Hi there I am new to this forum. I am looking for some advice on where to go from here. I come from the UK and made a fair amount of money on my houses which ultimately ended up being used to retrain as a vet in Australia. It was heartbreaking to see that money dwindle to nothing but I do now have a career I love which has to count for something! I graduated 2 years ago at 36 and almost immediately bought a house in townsville where I now live. The house cost $324k to buy but on new graduate wages I struggled to pay the $400 a week mortgage plus rates etc. 6 months ago I changed job to become a locum so I am paid a lot better and moved in to work free accommodation to save some money. I am accumulating a fair bit so that plan is working and my house is rented out. It is negative geared but I feel better that I’ll make some money back on that negative gearing come tax time whereas if I lived there none of that would be taxable. I can’t guarantee locum work forever and so my wage will drop but with my experience now it will be more affordable to live. Now it gets complicated! I have just found out I am pregnant! The father is not going to be my partner, his decision, but will be there for the child. I am one of lives worker bees and I will have to keep working full time after maternity leave but obviously babies aren’t cheap. I was very worried initially but i am very good at just getting on with it so it will be fine and the father will help. But this has made me even more adamant that I need to secure my future as I don’t want to be a burden to my child when i’m retired. I was intending to use the money I am saving now as a deposit on a very small house, no more than 230k so I can afford to live. I would keep my original house as an investment property which my mortgage on is 255k. I could keep it rented and in 20 years have made some money. Or is there a better way of doing it?
I appreciate this is all small fry compared to most of the investing being discussed, I don’t need to be rich just comfortable. Sorry for so much detail but its a complex tale and I don’t think anyone can advise without the full picture.
Thanks
This isnt a property question really.
"I dont need to be rich" ……………….. Well … to be honest .. no-one NEEDS to be rich.
Money is just options. And with more money comes more options.
I came from a situation where for years I was very socialist in my mentality. I used to wear blank T shirts because I didn't believe in advertising or brand marketing. I would bike rather than drive because I hated feeding the oil companies. And I wouldnt accept handouts because I believed in the merits of the achievements of my own hand.
In Summary, after living a life dependant on myself and having two minute noodles as my best friend .. i decided that I wanted to be a capitalist because I WANTED MORE from my life. Did it mean working harder? Did it mean changing my core values?
One of the deciding factors was watching one of my relatives slowly perish and sell his assets to pay for his medical bills. That left me with a bad taste in my mouth. Because he hadnt ever been very wealthy .. he was now becoming very poor.
Bringing this back to your current situation .. you've decided that a vet (then locum) would give you more job satisfaction .. and eventually more income. You dont HAVE to chase wealth to make a concerted investment strategy. You need to balance a proper investment strategy with a life you enjoy. Some people forget the life is worth living part. And some people forget the investment part. You need a concerted mix of both to muddle through and come out the other end happy.
You've made money on houses in the UK so you know its possible to do it. Now what you need is to start an investment portfolio that will produce honest returns within a limited time framework. It may mean aiming for cash cows and CF+ property rather than negatively gearing your strategy. But you KNOW its possible to make money on property .. now you just need to strategise how.
with experience in the UK, you couls use the same prnciples here in Australia and make money here too. It's not much different I think
Here's a curve ball for you – get out of the city! Keep your property up there as an investment and have a look at some country towns – cheap housing good facilities – if you pick the right town, and always a high demand for vets! You will soon become part of the community and build a support network for your 2 person family and who knows you might even find you love the lifestyle!
Good luck with your decisions. I hope it all works out for you
Laury
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