Secrets to debt-free life
EVERY household dreams of being debt-free.
Between a mortgage, credit card bills and household costs, Sunshine Coast families are digging themselves deeper into debt.
Best-selling financial author Anita Bell has come to the rescue.
She has shared her money-busting tips when she visited four Sunshine Coast libraries recently.
Her financial help-book trilogy consists of Your Mortgage And How To Pay It Off In Five Years, Your Money: Starting Out and Starting Over, and Your Investment Property.
All three made the Sydney Morning Herald's list of Top 10 Best-selling Australian Business Titles of the Decade.
Anita's financial advice comes from experience.
She paid the mortgage off on her three-bedroom brick home in just three years when interest rates hit as high as 17%.
“I retired in time for my 26th birthday and then have been retired for nearly six years doing all the hobbies I wanted to explore, but by the seventh year I was bored nearly out of my skull,” Anita said. “Many people kept asking how we did it, so the books came naturally, with all profits churned back into touring to help more people, or supporting my favourite charities.”
During her visit to the Coast, she gave some valuable advice which anyone could implement to become debt-free, sooner.
When you need to spend money, try to do it in ways that ensure you still get to keep most of it. For example, buy things with a resale value (preferably increasing or holding value).
Use cash as often as possible instead of loans (or low-interest loans and other less common banking products, instead of credit cards or eftpos cards).
When earning your income, try to earn increasing income from things without needing to sell anything. For example, rentals, dividends, bank interest, tax refunds, royalties, copyrights etc.
Paying off your mortgage quickly
When budgeting, pay yourself a small regular pay-day sanity allowance so you can always afford the things that are most important to you (while cutting back in less painful areas) at the same time that you keep up and get ahead for your bills. A budget should be exciting and fun.
Anita said the best part about her books was that they were available at the Noosa, Maroochydore, Coolum and Beerwah libraries to loan for free financial advice. After all, every cent counts.