Investors are in a constant look for ways to accumulate more assets and build their wealth. Chan & Naylor gives you simple strategies which could help you achieve your financial goals. Below are 6 ways to make money with very little effort on your part.
Prepare a personal family budget
Know your real-time expenses and how you spend your money. List your expenses down to determine your source of income and what your monthly and weekly expenses are.
Talk to your bank and ask for a discount on your current mortgage rates
You can do this by comparing them with their competitors’ rates. Your current lender may be forced to give you a more competitive rate, which could save you thousands of dollars in repayments.
Focus on reducing your bad debt
Make sure your investment loans are interest only facilities. You may request your bank to pay your repayments more regularly. They calculate their interest daily and you may pay your mortgage weekly or fortnightly.
Maximise your cash flow
Sensibly using your credit card and managing credit terms. You may defer a payment to a creditor a day after your credit card cycle to afford you a minimum of 30 interest-free days before you have to settle your balance in full.
Remember that surplus funds are offset against your mortgage
This is done to reduce and save interest. Hence, investors should create an offset account.
6. Arrange for a PAYG variation.
If you have negatively geared shares or investment properties, you may arrange for a PAYG variation at the start of each year. You may use the extra cash from PAYG to pay off a home loan or add to your investment portfolio.
What can you do?
If you would like to know more about wealth creation, click here to know more about Chan & Naylor services. You can leave your details here and we can schedule you for a free consultation. We’ll contact you to explain more.
Whether you are a beginner, seasoned investor or business owner, we can give you guidance to maximise the financial areas of your life. We can give you an integrated and tailored solution of your superannuation, taxation, property investment, asset protection, estate planning and more.
Click here to schedule a chat or call us at 1300 250 122
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