4 Secrets to Paying off Debt, Building Wealth and Never Worrying About Money Again
Stop worrying about money — it’s bad for you.
Studies show that financial stress can aggravate all kinds of health issues, like migraines, insomnia, heart disease and weight gain — not to mention our old pals anxiety and depression!
Money worries can rip apart relationships and ruin your peace of mind. If you want to stop worrying, what you need to do is take action. That’s right, TAKE. ACTION. And we’ve got an action plan for you.
You’ll feel better once you take these four simple, strategic steps. They’ll give you a real financial edge, and you’ll be on your way to paying off your debts and building your wealth for real.
1. Stop Paying Your Credit Card Company
A big part of this is forming new habits and thinking of new ways to do things.
For instance: Credit card debt is the most expensive kind of debt, and your credit card company is just getting rich by ripping you off with high interest rates. But a website called Fiona can help you fight back.
If you owe your credit card companies $100,000 or less, Fiona will match you with a low-interest loan you can use to pay off every single one of your balances.
The benefit? You’ll be left with one bill to pay each month. And because personal loans have lower interest rates (Fiona rates start at 5.20% APR), you’ll get out of debt that much faster. Plus: No credit card payment this month.
It takes two minutes to see if you qualify for up to $100,000 online. You do need to give Fiona a real phone number in order to qualify, but don’t worry — they won’t spam you with phone calls.
2. Stop Overpaying for Stuff Online
Wouldn’t it be nice if you got an alert any time you’re shopping online and you’re about to pay more than you need to?
That’s exactly what Capital One Shopping does.
Just add it to your browser for free, and before you check out, it’ll check to see if your item is available for cheaper somewhere else or if you are getting the best price available. Plus, you can get coupon codes, set up price-drop alerts and even see the item’s price history.
Let’s say you’re shopping for a new pair of shoes, and you assume you’ve found the best price. Here’s when you’ll get a pop-up letting you know if that exact pair of shoes is available elsewhere for cheaper.
In the last year, this has saved people $160 million. You can get started in just a few clicks to see if you’re overpaying online.
3. Cancel Your Car Insurance
Here’s the thing: your current car insurance company is probably overcharging you. But don’t waste your time hopping around to different insurance companies looking for a better deal.
Use a website called EverQuote to see all your options at once.
EverQuote is the largest online marketplace for insurance in the US, so you’ll get the top options from more than 175 different carriers handed right to you.
Take a couple of minutes to answer some questions about yourself and your driving record. With this information, EverQuote will be able to give you the top recommendations for car insurance. In just a few minutes, you could save up to $610 a year.
4. Leave Your Family up to $1.5M
Oh, to be a millionaire. Look, not all of us have the money to set up trust funds for our loved ones. But you could still leave them up to $1.5 million in life insurance — and you don’t even need to have the money in the bank.
You’re probably thinking: I don’t have the time or money for that. But this takes just minutes — and you could leave your family up to $1.5 million with a company called Bestow.
We hear people are paying as little as $10 a month.* (But every year you wait, this gets more expensive.)
It takes just minutes to get a free quote and see how much life insurance you can leave your loved ones — even if you don’t have seven figures in your bank account.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder. He tries not to worry too much about money — aside from writing about it, of course.
*Bestow: Policies are issued by Bestow Life Insurance Company, Dallas, TX on policy form series BLI-ITPOL. Bestow Life Insurance products may not be available in all states. Policy limitations or restrictions may apply. Not available in New York. Our application asks lifestyle and health questions to determine eligibility in order to avoid requiring a medical exam. Prices start at $10/month based on an 18-year-old male rated Preferred Plus NT for a $100k policy for a 10-year term. Rates will vary based on underwriting review.