High-net-worth (HNW) individuals: Covid

Lacrim · 30th Apr, 2021

Thanks to this recent boom, my LVR is now in the mid 40s - 'feels' good but at same time, it may temporary. What I really need now is for rents to play catchup in Sydney and Brisbane predominantly. If that happens, I'll be in a pretty good place.

Am sure the govt will spoil the party by facilitating overbuilding and increased supply though.

Beano · 30th Apr, 2021

Terry E. said: ↑

Not sure what HNW is but my wife and I are around $9m net. I think we may have taken a $1m haircut from our peak, but probably less. Right now we have no intention to unload our home and acreage has its own demand cycle, our strata office could be off 10% if we need to move it and our shares are down 12.50% from Febs peak but up 24% from Nov 2019 and 44% from June 2019. Everyone working from home and gaming like mad has certainly not hurt our main stock. The worst thing is everywhere we planned to go to enjoy it has shut down. We had a small Aust portfolio which we moved to cash back in very late Feb and our US stocks have done OK and then there is the A$ moving our way. Helping our second son buy a home next year so are expecting that to be easier than it was looking.

We never changed our lifestyle, on the way up, so no real change now. Only change was premium economy and business class when we flew, and of course that is only a memory.

Probably the biggest change has been a lack of good sleep back in the last three weeks of March. One day we went down around $450K and today back up around $440K. Like being on a roller coaster. Still I can get off if I really have to so it is by default I guess. Right now I think the US has bottomed, I have doubts on Australia until we clear winter. So sleeping better.

I am also an accountant and although I am semi retired my practice is still running. A couple of clients that had good super balances of over $1m applied for part pensions back in early March.

Just got off the phone from a lawyer and court matters have gone from half a day for a 15 minute matter, mostly spent waiting to be called, and charging $3K to, "send me a email with your defense". Not sure society will let them go back to the gouging that has been the entitlement of lawyers for generations.
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Is that $9m pa net after expenses and tax ?

datto · 30th Apr, 2021

Things are tough in Mt Druitt. I keep seeing dealers lining up in the Maccas drive through.

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High-net-worth (HNW) individuals: Covid

Lacrim Well-Known Member

Beano Well-Known Member

datto Well-Known Member

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High-net-worth (HNW) individuals: Covid

Lacrim Well-Known Member

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