“I’m tax exempt, my money’s spent”

Avoid the stress and distraction of becoming unintentionally “tax-exempt” by focusing instead on becoming financially resilient.

“I’m tax exempt, my money’s spent”, writes Simon Dine in the lyrics of London, a song from Noonday Underground’s Self Assembly album.

It’s not very pleasant, wondering how you will pay for the next meal, let alone keep the house warm.

It is also a distraction from leading a meaningful and purposeful life by making a difference to others. Being “tax-exempt” for the wrong reasons leaves you focussed on your personal circumstance, not on others.

And making a difference to others carries a responsibility. Others will look up to you and need you, so staying financially resilient is essential to avoid becoming “tax-exempt”.

Three tracks of financial resilience

Financial resilience means looking at money from three different but related angles.

Practical money

From my previous work, I know that many are ignorant of their basic financial situation. Very few people can accurately state their income, outgoings, assets and liabilities.