Aussie property guru Jack Henderson’s wealth tips

Controversial Australian wealth and property guru Jack Henderson has told his followers being poor is just a mindset.

Henderson, who claims to have $10 million in property debt, offered fans of his Facebook page a seven-step list to staying poor.

The list, titled ‘how to guarantee you’ll stay poor’, covered a series of points Henderson believes are holding people back from generating meaningful wealth.

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Property guru Jack Henderson doesn’t mince his words.

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Henderson’s list is as follows:

1. Start tomorrow, never today.

2. Read every book and implement nothing.

3. Hang around other broke people.

4. Be a victim. Life is unfair.

5. Fail once and never start again.

6. Talk a big game. Do nothing you say you will.

7. Listen to other broke people’s opinions and advice.

While Henderson’s fans were quick to support his advice, the list will be no comfort to struggling Aussies trying to make ends meet in the ballooning cost of living crisis.

The RBA’s February 18 interest rates cut was welcome relief to millions of Aussies but expert warnings claimed a single cut would be like ‘throwing a cup of water on a bushfire’ and will do next to nothing to ease the financial strain for 1.5 million households.

MORE: RBA cut: Insane way to save $250k

One rate cut isn’t going to make things easier for plenty of Aussies. Picture: NewsWire / Damian Shaw

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Aaron Scott, co-founder of Aussie Proptech service bRight Agent, argued the cut would do very little to ease the cost of living crisis for millions of Australians.

Scott said many Australias would continue to struggle during to high mortgage costs and living expenses, even if the cash rate fell from 4.35 per cent.

“A rate cut might sound like good news on the surface, but the reality is that it’s unlikely to make a meaningful difference for many homeowners who are already stretched to their financial limits,” he said.

“One rate cut might save you the price of a coffee each day, but it won’t be enough to bring back the Wagyu beef or shiraz.”

“A single rate cut is like getting a 4-cent discount on a $2 per-litre fuel. It might make you feel good, but the saving’s gone by the time you leave the servo.”

“Unless you’ve got half a dozen cuts lined up, one drop in rates won’t move the needle on most household budgets.”

According to recent Roy Morgan research 30 per cent of Aussie mortgage holders – 1.5 million Aussie families – are suffering from mortgage stress.

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Around 30 per cent of homeowners are under financial stress due to mortgage repayments.

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These financial woes have been deepened by the cost of living crisis including the skyrocketing grocery prices.

“On a $1.4 Million loan, a 6.75 per cent loan rate dropping to 6.5 per centwill only save the mortgage holder around $107 per fortnight” Scott said.

“That’s not likely to be enough to give most mortgage holders a meaningful reprieve.

“A single RBA cut is like throwing a cup of water on a bushfire — it won’t contain the raging mortgage stress pain.

“Although the RBA’s interest rate hikes didn’t curb property prices as expected, they have been successful in stripping money out of savings accounts through higher mortgage repayments.

“Many families are already at the limit, or beyond it, of what they can afford.

“Inflation has compounded year after year, and real wages still have a long way to go to catch up to pre-Covid norms. A small interest rate cut won’t undo the financial stress that has already set in,” he said.

+ Additional reporting James MacSmith