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Tag debt

The Power of (more than) One

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So it’s one of my greatest regrets. Selling our home on a double block in the leafy suburb of Strathfield in Sydney. And while I don’t regret our move to the country, keeping the house would have been a great business decision. Looking at those Sydney prices it’d be worth millions now. That hurts!

And while Sydney may seem out of reach for most first home buyers, an article that came my way about four sisters that busted $182K dollars worth of debt in just 2 years shows there’s a way to deal with those big dollar issues.

And the solution is in joining forces.

Story has it that these four 20 something year old girls were sick of their debt. All the usual stuff. Car loans, student loans, credit cards. And doing it on their own was going to make it a long, slow process. But then one of them had a brilliant idea. If they combined their income to blast out that debt, they’d be debt free so much quicker. Getting rid of the smaller debts first so they could whack all that money on the next biggest debt. Exactly what our Beyond Success Debt Terminator is designed to do. It’s not rocket science, but it does take discipline.

As one of the four sisters said, emotional setbacks were overshadowed by the amount of traction they were hitting with their debt. Today the girls are debt free and enjoying a holiday together with their parents – paid for upfront and in cash.

European families have been doing this for years. Generations banding together to help each other get ahead. And it seems to me if you want to get into the property market, and it’s a stretch on your own, banding together is a great way to go. Maybe you put the deposit together to help your kids get a foot in and then they pay you rent to pay off the mortgage. One day it will be theirs anyway. Maybe you buy a dual occupancy with your inlaws and you get into the suburb of your dreams but you’ve each got your own space. Or you live in one and rent out the other. Maybe as a family you all band together to buy one investment property, build the equity super quick and then do it all again.

The options are limitless when you start to think about the buying power that comes when you join forces. Just ask any IGA.

So what are your financial dreams?

How can you make them a reality?

 

PS: Make sure you watch our facebook page in the coming weeks for a great read on how the sisters beat their debt.

Programmed Poverty

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They get their claws in early. Programming our kids for a life of debt. Online games that get kids younger than 10 already in the mindset of shopping for stuff they don’t need, and on credit. The crime is it’s legal. And while the legal age for a real credit card is 18, they hand out virtual credit cards from the age a kid is old enough to read and work a mouse. And that’s the perfect age to programme them.

How about this game…

This young stylista feels like going shopping today, but there isn’t enough money in her wallet! She will have to work first, so how about giving her a helping hand? Play the “Gain Money For Shopping” skills and dress up game and help this cutie gain enough money to buy all those designer clothes and stylish accessories catching lovely flowers and yummy fruities falling from the sky. Good luck and have fun!

Bet you’re rushing to sign up. Tragedy is the kids are. And there’s another one that’s caused a stir in the office. This one hands out credit cards to kids with budgets of almost $1000 to blow on.. yes wait for it… more designer clothes! Not a down payment on an investment property. That would be too smart. One of the mums in our office freaked when she saw what her kids were playing. And the filters don’t stop this online threat from reaching our kids. In fact they allow it. And while the games don’t even resemble real life for most people, they easily succeed in brainwashing a young mind into a lifetime of debt and misery.

And because most parents are similarly programmed, they hardly even notice what their kids are playing. Or what they’re learning.

What if instead we taught our kids about the importance of business skills? Of investing. Of growing passive income.  And we made it fun. If you don’t have a family business, you could create one, even if it’s just on paper. Spending a bit more quality time with them playing the game of money. Perhaps that is the type of homework our kids should be doing. So much more relevant to the real world ahead of them than some of the homework they get now. True survival skills.

I often wonder how many lives could be made happier with a good financial education? How much happier we would all be with a sense of financial control. Understanding how to make money work for us instead of selling our soul for money just to survive. But if we are to teach our kids something different it starts with us. In order to teach our children, we need to learn something different for ourselves.

How much do you know about getting money to work for you?

What about your business skills?

How will you develop your own financial intelligence to create a better future for your kids?