If you’ve ever dreamed of setting up your own business you’re not alone.
According to the Australian Bureau of Statistics, (ABS), in the financial year 2023 – 2024 over 400,000 Aussies did just that!
Over the same period, almost 363,000 small businesses called it quits.
If you’ve ever clicked on a Facebook or Instagram ad about paying off your home loan in under 10 years, chances are you’ve been bombarded with more of them since. I’m all for reducing debt as quickly as possible. But let’s be real: not all strategies are created equal, and not all of them are safe.
Recently I got a perfectly understandable question on social media. Actually, it was in two parts:
Why wouldn’t you borrow as much as the bank will let you?
Why would you even bother paying off your own home?
I get why someone would ask this. Around 80% of the marketing you see on social media in the finance space is from businesses promoting the purchase of investment properties. And surprise, surprise the people saying this are usually in the business of selling property. That’s a built-in conflict of interest.
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Australian Bureau of Statistics, (ABS) figures indicate that between 2017-2018 and 2019-2020 total average household debt rose from $190,000 to $204,000. That’s an increase of over 7% in two years! …
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