Looking to spend in property

[amativus]

Hello all,
Looking for advice on what would you do and why?

Scenario:
Have owned a ppor in the past and no longer eligible for any benefits
Live on the northern beaches in nsw
Am self employed single 34yo
Current savings $70k
Income of approx. $150-$200k
Shares of approx. $20k
Share living which sets me back say $300pw
No debts

Im open to purchasing an investment property for long term possession, am open to flips, buying my own place to live in or any other type of investment in property.

If you were in the above position, what would you do and why?

I understand this a general discussion and appreciate any input from the experienced.


Thank you

 

[Kristine..]

Hello amativus

Welcome to the Forum!

What would I do?

Well, for starters, I am not sure how you can be a single person with minimal living expenses, earn what you say you are earning and have assets of $70,000.

Even if you ate out for breakfast, lunch and dinner, how do you spend that much money? At least $120,000 after tax income ...

You haven't said what you are wanting to do

The title of your thread is 'spend' - this is an investment forum, we don't 'spend' money

Save it, you have it
Spend it, it's gone

I think if I was in your position - never have been, never will be - I would do some intense navel gazing for a while.

How come I let money go through my fingers like water?
How come I spend it as soon as I get it?
How come I am 34 and asking total strangers on a web forum what to do with my money?
How come quite a few things

Until you have figured out where you want to be by the time you are 64, you won't know where to start at 34.

You obviously must have a few smarts to be earning the money you say you are earning

Now, you need to get a few smarts about how you can get to keep some of that money

And then, you need to know yourself well enough to be able to lay out a plan of where you want to go to, and how to get there from here.

Sorry, perhaps I sound like your Mother

Perhaps your Mother never said these things

But before we can start anything, go anywhere, we have to make our own decisions first

After that, it's OK to ask total strangers 'Excuse me, is this the way to the train station?' ... and then we can all chime in and tell you where our favourite train station is

In these days of satellite navigation, it is still important to know how to read maps.

More importantly still, you must know where you are going before the map is of any use to you at all

Cheers
Kristine

 

[amativus]

Thank you Kristine for your valid points.
I note that I am frugal and these savings have come about when my employment type changed seven months ago and obviously income as well. With an average of $10kpm put away for savings towards asset building purposes, I believe that I am certainly mindful of not allowing money to pass through my fingers without scrutinizing where it goes.

I also agree with your navigation analogy, however, I guess I'm tring to use this site exactly like my gps, it's part of my toolbox to get me to my destination, the gps can get you there but you still need to navigate yourself to that destination safely.

So if your were in the above potential scenario, what would you do and why?

 

[kum yin lau]

Hi, a very necessary 1st step is to look at your tax position. You have a fairly big amount to move around.

Look at depreciation potential regarding property investment but obviously all the due diligence & thought about cap gain potential will give you some headache.

Good luck,
KY

 

[dantro]

What you should do depends on:
How much you want to allocate to lifestyle vs investment? (it's always one at the expense of the other)
What types of investments you are most comfortable with (shares, property, others or a combination)?
How much liquidity you need in case your plans change? (At your age, I decided to work overseas for a year and it cost a lot of cash but the experience was worth the money).
What is your level of risk and how stable is your income.