After you pay off your mortgage

[happy_tiger]

gee.a lot of knowledgeable people on this forum who know stuff i've got no idea on.

my advice is to pay your mortgages off and keep working.The benefits of going to work and being at a coalface cannot be measured.There's only so many days you can play golf.

Having a purpose is a strong motivator for men.With international travel under a cloud for some time,working past the nominal retiring age of sixty is a reality,depending on your work area.
But each to their own- just like the wide variety of opinions you'll find on this forum.

I want to pay off my mortgage as fast as I can and move into SMSF so I can retire at 60.

I won't retire fully at 60, I would like to get away from the industry I am in though and work part time at a Bunnings or a Flower Power or something like that. Have a less stressful job to enjoy and still occupy my time.

Seriously thinking of running for Council as a Councillor next local election ......

 

[Tiger-ferret]

This is a funny topic.
6 pages of replies to a blowhard bragging about his investments?
Well trolled @Magpies1969.

Interesting comments but everyone is entitled to an opinion and I am sorry if I offended you. I was trying to tell my story as many of this Forum are my age, 52 or older and have set themselves for retirement. I wanted to put forward that I am already into property and Super so looking forward to other real options. Some of my wealth comes from inheritance which I would happily give my money to have both parents alive again. I continue to work and support my family but I really want a comfortable retirement and set up my twins. I live a very modest lifestyle and will continue to. Just from these 6 pages I have some options to research and think about so I am glad I asked the question and appreciate people's knowledge and real life experiences.

Thank you for starting the thread. As a younger poster it was good to gauge what other humans get up to in the real world and I appreciate it’s not easy divulging personal info.

I wasn’t going to pass on my thoughts because I have a lot to learn but FWIW, food for thought:

I assume you are pretty risk averse because you have paid off all your debt. Do you live in 1 of the properties? If so you could use 50% equity in the remaining 3 properties (ideally the family home his protected from the investments) to secure 3 more properties on interest only loans, **essentially doubling your income**. If you pour excess money in offset accounts and draw only as required initially, it’s lowish risk. (Key is to find strong rental markets, regional centres are often underrated).

☺️

 

[TonyTiger]

After you pay off the mortgage you continue to pay the Council Rates, hope that annual Land Tax does not come in then try to die before the Govt get their way with Death Taxes ( so your kids are able to benefit from your hardship earned - they’ll need it ).
If you’re a Politician then sit back/get fat on your Defined Benefit for Life!

You know I reckon a guy that owns 4 properties outright (before retirement no less) is *probably* going to manage to pay a few thousand dollars a year in rates bills.

I own a huge 1920’s home with 4000sqm of heritage gardens in Leura - I don’t blow that up anyone but I wouldn’t swap for 4 shanties whatever the benefit.

 

[Magpie1969]

This is a funny topic.
6 pages of replies to a blowhard bragging about his investments?
Well trolled @Magpies1969.

Interesting comments but everyone is entitled to an opinion and I am sorry if I offended you. I was trying to tell my story as many of this Forum are my age, 52 or older and have set themselves for retirement. I wanted to put forward that I am already into property and Super so looking forward to other real options. Some of my wealth comes from inheritance which I would happily give my money to have both parents alive again. I continue to work and support my family but I really want a comfortable retirement and set up my twins. I live a very modest lifestyle and will continue to. Just from these 6 pages I have some options to research and think about so I am glad I asked the question and appreciate people's knowledge and real life experiences.

Thank you for starting the thread. As a younger poster it was good to gauge what other humans get up to in the real world and I appreciate it’s not easy divulging personal info.

I wasn’t going to pass on my thoughts because I have a lot to learn but FWIW, food for thought:

I assume you are pretty risk averse because you have paid off all your debt. Do you live in 1 of the properties? If so you could use 50% equity in the remaining 3 properties (ideally the family home his protected from the investments) to secure 3 more properties on interest only loans, **essentially doubling your income**. If you pour excess money in offset accounts and draw only as required initially, it’s lowish risk. (Key is to find strong rental markets, regional centres are often underrated).

☺️

Much appreciated your comments and I hope everyone given their age or circumstances can benefit from this thread. This old dog at 52 has learnt some new tricks and information today

 

[Eyeofthetiger 0]

This is a funny topic.
6 pages of replies to a blowhard bragging about his investments?
Well trolled @Magpies1969.

Interesting comments but everyone is entitled to an opinion and I am sorry if I offended you. I was trying to tell my story as many of this Forum are my age, 52 or older and have set themselves for retirement. I wanted to put forward that I am already into property and Super so looking forward to other real options. Some of my wealth comes from inheritance which I would happily give my money to have both parents alive again. I continue to work and support my family but I really want a comfortable retirement and set up my twins. I live a very modest lifestyle and will continue to. Just from these 6 pages I have some options to research and think about so I am glad I asked the question and appreciate people's knowledge and real life experiences.

Thank you for starting the thread. As a younger poster it was good to gauge what other humans get up to in the real world and I appreciate it’s not easy divulging personal info.

I wasn’t going to pass on my thoughts because I have a lot to learn but FWIW, food for thought:

I assume you are pretty risk averse because you have paid off all your debt. Do you live in 1 of the properties? If so you could use 50% equity in the remaining 3 properties (ideally the family home his protected from the investments) to secure 3 more properties on interest only loans, **essentially doubling your income**. If you pour excess money in offset accounts and draw only as required initially, it’s lowish risk. (Key is to find strong rental markets, regional centres are often underrated).

☺️

Much appreciated your comments and I hope everyone given their age or circumstances can benefit from this thread. This old dog at 52 has learnt some new tricks and information today

I wouldn’t be investing in anything at the moment, property or
Otherwise. Just good old fashioned saving money

 

[240z]

After you pay off the mortgage you continue to pay the Council Rates, hope that annual Land Tax does not come in then try to die before the Govt get their way with Death Taxes ( so your kids are able to benefit from your hardship earned - they’ll need it ).
If you’re a Politician then sit back/get fat on your Defined Benefit for Life!

You know I reckon a guy that owns 4 properties outright (before retirement no less) is *probably* going to manage to pay a few thousand dollars a year in rates bills.

I own a huge 1920’s home with 4000sqm of heritage gardens in Leura - I don’t blow that up anyone but I wouldn’t swap for 4 shanties whatever the benefit.

Balmoral St?

 

[PJ_]

I've heavily invested in signed Tigers jerseys for awhile now. I have a mint 2021 Luke Brooks jersey, and now that he is player of the year, is worth maybe 400-500k. I've had 1 close offer on it from @hobbo1. 🤨

 

[Tiger-ferret]

After you pay off the mortgage you continue to pay the Council Rates, hope that annual Land Tax does not come in then try to die before the Govt get their way with Death Taxes ( so your kids are able to benefit from your hardship earned - they’ll need it ).
If you’re a Politician then sit back/get fat on your Defined Benefit for Life!

You know I reckon a guy that owns 4 properties outright (before retirement no less) is *probably* going to manage to pay a few thousand dollars a year in rates bills.

I own a huge 1920’s home with 4000sqm of heritage gardens in Leura - I don’t blow that up anyone but I wouldn’t swap for 4 shanties whatever the benefit.

Sounds gorgeous. Something to aspire to ☺️

 

[tigerbalm]

I've heavily invested in signed Tigers jerseys for awhile now. I have a mint 2021 Luke Brooks jersey, and now that he is player of the year, is worth maybe 400-500k. I've had 1 close offer on it from @hobbo1. 🤨

Listen, its not a bad market to be in. We are currently in a bear cycle for Wests Tigers Jerseys but as warren buffet said, " *when wests players are wearing penrith at GF celebrations, buy tigers kit".*

With the low prices in the market at the moment, its a great time to average down your jersey portfolio...just remember, hold! There may be a dead cat bounce in 2023 but come 2025, you will be sitting on a nice nest egg.

 

[tiger05premier]

gee.a lot of knowledgeable people on this forum who know stuff i've got no idea on.

my advice is to pay your mortgages off and keep working.The benefits of going to work and being at a coalface cannot be measured.There's only so many days you can play golf.

Having a purpose is a strong motivator for men.With international travel under a cloud for some time,working past the nominal retiring age of sixty is a reality,depending on your work area.
But each to their own- just like the wide variety of opinions you'll find on this forum.

I want to pay off my mortgage as fast as I can and move into SMSF so I can retire at 60.

I won't retire fully at 60, I would like to get away from the industry I am in though and work part time at a Bunnings or a Flower Power or something like that. Have a less stressful job to enjoy and still occupy my time.

I'd have a good think about an SMSF if I were you CB. Lots of people love them, but I went down that track and I wasn't too impressed. In the end I wound it up and transferred everything into an Industry Super Fund balanced account. Not very sexy but incredibly efficient. Return this year was just over 20%, but of course, that won't last.

A lot of the advice around SMSF's relates to how much you have to invest. I think that a better consideration is "what do I want to invest in". If you want to invest in things that you can't buy from super funds (artworks, private property, bullion, collectables etc) than I think an SMSF is great. But they can be expensive to run and time consuming too. If you use an advisor, they will want a cut. You will have an annual corporate registration fee to pay and you need to have the accounts audited every year in addition to having an accountant. (Assuming that you use a pty ltd coy as a vehicle).

If you're going to invest in things like shares, bonds, infrastructure projects, commercial property etc, you don't need an SMSF to do that. An industry super fund will give you greater diversification than you can achieve yourself and lower fees than an SMSF.

You should be able to achieve at least a 6% return **over the long term** so, when you consider the cost of operating an SMSF, the return needs to be greater than 6%, plus the sum of all costs, to make it worthwhile even considering.

Financial advisers love them. But they have a vested interest in getting you into them.

I know that lots of people will disagree with this , but I still think that ditching the SMSF has been one of my better investment decisions.

Totally agree

I've looked into them and don't like them

I know several ppl who have done them and switched back as they have been extremely disappointed with them

 

[tiger05premier]

This is a funny topic.
6 pages of replies to a blowhard bragging about his investments?
Well trolled @Magpies1969.

Interesting comments but everyone is entitled to an opinion and I am sorry if I offended you. I was trying to tell my story as many of this Forum are my age, 52 or older and have set themselves for retirement. I wanted to put forward that I am already into property and Super so looking forward to other real options. Some of my wealth comes from inheritance which I would happily give my money to have both parents alive again. I continue to work and support my family but I really want a comfortable retirement and set up my twins. I live a very modest lifestyle and will continue to. Just from these 6 pages I have some options to research and think about so I am glad I asked the question and appreciate people's knowledge and real life experiences.

Don't worry about the sooks mate

 

[PJ_]

I've heavily invested in signed Tigers jerseys for awhile now. I have a mint 2021 Luke Brooks jersey, and now that he is player of the year, is worth maybe 400-500k. I've had 1 close offer on it from @hobbo1. ?

Listen, its not a bad market to be in. We are currently in a bear cycle for Wests Tigers Jerseys but as warren buffet said, " *when wests players are wearing penrith at GF celebrations, buy tigers kit".*

With the low prices in the market at the moment, its a great time to average down your jersey portfolio...just remember, hold! There may be a dead cat bounce in 2023 but come 2025, you will be sitting on a nice nest egg.

Gold

 

[AJ1]

Plan is while interest rates are so low to use ...keep my HL at about 3 k and then use to buy a new and used car at real cheap interest rates .......

Don't think leasing is a smart option .....then again probably don't know enough about it either

Leasing is a difficult one to gauge. Whilst it might work well for some people for others it can be a lot of work for no real gain or to only end up in a worse financial position. It is a good option if you want a new car every year or two or if you work for a NFP organisation however for most people who own a property I'd suggest looking into using their property as security to purchase a vehicle where it's not uncommon to get an interest rate fixed in at <2%. For a $50k loan over 5 years at 2% you're looking at around $2600 interest over the life of the loan. Much lower than an unsecured personal loan and easier to calculate your end position than a leasing arrangement.

Do you reckon you are better of leasing or taking money from a mortgage and paying outright? Not looking for advice just wondering

No right or wrong answer to this as each lending situation varies. I.e. What is the loan size, what is the loan period, what are the interest rates, how long do you want to own the car for, what is your income, etc.
Personally I would prefer to take out a side loan than redraw it from my current loan as the side loan period would run over a shorter period than the remaining period of my home loan. You could be paying interest on a depreciating asset over 20+ years

 

[Geo]

gee.a lot of knowledgeable people on this forum who know stuff i've got no idea on.

my advice is to pay your mortgages off and keep working.The benefits of going to work and being at a coalface cannot be measured.There's only so many days you can play golf.

Having a purpose is a strong motivator for men.With international travel under a cloud for some time,working past the nominal retiring age of sixty is a reality,depending on your work area.
But each to their own- just like the wide variety of opinions you'll find on this forum.

I want to pay off my mortgage as fast as I can and move into SMSF so I can retire at 60.

I won't retire fully at 60, I would like to get away from the industry I am in though and work part time at a Bunnings or a Flower Power or something like that. Have a less stressful job to enjoy and still occupy my time.

Seriously thinking of running for Council as a Councillor next local election ......

Lol Hsppy tiger Mayor of Gladstone

 

[Tiger5150]

This is a funny topic.
6 pages of replies to a blowhard bragging about his investments?
Well trolled @Magpies1969.

Interesting comments but everyone is entitled to an opinion and I am sorry if I offended you. I was trying to tell my story as many of this Forum are my age, 52 or older and have set themselves for retirement. I wanted to put forward that I am already into property and Super so looking forward to other real options. Some of my wealth comes from inheritance which I would happily give my money to have both parents alive again. I continue to work and support my family but I really want a comfortable retirement and set up my twins. I live a very modest lifestyle and will continue to. Just from these 6 pages I have some options to research and think about so I am glad I asked the question and appreciate people's knowledge and real life experiences.

Mate dont worry about what that guys says. Obviously compensating.

FWIW congrats on working hard and smart to get to where you are at the moment. You have received some good advice here, better than I can help you with, but I have something that in my experience will have a bigger impact on your finances than any of these investment opinions.

If you are single.....stay that way.

If you are married.....stay that way.

Best I can do. Congrats and enjoy your retirement.

 

[PJ_]

gee.a lot of knowledgeable people on this forum who know stuff i've got no idea on.

my advice is to pay your mortgages off and keep working.The benefits of going to work and being at a coalface cannot be measured.There's only so many days you can play golf.

Having a purpose is a strong motivator for men.With international travel under a cloud for some time,working past the nominal retiring age of sixty is a reality,depending on your work area.
But each to their own- just like the wide variety of opinions you'll find on this forum.

I want to pay off my mortgage as fast as I can and move into SMSF so I can retire at 60.

I won't retire fully at 60, I would like to get away from the industry I am in though and work part time at a Bunnings or a Flower Power or something like that. Have a less stressful job to enjoy and still occupy my time.

Seriously thinking of running for Council as a Councillor next local election ......

Lol Hsppy tiger Mayor of Gladstone

?

 

[hobbo1]

gee.a lot of knowledgeable people on this forum who know stuff i've got no idea on.

my advice is to pay your mortgages off and keep working.The benefits of going to work and being at a coalface cannot be measured.There's only so many days you can play golf.

Having a purpose is a strong motivator for men.With international travel under a cloud for some time,working past the nominal retiring age of sixty is a reality,depending on your work area.
But each to their own- just like the wide variety of opinions you'll find on this forum.

I want to pay off my mortgage as fast as I can and move into SMSF so I can retire at 60.

I won't retire fully at 60, I would like to get away from the industry I am in though and work part time at a Bunnings or a Flower Power or something like that. Have a less stressful job to enjoy and still occupy my time.

Seriously thinking of running for Council as a Councillor next local election ......

Lol Hsppy tiger Mayor of Gladstone


 

[hank37w]

After you pay off the mortgage you continue to pay the Council Rates, hope that annual Land Tax does not come in then try to die before the Govt get their way with Death Taxes ( so your kids are able to benefit from your hardship earned - they’ll need it ).
If you’re a Politician then sit back/get fat on your Defined Benefit for Life!

You know I reckon a guy that owns 4 properties outright (before retirement no less) is *probably* going to manage to pay a few thousand dollars a year in rates bills.

I own a huge 1920’s home with 4000sqm of heritage gardens in Leura - I don’t blow that up anyone but I wouldn’t swap for 4 shanties whatever the benefit.

With you there mate.

Love being on my 5 acres and just tinkering around the place.

Some of my in laws have investment properties and are constantly having to pay land tax bills, agents fees etc. tenants constantly wrecking stuff and having to fix things and dramas while the properties are untenanted.

I guess there is good money to be made in real estate, but I do know a lot of people that have been burnt over the years, I don't need the hassle, but then that is just me and I guess everyone is different.

I was lucky enough to build up a reasonable amount in an Industry Super Fund and not that long ago converted it from an accumulation account to an income stream and I am really noticing the difference when you are not paying the 15% tax on the earnings.

One day I will probably run the balance down far enough to get a bit of a pension top up from the Government which would be nice but it's also nice knowing that you are self funded and not reliant on any government hand outs.

Other than that, the only other thing that I had money in was FMG shares and I managed to sell them for pretty good money recently which ended up being a pretty good move because today they closed at a bit over $9 a share less than what I sold for which equates to around an $80k difference in a matter of a couple of months, but that's the share market.

 

[hank37w]

gee.a lot of knowledgeable people on this forum who know stuff i've got no idea on.

my advice is to pay your mortgages off and keep working.The benefits of going to work and being at a coalface cannot be measured.There's only so many days you can play golf.

Having a purpose is a strong motivator for men.With international travel under a cloud for some time,working past the nominal retiring age of sixty is a reality,depending on your work area.
But each to their own- just like the wide variety of opinions you'll find on this forum.

I want to pay off my mortgage as fast as I can and move into SMSF so I can retire at 60.

I won't retire fully at 60, I would like to get away from the industry I am in though and work part time at a Bunnings or a Flower Power or something like that. Have a less stressful job to enjoy and still occupy my time.

Seriously thinking of running for Council as a Councillor next local election ......

Lol Hsppy tiger Mayor of Gladstone

The only running Happy will be doing is when they run him out of town.

 

[Tiger_Fanatic3]