What would you do to become debt free?

[4liters]

With the current interest rates, you should be able to narrow that margin down even more..
Halving the mortgage is a great start already..

Current interest rates suck fo retired people like my dad....
Get f all interest on cash in the bank.

So just dump it in some nice risky assets with a better return. I hear Afterpay shares are good fun unless you have a heart condition.

[Cornacarpio]

So just dump it in some nice risky assets with a better return. I hear Afterpay shares are good fun unless you have a heart condition.

Speaking of heart condition/risky assets, can I interest you in some Osteopore (OSX) shares?

[CannonsJS]

Some interesting stories on here.

I am currently loaded up in debt having moved from Melbourne's inner suburbs to Lakes Entrance ~18 months ago. My wife & I bought a little holiday accommodation business in Lakes Entrance and since it is "specialised" property we could only borrow 60% of the value and had to stump up the rest in cash, which was pretty much everything we had.

Currently my wife is running the business and working as a Myotherapist 7 days a week and I am working a full time job in Bairnsdale as well as running the business after hours and on the weekends. I also do some volunteer work a couple of times a week. So it's pretty much 7 days a week 12hrs a day for both of us atm.

But all things going to plan we should own it outright in another 8 or so years and then we will have the ability to work ~9 months a year and holiday the other 3 months.

So far so good, but time will tell how it all plays out.

[DougieK]

But all things going to plan we should own it outright in another 8 or so years and then we will have the ability to work ~9 months a year and holiday the other 3 months.

I think the takeaway for almost everyone is long term planning. Without a long term plan and a willingness to execute it you're probably not going to really get anywhere. I wish I had the balls to do something like what you are.

[CannonsJS]

I think the takeaway for almost everyone is long term planning. Without a long term plan and a willingness to execute it you're probably not going to really get anywhere.

Yeah that's it. Can't leave it too late or you'll really be playing catch up later on in life.

I wish I had the balls to do something like what you are.

lol. But then who would I live vicariously through for all of the epic fishing trips and BJJ comp success?

[rb85]

I think the takeaway for almost everyone is long term planning. Without a long term plan and a willingness to execute it you're probably not going to really get anywhere.

Yeah that's it. Can't leave it too late or you'll really be playing catch up later on in life.

Long term planning for the average working person putting a little away in Super goes a long way and is a tax effective investment.

[4liters]

But all things going to plan we should own it outright in another 8 or so years and then we will have the ability to work ~9 months a year and holiday the other 3 months.

I think the takeaway for almost everyone is long term planning. Without a long term plan and a willingness to execute it you're probably not going to really get anywhere. I wish I had the balls to do something like what you are.

Have you spoken to a financial planner yet?

[4liters]

I think the takeaway for almost everyone is long term planning. Without a long term plan and a willingness to execute it you're probably not going to really get anywhere.

Yeah that's it. Can't leave it too late or you'll really be playing catch up later on in life.

Long term planning for the average working person putting a little away in Super goes a long way and is a tax effective investment.

Or even simple **** like making sure your super isn't spread over a bunch of different funds, and checking the fund you are in is actually getting a decent return.

[rb85]

I think the takeaway for almost everyone is long term planning. Without a long term plan and a willingness to execute it you're probably not going to really get anywhere.

Yeah that's it. Can't leave it too late or you'll really be playing catch up later on in life.

Long term planning for the average working person putting a little away in Super goes a long way and is a tax effective investment.

Or even simple **** like making sure your super isn't spread over a bunch of different funds, and checking the fund you are in is actually getting a decent return.

Spot on and that the fees aren’t too high.

[smile0784]

Some interesting stories on here.

I am currently loaded up in debt having moved from Melbourne's inner suburbs to Lakes Entrance ~18 months ago. My wife & I bought a little holiday accommodation business in Lakes Entrance and since it is "specialised" property we could only borrow 60% of the value and had to stump up the rest in cash, which was pretty much everything we had.

Currently my wife is running the business and working as a Myotherapist 7 days a week and I am working a full time job in Bairnsdale as well as running the business after hours and on the weekends. I also do some volunteer work a couple of times a week. So it's pretty much 7 days a week 12hrs a day for both of us atm.

But all things going to plan we should own it outright in another 8 or so years and then we will have the ability to work ~9 months a year and holiday the other 3 months.

So far so good, but time will tell how it all plays out.

Good on ya mate
Keep it up.
You have more enthusiasm then me