How to get poverty & accumulate wealth and freedom

[newb787]

@daisy83 Covert $50,000 of your mortgage to an offset mortgage & offset against your savings. Or a revolving credit. You’ll save on both interest payments & tax.

 

[daisy83]

@newb787 I was thinking about this, but one of my co-worker said don't he's worth 3+ million, he said don't let the bank control all.

 

[truepriest]

@daisy83 He sounds like a proper idiot. Think about it, if you have 50k in offset you are earning 6.49% in tax free interest every year.

 

[daisy83]

@truepriest Its pretty smart, there is a down turn the bank will freeze everything, but if you have that $50,000 with another bank they won't be able to take it.

 

[waitingprincess101]

@daisy83 Is that peace of mind really worth the potential $$ savings?

 

[kostas]

@daisy83 Is the poverty in the room with us rn???

 

[kostas]

Perhaps look at your outgoings, my own income is a third of that amount so surely there’s fat to trim.

 

[daisy83]

@kostas Yes, there is fat especially the cars, check out my expenses, i just edit/updated the original post.

 

[lemon_sorbet]

@daisy83 dont feed the trolls guys. its reddit 101

 

[eriksun]

@daisy83 Total bank balance $51k? Poverty?
Yeah nah, just cut down on the avo on toast, and lattes mate.

 

[daisy83]

@eriksun Mind you im 39 years old, not 21 or 22 year old.

 

[eriksun]

@daisy83 Yeah, but with $51k in the bank, you’re far beyond the definition of poverty. You’re not skipping meals to pay rent are you?

 

[gdt]

@daisy83 As others have said, try r/personalfinancenz.

My advice is to cut your expenses, $4600 a month is a LOT of outlay for one person. If you could reign in your spending you’d be sweet.

 

[stevenherb]

@daisy83 I have negative dollars. That makes me in poverty. You definitely aren't in it.

 

[eriksun]

@stevenherb Yeah, this post is making me unreasonably mad. OP has lost track of reality if they think this is poverty.

 

[ilovegod888]

@eriksun Yeah I'm a bit pissed that this has me so mad tbh, maybe I'm just cranky from the financially enforced intermittent fasting

 

[me34571]

@daisy83 Spend less per week, rent out a room or two, grow your own vegetables maybe? Without a list of what your spending that 1100 a week on its hard to know where cuts need to be made.

Saved big money spending $20 on food a week when I was younger. Don't think that's viable for most people.

 

[alex10]

@daisy83 How to get poverty? Mate the voters have taken care of that, just sit back and relax

 

[daisy83]

@alex10 I feel like I'm in poverty, I will have a mortgage and haven't even achieve my emergency or raining funds yet. I'm already 39!

 

[ilovegod888]

@daisy83 You're not anywhere near poverty. Frankly, you describing yourself as such is fucking offensive to the people regularly having sleep for dinner. Your savings are more than what a lot of people earn in a year. Get a grip and have some self awareness.