Forum Replies Created
Hi Kay
yes I have to be really careful, Centrelink is not known for their compassion and understanding! I have a friend who is really knowledgable about money matters and investing and stuff and she is advising me. I will probably buy a few shares and that way I can still keep within the rules!
I live in the Illawarra, I don’t know if anyone else on the forum lives around here?
Cheers
canneram
On my pension, I can earn about $140 a fortnight. $212 dollars a fortnight is for a couple.
Before it affects my pension the asset test allows me to have $149500 in assets and $302500 before my pension cuts out. (This is the rules for a homeowner as I already own my own house)
The thing is under the income test, under the deeming rules, about $100000 will be deemed to earn about 140 a fortnight so my pension will be affected for any amount above that.
Someone mentioned that I would be able to work a home based business. the thing to watch with my illness is stress and I have to keep the stress levels down. I have tried working in the past and ended up in hospital each time so I am dependent on the pension…
Cheers
canneram
Hi Kay Henry,
I can’t really buy RE because there is an assets test. I am only allowed to have about 140,000 worth of assets before my pension is affected and since, because I have no way of earning an income due to health reasons, I have to stick to the rules!!
It’s really annoying!!
Cheers
canneram
Yes I have a third share in the house (my parents own the other twothirds) and we are paying it off together.
We sold a unit my parents owned in Sydney but that wasn’t quite enough to pay for the house so we took out a $50000 loan in Nov 2001 and that should be paid off by the end of the year. We have been paying absoultely everything towards it that we can and we are very careful with money.
I absolutely loved looking for this house ( I love real estate in general)and we found it within 2 days of looking. We have put new fences in and new guttering, the showers regrouted, we are putting in a security alarm system this week.
So we are very pleased that it willl be paid off soon!
By the way, I borrowed Steve’s book 0 to 130 from the library and enjoyed it a lot!! Plus I have read a lot of Kiyosaki and also the book Ordinary Millionaires. Plus I have read heaps and heaps of finance/investment books.
Cheers
canneram
