Money worries?

Old Apr 27th 2008, 11:10 pm
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Default Re: Money worries?

[quote=Genesis;6273192]
Originally Posted by Avid View Post
True. But large swathes of the population out here live in semi-poverty, so it's hardly an indication of how the OP is going to settle in.

The OP wasn't asking about how they might settle in they specifically noted that their BIGGEST worry was money..ergo was $140k going to get them by.

I don't think anyone on $140k is living in semi poverty..what do you think?
?

I think that you've misunderstood what Avid said.
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Old Apr 27th 2008, 11:47 pm
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Default Re: Money worries?

Originally Posted by Cheesehead View Post
It is the biggest worry about the move. Our combined family income will be in the region of 140 NZD. Are we going to starve? Or is this a good wage. I just don't know anymore...
I think 90% plus of New Zealanders would think that $140k income is a lottery winners lifestyle.
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Old Apr 27th 2008, 11:51 pm
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Default Re: Money worries?

I don't see why they'd think that. An average professional couple both earning a good salary would easily have a combined income of at least that, probably more, it's not unusual in AKl.

For instance an experienced nurse and a civil engineer could be earning that amount.

Last edited by Nerine; Apr 27th 2008 at 11:54 pm.
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Old Apr 28th 2008, 4:58 am
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Default Re: Money worries?

Originally Posted by Genesis View Post
I don't think anyone on $140k is living in semi poverty..what do you think?
Perhaps I didn't make myself clear.

The OP said 'Is $140,000 enough?

You said, 'Hey! that's 4 times the average out here' implying that $140,000 is a great salary.

I tried to say '4 times nothing is still nothing' because, if the bitter truth be known, you need a 6 figure salary in New Zealand just to have a normal life.

Yes, yes....hills and lakes, all in place......but the OP was quite money minded and I just wanted to tell him that he'd be OK out here on $140,000.

People who aren't money minded and love nature should come to NZ a.s.a.p (if they can get a visa) anyone else should have a really good think about it.
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Old Apr 28th 2008, 7:29 am
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Default Re: Money worries?

I tried to say '4 times nothing is still nothing' because, if the bitter truth be known, you need a 6 figure salary in New Zealand just to have a normal life.

No you don't. We live a good life..not extravagant, on around $70k gross. Not everyone has a mortgage the size of america in NZ. Some people come over here with equity thus live said 'normal' life.
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Old Apr 28th 2008, 10:59 am
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Default Re: Money worries?

Originally Posted by Genesis View Post
No you don't. We live a good life..not extravagant, on around $70k gross. Not everyone has a mortgage the size of america in NZ. Some people come over here with equitythus live said 'normal' life.
Originally Posted by Genesis
We may be broke, with a mortgage like the national debt
Make your mind up love. I know you mean well but you're starting to sound just a bit daft xx
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Old Apr 28th 2008, 8:18 pm
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Default Re: Money worries?

Originally Posted by Nerine View Post
Make your mind up love. I know you mean well but you're starting to sound just a bit daft xx
Give it a rest Nerine, I have already told you that the 'broke with a huge debt' was tongue in cheek with regards to having spent a huge amount of money on upgrading my shed.

I am very fluid financially thank you. You are the one who looks daft (and sad) digging up my old posts from ages ago.....I really seem to rattle you don't I? Have you REALLY nothing better to do. You are going on ignore status 'love'.

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Old Apr 28th 2008, 9:59 pm
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Default Re: Money worries?

Everything everyone has said been 100% spot on, even what Avid said, and I don't usually agree with him.

$140k, is this before or after tax? Don't forget tax is hefty here, so its important to know how much cash you have to play with. Do you have kids? My husband and I love to live an expensive lifestyle. We don't like to budget or worry about bills. We like to holiday at a moments notice and before falling preggers, we liked to drink good wine every night. So I think I know where you're coming from in your expectations. As someone else said quite rightly, if you like the lakes and rolling hills, etc. Ie, the lifestyle, then NZ is for you. Most definitely. If you're career orientated and want to earn the big bucks and not fork out taxes to cover everyone else's expenses, NZ is not for you. The cost of living is expensive here in NZ. So, if you're earning that much after tax, I think you'll just scrape by to be honest. Is the mortage just $150,000 because you'll cover the rest with cash? If so, good move. We wanted to buy this house we're renting and reckon it'll go for about $600-$700k, I wouldn't spend less on a house here in Welly, for $150k it would be pretty vulgar! In AKL, I think you'd get a car park for that! Can you do a reccie first? Why NZ? Isn't there anywhere else that appeals? If you're well educated and earn good money, chances are you'll probably only last a couple of years here before deciding enough is enough and moving onto to greener pastures. Good luck!
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Old Apr 28th 2008, 11:24 pm
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Default Re: Money worries?

(p.s. thanks for the karma I've been getting for this thread)
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Old Apr 29th 2008, 12:02 am
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Default Re: Money worries?

I think this is one of the most honest threads I've read recently.

It's hard to say if you'll live a normal life on $140K; depends what your habits normally are.

One thing you must take into account though, is that for some people, me included, a normal relatively happy life includes a healthy amount in a savings account, and I don't think you'll have that here in NZ on that wage if you have a mortgage, want to upgrade your home, and if you have children, especially.

It's a shame to read the migrant's stories on this board, that after they're here a few months they realize they don't have extra money to even see a lot of what New Zealand has to offer. It's expensive to fly between the North and South islands for a holiday. Also, it's a shame to be living in the South Pacific and not be able to visit some of the islands. Of course, there's also the problem of not having enough to visit the relatives back home.

It would be easier if you adopt the real Kiwi lifestyle, which would mean if you buy a NZ house (shed), you simply make do and don't make it comfortable. Beyond the fact that this is hard to adjust to, it's quite simply unhealthy for you and your children. NZ has one of the highest rates of childhood respiratory disease in the world because the poor little things grow up in damp sheds with inadequate heating. You also have to learn to like cheap looking poly/cotton blend clothing, etc., etc. The list is long of things to which you will have to adjust if you want to have any kind of savings.

I also think health insurance is a very wise investment, if not essential if you have the money to afford it.

Also want to add that Nerine is quite correct in saying that $140K a year is not at all unusual in Auckland for professionals with a dual income.

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Old Apr 29th 2008, 12:03 am
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Default Re: Money worries?

the blue touch paper has been lit,please stand WELL back ladies and gentlemen...............................
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Old Apr 29th 2008, 12:17 am
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Default Re: Money worries?

Originally Posted by Cheesehead View Post
I read on one of the threads about some sort of document that enabled you to have a play about with your finances - calculate the cost of living in NZ vs current situation. Of course, I now have no clue where to look for said document. Any ideas?
Do you mean the spreadsheet that dlmkay kindly made available to everyone in THIS POST ? It's an excel spreadsheet of her NZ income and expenditure. She lives in Auckland.

I'll attach a copy for you in case this is the one you are looking for.

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Old Apr 29th 2008, 12:41 am
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Originally Posted by this charming man View Post
the blue touch paper has been lit,please stand WELL back ladies and gentlemen...............................
Nothing to see here ladies and gents, (as I used to say in my former career!!) I am using the 'ignore' button (for ever more) so there is absolutely nothing to see. There will be no fireworks.

I am sick and tired of certain posters. I just wish I could delete them permanently from my screen...is there a way........apart from not using BE anymore?

Peace to you all, even those on ignore.
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Old Apr 29th 2008, 12:48 am
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Default Re: Money worries?

Originally Posted by Cheesehead View Post
We are not super extravagant in the UK but we certainly don't want to have to budget to any great extent. This is a huge salary cut for us so I am petrified that we are going from a very comfortable life to a more uncomfortable one. Obviously financial gain has not been part of our decision to move to NZ and we are more than willing to sacrifice some things for for what we believe might be a better life for us and the kids. Looking at renting for a year or so before hopefully finding a plot of land to build a house. Mortgage will not be more than $150,000.

Auckland is not even on our radar. In fact, I certainly can't see ourselves moving from semi-rural South Wales to Auckland - if that was the only option job wise then we just wouldn't go. It is looking increasingly like Christchurch or Nelson area.

It's really hard to know if you are making the right choice for the family isn't it?
You'll be fine. If not, we're all doomed.

Last edited by bourbon-biscuit; Apr 29th 2008 at 12:49 am. Reason: diplomacy
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Old Apr 29th 2008, 1:07 am
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Default Re: Money worries?

One simple tip that will make the money go a lot further is to rent a place.

NZ mortgages are currently around 10% (and historically have been as high as 15-18%) whilst rentals (over 12 months) seem to be around 3-5% of house value.

So you can slash the housing budget by looking at a long-term rent. If you like NZ and decide to settle permanently you can always buy later, hopefully in a better housing market.

Only a fool would actually buy a place over here within a few weeks of arrival!
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