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Good luck with teams is all I can say. Too undeveloped

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What would you say it’s lacking? We’ve been using it for a few weeks thus far and I love it. Aside from not being able to screen share without being in a call, I haven’t seen any features that it lacks. Granted, I’ve never used slack or discord extensively, so there may be things I’m missing.

Original Poster7 points · 2 days ago

Yes, it’s great weather for companies that make moisturiser.

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I thought I had reacted to the water or something as of late. My skin was so damn dry today.. that explains it!

41 points · 3 days ago

inb4 all the eventual "i lost all my super in a smsf that invested in residential property, please daddy government - bail me out"

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-15 points · 3 days ago

inb4 "I forgot to change my 100% risky ETFs to cash before retiring and now the market has crashed and I've lost 40% of my super and can't make it back, please daddy governement - bail me out"

5 points · 3 days ago

You're right it used to be GE, in fact there's never been a time when GE sold off and the market stayed in a bull run until now.

V is probably the best indicator for the economy since when people don't want to buy things is around the same time they don't have money mainly due to mass unemployment. Also it's the same time V gets hurt by defaults.

AA can be an indicator for a bad earnings season, since they report first, and most of their money comes from aluminum that goes into cans, so if ppl aren't buying soft drinks, maybe the economy has a problem.

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It’s V just a processor, unlike AMEX which also funds the money itself? I thought banks issued V cards which assumed the risk, and V / MA just swiped a percentage of each transaction.

Obviously, the number and value of transactions will go down due to overall spending habits in a recession, but I don’t think there’s any risk of defaults for them.

I don't get why they can't fit the finals around the weekend like Friday over there would still be Saturday here?

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Because then it’s Friday working day for other people around the world.

Original Poster2 points · 7 days ago

Fair enough. I was under the (mistaken) impression that they just let you pay the shortfall with no other penalty.

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I could see that being the case from my original comment.

A good example is with my wife a few years ago. She had gotten some employee shares from years back and they were automatically sold due to a merger. She honestly forgot to include the CGT on her tax return and when the ATO found it, they hit her for back taxes and a several hundred dollar fine. Big enough to be a detractor for future years, but certainly not what I’d call dropping the hammer.

Original Poster1 point · 6 days ago

That's a pertinent example to me, I have employee shares that I can't bloody figure out the original cost base for... I've been avoiding selling them haha

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Ha... good luck with that. I'm fairly certain she couldn't find her cost basis, so she ended up having to use $0 for it (not sure if that's what it truly was or not, though). She sold them in a year that she was on maternity leave, so it wasn't as bad as it normally would have been.

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economics would say that the money no longer going into housing for investment would return to the sharemarket so there would be a increase in share prices as new buyers use that cash for shares instead of houses. bank shares might go down due to less profits and more regulation, but other areas such as technology should be unaffected.

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I don't know how true that is.. If we're looking at another GFC type event (albeit limited to Australia more or less), I think the ASX would look more like this:

https://static.seekingalpha.com/uploads/2017/7/9/saupload_novelinvestor-Sector-Returns-1H-2017.png

No sector survived that bloodbath.

57 points · 7 days ago

One word ...... Hell.

A property collapse would spark a deep recession in this country caused by a horrible share market glut due to the size and status of the banks and financial arms.

Flows through to the core of the retirement system of superannuation and a huge confidence problem emerges as people now feel broke because their home is now no longer safe and their super just took a battering.

Job losses follow as people stop spending money. Problems get worse for the economy before it gets better.

So nothing good comes from it really. Millenials can’t afford a house because they now don’t have a job and supply stops as no one is selling unless they have to and no one is building new places.

Some easing in prices and lower growth is what people really want. Surely no one wants a free fall collapse.

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3 points · 7 days ago · edited 7 days ago

If only I could give you more than 1 upvote...

4 points · 7 days ago · edited 7 days ago

If house prices crash 50% then our financial system will obviously collapse along with it, dragging along much of the domestic-facing economy along for the ride. It’s pretty difficult to build enough resilience into a banking system to cope with asset collapses of that magnitude.

Not sure that a 50% crash is a sure thing, though.

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Which is what boggles my mind. People are hoping for major crashes so they can scoop in and buy. But, along with that major crash, they'll probably lose their job, their amazing ETF portfolio (if heavily AU weighted) will also be in the dumps.

I'm not sure people have really thought this through.

Where do you see yourselves long term? Do you plan to retire in Sydney or move elsewhere? Personally, I wouldn't want to be paying rent when I'm retired, so I'd prefer to spend the rent money toward interest on a mortgage and be free and clear in 25 years time. That's my own personal preference, though. Also, as you've been through it, with renting, you're at the mercy of the landlord. That's not something I'd want to deal with, with 2 kids of my own, especially once they've started school - doubly so if they're going public and are going to an in-zone school.

With the Sydney market, unfortunately, you'll need to make compromises. Big plots of land in desirable suburbs aren't cheap, and even after the great "correction", it will still be prohibitively so. What area do you live in now? There may be something comparable further out that gives the lifestyle desired.

In terms of ETF vs. property. Your guess is as good as anyone elses. If you think the share market "always goes up" over the long term, likewise, so does property (both with their shares of down turns, very significant at times).

I think this will ultimately boil down to what your long term plans are, how much you can compromise, and what's truly important to you.

Original Poster1 point · 7 days ago

Thanks!

These are all thoughts I have considered. Long Term plans are anyones guess. It would be nice to move back to NZ one day but who knows if it will happen.

I definately see your point about not renting in 25 years time. If I paid the mortgage difference (between rent and mortgage) into shares, I wonder if I would be able to pay down a property in 25 years for a similar outcome, or if I would be lagging behind someone in my situation that bought today.

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Trying to guess what will happen in 25 years time is anyone's guess. Have you crunched the numbers? What would the difference in rent vs. mortgage be? Assuming 6% annual return for 25 years, how much could you grow that 200K to plus investing the difference from rent to mortgage?

Property will be be harder to calculate the growth on, because who knows what that will look like, but you can at least apply that 200K + monthly contributions to "rent" for when you're retired, and see what type of break-even you'd need to make it worthwhile.

As I said previously, piece of mind with children is paramount for me, so I prefer owning my own home (even if it's 20-25 km from the Sydney CBD), than to have to potentially move every few years, worry about kids trashing a rental, etc.

Original Poster1 point · 8 days ago

No literally started the business 3 weeks ago. Did not register for gst. Earning negative $80 at this stage

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You don’t need to register for GST until you hit $75000 in turnover.

At this stage, I wouldn’t worry too much about taxes and would just tack on any income at the end of the year and minus any expenses.

Once you have real turnover going through, absolutely do quarterly BAS and tax payments, with proper deductions and the rest of it.

You did that for $20?

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10 points · 8 days ago

I'd assume they were buying the car anyways. $20 is $20.

I’m with E*TRADE and thinking about making the change as most of my other accounts are with Ally.

Are there instant transfers between Ally bank account and the investment side of the house?

Likewise, is the process to perform an account transfer fairly seamless?

Citi Bank is second to none on the international front, especially if you have Citi Bank accounts in the other countries. Instant online transfers between your accounts in each country, with no messy wire transfers to deal with.

2 points · 14 days ago

Only problem being is they don't have much of a physical presence here

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There's only 1 branch I know of in Sydney, in the CBD itself.

You can use WestPac ATMs for withdrawals, so there's that.

Always marginal. In this scenario, I'd say it depends. If you have other deductions that get your income down $180,000, then you'll be looking at a rate at the 39% (37% + 2% medicare).

Assuming no other deductions, you'll get the effective rate of 47% (45% + the 2% levy).

This is a fantastic site for helping calculate pay: https://www.paycalculator.com.au/

If you punch in your $30,000 salary, it'll show your Medicare levy is $600, which is 2% of the full salary, not the difference from the tax-free threshold.

At 65, you're forced to withdraw at least 5% a year as Jacob said (to prevent accumulation of tax free wealth to pass down to the next generation).

If you keep working, I believe there's no maximum age for contributions. Your employer must continue paying into your super while working. Past 75, you won't be able to make any super contributions of your own.

You can't withdraw from super if you're still working, unless you're 65 or older. So if you're 65+, still working, and the employer is making your contributions, you can withdraw it straight away without consequence. Before that and you'll need to wait to 65 or retire.

Credit cards are to be paid in full, every month, with very little exception (0% BT / interest rate promo periods being the exception).

I know that's easier said than done for a lot of people who are barely making ends meet, but it's really something that needs to be instilled in people at a very young age. People still see credit as "free money", when it's entirely the opposite.

The amount above will be treated as non-concessional, so you won't get a tax deduction for the amount above. Shouldn't be a big issue. If you have an accountant, they should be able to sort it pretty easily.

There is also the "catch up" provisions, where if you didn't contribute the max in prior years, you can contribute more up to the limits. However, that's only starting this financial year, so I you won't be able to use it.

Anything you use for your job - phone, laptop, car, train, plane tickets, etc, make sure you keep track of it and deduct it.

If you drive for work, that will be a big deduction. Petrol, insurance, rego, ctp, and depending on the age of the car, depreciation will be a big one. Those can potentially add up to a $10K deduction, so it’s something to figure out properly.

Depending on the field you’re in, you can deduct continuing education for related course work.

12 points · 16 days ago

For a primary residence, I wouldn’t worry too much about price movements.

Again with this.

We need to get rid of this wrong and foolish idea completely.

Yes, your advice of timing the market is far better.

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Pretty much this. If he can guarantee that where OP specifically wants to buy will continue going down, and can guarantee the bottom and point out the right time to buy, then great, give him that information.

The rest of the conversation is just speculation.

Original Poster2 points · 16 days ago

Just remembered I actually got the numbers.

My spending: $3200/mo including $1250 in rent, $90k income before tax

Partner spending: $1000/mo, $30k income before tax

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How much do you have in actual savings (not counting what you'd put down on the purchase)?

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My 18 month old has a TFN. Just get one and save yourself the hassle.

It sounds like the owner is mining crypto for charity. Not sure what it has to do with the actual team, other than the fact he owns the team?

Original Poster4 points · 20 days ago

Yes sir!

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I think this is the single greatest thing I learned from the book. I'm not an Aussie native, so wasn't fully versed at how mortgages work (I'm accustomed to the US version, where you're locked in unless you refinance).

Who knew a simple 10 minute phone call could save so much money!

Original Poster1 point · 22 days ago

but actually they do! Motif you choose your own stocks and make portfolios (they call them motifs) based on themes that are completely customisable. M1 you choose all the individual stocks that make up your 'pie'. schwab is more like a robo - not sure about the amount of choice, might be etf-only...

this has made me v. curious about portfolio approach vs single-stock approach... portfolio seems to make more financial sense, but single-stock is prevalent right now...

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Good to know. I heard about Motif a while back, but thought it was pretty much hands off (sure, you pick themes as you mentioned, but I couldn't buy exactly the shares I wanted, whenever I wanted).

M1, I'll have a look at one day. I'm pretty happy with Etrade ($4.95 per trade and options are similarly priced), so I won't make the switch, but more info never hurts.

Original Poster1 point · 22 days ago

There's a couple that either have subscription model or 'freemium' model where you pay extra for sup'ed up features. Three from the top of my head are Charles Schwab, Motif and M1.... Robinhood really nailed the marketing, and kinda paved the way - they might've been the first freemium.

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Ah ok, all robo/automated investing options. I thought there were others like robin hood that allow true individual trading based on your own decisions for free / subscription based (e.g. $30 / month for unlimited trades kind of a thing).

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I'm still using blockchain - no reason to change since things have been stable since day 1.

If I was building a new rig, I'd go Adrenalin, but no reason to fix what's not broken at this stage.

Adrenalin above 18.2.x running in compute mode, would have the same performance but with less watts consumed than block-chain drivers. This was posted before in this subreddit as well in the readme of the miner (ex. claymore). Just test it, you have nothing to loose.

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Except hours of my life I’ll never get back when it inevitably goes pear shaped and I spend hours troubleshooting.

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