I Remove Collision Insurance – We Get in a Collision

I Removed Collision Insurance - We Get in a Collision #Saving #AutoInsurance #Budget #Accident

File this under the “full disclosure” section of MikedUp Blog… Last week I wrote all about the awesome financial benefits we’d have by removing collision auto insurance from our decade-old vehicles.   “It’ll be great,” I said. “We’ll save hundreds… or thousands if we can stay in these cars for a few more years.” And in my defense, I wasn’t wrong on that point. But there’s that word: ‘if’   Well, it just so happens that one of our vehicles was in a collision… Precisely 3 weeks after I wrote the initial post and subsequently stopped the collision insurance. And as it turns out, there aren’t a ton of savings via lower premiums in 3 weeks. So the benefits of removing collision insurance on that car were about, roughly, close-to… $0.   And zero cents.     Ok, now that those numbers are out of the way – here’s the […]

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Eliminate Collision Auto Insurance – Boost the Budget!

Eliminate collision auto insurance - boost the budget!

  So I did something crazy last week… I was having a conversation with our insurance agent and just went off on a tangent about collision auto insurance. “What do we save to eliminate it?” I asked him.   “Well, Mike. If you don’t have collision coverage, and you get into an accident, you’ll have to pay 100% of the repair costs…”   Continue reading below to see why that above statement, although true, didn’t phase me in the least. Because I went ahead and eliminated collision auto insurance for both of our vehicles… Then I had to think of a bullet-proof pitch to sell Monica on the idea. Here’s that pitch:     Let’s start with discussing the benefits of collision auto insurance. This should be pretty straightforward: If you wreck your car and you are at fault, collision coverage will pay for the cost of your vehicle repairs after […]

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Not your granddaddy’s wireless plan: stop overpaying (guest blogger – Jon)

Hi, Team! Today, we’re fortunate to have Jon (yes, this Jon) here to blow your mind about those crazy prices some of us pay for wireless service. What are Jon’s qualifications? Well, he and his wife paid off close to $89,000 in student loans in about 16 months. These two are living examples of what good, worthwhile goals can lead to. Consistent readers are probably familiar with the story, if that’s not you, feel free to check out the link above. Either way, thanks for being here! -Mike   When it came time for me to finally get off my parents’ cell phone plan and get my own, Heather and I were pinching every penny I made to get her through school without adding to our mountain of student loan debt.  Money was tight, and I was the only one working, which gave me the motivation I needed to venture […]

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Pay yourself first (financial pillar#6)

Check out the complete list of Financial Pillars Here When there are credit card payments, student loan payments, rent, mortgage, car payments, utilities, groceries, …, and the good ‘ole gym membership competing for those precious budget dollars, it can be so easy to ignore savings. In this post, I’ll show you why it’s vital to save monthly. How will we do this? By paying ourselves first. That’s right – before all of those other bills. Don’t worry, if we do this right your lights won’t get shut off on you.   I’ve heard it when doing financial counseling, my friends have said it in random conversations, and the data show their comments to be true… “After all of the fixed expenses, it’s hard to come up with any money to save each month.”   I hear this and think about death to the savings account, death to retirement, and death to financial freedom itself. And I’m […]

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The spending freeze – jump start your budget

  You’ve seen the medical dramas on TV… We’re in the emergency room with tall, dark, and handsome doctors and nondescript nurses all crowded around a motionless victim. Loud noises tell us the heart rate is flat-lining and we’re short on time. “Get me a crash cart, now!!” Said crash cart arrives a split second later – almost like it was part of the script – and as the doc grabs the paddles and rubs them together he yells, “Clear!” The electric current lifts this victim up off the table and then leaves, slamming the body back to the gurney. This is touch-and-go, and we’re on the edge of our seats because we honestly don’t know if these breaths may be this guy’s last… Cut to commercial. “Let H&R Block he…”   Let’s pretend you are the doctor in this scenario and I’ll ask you a question. Have you ever […]

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10 Financial musts before age 20 (3 of 5)

This is the third of five posts (in our Financial Must series) where we’re aiming to provide you with a tremendous foundation to achieve your financial goals. We will be posting 2 musts every Friday until the list is complete. If you are enjoying the posts, please take a minute to subscribe to MikedUp Blog. Just click on the ‘subscribe’ button in the bottom right corner, enter your email, and you will get every post as soon as it’s published.   We have the previous four Musts listed below to remind you what we’ve covered. If you’d like to read about those in detail, check out Must Post 1 or Must Post 2. Thanks for reading!   1) Find a way to earn an income and do it at an early age. 2) Set goals for yourself financially, and make sure at least one is attainable in the short term. 3) Open a […]

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