Too poor to retire

Have you seen house prices in HK? And do you know what the LVR lending for property is in Singapore? I have friends who have major businesses in Singapore and they tell me the government does literally whatever they want to do, and over night. No stability.

Scaaaary stuff that I tell ya

 

The country would be broke if that happened, I pay a small fortune in tax every year when you add up income tax, company tax, payroll tax, CGT etc and still I'd hate to see it drop so dramatically. part of why we have such a great standard of living in this country and it's fairly egalitarian is due to the services and infrastructure provided by the govt.


Singapore and hk are also 2 extremely dense cities so the infrastructure costs a lot less per person vs australia which is massive and spread out.

as an example, people living on the outskirts and contributing to sprawl are massive contributors to the fact that taxes cannot in any way drop to the levels you're mentioning.

we also aren't all that high in terms of being taxed if you compare to other OECD countries.

I'd like to see it tweaked for sure but it's more right than it is wrong in its current form.

just my opinion.

 

Yes, I probably could have worded my post better. That's how a meant it. 35years in the full time work force and still under 100k.

 

100% agreed, i went overseas last year and man.. people can't afford to have a house let a allone multiple properties. I think people are to caught up on wealth creation etc

 

Shares are risky but cash flow can be more positive.
You are able to get shares that are franked dividend and it does not cost anything to hold the share.

 

With all due respect, how can you say people are too caught up with wealth creation in Australia when so many people retire on the poverty line and totally dependent on government..

I think its the exact opposite.

 

That's because there's a greater degree of responsible lending practices ie lower lvr & margin calls. Portfolio risk is spread over several shares/companies/industries via diversification, few punters put all of their life savings and borrowed capital into one share vs one oroperty.

 

Government? Do you mean the Li family rules?

 

Ahh good ol Lee Kuan Yew That guy knows how to keep power in the family

 

I suspect he's referring to li ka shing although I could be entirely wrong

 

oooh ok..well that guy probably rules the place too

 

Yes.
No maintainance
100% equity release for a small brokerage fee
Reliability with dividend payout dates
Tax exemptions on income
Easy diversification with almost no requirment for research when buying ETFs and LICs

Property is actually pretty risky when you consider everything. You have to tie up large loans for long periods of time, or time a market to make money.

Yea the stock market is volitile but the dividends aren't any more volitile than rents.

 

Too poor to retire but rich enough to smoke all of their life, go the pub on a regular basis all of their life, gamble regularly on the pokies, lotto, horses, dogs, etc.

I believe a lot of people are either financially illiterate, don't plan financially or stick their heads in the sand.

I left home with $50 in wallet, worked my butt all my life (for many years, worked 60 to 80 hour weeks), took risks in business and in property investing, never smoked, have an occasional drink, occasionally have a flutter on lotto/pokies/the Cup, hardly ever went on holidays,...

But, I paid to become financially literate (didn't get that from school or Uni), made myself accountable for my financial future (no one else would give a bugger), etc.

I am financially independent. If I can do it, anyone can do it. It is simple thing to do but don't expect it to be easy.

 

I sometimes wonder if the superannuation isn't so much designed for the benefit of retiree's , but it gives a big pool of funds to invest with .

Don't think it's the case , but a significant percentage of the funds should be set aside for investing in Australia ...

Cliff

 

I dont think the govt should be mandating where private funds should be invested or what asset class. as it stands equities are a big one due to all the funds, to then tell super funds or smsfs that a certain % must be invested locally would be a nightmare to administer in addition to overstepping their role imo.

 

That amount of work may be for some, but many would result in a prolapse.

 

10? Ouch!

The one I currently have is giving me so many headaches - the idea of 10 makes me want to curl up in the foetal position, and rock gently in a corner somewhere…….

 

Don't forget:- the harder you work, the luckier you become.

 

The more you get, the easier it becomes, up to a certain number.

 

Agree with you mate. Just a slight change for me.

The smarter you work, the luckier you become.

Hard work scares the crap outta me