A quillonaire is my term for someone who looks after their own finances in the hope of becoming a ‘naire. To be successful and make it, it requires active management of your own finances. In the meantime here’s some practical financial advice to follow in the form of my Quillionaire Checklist for those that live in the UK, and yes the order of these checklist items is super important!
Get Rid of Debt
- Always pay off credit card debt first.
- Never get a loan from a shark.
- Make the effort to start pay off your student loan when you get your first job after graduating from university or college.
- Never get an overdraft as this forms a bad habit and it’s expensive.
- Have you paid off your credit card debt yet? No?! Do it now!
- Make sure that your savings is working hard for you while you are busy doing something else, like sleeping.
Possible (easy) Investments
- Current bank account. Rarely gets interest.
- National Savings Certificates
- Premium Bonds. Invest up until the limit. It’s inflation free.
- Savings account:
- Instant access
- 60 or 90 days
- Invest in shares