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Thread: Money matters

  1. #46
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    salary sacrifice and years of contribution balances the ledger.
    You're not wrong there, JAK. Always comes down to how much you plonk in.

    I couldn't care less whether it was inside super or outside - ever notice that the finance "spurts" say that tax should be a secondary consideration for investing but the first thing that people mention is the tax concessions for super (which is merely an investment vehicle not an investment class itself.)

    I'm running an SMSF at the moment. Seriously considering winding the bloody thing up. Pfft on tax free rubbish at age 60. Simply have the same assets outside and eliminate the accountancy costs, actuarial costs, ASIC costs, ATO charges (all substantial) - and the effective death duty when I snuff it. Jesu, with $1m at 4% fully franked, I'd get a $6k tax refund each year. Really, who needs super except in the accumulation phase.

  2. #47
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    Quote Originally Posted by JaK
    Hi Igor! Mainly from real estate agent offers when I give them a hint that I wish to sell!
    Don't forget they would offer and promise anything to get a listing.
    They will say they have an interested buyer ready to pay top dollars, convince you to list the property, then the buyer mysteriously disappears.
    Once I asked an agent what can I expect to get for my property if I put on the market. Then I asked him what is the minimal amount I can put if I transfer it to my wife. The difference was 20%!

    But it's still an indicator.
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  3. #48
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    Quote Originally Posted by Igor_Goldenberg
    Don't forget they would offer and promise anything to get a listing.
    They will say they have an interested buyer ready to pay top dollars, convince you to list the property, then the buyer mysteriously disappears.
    Once I asked an agent what can I expect to get for my property if I put on the market. Then I asked him what is the minimal amount I can put if I transfer it to my wife. The difference was 20%!

    But it's still an indicator.
    Correct all of the above; however, I always seek the personal level of approach, after all my next door neighbour is in the property valuation game!
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  4. #49
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    Quote Originally Posted by JaK
    Correct all of the above; however, I always seek the personal level of approach, after all my next door neighbour is in the property valuation game!
    Send me his details!!
    For private coaching (IM, four times VIC champion) call or SMS 0417519733
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  5. #50
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    Quote Originally Posted by Igor_Goldenberg
    Send me his details!!
    I can't! He is a corporate, he doesn't do individual gigs. He only discusses matters with me and the other lady neighbour because he's interested about his house's value!
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  6. #51
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    Quote Originally Posted by Jim_Flood
    You're not wrong there, JAK. Always comes down to how much you plonk in.
    ... Jesu, with $1m at 4% fully franked, I'd get a $6k tax refund each year. Really, who needs super except in the accumulation phase.
    I absolutely admire your pragmatist approach! One of my possible avenues, as I am approaching (agewise) some very important decision making stages, is to get out of the fund and roll over into some fully franked plan. I am not considering super as pension. I can improve on my assets by selling and negative gearing into some smaller accommodation. (who needs gardens etc). But it's all in the very hazy iffy stage at present! I won't be going back to work untill May 2012 and even then I will have more than 6 months long service leave to tune myself into fiscal determinism.
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  7. #52
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    default or cash?

    http://www.pss.gov.au/documents/factsheets/psf30.pdf

    PSS Default Plan?

    OR

    Cash Investment Option?

    For those of you who (like me) belong to Govt or semi / Govt sector
    and have (like me) additional investments other than super
    the above link may contain some useful information!
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  8. #53
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    Must fill people with confidence to know that only those instruments rated by S&P, Moodys or Fitch are suitable for the cash option. The same organisations which gave AAA ratings to CDOs. As for investing in swaps, repos and futures options, oh yeah, 'tis hairy chested stuff.

    It is odd. Freedom of choice is the catch cry but the flow on effect is more decisions with the associated angst. However, to sooth the sweaty brow an entire industry has been developed to give one proper advice on which course to steer - for a price, of course. Along with the imposition of additional legislation and regulations - which adds to the price, of course.

    I don't envy you JaK

  9. #54
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    Quote Originally Posted by Jim_Flood
    I don't envy you JaK
    Lol you don't need to, I do a lot of envying (of the "you frigging old shrewd bastard" kind) about myself, myself!
    After all as my mate Fireeater says "I 've vever been that broke as not to be alble to leave town" or words to that extent. Well, four o/s trips and at least six holiday breaks in various (rather expensive) Australian resorts from October 2010 to the end of this financial year can't be bad for the poor proletarian boy!


    Quote Originally Posted by Jim_Flood
    However, to sooth the sweaty brow an entire industry has been developed to give one proper advice on which course to steer - for a price, of course.
    LOL we get all this kind of "proper" advice for free in posh quarterly seminars at the Grand Hyatt. Main goal: to entice me to receive my super in a pension form. Like hell I will! I get all the financial advice I can get by my business partner and I am getting paid for it! beat that!

    Having completed all the above niceties I better get my arse going and do some work because I 'll end up sleeping in parks (again)!
    Last edited by ER; 21-12-2011 at 03:17 AM.
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  10. #55
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    if only ...

    Quote Originally Posted by Woody Allen
    Money is better than poverty, if only for financial reasons.
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  11. #56
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    Exchange rates

    Today I went to the city for some shopping after I took my friends to the airport.

    I checked the money exchange market as I usually do particularly when I am about to fly overseas as I am leaving for NZ this coming Sat.

    I found the worst deals offered by the banks $1.00 AUS / $1.21 NZ.

    I checked a few other places (money exchange outlets around Swanston and Flinders Streets and their rate varied from $1.24 NZ to $1.27 NZ for one AUS$

    I always like to have some currency of the country I am visiting, so I can get around the first few days without having to worry about financial matters.

    So I withdrew $350 from the bank to exchange and I went to that guy down in Flinders Street who was offering $1.2717 NZ to be exact.

    He counted $415 NZ behind the teller and was about to complete the transaction.

    I said, "What's this crap mate? You suppose to give me at least $445.50 NZ !"

    His response was "I charged you transfer fee"!

    I told him where to put his transfer fee because there's no transfer fee on the price they give at the window, in fact is illegal to try to trick clients that way, I took my money and turned to walk away!

    He then shouted at me: "OK Sir, come back, I won't charge you any transfer fee" and the deal was done!

    Further information from this Kiwi student who was waiting behind me:

    Money employees at airport money exchange outlets are even worse! One should bargain tough with them! I wasn't going to do business there anyway because once I had seen two of them offering different exchange rate at the same time!

    BTW when I came back home I checked online and the rate of Kiwi $ had fallen to 1.29 so I think I made a good deal!
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  12. #57
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    I recent read how the higher IQ bods invest heavily in shares compared to lower IQ people. And the articles thought this was very smart considering the historic better of shares as compared to bonds etc.

    The article went on to say that in last ten years there has almost been no capital gain in shares - so for past ten years a bad investment option. Does not make those IQ look very smart.
    Zionism is racism as defined by the UN, Israel by every dirty means available steals land and water, kill Palestinian freedom fighters and civilians, and operates an apartheid system to drive more Palestinians off their land

  13. #58
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    wise

    A bank is a place that will lend you money if you can prove that you don't need it.
    -Bob Hope

    On ya Bob!
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  14. #59
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    oz buck does well!

    For those of us who plan visits to the US, or otherwise interested in international monetary movements, AUS buck is doing quite well (not discussing exports / imports here). So don't be surprised if AUS $ gets to yank $1.10 sooner (certain experts' arguement) rather than later! Keep an eye on it anyway!
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  15. #60
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    oz buck goes fine and a good time to travel overseas. At this very moment

    One Aus $ buys 1.89 Turkish lira!

    One US $ buys 1.8 Turkish lira!
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