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how much money do i need????

how much money do i need????

Old Apr 16th 2010, 2:36 pm
  #16  
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Default Re: how much money do i need????

Originally Posted by lapsed kiwi
... both of whom had failed in their attempt to settle in their new country.
Would you call family death resulting in unavoidable responsibilities in the UK "failed"? Even if you do, I don't think I've got it in me to suggest to them that things may have worked out if only they'd taken their money. The other was for work after 5+ years in Oz, which looked like a good opportunity to sort themselves out financially, but they now admit was a huge lifestyle mistake. Both were happier in their new (old?) lives and were much more settled down under, but things don't always go to plan. I certainly don't have the confidence to say for 100% that nothing untoward will happen to me.

I do take exception with the suggestion that this is in some way a "game" to follow this route. George, you may well be rich enough to invest the money required to get visas, make recce visits and move half way around the world in a game, but I'm not. This is a big commitment to me and to use it as an opportunity to make a substantial difference to my retirement fund so that I can enjoy my life (the fact it's a safety net is a bonus) more a little further down the line is probably the most serious thing I'll ever do. Feel free to doubt whether this method is a good way of doing things (and if you're not in a position where you have the time on your side to save a bit and pay off the full term of a mortgage, I agree it probably isn't), but don't ever question my commitment to this move and making it work. And who said anything about struggling? If you read my first post properly you'll see that the advice was to bring enough to get you properly set-up and then live within the means that you have?

Simonsi - I don't understand how ringfencing capital gain as part of a retirement plan or similar can be nonsense? Even if Immi NZ had said "no way cancer boy" then we would still be moving in the UK. But while we would take our money out of the house, any capital gain would definitely be used for a deposit on a rental property to form part of a later life stash. The scale of our next move would then be governed by what we'd managed to save for a deposit "top up" and capped by the ability of one of our monthly earnings to pay for bills and mortgage?

Last edited by teeym; Apr 16th 2010 at 2:40 pm.
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Old Apr 16th 2010, 2:58 pm
  #17  
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Default Re: how much money do i need????

Originally Posted by teeym
Simonsi - I don't understand how ringfencing capital gain as part of a retirement plan or similar can be nonsense? Even if Immi NZ had said "no way cancer boy" then we would still be moving in the UK. But while we would take our money out of the house, any capital gain would definitely be used for a deposit on a rental property to form part of a later life stash. The scale of our next move would then be governed by what we'd managed to save for a deposit "top up" and capped by the ability of one of our monthly earnings to pay for bills and mortgage?
If I understand correctly you are saying you would use the capital gain as part of the new lifestyle move - but this appears contrary to what was first discussed which was leave that capital gain in the UK and restart deposit-building/mortgage etc in the New World...

I haven´t come across anyone who, midlife, cashes in or ringfences their capital gains to that point and restarts in such a way as it normally doesn´t make any sense. All things being equal you end up borrowing capital you have already invested elsewhere...
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Old Apr 16th 2010, 4:26 pm
  #18  
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Default Re: how much money do i need????

Originally Posted by simonsi
If I understand correctly you are saying you would use the capital gain as part of the new lifestyle move - but this appears contrary to what was first discussed which was leave that capital gain in the UK and restart deposit-building/mortgage etc in the New World...
Not at all - we've been saving some cash for the move which is nothing to do with capital gains, enough for us to come over, set ourselves up properly and generally get us on our feet to a decent standard. That is what is coming with us - moving forward (to start with at least), we'll try and make everything else pay out of our new income.

Originally Posted by simonsi
I haven´t come across anyone who, midlife, cashes in or ringfences their capital gains to that point and restarts in such a way as it normally doesn´t make any sense. All things being equal you end up borrowing capital you have already invested elsewhere...
Could that be because midlife, a lot of people are looking to move on to bigger or more extravagent things in terms of housing? It's certainly the usual way in my experience, completely understandable and what we would have to do if we wanted that. However, we're happy making more lateral moves when the situation allows, which can give us a bit of free capital to invest elsewhere, which can make a lot of sense. £20k (arbitary figure) used as a mortgage deposit on a rental property which a tenancy pays the balance of will give you a better long-term payback than £20k invested in avoiding interest payments on your own mortgage. I don't have the greatest amount of trust in pensions, so this is a way we are taking to make sure we're not going to be a financial burden later on! We are not in the position where we have hundreds of thousands in equity, so it makes a lot more sense for us while we have time on our side to give what we have the chance to really grow and not take too much of a hit in the grand scheme of things? Particularly as it does leave us the "safety net", which I know not everyone here agrees with, but in my mind is a sensible thing to have.

Anyway - weekend now. Enough of this serious money talk, time for

Last edited by teeym; Apr 16th 2010 at 4:30 pm. Reason: my spelling is rubbish
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Old Apr 16th 2010, 8:52 pm
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Default Re: how much money do i need????

TEEYM

We have been speaking to a couple of people who have come back from NZ and West Island and both have given us the same bit of advice - take as little with you as possible! By all means take enough to get you on your feet and set up as grantandebs recommend, but if it is going to be a "new life" then make sure it is just that and is capable of being completely self funding. Ring-fence any surplus cash you have in the UK either by keeping property or investing it in other ways and forget you ever had it

You wrote the above to which I replied and to which none of I agree with.

Sorry but to come here thinking that by bringing as "little as possible" is going to help you in the settling in process is in my opinion "playing a game".

Sorry to say that no i'm not loaded and for us the thought of leaving a 'slush fund/anti risk/what if fund' back in the UK was not an option as when all sold said and done we had just 30k uk pounds which back then gave us $75knz to bring here.

That was a nice start for us but we spent it all setting ourselfs up with a $320k mortgage car etc etc. I can tell you that had we been able to bring more over and buy outright or have a bigger deposit that our life here would be so much easier. By your method we should be settling in way better having a big mortgage paying 7% interest on that and so on.

Your idea is total tosh sorry but it is. In the real world who would struggle to 'make it work' when making it work in a new country is hard enough as it is in the first place.Those are the ideas of a person who knows that if they do it your way they can dip their toes in the water knowing they can allways bail out which IMO leads to the chance that at the first sign of a struggle settling in rather than push on and get on with it you bail.

Nobody said moving here would be easy it's a totaly different country not an english speaking UK Ttwin.

As for the having to go back for family reasons well sorry call me a selfish bastard but I moved here with 'my family' thats 'my' four daughters and wife.
I have mum,dad in the UK in their 70's who will not fly out here ever.
Growing up they made their choices in life such as where to live,what to do with us as kids,holidays we took and so on.

That was their life and now i'm living mine.My eye is firmly on my childrens future and what is best for them.If my parents were ill and needed full time care then sorry but I wouldnt up sticks and return death,illness or whatever.

Harsh in some eyes but again I have my eye on my familys future.

So horses for courses and all opinions welcome.

george
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Old Apr 16th 2010, 10:13 pm
  #20  
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Default Re: how much money do i need????

Originally Posted by pestman
TEEYM

We have been speaking to a couple of people who have come back from NZ and West Island and both have given us the same bit of advice - take as little with you as possible! By all means take enough to get you on your feet and set up as grantandebs recommend, but if it is going to be a "new life" then make sure it is just that and is capable of being completely self funding. Ring-fence any surplus cash you have in the UK either by keeping property or investing it in other ways and forget you ever had it

You wrote the above to which I replied and to which none of I agree with.

Sorry but to come here thinking that by bringing as "little as possible" is going to help you in the settling in process is in my opinion "playing a game".

Sorry to say that no i'm not loaded and for us the thought of leaving a 'slush fund/anti risk/what if fund' back in the UK was not an option as when all sold said and done we had just 30k uk pounds which back then gave us $75knz to bring here.

That was a nice start for us but we spent it all setting ourselfs up with a $320k mortgage car etc etc. I can tell you that had we been able to bring more over and buy outright or have a bigger deposit that our life here would be so much easier. By your method we should be settling in way better having a big mortgage paying 7% interest on that and so on.

Your idea is total tosh sorry but it is. In the real world who would struggle to 'make it work' when making it work in a new country is hard enough as it is in the first place.Those are the ideas of a person who knows that if they do it your way they can dip their toes in the water knowing they can allways bail out which IMO leads to the chance that at the first sign of a struggle settling in rather than push on and get on with it you bail.

Nobody said moving here would be easy it's a totaly different country not an english speaking UK Ttwin.

As for the having to go back for family reasons well sorry call me a selfish bastard but I moved here with 'my family' thats 'my' four daughters and wife.
I have mum,dad in the UK in their 70's who will not fly out here ever.
Growing up they made their choices in life such as where to live,what to do with us as kids,holidays we took and so on.

That was their life and now i'm living mine.My eye is firmly on my childrens future and what is best for them.If my parents were ill and needed full time care then sorry but I wouldnt up sticks and return death,illness or whatever.

Harsh in some eyes but again I have my eye on my familys future.

So horses for courses and all opinions welcome.

george

I am like you G. I am 51 now and grown up and big enough to make my own decisions. I too would not return for the death of a rellie..or for any other reason other than if I wanted to go for my benefit and my immediate familiy's benefit. Likewise I would expect no one from the UK to come see me on my death bed. They don't come and see me when I am fit and well what would be the point of seeing me snuffing it? I am not into that type of decorum that dictates you MUST attend a close rellies funeral or death bed. Were I in the same hemisphere of course I would. But with 3 small kids just jetting off on a 26k mile round trip cos some one has snuffed it aint going to happen. Kate would do it at the drop of a hat. Horses for course aye?
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