“To have a $100,000-a-year lifestyle, your need to have a clear (debt free) $2 million worth of property". I guess Margaret forgot about a little, lovely thing we know as income tax. And I guess those 7 properties will have no expenses throughout the year either... How to retire on $100,000 per year
income tax doesn't sell papers! or clickety bait as the youngsters call it kieran clair is on here somewhere. not sure if he is writing for re.com.au or the courier mail or both nowadays
Some great tax planning going on here - linky Sold over $3m worth of property in a short timeframe (gross CG is over $2m). You sure hope that these are owned in the Caymans.
Yes hilarious...on a quick calculation outside of his main house he has made 1.25m....allow 50% discount and he has to 625k to income. Split with his wife and kids and he could get the tax bill to under 200k Not bad...I know some yahoos in Sydney who have a bigger headache.....I am selling in the next financila year the hit is more manageable net 150k added to my income....
I saw a similar article the other day on news.com.au with cherie barbie saying you also need 2 million portfolio with no debt to give you can income of $1000 a week.
Yep, we all know it takes lots of property to return any decent form of net rental. Property is expensive to hold even when it's paying for itself and making money you still have to then pay tax on the income as well. It's way to hard to live off the rental income.
Just another puff peice with dubious maths and invented statistics me thinks. I just fail to understand how anyone smart enough to get into a position of $2mil clear property - would then settle to live off $100k/pa (pre-tax and expenses). Blacky
Yes, puffier than usual. Good point. It's unlikely unless they got a windfall from somewhere and didn't have to build it tear by tear..
The general point seems to be that 7 is enough - no need to get carried away and get yourself over exposed. I’d agree with that - get in, make your money and then reduce the risk. Seems many just double down after it goes well.
