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 seven 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 $250,000 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 2.49% 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 $250,000 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 on Amazon or Walmart.com and you’re about to get ripped off?
That’s exactly what this free service does.
Just add it to your browser for free, and before you check out, it’ll check other websites, including Walmart, eBay and others to see if your item is available for cheaper. 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
When was the last time you compared car insurance rates? Chances are you’re seriously overpaying with your current policy.
If it’s been more than six months since your last car insurance quote, you should look again.
And if you look through a digital marketplace called SmartFinancial, you could be getting rates as low as $22 a month — and saving yourself more than $700 a year.
It takes one minute to get quotes from multiple insurers, so you can see all the best rates side-by-side. Yep — in just one minute you could save yourself $715 this year. That’s some major cash back in your pocket.
So if you haven’t checked car insurance rates in a while, see how much you can save with a new policy.
4. Leave Your Family up to $1M
There’s been a surge of interest in life insurance during the pandemic, as more Americans are realizing they probably need it.
Overall, Americans purchased about 10% more life insurance policies in 2020 than they did in 2019. That may not seem like a lot, but it’s actually the biggest increase in nearly two decades.
Also, more people are seeking out no-exam life insurance because they don’t want to go to a doctor’s office for an in-person exam. Companies like Bestow use algorithms instead of medical exams to evaluate applicants.
Rates start at just $16 a month. You could leave your family up to $1 million. The peace of mind knowing your family is taken care of is priceless.
If you’re under the age of 54 and want to get a fast life insurance quote without leaving your home, get a free quote from Bestow.
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.