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He should be able to afford a very nice house by the time he's 60....
I can afford a house
- Thread starter krisbarry
- Start date
He should be able to afford a very nice house by the time he's 60....
The truth about how our parents started off in the housing market.
Classic. I remember many years ago flying long haul with my dad and we were both listening to this Python skit and being in fits of laughter. We got a few funny looks from fellow passengers, probably thinking have we got another 12 hours of this from these two loons?
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Is this correct? Couldn't find anything about this in the ATO website. I thought you only get access to it before 55, either thru claiming financial hardship or compassionate grounds.
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Stop the Clock,
You switched your super to the cash option on 25 April, but between 30 April and 8 May your balance went up from 45k to 46k.
Something's not right there.
You switched your super to the cash option on 25 April, but between 30 April and 8 May your balance went up from 45k to 46k.
Something's not right there.
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I switched on the 25th of April manually, via snail-mail, but by the time the paperwork hit the office (interstate) and 1 public Holiday later (Anzac Day) + the weekend, the changes were not made till the 2nd of May when the switch occured. Hence the difference in account balance. So from the 3rd of May onwards I have been recieving cash deposit rate of around 4.2% annually. I haven't missed much action just yet. There have been some up and down days on the market since that time.
Kauri
E/W Learner
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From the W.A State budjet just out, may help the local market a tad.... I think it applies to first home buyers up to $500,000... phasing out at $600,000....
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Was about to switch back into small caps and sent the letter off 2 days ago, woke up this morning and saw the mess on the DOW Jones and rang Macquarie this morning to cancel my switch. Glad I did that. So again my postion is 100% in cash, and reckon this in the real start of the correction.
Preserving my wealth till this nasty mess is over.
I do note however there will be an additional $1.1 billion dollars flowing into super funds over the next 1.5 months due to the budget changes with super co-contributions.
But my long-term goal is to preserve my wealth for that future house, and May is a nasty month
Preserving my wealth till this nasty mess is over.
I do note however there will be an additional $1.1 billion dollars flowing into super funds over the next 1.5 months due to the budget changes with super co-contributions.
But my long-term goal is to preserve my wealth for that future house, and May is a nasty month
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Anyone tried this? Salary sacrifice into supa so you have an income of say 28K. You then put in 1000$ of your own to get the co-contribution of 2500K Is it worth doing?
Julia
In Memoriam
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Anyone tried this? Salary sacrifice into supa so you have an income of say 28K. You then put in 1000$ of your own to get the co-contribution of 2500K Is it worth doing?
Is the co-contribution $2500? I thought it was $1500, plus an additional $1500 this year for those who took up that option last year?
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Yes sorry thats what I meant. But my main point is, if you are on say 70k and you salary sacrifice 42K to supa would you be eligible to still receive the co contribution if you added 1k to your supa voluntarily?
Julia
In Memoriam
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Interesting idea. Don't know. How about phoning the ATO to find out and then post the answer. Somehow, I'd doubt it.
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Just in the process of switching into Australian geared shares, should move hard now, very risky, but the only way to really get ahead fast!
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$47,000 in my super account now, yep I am loving this bull run.
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Woooosh down the tube we go...massive losses down a few thousand..oops!
Home ownership just got a little further away this week. Thats OK, I might just go buy a new ipod or 2 or three and drown my sorrows
Home ownership just got a little further away this week. Thats OK, I might just go buy a new ipod or 2 or three and drown my sorrows
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Now I have $48,000 in my super account, running hard yet again and nice to see
Anyone tried this? Salary sacrifice into supa so you have an income of say 28K. You then put in 1000$ of your own to get the co-contribution of 2500K Is it worth doing?
Don't act on what im saying, seek advice but yes I believe you can do this.
Not only would it have the benifiet of gaining you the co con, but you would reduce your tax for that year.
I thinbk there is a limit though on how much you can sal sac in a year, which i believe is dependant on age.
As for it being worthwhile, depends on your age, if you are aproaching 60 and can live on 28k a year then in a word YES. otherwise the it's no good only thinking about the future, there is a today as well as a tommorow.
I was very disapointed there wasnt more in this years budget for the younger super savers.
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My current super account balance now sits at over $49,000...Nice move upwards and even makes me think that housing in now affordable
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If you're young and work full time, I would think that the 9% SG contributions should be more than sufficient in order to build up a big enough super balance. Especially if you have your super in an aggressive investment option.
