EP077 The Five Simple Rules of Financial Success with Preet Banerjee

Preet Banerjee is the author of the personal finance books Stop Over-Thinking Your Money!: The Five Simple Rules of Financial Success and RRSPs: The Definitive Guide to Registered Retirement Savings Plans. He is a personal finance commentator, keynote speaker, and consultant.  He trained as a neuroscientist and was a race car driver, before becoming a stockbroker and an index fund wholesaler. Additionally, he is a TED Talk speaker and a contributing author for The Globe and Mail. He also hosted the popular show Million Dollar Neighborhood on the Oprah Winfrey Network.

 

Preet joins me today to share his five simple rules to financial success and what inspired him to write his book, Stop Over-Thinking Your Money!: The Five Simple Rules of Financial Success. He reveals the impact that your emotions can have on your financial decisions and explains why it’s vital to ‘disaster-proof’ your life. He also reveals how making little changes to your saving habits can have a massive effect, debunks some of the most common misconceptions about personal finance, and explains why it’s better to earn interest instead of paying it.

 

“If you don’t spend less than you earn, then there is no surplus at the end of the day. Then you can’t save for retirement, pay for disability and life insurance, or build up that emergency fund.” – Preet Banerjee

This Week on Young Money:

 

• Preet’s diverse background and what brought him to personal finance.
• How momentum and curiosity have contributed to Preet’s career path.
• A story demonstrating the things Preet wished he knew when he was younger.
• The role that emotions play in managing finances and debt.
• The inspiration behind writing his book, Stop Over-Thinking Your Money!: The Five Simple Rules of Financial Success.
• The five simple rules of financial success.
• What it means to ‘disaster-proof’ your life and why it is vital.
• Preet’s TED TALK and why it’s better to earn interest instead of paying it.
• Why investing isn’t one of the five simple rules of financial success.
• The biggest misconceptions of personal finance.
• How to get the Get Your Money Degree course for free.

 

Preet Banerjee’s 5 Rules for Personal Finance Success:

 

1. Disaster-proof your life.
2. Spend less than you earn.
3. Aggressively pay down high-interest debt.
4. Read the fine print.
5. Delay consumption.

 

Resources Mentioned:

 

• EP025 True Cost of Car Ownership
• EP029 Buying vs. Leasing a Car
• EP039 Bitcoin and Other Cryptocurrencies Demystified with Alan Wunsche
• EP044 Dangers of Payday Loans
• EP059 What is insurance and Why do I Need it with Deborah Williams
• EP069 How to be Financially Resilient with Jackie Porter

 

Connect with Preet Banerjee:

 

• Preet Banerjee website
• Your Money Degree
• Preet Banerjee on Facebook
• Preet Banerjee on LinkedIn
• Preet Banerjee on Twitter
• Preet Banerjee on Instagram
• Preet Banerjee on YouTube
• Preet Banerjee on TED TALK

 

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