Showing posts from July, 2019

You spend how much?

At Your Business Angels / Fresh Number we have analysed hundreds of thousands of bank statements, so we are going to claim we are an authority on spending habits of tradies. Do you want a house or a burger?
We have added up the spend on takeaways from tap and go on our clients’ bank statements and we know that the average tradie spends a house deposit every five years on takeaway. OK it’s not the house you want in the inner suburbs of a major city, but it will be for a decent investment elsewhere. We came up with $45k and believe that there is a lot more to life. Though we do have takeaway Fridays (paid for with cash – see the above article). George (yes that is his real name), with our mentoring, started taking tuna sandwiches to work. We also succeeded in getting him to stop buying lotto tickets. With this, we were able to increase his take home income (after tax) by $35k. Here’s an idea from The Angels at Your Business Angels / Fresh Numbers… the first day of takeaway – take a ham…

Buying a car? The salesman isn’t there to sell you a car. He is there to sell you finance.

The HIGH cost of the low interest rate dealer finance for your next car!
According to the Deloitte Motor Industry Report; Australians as a nation buy over 1,000,000 new vehicles each year. Their research revealed: 80% of us had already narrowed our vehicle search online, before setting foot into a dealership.80% of these new vehicles have been financed in some way; and some car dealers are reporting 90% of their profits now come from finance and insurance. Car dealers also made 40% more income as a group on their finance and insurance. Car dealers are predominantly making more money with finance than ever before.
These low rates simply mask the fact that some car dealers are now actually losing money selling cars. Your Business Angels experience is that the above phenomenon is actually amplified for second-hand dealer vehicle sales. No one enjoys feeling cheated. Here are some easy ways to help you get the best deal: Get the best price for the vehicle BEFORE you mention finance. Know wh…

That is not to say that you can’t borrow money easily

Now we have chased banks down a rabbit hole, we have others pooping into the marketplace. Those quick fix $10k and $20k loans that solve your problem for “oh about a nano second”. These loans look easy and are easy to get, because the lenders have geared the interest so that they can take a haircut on a reasonable percentage of the loans they give out. They seem to be everywhere. When we have a client that takes one of these loans, they immediately struggle. This is because the loans are repaid daily or from cash flow – and folks their rates would make a bikie gang blush. Our experience is that if you are using these lenders you are becoming a “Borrowing Crack Addict”. We know that’s harsh, but the minute you start…..
While you are quoted weekly, and even monthly rates that look digestible, the real compounded rate is often up to 40%, and payment is sudden, looks good, but will choke you. And how do you get rid of a loan like this? Why of course – take out another one. Here’s an idea…

About Money

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“The average tradie spends a house deposit every 5 years on takeaway – and much, much more….” Be careful how you spend – Everything is now watched and analysedWe are all aware that somewhere in the ether of the internet, that how we spend, is recorded and then used to sell, suggest and entrap us to buy more. Our tastes and preferences are already known. But it’s not just the barrage we now face to buy more, there is also the risk we face in not being able to get what we want. Those who are lending you money are also having a look at who you pay and how often. If you are thinking of getting a home loan, think about what the bank really sees on your bank statement. How often do you tap for coffee? How often do you buy takeaway in a week? Who would give a mortgage to someone buying lotto tickets and paying their sports bet account? And of course, there are other small loans such as “Afterpay” that look like part of a purchase. In an …