Hi All,
I have been actively reading the writeups on this forum for a little while and would like to a question pertaining to my personal situation.
Without making a long-story out it I am a 43 year old female with two children (one turning 17 in August this year and the other turning 14 in October this year).
Both children live with their father some 100kms away during the week where they attend a private school that I pay for yearly as part of a legal agreement my ex-husband and I draw up back in 2005. I also assume some $16,000 a year in child support taking the total support to around $26,000 per annum from my $100,000 base salary.
The situtation between my ex-husband and myself is strained to say the least. I left the situation due to violence and possessiveness that I had tolerated since I was 20 years of age. I made a difficult decision all those years ago due to hubby's nature that the best thing for the children was that they stay with him during the week so they could maintain some of the normality in their life. Friends, school, etc. I was very concerned with threats of violence "if you take the children" (the children are definitely not subjected to the treatment I suffered during those years). Anyway, it is a decision that I regret every day of my life and am embarrassed and saddened to admit that I walked away.
As part of the agreement ex hubby paid a small amount to me and he kept a fully paid of house, car, harley davidson, holiday unit etc. I just wanted closure. He is fully setup - works for cash in hand so he can continue to fleece as much as possible from me ... he holidays overseas, buys new motorcross bikes, a new car for my 17 year old etc etc.
Over the years with demands for money my settlement monies amounted to nothing more than $40,000 in a bank account so I decided at age 40 I needed to take action and do something about my future. I no longer give in to demands for money either.
I purchased a brand new townhome in Sydney's southwest and have now received my first tax return including this property. I have received a $10,000 return which I would like to put towards my next purchase. My strategy is 10 in 10 and I believe I can do it with hard saving and tax dollars.
With the return has also come a new problem for me in that my taxable income has dropped dramatically due to the expenses relating to the property. I would like to buy more property but would like to assess whether there is a better way of owning these so I can continue to grow and create something for my older days without the fear of losing it all to ex-hubby?
I appreciate that this post may sound like I am trying to avoid the dreaded child support. Definitely not the case ... what I am trying to do is support myself in old age (I have numerous health issues which may also shorten my working life). The properties will support me and in turn I will sell some to own others and as I am currently renting would like to (hopefully) be able to fund something small for myself too.
I would welcome any guidance, assistance or comments ... many thanks for taking the time to read my post.
I have been actively reading the writeups on this forum for a little while and would like to a question pertaining to my personal situation.
Without making a long-story out it I am a 43 year old female with two children (one turning 17 in August this year and the other turning 14 in October this year).
Both children live with their father some 100kms away during the week where they attend a private school that I pay for yearly as part of a legal agreement my ex-husband and I draw up back in 2005. I also assume some $16,000 a year in child support taking the total support to around $26,000 per annum from my $100,000 base salary.
The situtation between my ex-husband and myself is strained to say the least. I left the situation due to violence and possessiveness that I had tolerated since I was 20 years of age. I made a difficult decision all those years ago due to hubby's nature that the best thing for the children was that they stay with him during the week so they could maintain some of the normality in their life. Friends, school, etc. I was very concerned with threats of violence "if you take the children" (the children are definitely not subjected to the treatment I suffered during those years). Anyway, it is a decision that I regret every day of my life and am embarrassed and saddened to admit that I walked away.
As part of the agreement ex hubby paid a small amount to me and he kept a fully paid of house, car, harley davidson, holiday unit etc. I just wanted closure. He is fully setup - works for cash in hand so he can continue to fleece as much as possible from me ... he holidays overseas, buys new motorcross bikes, a new car for my 17 year old etc etc.
Over the years with demands for money my settlement monies amounted to nothing more than $40,000 in a bank account so I decided at age 40 I needed to take action and do something about my future. I no longer give in to demands for money either.
I purchased a brand new townhome in Sydney's southwest and have now received my first tax return including this property. I have received a $10,000 return which I would like to put towards my next purchase. My strategy is 10 in 10 and I believe I can do it with hard saving and tax dollars.
With the return has also come a new problem for me in that my taxable income has dropped dramatically due to the expenses relating to the property. I would like to buy more property but would like to assess whether there is a better way of owning these so I can continue to grow and create something for my older days without the fear of losing it all to ex-hubby?
I appreciate that this post may sound like I am trying to avoid the dreaded child support. Definitely not the case ... what I am trying to do is support myself in old age (I have numerous health issues which may also shorten my working life). The properties will support me and in turn I will sell some to own others and as I am currently renting would like to (hopefully) be able to fund something small for myself too.
I would welcome any guidance, assistance or comments ... many thanks for taking the time to read my post.
