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Merv

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41 minutes ago, ComfortablyNumb said:

 

The only reason I'd be interested in a dollar of pension is for the pensioner discounts you get with it, but I think we'll be over the asset (not the income) threshold due to our Super so will not get it.  I'm still scratching my head about how my BIL and his wife get it though. Her Cwlth Govt defined benefits pension must not count as an asset?  And as Ashley said, the income from it is not high enough to knock them out on the income test.  Talk about the fn govt gravy train!

 

I think you said these people are in Noosa? In addition to qualifying through Pensioner Concession or Veterans Affairs card, in QLD, a lot of these discounts can be got by having a "Seniors Card" i.e being over 65:

  • Up to $341p.a for electricity
  • up to $73 pa for gas
  • public transport discounts
  • half price vehicle registration
  • free dental health care
  • and all the usual things like half price Maccas and cups of tea at your local cafe.

have no idea about NSW but a quick google seems like all the good stuff is limited to pensioners...another great reason to move to QLD (along with Inglis, Slater, no daylight savings, etc..)

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35 minutes ago, pieman said:

I think you said these people are in Noosa? In addition to qualifying through Pensioner Concession or Veterans Affairs card, in QLD, a lot of these discounts can be got by having a "Seniors Card" i.e being over 65:

  • Up to $341p.a for electricity
  • up to $73 pa for gas
  • public transport discounts
  • half price vehicle registration
  • free dental health care
  • and all the usual things like half price Maccas and cups of tea at your local cafe.

In NSW you have to be at least 60 and working less than 20 hours a week to get a 'Seniors Card'. I don't think there's huge advantages (certainly nothing like a pension card) but there's probably some small benefits.

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Not sure why it varies from State to State, but yes in NSW we can travel all day on public transport for $2.50. Certainly beats driving, but other than the occasional discount on shows etc, no huge benefits.

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Am I correct in saying the majority of people experience a windfall at some stage in their life, whether that be a inheritance, divorce settlement or something? 

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26 minutes ago, Merv said:

Am I correct in saying the majority of people experience a windfall at some stage in their life, whether that be a inheritance, divorce settlement or something? 

For every divorce settlement windfall, there's a divorce settlement loss, and that's usually bigger than the windfall.

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47 minutes ago, Merv said:

Am I correct in saying the majority of people experience a windfall at some stage in their life, whether that be a inheritance, divorce settlement or something? 

I think that's a reasonable assumption. I got an inheritance when my parents passed away although it pales compared to my super. The thing it did do was pay the last of our remaining mortgage which freed us up to invest elsewhere. Once you mortgage is paid and have a reasonable income building for the future becomes a LOT easier. 

We recently finished and tenanted a granny flat and every time my daughter whinged about having to come up and do some work there I reminded her it would be 50% hers in the future.

My parents didn't have much but they taught me the ethics of hard work and my kids will no doubt benefit. I'm hoping my generation is the one that lifts our family tree from struggling to secure. 

Edited by trinube
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23 minutes ago, Ex-Hasbeen said:

For every divorce settlement windfall, there's a divorce settlement loss, and that's usually bigger than the windfall.

There is a large generation that is hoping so. This is definitely a key expectation of a lot of people in the age group 30-50+ age group with large mortgages. Waiting for parents to pass away to be able to pay out mortgages. 

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58 minutes ago, Ex-Hasbeen said:

For every divorce settlement windfall, there's a divorce settlement loss, and that's usually bigger than the windfall.

The only people who generally windfall in a divorce are the scumbag parasitic lawyers 

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10 hours ago, trinube said:

I think that's a reasonable assumption. I got an inheritance when my parents passed away although it pales compared to my super. The thing it did do was pay the last of our remaining mortgage which freed us up to invest elsewhere. Once you mortgage is paid and have a reasonable income building for the future becomes a LOT easier. 

Yes same.  Small inheritances = no mortgage = more investment.....and holidays.

Biggest mortgage we ever had was only $200K though, the benefit of living regional.

Hoping our kids will inherit a lot more from us.  If they both stay in Sydney in their fairly low paid jobs, they'll need it.

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I always expected my wife's father to use his last dollars to bury themselves (which is fine with me, it's his money).  but he seemed to have changed his tune a few years ago (maybe because neither of his kids families (ie, us and the bil's) have really done that well for ourselves), but now that his wife will be going into care at some stage that I'm sure will chew it away.  My dad's told me that we'll be fine, but I don't count on anything as you can never know.

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Same here, shared inheritance from parents and payed off mortgage. My wife and I were never big money earners and when the kids were old enough to move out and be independent we decided to retire. The only way for us to retire was to comit and sell up in Sydney and go regional to Bathurst. Best decision and no regrets.

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12 hours ago, ashley_s said:

There is a large generation that is hoping so. This is definitely a key expectation of a lot of people in the age group 30-50+ age group with large mortgages. Waiting for parents to pass away to be able to pay out mortgages. 

The thing the new generation needs to understand is if the parents go into a nursing home, there is a good chance any inheritance will be chewed up there in the fees and expenses.  And our generation needs to factor in as possible costs as well

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13 hours ago, trinube said:

I got an inheritance when my parents passed away although it pales compared to my super.

This will change for a lot of people over the next generation. Whilst their super should grow (though you may not be able to take anything but a pension-like income from it), families are tending to be smaller, so any inheritance is likely to be split less ways. 

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2 minutes ago, Ex-Hasbeen said:

This will change for a lot of people over the next generation. Whilst their super should grow (though you may not be able to take anything but a pension-like income from it), families are tending to be smaller, so any inheritance is likely to be split less ways. 

Inheritances can be funny things. When my father died, obviously everything went to mum. It was only when mum passed away that we got an inheritance shared with my sister 50/50. My mum had always made it clear everything would be split equally between us and my sister and I were in total agreement with how everything was settled - the value of this can't be underestimated - the last thing you need is a shit-fight over what's left.

My MIL died about 12 months later.  She'd been divorced and had basically spent all her settlement to buy a small country house. She was showing signs of dementia so we traded that for a managed aged care place. When she died my wife got a small inheritance shared with her 3 siblings but there were ongoing brawls about who got what. At the end I told my wife to just let it go - we didn't need the drama.  My FIL has already told us that none of his kids will get anything from his will - will all go to his new wife.

The moral to the story is leave a detailed will. Ours was done by a lawyer and I was surprised how many things popped up - like what happens if we both died in a plane crash? I was shocked at the answer... 

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We wont be getting any inheritance form my or the wife's folks. Maybe a few bills but definitely no inheritance. :lol: 

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5 minutes ago, roxii said:

We wont be getting any inheritance form my or the wife's folks. Maybe a few bills but definitely no inheritance. :lol: 

I thought the same thing as mum worked 3 jobs and was just scraping by on minimum wages. Turns out 2 of those jobs had insured her and so when she was diagnosed with terminal cancer we ended up being able to not be out of pocket for anything and brother and I both got over $130k for house deposits, bikes, grandkid trust funds, etc.  Not a lot of money by any means but considering we were expecting to come out of her death having to pay for everything and clear debts it took away a lot of that stress..

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1 hour ago, trinube said:

Inheritances can be funny things. When my father died, obviously everything went to mum. It was only when mum passed away that we got an inheritance shared with my sister 50/50. My mum had always made it clear everything would be split equally between us and my sister and I were in total agreement with how everything was settled - the value of this can't be underestimated - the last thing you need is a shit-fight over what's left.

My MIL died about 12 months later.  She'd been divorced and had basically spent all her settlement to buy a small country house. She was showing signs of dementia so we traded that for a managed aged care place. When she died my wife got a small inheritance shared with her 3 siblings but there were ongoing brawls about who got what. At the end I told my wife to just let it go - we didn't need the drama.  My FIL has already told us that none of his kids will get anything from his will - will all go to his new wife.

The moral to the story is leave a detailed will. Ours was done by a lawyer and I was surprised how many things popped up - like what happens if we both died in a plane crash? I was shocked at the answer... 

Yes we got all the Wills, Powers of Attorneys etc sorted out last year.  Cost $990 but done now.

My mother is leaving a fair bit of her estate to her 4 grand-kids, so our 2 will get another leg up.  All 4 deserve it - they have all worked hard at school/uni and are good decent kids. Our 2 now in their 1st jobs where their employers really extract their pound of flesh for little payment.  But I think that is OK for a few years, helps them appreciate reality.

Our youngest should be completing 24hrs of flights to Argentina any minute covering the Youth Olympics - https://www.buenosaires2018.com/?lng=en 

Good point about the aged care home issue CE - my wife's Aunt is in one in Sydney and it costs her about $70K/yr.

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Ill be up on the Gold Coast on the weekend, might have a squizz around there at investment property opportunities.

Last time I looked the prices were reasonable (compared to Sydney) and the rental returns seemed ok too.  Not much capital growth but thats a crap shoot anywhere at the moment. 

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Neither my wife or I will be getting any inheritance.  Never received or asked for any help financially from our parents for anything, something we are very proud of.

We are happy just ticking along making small investments for ourselves and our kids, being responsible by not having a huge mortgage.  we pay our mortgage and also put the rent we receive back into the house also.

We buy shares for our kids when their accts reach 2k each, and we go on plenty of holidays.

All this done on a single income for the last 11 years and without the help of a financial planner.

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7 hours ago, fiftyplus said:

Same here, shared inheritance from parents and payed off mortgage. My wife and I were never big money earners and when the kids were old enough to move out and be independent we decided to retire. The only way for us to retire was to comit and sell up in Sydney and go regional to Bathurst. Best decision and no regrets.

I like Bathurst.  Our youngest went to Uni there so we visited a bit, stay at the Rydges overlooking the racetrack.  The Aquatic Centre is great, always do a swim set there.  Will be down again in Dec for her Uni Grad, will probably get a bit messy I reckon.

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5 hours ago, KieranR said:

Neither my wife or I will be getting any inheritance.  Never received or asked for any help financially from our parents for anything, something we are very proud of.

 

Much the same, my parents were reasonably poor dairy farmers.  Left school at 15 and funded my own education through to tertiary level by working and studying part time. 

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1 hour ago, ComfortablyNumb said:

I like Bathurst.  Our youngest went to Uni there so we visited a bit, stay at the Rydges overlooking the racetrack.  The Aquatic Centre is great, always do a swim set there.  Will be down again in Dec for her Uni Grad, will probably get a bit messy I reckon.

Yep, Bathurst has been great and has everything we need. Lots of gyms, Tri club, Cycling and running clubs and Aquatic centre. Plenty of places to ride plus velodrome Mtb and BMX tracks , and good restaurants as well. We have family in Dubbo and Sydney, so its really convenient to both.

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On 20/09/2018 at 8:00 PM, trinube said:

They're in a battle to the bottom of the scum pond with used car salesmen, News Ltd 'journalists', ambulance chasing lawyers and any shock jock...

I'd put real estate agents in there as well, the rental kind mostly but probably also the selling kind

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On 03/10/2018 at 11:04 AM, roxii said:

Ill be up on the Gold Coast on the weekend, might have a squizz around there at investment property opportunities.

Last time I looked the prices were reasonable (compared to Sydney) and the rental returns seemed ok too.  Not much capital growth but thats a crap shoot anywhere at the moment. 

Problem with the gold coast is that the minute the real estate market sneezes it comes down with typhoid fever.  It has been on a serious tear over last year or so so you can forget capital growth if things go south.  Also it is heavily reliant on tourism, so if that slows then vacancy rates will soar. 

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Appointment made with a planner I was referred to.  Introduced myself as a potential new client, which she replied i haven't heard someone say that before.  

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Looking for recommendations for an adviser in Brisbane. 

I borrowed money about 13 years ago and put most into a managed fund. Went great for a couple of years but died during the 2008 crash. Over-all I'm still down a fair bit. I really need to think about my options. Does anybody have a good adviser they'd recommend?

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29 minutes ago, Ex-Hasbeen said:

Looking for recommendations for an adviser in Brisbane. 

I borrowed money about 13 years ago and put most into a managed fund. Went great for a couple of years but died during the 2008 crash. Over-all I'm still down a fair bit. I really need to think about my options. Does anybody have a good adviser they'd recommend?

Metoo..

 

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On 11/10/2018 at 9:07 PM, Ex-Hasbeen said:

Looking for recommendations for an adviser in Brisbane. 

I borrowed money about 13 years ago and put most into a managed fund. Went great for a couple of years but died during the 2008 crash. Over-all I'm still down a fair bit. I really need to think about my options. Does anybody have a good adviser they'd recommend?

Are you reinvesting the income? What interest rate are you paying on your borrowings. Hard to think you are still down "a fair bit" after 13 years. 

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