Not_original
Expert Member
Good day peeps
I've got an sms this afternoon inviting me to a payment break on my homeloan. Now I am not a top performing investment banker, but I'm savvy enough to know there is no such thing as free money. But I may actually be able to come out on top due to this and that is why I am asking you to look over my "sketch"
Anyways 2 years back **** hit the fan as the yearly MEGA overtime project did not happen for my expertise due to the rarity of us not having any scope, but SO's studies still needed to be paid so I ended up borrowing R40k a ridiculous 27.5%, which is now sitting at R30k
My bond on the rental is currently sitting at 590k and the people in it are safe jobwise (well at least they said so) . My plan is to use this three months to smash that R30k down to R11k whilst still making regular payment on it and next year after the MEGA overtime (won't be happening this year I think as a lot of people comes in from across the country, and some specialized services are even imported, so with corona I think only really critical projects will be done which will definitely leave a gap for me to be filled the year after).
According to my calculations at the end of my bond term, the effect of my financial gymnastics would cost me R8k after 15 years IF I dump the monies I did not pay back into the bond when doing MEGA. However, there is still 3 years and some left on the personal loan @R1500 a month so I will come out far ahead if I do it this way, even more so if I start paying a little bit extra (say R500) from the extra money in the budget
Yes a lot can happen and I could lose my job, but it will then be through my own wrongdoing as I believe I have the right expertise to be an asset to the company even at times like this going forward, and low enough on the food chain to be overlooked for "cost savings"
Anyways, please critique my reasoning if you so please.
I've got an sms this afternoon inviting me to a payment break on my homeloan. Now I am not a top performing investment banker, but I'm savvy enough to know there is no such thing as free money. But I may actually be able to come out on top due to this and that is why I am asking you to look over my "sketch"
Anyways 2 years back **** hit the fan as the yearly MEGA overtime project did not happen for my expertise due to the rarity of us not having any scope, but SO's studies still needed to be paid so I ended up borrowing R40k a ridiculous 27.5%, which is now sitting at R30k
My bond on the rental is currently sitting at 590k and the people in it are safe jobwise (well at least they said so) . My plan is to use this three months to smash that R30k down to R11k whilst still making regular payment on it and next year after the MEGA overtime (won't be happening this year I think as a lot of people comes in from across the country, and some specialized services are even imported, so with corona I think only really critical projects will be done which will definitely leave a gap for me to be filled the year after).
According to my calculations at the end of my bond term, the effect of my financial gymnastics would cost me R8k after 15 years IF I dump the monies I did not pay back into the bond when doing MEGA. However, there is still 3 years and some left on the personal loan @R1500 a month so I will come out far ahead if I do it this way, even more so if I start paying a little bit extra (say R500) from the extra money in the budget
Yes a lot can happen and I could lose my job, but it will then be through my own wrongdoing as I believe I have the right expertise to be an asset to the company even at times like this going forward, and low enough on the food chain to be overlooked for "cost savings"
Anyways, please critique my reasoning if you so please.