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This week I set up a First Home Saver account because the Australian government will contribute 17% into the account if I save between $1000-6000 per financial year. Obviously I'm not planning on buying a house any time soon, however 17% is an amazing return and I can roll the money over into my superannuation if I decide not to buy a house after all. What really makes this an incremental improvement is I'm not worried about having the money locked away - I know I have enough savings for any emergencies that pop up. froglet fucked around with this message at 08:00 on Nov 17, 2012 |
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Nov 17, 2012 07:50
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| # ¿ May 7, 2024 05:51 |
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Good at life, bad with money - buying a house with my husband! Do never buy. Good with money, neutral at life - got a new job that starts in a few weeks, 7k pay bump, office is a 30 minute bike ride from my new house. I'm now at the point I need to consider putting more into retirement (so I remain in a lower tax bracket). A coworker at my current job keeps telling me if I don't like it I can come back, haha.
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Mar 16, 2018 09:41
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KYOON GRIFFEY JR posted:While it is good to put more money to retirement, I just want to make sure that you understand that tax rates are marginal and there is no inherent advantage to being in a lower tax bracket. Yes, I do know this! However, I also have shares on top of my income, so my actual income tends to look a fair bit higher than my wages only income and I hate owing money at tax time. Match that with retirement savings only getting taxed at 15% rather than my marginal rate (~30%) and there being yearly limits for how much I can contribute and it looks very attractive to do so!
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Mar 16, 2018 17:26
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The first BFC thread I started reading (besides the rules) was the zaurg thread. I would have been about 19 or 20 at the time and I'd read a page or two a day while at uni. That thread - and BFC in general, really - made me the finance weirdo I am today. It really feels like a lifetime ago and I reckon all that reading I did then has helped me substantially over the years. Thanks, Goons! My incremental improvement is that I am pretty confident I will have 1.5x my current salary in my superannuation (retirement account) before I turn 31 this year (barring any unforeseen disasters). To get there, I tossed in whatever I could whenever I could over the past 10+ years, and compound interest did the rest. I was earning slightly above minimum wage until I was about 25 or 26, and during that time I took advantage of a few government schemes that offered top up money for retirement - as in, the government would give me fifty cents to a dollar for every $1 I voluntarily out in up to a certain dollar amount (usually $500 or $1000). It really does add up! Edit: My employer does have to put some money into my superannuation, so I guess this isn't that impressive, but it was likely all the small contributions from when I was younger/poorer that got me over the line. I could (maybe should?) have more saved for retirement, but my partner and I bought a house (do never buy) and ETF shares (pretty neat) instead. froglet fucked around with this message at 08:26 on Jan 30, 2021 |
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Jan 30, 2021 08:20
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