FF:QLD Financial Situations

How's this:

I start with $10000 and invest it in a trust fund with a 10% interest rate, and ceteris perebis, I earn compound interest on it coupled with a weekly deposit of $150...

In 8 years I will have $117,941.59

Not too substantial but what if my income goes up by then...... and I try to save at least %60 of my income........

So by the time I am 30 I should have a hefty sum indeed, with all things constant....

Just wait until I'm on a salary, my pretties

I won't be working for very long if I keep this up...........

But back to your individual narcissicism, in that what would you like to discuss when it comes to your personal finances?

 

invest it in a trust fund with a 10% interest rate

Where are you going to find that?

 

Do tell, I think we all would like to know this.

 

I wish I could invest

Unforunetly, I don't get paid for my job.

 

But where is someone like you gonna get 10 grand to start with?

 

Oh bugger, I typed a wordy response to this thread and accidently deleted it.......

Nevertheless.. my financial empire is growing... I will have $5000 before March..... and then..... if I invest 200 per week, I will have 100 000 in less than 7 years....

Will I be able to do it??

But look at it this way, If I get a starter income whence I leave UQ at what the average starting salary is......

Does anyone know where I can find information on starting salaries for UQ graduates?

Anyways, let me just say that interest rates are just the tip of the iceberg.....

 

How about I start with $10000 (which I will have in less than 6 months), invest it at 8.75%, compound and add 190 per week for 2.5 years - I will have $40 066.12........

Then, say I have a starting salary upon graduation of $30 000 p.a. - I could increase the amount I invest to 500 per week and have an extra $68,776.66 after 2 years.......

Then I would invest $100 000 in shares/property or even business and in less than 10 years I should never have to work again........

However, there are other ways, and I still have several years of investigation and experience to muster

edit: www.termdeposit.com - compare bank's interest rates (pretty lame if you ask me)

 

http://www.fiig.com.au/products_f.html



I will have to investigate this further......

 

Then, say I have a starting salary upon graduation of $30 000 p.a. - I could increase the amount I invest to 500 per week and have an extra $68,776.66 after 2 years.......

OK, so after you have paid your tax of $226 per fortnight, and your savings of $1000 per fortnight, you will have exactly -$72.15 (yes that's negative) left to pay for rent, food, bills, travel expenses and clothes. Ahem.

I suggest you read a book called "The Richest Man In Babylon", by George S Clason. Then the first 3 Rich Dad Poor Dad books. Then take out a subscription to Shares and Personal Investor. Then do a undergraduate and graduate Diploma of Financial Markets at the Securities Institute. Then get back to us.

 

*snicker*















I only find it amusing because I never have money, and I've been working for five years now. I do however have a great collection of plastic.

 

I too have been working for a significant amountof time and have yet to make my fisrt mil. I mean, in the early days it was easy to work out why, every time I saved a fair amount of dosh I HAD to go overseas.

Nowadays, I sit in the pub every night, crying into my fifth, sixth, seventh beer: where does all my money go?? where god where?





( j/k)

It goes on food and rent and utilities and petrol and work expenses (travel, clothes, smoko) and what little is left has to cover EVERYTHING else like car rego and insurance (contents, car), clothes, medication and miscellany (I am sick as a dog ATM) and kung fu fees.

I do manage to save, but not as much as I would like.

 

'sallright Kahls. You can't take it with you when you go. And I think you've led quite a fascinating life so far, and here's to many more years of the same.

*raises inordinately overpriced pint*

 

true, my short aquatic friend. Certianly can't even take it with you when you go OS ATM, can you???

 

Indeed.

BTW Nyder, I am not being nasty or anything. I find your desire for financial independence admirable, and it is indeed a trait you share with myself. However, a bit of realism, and an increase in spending to match your increase in income never went astray.

Personally I intent to follow the MPC model. That is, I spend whatever i need to live (autonomous consumption) ie, $350 per week. Then I save 0.4 or 0.5 or 0.6 of every dollar earned after that. Invest the savings how you will, however it is a good idea to accumulate assets that pay for themselves.

 

Here's my advice to accumulating wealth:
1. Work Hard
2. Read some of them books
3. Know people in high places

 

Gotta grease those wheels, huh Marv. He knows how it works.

 

Don't know? Well there seem to be plenty of get rich scheme books out there. I'm sure you can find at leat one to suit your needs, no matter how dodgy they seem.

 

4. Live with parents until 37.

 

Yeah I tried that one, alas they trew me out before I could complete the task.

 

Right, today I had a really happy day; just watched the One Day cricket, money is'nt everything, it's good yeah, but sometimes the simple things in life matter most , like friends, love etc. Don't let money consume you, cosume it tee hee :d ( sorry I'm contradicting myself, all in the sense of humour mind you )

 

CCD, you are right, it is not so easy to save that much because of tax and other expenses..

But if the figures I've just seen are right, I could be earning $723 per week (average starting salary of economics graduates according to Stinson, R. What Jobs Pay 2000-2001, 5th Ed.) but is this gross or net?

In any case as I said, I am already at $3000, and before 2004 I should have almost $20000 and all that will be earning interest? But I'm not accumulating this by savings alone......

But, if after 3 years I have even managed to muster $30000, which is no mean feat but not that hard.. and if I do start on 700 per week, and earn interest at 8.75% (all these interest rates do exist, btw, I'm not just making them up), I should be able to save at least $300 per week, even if my living circumstances do change,.. I will have $144,301.32 after 8 years which could be read as $18037 dollars gross per year up to that point..

The only problems are capital gains tax and income tax........

However, this is all hypothetical theorising at this stage and I will probably be going for a more diverse portfolio.....

But rest assured.... I will be financially independent before I am 35..

 

Time will tell.

 

By then you will be so adept at saving and making money, my bet is you won't be able to bring yourself to spend it. After all, what do you want more than the accumulation of money?

 

Right now... A comfy bed wouldn't go astray.

 

Too true, Grieyls, accommodation is important, and also a good investment..

Otter, I only accumulate money so that I don't have to worry about money in the future, even if I have to sacrifice a lot of enjoyment............

Besides, I have a cunning plan:

I will build up my wealth in the ways mentioned above until I am eligible for a loan so that I can buy an apartment, and use the interest payments to pay the loan off... then I can use the equity to buy another property, rent it out and use the rent to pay off that loan......