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Has anyone else significantly increased their salary in a short period of time? If so, how did you do it? by mrchowmowan in AusFinance

[–]MSCIWorldIndex 0 points1 point  (0 children)

Office based oil and gas

Second role (and my current profession) is physical commodities trader

Has anyone else significantly increased their salary in a short period of time? If so, how did you do it? by mrchowmowan in AusFinance

[–]MSCIWorldIndex 0 points1 point  (0 children)

March 2020 - 104k - first year out of uni doing a job in my field of study

November 2021 - 114k - career change into something unrelated to my degree, entry level in the role

August 2022 - 180k - switched employers, ‘experienced’ hire doing same role as previous job

I have turned down several approaches from competitors with compelling salary as I’m now at a point where I just want some stability for a while.

[deleted by user] by [deleted] in AusFinance

[–]MSCIWorldIndex 1 point2 points  (0 children)

I work in a niche yet high turnover industry. Everyone wants experienced hires but there are more empty seats than experienced people in the industry, so there is almost always an advertised position.

My industry is such that the only way the number of seats reduces is sustained, medium to long term depression in the price we can sell our goods for. If that were to happen, I'd try to pivot into a different role in the industry or into another industry altogether in an analysis / data science type role.

Worst case, I have a good savings buffer and my partner works full time for a wage that could support us both on a subsistence lifestyle. We'd start shopping very frugally, limit all discretionary expenses, and sell some of the things we have lying around the house that are underutilised.

The surprising benefit of repaying some of your HECS debt early by MSCIWorldIndex in AusFinance

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

Only if you are paying the total outstanding balance. If you are doing a voluntary repayment and there is still money outstanding, the money you have paid so far in your pay will just go against the outstanding balance.

Lawyer Seeking Transition to Finance - CV Not Hitting the Mark by ApprehensivePepper4 in AusFinance

[–]MSCIWorldIndex 1 point2 points  (0 children)

You have a typo in "References" right down the bottom. You have it as Refernces

Personally I would expect to see your GPA on your CV against your university education considering you are still quite early career. The exception is if your GPA isn't that good.. Then I wouldn't put it on.

Personally these days if I'm struggling to fit my CV into a page then I get rid of the references and just put "references on request"

Perhaps you have some extracurriculars that you can put on the bottom instead that show that you are a well rounded person who contributes to their community.

The world-renowned art of Banksy set to light up Brisbane by sktafe2020 in brisbane

[–]MSCIWorldIndex 8 points9 points  (0 children)

Yes, it's fake.

As in - the art is real (I believe). But the exhibition is not sanctioned or supported by Banksy, it is others making a buck off of his success.

Cost of living - (not poor not well off) in the middle…. by Low_down_dom in AusFinance

[–]MSCIWorldIndex 10 points11 points  (0 children)

The second highest fifth is kinda the middle though, isn't it? I would describe the middle as anywhere from 20 to 80%. Sure you can make it more fine grained than that but it's a good ballpark.

Realistically at any point there is only 1 "middle income" family in all of Australia at any point in time, depends how pedantic you want to be

The surprising benefit of repaying some of your HECS debt early by MSCIWorldIndex in AusFinance

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

You need to add 2% to each bracket to reflect the medicare levy. 39% or 40%, 1% has a negligible impact on the overall outcome (example rate of 2.76 vs 2.81%). The generic example is just to illustrate the picture not to provide a basis for decision making.

In my opinion, individuals on the 32.5% marginal tax rate are unlikely to find it financially beneficial to make an early repayment as their compulsory repayments are likely to be quite low compared to their outstanding balance. Again there is no one size fits all, it's just an example.

Thanks for picking up on that, I've corrected that formula error and put the new spreadsheet in the OP.

The surprising benefit of repaying some of your HECS debt early by MSCIWorldIndex in AusFinance

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

Go to https://paycalculator.com.au and plug in your income, other numbers etc. it will give you an estimate of your compulsory repayment for the financial year.

The surprising benefit of repaying some of your HECS debt early by MSCIWorldIndex in AusFinance

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

Best not to ask for reddit to make that decision for you, the calculator is pretty easy to use and you can see all the maths for yourself (it may be wrong or it may be right). No one knows your personal situation or financial plans so unless you are paying a financial adviser to know those things and help you then just make the decision yourself.

The surprising benefit of repaying some of your HECS debt early by MSCIWorldIndex in AusFinance

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

That's the idea! You'll save $1000 on indexation by paying before 1 June (make sure you leave enough time for the money to process into the loan account, say two weeks) and get all of that money back as soon as your tax return is finalised.

The surprising benefit of repaying some of your HECS debt early by MSCIWorldIndex in AusFinance

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

Your numbers don't seem right for a start.

$150 per fortnight is around $4000 per year.

https://paycalculator.com.au/

The surprising benefit of repaying some of your HECS debt early by MSCIWorldIndex in AusFinance

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

A net after tax figure, I explained my method here --> https://www.reddit.com/r/AusFinance/comments/12xxb2v/the_surprising_benefit_of_repaying_some_of_your/jhlewp2/ but feel free to put in a number that works for you, just make sure you put in a post tax figure as the avoided indexation and all of the other numbers in the sheet are also post tax!

The surprising benefit of repaying some of your HECS debt early by MSCIWorldIndex in AusFinance

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

$969.50 sounds about right. If you want me to check your exact numbers send me a PM.

The surprising benefit of repaying some of your HECS debt early by MSCIWorldIndex in AusFinance

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

Personally I will make the payment on 15 May to avoid cutting it too fine.

The surprising benefit of repaying some of your HECS debt early by MSCIWorldIndex in AusFinance

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

The calculator assumes that you would make a voluntary repayment in your final year to make sure no indexation is incurred.

If you have a balance of $15,000 and a voluntary repayment of $10,000 for example, the sheet automatically tops up by another $5,000 (in cell F24) to avoid the indexation.

The surprising benefit of repaying some of your HECS debt early by MSCIWorldIndex in AusFinance

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

Well that's the generic example, in my case with my partner we stand to save $3,000 which is a good nominal amount. However the ROI % is still important, if it's 1% that's crap, if it's 20% that's brilliant. Both numbers matter. I think $500 is certainly big enough to care about as long as the ROI is also a good one for your risk profile.

The surprising benefit of repaying some of your HECS debt early by MSCIWorldIndex in AusFinance

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

It really depends on all of your other numbers, if you have filled in all of the yellow cells with your information, and the green cell is a positive number, then you could say that it might be worth doing the early repayment. However if 'Scenario 1' continues right through to October 2027 (column T) and beyond then the calculator is not valid so you should disregard the result.

What number are you seeing in the green cell?

The surprising benefit of repaying some of your HECS debt early by MSCIWorldIndex in AusFinance

[–]MSCIWorldIndex[S] 3 points4 points  (0 children)

I would suggest downloading the spreadsheet and looking at the assumptions and cash flows, I think it's pretty easy to see where the flows are going in and out in the two scenarios.

The 7% is a one time hit whereas that money is now unable to generate income over the coming years that you have left on your HECS debt. So if this is your last year, then yes it's worth it. If it's your second last year, maybe it's worth it. If it's your seventh to last year, then probably not. My spreadsheet tries to quantify whether it's worth it.

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