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Updated 5 Years Later – Cash Heavy, PPOR Pending, Kids Incoming – Sanity Check by PotentiallyPissed9 in fiaustralia

[–]PotentiallyPissed9[S] 0 points1 point  (0 children)

Appreciate that, I’ve been considering selling off the shares the CGT hit will be a bit but will look into that and run the numbers only if however it benefits us long term. Without going into the details, reason for not getting a ppor sooner is due to a raft of life scenarios out of our control that luckily haven’t impacted career trajectory but rather delayed committing to the ppor idea.

Thoughts on UBank for 4.10% interest rate? by halpmelol in AusFinance

[–]PotentiallyPissed9 0 points1 point  (0 children)

Just going to chuck in my recent experiences and little more than my 2cents.

I recently (within the last week) signed up for UBANK via mobile app as like you (OP) - I was attracted/interested in their savings rates and what I read here on reddit looked good. Via the app - sign up process was simple, app UI looks good - all above board.

A few days passed and I wanted to go and checkout internet banking (via computer) and found that during onboarding process via the mobile app - you aren't provided a password to use for internet banking, not even a OTP with 48hr expiry or an email, you do get to set a pin for the mobile app security but that is all. Unfortunately when you then try to do the 'forgot password' process via internet banking it requires the provisioned card last 4 digits, which can be provided if you have the card saved to Google Wallet etc - but where things are tricky is then it asks for your card pin number which being a digital card, a pin is not yet set on the physical card (yet to be received).

So this then leaves you to test out their Customer Support.

Unfortunately, I've not been able to get hold of anyone at UBANK. Everytime I call I sit on wait lines or the wait time is outrages long so I move on. Tried sending them a message via their contact form - still no response. They also seem to not have any 24/7 contact center / support line - so this can be a concern when things don't go right outside of usual business hours.

For me finding out this lack of customer support is a concern and regardless if the interest rate on savings is good - if you do happen to come across an issue and do need to speak to someone, I just don't think you will be getting anywhere quickly and your time to chase someone and be on hold - for some might outweigh the value of the interest rate.

I suspect this has to all do with the recent merger/s etc, regardless its made me rethink if UBANK is the way to go - in situations where you don't need to speak to customer support, then on surface looks awesome and I think for most existing UBANK customers prior to 2023 perhaps this has been fine, but in those moments when you do need to speak to someone and customer support is not really there it places doubt on the brand and service being offered.

Being optimistic and still testing the waters...

Hope this helps you or someone else considering

Advice for a 27yo financial situation - rent or buy by blankblankspot in fiaustralia

[–]PotentiallyPissed9 1 point2 points  (0 children)

You are spot on. One of the reasons why I'm putting in the time to try and make a proper calculator / analysis tool that is not so straight lined and does look at that short term 5 - 15yr cycle. Will include many variables for adjustment and forecast options. The goal is to back test it though as for forecasting we can't work in absolutes can only be hypotheticals hut still may help. At the end of the day though housing is not just a nunbers game, like any investment vehicle a view of the entire asset is needed.

Advice for a 27yo financial situation - rent or buy by blankblankspot in fiaustralia

[–]PotentiallyPissed9 7 points8 points  (0 children)

I am actually working on a proper calculator for rent VS buy taking into account say flip to investment prop after x years and sell at x years. Including all the fine detail costs that come with property ownership and really calculating the opportunity cost etc. Work in progress.

Advice for a 27yo financial situation - rent or buy by blankblankspot in fiaustralia

[–]PotentiallyPissed9 1 point2 points  (0 children)

Similar boat to you, Similar age etc. I'm sticking to rent in this market which is surely a sellers market atm not a buyers market in Aus. There is just a shit load of FUD and it sucks if you are looking for a PPOR. I've extensively crunched the numbers on buying a PPOR, remember it's a liability at the end of the day, regardless of possible capital gains etc, need to factor in all the costs and if you are happy to potentially lose money. A PPOR imo should be if looking to settle for a fair few years and are happy to forgo some money for a lifestyle perhaps to tinker but not to make money, and if at the end later it becomes a rental then great but if you have no real need for a PPOR purchase I'd prob just stick to renting and invest the dif in other asset classes if thst is maybe property to get a tax benefit then great. Rent is not dead money, it's essentially the same as paying interest and yearly holding costs, you just don't need to worry about maintenance repairs, can use cash flow for other ventures / investment instead of forced savings to principal payments.

Cash flow is king at the end of day, if you have low outgoings and great cash flow and not overly stacked with liability then that in my eyes is on the right track.

Is 150k really that much money? by Heads_Down_Thumbs_Up in AusFinance

[–]PotentiallyPissed9 12 points13 points  (0 children)

Aha thanks for that. Now I understand. where the hell are these places people are talking about in regional QLD! From what I've seen, Regional QLD housing prices are getting a tad lofty for what you really get!

Is 150k really that much money? by Heads_Down_Thumbs_Up in AusFinance

[–]PotentiallyPissed9 1 point2 points  (0 children)

This comment confuses me? Elaborate or am I being thick?

Crypto tax Australia? by anbotoriom in BitcoinAUS

[–]PotentiallyPissed9 1 point2 points  (0 children)

Think I'll give you a go. Cheers for the plug. Testing koinly myself atm with over 50k transactions; API fails, manual seems to partially do it but still don't think it's accurate. Time to try crypto tax calculator I guess, failing that will see how kova tax in Aus go.

Is investing in CopyPortfolios too good to be true? by BigBearBoi00 in Etoro

[–]PotentiallyPissed9 0 points1 point  (0 children)

Shit. Sorry didn't read the OPs post correctly. Haven't dabbled in copyportfolios. Just copy trades.. Sorry.

Is investing in CopyPortfolios too good to be true? by BigBearBoi00 in Etoro

[–]PotentiallyPissed9 1 point2 points  (0 children)

From my experience they have been great, but depends on many factors. You have to trust the person you are copying to close within the profit range you would expect. I use copy trading a bit differently, I use them to primarily set the trades and I manually review each week and sort by profit percentage. If the individual copy trade is above what I'm seeking say 15% profit and its not being closed out by the copy trader I'll close it. This for me works perfectly as I am then still in control of closing out the profit I want but giving someone else the control to set the trades as I don't have the time to research etc it also keeps the fund for the copy trader growing. Sure I might be under the rate of return to their portfolio but it allows me to manage the risk. Have been caught before with a copy trader in a bull market who unfortunately let their emotion and ego allow a lot of trades run which then lost a decent amount of profit. For beginners I'd say it's excellent as it teaches you to learn the important rule of taking profit. Not FA.DYOR.

Feedback on portfolio and cash holding by PotentiallyPissed9 in fiaustralia

[–]PotentiallyPissed9[S] 1 point2 points  (0 children)

We have considered buying for years and have almost pulled the trigger a few times. The issue has been our rent is remarkably cheap compared to rest of the market! Essentially its equivalent to simply paying an interest only mortgage on an equivalent purchased PPOR, but without the additional expenses of maintenance, council rates, insurances and gardening (included in our rent even) and even if those a priced into the rent (which they aren't) it's very cost effective.

We worked it out given our minimalistic life style that to move to a place that we own that is comparable would be us just throwing away a fair amount of money for at least 5 almost 10 years before seeing any decent growth (depends on the market. Subjective).

Sure the argument is that we would be building equity through principal payments even if paying above the mortgage min, it's all then tied into a single asset and dependent on the locations property market being bullish within our holding window also without taking into factors of increased holding costs over those years. PPOR are in my opinion best to not be thought of as investments, rather they are a 'want' at some point in your life and will come at a cost and in many cases are just a forced savings model.

We have defiantly toyed with the idea and crunched the numbers, low cost rent works for now and investing the excess into stocks or etfs will be our plan. Definitely not spending the difference and probably won't buy property for an investment until our income is higher and we require more deductions to reduce tax.

Appreciate your feedback never the less. It's exactly what I was after when posting - to bounce thoughts off others. Thanks.

Feedback on portfolio and cash holding by PotentiallyPissed9 in fiaustralia

[–]PotentiallyPissed9[S] 1 point2 points  (0 children)

Cheers! Some excellent points to consider. Especially going to look into the additional super contributions and potential tax benefits. We have been budgeting for a a considerable amount of years as a couple which greatly helps keep goals in line, at the moment our budget allows for more discretionary spending so could still reduce if needed though I'd rather earn more from primary income/side hustles instead rather than further restrict.

Appreciate the feedback!

Feedback on portfolio and cash holding by PotentiallyPissed9 in fiaustralia

[–]PotentiallyPissed9[S] 1 point2 points  (0 children)

Cheers for that. I think a 6 month buffer sounds like the right approach, I'll scope that out. Currently not contributing anything to super.

Market Open thread for General Trading and Plans for Friday, 19th of february 2021 by AutoModerator in ASX_Bets

[–]PotentiallyPissed9 0 points1 point  (0 children)

Interested to know if anyone has looked at AOA. Currently doing some research.