The distance between financial struggle to financial thriving can be short or long, depending on your circumstances, skill-level and persistence. But wherever you are today, the most important thing is making a promise to yourself that you will continue moving forward one day at a time. If you’re reading this and money is so tight that you’re worried you won’t last until your next pay day, one idea is to consider registration loans using your car as collateral on a loan. Using your car reduces the risk for the lender allowing them to provide a lower interest rate than might otherwise be available for the loan.
If you’re doing a little better with your money and don’t need to use your car’s title to get a loan but still wish to improve your circumstances it might help to think about your financial situation like it’s a competitive sport such as football.
Personally, I’ve never been much of a fan of watching football but I still know the best teams don’t rely simply on a good offense or good defence. They need both. Certainly, some teams manage to dominate the game by focusing their efforts on a strong offensive strategy, but in almost all teams there must be a basic level of defence to ensure that the game is won.
It’s the same with your money.
People with less money can save interest on debt by looking into secured loans, like the car example above. They also need to play a strong offensive game to try to raise their income level. That said, a great income is no substitute for having a strong defensive money strategy. You need to recognise your money needs all the help it can get to protect it from the many threats to growing wealth.
Even if you are or have been doing well financially, i.e. you are the star striker in your financial life you may need help taking your money-game to the next level. You need to put in a place a financial plan to map out a way to reach your goals in the best way possible. Talking with a professional financial planner can be particularly helpful as they understand the rulebook and can save their clients from getting the red and yellow cards of excessive tax and penalties.
Some say a good offence is the best defence, but this is only true up to a point especially for more affluent soon-to-be retirees. This stage of life is when developing a strong defence is particularly important to ensure money is not lost to the tax man in various guises, from capital gains and breached income tax thresholds, to local authority care fee demands and eventually to inheritance tax at the end of life’s 90 minutes.