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Advice for mortgage stressed families

05/01/2012

Many families who struggle with mortgage repayments have consumer credit and other loans and debts as well. Financial advisor Scott Pape, the barefoot investor, advises couples to open up an old-school investment bond for each child's education, and religiously deposit money into it each and every payday. For parents facing a line-ball decision financially to go back to the workforce, they can consider starting up your own online business from home.

Parents should get on to their super fund and ask them about consolidating their various funds into the one low-cost industry fund. While you're sorting out your super, ask an insurance expert if they could get income protection cover from within your super fund.

If you can barely afford to repay the mortgage, you shouldn't have an investment loan. Take the loss, clear the debt.

Source: Herald Sun



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