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The best help you can give your kids is teaching them financial literacy. Statistically, kids who receive financial help from parents end up worse off than those who don't.
The best help you can give your kids is teaching them financial literacy. Statistically, kids who receive financial help from parents end up worse off than those who don't.
I'm just trying to encourage anyone who really wants to retire, if your home is paid off, it doesn't cost that much.
There is so much available free for the asking.
People want to get rid of good stuff...and not always to "charity".
so once you've determined the income level, I guess next comes the source of that income. Am i to assume that most people here are planning on having property to generate that level of income per week? What strategy/ies do you plan to use to draw that income level?
great advice their.
In response to the thread starters question
http://www.superannuation.asn.au/RS/default.aspx
A westpac study shows the following
Comfortable lifestyle for couple: $53,879
Comfortable lifestyle for couple (SHOULD BE SINGLE): $39,393
Data from Dec 2010
Comfortable retirement lifestyle –
Enabling an older, healthy retiree to be involved in a broad range of leisure and recreational activities and to have a good standard of living through the purchase of such things as; household goods, private health insurance, a reasonable car, good clothes, a range of electronic equipment, and domestic and occasionally international holiday travel.
I could live on 40k after tax quite nicely, i am shooting abit higher tho
regards,
RH
Bugger property, unless things go south for a couple years then I might consider it as a vehicle. I personally am going down the share route, as tax wise it yields much better. I was initially going to gear and cycle through small cap profits into LIC's however I've decided that running my own portfolio will yield superior results to the LIC's.
It's all about the yield, baby.
so once you've determined the income level, I guess next comes the source of that income. Am i to assume that most people here are planning on having property to generate that level of income per week? What strategy/ies do you plan to use to draw that income level?
Business is the best way to generate that sort of income. What yield you going to get on your property? I'll give you 10%... does that sound good? Someone mentioned shares. What yield you want on that? 10% franked? Need a fair bit of capital to yield anything remotely necessary for comfortable retirement, not to mention your yield as at the whim of management and you're exposed to share price depreciation.
One of the family's more successful ventures in the last 3 years yields around 180% pa on initial investment, with a 20-year lease. As usual we're not talking about some little $100k investment
Should read the front page of the AFR yesterday for motivation.
Business is the best way to generate that sort of income. What yield you going to get on your property? I'll give you 10%... does that sound good? Someone mentioned shares. What yield you want on that? 10% franked? Need a fair bit of capital to yield anything remotely necessary for comfortable retirement, not to mention your yield as at the whim of management and you're exposed to share price depreciation.
One of the family's more successful ventures in the last 3 years yields around 180% pa on initial investment, with a 20-year lease. As usual we're not talking about some little $100k investment
Should read the front page of the AFR yesterday for motivation.
Isnt retirement when you relinquish your buisiness interests?
Nah - I think our portfolio of businesses all self operate now though every 3 months or so you'd have to attend to some small issue like senior management throwing tantrums or something like that.
Usually the only person who goes there is me, and that's because I want to eat/use facilities for free. But I hope my presence makes an emotional difference at least.
I Just cant beleive these people who say they need $3,500 K after tax a week. I find the question nonsensical, the more of your income you pay tax on the less you have to fund lifestyle. The question should be How much net income you need, as you can reduce your tax by acquiring appreciating assets, and increase your net wealth and live on equity.