Monday, 31 December 2012

2012 year in review


I’ll keep this post short, as I’m sure you have lots of items remaining on your to-do list to prepare for tonight.

I think it’s interesting to reflect back on my first month on this wealth creation journey.

My major focus in December has been on refinancing my mortgage, which is by far the largest opportunity for savings in my current budget.  I’m proud to announce that after my initial hurdles and poor customer service experiences, I’m very close.  My broker submitted my application to my lender of choice today, and assuming all is successful, I’ll lock in a ridiculously low fixed interest rate for three years, plus a cash back percentage of the broker’s commission.  It’s not as large a commission as I could have received with other lenders, but the loan I’ve applied for offers additional discounts that will save me thousands of dollars a year, which outweigh the benefits of any higher commissions.

So, overall I should be better off by more than $5,000 after tax per annum for the next three years – not bad for the first month’s work!  Things can still go off the rails, of course, but I’m keeping my fingers crossed for a positive result.

From next month, I’ll chart my progress towards my million dollar goal more officially.  To do that, I need to know precisely what my net worth is at present and what my monthly targets will be.  I’ll get on to that in January ... 2013.