Category Archives: General

6 Steps to Build that Home Loan Deposit when You’re Your Own Boss.

When you’re self-employed you know only too well, your income can vary each month and that makes saving up for a home pretty tough going. If you really want to show potential lenders you’re a good candidate for a home loan, having a history of steady, regular savings is a really great place to start. Here are six ways you can amp up your ability to put that money aside.

 

 

 

 

 

 

 

1. Doing well? Save more

When things are going well and you’re earning more money, don’t be tempted to splash out and reward yourself – keep your eye on the bigger, more important goal you care about. Stash a good piece of that extra cash. The real reward is the bigger number in your interest earning savings account.

2. Set yourself a target

Work out where you want to live first, then calculate how much you need to save for a deposit in that area – and don’t forget to add on those extra costs like stamp duty and legal fees. Remember that, depending on the product you‘re applying for, different lenders may charge different fees. It’s technically possible to get a loan with a five per cent deposit, but hitting the 20 percent target will help you avoid extra fees.

3. Watch your progress

It’s not just kids that respond to visual reminders – we all do. Make a colourful wall chart of your savings target, so it is always front of mind and you can see it grow when you add each new amount to the top.

4. Be smart with taxes

If you’re self-employed, there are tax deductions for business related expenses that can really add up to help you save. These might include things like home office expenses. To get good information about what you can claim, check out the ATO website or have a chat with a qualified tax professional or an accountant who can help.

5. Always put a little something away

A little goes a long way. When your income is different each month it can be tempting to only put money aside when you get large payments in. Everyone’s situation is unique but if you save a bit of what you earn every time you get paid, you’re always working towards your own home target and you’re getting there one step at a time, every time.

6. Protect your income

If you can’t work because of injury or illness, income protection insurance can help cover for lost income so you don’t use your deposit savings to live on. ASIC’s Money Smart website offers some good tips and information about income protection insurance that’s worth checking out.  If you’d like more information talk to us today about how we may be able to put you in touch with a lender that can help if the major banks say ‘no’ to your loan application.  0419 664 186.

Disclaimer: Original content source: Pepper Money. It is designed for publication through Accredited Brokers, to provide you with factual information only, and it is not intended to imply any recommendation about any financial product(s) or to constitute tax advice. If you need financial or tax advice you should consult a licensed financial or tax adviser. The information in the article is believed to be reliable at the time of distribution, but neither Pepper nor its accredited brokers warrant its completeness or accuracy. For information about whether a non-bank loan may be suitable for you, call Don on 0149 664 186.

 

 

 

 

 

 

 

 

 

 

 

Revolutionary Technologies: the Printing Press, the Internet, and now Blockchain

For those interested in learning about Blockchain, I strongly recommend a very well-written book by Tim Lea, Down the Rabbit Hole, Discover the Power of the BLOCKCHAIN.  Blockchain is not exactly new and has had some bad press, because it’s the underlying technology of Bitcoin, which recently rose in value to more than an ounce of gold.  The most powerful quote on the subject is from Goldman Sachs in December 2015:  “…the Blockchain, can change…well everything”.

Thanksgiving

Yes, it’s an American tradition about celebrating a successful harvest, but it’s springtime here, so I’d like to change the meaning somewhat by taking this opportunity to thank all who have supported my work.  I really do appreciate the opportunities and feedback.  So, if you have any ideas about how I can better serve you or those you care about, please let me know.

Cognitive Computing Will Change …

0829 Sooner Solutions logo email and web…Everything, and it will be much sooner than you think.  It’s an example of the accelerating advances in Computer Science, Biotechnology, and Nanotechnology that will enable us to, for example, transform Healthcare from Diagnosis and Treatment to Wellness and Longevity.

As announced by Ginni Rometty in her keynote address at CES 2016 (it’s also on YouTube), IBM is investing heavily in Watson, and the results already include the ability to predict the onset of a hypoglycemic event three hours in advance.  That was developed by Medtronics ‘powered’ by Watson.  In the conclusion of that segment of her presentation Ginni said to Medtronics’ Omar Ishrak, “…we will change the face of Healthcare forever.”

Others who described their developments powered by Watson were Under Armour and Softbank Robotics.  These are only a few examples of what’s happening today.  I’m excited about being a part of a future with IBM Watson Health.

You Don’t Need a Crystal Ball

0829 Sooner Solutions logo email and webThe Law of Accelerating Returns is a central component of Ray Kurzweil’s vision of the future.  As the keynote speaker at the recent Nobel Week Dialogue, he delivered his vision in a 15 minute talk, The Future of Intelligence.  It’s thoroughly fascinating and a must-see for anyone interested in technological trends and the future:  https://www.youtube.com/watch?v=dfq96KjA80I

 

A Different Perspective

0829 Sooner Solutions logo email and webThanks to Chris Meek for bringing this to my attention – an excerpt from a recent article in the NY Times.  Rubio (in red @ 35%) is on top, but the path is choppy compared to the solid upward trends of Cruz (in blue @ 26%) and Trump (in yellow @ 23%).  Bush is in gray @ 10%.  The vertical lines are the dates of the debates to date.

The Money’s on Rubio — Barely

Prediction markets’ tracking of the four candidates seen to have at least a 10 percent chance of winning the Republican nomination, as of Dec. 24.

Source: PredictWise

From the Times’ Steven Rattner:  “While Hillary Clinton appears to be cruising to the Democratic presidential nomination, the sprawling Republican field has felt like a celebrity boxing match in which Donald J. Trump has taken on all comers. But although Trump leads in nearly every national opinion poll, the prediction markets (in which real people bet real money) have been mostly skeptical of a Trump nomination. Throughout most of the spring and summer, Jeb Bush led the pack. More recently, his lackluster campaign caused him to falter in the betting while the star of Senator Marco Rubio has risen sharply. Before despairing about Mr. Trump’s winning his party’s nomination, let’s remember that the prediction markets have a better record of forecasting election outcomes than polls and pundits.”