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Funny thing came across in my head the other night.
 I was
watching the Money show hosted by Georgie Parker and featuring Paul
Clitheroe.
And they were talking about people having all these credit cards debts,
personal loan debts, car debts on top of there home loan.
Excuse my ignorance, but it has been so long that I have actually
forgotten that there are people out there, that are not educated
in finance and would love to get some help.
I know many people are shy to reveal their financial situation but
shyness or hard headed people, move that aside because its costing you a
bundle of money.
And the only difference to what I am about to tell you is that the money
we are going to save you, can either go back into your pocket and pay
for your lifestyle or you may prefer to still allow it to go to the
Banks profit for the year.
Your Choice.....
SO I am going to pretend that you want to get the money back rather
than it going to the Banks Profit.
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This is the golden rule that I have lived by.
You are better off having any debt, doesn't matter what it is on the
lowest interest rate....period. |
Let me give you an example how effective this is.
Lets say I had a credit card of $10.000 at 18% - min payment - $500/mth
and a Car Loan of $20.000 at 11% - min payment - $434.85/mth
and a Personal Loan of $15,000 at 11% - min payment - $326.14/mth
For this example lets say you also had a home loan of only $150,000 at
7.25%
with a min payment - $1023.26/mth
This would mean your monthly outgoing just for these loans is;
$2,284.25
So lets consolidate all these debts to the home loan which has the
lowest interest rate 7.25%.
Meaning $10,000 for the Credit Card plus $20,000 for the Car Loan,
Plus $15,000 for the personal loan added to $150,000 home loan.
Comes to a total of $195,000 at 7.25% meaning our monthly payment
is now only $1330.24/mth.
Saving you $954.01 per month, an extra $221/ week.
You
could get your shopping for free, get yourself an investment property or
make extra payments.
Now... this is back in your pocket and not some else's business or you
paying for someone's next holiday.
Lets get really serious and get creative with these figures, what
happens if we set up the home loan so we can;
1- Make weekly payments.
2- Divert the $221/week saving back into my home loan as an extra
payment.
I have used the
Craig Ball Associates Website.
Study the picture below and see how many years and how much money we
have saved.
Using the method I have used would pay off your home in
10 years instead of 30 years and the amount of
interest saved would be $204,367.86
This is not a joke, what we
have done is reconsolidated the debt and redirected the savings to the
home loan.
It is easy to
do it when you know what to do, so
don't procrastinate.
If you are in a position where your not using the lowest interest rate
to your advantage or you do not have good interest rate/bank, then let
me help you refer you to people that specialize in this area.
YOU MAY ONLY BE A FEW WEEKS FROM SAVING A BUNDLE OF MONEY.
To book yourself in for a FREE Call with myself personally
click here or to reserve yourself in for a one-on-one meeting with
one of my consultant or myself on
the next Australian Interstate Trip
Click Here.
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