1. Fast Repay Home Loan: Mortgage and Cash flow
The Australian dream used to be to “own your own home”. Now the great Australian dream is to “own your
own home and not have it taken away from you”, just to survive in retirement.
To pay off you home loan faster you need to set up a mortgage plan.
Your Mortgage Plan is not only about home loans and mortgages, but rather about you and providing
strategies to help better manage the single largest financial obligation most families encounter.
Strategies are not only limited to your home loan but rather your lifestyle, cash flow, future goals and
objectives and implementing a debt management program that best suits your circumstances.
Your mortgage plan strategies take into account your future plans, which may include the purchase of a new
car, an overseas trip, acquiring additional assets like property or shares. These strategies will also allow you to
plan for the unexpected such as sickness or unemployment.
The main reason most Australians work hard for over 50 years and still retire dependent on government
pension is the Incorrect Financial Structures & lack of understanding about Finances.
Implementing a mortgage plan help you separate your wants from your needs and savings. It helps you
correctly structuring your finances.
If we can create a Balance between these 3 areas of Financial Commitment, we can gradually create Residual
Income.
Creating a ‘Balanced Budget’ does not necessarily mean that you can no longer eat out at Restaurants, go to
the movies, give to charity etc.
As Professor Elizabeth Warren from Harvard Law School says: ‘Setting aside a specific amount for your Wants
is the key to breaking the cycle of crash-diet budgeting. It puts an end to those fits of good intentions when
you declare you must clamp down on all Extra Spending Immediately. Talk about the road to misery! It’s like
telling yourself that since you need to lose weight, you must Never, Ever Eat anything you really like. It’s
impossible to live like that for very long, so either you deny yourself all the time and feel lousy, or you splurge
and feel guilty. Either way, you are caught between the 2 sides; misery from constant denial and guilt from
having fun.’
Most people are also just trying to keep up with the Jones’s, instead of focusing on their own priorities. Your
wants should never compete with your needs and Must Haves.
You need to look at your home loan, as this will end up costing you hundreds of thousands of dollars if not
structured correctly. Spend the time to go through it and understand it, do not just accept what your lender
has offered.
Investigate your current loans using the above strategies, and more importantly set up and implement a
mortgage plan. Correctly structure your debt management programs and your cash flow. Focus on paying off
your home loan faster and take back control of your life.
http://www.fastrepayhomeloan.com.au