"How to guarantee you’ll stay poor"

If there’s one thing we can all agree on, it’s that being poor is just a mindset. At least, that’s the hot take from controversial Australian wealth and property guru Jack Henderson. 

Henderson recently graced his Facebook followers with a foolproof seven-step plan for staying poor. This list, boldly titled "how to guarantee you’ll stay poor", offers wisdom so profound it could only be matched by a fortune cookie written by a hedge fund manager.

Let’s break it down, shall we?

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 devotees lapped up this advice like an overpriced matcha latte, struggling Australians facing a cost-of-living crisis may find it slightly less helpful. After all, when the price of a head of lettuce rivals that of a luxury handbag, "mindset" isn’t always the issue.

The Reserve Bank of Australia did throw a lifeline to homeowners by cutting interest rates on February 18, but experts say it’s about as useful as offering a band-aid to someone who’s been hit by a bus.

As Aaron Scott, co-founder of Aussie Proptech service bRight Agent, put it: "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."

Translation: Don’t start dreaming of caviar just yet.

Scott also pointed out that, despite the hype, one rate cut won’t do much beyond covering the cost of a daily coffee. And even then, only if you’re buying it from the budget section of the servo.

"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."

For those currently navigating the financial minefield of rent, groceries and a mortgage that costs more than a small island in the Pacific, a single rate cut is about as helpful as Henderson’s "mindset coaching".

Recent Roy Morgan research found that 30% of Aussie mortgage holders – 1.5 million families – are experiencing mortgage stress. And with grocery prices skyrocketing, that stress isn’t going anywhere fast.

"On a $1.4 million loan, a 6.75 per cent loan rate dropping to 6.5 per cent will only save the mortgage holder around $107 per fortnight," Scott said.

In other words, just enough to buy an extra carton of eggs – if they’re on special.

As Scott so eloquently put it, "A single RBA cut is like throwing a cup of water on a bushfire – it won’t contain the raging mortgage stress pain."

But hey, at least we’ve got mindset, right? Maybe if we all start tomorrow, read a few books and surround ourselves with equally broke friends, financial freedom will magically appear.

Until then, we’ll just keep admiring Jack Henderson’s wisdom – because if there’s one thing he’s truly mastered, it’s the art of talking a big game.

Now excuse me while I go manifest my way to affording rent this month.