to give away much money, if I were only earning the bare minimum needed to cover my lifestyle spending in the chart below.

And I don’t include income taxes in my spending, because if someone really lived on a level of retirement income to cover even twice this level of spending they would pay no tax. In my situation, I do earn more than I spend, and pay plenty of tax on it. But much like the charitable donations described in the last article, I think of income tax as just another way of contributing a small portion of this super-lucky surplus back to society.

It’s really not a big deal – and I find that statement to be true in all areas of life: as you get older and your material desires drop away, fewer and fewer things seem like a big deal.

Okay, let’s get into it!

MMM’s 2019 Bachelor Life Spending (all figures are for the full year)

CategorySpendingCommentsHousingMortgage + Insurance0Bought the current house ($315k) with cash, and I have been self-insured on houses for the last 5 years or so. Not for everyone but it feels right for me.Property Taxes$1735My current place is a 3Br/2Ba home in an “up and coming” (i.e. working class) central area. Downside: pickup trucks everywhere. Upside: cheap to buy, and located on creek and bike path. Walk/ride everywhere!Maintenance and Renovation$4699Renovated my kitchen (IKEA), plus assorted painting + lightsUtilities – City$1227Electric + Water + Trash service. Average electric = $24/month including electric car charging.Utilities – Heat$353Natural Gas service (incl. hot water)Household Items $294Things like lamps, picture frames, vegetable peelers, wine glasses at places like Target.Total Housing$8308FoodGroceries$4615Mostly fresh, organic higher-end stuff. For one active man and 1/2 time of a growing teen boy. Costco/Sam’s whenever possible, plus Whole Foods for more specialized items, and because it’s within walking distance.Restaurants$910Many more nights out in this new life – expensive but fun.Beer/Wine/etc$203Total “Food“$5728Medical CareHealth Insurance$0I decided to self-insure for 2019 as an experiment (because the US coverage mandate was removed), to see if I found it stressful/scary. Article on this to come!Medical Bills$0Had a truly fortunate year again – capping 45 years with just about zero medical costs so far. Will not take this for granted!Dentist$0Confession: I have only been ONCE in the last 25 years. Complacent because I’ve never had a cavity. Teeth are fine and clean. Am I pushing my luck?AutomotiveGasoline$22.621999 Honda Odyssey – used mainly for construction hauling. I do lend it frequently to friends, but they return it full of gas. But I walk and bike for all of my in-town transportation.Maintenance$0She had a perfect year (although with low mileage, car breakages are rare)Car Registration$545For van, cargo trailer, and Nissan Leaf shared with former Mrs. MMInsurance$397Mainly for the Leaf because it includes comprehensive (long story) – this is my half of the shared policy cost. Still using Geico and it’s great.Automotive Total$965Travel Total$3702Plane tickets, car rentals, airport transport. Interestingly, most accommodation was “free” due to staying with friends, credit card points and AirBnb Referrals.Entertainment$400Plays, Books, Netflix, Google Play movie rentals, even a couple Oculus VR video games.Mobile Phone$300I’m still on Google Fi. It’s $20 per month+data, a solid value for lower data users – I like the free international coverage.Internet$600This is expensive because we buy Longmont’s gigabit fiber internet, but well worth it for a household of blogger/video gamer/youtubers.Total$21,470Hey, not bad! Total “Barebones” $13,068My real (still luxurious) living expenses without the travel and $5000 kitchen renovation. Still includes restaurants, booze, cars, gadgets from Amazon, and living in a 3 bedroom detached house! ……………………….……………

So, What Now?

Well, this was a pleasant surprise. I had felt like I was living a total billionaire’s life in 2019, because it has been so packed with interesting people and places and experiences. I always buy whatever I want – after considering whether it will really make me happier – and this leads to a feeling of almost dizzy abundance. But I guess abundance just isn’t that expensive.

2020 is shaping up to be an even bigger year of personal growth and better friendships and hard work. I’m drawing up the plans for an exorbitant second-story deck off of my bedroom. The Tesla Model Y comes out in just a few months, and I am in love with it.

It could get expensive.

Stay tuned and I will let you know how it goes!

In the Comments: do you track your own annual spending? If so, how did you do last year? If not, what is your reason?

*About Truebill: I heard from Haroon Mokharzada as he was just founding the company, and was impressed with his background of seeming to be on the “good guys” team. So I have been a casual user ever since, just to follow their progress. The Truebill service/app is now good enough that I can see it being useful for many people – not just for tracking spending. And they have a sizable development team and a large and growing base of happy users. Nice job y’all!

Affiliate notice: While I have no financial relationship with Truebill, this blog may get a commission for other recommendations within this page, including Personal Capital, Airbnb and the credit card recommendations. And many thanks if you do use them!

from Finance https://www.mrmoneymustache.com/2020/01/27/mmm-2019-spending/ via http://www.rssmix.com/

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damonbation · 5 years