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OK, any help as a start would be good. And, later, if you think of another expert here maybe you could refer me.
I am educated enough to find out whatever information you need to help me help myself. (Thinking about the future causes great anxiety but I want to attempt to deal with it). So, which questions or issues should we start with?
EDIT additional info: Yes, I'm sorry to present you with this and realise that the government policies & taxation are complicated in Australia. BUT there is a first-home owners grant offered by the State I'm in (which I don't know how long will last) and a more stable Federal govt first-home owner's grant (but of a lesser amount)
The average apartment is currently advertised for sale at an average of $400,000. I don't know how much the average will be by 2028. My current savings is 15,000 (I've removed some for emergencies and important household needs). Currently, on welfare and living extremely spartanly, I have seen that in the last 4 years I can save an average of 4000 a year. All that doesn't include interest. Tax is not an issue as long as I stay on welfare
Ok, you are suggesting a term deposit. All financial institutions are highly straight-jacket regulated in Oz. Established banks are guaranteed by the government
Currently my bank is offering me only 4.2% but alternative building societies, international banks, and less established banks are offering various rates higher. I regret that I did not put my money into a 7.25 percent offer 2 years ago when interest rates were higher
Please give me time to look up the govt grant BUT suffice to say: one needs to be employed at least 2 years before one qualifies for the govt grant. Given a steady job, how it works is you put in an amount held by the Tax Office and at the end of the year the govt contributes x%
Don't worry about ratings. I will rate. Is there any other info you need from me before I surf for the info?
OH! I forgot: I would buy bonds if I knew how. I would buy some "save" company shares but that would start complicating my current no-tax position. Also, when interest rates are low isn't it that bonds pay higher? (I think even if I earned from a bond, it wouldn't seriously affect my tax position as long as I'm not working - but I could be wrong)
10% is the standard home deposit needed but I've seen banks now accepting 5%. My personal goal, if possible, is to save up to 20% or 30 (including any govt contribution) for the stamp duty, deposit, etc)
Please finish with this question you have guided me on and then we can start new ones, as many as it takes to fit into the next 5 days to get your ratings up. BUT I hope you can guide me as much as you can, eg I fear unknowns and don't know how to buy bonds
Please reply to this and I will return with the govt grant info (may take an hour or so)
I don't know what my questions are: that's why I need help to clarify my thoughts and goals! Please re-read my original questions to get what you might have missed
It will also take time to find out the limit of the total asset amount and income that one can earn on disability support (different amounts apply to what type of welfare one is on)
I am sorry about what's happening in the USA. Thanks for mentioning the rates in America: it makes me feel like my position isn't disastrous after all. But it doesn't make it any easier when there are constraints on how much one can save and earn
BTW, I think I am conservative and fear risks. If I were to buy shares I would only stick to established companies I know but that's a scary thing to think about right now
Okay,I don't know enough about Australia to formulate what your variables are -and I need questions before I can provide answers. I can tell you how to save, and where to put your money and how long it may take you to reach your goal based on what you can do now.Do you want me to step out and see if another expert can assist? I don't know of anyone who knows Australian rules personally, but the moderators can look for someone for youThanks! I want to make sure you get the help that you are looking for. I don't want to short change you.
Alright: you can please help by at least helping me to work out what a realistic savings goal is. For example, that 400,000 dollars is only for a simple flat, one bedroom. How much do you think it might be in 2028 to buy?? I don't know if there are any valuation experts on this site who can estimate by looking at Google maps and real estate pictures. I seriously don't know how to look up info for the rate at which real estate has been rising BUT I can tell you that it has been a ridiculous average amount since 2005. Strangely greedy attitudes here from sellers which I believe cannot be sustainable in the long term (but I might be wrong since there is a nationwide housing shortage of both rentals and sales)
Yes, when we have completed this question (which isn't satisfactory to me yet) ask the moderator
I am asking now what is my goal? You think it stupid don't you? BUT why have experts at all?
OK, I've calmed down based on your response.
I think 120,000 might be achievable. If I start with 15000 now into a term deposit at 4.75% how long will it take??? I can only hope that real estate prices will drop by 2028 here
Please stop judging me. My original question was well written given my state of anxiety. It would be clear enough to identify what is my first steps. Why can't you tell me which is the priority right now?
Anyone who reads this might think I'm lucky - but if they read word for word that is NOT the case OK? Do you think it is good economically for to stay on welfare for the rest of my life?
If someone has a combined accounting, financial planning, finance and/or economics or valuation degrees, it might help BUT I've clearly shown I will favour you if you just help identify something concrete I can start with; help me to help you help me
Yes, finally something clear: you say 120000 is a realistic goal if I stay on welfare at the current savings I am able to achieve, for an interest of 4.2 percent, right? That would be 16 years to 2029, is that correct?
By re-stating what you said I am showing you whether I understand you or not: You are also telling me to find a higher interest rate if I can, right?
OK, thanks for clarifying that you calculated it based on 4.75%. 2029 is only one year off. If a higher interest rate were available in future then I would move whatever is saved.
I am giving this rating because I appreciate that you stuck it out with me. But I also helped you to identify the issues and feel that most people would not be as articulate as me. I honestly didn't know what to ask, so that was effort on my part.
Yes there are many unknown variables; but I also gave you real variables to work with. I am not being cheeky but laid out all the issues running through my mind, as I see it, and just needed clarity. I really hate having to explain myself to people with so many words, even after I have shown myself to be articulate
Please refer me so I can work out what my next issue is. It has been a struggle working out this question on your part, I do acknowledge. But it also has been difficult trying to help you help me. Maybe you can appreciate the feedback contained in what I've written because most people won't know what to ask: they think they do but they don't
And, I know you are an accountant but your face was the only choice given to me at the time. Don't blame me because I think I did give you insight into how to deal with questions from people. Thanks for your patience anyway
Thanks, XXXXX XXXXX the opportunity to assist. Unfortunately, I am unable to assist you further with your inquiry. I am opting out of this question. Another expert will pick it up if they are available to assist you with this. Thanks.
There are no smiley faces to choose from at the end of this
Do I scroll back to choose an earlier smiley face? I was going to give it "good" but now an OK given that I got out of it only one calculation
Yes, if you can see someone here with a financial planning qualification to refer me to that would be good
I've got a rough goal from you but I suspect the next would be to confirm it or to discuss taxation issues. But I want a financial planner/adviser to read this first because I have given you plenty of leeway to direct this conversation but got only one calculation out of frustration on both our parts