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Thread: Avacado toast - YUMM

  1. #1
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    Avacado toast - YUMM

    Some people on dtk are old farts, some are millenials, some are Gen TIKTOK and the rest haven't yet made it to the egg as a spermatocyte. Regardless of who you are or how old you are, remember one thing people, financial literacy is cool... and so is avocado toast.

    https://www.youtube.com/watch?v=DMtthYqroR0&t=541s

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    No all wrong ,, no butter on the toast and no Vegemite or Promite , Just Wrong

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    [DtK] [JA] Cupcake     $ 40.00
    I see you've both mis-spelled "pancakes".


    That aside, more people should understand the power of compound interest. There should be a mandatory exam on that shit as part of any credit card application process.

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    good guide ty

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    And not a single one of you can spell 'bacon sandwich'.

    Financial awareness is hard to come by if you're not raised in a family environment in which it is discussed. I seriously think this kind of thing should be taught in schools as a core subject. Imagine how many people could lift themselves out of poverty if they understood how to budget, save and invest. Bad financial habits run through generations and can be very hard to break, it took me a decade and the help of a smart wife and even now I'm fairly clueless.

    Good vid, the guy's a bit annoying but then again so are most millennials with their tattoos and haircuts and youth.
    I want to live forever. So far so good.


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  9. #6
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    [DtK] [JA] aSaP     $ 0.00
    I seriously think this kind of thing should be taught in schools as a core subject
    There should be a mandatory exam on that shit as part of any credit card application process.
    Yeah that's just what the Banks and the Government want a generation that know that doubling there loan repayments the first year will save them approx 40% on there loan. Have them work out that they are forced to put 10% of their wage into a fund that they have no control over and that can be lost on them with no repercussion to the super fund that is meant to be managing it. Just imagine if you had a choice of paying super or paying that extra 10% a week into your mortgage?
    think the banks would like that?
    Ask any kid that's just finished year 10 what they know about how the tax system works, they will know jack shit guaranteed, just the way the government wants it.
    Sorry about the waffling :-)

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    [DtK] [JA] Cupcake     $ 40.00
    It's an interesting proposition you raise there ASAP, and I was inspired to have a fiddle in excel.


    I performed the following comparison, with the following parameters, over a 30 year period (assuming age 33 -> 63).
    $400,000: Initial mortgage value
    3%p/a: Mortgage Interest Rate (real rates around 2.6-2.8 right now, and unlikely to go up any time soon, with the global financial experiment we've been performing for the last decade and a half)
    6%p/a: Superannuation "Real" Return (my super has returned me on average just over 10%p/a since Y2K, so 6%p/a is a healthy inflation adjusted figure)



    1: Pay $385p/w onto mortgage (minimum repayment), & concurrently pay $385p/w extra into Super until age 63 ($20kp/a each)
    2: Pay $770p/w onto mortgage until maturity, & then pay $770p/w extra into Super until age 63 ($40kp/a into one, and then the other)



    1: $220,000: Interest paid on mortgage, matures at age 63 (30 years)
    1: $1,178,000: Interest earned on investments



    2: $82,700: Interest paid on mortgage, matures at age 45 (12 years)
    2: $590,000: Interest earned on investments (from age 46 - 63)


    Paying the minimum on your mortgage, and investing the balance of your disposable income, nets you a gain of roughly $450,000 over the period.


    It seems that for this generation, so long as inflation and lending rates remain low, a mortgage is a "healthy" debt.
    Nevermind the further debate that could be engaged concerning the benefits of diversified risk.

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    [DtK] [JA] Cupcake     $ 40.00
    Addendum:


    If you salary sacrifice into super (up to the 25kp/a limit), you're technically investing pre-tax, and so the valley between mortgage and investment widens even further. (eg: instead of $385p/w post-tax, you're actually contributing $480p/w pre-tax)


    1: $220,000: Interest paid on mortgage, matures at age 63 (30 years)
    1: $1,472,000: Interest earned on investments


    2: $82,700: Interest paid on mortgage, matures at age 45 (12 years)
    2: $664,000: Interest earned on investments (from age 46 - 63)




    X: $670,000: Net gain on salary sacrificed investments from option #1

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  14. #9
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    Avacado Toast to Mortgages and Credit Card Applications. Only in DtK lol.


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  16. #10
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    Quote Originally Posted by Mental View Post
    Avacado Toast to Mortgages and Credit Card Applications. Only in DtK lol.
    Next on the menu; 20c iced coffee :P

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  18. #11
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    [DtK] [JA] Cupcake     $ 40.00
    Quote Originally Posted by LordGebus View Post
    Next on the menu; 20c iced coffee :P

    Behold, the power of inflation!


    (Tomorrow's lesson: Inflation is a good thing. Moderate controlled inflation and wage growth neuters the today-cost of yeserday's debts, such as mortgages.)




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    I swear gebus is a psychopath
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    yes

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    [DtK] [JA] aSaP     $ 0.00
    Quote Originally Posted by Cupcake View Post
    so long as inflation and lending rates remain low, a mortgage is a "healthy" debt.
    Good read Cuppy, the above quote is the big game changer, in the last few years look at the hit that most older australians have taken on there super for some it's been huge. At this moment with interest rates so low a home loan could be considered a healthy debt when i took my first home loan out 14 years ago this was very different. You also have to take into account the 10.5% average return on the property market over the last 20 years as by paying off sooner you can buy your second or third house within a lot shorter time.
    I'm not hardcore against the idea of super I just don't like the fact its compulsory and there's no accountability if your fund losses a shit load of your hard earned.

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    Hm ok well this is turning interesting, let's run with it. I put a few hundred $$ per month into my super as a voluntary donation, then claim it as a tax deduction. I always get it as a refund and put it on my mortgage. Good idea or bad idea? If the latter, what's a better plan?

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    [DtK] [JA] aSaP     $ 0.00
    All depends on the performance of your super fund and you mortgage interest rate , also the amount you owe and the stage your at with your loan. Then you have to consider your income and your tax bracket. I like your thinking though Rubi your kinda hedging your bets with that method and its not a bad move. If you are making a lot of money (over $150k a year) then it starts to make sense Im sure Cupy can run the numbers through excel.
    The way the system works is basic ,, you pay tax or you pay interest! You have to decide if you would rather pay a high tax rate for a few years smash your mortgage down then start to negative gear with another property (or just live with a small to nil mortgage) or you self contribute to your super fund and get some tax back (make other people money and risk the market crashing)
    Both methods have risk and merit but the Vid above is correct don't waste your money on shit you don't need!

  24. #17
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    [DtK] [JA] Cupcake     $ 40.00
    Rubi, if you want to PM me some exact figures, I'd be happy to spend some time tomorrow wringing them through a couple of spreadsheets for you. Beats doing my job.

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    [DtK] [JA] Cupcake     $ 40.00
    Quote Originally Posted by Rubicon View Post
    Hm ok well this is turning interesting, let's run with it. I put a few hundred $$ per month into my super as a voluntary donation, then claim it as a tax deduction. I always get it as a refund and put it on my mortgage. Good idea or bad idea? If the latter, what's a better plan?

    Here's a free way to make some more money, without even changing your plan.
    Get the money in your pocket sooner.
    Make it work for you, instead of the ATO.


    Have a word to your employer, payroll, or accountant. You can have your super contributions taken out pre-tax as a salary sacrifice. I've been doing it for years.

    Let's assume for simplicity, that we earn $1000p/w pre-tax.



    Current process:
    $1000 taxable income
    $817 wages into bank
    $100 out of bank into super
    $717 to live on for a week
    wait a year
    $(35*52) back from government and into mortgage



    With salary sacrifice, you can do this:
    $100 salary into super (tax-free)
    $900 taxable income
    $752 wages into bank
    $752 to live on for a week
    $35 straight into mortgage. Every week.



    You just saved yourself $28p/a on mortgage interest, by paying weekly instead of annually, assuming an interest rate of 3%.
    And you didn't even have to work for it. In fact, you've removed a weekly step of financial micro-management.

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