Redundancy pay $95k wisely where to invest 35 yo

Lnadbud79 on 10/11/2018 - 10:03

Hello.
I took voluntaryredundancy package as I am highly employble. My colleagues were surprised and sorry to see me go after 7 years in multinational IT company.

Anyway, it worked out well for me and I am with 95k cash. It took me 3 days to find new work with 20% more pay.

The real question is where she'll I invest this cash.

In super ? I am thinking this
Or
ETF
Or buy land or rental

My house is paid a year ago , no other debts. Got 4 months kitty , emergency money.

If I invest in super after tax , what are pros and cons. I understand no access to super and government can change super access rules.

I hate financial planners as I have been taken for ride before.
I rather buy ETF then going to these self pleasers so called financial planner.

Thanks you.

Barry

Financial

Comments

      • HomeAlone on 12/11/2018 - 03:44
        +5

        How do you lose $200,000 in Bitcoin to just $30,000

        You don't. Even if he bought at the peak of $27k his investment would still be worth almost $70k today.

        • Ace Ventura on 12/11/2018 - 08:27
          +12

          And

          At some stage Bitcoin went up and I could have made $400k easily

          for this to be true, he needed to buy much lower than the peak, 1/3 of the peak (making $400k ontop of his $200k). Putting his current value back at very close to his starting $200k.
          He's full of it.

          • sghetti on 12/11/2018 - 14:00

            @Ace Ventura: Peak in AUD was $27000 mid december. $200k into Bitcoin in November around $13500k would have netted 2x in less than a month.

            Also, how can he be down to $30k? Easy, learn about Bitcoin and put $200k into it. Rises to $400k and you start to learn about the other coins also going up significantly in price. Invest in them, most of those are down 95% from their peaks. Quite easy to be down how much he is, even more.

            Edit: I should also clarify, a lot of people refer to the entire sector as 'Bitcoin'. So he many be talking about Ethereum, Litecoin and a whole bunch of others that he's bought in to.

            • HomeAlone on 12/11/2018 - 17:20
              +4

              @sghetti:

              a lot of people refer to the entire sector as 'Bitcoin'

              Yeah, people who are not tech savvy. OP claims to work in IT.

              • sghetti on 13/11/2018 - 15:18

                @HomeAlone:

                Yeah, people who are not tech savvy. OP claims to work in IT.

                He may well be of the same understand as I am and be referring to it all as Bitcoin for the other 'uneducated' people in OzBargain.

            • Ace Ventura on 13/11/2018 - 07:28
              +1

              @sghetti: The people who refer to the sector as bitcoin, don't tend to be the people investing in it.
              That's no different to me buying a stack of silver and telling everyone I have purchased gold. Oh it's still a precious metal though.

              Also making $400k from $200k is 3x not 2x, the original $200k is not profit. Hence in order to ever make $400k, you'd have to buy at $9000, to have his $400k profit in december. Which would still hold over $195k value now.

              and even we go with 2x, buying at $13.5k, those coins would still hold $130k in value now.

              Of course that's not factoring in fees and exchange rates. Nor does it account for stupidity if OP sold cheaper and bought dear multiple times.

      • Thaal Sinestro on 13/11/2018 - 01:25

        I made a similar mistake putting everything I had saved (which isn't much) had into precious metals soon after the GFC. The price of precious metals has been increasing by around 15% for years, and I wrongly assume it would continue. Unfortunately precious metals tanked 5 years ago and have remained stagnant ever since.

    • Ace Ventura on 12/11/2018 - 08:04
      +9

      Last year I invested in Bitcoins $200k which is a big lesson learnt, all that 200k is sitting under $30k. At some stage Bitcoin went up and I could have made $400k easily

      Yeah that's a lot of BS. so on that matter, I will assume everything you wrote is BS.

      2017 opened at $1018
      Peaked at $19343 on december 16 (day close price)
      ended 2017 at $13412
      and currently sits at $6360

      Sorry that's US prices, but the maths is close enough.

      If you purchased at the absolute peak, you'd still have over $65000. However it would never have gone up to $600k (making 400k) it never would have gone to $400k to even double your dough. It fact it never would have gone up at all.

      Now if you had invested at point that you could have made $400k, at any point in time, you'd have had to buy at a price that is very very close to todays price, meaning you'd still have close to your original $200k.

      So I'll assume the whole post is trolling.

      • sp3ctr41 on 12/11/2018 - 08:59
        +1

        He's not lying… I'm not sure how it worked out for me to get so low, but I invested 18k at about peak and its now just over 2k…

        OP is probably like me and had alot of his money tied up in altcoins, I doubt it was just bitcoin.

        • Ace Ventura on 12/11/2018 - 09:44
          +3

          That's not investing in bitcoin. That's investing in cryptocurrencies, that are not bitcoin.

      • samfisher5986 on 12/11/2018 - 12:59

        Actually its very easy to lose more.

        If you lose 10%, panic, take it out, then invest it again later after it gains, you've lost a lot more money.

        Then you can factor in bitcoin fees and provider fees turning it back into AUD etc

      • DonWilson on 13/11/2018 - 15:18

        People often use Bitcoins to mean any cryptocurrency. They shouldn't since it's it's a specific crypto but it's like calling all cling film Glad Wrap. Bitcoin's the one everyone knows so it's just the word they use.

        He couldn't have lost that much over a single buy-hold-sell action but he could have over multiple of them and easily if he was in other cryptos.

    • railspider on 12/11/2018 - 12:39

      You sound like you're in a good financial position - making smart decisions now will make a big difference in your future.

      I'd recommend you see a financial adviser, but NOT one at a big bank (or AMP). Find someone boutique, independent/non-aligned. It'll probably cost you 1-2k but will make you a lot in the long run.

      • elease on 19/11/2018 - 15:41

        Could you please share what kind of advise a boutique fa may give to an educated average Australian?..

        I have seen a few and all suggested the following:
        - buy more insurance
        - buy a ppor
        - put extra money into a basket of shares sold as some form of fund with not cheap fees.

        Do you have a similar experience and if yes, how such advise will get the OP "a lot in the long run" comparing with his intension to invest in vanguard ETFS?

    • jjacob on 12/11/2018 - 18:26

      Just curious, what technology stack do you work on.

    • Akya on 13/11/2018 - 11:20

      In regards to a financial planner, they do more than just invest. I had 4 free meetings to understand everything they can do for me. Then it was $3000 fee plus a weekly fee of $63 plus another $3000 from my super, and 1% from investment returns (currently nil). Ok sure, maybe more than most people would pay for a financial advisor. However, they have set up income protection (something I had no idea about) and other insurances through my super. I moved supers so they can have complete control where the money is invested. I'm starting a marginal loan investment (I pay x per month and the loan puts in the same amount per month into the investment) and the portfolio is completely organised by them. They helped make a very defined budget based on my past 6 months of expenditure so I can see where my money is going. I never had a bank account for bills and just took them as they came, and now I have money being set aside each week towards the next of each bill (including annual bills like car rego etc. After all the new fees (life/trauma and income protection insurance, their weekly advice fee etc), I'm somehow saving more than I did before and that's mostly thanks to the budget we set up. I'm confident with their help that I'll achieve a deposit for a house within 2 years (we currently have less than $10k savings). They're also claiming that if I follow their advice, and not go on my own spending tangent, I can expect financial independence in 30 years (something I never thought would be possible).

      You sound like you don't need the type of advice I have been getting, but they should tailor their advice to your needs. I took the full package since I felt like I needed it after my household income doubled, but we weren't seeing any savings from it. Everyone needs different advice, and not everything works for everyone.

      If you wanted to chat with a financial advisor, try to stay away from the big 4 banks and obviously look for a registered advisor (https://www.moneysmart.gov.au/investing/financial-advice/cho…). Most will offer a few free sessions to understand what you want and to tell you what they can do for you. I get my advice from RightTrac Planning (https://www.righttracplanning.com.au/), but there are many reputable planners in Australia, you just have to find one that suits you and your needs.

    • Brianqpr on 13/11/2018 - 16:39
      +1

      Not all the fault of the financial advisers. Due to the huge amount of regulation involved the process of providing advice is really expensive. $2k is cheap and would be simple advice only.

    • John Kimble on 14/11/2018 - 18:33

      I don't drink, mostly vegan and occasionaly meat.

      You lost me here.

    • bimmeup on 25/11/2018 - 12:13
      +1

      UUmm I dont think your GF would appreciate you referring to her as occasional meat my friend :))))

    • zeomega on 11/11/2018 - 23:25
      +8

      How in the world do you determine OPs race from the thread is beyond me. What bewilders me is why do you even want to put race into this.

      • Kangal on 12/11/2018 - 10:11

        The ironic part is that DisabledUser276983 was highly flattering Indian people.
        Yet, he still got negged and banned.
        Maybe its because he was being reverse-racist by elevating Indian people above other people, possibly.

        • DonWilson on 13/11/2018 - 15:21

          He was being sarcastic about the positive things. He posted shortly after OP posted about losing $170k on "Bitcoins".

          If you still have doubts DisabledUser276983 starts their next post written 7 minutes later "On a serious note".

      • abb on 12/11/2018 - 10:54
        +3

        How in the world do you determine OPs race from the thread is beyond me.

        The way OP writes it looks like English is not their first language. Works in IT, mostly eats vegan, and sends money to support poor people in third world country (family?).

        I wouldn't say he's definitely Indian, but plenty of stereotypes are aligning. Many other countries would fit the bill too though.

        What bewilders me is why do you even want to put race into this.

        Agreed, it is entirely irrelevant to the topic at hand.

        • boostpak on 13/11/2018 - 10:46
          +3

          the money is definitely going to his family overseas, but I like how OP tried to make it out like he gives to support the poor as if it is a charity type donation to people he has no connection with.

      • bimmeup on 25/11/2018 - 14:42

        well.. thats not race, thats nationality.

    • frostman on 12/11/2018 - 08:12
      +5

      Please add this user on the top 15 Dumbasses of OZB

  • [Deactivated] on 11/11/2018 - 14:35
    +1

    On a serious note, careful going to sharemarket. It has gone up bull market for a while now. Correction coming soon. Best way prob property but depends on which area. Sydney and Melbourne can still drop in the next year. Buy in this area next year but bargain hard. Brisbane can be on the rise. Stay away from other areas sure they are cheaper but prospects is limited. I myself have 5 investment properties. Super in balanced options valued at 800k. Own home outright. I am 49 yrs old. Had two jobs when i was young and saved hard. No smoking drinking nothing. Very thankful to my parents who taught me in my youth.

    • Hardlyworkin on 12/11/2018 - 18:56
      +4

      Sometimes you have to stop listening to your parents and get a life!

    • bimmeup on 25/11/2018 - 14:44

      How about the "Occasional meat"? hehe

  • narbe on 11/11/2018 - 21:34
    +4

    I think the best thing you can do right now is educating yourself in investment. It will bring more fortune than a job can ever do in the long run.
    Saying that I will point to a few things I think you should read about.

    Firstly alot of people advocating ETF's. As per OZOZOZ2000 suggested we are on the tip/peak of a bull run, buying ETF's right now blindly maybe not be the brightest thing to do.
    Alot of people will hug index ETF's because it is the trendy and "fool" proof way to invest in the share-market, ie (people believe that you cannot lose all your money). This is mostly true but investigate what you are really investing in before you take that dip. (Look at the Japanese stock market crash and the lost decades)

    Research real/physiscal ETF vs synthetic ETF and liquidity issues in the event of an crisis.

    Read about the FIRE movement and why the long term average is "supposedly" the foolproof way to go. (http://www.mrmoneymustache.com/2012/05/29/how-much-do-i-need…)

    Read about "Market-Cap" weighted index, Fundamental Weighted index, Equal-weighted index" funds

    Read this https://awealthofcommonsense.com/2014/02/worlds-worst-market…

    Understand the bias of this conclusion and that it is 1972 start which roughly when the gold standard was lifted "time bias" and also using SP500 which is the biggest market in the world.

    If this is not enough reading move onto understanding the difference between fundamental analysis and technical analysis of the stock market. (Lots of books on this)
    After that you can start to think about are you a buy and hold kind of guy or are you market timing kind of guy?

    If you still aren't bored you may move onto security analysis by Benjamin Graham.

    It is my personal belief that investment is about temperament and patience and research rather than intelligence. (some definitely helps)
    You seem like you are very level headed. (Bitcoin phase-consider it a expensive lesson)

    If you don't want to get rich fast. I think you will do well.

    • abb on 12/11/2018 - 10:57

      It will bring more fortune than a job can ever do in the long run.

      Got some evidence to back that up? I know plenty of people on salaries of $100k+, but no-one who makes anywhere near that from investments.

      • narbe on 12/11/2018 - 13:22

        google:
        Berkshire Hathaway Inc. Class A
        NYSE: BRK.A

        • abb on 12/11/2018 - 15:33

          I've heard of Warren Buffet. Don't know him personally ;)

          For every Buffet, there are probably a million failed investors. You said "will", not "can, if you're exceptionally good, lucky, connected, charismatic, and have a decent bankroll to start with".

  • Ragnarok1983 on 11/11/2018 - 22:24
    +15

    Is this another troll thread?

    • lachhelix on 12/11/2018 - 00:36
      +3

      I'm getting an inkling

    • MessyG on 12/11/2018 - 09:00
      +2

      I struggle to understand these troll threads. Why do they happen?

      • Kangal on 12/11/2018 - 10:12
        +1

        Some people want to watch the world burn….

      • gimli on 12/11/2018 - 20:32

        Could be a question for a new thread?

    • boozler on 12/11/2018 - 10:36
      +1

      Too much time on hand before the next centrelink pay cheque :)

      • MessyG on 13/11/2018 - 21:01

        But the level of effort required to keep up the lie…why not just get in flamewars on Twitter instead?

  • SpendLess on 11/11/2018 - 22:35

    Your young still i wouldnt put it in super as that will lock it away
    stick it in one of those vanguard ETF would give you more flexibility if you do need
    the money

  • So Was Red on 11/11/2018 - 22:37
    +15

    Invest in being less of a douche. The info is already out there, this is more about you bragging.
    /thread pls

    • cashless on 11/11/2018 - 23:32

      Yup. OP shouldn’t be posting here with their $95k payout woes. Most people here struggling to buy groceries & pay rent.
      OP needs to start reading Financial Review and listening to advice from GF rather than seeking attention from bargain website

  • DiscoJango on 11/11/2018 - 22:44
    +4

    Pics of 4 month old kitty please.

    • Flanders on 11/11/2018 - 23:22
      +2

      Invest 90k into film crew to follow said kitty round and make funny kitty video montages.

  • Atazoth616 on 12/11/2018 - 01:44

    Three opportunities to explore are:

    Website flipping. Returns are reported to be higher than real estate investments.

    Else:

    Establish a perpetuity by mutual fund.

    Currently, Indian mutual funds are the highest returning.

    Remember, to only invest in funds with more than > 3% nominal return rate.

    This offsets the effects of inflation.

    Else:

    Because you do not sound like an id-10-t.

    Research modern portfolio theory.

    This includes: Beta, CAPM, correlation coefficients, diversifying by systematic risk.

    Basic theory is:
    Beta is the individual securities movement in correlation to the market (System risk).

    Beta of 1 equates to perfect movement with the market.

    Beta is modelled with the security line.

    The line indicates that as beta (risk) increases, the higher the return needs to be for you to undertake the risk.

    Build portfolio with ~8 securities.

    Eliminate unsystematic risk (behavior of firms) and capture systemic risk (movement of market) by diversify in securities which are negatively correlated with each other.

    If you decide to build a portfolio than read a book on Mathematical Portfolio Theory.

    As, there is too much theory to cover in just one post.

    Formula for coefficients:
    https://bit.ly/2zcETDh
    This is just a form of the Cosine rule.

    .end

    • sagrules on 12/11/2018 - 10:02

      What is website flipping?

      • Atazoth616 on 12/11/2018 - 11:00
        +1

        Here:
        http://bfy.tw/KoPI

      • abb on 12/11/2018 - 11:01
        +1

        "flipping" means buying something and then selling it 'soon' after. May or may not involve some work to make the thing more appealing to buyers.

        e.g. house flippers put in trendy light fittings and paint colours. Website flippers do marketing to inflate sales numbers.

  • YoungQuan on 12/11/2018 - 07:38
    +1

    whatever you do don't invest in something you don't 100% understand…thats what a lot of 'investors' do and lose money, chasing that possibility of high returns on investments they don't have specialised knowledge in (bitcoin, website flipping, horses, etc.)

    keep it simple, find someone who is doing well financially and catch up with them for a coffee, probably the best investment you will ever make

  • frostman on 12/11/2018 - 08:11
    +2

    95K with property is a bad idea TBH,
    Property prices set to decline, so the maintenance costs and all wont be worth it.

    Here's exactly what i'd do….

    • 30% in Super (for security)
    • 28% in Managed Fund
    • 20% ETF
    • 15% on a holiday
    • 5% shopping/spending money
    • 2% Charitable Donation (you get a tax break anyway)

    That's 95K

    • michaelTito on 12/11/2018 - 14:11
      +1

      read it as "2% Chaturbate Donation (you get a tax break anyway)"

      was like oh ok then.

  • [Deactivated] on 12/11/2018 - 10:13
    +2

    OP's post hurts my brain.

    Invest in an English course.

  • mobius on 12/11/2018 - 10:24
    +2

    Foolish to ask for free advice when you've got money to spend of professional tailored advice. - either you're full of it or dumb.

    • Xiaomi on 13/11/2018 - 19:27

      His username has 79 on the end… What else does 79 represent usually at the end of a username? Birth year…

      2018-1979 = 39…

      100% full of it, also take that 95k and subtract 30% like the age sounds more likely..

  • mungicide on 12/11/2018 - 11:12
    +3

    A200 with MER of 0.07%, combined with self-wealth $9.50 per trade.

  • netjock on 12/11/2018 - 12:53
    +2

    Spend $10k on living expenses, sit down for 3 months 8 hrs a day and research / learn how to invest.

    Don't listen to any of these people above. No skins in the game = bad advice. Or as Warren says. Good advice is expensive, don't expect it from cheap people.

    • frostman on 12/11/2018 - 15:33

      Don't listen to any of these people above.

      We never came to him offering unskilled financial advise chump.

      Given he earns a sh*tload of money and apparently highly skilled, i'm sure he's worked out that 99% of the advice here is 'Joe's BBQ advice at the sausage grill'.
      Some of it has good merit, whilst others doesnt - that's the life of posting at a forum instead of talking to your Financial Advisor.
      He's already worked this out

  • serpserpserp on 12/11/2018 - 14:04
    +6

    Sweet OzBrag post.

  • DonWilson on 12/11/2018 - 15:12

    VDHG

  • UNO on 12/11/2018 - 18:06
    +1

    Try XRP.

  • Herbse on 12/11/2018 - 22:40
    +5

    Highly employable
    Paid off house
    Earned enough to get 95k package after 7 years
    Asking for help on ozbargain..

    Something doesn't fit

    • lachhelix on 12/11/2018 - 22:41
      +3

      You're forgetting the most important part: the bulls**t factor

    • serpserpserp on 13/11/2018 - 22:13

      I would say you probably need to earn about 110-130k plus super in a good multinational to get that kind of coin at 7 years in a redundancy. It isn't a massive salary, but pretty good.

      So to get 20% more from there means he is probably a specialist in his field.

      But yeah, why you need to ask investment advice is a bit interesting.

      • [Deactivated] on 25/11/2018 - 14:52

        I think you'd be earning a lot more than that.

        • serpserpserp on 25/11/2018 - 21:17

          Depends if he is talking payout before or after tax and if at 7 years his company incorporates LSL into his payout.

          Large multinationals are usually very good with this sort of thing.

  • erroorfree on 12/11/2018 - 22:48

    mate just buy a bloody maserati or go on a kenyan safari. Ur sounding more like my grandpa who had a LIFE

  • ruddiger7 on 13/11/2018 - 08:44

    Find a decent managed fund. Decent returns and none of the mucking around with investment property.

  • boostpak on 13/11/2018 - 10:48

    You had heaps of unpaid leave paid out meaning you obviously haven't had much time off or gone on any holidays as you say you don't spend, yet you and your partner make heaps of money… mate go on a nice holiday and enjoy life. Live and enjoy what life is truly about. Memories and experiences, not sitting at a desk all day.

  • Yoo05 on 13/11/2018 - 12:18

    Invest in yourself and work for yourself. Dont work for money, make money work for you…

  • letmesingh on 13/11/2018 - 14:16

    What are you doing on OzBargain, with that much money and that kinda job, you should give up your account

  • pformag on 13/11/2018 - 16:23

    If you already lost 200k on Bitcoin, then I suggest you go see a financial adviser/investor who would be of more assistance in investing. Even get a broker to invest your money.

  • Damannation on 13/11/2018 - 16:56

    If you have a decent block build a granny flat out the back. Get someone in there renting paying cash. Hope to god the tax man don't find out and enjoy the cash money.

  • Xiaomi on 13/11/2018 - 17:31
    -1

    You wouldn't be vegan by any chance?

  • Peck on 13/11/2018 - 18:27

    Salary sacrifice the maximum from your salary into Super, and live off the redundancy $'s until it is gone (But live frugally) and then stop/reduce the Salary sacrifice. Super compounding over 30 years will be fine. Ignore the short term falls.
    OH, BTW, welcome to OzBargain.

    • boostpak on 14/11/2018 - 12:13

      lame lame lame… what about living life before you go under

  • Velathial on 14/11/2018 - 10:38
    +1

    Penis enlargement.

  • Julius on 14/11/2018 - 12:31
    +1

    Experiences over material purchases I'd say.

  • Hellman109 on 14/11/2018 - 12:49

    Super is bad IMO, if you need access to money within 30 years, you cant.

    But, go talk to a Certified Financial Planner (that wording is IMPORTANT, financial planners have zero duty to do the right thing by you, seriously, Certified Financial Planners do.). Talk to them about your goals and see what they come up with.

    Financial planners can just sell you what earns them the highest commission, seriously.

  • Tman888 on 14/11/2018 - 17:08

    if you are in IT and earning more than 100K+ than

    reading would not be an issue

    please start reading www.propertychat.com

    if you have 95k you can borrow 500k easily. when you invest with 500k a potential return of 100K-300K is possible

    but if you are going to invest 95k in Shares how much do get back ? unless you are lucky to buy Afterpay or A2M stocks.

    remember shares can be vanished the next day…ie your bitcoin experience.

    Property cycles are not the same in WA,QLD compare to Melb and Sydney.

    if I have 95k right now. I will put it on an investment property either at

    • North of Brisbane City. There is a new university in Petrie area.
    • 10km to Perth City with big land. check on the WA government website for their upcoming projects
  • nadbud79 on 17/11/2018 - 12:27

    Gents
    Thanks for all your valuable real inputs.

    Some great advise here from folks who have done it.

    I will use each of your contribution as an input and make my next move/ descision.

    I didn't buy bitcoin directly but Bitcoin proxy stock. Look up on Google Bitcoin proxy stock. The reason it's regulated, Bitcoin is not.

    Look up on RIOT, LFIN, us based proxy bitcoinstock. They are all sitting at 10 percent , most people invested in them have lost 90%. It doesn't mean they will never come back but who knows.

    In my view, it was bad descision to invest all my disposable money in one sector. I had before amzn , goog , Microsoft and FB shares, sold them and then bought all Bitcoin proxy stock to make quick bucks.

    I remember in just one day with proxy stock I made $14k USD by buying and selling RIOT stock.

    The same story goes for ASX Bitcoin proxy stock I bought and still holding , DCC, OOK , etc. Loosing another 50k on BWX stock but expecting it to get it back in a couple of years.

    So in short never dump all your disposable money in one sector , diversify it buy reliable companies share. I learnt these lesson in a hard way.

    We all learn from mistakes and her it is no exception the good thing is that I only invested disposable money. I can live if I loose this disposalble money.

    Some of you have advised a few books here will look into that but I did buy professional trader course for 3k but never finished it

    Guys not boosting myself here but I do make $1500 a day as a cyber security architect.

    Before this I was full time on $240k a year. I hope those who have negative comments about my earning would be able to go to change their career into cyber security to make more money.

    Austealia is a land of opportunity and its matter of who grabs it.

    It's quite possible to make big money without selling drugs. My most friend make more than 200k. Some of them buy drugs, and they loose what they earn by developing these bad habits. They don't need to invest it to loose haha…

    Anyway thanks all.

    Regards

    • 2ndeffort on 19/11/2018 - 17:56

      No idea why the negs, if you are making $240K well done, cyber is a hot market right now! I hate envy, we should celebrate and learn from other people's success, not try to drag them down to be more like us.

      • DonWilson on 20/11/2018 - 01:38

        They talked about proxies to bitcoin and claimed that somehow made them more reliable. Sure. A biomed company founded on 2000 that pivoted to focus on cryptocurrency in late 2017. That's more reliable. Because. Uh. Well, it sounds legit. They were doing biomed. Now they're doing crypto. All good. And reliable.

        They're literally talking about stocks that people went "that's crypto associated? Oh damn dog, crypto's in right now, let's pump that stock".

        I didn't downvote them but seeing them state such companies were more reliable than… anything beyond a lotto ticket is laughable.

    • icejester on 20/11/2018 - 00:11

      Damnnn that's some harsh lessons from investing
      Luckily for you it's a relatively manageable loss in terms of your income, approx 1 year's work for you which is painful but not devastating.

      With your income I'd say you should look at property in the next 6-12 months as prices reach a stable bottom
      Otherwise look into some Aussie investment companies making 10%+ per year returns consistently for the past 5 years

      It seems like you sorta knew what you were doing in the tech stock market before, you seem relatively smart and well educated so you can probably still get back into that with a decent return on investment

  • Seedy seed on 20/11/2018 - 08:05

    Honestly, if you just gave me 6k id have enough to get my houses roof fixed :/ been eating 2 minute noodles ect for last 2 months putting money away, havnt even made a ozb purchase 😂 i do still shit stir though rofl

    On a side note, can i have your old job, mine only pays 32000 a year 😂

  • Plebmuffin on 20/11/2018 - 16:31

    Few years out of financial planning now, but few years back there was the big boom in bank bonds (result of APRA crackdown on bank capital adequacy) and some of the big banks, CBA/MACQetc were offering ~10% returns for broker buy ins. May need connections to a broker though….

    Also not sure what they are returning now, but might be worth looking into.

  • echelon6 on 25/11/2018 - 23:40

    love the responses so far - all property suggestions get downvoted to shit, no actual rebuttals. Joke replies get upvoted. Ozb is just about as far a place one should get advice from as possible - worse than /r/australia

  • nadbud79 on 01/12/2018 - 22:50

    Hello ,

    Thank you all - some great insights.

    Actually, I went for Bitcoin proxy stock as my IQ sensed that if things go south (and they are at now) , I should be write them off in the tax.

    When proxy stock loss, No questions asked by ATO because they are regular Nasdaq or ASX listed stock.

    On the other hands, if I went for pure Bitcoin , I am not sure if ATO will take the loss in the same way. It was all vague do I went to proxy stock to lower the risk.

    Therefore reliable in loss sense. Still I hold them but nobody know if they will ever go back again. I am holding the so that if there is any other gain in a year I can sell the on loss and get some money back. Do kind of not completely loss them. You see what I mean!!

    I went to my accountant , he had no idea what Bitcoin was.

    Property , I already have a few so wanted to diversify. You see learn the lesson hard way and putting that into the practice by not buying property only portfolio.

    Again thanks for your time.

    Regards

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