Just sold our apartment and having $600K cash, what should we do?

This is such a great idea!
I always wanted to retire somewhere near the coast. either northern beaches or central coast.

 

Absolutely

If you pm me your number I'll give you a call, otherwise mine is 0459589199

 

My advice (but maybe too late now), is that do not sell your properties - even that apartment in Pymble. You could have rent it out and get cash incoming whilst husband claims depreciation (i assume the apartment is relatively new). Now that 600K is sitting idle doing nothing whilst the tax man steals 33% of your husbands income.

One you buy a PPOR, and have a kid, its going to be almost impossible to borrow again to invest (for a number of reasons, e.g. borrowing capacity, lifestyle expenses, that essential 50K renovation of your kitchen/bathrooms). But if you have a base of 2 - 3 IPs, you can eventually scrounge together and get a PPOR.

If you dont work maybe you could consider a trust to income split your husbands salary. I dont know too much about this but there are more knowledgeable people here who do.

 

Thank you so much for your valuable advice! I’ll take it on board as something we can think about.
Unfortunately we already sold our apartment. We bought it at peak in 2017 and sold it as a small loss.
Yes my partner paid too much tax while I wasn’t earning as I have to take care of our kid and sort out all household matters. It does seem unfair!

Would you be able to give me a direction of where to start?
What books to read?
Financial planner?
Tax advisor?
Accountant specialises in property investing?

 

Terry_W is the guru of structuring, so i am sure he can help you out, maybe even with a trust.

For books to read, depends on mindset vs methodology. For mindset i enjoy robert kiyosakis books (e.g. rich dad, poor dad). For methodology i havent really found a good book on that, mainly learn from others/myself.

 

Thank you! There’s so many books out there, wish I could have the time to read all
I do enjoy reading the chats on PC too, a lot to take away. I feel inspired and motivated