101 Ways to Get Out Of Debt and On the Road to Wealth is the ultimate handbook for anybody who wants to get out of debt and stay out of debt.
This book will provide you with an insider's knowledge of how to beat the lenders at their own game. Inside you will find 101 practical and proven methods that anybody can use to master their debt. Best-selling author Ashley Ormond shows you how to conquer all types of debt, including mortgages, credit cards, car loans, personal loans, investment loans and small business loans.
In this book you will learn how to:
* save a fortune in interest
* get out of debt years earlier
* decide which debts to attack first
* find the best lending deals for your needs
* manage repayment problems.
Ashley Ormond's common-sense approach will get you debt free and on the road to wealth in no time -- and that means more control over your life, less stress, and greater long-term security for you and your family.
Autorentext
Ashley Ormond was one of Australia's first PC-equipped
'mobile lenders', starting out in the early 1980s with
a financial calculator, a dual-floppy 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.
Zusammenfassung
101 Ways to Get Out Of Debt and On the Road to Wealth is the ultimate handbook for anybody who wants to get out of debt and stay out of debt.
This book will provide you with an insider's knowledge of how to beat the lenders at their own game. Inside you will find 101 practical and proven methods that anybody can use to master their debt. Best-selling author Ashley Ormond shows you how to conquer all types of debt, including mortgages, credit cards, car loans, personal loans, investment loans and small business loans.
In this book you will learn how to:
- save a fortune in interest
- get out of debt years earlier
- decide which debts to attack first
- find the best lending deals for your needs
- manage repayment problems.
Ashley Ormond's common-sense approach will get you debt free and on the road to wealth in no time -- and that means more control over your life, less stress, and greater long-term security for you and your family.
Inhalt
About the author xi
Part I: the household debt explosion 1
Part II: first things first 11
1 Work out how far in the red you are 13
2 Compare debts with income 14
3 Work out your total loan repayment bill 16
4 Get the facts on all your loans 17
5 Check your interest rates 19
6 Add up all those extra fees and charges 20
7 Sort your debts 21
8 Prioritise your debts 24
9 Check your credit rating 26
10 Make a calendar and set targets 27
101 Ways to Get Out of Debt and On the Road to Wealth
Part III: mortgages 29
11 Do the numbers 31
12 Increase your mortgage repayments 34
13 Make one-off extra payments 37
14 Use pay rises to increase your loan repayments 41
15 Shorten the life of the loan 43
16 Use your income patterns to pay off sooner 45
17 Pay fortnightly instead of monthly 47
18 Shop around for a lower rate 48
19 Keep repayments flat when rates fall 51
20 Don't keep switching loans 53
21 When refinancing, stick with your existing lender if you can 55
22 Always choose principal-and-interest loans over interest-only loans 56
23 Stick with floating mortgages 58
24 Avoid redraw mortgages 60
25 Be careful of offset accounts 62
26 Don't use line-of-credit mortgages 64
27 Beware the honeymoon rate nightmare 66
28 Don't capitalise loans 68
29 Upgrade your subprime loan 71
30 Consolidate debt at your peril! 72
31 Don't pay for features you don't need 75
32 Take into account all fees 77
33 All fees are negotiable 79
34 Don't count on your partner's income to borrow more 80
35 Mortgage brokers spot the double take 82
36 Check that you are getting the correct rate changes 84
37 Let a tenant pay the mortgage 85
38 Consider long-term house-sitting 86
39 Plan a mortgage-burning party in advance 88
40 Pay off the mortgage before investing 89
41 Don't bank on your superannuation fund to pay off the mortgage 93
42 Let grown-up kids pay part of your mortgage 94
43 Consider mortgage contributions instead of presents 95
44 Downsize smaller house, smaller mortgage 96
45 Trade up houses, but trade down debt 98
46 Try the payout two-step 101
47 Avoid complex mortgage-reduction schemes 102
48 If you have to sell, stay in control 103
Part IV: credit cards 105
49 Find out how much you spend on credit cards 107
50 Choose the right card for your needs 108
51 Avoid credit card surfing 108
52 Never use cash advances 109
53 Cut up your store cards 110
54 Never pay just the minimum amount 111
55 Keep payments flat 113
56 Use direct debits 114
57 Check every item on statements 115
58 Once you've paid it off, cut it up 116
59 Consider changing to charge cards 117
60 If you have a charge card, don't take up the credit option 118
61 Reduce your credit limits 119
62 Do leave home without it! 120
Part V: car loans, personal loans, boat loans and store loans 123
63 Renegotiate, don't refinance 125
64 Always pay a cash deposit 126
65 Never buy new 128
66 Don't self-insure 130
67 Don't use store loans 131
68 If you fall into arrears, tell your lender as soon as possible 132
69 Get the credit bureau to limit more lending 134
70 Celebrate each win 135
Part VI: investment loans 137
71 Use principal-and-interest loans for investment properties 139
72 Avoid fixed-rate loans for rental properties 140
73 Avoid lines of credit for investment properties 141
74 Use your tax refund 142
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