All Topics / Help Needed! / Just Starting out… WHat 1st?

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of mickboymickboy
    Member
    @mickboy
    Join Date: 2008
    Post Count: 3
    June 15, 2008 - 6:59 am

    Hi all,

    Ive been procrastinating about getting started in investment and now with another financial year coming to a close Ive realised Im paying too much tax. I have I house which we live in with approx. $100k equity. I earn about $150k + and am paying alot of tax and need to reduce my taxable income.
    I am 25 with our 1st child on the way so now I want to be financially secure by the time Im 40.
    So what Im asking is there someone or a business that I could meet with to give me a guide on which is the best way to get started on my path of property investment. All positive comments would be appreciated.

    Thanks
    Mick

    Profile photo of MaxxiMaxxi
    Member
    @maxxi
    Join Date: 2007
    Post Count: 49
    June 15, 2008 - 8:20 am

    Hi Mickboy,

    The first thing I can suggest is that you educate yourself in whatever decisions you make involving investing … whether it be property, managed funds, shares …or even a business etc ….. the reason most people fail is due to lack of education and making highly emotionsal rather than logical decisions ….

    What city are you in?  I may be able to help you if you are in Qld, Melbourne or Adelaide especially … thru my network.

    Profile photo of mickboymickboy
    Member
    @mickboy
    Join Date: 2008
    Post Count: 3
    June 15, 2008 - 9:39 am

    Im actually located in sydney.
    I have a managed fund which I kicked of a few months ago but am leaving that to one side and letting it grow.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    June 15, 2008 - 10:12 am

    Hi Mick

    With a good income and reasonable equity base you should be able to start to develop that asset base over the coming years.

    A good mortgage broker will aid you in assessing your borrowing capacity although there is more to consider than just this.

    I am assuming your Spouse is not employed or if she is her marginal tax rate is lower than yours.

    This means that the loan structure is probably more important and therefore I would ensure that your MB has plenty of first hand investment experience themselves.

    I have many many forum clients in Sydney so feel free to drop me an email and I would be happy to assist you further.

    Richard Taylor | Australia's leading private lender

    Profile photo of mickboymickboy
    Member
    @mickboy
    Join Date: 2008
    Post Count: 3
    June 15, 2008 - 10:35 am

    Thanks Richard,

    My spouse is currently working but will be finishing work in the next couple of months.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    June 15, 2008 - 12:25 pm

    Mick

    Probably need to think about the use of a Discretionary Family Trust for your investing journey with you and your wife as Trustees and the 2 soon to be 3 of you as Beneficiaries.

    Richard Taylor | Australia's leading private lender

Viewing 6 posts - 1 through 6 (of 6 total)

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