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    Mortgage Free
    Mortgage Free
    Mortgage Free
    Ebook183 pages2 hours

    Mortgage Free

    By Heidi Farrelly

    ()

    Read preview

    About this ebook

    Would you like to pay off your home sooner, and spend life doing what you love instead of chained to a mortgage?

    Is your credit score preventing you from buying a house?

    If you want to put your mortgage behind you and start living the life you’ve always wanted, then let this informative, funny, and easy to read book by #1 bestselling author Heidi Farrelly, show you how. Learn to:

    • Save a deposit even when you’re in debt or on a low income
    • Own your own home in under 10 years- without working more
    • Nail your retirement planning and create a life you love for yourself

    Smash your mortgage, create a passive income, and take back your future today.

    Because being debt free is the ultimate gift you can give to yourself, and your family.

    Approximately 192 pages

    LanguageEnglish
    PublisherHow 2 Without
    Release dateMar 2, 2016
    ISBN9780994517104
    Mortgage Free

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      Book preview

      Mortgage Free - Heidi Farrelly

      Bonus Material

      Introduction

      A goal without a plan is just a wish.—Antoine de Saint-Exupery

      Is this book for you?

      You’re struggling to save a deposit and buy your first home.

      You’ve bought a house and are chugging along paying your minimum repayments but can’t see an end in sight.

      You want to create a passive income for yourself and spend more time doing what you love, but you just can’t seem to get ahead.

      You want to retire early, but it seems impossible.

      If you can relate to any of the above, then you need this book!

      A $500,000 mortgage takes 30 years to pay off, and over its life it will incur $579,191 in interest. That makes the total cost of your loan a whopping $1,079,191, and that’s if you never redraw.

      This book will show you how to pay off your mortgage in under 10 years, and knock the total cost of that loan down to $665,184, saving you more than 20 years and $414,000 dollars. This kind of knowledge is invaluable and will literally change your life, and MORTGAGE FREE puts it all at your fingertips.

      Who I am

      How do I know all this? Because I’ve been there, I’ve lived through it all, and what a roller-coaster ride it can be! We did several things wrong, like redrawing half way through our 10-year plan to pay for IVF—twice!—and we still hit our target.

      We learned, we listened to advice from those around us, we did our homework and kept an eye on our figures, and it all paid off.

      My family came out the other side debt free. We are happier, have more financial freedom, and appreciate the little things far more than we ever did before.

      It’s not what you make, it’s what you can hold onto.—Michael Farrelly

      This is something my father in-law always says. While I always agreed, I secretly thought it would be a lot easier if you made more to begin with!

      Now I know the truth. It really doesn’t matter what you make. You can kick and scream and cry into your coffee all you want, but the simple truth is that the more people make, the more they spend.

      How extra repayments can change your life

      We all do it. A $1 an-hour pay rise doesn’t seem like much, and so it just gets sucked into our spending. But over the year it adds up to over $2,000! Do you know that if you took that $1 an hour and made an extra repayment of $40 a week, you would save 4 years and 10 months and $87,924 over the life of a $500,000 loan?!! For 40 bucks!! Imagine what you could do if you were really trying!

      This is a fictional story, but one that is true of many families today.

      Bob and Anne, and Sally and Patrick, each bought their homes for $375,000 in the same neighbourhood several years ago, and became good friends. They each had a 20% deposit, which left them with mortgages of $300,000.

      Bob and Anne make $88,000 a year. They have an overseas holiday once a year, travel their own backyard every other month, and enjoy a full and active life. Oh, did I mention they also pay over half of their weekly wage into their mortgage? By doing this they will have their 30-year loan paid off in 10 years and will have only paid around $173,473 in interest.

      Sally and Patrick make $142,000 a year. They too have an overseas holiday once a year, but there the similarities stop. Sally and Patrick enjoy eating out, travelling, staying in 5 star hotels, and their new house is full of nice furniture and new gadgets, and they both drive new cars. They pay the standard rate on their mortgage, and over their 30-year loan they will have paid $347,514 in interest; 20 years and $174,042 more than their friends.

      Sally and Patrick might make more, but 10 years down the track they will still be continuing to pay their mortgage, while Bob and Anne will be debt free. They have set themselves up for life and can now enjoy all the things Sally and Patrick do—and so much more—without a mortgage holding them back. They just booked a 3-month holiday around the Caribbean.

      This could be you!

      Debt free ain’t easy

      If you thought there was no way you were ever going to be debt free before you reached retirement, think again. It’s not easy, but it is definitely doable! By the time you have finished this book you will have been shown how to budget, how to cut your excess spending, how to save a deposit while paying debt or raising a family, what and where to buy, and ultimately how to pay off your mortgage in under 10 years instead of 30.

      Becoming debt free is not all roses and sunshine, but I promise you if you follow even some of the solutions in this book, you will be free of your mortgage years ahead of your peers. You don’t have to give up everything you love doing, either; in fact, I have dedicated a whole chapter to continuing the things you love. Life is for living, and I plan on living it!

      This book will change your life. Want to know how some people own 5 homes while you’re struggling to pay off one? Do you want to know how to be mortgage free at 40? Do you want to work less and spend more? I promise these are not pipe dreams! I started where you are now, and I wish this book had been around when we first bought.

      It is possible. It is achievable. Sometimes you’ve just got to be pointed in the right direction. This book is applicable to everyone, everywhere, and will show you how to make the most out of your mortgage, your property, and your future. Just remember, It always seems impossible until it is done.—Nelson Mandela

      The longer you wait, the harder it becomes to get ahead. MORTGAGE FREE shows you how to change simple things, straight away, that make a massive difference to your loan term. If you want to put your mortgage behind you and start living the life you’ve always wanted, then read on, and take back your future.

      Because being debt free is the ultimate gift you can give to yourself, and your family.

      Chapter 1: Sustainable Budgeting

      Do not save what is left after spending, spend what is left after saving.—Warren Buffet

      Budgeting—a dirty word

      Nobody likes to hear the word ‘budget.’ It’s up there with ‘diet’ in the dirty word stakes, but the reality is, if you don’t know what you spend your money on you just can’t save.

      There are many different ways to go about budgeting. Just Google ‘writing a budget’ and you’ll get hit with a multitude of options.

      Unfortunately, they all assume you know what you’re spending your money on every day.

      It might seem like a no-brainer. Of course you know what you’re spending your money on—you’re the one spending it!

      It doesn’t always work that way, though, especially in today’s world of direct debits, credit cards and interest-free finance.

      We have calculators on our phones, apps that can tell us how many calories we’ve eaten, watches that can record our sleep, and credit cards we don’t even need pin numbers to use.

      The world is full of timesaving devices, but they all still need some form of input from you, and budgeting is no different.

      Budgeting is seen by many as something that only old people do.

      And you’d be right.

      But look at those same ‘old people’ and you’ll see they are in a much better financial state than most of us.

      You are the only person who knows what you spend money on, your indulgences, your ongoing expenses, and the things that are important to you. There is no single budget that is the same as another. When you write a budget, there is no point writing something you would like to have, you have to make one that is sustainable, not just for a few months but for the life of your loan.

      The importance of budgeting

      Creating a great budget is the single most important thing you can do BEFORE buying your property. Your budget will tell you:

      How much you have left at the end of every week

      Any areas you can cut your spending in

      How much you can afford to spend on a house

      What and where you can afford to buy now, and if there are any rate rises

      If you’ve already bought your property, it can help you achieve a savings goal sooner and give you more of an idea when it comes to re-mortgaging or investing.

      There are a million budget spreadsheets on the Internet and the thing they all do in common is the very thing that is guaranteed to make them fail.

      You write in how much you earn, followed by what you spend on big things such as rent, utilities, bills, food, etc., and you are left with whatever’s left over. Pretty simple, right?

      And if you are a monk, living in the middle of nowhere, who has no friends to buy presents for, no weddings to attend, no Christmas’ to splurge on, and no pubs to crawl, then you’d probably be sweet! But if you are a little bit more normal than our friend the monk—it just ain’t gonna work!

      The elephant in the room here is that all those big bills you’ve written in, they only make up a portion of your life, and as such, you are only getting a snapshot of your spending. No matter how bad, you have to know what you’re spending before you’ll know what you can save.

      How to budget

      Write a budget the way you would like it to look.

      You know those Internet spreadsheets that don’t work? Yeah, grab one of those and fill it out.

      Include how much you would like to spend on each item, keeping how much you earn in mind and make sure to include how much you would like to save. Now put it away out of sight for a month. Not in one of those safe places where you’ll never find again—you need it later.

      Find something to record on.

      This could be a notebook and pen, the ‘notes’ function on your phone, a draft email you can open from phone, iPad, or computer, a Word doc—whatever, just make sure it is always accessible.

      Write down EVERYTHING you spend.

      I don’t just mean the bills and the present you bought your mum. I mean the change you put in the parking meter, the school excursion you paid for in gold coins, the round at the pub, the coffee on the way to work, and the other coffee you ‘didn’t’ buy on your lunch break. EVERYTHING.

      Don’t forget to include your quarterly and yearly bills like car insurance, power and water bills, property rates, health insurance, etc., and the 6 debt baddies below.

      Student loans (include interest payments).

      Personal loans (include interest payments).

      Credit cards (include estimated interest payments).

      Interest-free finance (when do you start paying interest again and how much will they be?).

      Ongoing memberships—include everything from gyms and lessons to Netflix and Spotify.

      Direct debits—this includes phone bills, school fees, insurances, and power.

      All these things need to be included in your budget.

      I know it seems like a lot, but believe me, when you’re hinging the next 10 years of your life on it, you want it to be right!

      Do this for 4 weeks.

      Is this a massive pain in the butt? Yes. Of course it is. Why would I pretend otherwise? But this is also the best groundwork you can do before buying a property. If you can’t even stick to writing down a budget for 4 weeks, there is no way in hell you’re gonna make it through 10 years of fast-tracking your mortgage, so dry your eyes and get writing.

      Collate your data.

      At the end of 4 weeks, sit down and collate all your data. Make yourself a spreadsheet (or print ours at www.How2Without.com) and sort all your spending into groups.

      Eating out—including lunches/coffees/alcohol

      Going out—including movies/holidays/clubbing/aquarium

      Bills—power/water/rates

      Regular payments—car/phones/swimming lessons/health insurance

      Petrol and other travel expenses

      Groceries

      Odds and ends—parking/donations/school and work bits

      Retail therapy—clothes/electronics/shoes/music/DVDs

      Get your

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