1072-Why I Stopped Canceling My Credit Cards Every December (and what I do instead!)

Radical Personal Finance

Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP

Finance, Retirement, Insurance, Business, Money, Education, Self-improvement, Financial, Independence, Growth, Advice, Investing, Family, Personal, Radical, Christian, Faith

4.4 • 1.9K Ratings

🗓️ 5 December 2024

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Learn this and many other useful tricks in the new RPFacademy! Sign up today before the first live class! www.RPFacademy.com (And make sure to buy my International Escape Plan course before the Cyber Monday Sale expires. 2 days left!) www.InternationalEscapePlan.com

Transcript

Click on a timestamp to play from that location

0:00.0	Welcome to Radical Personal Finance, a show dedicated to providing you with the knowledge, skills, insight, and encouragement you need to live a rich and meaningful life now while building a plan for financial freedom in 10 years or less.
0:10.1	My name is Joshua Sheets. I am your host and today I want to save you some money in 2025.
0:17.0	Today, as I record this podcast, it is Thursday, December 5, 2024. And as I do every December,
0:25.0	I am working through my checklists of end of the year financial hygiene. What can I do at the end
0:31.7	of the year to make certain that things are on track? There is a long list of things that you can do during the month
0:38.9	of September, to me, December, to make certain that everything is squared away with your finances.
0:44.0	And I've talked about this in past shows on end of the year things, and maybe I'll do more.
0:48.4	But you go through all your finances, you see how your performance has been for the year,
0:52.0	you make sure all your retirement accounts are topped up.
0:54.8	You check out your spending.
0:56.0	You make certain that everything's taken care of.
0:57.8	You make end of the year contributions, do end of the year rebalancing, lots of different things that you can do.
1:03.1	And one of the things that I used to do is cancel all my credit cards.
1:09.1	Let me describe why. If your life is anything like mine,
1:14.7	you wind up signing up for all kinds of stuff. Now, some people don't have any recurring payments
1:21.3	that hit their accounts. I admire those people. I aspire to be one of those people. And yet, sadly, I am not one of those people.
1:31.3	I wind up with stacks and stacks and stacks of recurring subscriptions, all of them with
1:35.6	perfectly good justifications, most of them quite useful. The problem is these subscriptions can
1:42.1	quickly get out of hand. Now, if you are beautifully organized, you have a
1:48.1	world-class financial management system, every single transaction that passes through your life,
1:53.2	gets carefully categorized and logged into that financial management system. Your budget is
1:59.2	notified, and a little blinking red light goes off a month before the
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.