101 Money Tips

If you are reading this module, then you have arrived at this site before I completed it and before I have begun to publicize it. All the better.

Although you will not yet find 101 tips, and you might not find tips in every category, please feel free to see what is here and learn what you can.

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You can insure anything these days, but that does not mean that you should. Insurance should only be used to save yourself from financial catastrophe.

1. Never insure anything that can reasonably be replaced: A bicycle, your pets, are good examples. You should ensure, your car, your house, your life...and nothing else. The bottom line is buy insurance only against financial hardship.

2. Life Insurance creates a lot of confusion for many of us. The general rule is "buy term, invest the difference". Whole life is far too expensive. You only need to ensure yourself until you have built up a nest egg that your dependents can draw from. The bottom line is your goal should be that you have enough money down the road that you do not need insurance.

3. You do not need to carry collision insurance for your automobile if it is older than 8 years. The premiums are far too high to justify the lower value of the vehicle. If you must carry collision insurance than you should have the highest possible deductible that you can afford.

4. Carry the minimum amount of liability that is allowed in your State or Province. As long as you do not drink and drive, no jury would ever award more than your insurance will cover. In addition, it is unlikely that any lawyer would even ask for it.

Have you ever heard the expression, " a penny saved is a penny earned" Actually, it is even better than that because it is not taxable. If you get a raise and earn a dollar a day, that dollar becomes taxable. So for every additional dollar you earn, you might only keep $.70, but if you save a dollar a day, that money is yours free and clear.

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