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Support Thread on Taking back financial control? (Barefoot Investor inspired)


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#451 born.a.girl

Posted 11 July 2019 - 08:05 AM

View PostWaitForMe, on 15 June 2019 - 08:26 AM, said:

The last section of the book is about this. You could borrow it from the library to have a flip through just that section.

From memory the highlights are:
A "don't panic" section - if you have $250k for a couple in super and own your own home, you will have a comfortable retirement.
Instead of 3 months living expenses in cash savings, you should have... I think its 3 years? To ride out any stock market issues.
Keep working as long as possible, just 1 day a week doing something low key. Its good for your health as well.

It doesn't affect me, but this is the thing that's hurting part pensioners.  The government can claim that the deeming rate is across all investments, but it's not sound financially, to not have ready access to a reasonable amount of cash, and it needs to be a higher amount that someone with an offset account.

The term deposit rates are at historical lows, much lower than the deeming rate.

Heck I'm an ex accountant and I've got money in the bank earning stuff all simply because you should have money you have access to.  As far as I'm concerned it's safer there than under the mattress.




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