Can someone give me advice on getting out of poverty and accumulate true wealth in New Zealand?
I came up with my own plan but i don't know if its the right path to financial freedom?
Age: 39
City: Auckland
Work: employed full time, been with the company for almost 13 years
Owned house, Mortgage balance $154,000 fixed until June at 6.49%
Must complete Emergency Fund and Raining day funds before looking at investing. Once Emergency Fund and Raining day account is completed, any surplus money from pay goes into a EFT account. Keep doing this until 50 years old and analysis finance situation.
My definition of Emergency Fund is enough funds to cover 12 months if current living monthly expenses. Raining day fund is for unforeseen issues e.g. Car engine or transmission failure, a burst water pipe etc...
Here's my figures so far:
Total balance in 4 different online saving bank accounts: $51,267.45
Total monthly expenses: $4,676.09
Target 12 months living cost required $56,113.08
Target Raining day funds: 5,000-7,000
Require $11,845.63
**************************************************
Expenses breakdown:
Mortgage $1600
Rates $199.98
Water $98
Power including EV cars charging $275
Insurance house $116
Insurance car $116
Insurance Health $174.86
Internet $98
Food $500
Mobile phone plan $80.50
Misc - House, car rego & WOF $35
Car loan payment $882.75
Car lease $500
*********************************************************
Your thoughts and inputs will be appreciate.
I came up with my own plan but i don't know if its the right path to financial freedom?
Age: 39
City: Auckland
Work: employed full time, been with the company for almost 13 years
Owned house, Mortgage balance $154,000 fixed until June at 6.49%
Must complete Emergency Fund and Raining day funds before looking at investing. Once Emergency Fund and Raining day account is completed, any surplus money from pay goes into a EFT account. Keep doing this until 50 years old and analysis finance situation.
My definition of Emergency Fund is enough funds to cover 12 months if current living monthly expenses. Raining day fund is for unforeseen issues e.g. Car engine or transmission failure, a burst water pipe etc...
Here's my figures so far:
Total balance in 4 different online saving bank accounts: $51,267.45
Total monthly expenses: $4,676.09
Target 12 months living cost required $56,113.08
Target Raining day funds: 5,000-7,000
Require $11,845.63
**************************************************
Expenses breakdown:
Mortgage $1600
Rates $199.98
Water $98
Power including EV cars charging $275
Insurance house $116
Insurance car $116
Insurance Health $174.86
Internet $98
Food $500
Mobile phone plan $80.50
Misc - House, car rego & WOF $35
Car loan payment $882.75
Car lease $500
*********************************************************
Your thoughts and inputs will be appreciate.