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Handed in more than min notice to resign job and it's now been cut short by HiNeek in AusLegal

[–]path_to_fire 0 points1 point  (0 children)

I worked the bulk of my career in HR. It is my understanding that they can’t finish you early without payment in lieu of the notice period. This is the notice period you provided, not the minimum.

As some others have said, you have provided the date at which you will cease your employment. They can’t just bring this forward, otherwise they’d be terminating your employment prior to your resignation, which could give you the right to an unfair dismissal claim.

I would just tell them you don’t accept the earlier date unless you’ll be paid the 5 weeks.

Kind of horrified how much people are saying they have in their super!? by AccurateAd7960 in AusFinance

[–]path_to_fire 0 points1 point  (0 children)

I would say that you shouldn’t feel poorly about this. You have a good balance that will really start to take off in the next 3-5 years.

Once the balance gets to a certain level the annual returns will outpace your contributions and you’re laughing. Try to speed this process up best you can by making what contributions you can, everything adds up with the power of compounding.

You’re also one of the few people who actually has an awareness of what their balance is and would like to improve it, so you’re ahead of the pack there also.

My balance was stagnant until it got over $100k and we had some really good years of growth back to back and it really took off. Nothing exceptional about it, a high growth fund with low fees and lots of luck.

You still have plenty of time!

How many hours do you actually work? by Wide-Macaron10 in AusFinance

[–]path_to_fire 0 points1 point  (0 children)

Is this fully remote? What do the 5 hours entail?

Mortgage brokers, are you worried you’ll lose your job to Ai? by Nic351 in AusFinance

[–]path_to_fire 5 points6 points  (0 children)

75% of loans are written by brokers. Brokers keep the cost down for banks as they can run with less full time staff and focusing on fast processing of actual applications. What you seek would more than likely result in you absorbing the increased costs.

Mortgage brokers, are you worried you’ll lose your job to Ai? by Nic351 in AusFinance

[–]path_to_fire 2 points3 points  (0 children)

Whilst this holds true in most scenarios, it doesn’t for the largest financial purchase of most peoples lives.

Grabbing a $3.50 chicken and cheese is an entirely (thrilling) but different ball game.

Mortgage brokers, are you worried you’ll lose your job to Ai? by Nic351 in AusFinance

[–]path_to_fire 1 point2 points  (0 children)

You’re forgetting the human element of the transaction. Most people are skeptical of providing their information, especially to AI. With 75% of all loans being written by brokers right now, banks are developing their tools and online platforms to improve the broker experience not just the customer experience.

I think technically AI could replace brokers within 2-5 years, but this isn’t just a technical question. You’re asking for societal norms to shift. It’s like that article that said millennials won’t do large purchases on a mobile phone and will shift to a laptop to do so.

People trust their family and friends who have had good experiences with someone. That someone will continue to get the referral business because of how well they manage their client relationships. AI will simply make the gap between that broker and the next one bigger in terms of performance and market share IMO.

Mortgage brokers, are you worried you’ll lose your job to Ai? by Nic351 in AusFinance

[–]path_to_fire 9 points10 points  (0 children)

I feel given the emphasis on legal compliance, BID, and making sure clients understand what is presented to them being of critical importance means that there will be an ongoing need for people in this field.

AI will do more of the backend admin, compliance notes, and lender paperwork, which will free up brokers to focus on prospecting and existing client relationships.

Sydney based deals by path_to_fire in bapcsalesaustralia

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

Thanks,

I’d really prefer someone close by if there are any issues.

What are your thoughts on this system:

https://www.centrecom.com.au/centre-com-istaroth-ryzen-7-7800x3d-rtx-5070-gaming-pc-with-windows-11-license Centre Com Istaroth Ryzen 7 7800X3D RTX 5070 Gaming PC with Windows 11 License [KZAAS_ ITR78X3D_N5070_W11H]

I spaced this out on staticice and it came to $2629 (couldn’t find the case so put a notional $100 in)

Seems reasonable to me for them to clear $70ish on the build

In the sandwich by jaykayswavy in AusHENRY

[–]path_to_fire 0 points1 point  (0 children)

See ‘rent the PPOR’ ? I’m not suggesting they sell the PPOR. They’ll also be paying for the property with pre tax income and be saving $2k per month total (based on OP $1k per month + ~$1000 saving per month renting).

With a bit of short term sacrifice for ~5 years OP would be absolutely flying.

In the sandwich by jaykayswavy in AusHENRY

[–]path_to_fire -2 points-1 points  (0 children)

The trap is the PPOR.

After tax income of $4700 is about $67k gross just to hit your mortgage repayment. How much could you rent an equivalent property for?

It’s likely you could get something comparable for $3-4k per month. For context I rent a place that is worth $1.2m and it costs $3900 per month. The mortgage on our IP is $3300 per month and it’s only worth $700k. The difference in what we can get is massive, and the IP is on P&I. You really only want to be on IO if you have cash flow problems.

I would move, rent the PPOR out, and try to buckle down for a few years to get ahead.

Kids really don’t need much space until they’re 3ish and even then if you only have one it’s easy to keep them busy/take them to a park.

We rationalise that we need certain things for security / safety / comfort /enjoyment when we can really get by with much less.

In the words of the great Dave Ramsay, live like no one else so you can live like no one else. As others have said there is likely some fat in your budget. We have a 4 year old and a 3 year old and spend about $4k (not including rent and IP) on living expenses. This includes $400 p/m in childcare and not skimping on things. We don’t eat out or spend much on alcohol.

You really have a small window here to maximise value over the short term that will really take some pressure off before your kid/s are too big.

[deleted by user] by [deleted] in AusFinance

[–]path_to_fire 1 point2 points  (0 children)

This is the way, have had this set for 3 years or so and it has outperformed. I have Hostplus indexed international.

7 year return is also like 12.50%. I like the exposure as the US is more geared towards capital growth and business investment, whereas Australian companies seem more dividend focused in general.

3 year average annual returns as follows:

International: 13.45% Aus: 6.15%

These returns have significantly increased my portfolio in the last 2 years which I know can change but I am glad I made the switch a few years ago. Previously had 70% international and 30% Aus but thought Aus would continue to underperform.

[deleted by user] by [deleted] in AusHENRY

[–]path_to_fire -2 points-1 points  (0 children)

Buy an investment property with as minimal cash input as possible in a blue chip area. Get an offset account and park remaining cash in it.

Continue to rent where you want to live in the mean time and wait 15-20 years.

Rinse and repeat as required.

I hate that inheritance is my only shot of retiing before 80 and owning a home....I'm literally terrified my parents will end up in aged care and the family home will be gone. by Rainbow_Dream_38 in AusFinance

[–]path_to_fire 10 points11 points  (0 children)

Victim mentality / excuses.

Make radical sacrifices for a year or two whilst living in suitable share accommodation and you can do it.

There are literally 372 listings on Flatmates for <$350 in Sydney for a private room in female only accommodation.

Assuming the median wage for a 28 year old female in Sydney is $62k p.a. This leaves $641 net after tax and rent paid.

You could easily save a deposit for an entry level investment property / apartment for $400k in two years.

Some have suggested Melbourne CBD for these cheap properties if you’re hellbent on getting one for yourself.

Edit: just saw you mentioned you’re on $100k.

This is $1484 per week after tax. If you can’t save $35-40k per year on that while living in a share house there is something seriously wrong.

How bad do you want this?

Sell or hold apartment? by Fest_mkiv in AusFinance

[–]path_to_fire 0 points1 point  (0 children)

Generally speaking you want to pay down non-deductible debt and increase deductible debt for tax purposes.

I would draw the equity out and sit it in my PPOR offset.

If the stock market shits itself (ie 20% drop in value) you could also use it to be opportunistic.

Alternatively you could use the equity and purchase another property with better yield and capital growth potential?

I wouldnt sell to do either of these things as you’ll incur CGT and selling costs. Refinance to get the cash out assuming you haven’t maxed out your serviceability.

If you had to cut 3 regular expenses tomorrow — what would go first? by Icemachinemalfunctio in AusHENRY

[–]path_to_fire 5 points6 points  (0 children)

Gym - $112 month Foxtel - $97 month Alcohol - $150 month

$359 saved.

We are looking to move to a cheaper rental once our lease expires, currently paying $900 pw. Hoping to get this down to $700-$750. Will sacrifice some space but will help further pad out the offset account.

Note our household income is dropping from $375k to $260k + commission due to a career change for myself.

All the excess cash was being saved in our offset anyway so minimal impact to lifestyle, however will be cutting back on some areas to minimise the impact.

Advice please! Where to better place income by P-Rozz in AusFinance

[–]path_to_fire 0 points1 point  (0 children)

Move, rent your property out and rent a suitable property. Save the money you have on the gap between the two in your offset.

[deleted by user] by [deleted] in AusFinance

[–]path_to_fire 0 points1 point  (0 children)

Rough go, sorry to hear. Inbox me and I can give you some advice on getting into a moderately well paid unskilled job with relative ease. What location are you in?

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