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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.

#452 IamOzgirl

Posted 18 February 2020 - 05:41 PM

hello everyone,

I am thinking of moving to Up bank.

you can have 'buckets' for your money and earn great interest rates (2.25%) back by Adelaide and bendigo bank.

Thought i would Share.

Need to check my barefoot em,ails to see if he discusses it.


https://up.com.au/

Edited by IamOzgirl, 18 February 2020 - 06:46 PM.


#453 born.a.girl

Posted 18 February 2020 - 06:37 PM

View PostIamOzgirl, on 18 February 2020 - 05:41 PM, said:

hello everyone,

I am thinking of moving to Up bank.

you can have buckets of money and earn great interest rates (2.25%) back by Adelaide and bendigo bank.

Thought i would Share.

Need to check my barefoot em,ails to see if he discusses it.


https://up.com.au/


I guess it depends on what you mean by 'buckets of money'.

If you were saving for a deposit and needed $100k, then the better interest rate will only apply to the first $50k.

#454 IamOzgirl

Posted 18 February 2020 - 06:42 PM

Barefooters know what I mean about buckets of money!!

(I have a home loan, and would love to have $50k lying around, never gonna happen! So Up works for me)

#455 IamOzgirl

Posted 18 February 2020 - 06:45 PM

I have edited my post to hopefully make it clearer.

#456 born.a.girl

Posted 18 February 2020 - 06:53 PM

View PostIamOzgirl, on 18 February 2020 - 06:42 PM, said:

Barefooters know what I mean about buckets of money!!

(I have a home loan, and would love to have $50k lying around, never gonna happen! So Up works for me)

ha ha, no once you have a home loan there's no such thing as money lying around.  I come from the days of 17% home loan interest rates, and every cent went off the mortgage, not sitting languishing in a saving account, on which you had to pay half in tax.

Saving for a deposit is what I'm look at for my daughter and her bf though, so looked at it thought that lens.  :)

#457 emma_jean

Posted 18 February 2020 - 07:02 PM

I have an up account and it’s awesome! If you haven’t already joined they have a $10 referral bonus atm. Can pm you if you like (we each get $10 apparently). My kids both have up accounts too, we are all pretty impressed!

#458 emma_jean

Posted 18 February 2020 - 07:03 PM

Oh for born.a.girl’s daughter, has she considered the first home super savings scheme?

#459 born.a.girl

Posted 18 February 2020 - 07:12 PM

View Postemma_jean, on 18 February 2020 - 07:03 PM, said:

Oh for born.a.girl’s daughter, has she considered the first home super savings scheme?

Thankyou. :)  Unfortunately her employer hasn't paid her super since she was employed there, nearly 2 x years ago, so we hve a few issues to sort out, including a robodebt (also employer error) before she can even think of a home loan.

Her bf is in a better position, fortunately, and we will be able to help them out.

#460 IamOzgirl

Posted 18 February 2020 - 07:59 PM

View Postborn.a.girl, on 18 February 2020 - 06:53 PM, said:



ha ha, no once you have a home loan there's no such thing as money lying around.  I come from the days of 17% home loan interest rates, and every cent went off the mortgage, not sitting languishing in a saving account, on which you had to pay half in tax.

Saving for a deposit is what I'm look at for my daughter and her bf though, so looked at it thought that lens.  :)

Agree it’s not ideal for over $50k. But still a very good bank acct. and surely they will still be saving money that is not for a home loan!

I will be keeping my ING acct. UP will be used for other purposed. But the bulk of my savings will be there.

#461 IamOzgirl

Posted 18 February 2020 - 08:26 PM

BAG

I don't think this bank is as good as UP. BUT you can earn the bonus interest up to $100k.

https://www.creditca...neobank-review/

#462 born.a.girl

Posted 19 February 2020 - 02:31 PM

View PostIamOzgirl, on 18 February 2020 - 07:59 PM, said:

Agree it’s not ideal for over $50k. But still a very good bank acct. and surely they will still be saving money that is not for a home loan!

I will be keeping my ING acct. UP will be used for other purposed. But the bulk of my savings will be there.


They are so far from that level of deposit yet it's not funny.

I don't know who her partner is with but I'll ask him because their interest up to 50K is quite good.  Might even use it myself, ta!

I know we'll need to help them so I'm trying to make sure I don't have money invested in ways which is tricky to access when the time comes, even if that comes at the cost of returns in the short term.




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