LIC & LIT Listed Investment Companies (LICs) 2019

Oh the excitement another day of scanning all household stuff manuals, invoices etc.

 

I wouldn't use words as strong as dislike. I held WAM for a number of years. When I sold I was more than happy with the profit it made. In my case, I tired of the eternal noise of how wonderful the management was plus it jarred with the management fee plus the performance fee which seemed to go to a company in which elements of the management was involved or had a pecuniary interest.

If WAM suits an investors attitude then go for it and all power to them. It is simply not one for me and possibly a few others for reasons of their own.

Give it time. Sometimes things happen quickly and sometimes they don't. I'm going to stick to my plan.

Brexit seems an absolute mess from what I have read although a former Australian PM who doesn't seem to have a clue about economic nuances is in favour of it. Blame the result of the referendum on those who didn't vote, i.e. a large portion of the under 35's. Odd as they are the one's who are going to feel the impact for the longest portion of their life span.

 

You stoic individual. You must have a extremely boredom tolerance.

Why on earth would you need to scan manuals? Most are available online and can be downloaded unless it's for a 1900's John Deere. As for invoices I didn't know Bunnings issued them for the sangers and you drink the home brew not scan invoices for buying the goods to make it!

Strange world we live in.

 

He he, cheeky sod.

I did most of the important financial stuff, trusts, Estate related stuff some time ago as you’re aware. But I decided to go all out and do everything. Being on over an acre and living a productive lifestyle (all sorts of equipment) we have a lot of home and garden related equipment accumulated over time.

Also because our home was rented before we moved in we keep all ongoing doco to offset against capital gain when we sell. That included “extensive” renovation. I’d been putting that off given the amount of paperwork but decided to get it done and being so motivated thought I might as well do everything else.

You’re correct in that many manuals are online but finding the one’s specific to our stuff is not always quick if available at all. So this has been time consuming. I’ve created home contents categories on google drive and scanned the invoice, warranty info and manual together.

There’s still quite a bit of stuff that’s not online. Some manuals need to be scanned two pages at a time then “rotated” permanently to easily read in PDF format. Then some docs “merged”.

Done similar for medical, utilities, personal interests ....... . That is, ALL paper documentation.

In fact I’m now fully operational on the iPad. When this round of historical scanning finishes instead of an office / computer each my office will become another spare bedroom. The wife still has her office, PC, printer / scanner etc so I can use this infrequently if needed. This also acts as the PC location for google drive and auto backup to external hard drive.

As a joke (well maybe not) I said to my wife I want to be able to do anything related to finances, bills, paperwork without having to get out of bed then get rid of everything out of my office including desk / chair, bookcases, PC. Between arranging to receive documents in electronic format wherever possible, google drive, excell / word for iPad, CamScanner (converts camera to scanner) I have achieved that goal.

The task has been time consuming / boring but so so rewarding. Going forward now there’s bugger all to do with the way I’ve set everything up. Easy, peasy.

Highly recommend going paperless. The sooner you start the easier it will be.

We achieved the goal of making more money than we need without having to get out of bed in the morning some years ago but now I don’t even have to get out of bed for any admin associated with any of our finances.

 

@Nodrog @SatayKing so following my last post I bought a small parcel of VGS @63.13 (I am fully aware this is a LIC thread. my question belongs here than anywhere else ) , dividends were paid and I realised I did not get around to update the TFN number that resulted in some 45% of the divvies were withheld. I have just updated the TFN, how do I go about fixing the withheld funds?

 

Not my field of expertise @Sannie but I'll hazard a guess you'll most likely need to apply for a refund of the TFN amount withheld when you submit your next tax return. Wasn't the company's error it seems so wouldn't be any point in asking it for the refund.

Side issue is to also check if you have self-certified under the FATCA/CRS. To do so you would need to go to My Profile and select Tax Residency.

All grist for the mill.

 

Thank you. No it was my mistake. Evreytime I buy into a new stock for the first time I get noticed through an array of letters confirming the movement of stocks, confirming the Financial institution details and also asking me to update the TFN number either though link or computer share. Just this one time I missed out. It sure should be simple fix.

 

Fascinating article whereby the author runs a critical eye over LICS vs ETF investing.

Sounding the Depths – A Skeptical View of Listed Investment Company Investing

 

A Complete Guide to LIC Premiums and Discounts - Strong Money Australia

 

Beat me to it, was just about to post that

 

Cheque’s in the mail

 

Spare bedroom = beer storage room?

 

Shame they keep bouncing.

 

I had 3 hours head start on you being in W.A.

 

EFT it ya lazy so and so.

BSB: 001122
A/C No: 447079204
A/C Name: Lucky SK Pty Ltd

 

I have to say that I can’t disagree with most of the points in the article and has been niggling at the back of my mind. My purchases lately have been VAS/VGS as my chosen LICs have always been at a premium every time I had the funds to buy.

Still I think you won’t do too badly buying the old index like LICs and I did like that during December last year, the older LICs didn’t fluctuate quite as hard as the index. I think there is a place for both in one’s portfolio depending on what you want to do and how it suits your own circumstances. Either way, if one focuses on maximising their savings rate and invests in low cost and diversified equities, they are 99% of the way there already. If your portfolio meets your requirements and providing what you need, nothing else matters really.

 

Come on mate, some us are low income retirees doing it tough.

Maybe you just refuse to take the cheque because you’re all digital now?

 

Yep most of it is pretty good. Always an argument to be made and can nitpick a few things but nothing to be gained by a circular argument - bit like the cap gain v dividend discussion.

Best if everyone just chooses what feels right for them and they’re most comfortable with and adjust as we go as we learn more or feelings change - we can all hold hands, be merry and prosper together

 

LIC or ETF, there are worse things you can do with your money.

 

Haven’t read it and won’t waste my time doing so. Seen just about everything over the years.

For some real comedy the following sites have it all:

Massive Fraud In Australian Listed Investment Company (LIC) Sector

The Great Australian Investment Ponzi: Search results for Argo

Be afraid, very afraid.

Maybe it’s time to start posting links on “what if everyone indexed” to scare investors off ETFs also? Bugger, what to invest in then? Bitcoin perhaps?

Fads, conspiracy, whatever. Choose whatever poison that lets you sleep well at night.