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Posted by Francois Viljoen. If you'd like to receive a notice every time a new article is published, you can subscribe to Liberta.

 

Body, Financial Freedom, Money, Quick Tips

Financial Freedom Quick Tips

Financial Freedom

The Financial Freedom Quick Tips series is a collection of bite-sized chunks of wisdom, that will help anyone who wants to become financially free.

If you want to receive a notice every time a new quick tip is published, you can subscribe to Liberta.

You can expect tips on things like:

  • getting out of debt,
  • budgeting,
  • investing,
  • increasing your income and/or cutting expenses,
  • developing a healthy attitude towards money,
  • freedom philosophy, and
  • anything else that will help you to become financially free.

Published Financial Freedom Quick Tips

This is a list of all the Financial Freedom Quick Tips that have already been published.

I wrote many of these tips myself, but I also asked a few people I know, who have a lot of knowledge on the subject (e.g. Gerrit Viljoen), to contribute.

If you have a tip of your own that you would like to contribute, please feel free to send it to me.

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  1. Kedar
    July 6th, 2008 at 03:07 am

    excellent! I know absolutely nothing about money. I’m looking forward to learning a thing or two from somebody who knows ;-)

  2. Gerrit Viljoen
    July 7th, 2008 at 10:33 pm

    This is great! Financial matters has been very important for many people but unfortunately people spend more time planning their next holiday than taking time to plan their finances. People will also spend much more money during their lifetime on finances through pension plans etc. but frequently understanding very little about the factors determining financial freedom. People coming to your blog will get sound advice pertaining to the basics of becoming financial free. This will surely help many people.

  3. Bertus Dreyer
    July 8th, 2008 at 11:56 am

    Hello Francois,

    I am really impressed!! I enjoy ready your Blogs and in Nigeria I have learned a few things from you about finances, which I am now doing myself and teaching Magda and my children. You know: 1) Collect early, pay late. 2) Sweat your assets. 3) Stay out of debt. Can’t remember them all. But they work!!

    Who ever is reading Francois’s Blogs: He just looks like a ‘surfer dude’, but he is actually an undercover ‘diep seun’ (In the best sense of the word!!)

  4. Robin
    July 8th, 2008 at 03:28 pm

    OK – now I’m curious – what does “diep seun” mean? Help a girl out – I’m a southeastern American! :)

  5. Bertus
    July 9th, 2008 at 03:26 pm

    Hello Robin,

    ‘Diep’ is the Afrikaans word for deep, the opposite of shallow. And ‘seun’ means son.

    So ‘diep seun’ is ‘deep son’. But a lot is lost in translation. :-)

  6. Robin
    July 9th, 2008 at 05:56 pm

    Thanks Bertus! I totally get it thanks to an email of explanation from Francois. :D Love it!

  7. Reagan
    January 15th, 2009 at 10:33 am

    Hi there, this is really helpful. By just reading ur blogs i have a deeper understanding wrt finances and financial freedom. Im 21 and im just embarking on this journey, and lets see if i can better the 25yr old engineer! 8) Thanx again

  8. Mack jackson
    July 7th, 2009 at 06:38 am

    Thanks for sharing such great tips, according to me stick with your investments is the perfect one.

  9. Tjaart
    November 12th, 2009 at 11:13 pm

    Hi. I just want to thank you for these tips. I am already doing a lot of these but its great to get some encouragement. By end of next year I will be debt free(at age 25 unfortunately). I hope that more people get this message and start to become wiser with money. I see so many people around me suffering because they simply cant wait to have the things they want.

  10. Francois Viljoen
    November 13th, 2009 at 09:03 am

    @Tjaart

    Well… Many people would give up their right feet if they could go back and be debt free at 25.

    There’s nothing unfortunate about being debt free at 25. Well done Tjaart!

  11. Slava Blazer
    March 25th, 2010 at 12:09 am

    Thanks much for these tips! I read all of them, and it is now time to implement them. I am a fourth year UCLA student, and now that I am graduating soon, all the finances/loans/insurance policies, etc. are falling on me like that wave you have described, so I will really try my best and apply the tools that you have given to me in this post.

    Thank you very much and I am sure this work!

    Best,

    Slava

  12. Janice
    July 25th, 2010 at 11:04 am

    Hi Francois

    thank you for the great advice. I’m 30yrs old and wish that I had found this website earlier, but I guess it’s never too late to start the journey of becoming financially free.

    I’m in the process of buying my first home and would like your opinion on fixing the interest rate. I got prime -0.95% and 10% is the lowest it’s been for a very long time.

    I’ve heard friends, who have home loans, talking about making the monthly payment and then making an extra payment the middle of the month (something to do with the interest). How does this work? And would I be able to do this with a fixed interest rate?

    I would really appreciate your opinion on this.

    Kind regards,
    Janice

  13. Francois Viljoen
    August 14th, 2010 at 08:52 pm

    @Janice

    Most banks allow you to pay off your home loan quicker than the term of the bond, and if your home loan is like this, then of coarse it’s a good idea to make extra payments into your bond to save on the interest.

    As for the best time of the month to make extra payments – I’m not quite sure why your friend makes an extra payment in the middle of the month.

    Perhaps there is a reason with their specific home loan, probably to do with the date interest is calculated.

    But with most home loans interest is accrued daily, so the best time to make additional payments, is as soon as possible!

  14. John
    May 31st, 2011 at 10:23 pm

    Hi Francois

    Thanks for all the good advice.

    Do you have any general tips/guidelines on how to negotiate a better interest rate on a home loan?

    I had mine fixed for the first two years and I am now in a position to apply for a better rate. It automatically reverts to prime but I’m sure I should be able to get a better deal than that.

  15. Francois Viljoen
    June 1st, 2011 at 04:31 pm

    @John

    My knowledge about home-loans is a bit out of date (I haven’t had one for a while now), so I may not be the best person to ask. But I’ll give it a go anyways.

    The way to get the best deal on a home-loan is the same as getting the best deal on anything else: you have to shop around, get several quotes and then select the best one.

    Banks make money from you in two ways: 1) earning interest and 2) charging fees. You have to consider both of these together to select the best option cost-wise. Then there are also subjective / non-monetary terms and conditions o take into consideration (e.g. is it an “access bond”, are there cancellation or early settlement penalties and, if so, how much, etc.).

    So, to get the best deal:
    1.) Get a quote for your home-loan from several banks. Mention to the consultant helping you that you are “shopping around”, so he/she will give you a competitive quote.
    2.) Ask for and take into consideration the bond-origination fees and other once-off fees for each quote.
    3.) Ask for and take into consideration the monthly admin fees for each quote.
    4.) Also consider the subjective/non-monetary terms and conditions of each loan. Some terms are worth paying more for.
    5.) Take a look at the terms and conditions of your current home loan (especially early cancellation fees & penalties). I’ve seen some loans with early cancellation fees that are so high that it was not worth swithching to any other loan.

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