This should make me happy, so why am I fuming?
17.02.11 | Posted in General
I rarely get mad or angry, and if I do, it’s only for a really short time. One of the greatest compliments someone ever gave me was “If you were any more chilled out Em, you’d be asleep”. I like that. Life’s too short to be angry or mad. But today I saw the deepest shade of red for quite a few hours.
This afternoon I was told by my banker (after I asked) that by switching our mortgage repayments to fortnightly (instead of monthly) we’ll save $640 a month. I reckon an extra $640 per month could be useful to anyone, no matter how much you earn. I’m angry at myself for being so dumb and not thinking to ask earlier, and I’m angry at my bank too. I pay an annual fee to be a client of this private bank and my banker knows how hard I’ve been working to reduce the debt on this property.
Actually my friends would say I’ve been more than working hard. I’ve been a bit obsessed. Whenever I get even a spare $200, on to the mortgage it goes. Reducing that non-deductible debt (even if in the tiniest of amounts) means I can get closer to my goal of having a substantial investment property portfolio, giving my family a great life, and having the freedom that we all want.
My banker is well aware of how hard I’ve worked over the past twelve months to reduce this mortgage. Yet, at no time in the past year was it ever suggested to me that we go fortnightly instead of monthly. We would have saved at least $7,680 (but it would have been way more as the debt was a lot higher to begin with.)
I’m sharing this story here because:
1) Well, it’s just made me feel better. Thanks.
2) I’d like others not to have to go through the same experience. If you’ve got a mortgage, don’t be dumb like me and expect others (even those you’re paying) to have your best interests at heart. Call your bank first thing tomorrow and get your repayments switched to fortnightly.
3) Continually ask your banker (and your accountant) this question: “Is there a better way to do things?” or “Am I possibly doing everything within my power to reach my goals in the fastest way possible?”