Hels

Ok, not quite sure where to start with this....but will see how we go...

Neither Hubby nor I have ever really had a large sum of money before...not even close to what we will have once the house sale goes through in the UK.

We seriously want to do the best we can with this money, to make it work for us for our future. But we dont know where to start??

Comparitably, its probably not as much as some, but for us...its life changing. We should have around the $150k mark, as long as the exchange rate doesnt get any worse.

Its not enough for us to buy a house outright, as after we pay off a few things, there should be about $125k.

Should we put this entire amount into a house? Should we buy a unit, in which case we will only have a mortgage for about $50k and then use this unit as an investment in the future? Should be buy a house and then invest in a unit down the track?

Should we hold some of the money back and invest it somewhere else?

Does anyone know anyone they could recommend for us to talk to to give us the advice we need? Its kind of scary having such (for us) alot of money. We dont want to make any costly mistakes....

Should we talk to an accountant? Or should we talk to a Financial Advisor? Are their any advisors out there that are truely independant?

It is a great fear of mine that we make mistakes that are costly and I am so afraid of being ripped off. I never expected that something like this could scare me quite so much...its a little intimidating actually.

Any kind of advice or suggestions would be greatly appreciated.

Cheers,

Paul and Helen

Quinkana

Put it in a sound bank earning fair interest until you have better plans - don't invest it in long term insturments.

What you invest in should be guided by a few simple rules.

When you are young or very old you can afford riskier higher growth potential investments - when young you can work to make up losses and when old you can through yourself on the mercy of the state.

When you have a young family you will probably have less surplus to invest beyond the house.

When middle aged you will probably have a greater surplus to invest for retirement - super is the first place due to tax concessions.

If you have only a modest amount at retirement, say $1M in today's money, you will probably need it to last 30 years so you can not afford ultra safe or higher risk investments.

With more money you can set some aside in low risk investments such as gold and government bonds as a backstop should everything to to hell and some in riskier higher growth potential investment to gamble on the possibility that the future turns out rosy.

ABCDiamond

You are right to be scared, there are a number of people out there who will take you for what they can, or just advise on the products that give THEM the best % return.

The best return, for most people, is normally in the family home.

Do NOT use it as a deposit for what may become an investment property, as you will lose substantial tax benefits later.

You would be better to "buy a house and then invest in a unit down the track", much more tax efficient.

It's a big question, with many variables, to many to answer quickly

Is it future Property investment that you are considering ? or is that just one option ?

Hels

I dont know, to be honest. Neither of us have ever really had to worry about anything like this previously. I have always thought that property was always going to be a good long term investment. But then I dont really know what other options there are to be able to make an educated decision...

I guess I really need to talk to someone that can lay out the options to us in an easy to understand way. We are both pretty nieve when it comes to money and dont want to p"*s this up against the wall as I cant see us ever having this opportunity again.

I am 36, hubby is 32. We are thinking of having a family in the near future so will be short one salary if the plans work out....

Multicoloured Crocodile

We're renting after almost a year and have substantial funds still in the Uk - earning good interest We're still renting for a reason - we still don't know enough about this strange land! My advice is keep your money safe and make your important decisions in Oz and more importantly after you've been in Oz and enjoyed Oz for some time!
The start up costs here are a real drain so be prepared for this! The money you're left with after 6 months here without a job will reveal to you a far more realistic working figure than the one you have now.

Listen, don't get bogged down with financial issues! The life you'll enjoy here will more than make up for your concerns. Don't forget that money brings worries but without any money at all...

I would advise listening to yourself rather than any Financial Advisor -
You know it makes sense as Del Boy says....sorry, that's probably not helped has it!!!

Keep your feet on the ground
Simon

Hels

Hi,

Thanks for the advice....everything is gratefully received and logged

I should tell you that I am an Aussie, and am already in Australia. We have been here for nearly 2 months now. We know what we want, but just want to find the best way of acheiving our goals.

I have had some money in the past, and some might say I blew it....I just dont want to do it again. The amount I had last time was not even close to this amount though.

I have had a few PM's with some great ideas. Now, just got to weigh up the options. I just dont feel like I know enough about the options, which is where my stress has come from, probably.

Hels