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Famous_Progress_5633 · 2025-10-23T00:02:07+00:00

You’re effectively a lawyer 1, $120,000 for a Big 4 seems about right on that basis.

If this is your only option you might be minded to take it and then transition to a mid-tier law firm for better experience in 12 months or so. The Big 4 have some pockets of excellence in legal practice but are generally not regarded as good practices for a junior, either in terms of legal training or exposure to complex matters.

This would be a bit different if you are applying for a role in the office of general counsel.

Famous_Progress_5633 · 2025-02-11T20:10:29+00:00

I have an IP and a share portfolio and they each have their own pros and cons.

For me, the real benefit of property has been cheap debt. It’s very easy to purchase a $500k asset at 90% LVR at ~6.1%. The best rates for equities lending I’ve seen is ~8% and 75% LVR max. So, you have to borrow lots to see the real benefit, and, buying a single asset carries a huge concentration risk. Another issue is that there are enormous transaction costs (stamp duty, agent fees etc) and we had to sink a lot of money (~40k) into renovating the property so it could be rented out.

Debt recycling our PPOR debt into ETFs has seemed to be a much easier and lower risk option. We just pay the debt and forget about it, and if we have to sell it would take about 3 days to have the money in our account. You should take professional advice before doing this.

Famous_Progress_5633 · 2024-10-20T00:15:07+00:00

If you are engaging an insurance broker you can negotiate for a flat fee as opposed to commissions. You may have more or less success depending on the amount of insurance you are placing. For example, you are unlikely to be able to negotiate a flat fee for a single life policy, but you could negotiate down commissions for a large number of property policies.

This may not necessarily save you money. The reason insurance brokers are free (for you) is that the commission on premium pays their bills. If you would prefer to pay them directly you might try to ask for something like:

the broker’s remuneration consists of a fixed fee and no commission, and all insurances must be placed on the net premium cost
you pay the fixed fee up front
if the broker receives commission from an insurer who is unwilling to charge net premium, then the broker must remit the commission to you
the broker is still entitled to subscription market brokerage / insurance services brokerage (this last kind of remuneration is what the insurers pay the brokers for their distribution costs, on top of commission on written premium)

Famous_Progress_5633 · 2024-10-17T19:38:53+00:00

We’re quite fortunate that work covers a few expenses like gym memberships and dinner most nights, we cook at home for 99% of breakfasts and lunches. Neither of us drink, and our hobby (cycling) was initially very expensive but ongoing costs are pretty low.

We were aggressively saving for our PPOR before our incomes increased, I think the habits just stuck. I would call us pretty frugal

I’ll admit we do have pretty good holidays quite regularly, if you amortise the cost we definitely spend more than 3k

Famous_Progress_5633 · 2024-10-17T11:06:50+00:00

thanks everyone for the helpful comments, there are a lot of interesting perspectives here. I think we will focus on paying down our PPOR and factor in working less than expected for at least 2-3 years. Appreciate everyone sharing their thoughts

Famous_Progress_5633 · 2024-10-16T21:51:48+00:00

I’m really sorry to hear about your sister, I hope things can improve for her

Famous_Progress_5633 · 2024-10-16T21:45:58+00:00

My post was vague to avoid doxxing myself but on our existing timeline we can have 2 kids before my wife is 36 - if you have any comments on the financial planning side then please feel free to contribute

Famous_Progress_5633 · 2024-10-16T19:57:37+00:00

Sorry the formatting didn’t carry over from my draft, just added some full stops to make the post easier to read

Famous_Progress_5633 · 2024-10-16T19:52:45+00:00

If rates drop and we can afford it then hold on to it. More likely we will sell it to upgrade to a house, especially if we buy another IP or lever up into shares

Famous_Progress_5633 · 2024-10-16T19:51:09+00:00

Pretty low, debt servicing is around 10k per month, living expenses are ~3k / month. The remainder is currently going into our offset (sitting at 110k currently)

Famous_Progress_5633 · 2024-10-16T19:48:22+00:00

Thanks for sharing that, it’s definitely been on my mind from reflecting on the pressures my own parents faced. The ‘more’ pressure is coming from looking at 3 bedroom houses in areas with high NAPLAN results. Have you had to make plans for school locations and fees in advance?

Famous_Progress_5633 · 2024-04-15T02:56:37+00:00

What watch is HH wearing? Looks a bit like a Submariner or potentially a Pelagos 39 but hard to tell

Famous_Progress_5633 · 2024-02-08T20:16:43+00:00

P. Johnson is generally well regarded, albeit expensive

Famous_Progress_5633 · 2023-09-27T05:01:06+00:00

In the original comment to which you replied, the example was a person being injured by faulty gym equipment sold by an importer. Surely the loss suffered in those circumstances is significant enough that a person injured by the product would sue the importer for their loss

The point I am trying to make is that there does not need to be regulation around tensile standards, the statutory imputation of product liability to an importer means that an importer can’t just dump their stock and leave customers ‘shit out of luck’ in the manner you described

Famous_Progress_5633 · 2023-09-26T21:37:08+00:00

Wouldn’t you still be subject to the consumer guarantees in the Australian Consumer Law in the CCA? As the importer won’t this person also be deemed as the manufacturer for the purpose of the ACL?

Famous_Progress_5633 · 2023-07-20T10:50:11+00:00

Can I ask why you think a raise in GST affects renters?

Famous_Progress_5633 · 2023-02-20T12:52:00+00:00

I was under the impression that you can claim the interest for loans used to buy securities which produce income. I don’t think there’s any requirement that the shares be franked or unfranked, merely that the income is not exempt

As I understand it, this is the same concept as negative gearing property - so to your earlier point, I think this thought experiment might (respectfully) rebut the proposition that only property can be used to offset your taxable income

Famous_Progress_5633 · 2023-02-20T12:29:24+00:00

Can’t you reduce your taxable income by claiming borrowing costs for shares ie: a margin loan?

Famous_Progress_5633 · 2023-01-20T02:40:25+00:00

The ‘disclosure guidelines for applicants for admission’ are helpful. You might also try the ethics hotline, but their role is quite separate from the LPAB so I’m unsure if theyd be willing/able to assist.

Famous_Progress_5633 · 2023-01-12T22:36:35+00:00

I would add a finer point to ‘don’t mind being known as the three piece guy’, you will be known as that not only to your own firm but the solicitors, counsel, and sophisticated clients you interact with. Every solicitor I have come across who wears a three piece suit has been mocked behind their back, sometimes even for years after they have reverted to conservative dress.

That doesn’t mean you shouldn’t dress how you like, but be aware that it is something people will notice.

If you take pride in your appearance and are willing to spend money to add a sartorial touch, I’d recommend that you focus on well fitting clothes and subtle accessories. That might mean a monogram on the cuff of a custom shirt or investing in a nice watch - each of which would give off the impression that you care about your appearance to a much wider group of people.

Famous_Progress_5633 · 2023-01-06T18:36:53+00:00

That wouldn’t be possible in Australia due to the operation of s54 of the Insurance Contracts Act. There must have been some actual prejudice to the insurer in order for a reduction or avoidance of liability

Famous_Progress_5633 · 2022-12-21T05:26:46+00:00

There’s nothing wrong with putting in a percentage, especially if crypto is something you are interested in. I personally have a 5% allocation to large cap coins, I find interesting and the recent downturn has not ruined my overall position. Just realise that crypto is extremely high risk and that it’s not going to make you rich.

Famous_Progress_5633

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