Planning Fire

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Summary

Join the discussion on Planningfire.com

Stop me if you have heard this one before, but I managed to save $700 in about 15 minutes.

Show Notes

Join the discussion on Planningfire.com

Stop me if you have heard this one before, but I managed to save $700 in about 15 minutes.

Back story: I have an insurance broker who I use for all my properties. I am a big believer in the idea that time is money, and I do not want to nickle and dime my trusted partners and I do not want them to "play the game" with me. Basically, I know everyone needs to make money, so I just asked that my trusted partners give me their first and best prices so I do not have to go hunting around for deals. I would rather pay someone the extra $50 than have to spend a few hours researching prices when it comes to my properties.

That said, here is how I saved $700 that quickly. I received my auto insurance quote (I pay the year in advance and budget that throughout the year). I received my yearly quote at $1200, which felt high. I have nothing on my record, work from home, live in the suburbs and my car is a 2010 Kia forte. I felt $1200 for a years insurance was high so I looked elsewhere, and the FIRST quote I found was ~$250 for 6 months ($500 a year!). I spoke with my insurance partner, he could not help, so I switched. No harm, no foul, saved $700 a year.

Moral of the story:  Trust but verify. I relied on this partner for my pricing, and if he was $50, or $100 over for the year, I probably would have stayed with him, however, I could not in good faith pay an extra 120%. Also, I write a finance blog, and even I make the simple mistakes like not shopping for prices. It is so easy to let little things like this slip and add up to substantial amounts each year. Have you checked your bills lately?

What is Planning Fire?

Spencer, Chris, Laura, and Sean meet up to discuss their business ideas and report on how their journey to financial independence is shaping up. This show covers all wealth development and financial independence (FIRE) topics. We would love your ideas and to join the discussions!