101 Ways to Get Out of Debt and on the Road to Wealth

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  • Edition: 1st
  • Format: Paperback
  • Copyright: 2009-07-20
  • Publisher: Wrightbooks
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You can't get on the road to wealth, if your luggage trunk is weighed down by debt! In any economic climate, but certainly in the challenging economic climate which we all face in 2009, we have to get rid of this excess baggage!Eliminating personal debt, such as credit cards, personal, car and credit loans, and getting wealth building debt, such as mortgages, under control is a key element to speeding down the road to wealth. And you can do it! Let Ashley Ormond show you how. In 101 Ways to Get Out of Debt, Ashley Ormond shows you just that - practical, easy solutions to get your debt under control. Each tip is short, sharp and to the point offering readers financial hope and practical solutions amongst the economic doom and gloom.

Author Biography

Ashley Ormond was one of Australia’s first PC-equipped ‘mobile lenders’, starting out in the early 1980s with a fi nancial calculator, a dual-fl oppy drive Compaq portable PC and a portable Epson thermal printer in his car. This was before the age of mobile phones, the internet, Windows, Excel, or even hard drives. It was back in the days when:
  • lenders actually analysed each borrower’s ability to repay
  • borrowers actually had to have a job or other source of income
  • borrowers actually had to have proof of a savings record, proof of income, proof of assets
  • lenders had to actually think about how each debt would be repaid, instead of just shovelling money out the door
  • lenders actually retained the credit risk and retained the ownership of loans, instead of just selling them to unsuspecting bond-holders on the other side of the world.

His banking and finance career included several senior executive roles at major Australian and international banking and finance groups, including running branch networks, lending operations, product development, pricing and financial control. His formal qualifications include a Bachelor and Masters in Law, a Bachelor of Arts in Economic History and a Graduate Diploma in Applied Finance and Investment. He has also lectured for the Securities Institute of Australia. Since ‘retiring’ at 40, he has been a director of several companies, including listed, private and not-for-profit companies and a charitable foundation.

Ashley is the principal of Investing 101 Pty Ltd, a specialist investment research firm that holds an Australian Financial Services Licence. He is a sought-after speaker and commentator on financial markets and has written two best-selling books on finance: How to Give Your Kids $1 Million Each! and $1 Million for Life.

Table of Contents

About the authorp. xi
the household debt explosionp. 1
first things firstp. 11
Work out how far in the red you arep. 13
Compare debts with incomep. 14
Work out your total loan repayment billp. 16
Get the facts on all your loansp. 17
Check your interest ratesp. 19
Add up all those extra fees and chargesp. 20
Sort your debtsp. 21
Prioritise your debtsp. 24
Check your credit ratingp. 26
Make a calendar and set targetsp. 27
mortgagesp. 29
Do the numbersp. 31
Increase your mortgage repaymentsp. 34
Make one-off extra paymentsp. 37
Use pay rises to increase your loan repaymentsp. 41
Shorten the life of the loanp. 43
Use your income patterns to pay off soonerp. 45
Pay fortnightly instead of monthlyp. 47
Shop around for a lower ratep. 48
Keep repayments flat when rates fallp. 51
Don't keep switching loansp. 53
When refinancing, stick with your existing lender if you canp. 55
Always choose principal-and-interest loans over interest-only loansp. 56
Stick with floating mortgagesp. 58
Avoid redraw mortgagesp. 60
Be careful of offset accountsp. 62
Don't use line-of-credit mortgagesp. 64
Beware the honeymoon rate nightmarep. 66
Don't capitalise loansp. 68
Upgrade your subprime loanp. 71
Consolidate debt at your peril!p. 72
Don't pay for features you don't needp. 75
Take into account all feesp. 77
All fees are negotiablep. 79
Don't count on your partner's income to borrow morep. 80
Mortgage brokers-spot the double takep. 82
Check that you are getting the correct rate changesp. 84
Let a tenant pay the mortgagep. 85
Consider long-term house-sittingp. 86
Plan a mortgage-burning party in advancep. 88
Pay off the mortgage before investingp. 89
Don't bank on your superannuation fund to pay off the mortgagep. 93
Let grown-up kids pay part of your mortgagep. 94
Consider mortgage contributions instead of presentsp. 95
Downsize-smaller house, smaller mortgagep. 96
Trade up houses, but trade down debtp. 98
Try the payout two-stepp. 101
Avoid complex mortgage-reduction schemesp. 102
If you have to sell, stay in controlp. 103
credit cardsp. 105
Find out how much you spend on credit cardsp. 107
Choose the right card for your needsp. 108
Avoid credit card surfingp. 108
Never use cash advancesp. 109
Cut up your store cardsp. 110
Never pay just the minimum amountp. 111
Keep payments flatp. 113
Use direct debitsp. 114
Check every item on statementsp. 115
Once you've paid it off, cut it upp. 116
Consider changing to charge cardsp. 117
If you have a charge card, don't take up the credit optionp. 118
Reduce your credit limitsp. 119
Do leave home without it!p. 120
car loans, personal loans, boat loans and store loansp. 123
Renegotiate, don't refinancep. 125
Always pay a cash depositp. 126
Never buy newp. 128
Don't self-insurep. 130
Don't use store loansp. 131
If you fall into arrears, tell your lender as soon as possiblep. 132
Get the credit bureau to limit more lendingp. 134
Celebrate each winp. 135
investment loansp. 137
Use principal-and-interest loans for investment propertiesp. 139
Avoid fixed-rate loans for rental propertiesp. 140
Avoid lines of credit for investment propertiesp. 141
Use your tax refundp. 142
Don't use deposit bondsp. 143
Don't borrow for the holiday housep. 145
Borrow in the same currency as your incomep. 146
Beware the margin on share loansp. 149
Use dividends to pay off the principal on share loansp. 151
small business debtsp. 153
Get your personal finances sorted before starting a businessp. 155
Keep business finances separatep. 156
Use your business planp. 156
Don't make capital purchases using the overdraftp. 157
Don't extend your lease term too longp. 158
Avoid high lease residualsp. 160
When buying a business, do your researchp. 161
Don't borrow to buy a franchisep. 163
Be careful of line-of-credit mortgages for businessp. 164
Use supplier terms and customer terms sensiblyp. 165
Sell your debtorsp. 167
Maximise depreciationp. 168
Never pay full price for business equipmentp. 170
Business succession to reduce debtp. 171
avoiding and minimising debtp. 173
Maintain an emergency cash fundp. 175
Use separate accounts for savings goalsp. 176
No deposit, no mortgagep. 177
Renters, get a 10 to 15 per cent discount on your first homep. 179
Don't borrow to put money into superannuationp. 181
Avoid tax-based schemesp. 182
Be careful if guaranteeing other people's debtsp. 183
Beware the lender who says you can afford a loanp. 185
the final pay-offp. 189
useful resourcesp. 191
Indexp. 195
Table of Contents provided by Ingram. All Rights Reserved.

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