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Tricks of the Rich by Paul A Overy

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Chapter 3

A few simple money-saving ideas to get you started

I know nothing specific about your particular financial circumstances but I am sure that the money you currently spend on financial services and products is not being spent to your best advantage.

The first money-saving rich trick I want to give is one we have mentioned already: avoid borrowing your own money and paying for the privilege.

For those of you still shaking your heads and thinking: ‘Don’t be ridiculous, I would never do that!’, assume that you have taken out a 9% loan (for, say, £20,000, over five years) to buy your car. In isolation, this is a very good deal. Generally, such debt is on an unsecured basis, linked to a depreciating asset, so 9% in such an environment ...

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