Comments on: Scott Responses to Some Barefoot Questions http://www.barefootinvestor.com/personal-financial-questions-debt/ Personal Financial Advice Tue, 07 Feb 2012 07:40:15 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Julie http://www.barefootinvestor.com/personal-financial-questions-debt/#comment-9908 Julie Tue, 09 Aug 2011 08:49:24 +0000 http://www.barefootinvestor.com/?p=1312#comment-9908 HI Scott Thanks Scott. My hubby and I have been following your 10 barefoot steps and this month we will have cleared our $7000 credit card debt and have buckets filling up nicely for future budget. I have even had an overseas holiday which was all within the plan!!!! now the next quesiton is about our house. It is an old house which we bought to renovate due to its location on the beachfront. With falling house prices we are wondering whether to rent it out and rent somewhere smaller for our selves and save up for renovations using tax relief, but we are not sure how that works. regards grateful by the sea HI Scott
Thanks Scott. My hubby and I have been following your 10 barefoot steps and this month we will have cleared our $7000 credit card debt and have buckets filling up nicely for future budget. I have even had an overseas holiday which was all within the plan!!!!
now the next quesiton is about our house.
It is an old house which we bought to renovate due to its location on the beachfront. With falling house prices we are wondering whether to rent it out and rent somewhere smaller for our selves and save up for renovations using tax relief, but we are not sure how that works.
regards
grateful by the sea

]]> By: Neda Vuckovic http://www.barefootinvestor.com/personal-financial-questions-debt/#comment-4486 Neda Vuckovic Sat, 04 Dec 2010 14:24:18 +0000 http://www.barefootinvestor.com/?p=1312#comment-4486 Dear Scott, We have finally learned how to NOT spend money we don't have however our $5000 credit lender is charging us a frightening penalty fee. With the new home and car loan, paying this credit card has become a nightmare. Is there anything we could do to stop the crazy interest rate slowing us down? Dear Scott,
We have finally learned how to NOT spend money we don’t have however our $5000 credit lender is charging us a frightening penalty fee. With the new home and car loan, paying this credit card has become a nightmare. Is there anything we could do to stop the crazy interest rate slowing us down?

]]> By: Stacey Fenn http://www.barefootinvestor.com/personal-financial-questions-debt/#comment-642 Stacey Fenn Mon, 16 Aug 2010 02:45:41 +0000 http://www.barefootinvestor.com/?p=1312#comment-642 Hi, I'd to set up some short term investments or shares so I can get a house - where do I start, apart from asking my bank that is (Westpac) I dont have a lot of money and I am 10g in the Red - help Hi,
I’d to set up some short term investments or shares so I can get a house – where do I start, apart from asking my bank that is (Westpac)
I dont have a lot of money and I am 10g in the Red – help

]]> By: Angellathefordgirl http://www.barefootinvestor.com/personal-financial-questions-debt/#comment-552 Angellathefordgirl Fri, 30 Jul 2010 15:13:02 +0000 http://www.barefootinvestor.com/?p=1312#comment-552 Don't do it! It doesn't work! Keep you car repayment as they are and try snowballing. IE paying off the debt faster. I did this once and it was amongst the worse financial Choices I ever made. Had I continued to pay both mortgage and car loan the mortgage would have been gone in half the time, instead of still lingering long after the car went to the wreckers. <br><br>Pick the smallest debt you have. "Throw" extra repayments at it. Ie your HECS payments would be you first debt I would be concentrating on removing. Then once its gone use the repayment money you would use for your HECS payments towards your car. (can't salary sacrifice?) <br><br>Now the next sacrifice, both of you are working? One wage needs to met the mortgage repayment. Trust me do it now while your both working and if make it now, you will make it when you have children. You also be in a better situation when you have a family. You should always work towards paying any personnel debt before trying to negative gear any tax benefits. Don't do it! It doesn't work! Keep you car repayment as they are and try snowballing. IE paying off the debt faster. I did this once and it was amongst the worse financial Choices I ever made. Had I continued to pay both mortgage and car loan the mortgage would have been gone in half the time, instead of still lingering long after the car went to the wreckers.

Pick the smallest debt you have. “Throw” extra repayments at it. Ie your HECS payments would be you first debt I would be concentrating on removing. Then once its gone use the repayment money you would use for your HECS payments towards your car. (can't salary sacrifice?)

Now the next sacrifice, both of you are working? One wage needs to met the mortgage repayment. Trust me do it now while your both working and if make it now, you will make it when you have children. You also be in a better situation when you have a family. You should always work towards paying any personnel debt before trying to negative gear any tax benefits.

]]> By: Benh http://www.barefootinvestor.com/personal-financial-questions-debt/#comment-549 Benh Wed, 28 Jul 2010 13:22:16 +0000 http://www.barefootinvestor.com/?p=1312#comment-549 Hi my name is Ben<br>Next month my wife and will have a new baby<br>That makes 3 children under 5<br>We really want to start putting some $$ (not big numbers ) away for each child<br>Something we can add to each fortnight and a % of tax return each year and not touch <br>Will you please offer advice on where to get the best product for this purpose Hi my name is Ben
Next month my wife and will have a new baby
That makes 3 children under 5
We really want to start putting some $$ (not big numbers ) away for each child
Something we can add to each fortnight and a % of tax return each year and not touch
Will you please offer advice on where to get the best product for this purpose

]]> By: Scott http://www.barefootinvestor.com/personal-financial-questions-debt/#comment-550 Scott Sat, 24 Jul 2010 11:58:00 +0000 http://www.barefootinvestor.com/?p=1312#comment-550 Hi Scott, <br>My names scott, I'm 34, married and have 3 kids.<br>Currently saving at the moment and estimate to have about 40K by the end of the year.<br>Currently renting at $370 per week. We are not sure what out best option for a more financially secure future is.. Not sure if the best way to go is to buy a house & avoid paying rent (which would leave us in a situation of having less luxuries and just making ends meat) OR investing in managed funds & renting.<br>Also concerned that having managed funds will leave us paying too much tax and having a property will involve paying no tax. <br>My main goal is to be able to fully own a house by retirement while in the meantime being able to enjoy life along the way.<br>What do you suggest?<br>Thanks in advance, Scott. Hi Scott,
My names scott, I'm 34, married and have 3 kids.
Currently saving at the moment and estimate to have about 40K by the end of the year.
Currently renting at $370 per week. We are not sure what out best option for a more financially secure future is.. Not sure if the best way to go is to buy a house & avoid paying rent (which would leave us in a situation of having less luxuries and just making ends meat) OR investing in managed funds & renting.
Also concerned that having managed funds will leave us paying too much tax and having a property will involve paying no tax.
My main goal is to be able to fully own a house by retirement while in the meantime being able to enjoy life along the way.
What do you suggest?
Thanks in advance, Scott.

]]> By: Mining1 http://www.barefootinvestor.com/personal-financial-questions-debt/#comment-551 Mining1 Fri, 23 Jul 2010 14:01:16 +0000 http://www.barefootinvestor.com/?p=1312#comment-551 Hi Scott,<br>My Husband and I both work in WA in the mining industry and live in Victoria ( we are home one week a month) Between us we earn a very good income. We plan to pay off our mortgage in two and half years. We will both be under 30 and own our first home. <br>The main aim is to pay off the mortgage, however we ensure we set aside money to enjoy life as well.<br><br>Given we miss out on some important things in our families and friends lives I don't want the hard work to be for nothing, paying off our mortgage is going to be fantastic but I am sure there are many other things we can do to ensure a financial future for my husband and I. Where do we start to look for something else to do with our money to secure our future? <br><br>Thanks, Mining Couple. Hi Scott,
My Husband and I both work in WA in the mining industry and live in Victoria ( we are home one week a month) Between us we earn a very good income. We plan to pay off our mortgage in two and half years. We will both be under 30 and own our first home.
The main aim is to pay off the mortgage, however we ensure we set aside money to enjoy life as well.

Given we miss out on some important things in our families and friends lives I don't want the hard work to be for nothing, paying off our mortgage is going to be fantastic but I am sure there are many other things we can do to ensure a financial future for my husband and I. Where do we start to look for something else to do with our money to secure our future?

Thanks, Mining Couple.

]]> By: Charges Filed Against ‘Barefoot Bandit’ | International Airport News http://www.barefootinvestor.com/personal-financial-questions-debt/#comment-545 Charges Filed Against ‘Barefoot Bandit’ | International Airport News Fri, 09 Jul 2010 07:08:00 +0000 http://www.barefootinvestor.com/?p=1312#comment-545 [...] Aussie Personal Finance Questions Answered by Barefoot | Q&A [...] [...] Aussie Personal Finance Questions Answered by Barefoot | Q&A [...]

]]>