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Digital Subscriptions > Psychologies > No. 150 > Mastermind your plan

Mastermind your plan

We talk to four experts in finance, work, love and health, and ask them the secrets to ‘living it large’ in all areas of our lives

Wealth

Ann Wilson, financial guru and writer of ‘The Wealth Chef’ has some inspiring advice for adopting a proactive mindset about money.

1 STOP JUDGING YOURSELF. ‘There’s so much shame around debt, but we need to tackle it in a less charged way. One of the most insidious things about owing money is that borrowers go into “hiding”. Contact every debt provider you have and see if you can bring down interest rates. Remember, it’s just a call-centre person at the other end of the phone and, quite frankly, they’re not interested in you. If they won’t negotiate, tell them you’ll take your debt elsewhere. Debt earns banks a lot of money. You do hold power here. As a priority, focus on one debt at a time and throw everything you have at it’, she says.

2 EMBARK ON A TREASURE HUNT. ‘Try to accurately assess your wealth “co-ordinates”: what is coming into, and going out of, your bank account every month? What you need to tackle in this step is your fixed costs, not your disposable income. Make a list of your direct debits and call every provider and ask them if you can have a better price.’ Wilson says. ‘If this is unsuccessful, shop around for a cheaper deal. Again, you can take your business elsewhere.’

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