How would spend your money as a new migrant?
Apr 26th 2010, 9:48 pm
#16
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Re: How would spend your money as a new migrant?
Apr 27th 2010, 3:39 am
#17
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Re: How would spend your money as a new migrant?
You lot are giving some sensible but very boring suggestions.
I'd go to the casino and lump it all on black.
Apr 27th 2010, 4:09 am
#18
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Re: How would spend your money as a new migrant?
Thanks Eugene. You are right and I fully agree with you. Its not a large enough sum to do anything substantial and a few months of unemployment could see it eroding fast. I would have been more at ease with a larger amount too but a lifetime of financial indiscipline did not get me far. Well, I didn't know that I will be migrating to Australia one day and will be needing a savings to support my job-less days... uuurrrghhhh.
Apr 28th 2010, 7:08 am
#19
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Re: How would you spend your money as a new migrant?
I personally know a few good advisors in Sydney. If anyone needs contact details, I'll be happy to oblige.
Apr 28th 2010, 7:41 am
#20
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Re: How would spend your money as a new migrant?
I would then buy a car, small bus, caravan, or 4WD, and travel with my family around Australia for 6 – 12 months with the rest of the money.
This is the perfect way to find out where you would like to settle permanently, plus you get to see some of this wonderful country in the process.
A friend of mine recently did this, they homeschooled the children on the road, picked up a bit of casual fruit picking for extra cash, made many new friends along the way and generally had a blast.
They recently returned to Sydney and have said they want to move to 1770 which is a small township in Queensland, as it was their favourite place on their travels.
Apr 28th 2010, 8:42 am
#21
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Re: How would spend your money as a new migrant?
Yes it would but here are my reasons for why I would not do this.
1. That money can earn you money elsewhere so therefore could in theory be used to cope with any interest burden if needed to.
2. I believe it should be factored into your borrowing any serious interest increases and the effect they would have on your repayments before you borrow anything.
3. I don't believe in having large amounts of money sitting in a house, houses can lose value pretty quickly if a market crashes and then you're out of pocket. "Your house is only worth what someone will pay for it" It could also be argued that "equity" could cushion a crash but I don't like the idea of that.
Hope I don't come across as lecturing! These are just my opinions and what I would do if in that position, not saying at all that they are fact!
Ellie x
1. That money can earn you money elsewhere so therefore could in theory be used to cope with any interest burden if needed to.
2. I believe it should be factored into your borrowing any serious interest increases and the effect they would have on your repayments before you borrow anything.
3. I don't believe in having large amounts of money sitting in a house, houses can lose value pretty quickly if a market crashes and then you're out of pocket. "Your house is only worth what someone will pay for it" It could also be argued that "equity" could cushion a crash but I don't like the idea of that.
Hope I don't come across as lecturing! These are just my opinions and what I would do if in that position, not saying at all that they are fact!
Ellie x
Apr 28th 2010, 8:53 am
#22
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Re: How would spend your money as a new migrant?
I would put $200K aside for the future, or even buy a house and get tenants in to rent to pay off the mortgage.
I would then buy a car, small bus, caravan, or 4WD, and travel with my family around Australia for 6 – 12 months with the rest of the money.
This is the perfect way to find out where you would like to settle permanently, plus you get to see some of this wonderful country in the process.
A friend of mine recently did this, they homeschooled the children on the road, picked up a bit of casual fruit picking for extra cash, made many new friends along the way and generally had a blast.
They recently returned to Sydney and have said they want to move to 1770 which is a small township in Queensland, as it was their favourite place on their travels.
I would then buy a car, small bus, caravan, or 4WD, and travel with my family around Australia for 6 – 12 months with the rest of the money.
This is the perfect way to find out where you would like to settle permanently, plus you get to see some of this wonderful country in the process.
A friend of mine recently did this, they homeschooled the children on the road, picked up a bit of casual fruit picking for extra cash, made many new friends along the way and generally had a blast.
They recently returned to Sydney and have said they want to move to 1770 which is a small township in Queensland, as it was their favourite place on their travels.
