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Nathan Lewis
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Helping people achieve better tomorrows!
Helping people achieve better tomorrows!

2 followers
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#enjoythejourney @myfinancialsecurity
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Debt - the good, the bad and the ugly

The family home
Buying a home to live in will not provide you with income but it can still be regarded as good debt. Not only is it a form of enforced saving but in time it may also be used as leverage to fast track your wealth creation.

Once you build up equity in your home you can use this as security to take out an investment loan. Any income you earn from your investments— your good debt — can be used to make extra repayments on your mortgage. This can accelerate paying off your home loan and free up cash for more investments.
A power of good
Whether debt is good or bad, it’s generally wise to clear it as quickly as possible. Pay off your bad debts first - beginning with the debt that has the highest interest rate - as you should be able to take advantage of the tax concessions available on your good debt.

In years gone by it was common to wait until you had saved up for what you wanted. Nowadays the ease of obtaining credit can lead to reckless behaviour. But there’s still an important place for good debt.

Given most of us will spend many years in retirement and would like to be self-funded, borrowing to accelerate wealth can be a very successful investment strategy. It’s just important to remember to keep bad debt to a minimum and make sure you use good debt wisely — otherwise it can all turn a little ugly.
Want to know how you can improve your debt position, contact us for an assessment. 1800 781 501 or nathan@myfs.net.au
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New Year is traditionally the season of fresh starts and personal resolutions. Along with diet and exercise, getting ahead financially makes it onto many wish lists year in and year out. But a brighter financial future is likely to remain a pipe dream without a back-up if things don’t go to plan.

https://eread.com.au/myfs/37868
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Does the insurance you have in your Superannuation really have you covered? Would be worth your while to have this reviewed.

http://www.theage.com.au/business/consumer-affairs/devils-are-in-the-detail-in-super-life-insurance-20160805-gqlnlk.html
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Planning for the end of the financial year is a little harder this year, with a federal election just days later which could result in sweeping changes to superannuation, negative gearing and business taxation. All the more reason to get on the front foot to make the most of the current tax arrangements while you can.
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Can you relate to this? Sometime all we need is someone to hold us accountable
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