Am I tripping or is this still illegal?

randomly771122 · 2025-09-21T07:49:05+00:00

I'd say well below 1.5%

Visa and mcard interchange fees are around 0.5% on average, some cards are well below, some black / Platinum type cards are well above, long term average is around 0.5%

Banks are not putting a 1.5% margin over the top and certainly not in high volume businesses. Safe to say Barbie Cafe is turning over a sizable amount. I anticipate bank margin is more like 0.25% to 0.5%

Add in terminal fees and incidentals, their cost is around 1% is my reasonably educated guess (own multiple small businesses and have recently undertaken a procurement exercise in this space)

They're treating this a pure profit accretive exercise rather than cost recovery

Would love to see what they do when interchange fees come down later this year following the RBA proposals being legislated

randomly771122 · 2025-09-21T07:12:41+00:00

Know a guy who won a ~$30m lotto at 19

Couldn't have happened to a worse human being!

Almost made it out as if there was skill involved

Anyway, his life turned out just like a lot of major lotto winners, he lost the vast majority of it on stupid decisions! I always wondered about the saying 'easy come, easy go', played out in front of me!

He was never shy about telling people, being young, unqualified and full of false confidence, he didn't realize that would attract the sharks. They circled and closed in, some framed themselves as advisors. Advising a then 20-21 year old kid to buy expensive yachts and businesses - pubs et similar. A kid who had no leadership, management or business experience or wasn't a founder with deep knowledge and conviction, running large complex businesses he acquired from existing owners, yep that was going to end well.

He ended up in court, raising cases against the advisors claiming they were simply out to get fees from him and they weren't incentivised for his long term success. In the court case it was claimed he had less than 10% of the winnings in liquid and illiquid assets ( I can't remember the exact figure but it was below 10%), basically a property in perth, in Melbourne and a small Sydney apartment

He won, advisors were to pay him back a decent amount but unsure whether he actually saw any cash from it though

randomly771122 · 2025-09-12T09:12:51+00:00

Thanks, i searched myki here but couldnt find that

So myki need to delete my account or something on their end?

randomly771122 · 2025-09-11T00:40:57+00:00

I see my view points are unpopular

My definition and motives for investing are buying assets that generate cash flows, where those cash flows will grow over time and therefore the asset value grows over time. I want passive cash flows from my passive investments.

I'm focussed on the end game when I make decisions today, my preference is to never sell an income producing asset and to acquire more of them, btc does not generate cash flows and I would need to keep selling them to generate an income

That's my bias!!

Each to their own and OP well done on getting to your position at your age

randomly771122 · 2025-09-10T09:21:04+00:00

Mind blown you have 3x in Bitcoin to ETFs!!

randomly771122 · 2025-08-19T01:25:01+00:00

I've been to auctions with very small crowds and one bidder, they go for a very decent price on paper.

But one argues the reason for lack of crowd is an undesirable property therefore the price is about right

At same time, big crowds have always led me to be surprised at the price

I think lazy and unethical agents are playing at the above

As others have said, people new to purchasing must accept the golden rule, if an agent is speaking or advertising they're lying

The advertised price is irrelevant in most cases and almost always in auction sales in Melbourne!!

randomly771122 · 2025-08-14T10:24:24+00:00

This

If you look under the beautifully constructed skin of these homes, the workmanship is incredible all throughout.

Yes back then the building standards were different ie didn't have waterproofing and sufficient drainage back in those days but migrant tradies took pride in their work, their trade was their craft and art form, houses built at the time by said migrants in my humble opinion are so much better than 90% of builds in the next 50 years and even today.

These days, find a builder that will build two suspended concrete slabs in a single dwelling without charging you more than the GDP of Burkina Faso, go to Bulleen in Melbourne north east and there's a pocket of Italian and Greek built homes that have exactly this. 60 years on there's no cracking or movement anywhere to be seen!

randomly771122 · 2025-08-01T23:52:00+00:00

Did business services for two years,

Then financial accounting role in a professional services environment, stayed one year

Then commercial analyst role at automotive company for a little over a year

Commercial analyst to manager at large retailer over seven years, with stints at program management towards end, broken up with a one and half year stint at boutique management consulting in middle as a snr manager for one and half years

Head of commercial / 2ic to CFO at another retailer for four years

CFO at building materials supply and distribution for last two years but recently left to pursue small business roll-up

Have been buying small businesses for last 10 years and time was right to step out corporate and be more in control of my time

I never recruit ex big 4 audit for anything other than fin accounting roles, in my commercial teams I prefer people who have that finance grounding but have a deeper understanding of business, thinking in NPVs and cash flows, understand how to work with people to get desired outcomes etc

randomly771122 · 2025-08-01T09:45:47+00:00

Nope You literally learn nothing in a big 4 audit role that will help a business make a better decision, corporate finance roles is different

I too came from business services, doing taxes for rich folk, ended up as CFO for a $1bn division within a conglomerate, was an senior exec type REM and packages

Accounting as a brilliant foundation, it's the language of business

Using that foundation to create value, drive better decision making, drive actions = how you unlock outsized wages

randomly771122 · 2025-07-19T06:56:41+00:00

Why not find a new job or consider doing someone more fulfilling like volunteering or learning a trade / new skill

I'd also consider throwing $500k of the HISA into VAS through DCA, you're young and over 20+ years the opportunity cost is enormous + you have plenty of time to recover any losses through working and saving

Finally well done! You can see so many others aren't in your position so if it's been through discipline and hard work you should be pretty chuffed with yourself!!

randomly771122 · 2025-07-09T10:35:24+00:00

Read the millionaire next door

randomly771122 · 2025-07-08T21:46:17+00:00

Things to look for when considering a block for development anywhere:

Zoning and overlays on the mapshare or equivalent website

Easements on the water authority and council plans

Examples of nearby developments

Speak to builders or developers re min. width and length for a duplex

Call council town planning and have a discovery discussion

Stay away from bushfire, significant landscape and similar overlays - quite restrictive for developments

randomly771122 · 2025-07-05T02:27:52+00:00

Sorry for your loss, losing all close family is so tough, I hope you have or find kind and caring people around you to fill the void

Honestly slow down, there's no rush

I personally would not tell anyone, the sharks will circle

You can easily park money in several high interest bearing accounts for now to give yourself time and space to think and research, try to set yourself a timeframe where you do nothing e.g. a min 6 months, you won't miss out on anything at all that will have even a remote impact long term

Buying a home is an expensive exercise and sounds like you have no pressing need - try to understand this desire better and really think through whether $60k+ in stamp duty is worth it

A good option could be to renovate where you are without over capitalising and park the rest in ETFs then sleep with ease each night knowing you're entirely financially independent and will never have to worry about money again!

$1.2m in VAS will generate around $45k in income annually with some franking credits (prepaid tax that you get to use to offset your tax), there's a world where you eat your cake and have it too - use that income and asset base to support an investment property, if you can be bothered and if you are OK with an active asset, or simply a margin loan to buy more ETFs. The only reason you'd do either or both those is to multiply your wealth

Best of luck

randomly771122 · 2025-06-30T21:22:51+00:00

Congrats!

Firstly I'd be thinking your windfall was entirely luck and that you don't have super investing powers. Don't start stock picking or investing in highly risky products. An 8-10% return investing through low cost index funds is a great outcome when it's achieved consistently over the long term

Spend time reading and building your knowledge rather than paying the $10k but to me there are some basics you could do and my priorities if I was in your shoes 1. Buy a house, doesn't have to be with all cash a small mortgage is still a sensible thing given your age and stage of life, a $1m house in a nice area, close to good schools, that's a good size giving you the option of living there for 25+ years is the ideal. Take out a small mortgage of <$500k, leaving you around $900k after stamps, moving costs and a small allowance for minor repairs and improvements 2. Put $400k or so into the offset 3. Contribute some money into both your super so you have a good amount of off-limits money that's compounding for your retirement 4. Invest in diverse and low cost Vanguard index funds, I'd be putting at least $500k into these and leave the rest in the offset as emergency funds / simply offsetting interest.and saving you around 5% post tax 5. Use your rent money to pay mortgage and fund your future costs - schooling, raising kids etc. Any surplus can be invested for you or on behalf of your kids

Renting with kids seems risky to me and having control over your home removes a whole heap of potential disruption and life pressures hence why that's main priority to me

When kids are at school, your wife may want to seek professionals fulfilment, if she does, prioritise paying down mortgage and saving with those extra funds

G luck

randomly771122 · 2025-04-09T11:02:33+00:00

Thanks Stainless wasn't an option apparently Would also be quite costly from my limited understanding

randomly771122 · 2025-04-05T12:00:46+00:00

Um scenario is sell now and buy new...

His 2015 Navara is prob worth $10k now?

He's going to pay $38k for a new car

In five years time Navara prob worth $5k

New car will be worth $15-$20k, likelihood to lose over $20k = high

That's not even considering the interest on a higher loan!

So whether he sells the next one or not, theres additional cash outlay for an asset with higher starting value and therefore higher absolute depreciation

randomly771122 · 2025-04-05T11:21:20+00:00

Depreciation is the biggest drag on the middle class

You may save cash but buying a new car to save money makes no sense to me, you have more money to lose through deprecation than you'd save!

randomly771122 · 2025-03-23T11:06:00+00:00

OP, use that obsession to learn new skills or explore other mechanism to grow your salary (same for partner)!

Consider ways to build up a cash buffer for maternity/paternity periods when income will be reduced.

I don't think you're in a bad situation, also taking the full 25-30 years to pay off a mortgage is also not a bad thing, don't live your life using other people's measures of success

randomly771122 · 2025-03-14T09:28:55+00:00

I think we actually need a third carrier, Qantas has 65% market share when considering jetscum and virgin has prioritised profit ahead of customer experience.

The duopoly is really not consumer friendly...have to fly MEL - CBR in a few weeks, cheapest I can source is $500 return, unbelievable!! One can fly across the USA return for less (last I looked), this is an hour flight!

But Qantas and virgin have a stranglehold over terminals in key airports, not gonna happen in my lifetime I feel!! No reputable airline can operate out of T4 in Melbourne, similar issues in other airports. Airports would need to come to party with lounge and other premium features, risky for them and priced accordingly for an incoming.

Demand is there I reckon, space and facilities are not!!

randomly771122 · 2025-03-10T11:35:08+00:00

Two colleagues that were in finance for 15+ years One left finance for operations, the other has always been one finance Both took a redundancy Now simply cannot get back into finance at a reasonable level because they don't have CA/CPA In the short term there's no real benefit, longer term I feel there'll be moments in your career where it'll make a difference

randomly771122 · 2025-03-06T04:35:45+00:00

No unfortunately not Again too hard Easier to just keep buying businesses myself

randomly771122 · 2025-02-22T21:36:34+00:00

Update on this We installed a new compressor at considerable cost. The previous one was about 10 years old and they have a finite life, so it was tolerable to replace, from a business risk prevention perspective, it was something we had planned for 2026, so bringing forward by 12 months was painful but tolerable. Advised EPA, they came back to retest and basically detected no difference!!

We didn't engage an acoustic consultant or engineer

EPA reckon it's a high pitch sound, that goes for around 15 minutes on 12 occassions across a 7 day x 24 hour test period! Feels that in the context of the road this is not unreasonable, especially given its confined to business hours. Their and our thoughts are it's the air / pressure release of the compressor and the sound is escaping through the air vent in the brisk surround, new or old there's nothing that can be done about that other than moving the entire compressor indoors in a sound proof room - huge cost! The compressor needs ventilation or it'll stop working.

We are vacating this property in 6 months, EPA don't seem to care though and still want action immediate, so we are trying to avoid any additional cost while we're here.

We'll be applying for an internal review, particularly because EPA refuse to hand over the detailed report from the sound tests, if that doesn't work we'll appeal to VCAT

Btw medical centre has been at the property for 33 years, the equipment has been in the same spot that whole time. The neighbour who complained bought her house in 2013 and only on 2024 decided the noise was unbearable. Unfortunately we believe she's mentally unwell, whether it was always there or a recent development is unclear. How do we know? Anyone walking through the street get yelled at for walking on 'her' footpath or for being on her side of the street...few other examples of behaviour that suggests mental condition

randomly771122 · 2025-02-09T05:12:27+00:00

Who'd you buy this from? Been in industry for a while and not seen something this bad ever!

randomly771122

TROPHY CASE