OH! Magazine - Australian Version October 2018

GIVE YOURSELF A $7K TO $24K PAYRISE Bushy Martin explains how. e live in the lucky country, right? So why doesn’t it feel like it anymore? Our cost of living just seems to keep going up but we haven’t enjoyed a real payrise for years. We feel trapped on the treadmill, running faster and working harder just to keep up; the politicians keeping talking up the economy but we don’t seem to be feeling any of the benefits. W Our electricity and gas bills keep skyrocketing, childcare and school costs are increasing, healthcare costs are on the rise, and every week the grocery bill keeps taking more money out of our pocket. It is, understandably, becoming increasingly more difficult to keep your head above water and maintain your family’s lifestyle without giving things up. Most of us are just grinning and bearing it and learning to live with less. The good news is, you may be able to do something about it. The government has promised us delayed tax cuts, which will give most of us an extra $10 a week in hand – whoopee doo! You could ask your boss for a pay rise – good luck with that! But what if you could give yourself a massive payrise? ‘Where is the catch?’, I can hear you say! If you have a home loan then you may be surprised to hear that the answer is right under your nose – you just need to refinance and restructure your finances. Your free payrise By doing this in the current climate, it’s actually not too difficult to achieve the equivalent of a $7,000 to $26,000 payrise. Here is how it works. Let’s say you have a $400,000 principal and interest home loan with one of the major banks. By renegotiating your loan or refinancing to a lower cost lender incorporating offset accounts, weekly repayments and credit consolidation, it is possible to reduce your costs anywhere from $100 to $350 a week. To earn this amount in your hand, with average tax at 32.5 per cent added back in, your gross income would go up by the equivalent of over $7,000 up to $26,000 a year. Boom – there’s your instant payrise! Take the example of hard working couple Mark and Karen and their two kids. They were struggling to deal with everything – they had a sizeable home loan, a personal loan and maxed out credit cards – they were drowning in debt, stressed to the eyeballs and were in danger of having to sell up and lose their home. By refinancing, they reduced their costs by $277 a week (the equivalent to a $21,000 a year payrise). As Mark says, ‘We now have a much happier and a much less stressful home environment because it’s so much easier day-to-day. We are no longer reliant on overtime to survivek and we can now take the family out for lunches and coffees and are planning a family holiday again. It’s been life changing.’ What would you do with your extra $7k to $24k a year? I don’t know about you, but this additional money gives me lots of options – you can take your partner out for dinner every week, you could upgrade your car, send your kids to a better school or take an extra holiday with the family. Some of you may decide to use the extra to help pay down your home loan – if structured the right way, that extra $100 to $350 a week will save you over $130,000 to $152,000 in interest, and you’ll pay off your home loan over 10 to 17 years earlier! Work less and live more with property investment Or you can use the savings together with home equity, to secure a safe affordable cleverly structured investment property portfolio. This can be easily achieved without sacrificing your lifestyle and it will build your wealth and replace your income so you can work less, live more and secure your family’s future. So what’s holding you back? I hear you saying ‘I don’t have the time to do it all and there is the stress and inconvenience of all of the paperwork and the headache of changing all of your accounts – easy fixed, just call a savvy finance broker to make it all happen for you. As the old saying goes ‘It’s not what you earn but what you spend that counts,’ so keep in mind that by spending less you are effectively earning more. Bushy Martin Bushy Martin and his wife Sonya have built an international portfolio of 12 properties that affords them a great lifestyle. To assist other time-poor professionals to do the same they founded Know How Property Finance Strategy. Bushy has been recognised in the Top 10 Property Specialists in Australia. For more information check out his Get Invested podcast, The Freedom Formula book, or visit www.khgroup.com.au OH! MAGAZINE ( OCTOBER 2018 ) 27

OH! Magazine - Australian Version October 2018 | Page 27