Debt plays an important role in helping you to achieve your lifestyle goals and objectives. It must however, be managed effectively as some debt structures are more efficient than others and debt can also prohibit you from achieving your personal goals.
Inefficient debt results in high interest costs that hamper you achieving your goals and objectives.
Any debt used to purchase assets that generate an income can result in the interest costs being tax deductible. Where these assets also grow in value, this form of debt is considered to be efficient.
As long as you remain in control of your debt – that is, you stay on top of your repayments – debt isn’t necessarily a bad thing. On the other hand if debt starts to control you, rather than the other way round, you need to take immediate measures to prevent things escalating out of control.
At Strategic Prosperity Group we help you devise a smart debt management plan so that you take advantage of strategies that will accelerate you towards achieving your goals. If you can achieve your objectives without taking on additional debt this is our preferred option however it depends on your risk tolerance, your time frame and goals.
By putting in place a personalised debt management plan we can ensure you are deriving maximum tax benefits, save you thousands in interest costs, shave years off your loans and put you on the path to being debt free sooner. Ultimately, this means more dollars in your hip pocket. This gives you freedom of choice – whether it is to retire sooner, travel or just live the lifestyle you’ve always dreamed.