Month: October 2018

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Say Bye Bye to Mortgage Years Earlier

If I can do it, you can do it, too – Sounds easy but is it really? Don’t you love to hate this line? Let’s not kid ourselves. Things like losing that spare tire on your body or becoming a guru or master in your chosen field are never quick and easy. They require a long-term commitment, relentless efforts and possibly lots of swearing (physically and verbally) before you can cross that finishing line. What about paying off a mortgage? It’s even more painful! Don’t despair yet, there’s a way even for a non-risk taker, an average income earner like myself. It’s hard but achievable.

I won’t bore you with too many numbers here. Basically, I took out a 30-year standard variable home loan back in 2006. It’s been 12 years since but fingers crossed this time next year, I’ll have saved up enough funds to pay off my mortgage – 17 years faster than the loan term. OK, I admit it’s only a prediction so anything can happen in the next 12 months. Who knows if the world market will be hit by another Global Financial Crisis (GFC) like the one in 2008 which led to a severe economic downturn, bankruptcies and unemployment everywhere. Been there, done that and survived the financial storm. If GFC in 2008 was the worst thing that has ever happened to us in the last decade, what’s to fear in the future? Here I’m in 2018, 10 years down the road, I’m well ahead on the mortgage repayments and moving closer to clearing the final hurdle. Sounds like a sweet victory in waiting but if anyone asks me what does it take to get there? I’ll say it without hesitation: Sacrifice and lots of it. Wait! Don’t get turned off by it and throw in the towel that quickly. Things do get better.

What are the key measures that I’ve taken (or sacrifices that I’ve made) to help pay off my mortgage faster?

  • Eat two meals instead of three per day every day. Have breakfast, dinner only and no lunch in between. Initially, I did this out of pure laziness as I couldn’t be bothered preparing all the lunches at home. Changing my daily meal routine to such a way wasn’t something I had to adjust or get used to, it just fit my lifestyle perfectly. So, overall it wasn’t a hard thing to do. Also, I avoid buying take-away foods or eating out. Over time the cost can add up very quickly.
  • Take public transport to work. From the start, I chose to catch train (as opposed to bus) because it was the most economical. In recent years, I’ve switched to bus as it’s more timesaving.
  • Holidays at home. Over the years I’ve spent my downtime discovering some hidden gems in the city (Sydney) I live in and all of them are within an hour drive from home. Cheap and cheerful I would say.

Life is full of uncertainties and surprises. Despite the fact I was made redundant twice, out of job for 12 months since the start of my mortgage, as a single person with one single income, I still came out OK, managed to pay private health insurance, all household and car bills on time and stay on top of my mortgage repayments. So, allow me to say this: If I can do it, you can do it, too (but only if you want to)…

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Bring A Blind Spot To Light

They say we are our own worst enemy. 100%! When it comes to giving advice to others, we act and sound like experts. But when it comes to following our own advice, we become paralysed and lose our way very quickly. At times, we even sabotage ourselves for that matter. It’s like everything we’ve learned about how to tackle life issues, big, small or ugly, all goes out of the window in a flash. But why is it the case?

In the first five month of my blogging experience, I talked about many great lessons and inspirations that came to my life. When I wrote, I often had this thing in mind: I want to walk readers through my journey and give them the leverage to deal with their own challenges in similar situations. Yes, on paper, I did just that. But then one day when I ran into a bump in the road, The irony? I found myself not coping well. The positive stuff I’d been advocating all went down the drain. I felt like a fraud. At that point I decided to cancel my website altogether. It may sound a bit over the top or too dramatic in my reaction but my then-sentiment was that if I can’t be a testament to the things I pitch about, then it’ll probably be useless and meaningless for me to keep on doing this. So, I went ahead and shut down my first website completely and permanently. Of course, I came back a few weeks later, launched a new website and started blogging again.

Strangely, in the last few days, I kept going back to the idea of “blind spot”. We know in the context of driving a car, there’s an area we can’t see. Therefore, checking our blind spot is essential if we want to stay safe on the road. Using this as an analogy, it’s fair to say that in life we also have a blind spot somewhere – an area for improvement we can’t see ourselves. Now as I look back on those times why I failed to put knowledge into action, in part if not all might’ve had something to do my blind spot. To that effect, it may well explain the reason why it’s harder to take our own advice when a blind spot gets in a way.

So, where can we start to reduce our blind spot and make way for action taking? Perhaps it’s a matter of:

  • Learning to give advice to yourself like you do to others
  • Learning to see the subject from a third party’s standpoint
  • Learning to view things from a different angle or corner
  • Learning to appreciate the whole reflection in the mirror

The list can go on and on if I dive in deeper and deeper. That’s the beauty of taking a personal development journey – there’s often something new and profound to explore and expand. For now though I’ll just take one step at a time, look before I change to the fast lane…

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Waste A Day, Waste A Week

When it comes to prioritizing, do you do what’s urgent or what’s important or whatever is in front of you? Do you spend your time firefighting rather than making any progress? What are the time wasters in your life that get in the way?

Time management. Some experts have argued that there’s no such a thing. I get that. Time constantly flows by and never stands still, it really can not be captured by any humankind in any given moment. Looking at its own unique character and a particular role it plays in our lives, time has been and will always be the most irresistible and irreplaceable resource in the planet. No matter where we come from or what our status is, everyone gets a fair share. Fair enough! But think about it, no one has time forever. How do we see the value of time? In my case, a reality check was what I needed to go back to basics and re-examine my time-poor lifestyle. Here’s the story.

My recent wake up to reality was like a slap in the face moment. Where it happened was quite interesting. A veterinary clinic! Early this year I took my dog to a vet for an annual vaccination and a routine health check-up. While we were in a surgical room waiting for the vet, I thought I’d kill a few minutes reading some pet care information on the walls. Immediately, a poster containing a dog year chart caught my attention. Out of curiosity, I went over to check which age group my dog would belong to. And? In human years, my dog was around 65, categorized as an old dog near the tip of the chart. Standing there, my heart started to sink. It was an awakening moment I needed. In retrospect, often I got so caught up in day-to-day things, petty stuff in life, that many more important things ended up slipping out of my mind. So, right there and then, I came to the realization that it could only be a few more years left for my dog’s time on Earth. It sucked. Big time! Of course it was hard to take, but when I took a step back and thought it through again, it really opened me up and served a big purpose for me to live by – seize the day before it’s too late. Imagine, every time a person wastes one day of his life, that one day is the equivalent of a week in a dog’s life. Reality bites. You bet!

To draw a close to this post, an old saying comes straight to my mind: Time and tide wait for no man. But it feels like something is missing. So I think I’ll extend it to: time and tide wait for no man and no dog…