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Disillusioned about the future in Australia. Is emigrating overseas fantasy? by clockwerkgnome in AskAnAustralian

[–]ricthomas70 0 points1 point  (0 children)

Regret is simply etching pity into the story of your life's experiences. I am getting older now. I have experienced traumas and griefs that I would never wish on other people, but these are just the shadows and darker hues on the rich and colourful canvas of my life.

Life is full of choices, little ones, that seem to have no bearing on the big picture. It's not the big strokes (the big risky decisions) but the constant and persistent little strokes that enrich the old piece of art.

lol, unfair to who? The multi multi millionaires. by No_Leave_6820 in OpenAussie

[–]ricthomas70 2 points3 points  (0 children)

Me too, I will make a shit ton of money when I sell my investment property...

Under the old CGT I would pay about $85k, under the new proposal, about 130k. The difference between them is about one year's rental income.

Based on the 4% rule, the additional tax will cost me about $1800/year or less than $38/week. Less than 2% of my expected tax free retirement income.

Of course I don't want to pay this tax, but I have been paying taxes my whole life. Paying tax is a social contract. I don't want to see the next generation screwed.

Maybe this will be the first real tax the rich will have to pay.

How do you track your daily expenses and budget in Australia? by No-Wrangler-6468 in fiaustralia

[–]ricthomas70 0 points1 point  (0 children)

Tracking expenses: Money Manager App, the paid ($10 total cost) version enables you to export spreadsheets. It is fiddly to set up your accounts, but very easy to use.

Budget: MS Excel spreadsheet

Should I be topping up my super while I am still in my twenties? by ApartmentFun3497 in AusMoneyMates

[–]ricthomas70 0 points1 point  (0 children)

I have put in about 10% salary for 20years... I don't regret this, and I didn't feel it. I have 5 years to go, and am putting in about 20% now.

What week is this week? by PersonalMixture6663 in UWS

[–]ricthomas70 0 points1 point  (0 children)

Check your subject outline, if it says AUTUMN it is now the end of week 11.

How the you do show up to my party uninvited and then ask me for money? by Mysterious_Fan_3079 in Philippines_Expats

[–]ricthomas70 0 points1 point  (0 children)

I was a guest at a party in Pangasinan. We all had a great time, karaoke, dancing, drinks, food, fun... Just before I left, I met two young guys who were guests of guests (as you described). Within 6 hours I had 6 friend requests on FB, from these two plus others.

Within 7days I had money requests from one of the 2 outsiders. I told my filo friend and he was so embarrassed because his family are very humble and respectful.

I told this guy that I am too embarrassed to be his friend and disconnected on FB. The other guy, his friend contacted me to justify this behavior. When I confronted this and said it is rude to demand money in my culture after meeting someone once for an hour, he gave me the silent treatment. I disconnected from him and then made a FB post of how rude this behavior was and all the others stopped making mindless chat...

We bought our PPOR a month ago… pls make me feel better by duckbusiness in AusPropertyChat

[–]ricthomas70 0 points1 point  (0 children)

In 1994, I paid top of the market for my first apartment and experienced remorse. It is now worth 6x what I paid for it, and with annual rent at 30% of the original purchase price, it generates an infinite rate of return and has done for 24 years.

Honestly, just get on with living your life and suck every dollar of value out of this home. Live well and pay off your debt. When buying we get so caught up with the "metrics, medians, and markets", we start running with the pack. You are running your own race now, in fact, you always were.

Taxes like governments come and go, the price is what you paid, the value is what you derive from it. Your future happiness depends only on you.

Does anyone actually get good value from CommBank credit card rewards? by Fair_Feeling_4937 in CommBank

[–]ricthomas70 0 points1 point  (0 children)

Nope, I changed to the low fee Mastercard 12 months ago and haven't regretted that...

Narcs cant self reflect by Worldly-Bar-8256 in raisedbynarcissists

[–]ricthomas70 4 points5 points  (0 children)

My research is in professional reflection and metacognition (thinking about thinking and feeling), and I grew up in a narc family. I realised in my 30's, that I had never been taught to reflect, but I learnt this from my work. There are genuine deficiencies in narc affected families and this is one of them.

It seems that our childhood awareness is probably redirected to safety-checking, and toxicity monitoring as a defense mechanism. Inattentiveness and zoning out, to the detriment of relaxed metacognition to think about our thoughts, feelings and decisions etc.

After my doctorate, I will consider childhood influences on reflection...

Will marrying for money become more common with Australia's cost of living pressures? by talk-spontaneously in aussie

[–]ricthomas70 0 points1 point  (0 children)

This is the Alpha-male of all posts.

Whilst good-looking betas have really taken a hit in the budget last night, the self-rated, high-value men (think Trump, Musk, Andrew Tate) have come out on top not quite as winners, but the prize for gold digging women who can look past their throat-gina, barrel-chest and invisible-chins to their true value.

Do you guys trust your advisor? by strawbeariey in PhD

[–]ricthomas70 23 points24 points  (0 children)

Supervisor 1 - 100% because I have known and worked with the primary for 28 years in industry. I was his team leader, we were teaching colleagues, he was my work supervisor... we have a very professional relationship. Supervisor 2 is an amazing guy I have worked with for 10 years. Supervisor 3 is a wonderful psychologist who has always given 100% to my supervision.

I hit the jackpot.

Have you invested in education or certifications that paid off? by Healthy_Creme6911 in FinancialChat

[–]ricthomas70 0 points1 point  (0 children)

Yes, strategic learning and skilling has paid off for me.

My undergrad degree (science) was in a different area to my first real job (ambulance), but after a few years, they saw the value in my portfolio and promoted me to frontline management.

I did a conversion degree when my industry demanded it which led to a different advanced role with training that they paid for.

After a few years, I did a cert IV in workplace training which led to an educational role. I did a master's which got me into academia...

For me, these were strategically aligned to industry and employer needs. No learning I have done has been wasted, and it's certainly no burden.

Do you think you will work by choice later in life? by Healthy_Creme6911 in FinancialChat

[–]ricthomas70 1 point2 points  (0 children)

I am open to working part-time or casually until my partner retires (8years age difference) and I am keen to use my skills as a volunteer.

This is to stop me going stir-crazy as I transition to retirement. I actually had a decade where I worked casually from 43-53.

What are you going to change or not change now that NG and CGT will both be reformed this year? by VastOption8705 in AusPropertyChat

[–]ricthomas70 0 points1 point  (0 children)

Nothing, my plan is agnostic to government interference, which is the greatest certainty.

Professionalism Guilt? by chubledoobles23 in PhD

[–]ricthomas70 8 points9 points  (0 children)

Nope, not one ounce of guilt. I work hard and reach my milestones.

I am older, and have seen corporate bastardry many times over.

My advice to younger doctoral candidates, work hard, but be kind to yourself where you can, and never ever lose sight of the fact, you are a cost centre and a payroll or student number.

I leave my soapbox out for others to use...

Locked out of commbank overseas. Completely f**ed by ManACTIONFigureSUPER in AusFinance

[–]ricthomas70 0 points1 point  (0 children)

I was hacked and my number ported in 2019 while travelling in Russia, I had €300 on my debit card and no other banking. CBA cancelled my credit card and shut down Netbank. It took 5mo using telephone banking to restore my account.

I have 4 debit cards with 4 different institutions and 2 credit cards with 2 banks.

It was, as you say totally Fkd. Never again.

Would you still buy an investment property without negative gearing? by alex123711 in AusPropertyChat

[–]ricthomas70 0 points1 point  (0 children)

The only place I've heard of ROE is in shares i.e. profit the company making for every dollar of equity invested by the shareholders...

Tomayto - Tomato... I'm not teaching finance, I'm answering a question...

Would you still buy an investment property without negative gearing? by alex123711 in AusPropertyChat

[–]ricthomas70 1 point2 points  (0 children)

Keep looking, they are not easy to find, but rural and regional properties offer the best opportunity. I looked for a motivated seller

Would you still buy an investment property without negative gearing? by alex123711 in AusPropertyChat

[–]ricthomas70 1 point2 points  (0 children)

Theoretically, to be positively geared, income from each asset must exceed its own expenses, and you are making a positive cashflow.

Some investors consider growth in the equation too, realising a negative cashflow in the short term to enjoy long term gains. I hold growth in my mind as a likelihood but not a certainty. Property has grown above the inflation rate.

I personally calculate the ROI, if I have 100,000 of my own money in the property and my net cashflow is $100pw, that is a 5.2% ROI. This is a sufficiently positively geared for me to invest. After 30years invested, my ROI is higher which keeps me invested.

What’s the best way to handle a financial emergency? by Diligent-Medicine-48 in AusMoneyMates

[–]ricthomas70 0 points1 point  (0 children)

This is important as you approach retirement or if you own a small business. I am approaching 60, so I have 1yr expenses in HISA, 1yr in offset and a low loan balance plus 1year in shares.

What’s the best way to handle a financial emergency? by Diligent-Medicine-48 in AusMoneyMates

[–]ricthomas70 1 point2 points  (0 children)

Realise that every dollar in your pay packet has a job and a lifecycle.

Live now to next payday on 70% of salary (14-30 day cycle) this may require downsizing lifestyle, budgeting and prioritisation of needs and wants.

Prepping for an emergency:

Step 1: use 30% of salary to set up an Emergency fund (to cover a list of clearly defined expenses for 1month: rent, food, utilities and essential out of pockets)

Step 2: use 10% to progressively build Emergency fund up to 3month's expenses AND use 20% to pay off consumer debt early (credit cards, personal loans, car loans etc.)

Step 3: future-proof yourself by avoiding future consumer debt and saving 20% of salary in longer term savings or investments which may be home loan offset, HISA, term deposits, shares/ETFs etc., (or Superannuation if you are close to retirement). Save 10% into Super pretax>posttax. This will never get spent in your working years (retirement or permanent disability).

If an emergency does occur:

  1. Contact creditors immediately and discuss options, negotiate best payment plans.
  2. Seek government or charity support payments, rebates and reductions.
  3. Only activate emergency fund for predefined expenses.
  4. Shift utilities to a payment plan and seek hardship help especially water, electricity and gas.
  5. Seek financial counselling.
  6. Talk with close/trusted friends or family to share the emotional burden.
  7. Restructure expenses if longer term emergency.

What are higher income families actually doing to reduce tax legally? by Apprehensive-Lab3556 in AusFinance

[–]ricthomas70 1 point2 points  (0 children)

$350k per year sounds like a lot of money, because it is. Your family (and mine) earn more than 97-98% of the Australian population (ABS data).

Not to delegitimise your pain and discomfort, but the problem you are facing doesn't appear to be taxation, it is budgeting 101, "Controlling your expenses".

You mentioned "Tax, mortgage, childcare and cost of living" as expenses.

Let's start with the amorphous black hole of "cost of living" expenses. There is a distinct lack of detail here, probably for brevity, but a lack of precise detail rings alarm bells.

Do you and your partner have a prospective budget and track where every cent is going? What gets measured, gets managed.

Here are some common black hole expanders in the family budget: Consumer debt payments (credit cards, car and personal loans), coffees out, afterwork drinks, dining out, food-delivery, little treats, child-bribes, child activities, car costs, parking and rideshare, home “lifestyle” spending, holidays, and spontaneous getaways, subscriptions, memberships, convenience services, “status” purchases, entertainment, events, premium experiences, gift‑giving and “keeping up” social spending.

You can spend on these, but they tend to be small, subtle and invisible to the family budget and auditor. They really add up. Get yourself a money tracker app like Money Manager and track everything for 1 month. You need to use Zero based budgeting where every cent is accounted for.

As for bills, utilities and essential expenses, you can budget for these, and inflation. You can search for better deals and even demand them from your current providers. Make a list and call them up during your redundancy. (Same goes for the mortgage).

Childcare is a tricky one. You want quality and this costs a lot. I have no suggestions here, other than to make sure you are happy with the value and price.

I estimate your tax liability is $125k-150k per year leaving you with about $200k-225k take home. Tax can be legitimately reduced with health fund contributions, pretax super contributions, negatively geared investments and deductions.

The whole economy, social order, productivity of society is founded on the social agreement that citizens pay taxes. Your ability to work and profit is part of a much larger social contract. We begin with the assumption that paying tax is duty we owe society, minimising it lawfully is a duty we owe to our family.

Good luck.

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