The Power of (more than) One
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.