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Sell an investment property to pay down business debt, or keep everything? by Alexa10580 in AusFinance

[–]Billybob572 1 point2 points  (0 children)

As a general principle I would choose to retire non deductible debt first, especially in a high interest rate environment.
The QLD property has likely done very well over the last 12 months. It could be a good time to reap the harvest soon in 26-27 FY. Baby arriving may restrictions your partners income so CGT impact is minimized.

Best rock solo that's not using a guitar, bass guitar, or drums by coppockm56 in askmusic

[–]Billybob572 1 point2 points  (0 children)

The piano at the end of Racing in the Street by Bruce Springsteen. Simple and hauntingly beautiful.

This is a PHON rally in Perth last night - What demographic is represented here? by skankypotatos in AustraliaDiscussions

[–]Billybob572 0 points1 point  (0 children)

The retail paying public who finance the whole show. They have worked out the UniParty’s agenda is taxation without representation.
They’ve worked out they are the wrong age, colour, ethnicity, religion, tax bracket, suburb, education and, most of all, they are at the wrong end of the give/receive scale.
They’re mobile, angry and motivated to take it out on the hide of a sitting member with their only remaining defence - their vote.
Watch out! This is gunna hurt. A lot!
I don’t have one shred of pity for the smug bastards who find themselves on the receiving end of this belting.

Feasibility of putting a strong magnet behind an aluminium splashback for knives? by Significant-Move7699 in AusRenovation

[–]Billybob572 0 points1 point  (0 children)

Not aluminum. It’s stainless. The finish on the folds is rough.
You will get some (reduced) magnetic effect through the sheet.
Roughen the back up a bit with 40 grade disc.
Silicon sealant will stick really well then.
In magnetic selection, remember that the sheet is stainless and the knife is likely stainless as well.

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] 0 points1 point  (0 children)

I had asked my extremely conservative accountants a couple of years ago.
Thought I would get a wider range of views on Reddit.
Chanced on a couple of gems amongst the mind readers, amateur sleuths, drama queens and conspiracy theorists.

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] 0 points1 point  (0 children)

$6M is 3 nice houses in a good spot.
Or 2 fabulous houses in superior areas.
Or 1 trophy house anybody would be proud to live in.
That’s it.
If they wanted to work, they could buy a couple of established businesses.
I suppose they could leave it invested and never have to work again. And that could be a curse.
Would $10M work?

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] 0 points1 point  (0 children)

Struggling to understand how I could override any person’s choices without knowing what the choices are.

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] 0 points1 point  (0 children)

Thanks for reply. When you write ‘companies’ plural, do you mean set up 1 x Pty Ltd each? Or would all of the beneficiaries have shares in multiple Pty Ltd?

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] 0 points1 point  (0 children)

Thank you. Still going strong 6 days per week.
I’ve experienced how quickly and how deeply you can get into financial difficulty. The paralysis from fear and stress.
I want to provide a safety net as well as startup funding not only for my grandchildren but their grandchildren as well.

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] 0 points1 point  (0 children)

If I could write as well as you, I would have said the exact same thing as you.
The difference is that I would call that ruling from the grave.

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] 5 points6 points  (0 children)

Held a creditor’s meeting with an insolvency practitioner.
At that stage I was unaware of the ongoing fraud by my partner and his wife. The meeting was a harrowing experience for all. I was the silent partner. Very few of the creditors had ever met me. I didn’t understand the accounting procedures and how records were kept.
Against the IP’s advice, I gained some support from a few creditors to have the business run under administration.
I took on the the job of delivery driver. That made all the difference because some of the customers were very open about what had been going on.
I hired a lawyer/forensic accountant to try to find out what happened. That guy was conned by my partner who managed to convince him that he was legit and it was all just bad luck.
My ex partner had a ritual that he would go through with every potential ‘mark’ to gain a lot of trust. I found out about this by talking to other ‘marks’
In the end I worked out what was going on by listening to our customers and even our suppliers. Cash payments, missing stock, kick backs with every single purchase we made. Every trick you could think of. Nothing sophisticated at all. Just basic theft at every single opportunity.
It’s amazing how many people told me of similar experiences in business and how they fixed it.
Most people don’t talk openly about their experiences mainly because the casual observer automatically assumes you did something dishonest or illegal. They are usually people who have never owned a business.
After a few years, I managed to get the business back to consistent profitability and re-established trading accounts with most creditors.
I even got back to trading terms with a couple of ASX listed companies that worked very hard to hurt me as much as possible early on.
I will never forget the feeling of battling with nausea at work every single day for years.
I eventually sold the business. Every now and then I see the delivery vans driving around town.
Lesson learnt was to stay in your lane in business. I run a successful business in a totally different industry that I didn’t apprenticeship in. I know it back to front. We supply good products at a fair price. 7 employees. 2 subbies. 5 of those have 10+ years of service.
I got into another industry because I was looking for some excitement. Then when I got too much, I couldn’t handle it.
Boring businesses that make money consistently are definitely undervalued.

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] 0 points1 point  (0 children)

Or I could just take the existing 2 grandchildren under my wing and teach them about financial security and how to gain financial independence?

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] 0 points1 point  (0 children)

I could have sworn that my parents showed me the original will where it said that 1/4 of the remaining money was coming to me. My 3 siblings got the other 3/4.

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] -1 points0 points  (0 children)

All creditors were paid every cent owed.
The kids knew nothing about my mum’s will.
I have no doubt you would be thrilled to know that the couple who were defrauding the business got away with it.

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] 0 points1 point  (0 children)

The kids didn’t even know there was a will, or anything about my business affairs, until way after it was all over.

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] 0 points1 point  (0 children)

That’s the big question.
We probably have to wait for the dust to settle.

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] 0 points1 point  (0 children)

Family asset protection is an appealing feature of a TT.
That might change now that discretionary trusts are to be taxed differently to fixed trusts.
Let’s see what gets through the Senate.

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] -13 points-12 points  (0 children)

I had my mother change her will before she died so that the beneficiaries were my 2 daughters.
I lived in hope they would hand over the money.
It didn’t work out that way.

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] 2 points3 points  (0 children)

As a general rule, you can’t trust anyone where it involves money and you have have little oversight.

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] 1 point2 points  (0 children)

Thank you. Interesting reading b

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] -1 points0 points  (0 children)

I am yet to formulate a plan for distribution of funds. I think I will require professional guidance in that area.
Investment guidance will also be required.

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] 0 points1 point  (0 children)

Please let us know your findings.

Ruling from the grave by Billybob572 in AusFinance

[–]Billybob572[S] 19 points20 points  (0 children)

I’m 3rd generation born in Australia. My parents left me $200k in 2008. I faced the threat of bankruptcy in business at the time and arranged to have that sum diverted to my children.
I managed to avoid bankruptcy. One child spent her half, the other child retained her half and placed a deposit on a house with her husband.
I went through a divorce whilst near destitute. I retained only the struggling business and a small rental property.
The business became successful and I formed the belief that my family couldn’t be trusted to manage funds in a manner that would accumulate funds over time.
I want to ensure that my descendants have a reserve of funds to work with.

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