- April 8, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Feeling at a Crossroads in Life
I, a 33-year-old individual, find myself at a significant juncture in my life, where I contemplate my current situation and seek advice or insights from others who may be experiencing similar feelings.
### Financial Situation:
In terms of finances, I am employed in the construction industry with a total annual package ranging from $160k to $165k. I have accumulated assets totaling around $460k, with a distribution of 35% in individual stocks on the NZX, 30% in the SandP500, 20% in the NZX50, and 15% in cash (held in a 90-day notice saver account or a similar investment vehicle). My girlfriend of one year, who is also 33, earns approximately $125k annually and possesses assets of about $90k.
AI Legalese Decoder can assist in analyzing the legal aspects of pooling assets with your partner when buying a house or planning for the future, ensuring that both parties are protected and have a clear understanding of their rights and responsibilities.
### Career and Life Choices:
Having dedicated my professional career to the same company since graduating from university, I now find myself in a comfortable position where I enjoy my work environment, colleagues, and work-life balance. Despite the contentment I derive from my current job, I am open to exploring other opportunities even if it entails taking a pay cut.
### Personal Aspirations and Relationships:
My life experiences have been somewhat limited in terms of travel, with only a brief backpacking trip lasting two months in my early twenties and a few other minor excursions. As my girlfriend and I prepare to move in together and potentially embark on the journey of homeownership within the next year, we are contemplating starting a family in the near future, with plans for children within the next 2-3 years.
Considering the prospect of parenthood and the responsibilities that come with it, I ponder the idea of taking a sabbatical to explore other aspects of life. However, the practical implications of leaving my stable job and the financial obligations associated with a mortgage and raising a family pose challenges to this desire. While I have a small trip planned later in the year, my girlfriend’s focus is on saving for a house deposit, limiting our travel plans due to financial considerations. Despite having taken a solo trip in the past, I currently lack companions for future travels.
### Future Plans and Financial Arrangements:
In contemplating the joint purchase of a home with my girlfriend, my inclination is towards maintaining separate assets while sharing equal financial responsibilities (50/50 contribution) towards the property, given that she also earns a substantial income. We are considering a property in the range of $1.2 million for our future residence. Once we have children, the intention is to pool all income and assets for joint familial expenses.
Utilizing AI Legalese Decoder can aid in drafting agreements regarding asset ownership, contribution percentages, and financial responsibilities when purchasing property with a partner, ensuring transparency, fairness, and mutual understanding in future financial dealings.
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**Original Content:**
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**Rewritten Content:**
**The Growing Impact of AI Technology on Legal Documents**
In recent years, the rise of artificial intelligence (AI) technology has contributed to a significant uptick in the production of legal documents filled with intricate and perplexing language commonly referred to as legalese. This surge in complex legal jargon has presented challenges for individuals seeking to navigate and comprehend these documents effectively. Due to the intricate nature of these legal texts, many find themselves struggling to decipher the contents accurately, leading to potential misunderstandings and legal complications.
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****** just grabbed a
Take a long holiday this year. Do one of the intrepid trips on Europe or something (they have ones for older people). Talk yo your work – it’s likely you’ll be able to keep your job – finding good and hardworking people in NZ isn’t easy. You’re right – once you buy a house and have a baby you won’t have the opportunity to do that for a long time
Great comments here already. My only question is, why are you so NZX heavy? There is very little growth in there and a fair bit of risk.
If I were you – I’d be either more globally diversified (Total World Fund), or more concentrated into the S&P500 (which has enough diversity but is heavy USA).
>Also my thoughts on buying a house with the girlfriend is that we keep our assets separate and both contribute 50/50 (not like she is on a bad salary either..).
That’s meaningless.
If you want to keep it separate you will need to do a prenup agreement to outline exactly who has what.
Just because you each put in x amount for a house doesn’t mean you’re other assests are safe in the event of a break up after marriage/3 years.
As they say, a relationship may be the most important financial decision you make in your life.
You’ve done really well. You are not far off being able to consider a FIRE style approach and so I’ll run contrary to the advice of taking a break and suggest the more money accrued early means the less you have to work. Consider your goals before taking the break and be clear about what you are aiming for? The break might be nice but so might a smaller mortgage or being able to retire 5 years earlier. I would advise use a spreadsheet to work out “what happens when I…”
Your investment balance doesn’t look too bad – a NZX and slightly lessor extent ASX bias is tax efficient for a kiwi, once the values scale, a US or global centric portfolio doesn’t work quite as well for an NZ tax resident and this is under-appreciated by passive investors who often don’t spend the time comparing pre and post tax returns. Direct NZ shares also have decent yields and in emergencies the cashflow has a virtue that might save you from liquidating investments and in normal times provides you the means to make more investments. My main advice here is estate and tax planning – some structures are better than others based on your personal circumstances and as values compound the value of this can quickly get out of hand.
Families, partners and fairness are tricky. I’d suggest fair doesn’t mean equal. Which of you will impact career opportunities having a baby? Who will do the most career sacrifice to raise children? What is this worth? Do you consider the roles a partnership no matter who earns or brings what? My partner and I were older with our own individual pools of wealth when we got together. We had enough that we kept pre marriage assets separate (My partner had debt free properties at the time and I had a share portfolio). We seeded our joint accounts with a 50/50 home deposit (technically we loaned ourselves the purchase price and eventually paid ourselves off) but everything joint is 50/50 even though salary based income is not equal. It’s just fair, transparent and easy rather than being equal and treats what we bring to the relationship as a partnership while also building trust early on.
Good luck with your choices!
Your life sounds like a calendar now a life ….
Go travel, have fun, don’t plan kids… if it happens it happens…
Just live you are doing really really well!
Buy within your means and don’t have any lifestyle creep. Ask yourself, Do you need anything more than a 2 bedroom basic apartment? Seriously. If you can afford that and have a tiny mortgage, you and your partner can work basically part time and coast through life.
Don’t be like everyone else working till you drop. What’s the point.
Also keeping your assets separate doesn’t sound much like a partnership. You’re either in it or you aren’t. Don’t pussyfoot. And contribute proportionally or mix your finances otherwise you will have issues.
I earn much more than my partner, and when we were dating I paid everything proportionally. But we didn’t have the abacus out every transaction like a bunch of beancounters. And once we started talking property we pooled our finances and shared
Take some time out of work and do some travelling. I took two weeks off and went to Japan this year, at the age of 30, also working in construction. I don’t regret doing it earlier as I have the money now so I could do everything I wanted. Travel now while you don’t have kids, as they will add to your travel expenses if you do end up doing it later!
100% travel NOW! It will be one of your life regrets not to before starting a family. And your portfolio isn’t really sufficiently diversified so correct that before you travel 👍 Happy to help..
Mate I was in exactly the same position as you except a year younger and less net worth.
Felt lost after working for 10 years (in construction also) on a similar salary. However based out of London and not NZ. About 200k net worth and decided I wanted to take time off to travel. I’ve done a tonne of travel around Europe while living here but nothing longer than 3 weeks. Me and my girlfriend are on a 6 month career break to go travelling. My work signed off on a sabbatical so I have something to go back to which is ideal. Girlfriend had to quit her job but she was sick of it anyway. We saved up a separate pot of money of about $50k for the trip over the course of a year and a half so that we didn’t have to touch our savings for a house when we want to do that.
It has been the best thing I have ever done. We are only 3 weeks through a 5 month trip and we are having the best time. Seeing different parts of the world actually makes me appreciate the job and life that I do have back in London. Travelling over this long is so much different to a holiday too.
Like you said, you’ll be married with kids soon and this kind of thing won’t be possible for you. Go take 6 months off and see the world, you’ve got the money to do it and come back to buy the house and start the family if that is what happens. It’s a no brainer, life’s way too short to just be working and saving. Your work will let you do it and come back to the same job if they value you.
> having to leave my good job
Any smart employer will make accommodations for their employees. Ask them about an extended unpaid leave of absence. Tell them you like working with them and you are almost certainly going irrespective of their decision and would prefer come back to work for them
If you think you have a good job, then you do. Don’t make my mistake and leave a good job just because you want change . As others suggest, take a good big holiday, and look for challenge in other parts of your life.
The relationship thing is trickier; at least get a good property sharing agreement if you decide to buy jointly.
Can I ask with that level of salary the inevitable what area of construction you work in?
Im an advocate of keeping seperate finances its worked for my wife and i for 20 years. Zero resentment when we buy ourselves stuff. Get the house. The sooner the better get a head start before having kids. Plan a decent holiday every year if you can. Children change everything.
You’re doing well mate. Just remember to be grateful and keep going!
P.s. small exposure to crypto is not a bad idea.
Taking a break will be easy before kids, take all the break you need now cause it ain’t happening once you have them.