4 Tips To Outsmart Your Bank

4 Tips To Outsmart Your Bank
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***The ‘Beat-The-System’ Series***

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Stand up and say this out loud: "The bank is not my friend!", say it again, "the bank is not my friend". Now sit down and focus.

We have to realize that we cannot fight the bank because we won't win, however, we can beat the bank at its own game. We have to engage in guerilla warfare and act as if the bank is our business partner. Like lobbyists, we have to win the bank's favor and use its structure to our advantage while at the same time protect our wealth from the bank's debt trap.

Old-school brick-and-mortar banking institutions plugged into the debt diseased propaganda, of the world monetary system, are cold-hearted, emotionless machines that see you as a number and not as a human being. A number that could make them (the elite) money.

Understanding this is power and, knowledge is power.

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The less you understand how banking works the more money the banking system makes. The more you understand and question their motives, the less money they make and the more money you get to keep. Could this be why personal finance is not being taught in our schooling system? Definitely food for thought.

We have all seen the colorful posters in the banks and on their websites; seemingly successful and smiling young adults with the latest designer clothes driving shiny machines. 'Your best life NOW!', written at the bottom of the poster. 'Why wait? Apply for credit right now!' BOOM! And just like that, you become part of the debt spiral. A sinister black hole just opened up under your feet, swallowing you up and delivering you into the dark underworld of credit cards, personal loans, vehicle finance, and home mortgages.

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Similar to a pack of hyenas they will rip your flesh apart until there is nothing left but bones, and we all know that this is where the strength of the hyenas really shines through. Equipped with the strongest jaw, they will even devour your bones.

Fact: Predators prey on the sick and the young.

Fact: Young adults are easy pickings for the banking system.

They lack the experience of knowing what to watch out for when dealing with financial matters and easily accept greedy interest rates while signing on the bottom line. The shiny new car or the keys to their first home is such a big attraction that they will sign anything just to get their hands on it. So, with a few strokes of a ballpoint pen, they are 'locked' into bondage for 5 or 20 years. (mortgage)

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Now, let's take a step backward and look at the situation from a different angle.

Do banks provide an essential service? YES.

Are all bankers out to 'get you'? NO.

Do banks exploit their customers with high transaction fees and massive interest rates on loans? Some of them do, YES.

Are many clients 'talked' into opening certain accounts and buying certain financial products while thinking that it is the best option for them? Meanwhile, it is the products that make the most money for the bank and the least money for the client. YES.

The bank is a business, I get it, but is it necessary to take advantage of the client? Is it necessary, Mr. Banker, to openly display your love for money, power, and greed in the form of your arrogance? Like Marie Antoinette, you tell the masses to go and eat cake while you are stuffing the last bite of caviar into your mouth. You, Mr. Banker, have a distorted view of the millions of salary earners that pay your yearly inflated bonus. For you, they are numbers on a screen, but in reality, they are real people. People with families, hopes, and dreams. People that don't know the topic of finance as well as you, and that is exactly what you exploit. The lack of knowledge on their side. Shame on you.


Or should I say, shame on us?

Why don't we take the time and increase our knowledge? Maybe we should start to question every single item on the bank menu and start fighting for a stronger personal financial foundation. This is key to financial survival. Let the hyenas get the scraps and let's keep the main portion for ourselves.

Start with this: Stop buying shiny things with money you don't have to impress people you don't know. That's the dream the banks are selling! They are riding the consumerism train as fast as they can while selling tickets at massively inflated prices. Funny thing is, millions of gullible people are lining up to buy! Are you one of them?

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Here are a few basic steps that could help you to beat the banking system, pay less and save more:

Step 1

Question the transaction fees on your accounts.

Make an appointment with your bank and get clarity on the type of fee structure you have on your accounts. Compare the fee structures of other accounts and make sure that you are using the correct account for your needs.

Sometimes a 'bundle' fee package is better as a 'pay as you go' or vice-versa, depending on how frequently you use the account.

Is your lump sum investment in the correct fixed deposit account? Or is there another account with a higher interest rate and more benefits for you?

Tip: Visit a rival bank and arm yourself with brochures explaining the fee structures of their accounts and compare with what your bank is willing to offer you.

Step 2

Avoid applying for any form of loan, rather save up and then purchase.

Obviously, it is not always possible and with big-ticket items such as vehicles and personal loans for medical expenses it is, unfortunately, necessary, but please shop around.

If you have a current loan you need to get clarity on your interest rate and then knock on the door of the bank next door. Maybe he is willing to give you the same credit at 2% less interest. At the same time, try to reduce the repayment time-frame. The longer the payment structure, the more money the bank put in his pocket. Try to manage the highest monthly installment in the shortest time.

If you have a mortgage then please apply at every other bank for a mortgage loan as well. Again, you might find another bank that is willing to adopt your mortgage for a much better interest rate that could save you a ton of money at the end of the time-frame. It is definitely worth the effort.

Step 3

Credit (Cancer) Cards.

Could you build up a strong financial credit score by responsibly handling your credit card? YES.

Does the bank want you to handle your credit (cancer) card responsibly? NO.

Why not? Because the more debt you have, the more money the bank make. We all know this right? Not so sure about that. I once met a lady that bragged about having four credit cards! She told me that in her world, shopping was a sport, and she was in it to win it! Wow.

Credit Card Do's & Don't s:

- Always pay the full monthly installment.

- Best practice: Keep the balance of the Credit Card in the 'green'.

- Cancel the 'automatic annual increase' function and keep the credit limit as small as possible.

- Don't fall into the trap of viewing the 'available balance' on your credit card as 'your money, it's not. It's the mind trick of the bank to get you shopping like the lady with the four cards.

- Use your credit card as a weapon to increase your credit score.

- Use your healthy credit score to purchase a property (that will increase in value) and not a shiny car (that will decrease in value).

- Minimalism is sexy and materialism is toxic.

Step 4

Digital Banks. (Online Banks)

Seriously consider moving your entire banking portfolio to a digital bank.

Over the last few years, these great banking platforms have given a serious blow to the old school brick and mortar banking institutions. Their interest rates are rock solid and their transaction fees are more than 50% less than old school banks.

Do yourself a favor and research an online banking platform in your country. I am convinced that you will be pleasantly surprised by their fees and interest rates.

It is a pity that personal finance is not taught at school. Let us take it upon ourselves to educate our children about the dangers of credit cards and debt. We all know that they could be used for good, but that they could very quickly become very nasty.

Always question your transaction fees, always question your interest rates, and take the time to shop around. Financial knowledge is power.

So, we all shout: "Power To The People!”

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