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Enough Bull: How to Retire Well without the Stock Market, Mutual Funds, or Even an Investment Advisor, 2nd Edition by David Trahair

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Chapter 4Reducing Expenses Doesn’t Have to Be Painful

Almost everyone tells us to watch the small expenses. Save the pennies and the dollars will look after themselves. Skip a coffee a day and you’ll get rich. It’s all a load of bunk. A few pennies or even dollars saved here and there won’t add up to a hill of beans. And what’s worse, those little things are often what makes life great: an intimate meal at a cozy restaurant, a steaming Tim Hortons Double Double, a cherry float on a hot summer’s day. There’s got to be a better way than giving up life’s simple pleasures!

Why not focus your energy on reducing what are probably two of your largest expenses while not having to sacrifice anything? You can, and it’s quite easy.

Those expenses are interest and taxes.

Reducing the Interest You Pay

Unfortunately, as soon as we get out of high school, life starts to get expensive. We want to go to university, and that brings tuition fees, food, lodging, and other expenses. Often, people have to go into debt with student loans simply to afford the education.

Next may come some traveling – say, to Europe. OK, but that’s going to cost you. Add to the student debt.

Want to get married? Add the expenses for things like the ring, the reception and the honeymoon. . . .

Want to live somewhere other than your parents’ house? You’ll probably need a mortgage to pay for your dream home.

Maybe some kids would be good to have around. Do yourself a favour: Don’t do a cash flow projection to determine ...

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