OH! Magazine - Australian Version October 2018 - Page 27
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
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
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
Work less and live more with property
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 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
OH! MAGAZINE ( OCTOBER 2018 )