How to Get a Better Interest Rate + Should You Start a Business with Your Bestie?
Feb 20, 2025
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Interest rates are the hot topic, especially with a recent cash rate drop. Learn how to negotiate better mortgage deals—just a 1% decrease can save you thousands! Then, explore the intriguing question of whether starting a business with a best friend is a wise idea. While it sounds fantastic, the potential risks to your friendship and finances are real. Plus, uncover clever hacks for free dinners just by leaving reviews, alongside community financial wins and personal anecdotes that keep things fun and light.
Negotiating better mortgage rates is essential after the RBA's cash rate drop, potentially saving homeowners thousands over time.
Starting a business with a friend requires careful financial planning and open communication to protect both the relationship and finances.
Budgeting is a crucial foundation in personal finance, helping individuals understand expenses and make informed investment decisions.
Deep dives
Celebrating Community Achievements
The podcast highlights the importance of community engagement by sharing inspirational 'money wins' from listeners. For instance, one listener, Nat, shared her achievement of being selected to work in Antarctica, showcasing the adventurous spirit within the community. Another member, Sophie, won a free night's vacation by successfully guessing a number in an Instagram competition, illustrating how small efforts can lead to significant rewards. These stories not only celebrate personal accomplishments but also encourage others to embrace their financial journeys.
Challenges of Starting a Side Hustle
A listener poses a dilemma about investing in a business venture with a friend, revealing her hesitation about using her emergency fund. The importance of careful financial planning is emphasized, as the hosts advise against risking essential savings for a potentially unstable business opportunity. They suggest exploring a gradual investment approach, allowing time to assess the feasibility and risks involved. Additionally, open communication between friends about financial commitments is highlighted as crucial to maintaining both friendships and business partnerships.
Tips for Negotiating Better Loan Rates
The hosts provide insights into how to negotiate better mortgage rates with banks without going through a full refinance process. They emphasize the importance of maintaining a calm and polite demeanor while discussing potential rate reductions with bank representatives. Listeners are encouraged to gather information on current competitive rates and to persistently advocate for better terms. The podcast also mentions utilizing free negotiation templates available online to facilitate these discussions and empower individuals in their financial dealings.
Understanding Economic Changes and Their Impact
The recent drop in cash rates announced by the RBA is discussed, creating ripples of optimism for those looking to refinance mortgages and reduce interest payments. The hosts explain how this decrease could lead to potential savings in the long term, urging listeners to act thoughtfully during this window of opportunity. It is also noted that while borrowing costs may decrease, interest rates for savings accounts will likely follow suit. Participants are advised to reassess their investment plans as economic conditions stabilize, illustrating the interconnectedness of savings, investments, and financial strategies.
Addressing Budgeting Basics for Financial Security
A segment of the podcast emphasizes the significance of budgeting as a foundational element for financial health. Listeners are advised to create detailed budgets that include all potential expenses related to new business ventures or personal finance decisions. The hosts encourage individuals to conduct thorough research to better understand the costs associated with starting a business, enabling informed decisions about investments. By focusing on budgeting, the discussion reinforces the idea that financial awareness and preparedness can lead to more sustainable and successful outcomes.
The RBA just dropped the cash rate—so what does that mean for your mortgage? Whether you’re a homeowner, a future buyer, or just watching the market, interest rates are the hottest money topic right now. This week, we’re diving into what the rate cut could mean for you. And Victoria gives her guide on how to negotiate a better deal on your home loan at any time, because even a 1% decrease could mean thousands off your loan. And in the ultimate friendship-meets-finance dilemma, we’re asking: Should you go into business with your bestie? It sounds like a dream—built-in trust, shared excitement, and daily coffee catch-ups. But is it actually a smart move, or could it ruin both your friendship and your finances? PLUS, we’ve got some wild money wins and broke tips, and the sneaky hack that could get you free dinners just by leaving reviews!
To sign up for the free Turning Side Hustles into Success Stories webinar click here (there is also more info in the link about how you can score Victoria's book The Business Bible for FREE!)
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