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Debt Demolition Q&A: Ask Alan and Katie Donegan Anything - RFS'24 W4
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- Опубліковано 18 сер 2024
- Join Alan and Katie Donegan of the Rebel Finance School for a live Q&A session on debt demolition strategies.
Learn how to break free from the spending cycle, negotiate lower interest rates, and regain control of your financial future. Bring your questions and get ideas, support and information on how to blast your balances and achieve financial freedom. Don't miss this opportunity to arm yourself with a plan to attack debt and understand the power of compounding.
This UA-cam 🎥 is part of a 10 week course called Rebel Finance School 🏫. For access to the notes 📝, spreadsheets 📊 and more than accompany the course please sign up here: (www.rebelfinanc...) 🌐
If you have questions related to the content please enter them here: forms.gle/Fiom... These questions will form the basis of our live Thursday Q&A sessions as well as the website FAQ doc.
LINKS to things mentioned in the session...
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Should I invest or pay off my mortgage? rebeldonegans....
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Debt attack calculator: rebeldonegans....
Property calculator: rebeldonegans....
Financial forecasting workshop: • Forecasting your finan...
Disclaimer: we are not financial advisers 💼 This is not financial advice 💰. We are not regulated. We are not trained financial advisors 🎓 We are never going to try and sell you anything 🛍️ You make your decisions 💭 Sharing our opinions and ideas 💡 These ideas may not continue to work for us or for you. You are 100% responsible for your financial future 💸 There are no guarantees here. For our full disclaimer please visit: rebeldonegans....
#RFS24 #RebelFinanceSchool #PersonalFinance #FinancialLiteracy #FinancialIndependence #TheDonegans
Thank you for answering my question and hearing my name on UA-cam! It was consumer debt (CD) with high interest rates 11.45-29.5%(credit cards and a car loan). I am also putting money into my emergency fund (EF), paying the minimums on the consumer debt, and contributing to a 401k 5% employer match. Once my EF is partially funded, I will throw extra into the CD and continue to contribute to my EF to fully funded. I have a mortgage, but I'm not worried about paying that off yet, my rate is 3.119%.
I'm on catch up here! A great Q & A session. I don't have any debt, yet it was very interesting to listen to the session which consolidates all the previous steps too. Thanks for your time!
What a lovely message! Thank you for replying and letting us know you’re watching
So generous and amazing of the Donegans to give so much of their time and energy 🤩😍🫶
Thank you Christina! We LOVE doing this course and helping people. It fills our hearts ♥️
The ROE for our investment property in NZ came out at 3.4% as we were trying to pay it off fast. Doing the maths about pulling equity out to invest as rent will cover new mortgage amount. Will have to do the stress test with mortgage rates and tax rebates against salary tax. Quite a lot to consider.
@@alisonrussell5132 hey Alison, love that you are doing the maths and working it all out! And you are right that 3.4% is quite a low return on equity!
Are you planning on buying a second investment property and that is why you are paying it down to be able to pull out equity to invest?
Interested to know what your plan is!
And yes, it’s good to do a stress test with mortgage rates and different things so that you know how you can survive if the market changes!
Congratulations on doing the maths and thank you so much for the comment! It inspires us
Very nice video 😊
@@Norfolkpaul Paul I always love seeing your comments! Thank you so much for tuning in and thank you for being on the Rebel journey with us
In NZ, Capital gains are high - this does not seem to be taken into account when talking IP
What do you mean by IP please? And do you mean capital gains tax or do you mean capital gains as in increases in the value of a property?
@@rebeldonegans IP = Investment Property in NZ :)
In NZ we do not have a Capital Gains Tax, so as long as he hold a property for over 5 years, there is no tax payable on any capital gains.
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@@Henpartyweekendbristol thank you so much for commenting
If you have debt to parents which is obviously interest free would you pay it off or invest what you'd planned as monthly payments and then pay back when you had the money fr9m investing?
@@charlotteparker2612 I think a large part of your answer for me would be based on your parents situation. When are they expecting to get the money back? Could you set a payment plan in place and pay some of each month? And then invest the rest? Does they want the money back? Do they want the money back quickly?
Have you talked about it with them? I think the key consideration is your parents and then coming up with a clear plan to pay off if they want it back.
@@charlotteparker2612 the two sides to the story if you invest and get the money from the 0% free then their money is losing value against inflation.
Whilst your money is growing in the stock market.
The mortgage is 100% secured debt your investments aren't 100% secure, are they? Do you want to rely on banks for your financial stability?
I think you may have got this a little bit confused! The mortgage is secured against your property. That means that the bank can take your property because your debt is secured against it. So you are trusting the bank not to foreclose and take your property away from you.
Unsecured that is actually better than secured debt.
@@rebeldonegans I guess what I'm trying to say is that the bank will take your house and you will end up homeless if debt is not payed. That is what I meant by '100% secure' whereas your gains may or may not happen if you invest that money instead. I hope it makes sense.