Newbie needs to know where to go from here…….

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Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
February 1, 2013 - 11:42 am
Mikko wrote:
Just another thing, I salary sacrifice $120 into Super every week. Would you guys recommend continuing to do so? Or would it be more beneficial to me to save and invest the money elsewhere?
This is imposisble to answer and would depend on many variables:
1. Your age
2. your income
3. return in your superfund
4. your risk of going bankrupt
5. your spending habits
6. your life expectancy
etc etc
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Jacqui Middleton
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@jacm
Join Date: 2009
Post Count: 2,539
February 1, 2013 - 11:51 am
Hi Mikko,
How quickly do you think you can pay back the credit card debt?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
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VIC Buyers' Agents for investors, home buyers & SMSFs.
Rick sta
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@rick-sta
Join Date: 2011
Post Count: 120
February 1, 2013 - 11:56 am
I'm a big fan of salary sacrificing into super, especially while you're young. The compounding effects can be amazing. I would keep it going, you obviously don't miss the money, and if you did have the money there is the chance it could just get frizzled away.
Jacqui Middleton
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@jacm
Join Date: 2009
Post Count: 2,539
February 1, 2013 - 12:10 pm
I am a big fan of salary sacrificing into super….. but not when someone else is controlling it. When you are driving it yourself to a very clear destination (ie SMSF) there is purpose to it.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone Me
VIC Buyers' Agents for investors, home buyers & SMSFs.
Rick sta
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@rick-sta
Join Date: 2011
Post Count: 120
February 1, 2013 - 12:19 pm
Totally understand JacM, there is something about investing money that I can't spend for 30+ years that really intrigues me.
Jacqui Middleton
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@jacm
Join Date: 2009
Post Count: 2,539
February 1, 2013 - 12:39 pm
@ Rick Sta…. do you have a SMSF ?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone Me
VIC Buyers' Agents for investors, home buyers & SMSFs.
Rick sta
Participant
@rick-sta
Join Date: 2011
Post Count: 120
February 1, 2013 - 12:51 pm
Yeah just a cheap online one, as I don't have a large balance to justify the expenses of a more flexible option ( I'm 26).
ChrisA1
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@chrisa1
Join Date: 2011
Post Count: 172
February 2, 2013 - 9:15 am
Agree with Darryl here, while you are sorting out your finances, take this time to research the areas you are interested in, strategies and everything else there is to know about investing!
Being in your situation where you can't dive straight into the investing might be a blessing in disguise as while you are ever eager to get into the game, you can use this time to research and learn from others, then you will know how to recognise the deals, then how to manage them!
ChrisA1
Persistence is 'to keep on keeping on, no matter how hard the going may be'