- May 21, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Exploring Financial Improvement Ideas with AI Legalese Decoder
Hello, I am currently exploring various ideas to enhance my financial situation, and I will briefly outline my current financial status below.
I am in a fortunate position, with a salary of approximately $160k at a corporate job, and my wife earns around $180k at another corporate job. We are both in our mid-30s. Our main assets include a house with a $600k mortgage outstanding, as well as $320k in cash in a bank offset against the mortgage. Our goal is to save about $60k per year and pay down $30k of the mortgage debt annually. Additionally, we have approximately $50k combined in kiwi saver.
We are parents to two children, and our childcare costs amount to around $22k per year. However, this is projected to decrease to about $9k in 2026. Despite our relatively high salaries, we do not lead an extravagant lifestyle. Our cars are older models from 2007 and 2009, both Toyotas. We take a European holiday every 18 months, staying with family, but cover the costs of flights and additional expenses. Apart from our mortgage and childcare expenses, we spend around $1000 on various other necessities such as groceries, transport, rates, and insurance.
We have contemplated purchasing a larger house and renting out our current property, but the rental income and interest payments do not quite align. In light of this, we are seeking advice on other potential opportunities to improve our family’s financial situation.
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I’m not sure what your question is.
Your family income is $340k ($230k post).
Your effective mortgage is $300k so you’re paying just $25k of interest. That gives just over $200k discretionary.
You are saving $60k. That means it’s costing you $140k a year to live.
In your position, I’d be mainly focused on reducing living costs. Basically, something doesn’t add up. Where is your money going?
$350,000 per year (pre tax) and only saving $60k is quite conservative.
I would first smash off the mortgage, then work your way through each big debt as the interest on that is likely to be bigger than the interest you make on your savings.
Buy an investment in a town that gives you good yield, ride out the storm, think about what you already have instead of upsizing, 5 to 10 years you will thank yourself.
I think reddit is not where you should be directing this question to
We’d be using our existing property. Fixing would be $900 a week, interest + capital, on a 30 years basis at current 2 year rates, against $750 weekly rental income. We’d need to use our cash to fund a new house deposit, plus cash flow rates, any occupancy issues, management fees. I don’t think this stacks up?
Commercial rental instead of residential rental? What about significant investment in ETF’s, PIE funds?
We were in a similar situation a few years ago, definitely buy another property.
Rental market is great at the moment so you can likely charge enough to cover your expenses and then once you build some equity buy another.
We have a few rentals now and are on track to retire in our mid 40s.