Next steps...thoughts appreciated

Hi PC Team,

Goal - at 55 commence winding back to "retirement" with annual income $90K plus

Me - 40
Better half - 36
Kids, 14,4,2

Income

Me - $114K gross
Better Half - $48K gross
Rental Income - $19,500 gross

Assets / Liabilities

PPOR
value $365K

we are doing debt recycling on the PPOR

non deductible debt $157K - IO repayments $240 p/month

deductible debt $64K - IO repayments $118 p/month

share portfolio $71K 50% aussie shares, 50% international shares

we contribute $1250 p/month plus ad hocs maybe $5k annually

IP value - $370K

IP debt - $292K

repayments IO $671 p/month

N.B all IO expires mid March 2022

Total superannuation - $240K

Buffer in offset against PPOR - $35K


What is the next steps we should be taking?

Should we just accelerate the debt recycling to get that recycled ASAP?

Should we look for another IP?

Something else?

Thanks,

 

I think it might be wise to think of what will happen when the kids are grown up. I know that kids should fend for themselves but i spend quite a lot of my time thinking about how to help the kids into property. whether that is estate planning or property or something else, it might be worth thinking about.

You seem to be doing very well ..... good luck with what you do next

 

May I ask why you've kept your PPOR as IO ?

 

To accelerate our ability to recycle the non deductible debt into the deductible debt which we purchase shares with each month.

 

Thanks for the reply, yes the kids have been on our mind in that regard.