Comment on Pay Yourself First Using Buckets Not Budgets by Get FIRE’d asap.
I am constantly amazed at how many people know nothing about the tax benefits of investing in their own superannuation fund. In Australia, employers have to make a minimum 9.5% contribution to every employees super fund but you can choose to make your own ‘salary sacrifice’ contributions as well. Although you can’t touch these funds until you’re 60 except in exceptional circumstances, you can manage your investment portfolio within the fund. The great thing is that, all contributions are taxed at only 15% and when you start to draw down funds from your scheme, the payments are all tax-free!! Great long-term savings plan I reckon.
Recent Comments by Get FIRE\’d asap
Buying a Retail Business Is Not a Good Lifestyle Fit
Personally, I wouldn’t entertain the idea of owning a retail business for all of the reasons you’ve outlined here. Low profit margins, potential staff issues to deal with, either being tied to the business full time or hiring a manager, which can bring its own problems, just makes an opportunity like this seem too hard. By the sounds of it, unless the current owners can present a far more attractive proposition, it may be some time before they get to enjoy retirement. “Run Forrest, run”, I say.
Technical Problems Put Slacker Health Out of Commission
I hate it when things go wrong like this especially when it turns out to be a complicated fix. I’m surprised that your host hasn’t been more helpful getting it fixed. I made some back-end changes to my site a few weeks ago and it went offline as a result but a call to my host and they talked me through what to do to get it online again.
I take a weekly automatic backup of my site that sends the files to Dropbox. I haven’t had to do a restore yet, touch wood, but I’m hoping it won’t be too difficult if I do. There’s plenty of free and paid backup plugins for WordPress out there. I use Updraft plus and the free version seems to do the job perfectly.
Would You Spend $200,000 To Play Golf?
I think that it’s important to realise be happy living your own reality rather than someone else’s. We all know people who try to live above their means by wanting to live a life that they think is better than their own. Sure, $200k golf club membership is a huge and stupid amount to pay for such a thing but if your earned millions of $$ a year, it’s pretty cheap. In the same way that a dinner out each week may be achievable for middle income earners but appears to be a luxury to someone struggling to make ends meet. Once an individual becomes comfortable understanding that, good karma can resume.
Is Technology Taking Over Our Lives?
I truly believe that mankind isn’t really moving forward with most technology. We’re just making incremental improvements to technology we already have and much of it really doesn’t add a lot of value to us as a species. When you consider the huge leaps and bounds made in inventing new things from the beginning of the 20th century up to about the 1980’s, we really haven’t progressed much further since then. So ask yourself, would the human effort spent developing VR goggles be better spend inventing something completely new that will benefit mankind for decades to come? Or is it all about making small improvements to existing technology so that these items become cheaper and more accessible to the masses? I really don’t think that electric cars, VR goggles and new, improved selfie sticks are the true measure of man’s technological progress as a species. What do you thing FS?
Why Choose a Franchise Over a Startup?
I’ve heard that in most cases buying a franchise is just buying a job without the benefits of an being an employee. Unless you’re buying into a well recognised brand with all of the support and systems that it offers, I reckon starting your own business from scratch is the way to go. Even better is when you start it up while still working in paid employment. Sure, you’ll make some mistakes along the way and it’s a steep learning curve but you’re not handing over a load of cash to someone else and you have 100% say over how your business operates.
There’s plenty of franchises out there that don’t offer their members good value for what they’re paying. Be very sure you know what you’re getting in terms of systems, support, marketing etc before signing up.