We want to continue to share with you some of the tips and tricks that I have learned over the last 10 years of being a successful property investor so you can continue to benefit from those as well.

It would be better to have your money working for you as opposed to just you working for your money.

Imagine the feeling of waking up in the morning better off financially than what you were when you went to bed! That is literally having your money working for you while you are sleeping.  Sound too good to be true?

It’s actually quite simple, given the right education and mindset you should adopt.  You should put every dollar that you have access to in the right account, so indeed it is working for you while you are sleeping. That is the only way we are going to wake up in the morning better off financially, than what we were when we went to bed.

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For instance, if you pool all available cash into an offset account, then you’ll be making a significant saving on the amount of interest you’ll be required to pay at the end of each month. Remember, interest is calculated daily, and billed monthly. So adopting everyday habits will make a big difference!  This is even more relevant if you have a mortgage on your own home (known as your Principle Place of Residence – PPOR). Did you know that the interest on that loan is the non-tax deductible? As such, you need to be even more diligent and organised to stop over-paying interest to the bank. It will save you thousands over the life of your mortgage.

This simple method can be significantly enhanced if you use a credit card that is linked to the offset account. Make sure this credit card has a 30-day or 55-day ‘ interest-free’ period. With your salary being deposited into the offset account, you make your monthly transactions on your credit card (groceries, fuel, lunch, movies, phone bill etc). Then, at the end of the month, BEFORE you incur any interest charges on your credit card, the card is paid off from the offset account. The real benefit however is the offset balance throughout the month is boosted by your salary.  And because you’re using your credit card for your everyday expenses, the balance is not eroded, thereby saving you interest that is payable at the end of the month!  Clever, eh? Not really…unless you’ve never heard of that before.

If you’re lazy and unorganised, you will be missing out on getting to the point of real wealth creation – making money whilst you sleep!

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