Insurance, Fines, Taxes, Fees.
I hate them all and not necessarily in that order!
Let us look at them one by one:
Fines:
Absolutely unnecessary & totally avoidable. A real waste of money. You pay fines as a punishment for something you may have done (like a speeding ticket), or being late for making a payment. Don't delay making your payments, 'coz you may get more fines for being late.
Insurance:
A must in today’s fast paced life, it is an unavoidable expense. However, shop around for the best rates, compare apples with apples when deciding your insurance provider, understand what you are covered for e.g. in the recent floods in Queensland, Australia, many people discovered they were not insured for flood damages. Don't forget to check the excess you may have to pay when your claim is approved.
Taxes:
You must pay your taxes; there are no two ways about it. But do not hesitate to use fair means (forming trusts, home business, rental property) to reduce your tax liability. At the end of the day, remember, that the taxes you pay help to run the country.
Are there any other suggestions for reducing the tax liability?
Fees:
Can’t avoid them, can you? When paying fees of any kind, whether to a financial institution, bank or any other entity, try and understand what you are paying the fee for. Is it a recurring fee and if yes, how frequently and for how long you re going to be charged. Is there a way of minimising it, if not avoiding it outright? Beware of the set up fee on an interest free loan, because more often than not, the set up fees exceed the amount of interest you would have paid!
Can you think of any other words you hate?
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