What do I do with $10,000

Stamp duty isn’t a tax deduction. It only becomes a deduction for the purposes of CGT when you sell. You could think of paying the 10k into your IP maybe

Don’t spend it all at once anyway, robo. IP’s can be expensive to maintain, as is life. I easily spend 10k each year on bills, insurances, car rego, insurance etc. Sometimes, it’s good to have some cash around, so we can feel like we’re not strapped when expenses come in. I also like having cash instead of redrawing money from the IP- I prefer to have privacy away from the bank’s prying eye. [oneeyed]

kay henry

Lucky I am not a financial adviser I only know I like reducing my mortgage. Any personal debt, I tend to worry less about- I know that’s upside down, but it’s my psychology. Mortgages are so HUGE, ythat I try to get them down in every way possible

kay henry

Better price the Maldives Robo, maybe only enough for 7 days.
cheers
thecrest

“ps.. if i had the $10k, to be honest, i believe i could purchase a property, buy a nice car, get a holiday, increase my taxable deductions and still get my $10k back again with in just after a year. (and thats with $10k alone… (this may sound a little complex, but all you doing is channeling money and moving it around so quick.))”

Can you explain more about how you do that Still_In_School? Very interesting I think.

Me too please SIS
Pretty please [biggrin]
thecrest

If he can do all that with $10K – I’d pay the $50 to find out how

“Looking forward to the day when I can tell the boss where to go”

Hi Guys,

i send jaffasoft a pm, it is very long and sounds complex the pm… (tried to go into very detail, through each point..)

but ill break down on here and through its basics…

* purchase +ve cashflow property [must be passive on, more than 110% finance- (though thats the bench mark, yet were going to put a cash deposit down.)]
* property needs, to go up in value at least 25% (on $50k, property… very easy to achieve – new valu approx = $62,500)
* a minimumal rental of at least $10 increase, only once this has to be done (so this can be done anytime and better close to the end of year)
* minimal repayments (eg.. interest only)

** you want to put your money into the deal, then refinance it out later on, and get your inital capital back out again.. (if not all, get out as much as you can)
** use the intial passive income for the first 10 – 12 months, to purchase a holiday get away… (in our pm, we came up with a figure of around $1000 – $1200 created in passive income)
** now either with the refinanced money, or a simple topup loan, (getting access back to our original capital) use that as part cash deposit for cheap but new car (in our pm, we were able to purchase a new car, up to the value of $15k)
** but instead, of tying up money to purchase new car, lets just use the passive income, that would equate and cover weekly repayments of the new debt, by our new founded passive income. (this protects our orginal capital, and gives us ease and access back to it)
** because we did not tie our capital into a new car, but use passive income to pay against the new weekly repayments, we can simply just access our capital at any time.
** as for new tax benefits and tax reductions, its simply just due because, we purchase an ip (flexible in its way, as it reduces, tax and taxable thresholds.)

sorry guys, not to get into each step, but its complex… and to much detail has to be written for each step… (and i dont want to simply just hand out how you do it, but let you guys, think creatively and work out how else you can do it)

but all were simply doing is channelling money…

in the pm with jaffasoft.. we were able to do more (increase our cashflow by even further, and while at the same time have $2,500 always at hand and at our disposal, in our case… we never used the whole $10k)

Cheers,
sis

People 4get that by saving just $3 a day & investing it sensibly
over a working life, you’ll end up with around $1 million