Hi all,
Just thought I would share with you all some success that we have achieved as a family,for regular members who read this site all the time, you will remember when I mentioned the 30:30 challenge that was in steves latest book, eg you save $30 dollars for 30 days, Well I’m here to tell the world that as a family we have paid off one of our
first debts, $4,500.00 GONE YIPEEIt has been hard work for all of us but as a reward we have just been camping for 3 days.
Now we are read for the next challenge and that is $6,500.00 that has a interest rate of 34%. WATCH THIS SPACE[thumbsupanim]
regards
Dr. Spock
Dr.Spock
“you never never know if you never give it a go”That is such great news, and well done for not only setting a goal but achieving it in record time.
AmandaBS
http://www.propertydivas.com.au
FREE online Property Resources“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”
Great work, Dr Spock.
I hope you can knowck your remaining debts soon.
But it makes me wonder what kind of debt is costing you 34% interest rate?cheers,
Sanjiv Gupta“There is no passion to be found playing small – in settling for a life that is less than the one you are capable of living.†– Nelson Mandela
Know exactly where you are coming from Dr Spock, well done.
Craig[thumbsupanim]
34%? 6,500? Unbelievable, where is this from? Seriously you can go out right now and get a credit card. THen get a second one that has 6 months interest free for transfering a balance, and transfer it accross. 0% for 6 months then 9.9%.
I imagine a family budget is very though. We are trying to save at about $700 per week at the moment and upto nearly $15,000, because we have been offered a loan at the cash rate + 0.5% (6.75%) if we can pay 5% deposit.
Very good Spock. You should be able to pay off the next one faster than the first as you have less interest accruing.
AS an aside, I have come across a client who is currently pay 31% on his home loan as a second mortgage and 12% on the first. An evil broker exploited him by charging him $20,000 for the priviliage. I am refinancing him to 12.25%.
Terryw
Discover Home Loans
[email protected]
Send an email to get my newsletter.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Off on a tangent…
Anonymous quote;
“success is – falling over 100 times and getting up 101”
I love it.
Cheers,
Marc.
[email protected]“we get sent lemons; it’s up to us to make lemonade”
this just sounds so inspiring!! I have just discovered this site today, I am a mother of 2 and just looking at the very scary prospect of entering the market and hopefully making sense of money and making it work for me!! You have inspired me into seeing a start is a start!!!! well done!
Is still believe the best start is to always get yourself out of debt. If you don’t own a PPOR then don’t invest. You probably won’t make more than the interest rate on debts once you consider all the costs involved.
Hi Dacium, many will agree with me when I scorn your statement “If you don’t own a PPOR, don’t invest”.
It should be reworded,
DON’T OWN A PPOR, INVEST!Very few people make money by saving and not investing.
The only problem of course is that the investment must be a good one.
Cheers,
Kum Yin
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