Bouncing Back from Bankruptcy

Hi Scott,

I’m 42 years old old and I feel I have one shot left. I'm just three months away from my bankruptcy being removed from my credit file -- a failed relationship, and a failed business, behind me. I now have $50k saved. I earn about $145k and have had a great secure job for the last three years. So I am at a crossroads. Who will give me a loan? What is the best way to get my financial future back on track?Thanks

Gary

Gary,

Fella, you don’t have just one shot left -- you’re not even at the halfway mark! Instead, think of your experience like you’ve graduated from the university of hard knocks. And yes, you’ll find plenty of lenders who’ll lend you loot, but that shouldn’t be your focus -- that’s what got you in trouble in the first place.

You’re earning good money, almost $150k a year, so you’ll be fine as long as you stick with the program. What’s the program? Keep the $50,000 for emergencies in a Mojo account. Boost your super by salary sacrificing an extra 6.5 per cent of your pay (an extra $628 a month). Buy a modest home you can afford, with a 20 per cent deposit. Pay it off quickly. You can’t not win with this plan.

Scott