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Protect your assets before it's too late

Posted by James Cagney on 22 March 2020

With the Corona Virus (COVID-19) pandemic and the worldwide recession looming,  now is the time to protect your assets against creditors. If you lose your job and unable to pay your bills creditors will come after you sooner or later. Despite the generous Federal, States & Territory stimulus businesses need cash flow to continue to operate. Yes, businesses can borrow money at attractive rates and terms but eventually that money has to be paid back. and there will be a cash grab. All that has happened is that the governments and banks have borrowed you time. Plus the various government payments will take time to get into the hands of those who need help quickly. These people have rates, mortgages and rents to pay and the emotional stress over the next few months will be catastrophic. 

The stimulus packages from the Federal, State & Territory governments, councils  and banks will create a personal and business debt crises in Australia not seen since the Great Depression in the 1930's. The Australian National debt is at the time of writing (23-03-2020 @ 3.09pm AEST) is $443,136,936,000. (+$443 Billion Dollars) and increasing by the second (look up www.debtclock.com.au). By the end of the stimulus package Australia will be in enormous debt. Look at where we are now:

Australia's National Debt +$443 Billion

        Interest per Year =  $13.9 billion
        Debt per Citizen  = $17,933

Australia's Private Debt is $2.6 trillion

        Household Debt = $1.7 trillion
        Business Debt = $850 billion
        Mortgage Debt = $1.57 trillion
        Personal Debt = $145 billion
        Credit Card Debt = $48.7 billion

 

We also need to budget more carefully and save money wherever we can. We need a strategy to reduce our home and investment property mortgages by looking at better interest rates. For those who have investment properties it is even more important to look at protecting your assets because your tenants may well default on their rent. How do you pay the mortgages? We can help you cope with this, Contact us. CLICK HERE. .

If you lose your job how are you going to find another job quickly to pay your bills? Politicians say we have to face the consequences yet they are the one's that have secure jobs. The man on the street is the one left SUCKING THE LEMONS!

Another problem With that the elderly are more prone to contracting the Corona Virus. Who is going to look after your children during school closures when you are working? Are you going to put grand parents at risk? Can you afford to pay someone to look after them when you do have to go to work at the office / business?

Unfortunately most politicians are not business and economics savvy and they are going to legislate accordingly. They want to the white knight riding in to fight the dragon and rescue the damsel in distress. Many of the politicians are taking these draconian actions which will result in countless job losses and financial ruin for many workers. Economists and health officials agree that the stimulus and other assistance from Federal, State, Territory government, councils and banks to help us cope over the next six months is not enough. The measures they have now taken is going to cost hundreds of billions of dollars and our Nation Debt is going to soar out of control.

Guess what!  The politicians who put in these regulations jobs are safe. Politicians have not forfeited their salaries and benefits and they won't be experiencing financial hardship. They glibly say as Australians we all have to take it on the chin but I do not see them doing the same. What hypocrites!  Ask yourself - Are some of these regulations introduced there to cover politicians own bums so they do not have to take responsibility later? After all they are elected officials and they have to look after their own jobs firsts. Think about this before casting your vote next time. 

I am not saying that we should not take immediate action because we do have hindsight at what has happened with the explosion of the Corona Virus around the world. But consultation with the business community and labor unions at this stage has mostly been ignored. For example, closing all non-essential businesses at such short notice is ludicrous. Thousands of Australians are about to lose there jobs overnight and they are oblivious to the consequences. Taking what happened at Bondi Beach as the reason why politicians are bringing in these impractical measures is making a mountain out of a molehill. It should have been a council issue and not a national issue.  Let's stop this lunacy and not punish Australian workers nationwide. 

Enough ranting from me. Alas I fear I am too late! I know that many of you will not agree with my opinion. Time will tell and I do not have all the answers and anybody who tells you they do is lying.

Let's get back to what you should be doing right now to protect your family and assets. We can show you a way to do this and you need to take action before you accrue massive debts that you cannot repay. What is clear that if you are seen to be consciously avoiding paying your debts you will have few options. If you take action NOW to protect your wealth and retirement you can do something and creditors will not be able to take possession of your wealth.

Contact James Cagney on 0416 137 645 or email him on jfc@jamescagney.com.au or CLICK HERE right now before it's too late. I can only help people who are action takers because those who are going to sit on the fence are in for a big fall. Remember Humpty Dumpty had a big fall and all the kings horses and all the kings men could not put Humpty Dumpty together again. After all knowledge weighs ounces but regret weighs tons. For more information on our credentials and what services we offer go to www.jamescagney.com.au .

 

Author: James Cagney
Tags: Protect your assets and reduce your debts
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