Happy New Year!! – Well… Financial year anyway!
What a great great time to review, refresh and reset your goals for a new financial year! Did you know that just by changing the way you do your banking and looking for leakage and wastage in what happens in your house you can save up to $500-$700k of your mortgage? That is a whole second property! Seriously! There are just a few simple tricks to make this happen for you.
Over the past 20-30 years, I have taught thousands of people to do just that. They have paid off their home loans early – really early – like 5-7 years instead of 30 years! The numbers speak for themselves. It is amazing how most people just don't realise how much they are going to actually pay for their home when they buy it.
Let's look at an average mortgage. Let's say your monthly principal and interest payment is $2800 per month.
If you reduce your mortgage by 1 year that saves $33,600. So the maths is simple…
Pay it off 10 years earlier $33,600 x 10 = $336,000 less to pay the bank
Pay it off 15 years earlier $33,600 x 15 = $504,000 less
Pay it off in 7 years instead of 30 $33,600 x 23 = and you save a whopping $772,800!!
It doesn't matter what your actual payment is, reducing years will be a huge saving try it! Take your monthly payment, multiply it by 12 then by the number of years you would like to save! It will be a staggering amount of money!
So… do you want to know why this crazy situation of taking 25-30 years to pay a home loan off instead of 5-7 is so common? (And my common I mean that over 85% of mortgages run for more than 30 years – to make it worse, every 3-5 years we refinance to another full term!!)
No one teaches people how to manage money properly
We don't teach it in schools, our parents don't know so they can't teach us! We get advice on which loan to get from the banks! That is like asking the mouse where to put the cheese! Of course, they are going to want to have you pay a loan off over the longest period of time because they are the ones who score the extra $500-$700k! Sounds dreadful, doesn't it?
Banks aren't actually heartless, it's just that mortgage holders just aren't their clients! The people they are there to serve are actually the shareholders. Their ‘sole purpose' is to help make their shareholders profit, and who can argue that they don't do that well!
I tend to upset a few bank managers when I say that, but… the facts are facts. Mortgage brokers tend to work for the mortgage holders, they look for the best deal for you rather than what works for the bank.
We need to do 3 things to change this and get you off the mouse wheel of debt for a new financial year.
- We need to analyse your starting point. Look at where you are starting from and…
- We need to look at what it is you want to achieve – so we have targets and goals to aim for and…
- We need to create an exact road map to get there. Everyone is different. You have different starting points, different time lines, different incomes and debt levels, different family structures so naturally no one plan suits all.
At think Money, we analyse your starting point and your end goal, and taking into account all of these differences including and most importantly we look at your ‘money personality' and make a plan that will suit you and your family down to the ground.
I also teach you the ‘dumb stuff' that will save you somewhere between $20k-$60k a year! Seriously! I call it dumb stuff because most people are waiting for the big 'ah ha' moments, but it's the small stuff that ads up.
There are still a number of these 'ah ha' moments too like the right loan set up and all of the tricks to banking the banks don't want you to know! The ‘who to take advice from' advice, like what happens if you follow the advice in some of the most popular books on the market, and why THAT doesn't work if you have a mortgage!
Getting back to the dumb stuff… I teach people how to store their veggies properly, how to reduce waste and increase your wallet. How to manage food by meal planning and doing your shopping smarter, how to declutter your life, your time and your money. Dumb stuff that literally saves you thousands and thousands of dollars in a financial year and doesn't reduce your lifestyle – in fact it increases it.
Here is an example:
how heavy is your wheelie bin when you wheel it out each week? If it is light, congratulations! You are already onto one of the big wastages that keeps people poor, but if it is heavy, how much lifestyle would you lose if you learnt how to reduce the amount you throw out? None right? My clients save thousands and thousands every year by not buying food and throwing it out a week or two later. It just happens to be good for the planet too!
My BIG Money Goal is like a health and fitness program for your money, it is a lifestyle change for your life and spending that will actually increase your lifestyle while reducing your debt, it will have you owning your home fast, or help you get into your own home quicker! However, it is much much more than that, My BIG Money Goal is an entire lifestyle program, it covers everything from money-saving ideas to mindset and meditation, from decluttering your house to getting ready for tax time, for great Christmas planning to keeping the kids occupied over the school holidays.
An International online guru and digital strategist, Michelle Martello, reviewed the program and said:
"I just want to applaud you guys, this is one of the most custom bespoke things I have seen and I am very impressed!"
This is what our clients have had to say about our program and their debt reduction…
The program is launching shortly nation wide and totally online. Our clients here in southeast Queensland are lucky to have a combination of online and face to face available. The numbers are limited, so make the most of the opportunity to be part of this new launch!
Click here to book a time to come and see me, or book one of our events to meet people just like you who are making the most of our programs.
Both are complementary so you probably have no excuses left not to change YOUR life NOW for the new financial year.
Our programs range from online to fully coached and are affordable. Our clients save much much more in the first few months than they invest, and the first session/s are complimentary to show you what we can do to help you.
I guarantee you will learn so much just by coming to a free session.
Here is a copy of my 5 life hacks to give you more ways of saving money!
See you soon! And what better time to start something different than at the beginning of a new financial year!