Overview It sounds contradictory and counterproductive but paying yourself first can be a very effective personal finance strategy for wealth generation. Implementation Decide how much you would like to spend each weak on your self. Decide how much you need to save each week to reach your savings goals. When your money comes in, set…
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Mortgage offset accounts are savings accounts that are structured so your savings balance in the account is offset against your home loan account. The advantages of mortgage offset accounts compared to normal savings accounts are: The mortgage offset account balance reduces the interest payable on the home loan account. As no interest…
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This strategy is all about changing bad debt into good debt. Bad debt is defined as debts which don't help you build wealth and where the interest expense is non-deductible. This includes personal credit card debts, personal loans, HECS debts, primary residence home loans, etc. In contrast, good debt is debt which works to help…
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Debt recycling is a three-tiered financial strategy that aims to generate future wealth, reduce the home loan, and minimise tax. Debt recycling achieves this by using the current home loan equity to invest (in shares, property and managed funds), and in the process turns non-deductible family home debt into tax-deductible debt. For debt…
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