Hi everyone.I have just half read Steve’s book and am rapped to find the answer to pos/investing.But as i am 53yrs next year, do you think the amount of time to pay the loan back to say 65 is a problem?I have 150k in home equity and 20ksaved plus super ect..
I need some help in this before i make my first purchase…..Helpp…Thks Jeff..You know, I am looking into this and my age seems to be a barrier in the oposite way. I am 25 and people might look at me and think ‘she’s too young, I don’t trust her’ etc, especially when offering wraps etc. Would married couples in their 30s be threatened by a successful person my age? Would those in their 40s wanting to buy a home trust the word of a young wipper snapper [
] like me[?]Anyone out there making a go of it? What have you done to overcome this?[
]Excellent comments M & K, as always.
I think one or two average priced, cash pos. properties on a fixed int rate should be ok.
The cost of running a SMS fund can be considerable and will be proportionally less the bigger the fund.
I agree, this is a case for “good” and proper finacial advise.
If you are working for example you can salary sacrifice huge sums into super at a tax advantaged rate.
Trust have 80 year life spans, so if you set up in this it really doesn’t matter.Don’t worry about paying back the loan before you turn 65. As a beneficiary of your trust and also as trustee you can determine what debt is paid off, when assets are sold and capital gains taken, and who this is paid to (specific and general beneficiaries).
The sad thing is, someone like me in their 30’s may think I’ve got 30 or 35 years to “get everything right”, and then I go and die well before then (how dare me!).
Get some good advice on investment strategy, include risk and level of debt, and advice on investment structures and your estate (ie will).
With 20K in super it’s not quite enough to go DIY, because the $1,000+ annual costs equate to 5% of your capital, add inflation of 3% and a decent return of 5%+, you would need about 13% minumum total return every year to get somewhere.
Put this in the best fund you can, or if you’re happy where it is, leave it, which will probably be the least expensive option in the short term.
I have friends in their 60’s and 70’s who pay $175pw in rent, but can’t see themselves buying a home for themselves. However, I have known them for almost 20 years, and their attitude was the same back then, “We can’t buy a home at our age!”.
Never too late to start.
Michael
Thankyou to the people that replied…Some great advise..Eg trusts which i will look into…Thks Jeff..[
]
Hi everyone.I have just half read Steve’s book and am rapped to find the answer to pos/investing.But as i am 53yrs next year, do you think the amount of time to pay the loan back to say 65 is a problem?I have 150k in home equity and 20ksaved plus super ect..
I need some help in this before i make my first purchase…..Helpp…Thks Jeff..
] like me[?]
]
The topic ‘Is age a barrier??’ is closed to new replies.
