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About ChrisNewbie

  1. How I teach my teenage son to invest

    Your son is wise, but 25 hours/week is a lot during exam times etc, so do consider that. Cars are the worst investment unless you need one for work, and especially terrible if one is compelled to "buy new". I would encourage your son to read www.fool.com.au which really distills good shares and bad shares, and why. No hype or fluff, just really useful facts.
  2. What's your secret weapon to get rich?

    Interesting that Kiwisaver is currently ranking #1. I honestly believe financial sense is the #1 source of wealth
  3. How to make money go further on food - fruit shops, vegetable markets, grow-your-own vegetables. How to spend all your money on food - high-end supermarkets, buying cheeses, yogurts and other dairy which seems to cost a lot here.
  4. My journey to become debt free

    $34000 debt (assume a blended interest rate of 15% over all the loans) = $5100 of new debt per year. It's insane how that is $100 of new debt per week without spending anything else. The nature of debt. To clear a $34,000 debt in 18 months, you would need to realistically pay back approx $2,200 per month. I really hope you are on your journey to being debt-free Elle
  5. Should I borrow living costs through my student loan?

    Yes, less debt is more freedom later on. Over a few years, NOT buying new textbooks will save $1000+ and SELLING your textbooks again is smart (you won't use them again, so get rid of them, trust me as the fool I am for hanging on to them - dead money). Tutoring via Uni is well paid, as is working in the Uni library (way above other jobs, and very social), and also calm. Also, you can take notes for uni's special services and they will pay you $20/lecture which quickly adds up - make great notes, get paid! Also, don't blow out on orientation week. Working full time in the holidays is essential; avoid retail which kicks your hours back after Christmas, and get something that goes all summer. Avoid the overdraft too, you don't need it if you are extra careful. I hope this helps!
  6. Kiwisaver to clear debt

    Please let us know how you get on Ford. Was it a long process from first applying to receiving the money?
  7. Mortagage payments offset or increase?

    To clear a mortgage faster, the answer is periodic payments, as interest is calculated daily on most mortgages, so $100 paid off today means less interest charges on that $100 tomorrow, and the day after etc. Also, you're unlikely to earn a rate of return for a term deposit above your mortgage's interest rate, so paying down money on your mortgage is a net gain as your money is best spent working for you on the mortgage reduction. I hope this helps!
  8. Credit Card Debt - The best way to pay it off?

    My advice here is to do both. If you can limit your credit card to a $500 maximum, you can still build up a credit rating if you can pay it off every month. For the residual debt, I would transfer that to a low interest credit card and pay it off aggressively until it's cleared, making no purchases on the card. This gives you $500/month for credit card spend while eliminating the historical debt. The only thing in your way is the risk of spending on non-essentials. Good luck