ING Direct has always known as speaking directly to the savers with their fresh approach to saving. Following up on this, ING Direct has put out The “Declaration of Financial Independence”.
Many people many scoff when seeing this and even think of it as another elaborate marketing campaign. In all practicality it is.
The funny thing is, when I was ready this, is that it really makes sense. A good deal of these promises make a smart sense. In fact, if more of us tried to stick to these we probably wouldn’t be in the mess we are today.
The Declaration of Financial Independence is pretty straight forward. ING Direct has created created WeTheSavers.com in order get savers to sign and “agree” to it. Hopefully, making you a smarter saver because of it.
Currently, the declaration has more than 11 thousand signatures. You can send the declaration to a friend and even view all the signatures including the cities of where people have digitally signed!
The Declaration of Financial Independence is simple and straight forward.
#1. We will spend less than we earn.
Oh, when will we learn. We’ve all been guilty of this one and some point in our lives. Simply spending more than what you earn could lead to a disastrous financial situation. We’ll all have times in our lives when this might happen. Good preparation can help guard against it.
This one is big one and probably one of the major causes we’re in the financial mess. People tapping into their home equity practically killed every one’s home investment. You want to keep the equity that you build into your home after payments and payments. You don’t want to tap into that equity for any reason. That includes a kitchen remodel.
#3. We will take care of our money.
The money you saved can earn you more if wisely invested and better yet saved in a high interest savings account
. Whether at ING
Direct or at another bank, putting your hard earned cash into a high yield account that’s guaranteed by the FDIC is plain smart.
#4. We will defend our credit worthiness.
Monitoring your credit and paying your bills on time will save you so much money in the long run. Whether when it’s time to get a loan for a house or that new car you’ve been thinking about getting. The difference in your credit rating could mean getting that new BMW instead of that Honda for the same monthly payment.
#5. We will ignore unsolicited credit card marketing.
First, let’s hope ING Direct doesn’t shoot itself in the foot by offering a credit card soon. This one is easy. You know all those credit card offers you get in the mail everyday. Toss em out. Don’t even bother looking at them. They’re all trouble and can quickly kill your savings and have you paying interest for years to come. Take this advice from someone who was buried in debt by credit cards right out of college. They’re dangerous.
6. We will invest for the long term.
Sticking through and through with your investments is key to being a successful saver. Whether you investing for retirement or saving up for your kids college fun. The smart savers set a goal and stick to it.
7. We will know the cost of borrowing.
I remember I purchased my first car during college. I was so happy to get the car I was willing to sign anything. I think I would’ve sold my soul away if the salesman asked me to. Pay attention to interest rates. Take the time and do the math. Find out what it’s really costing you to finance that new car before you make the decision of buying it and being stuck with payments for 5 years.
8. We will take care of the things we have.
We need to appreciate the things we have and take care of them for the long run.
9. We will remember what matters.
New cars, new clothes, fancy restaurants, TVs, purses, and gadgets. They all don’t mean a thing if you don’t have your health. These material things don’t and shouldn’t define who you are. Buying these things for fulfillment will lead you to a path to nowhere along with killing your financial situation.
10. We will be heard.
We need to stop getting pushed around. Stop getting robbed by our own banks and credit card companies. We need to stop getting nickled and dimed by our cell phone carriers and our satellite providers. Speak up. Band together and say something. We’re not going to take this anymore.
To see how you can participate in this petition by ING
Direct click here