Yeah, but Super cont’s are on every tax return every year, it should be the easiest figure to access. No ones asking for interest / returns, … or the sometimes myriad of ever changing fees over the years, there’s no equations or calculations, …
You put in 9%plus whatever in annually, there it is on your tax return, boom. There it is on your yearly statement from your super fund,… simples.
My Super Fund guy had it all within 2 or 3 minutes, yearly amounts, and a total.
Then he emailed them all to me, … it took all of 10 minutes & I was looking at them.
Unfortunately buying in the country or beach house tends to limit your capital gain. Also if people get into financial trouble the first thing they ditch is a holiday house so they tend to drop more quickly and by a greater margin.
I tend to agree re a correction. However I’ve been thinking that for more than 10 years and it has not happened. Those thoughts coupled with a reluctance of me wanting to put my family in too much debt has cost us many hundreds of thousands of dollars.
We finally got an IP around 5 years ago. It has done reasonably well and thanks to a redundancy payout we have paid it off. However when I look at what we could have done it’s a bit depressing.
Now that I have no mortgage, I’m really missing the good old days of the early nineties when mortgage loan rates reached 17% and you could earn about 13% on investments.
Unless you’re migrating statements, there’s no need to migrate all of the transactions. I’ve worked on systems that only migrated data from the previous 30 June, which caused problems when there are reversing transactions in this year that relate to previous years. Each reversal needs to be linking to the initiating transaction.
Others only migrate the minimum required by legislation, whether 7 years or otherwise.
I was in the same fund from 1991 to 2016. I have no idea how much I contributed, but I did keep a pretty close eye on my annual statements. I might have a few in the drawer or on the computer.
The super-big industry fund system has just been migrated to another super-big system, and they only migrated 5 years plus the current year.
You have to do what you are comfortable with. I have in the past got to the stage of being about to sign a contract on properties and pulled out at the last minute because I got cold feet.
I do believe in stepping off the edge every now and again and taking a risk, but if you are not comfortable, don’t do it.
The other thing is never be afraid to rent your house out if things go pear shaped. I can’t believe the people that stay in their houses during hard times and let the bank take them.
Move out into somewhere you can rent cheaper, and rent your own and negatively gear. Or move in with friends and family in the short term there are loads of options, but people see their house as a home only and not as an investment.
When interest rates hit 16% and I was hitting the bottom despite working full time, myself and my two children moved back in with my parents. We thought we would be there months but were there three years. All the time I had my unit rented. At the end of that time my unit had increased in value from $55k to $85k I sold it, went to Europe for five weeks on my first ever overseas holiday, came back and bought another unit with the proceeds of the first.
Try to keep property as long as you can, but if you are going to be in property, and I am no expert, you need to know your market, and you need to pick up on the political signals, and I mean the global ones as well as the Australia ones.
Commercial property is a completely different beast, higher returns, longer periods with no tenants and higher risk.
But any investment has risk, and you need to look at works for you, and what you feel comfortable with.
I just have an insatiable desire for property. Anywhere I go I look in real estate office windows, all through Europe, anywhere in Australia, pacific Islands I just love looking at it and thinking about rental values, the return and what can be improved.
Other people have different desires, I have seen an investment advisor swooning over superannuation statements. I kid you not.
Bizarre.
“I seriously recently thought about taking the loss as Trump scared the bejesus out of me.”
Unless you are in an area dependent on a single industry or in the country, I.e. a mining town, or in a rural town, don’t ever take a loss unless you have no choice.
Property in most urban areas of Australia tends to go up in value over the long term. In ten years it is exceedingly likely that property will be worth more than what it is now.
In twenty years it will probably at least treble is value. At some stage during that period it will become positively geared and you just set and forget.
I’m thinking a correction is about due too, but I’ve been thinking that since 1997 so what do i know?
One thing I had thought about is property in the USA, in the Seattle area particularly where a friend who lives over there has been talking it up. Prices are still low after the GFC, but rents are high, and fixed-interest mortgages are standard over there so you could probably insulate yourself from future rate rises.
It’s ■■■■■■ hard to administer a rental property on the other side of the city though, let alone on the other side of the world.
Every asset class has gone through an up and down period. Nothing can forever keep going up. It’s guessing as to when.
If war breaks out in Asia, watch the price of gold. Interestingly the Yen is seen as safe currency as well but given North Korea is it’s neighbour I wonder what the alternative would be.
As a side fun fact, If we collected every ounce of gold the world has ever dug up it would only fill 3 olympic sized swimming pools.
If we are in a housing bubble and it’s bursts it will deverstate superfunds because they are so locked into the banks. They are hooked into property, yes, but not to the same extent that they are linked to the banks.
If the supposed housing bubble bursts and the banks start to struggle, its good night nurse.
The C/W govt doesn’t have anything in reserve to underwrite the banks as they did to the economy in 2008.
Low interest rates have not worked, they have created a bigger problems. Central banks around the world have kept rates low. It hasn’t stimulated the economies and led to suppressed wages.
That’s sort.of true. You can invest in plenty of different asset classes in Super. You don’t have to be invested in investment funds that hold aussie banks. Just choose an investment mix that’s low.on aussie equities.(large cap). In Australia that’s basically the banks, supermarkets and miners.
Also know its a bit late in the thread conversation but buying a house with Superannuation is a stupid idea. Then you are indeed locked into one asset class if things go sour.
Oh and low interest rates have worked. European countries are now growing.(Germany positive, even Spain,Greece at 3%), the US economy is gathering steam as well. Wages growth is really low here because our government threw people at the problem. We have a labour supply side issue. It’s seen in under rather than unemployment.
Most of the blokes at my pub couldn’t answer most of the questions, and in fact most nights I am not sure if they speak English either.
Sadly, this new CitIzenship standards and the changes to 457 visa, is another example of Turnbull and the Liberal Party turning further to the right and trying to outdo PHON. I know that people who voted for Abbott got what they asked for; mostly getting rid of KRudd, but they knew where Abbott stood. Many who voted for Turnbull thought he was progressive and would bring the Liberals back to the centre of politics, but it is just not so.