Why are we not taught this - Money - Simon R Pires
@simonrpires
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Money management
I am going, to be honest with you all, I am shocked not only with how much this government has failed me but every young person in this country, in teaching young people how to live and perform simple tasks in our day-to-day life. You may be wondering why I’m I so annoyed by this? The answer is simply I learnt some of the most important things in my life in one day at the age of 23. So if I did not take this chance to join Media Trust I would have not learnt so many things about being an adult but most importantly money management. The knowledge that I have acquired could not only help myself but my future family, this included certain types of insurances, montages and starting business accounts. I am so grateful for this knowledge and the fact that people charge for this knowledge and manipulate people to get certain benefits is unacceptable, so with some of the knowledge I am about to share I hope it helps you not only take control of your life but help your friends and family change theirs. So here are some tips for you to get started.
Share to buy!
If you have a job and you have a partner or trusted friend, go with share to buy because in the long term you will be able to buy a property but also make money from it, allow me to explain. When you are looking for a one-bedroom apartment, for example, and you have a job that earns you around 30.000 you can get a mortgage, which is four times of what you earn, however, the issue is you must still pay a bit up front, but the benefits over a couple of years, is that you have just paid off certain amount and you are now an owner of 25% of that property, so if you partner also did this that would mean you would have brought 50% of the property, so if that property goes up or down, it is yours. The higher the risks the greater the rewards, the reason why not a lot of people do not do this, is due to the fact that you will be heavily relying on another and a job that can pay that mortgage. My advice is to rent for a while, save as much as possible and do it when you have a friend or partner that you trust, so you can both reap the rewards.
Credit works when you work
Don’t have a job do not get a credit card. If you want to have a credit card and gain multiple rewards be smart and have common sense. Though sense cannot be given it is learnt through pain and suffering, however, since you are reading this you must have some sense. So how does one use a credit card? Simple one has a job, there are many benefits to using a credit card, but one must understand it only works if you are able to control yourself, you see credit is free money, so lets say I decided to buy a beautiful Korean arcade stick to beat annoying kids online rank battle, but it costs £300, the smart person would save up and buy it with his or her debit card, but what if I really wanted it and it was on offer, so I buy it, the good thing is my payment is coming next week, so I pay of the credit card company as soon as I am paid and I get a good credit score, over time my credit limit is being increased from £500 to £3000, however, because I am always paying off the credit on time, I am building a good credit score which allows me to claim certain rewards like free goodies or even upgrade flights. Now the bad way would be to buy the Korean arcade stick with the credit card then the next month I buy a couple of games because they were also on offer, however, I still had not paid off the Arcade stick, but I paid off the minimal requirement, the only issue is I am now always owing money to the credit card company, so was it worth it in the end. The answer is no, that’s why have a job and only buy what you need when you can pay it off with your next paycheck.
Get life/Health issuance now!
This is a strange one, epically if you’re young after all, in your entire life nothing can go wrong right? Wrong you are not a god and you can not control death all you can do is manipulate it, even that you can not be sure, so why risk it for yourself and your family. Did you know if you start having a life issuance now and you paid around £5 a month you would have £80-100.000 waiting for you in the end, that is more than what most pension offer, so imagine a member in your family has that, if god forbid you are not here, your children or grandchild will be secured for good part of their lives, that is good re-issuance. Finally health issuance, is something that I wish I had now, but have begun searching for a claim, the best way to describe health issuance is simple, sometimes the GP is not enough or good enough to solve your issues, sometimes you need to go to someone who is better and private and the best way to do that is through issuances such as BUPA, AXA and Vitality Health, the more I research the more I feel sad for the people who can’t get help when they need it, including my mother, if she were to do this she would pay fortune, but for me I would pay almost nothing, so I am begging all of you to get it while you can, I promise you most the stories you hear on the news wouldn’t have such a sad ending if they had one of these two issuances, so do the smart thing and claim a quote.
I hope these small tips can help you change your view on life and help you feel more at ease. This is information we should all know but sadly we don’t until now. Have a good morning or evening wherever in the world you are.
