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Tina

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Tina last won the day on March 31

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About Tina

  1. Hi Marilyn, Nice to see someone who does not give up but keeps going when life gets tougher. a few suggestions though. I would recommend an emergency cash account as your access to Kiwisaver may not happen for sometime and unexpected costs may derail your plan. As for 600k mark, it depends on where you decide to live. I have travelled a bit around NZ for my holidays instead of going overseas and have decided on medium sized town to live in when I retire. Invested in a house there while I work in Auckland. over the years all costs have been paid by rent earned and it should be mortgage free in a few more years so will end up personally costing me nothing. It also comes with a sleep out which I will over time change to a 2 bed unit for my retirement. It has a garden where I hope to grow my own fresh veges, shop locally and lots of places for me to explore in my golden years. In todays money, I calculated I would need $200/week to live that life which would be covered by renting out the house. Kiwisaver will take care of everything else. this will balloon 5 or 6 times if I decide to retire in Auckland or Wellington. its something to consider what kind of lifestyle you may want when you retire and than build on it now. also to consider is would you need a 3 bed house or just a unit if its one person and your children are going to take care of themselves. less rooms to pay for and clean in your golden years.
  2. I have a slight difference in opinion. It is about right and wrong and about the maths. The purpose of investing is to benefit the economy overall but the current super system is no longer working if it is not able to cover a retiree's retirement and the government is finding it harder to sustain the current payments and any future payments and any increases to match inflation. People are living longer and the old system is not working. Something would have to give, the payments, increase in taxes or rising of debt or retirement age. Overall this would not benefit the economy or the public and the ones who are struggling to make minimum payments would be the worst hit. The old purpose of investing is more concentrated in now and here. The new purpose of investing is to secure our future by doing the hard yards now, otherwise why invest at all and take the risk. Just put it in a nice savings account or under the mattress where it Is safe. If we struggle now while we still can and do an extra few hours to save that $18 in Kiwisaver today, it may return 10 fold to us in our retirement when we cant struggle as much to work. And we still have control as to where and what to invest it such as cash savings accounts only. At present the current taxpayers are paying for the super payments and every 1 taxpayer is covering 3 super payments. That ratio is going to increase overtime and so is the tax to fund it. If Kiwisaver becomes compulsory today, it will take the burden off future taxpayers maybe even us by covering our retirement using Kiwisaver thus less super payments needed and in turn less tax which means more savings for the future taxpayers to pay into their Kiwisaver accounts to fund their retirement. Moreover, more money in hand would equate to spending more on improving your own quality of life, thus using and paying for more services such as healthcare, shopping, entertainment, studies, etc yourself and reinvesting that money into NZ's economy and people. NZ super can become obsolete either way with it becoming too expensive to pay for it or not needing it at all. Which will it be better for the future economy and the public than?
  3. There would always be objections to a new law but that does not necessarily mean its wrong. When Kiwisaver was first introduced, there was a lot of negative comments but to date almost 3 million NZers have joined in and so many NZers have also used it to assist in getting into their first home or when they have faced financial hardship. Sometimes money kept away from one is a good thing for later when one actually needs it. And I am not saying everyone one should contribute $5000 but keep minimum compulsory what it is 3% which equates to $18 for a person working full time on $15 weekly. But make maximum contributions $5000 with an incentive of $1 to $1 government contribution up to $5000. This will be incentive for Kiwisavers to contribute more which will help them in their retirement. We would not know until we try
  4. I think only your own contributions and employers' contributions should be allowed for early home grant and the government contributions should stay in the kiwisaver.
  5. Hi so according to this article $20852 a year is given by the government to over 65s but most likely this would not be enough for all of us. That' over $500,000 per person over 30 years. In comparison, $521.43 max is given per year to those who are trying to save for retirement in Kiwisaver. Would it not be better to make kiwisaver compulsory from the age of 18 and give at least $1 for $1 incentive up to $5000 by the government to encourage people to save for retirement. Add $5000 ur contributions, government contributions and $1000 employer contributions from 18 to 65 years of age at 5 % interest would amount to $2 million for retirement. And would only cost the government $235,000 per person over 47 years half of the nz super cost. What do you think?
  6. The 52 week money challenge

    Well done. I am Definitly impressed.
  7. The 52 week money challenge

    Hi thanks for ur update. These things have their ups n downs. Just out of curiosity do u contribute to an emergency acc
  8. The 52 week money challenge

    wanted to know how everyone doing
  9. Kiwi saver switching plans

    Correction, under Kiwisaver Act 2006, part 53 http://www.legislation.govt.nz/act/public/2006/0040/latest/DLM378372.html (1) A person may be a member of only 1 KiwiSaver scheme at any one time. (2) This section does not limit subpart 3. (3) This section does not prevent people from having more than 1 account or investment product of any one KiwiSaver scheme. For instance, BNZ kiwisaver has several kiwisaver accounts, cash, moderate, conservative, growth balanced to name a few. Your kiwisaver total sum can get divided into as many of these as possible provided minimum amount is 5% of your kiwisaver account total in each account. I have mine divided into moderate, growth and conservative in equal amounts.
  10. Would you have your 5 year old pay rent?

    I take inspiration from my grandfather who started my schooling from the age of 3 and got me to count the change left over from the day to day costs of running a rural household. My biological brother was brought up in household where he was given everything and spent his free time and money as most children do. When he grew and had to strike out on his own, he made mistakes but instead of learning from those he gave and today is living off someone. As for me, I was on my own by 19 and yes I made mistakes and thought about giving up but the lessons I learnt at a young age helped me go on and today I am financially stable. Learn to walk before running and learning to count before to budget is a good way to begin for young minds to give them the courage and confidence to keep on striving.
  11. Would you have your 5 year old pay rent?

    When my niece was little, I took her to the dairy to buy bread one morning. she had $5 and she rushed around picking up things to buy. I stopped her and explain the prices on the candy to her and how much she had. I told her she can spend a $1 on lollies every day to eat or $5 on two chocolate bars for today and go without for next few days. She chose the $1 lollies and pocketed the $4 at 3 years of age. I think the mother is doing a great job to educate her child in the above story. Nowadays parents enroll their children in sports or arts at an early age and tell them they are going to be superstars one day. they teach them how to talk, dress, eat, etc all from an early age so why not about the commodity which gets you all those things from an early age. Learning to walk is dangerous and stressful for a child, hot milk can burn a child or choke and it all is stressful for a child in the beginning. everything new is. But slowly they start to enjoy the freedom of walking, of deciding what their favorite foods are,etc. So why not they joys of managing money from a young age.
  12. Best place to raise a child

    I take a road trip every year to spend some time in the small towns, its a cheap way to have a vacation. Would also be a good way to get to know a town and people in a short period of time and suss out the employment market.
  13. A review of sorts

    Discussed with my bank about some debt left from my last renovation last year which is on high interest. Managed to transfer to mortgage which fropped it down to 5% and can now make extra payments on mortgage to pay off quicker.
  14. Budget with partner

    In what way does your partner does not get it?
  15. Worth getting an accountant?

    Hey if you only have one rental its quite easy to do it yourself. If you have 2 or more talk to an accountant, get it under a company name and let them sort it out. its all claimable via tax. I have 2 rentals and its also peace of mind someone else deals with ird.
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