Out of the Cesspool

Hi Scott

Two years ago, my wife and I had five credit cards topping $70,000 and seemingly no way out. After following the Barefoot Steps we have not only paid this cesspool completely off, we now have $100,000 in the bank. Right now we are on a Gold Coast holiday for five nights with the kids and are pinching ourselves that we got here!

So it’s time for the next step. I’m a builder and my wife and I want to buy land and then build in 12 months’ time. I pay my wife a wage for her work in the business, but not me. We are not sure how to approach a bank. Any suggestions?

Nick

Hi Nick,

You went from seventy grand in the hole to a hundred bones in the bank in just two years?

Congratulations, you two are on fire!

As far as getting a home loan is concerned, it’s worth chatting to your accountant to make sure your business and personal finances are sorted and clearly separated. Once that’s done, it’s time to go see a bank. The big thing a bank is looking for is that you have the ability to build your savings and pay down your debts – and you have been doing both.

You Got This!

Scott.