As a child Duncan lived in one room with his parents and siblings in a large house shared with six other families. He attended Dalmuir Primary School where he displayed a talent for arithmetic and won a place at Clydebank High School after passing the Eleven plus exam. Most pupils owned a bicycle so he resolved to earn the money to buy one for himself. The local newsagent was not interested in employing him so she challenged him to find new customers in return for a paper round. He called her bluff by returning with names, but later reflected that it would have been more entrepreneurial to have sold the list. He only enjoyed PE and woodwork at the High School and left at 15 without any qualifications.
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You can unsubscribe at any time. In a decade, the Glaswegian tycoon went from being skint to becoming a millionaire and he picked up some valuable lessons along the way. To answer the many people who now write to him asking for guidance through the credit crunch, Duncan has written a book passing on the accrued wisdom that could help many of us stay insulated from financial hardship. He said: "I wanted a book that was going to be accessible and help people make the most of their money.
Planning your financial future is the first step to making it a reality. When the subject of money comes up, too many people stick their fingers in their ears and choose not to listen, they think that money is more complicated a subject than it is. This is rubbish. Ask yourself basic questions like how much money do you have in the bank and how much money do you need to live on each month? Paying for things and affording them are too very different things.
Prepare and control your personal budget. All you need is common sense, a pen and paper. Write down your monthly net income, tax credits, benefits, interest on savings. Now list everything you pay for each month, from mortgage payments and standing orders, to how much cash you take out of the bank, without even thinking about it.
Check your bank statements to see how much you really spend. If there is an excess each month, think about investments. If there is a deficit you need to trim back. Is there anything you cut back on even small things like cappuccinos on the way to work or the thousands spent on cigarettes? Once a week go through all the bits of paper and add up how much you have spent and see how it tallies with your budget.
Organise for all your direct debits and standing orders to leave your account on the same day, perhaps a couple of days after your monthly salary lands in your account. In , some very smart people read that the property market was likely to be affected by the credit crunch so sold their properties at the right time. In less turbulent times, paying attention to the financial world will let you make the most of tax breaks and new products.
Use lots of sources, from watching the news and buying a newspaper to talking to a financial adviser. Instead of throwing things out, sell them on eBay. Consider a second job or renting out a room. If you have put away a lump sum of savings make sure you are always checking you are getting the best interest. Limit the cards you carry and if you know you have got into bad spending habits, try and only carry cash for a week and see what a difference it makes to your attitude.
Keeping a record helps you identify areas where you have thrown caution to the wind and is an invaluable tool for the future. Add it all up, bank cards, loans, store cards, money owed to friends and family.
Make a note of the interest rate you are paying. Talk to lenders and negotiate repayments. I know that thousands of people are currently dealing with negative equity but I still think owning your own home is the smartest financial decision you can make. Mortgage payments are usually lower than rents.
Historically house prices have risen, giving you the opportunity to amass wealth. You can choose the location and decorate and add to a property to increase its value. In every career there are opportunities maybe for promotion or to specialise in new technology. Recognising these moments and building on the momentum that accompanies them can transform your earnings. Choose the moment when it is worth taking a risk or staying put.
How to be Smart with Your Money
Read this because i wanted a few ideas on budgeting and managing my money better. A great collection of financial knowledge, delivered in the no-nonsense style you expect from Bannatyne. Your display name should be at least 2 characters long. Why do organisms and ecosystems scale with size in a remarkably universal and systematic fashion? Subscribe to our Daily newsletter Enter email Subscribe.
HOW TO BE SMART WITH YOUR MONEY DUNCAN BANNATYNE PDF
Sign up to FREE email alerts from Daily Record - daily Subscribe When you subscribe we will use the information you provide to send you these newsletters. Our Privacy Notice explains more about how we use your data, and your rights. You can unsubscribe at any time. In a decade, the Glaswegian tycoon went from being skint to becoming a millionaire and he picked up some valuable lessons along the way. To answer the many people who now write to him asking for guidance through the credit crunch, Duncan has written a book passing on the accrued wisdom that could help many of us stay insulated from financial hardship.