I'm 31, married & this year we're going to be hitting a major milestone in our lives. Our mortgage should be paid off on our home(valued at approx 800k.
What should we do with our money moving forward?
Considerations are the standard, shares and/or property.
Property - We had an investment property years ago, but there's just stress and additional expenses associated with it. With the housing market the way it is today with a potential oversupply and significant capital growth highly unlikely over the mid term, we're keeping this as a plan B.
Shares - volatile, as always. Will probably invest some to spread the risk.
Before anyone goes and makes any unneccessary comments, I'll explain our situation.
Straight out of uni I got a f/t job at 21. My manager sat me down and asked what I wanted to achieve. I responded and said I wanted to buy a 300k house(just before the huge boom) and have it paid off by the time I was 30. B*tch laughed in my face. I took that throughout the years as my motivation. Bought a unit at 23, paid most of it off then rented it out for a couple years. Then bought a house at 25 that should be paid off this yr. My wife and I got married last year and also travelled the world for 5 months, which was a very expensive year(cost about $130k) for us.
We believe we've gotten to where we are because:
- we work hard(standard hours) but have been promoted several times
- we don't live outside our means(we weren't buying LV bags when we were earning 50k a year)
- we have a good savings strategy
- we didn't receive 1 single handout from anyone to get to where we are
- we use ozbargain
Any advice would be great.
Thank you
Congratulations! Obviously you've been very good savers. Can you share your strategy?
It seems that you will have 100% of your assets held in real property, and you're young, so you should be looking at higher yielding/more volatile in short term investments. Perhaps shares.
What are you doing about superannuation?
Have you considered looking at a fee-for-service financial planner (not ones that receive trailing commissions, as they are more likely to recommend solutions which pay them more money)?