What's your prediction on the Australian Dollar?

[medhead]

I didn't have to pay income tax on minimum wage with LITO. Has that changed?

Not sure. But my quick googling said $640 minimum wage per week, about $33000 per year. Works out at about $3000 income tax. Saw LITO at $300 in passing while googling. Potentially still more tax to pay. It might have changed when the bottom threshold was increased to $18200.

 

[MEL_Traveller]

But that's the point - a pensioner who owns their own home, is much better off than one renting (often in government housing) but the pension is the same (even for those in multi-million dollar houses)

Yes - but the flip side is for renting, you don't have rates and repairs and things like that.

Someone owning their own place might have a nice functioning modern home on the day they retire... but 20 years down the track when they need new guttering, or to fix the roof because it's leaking, or to have pipes replaced because a tree root has broken it... that's when it can become difficult.

We have a family friend, on the pension, and next door replaced the fence. Family friend was up for half of the cost. Where do you expect someone on a state pension just to come up with $1000?

 

[Flashback]

Yes - but the flip side is for renting, you don't have rates and repairs and things like that.

Someone owning their own place might have a nice functioning modern home on the day they retire... but 20 years down the track when they need new guttering, or to fix the roof because it's leaking, or to have pipes replaced because a tree root has broken it... that's when it can become difficult.

We have a family friend, on the pension, and next door replaced the fence. Family friend was up for half of the cost. Where do you expect someone on a state pension just to come up with $1000?

Unless you're in the UK, in which case Council Tax is payable by the tenants! :shock:

 

[drron]

Well back OT.Leaving the country on Thursday.The RBA will get their wish.

 

[Alanslegal]

We have a family friend, on the pension, and next door replaced the fence. Family friend was up for half of the cost. Where do you expect someone on a state pension just to come up with $1000?

Either obtain a Centrelink Advance/Loan which they are entitled to once per annum, pay back the amount owing using a Centrepay Deduction Form or just negotiate a payment to the neighbour

Anyway, the pension is a decent amount of money I think. $860 per fortnight as a single pensioner sounds pretty good when 99% of the world lives on less than a buck a day. Anyway most people my age want to retire without being reliant on the government, so gotta work hard and smart over the next three decades

 

[serfty]

... $860 per fortnight as a single pensioner sounds pretty good when 99% of the world lives on less than a buck a day. ...

That's hardly a valid comparison in this context since for those 99% the cost of living is significantly less than it would be for those collecting that $860 (those effectively living in Bali excluded).

 

[Alanslegal]

That's hardly a valid comparison in this context since for those 99% the cost of living is significantly less than it would be for those collecting that $860 (those effectively living in Bali excluded).

That is true, not apples vs oranges. Just trying to emphasis that I think $860/fn is a decent amount of money regardless.

 

[MEL_Traveller]

That is true, not apples vs oranges. Just trying to emphasis that I think $860/fn is a decent amount of money regardless.

It might 'sound' pretty good, but I think you'll find it makes for pretty boring subsistence living. There's not much fun in that.

Why not take the challenge and see how you go?

 

[JohnK]

It might 'sound' pretty good, but I think you'll find it makes for pretty boring subsistence living. There's not much fun in that.

Why not take the challenge and see how you go?

You are on.

My plan has always been to retire on around $800/week. I think that should be possible in 5-10 years time. I think I will also be able to save money and go to Thailand once or twice a year.

 

[medhead]

I thought I read in this thread about how rubbish Japan was going. Whoever wrote that better go talk to Joe Hockey, according to him Japan seems to be going well. Abe-nomics is working....

 

[cove]

Well it's 0.8112 tonight against a weak USD.

 

[Foreigner]

Well it's 0.8112 tonight against a weak USD.

So long as USD's weakness persists the Aussie will continue to rise.

 

[Danger]

Well I've finally entered the world of forex trading. While I wait for money to get into my account I have today made $67 in my demo account across six USD-AUD trades.

Well it's 0.8112 tonight against a weak USD.

And when it hit 0.8150 overnight my foray into forex ended with a $2k loss.

 

[Cruiser Elite]

And when it hit 0.8150 overnight my foray into forex ended with a $2k loss.

Danger will you please forgive me for the giggle I just had this side of the screen? Many a wise man before you has suffered the same deflating experience - I know only too well.

 

[medhead]

Just when I'm sitting on a 500 euro from a shopping tax refund waiting for the Aussie to go down.

 

[andye]

New world order-cut the interest rate and see the currency rise. Who'd be the Governor?

 

[whatmeworry]

And when it hit 0.8150 overnight my foray into forex ended with a $2k loss.

Reminds me of the Simpsons episode when Martin Prince does some futures trading.

 

[Danger]

Danger will you please forgive me for the giggle I just had this side of the screen? Many a wise man before you has suffered the same deflating experience - I know only too well.

Quite alright.

Going into the whole thing my Father said "A wise man once told me, if you trade shares, you get burnt; if you trade forex, you get electrocuted."

Dad was right again.

 

[Dr Ralph]

I'm heading to the US in 2 weeks from now. Has been good to see the dollar rise a few cents over the last couple of weeks. Hope it continues whilst I'm there.

 

[ellen10]

We are going in September. Fingers crossed that it may stay until then.