Actually, i managed to reduce my lifestyle expenses by realizing that luxuries are not a necessity in life (even though my wife and i have a lot of luxurious material goods that were accumulated over the past 25 years) and that leading a simpler life actually makes me happier.

not sure about others....but as for me, still new in R, just entered 70 days to date.
currently trying to do things that I had been wanting to do since decades ago.....
2 things came into my mind
keeping myself fitter, by trying to reduce my decades old beer tummy.
had managed to reduce the 1 inch....hope to be able to reduce to desired level by end of the year.
then will try to learn Thai language. Had books, CDs, VCDs and etc since 15 yrs ago...just hope that i could convince myself to start next year.

wish to know answers on your question from other veterans too.

I have to plan my own time. otherwise, it will be very boring. I seek a few jobs as pass time (not part time ya), I really mean passing time.

1st NGO
- visit home alone ppl once a month. will do more if got special request
- monitor a special kids training centre
- attend ad hoc cases upon public making a report to this NGO
- disaster event

2nd NGO
- visit B40 family with this NGO staff

3rd NGO
- look look see see what can we do for assisting the cancer patient or their family in financial aspect

and others small small one.

Besides that, attend AGM, go equity/future seminar, take a short course and etc...

I did not feel like retire as I still got job to do with 2 days off per week. just the day off no necessary fall on Sat and Sun.

The cons part is difficult to apply credit card, loan.

I end my story here.

Based on the reports I am seeing after the RCI, and with APRA clamping down on the banks and the FIs, loans are not so easy to come by. Melbourne and Sydney seems to be the hardest hit. So, Tasmania is still doing well ?? Specifically Hobart ? Launceston ?

So u r one of those uncles attending AGM for free food la.. jokes ya

Surprised that u did not keep at least a credit card from income days.

I'm sure he has, bro,... he's just alerting us to this challenge only if we needed to apply a card after retirement.

I like to ask your planning on kids education fund, especially those who already choose to RE but kids still in secondary schools for example.

Do you keep the fund in term of cash, ASNB,TH, FD, shares and/or property?

Cheers

I had them in property and some in UT & SSPN

Ok

Yes - Hobart is the only city that properties (residential) are still increasing (only slightly though). All other cities have stagnated or are still falling.

The govt had to drop interest rates to 1% otherwise a lot of people will be in great financial strive and look like it will probably fall to 0.5% in another 6 mths - this has never happened!! What you will see with this is the Aussie falling further which is why i have only been interested in International shares (assets based in other currencies).

Children are indeed young. Started later in life but always felt I could not afford them anytime before that.

I invested in Hobart in 2006, bought 2 houses and bought shares in a salmon factory. Was supposed to take over the management of the factory but in the end decided Australia and more specifically Hobart wasn't for me. Did a shares for assets swap which saw me taking over the 2 pieces of land and several buildings that was owned by the company.

Are PRs eligible for the state pension or the super fund is it? Never planned on being an Aussie citizen?

I haven't quite decided if I would continue being a citizen of Malaysia. Ultimately it would depend on whether my future wife would like to continue living here or return to America but currently no signs of her wanting to return as life is pretty good for her.



She was a qualified accountant. I doubt it was an impossibility for her to raise us on her own. My sister refuses to talk to the mother as well for the simple reason that she felt all through her life she was never the favorite one and the mother always favored the children she had with her 2nd husband.

I have long since decided that I will send my children to America for their tertiary education because I graduated from a university in Texas and ultimately it was that experience that opened up the opportunities I had in life. I won't make them go to the same university but hope one of them follows my foot steps.

As for how I intend to fund them, I bought real estate for that purpose. Basically I bought several old buildings in Seattle and Bay Area. Remodelled and sub-divided them into smaller apartments, then I rent it out. When it is their time for college am hoping I could support them purely on the rental alone but looking at how much tuition fees cost these days and how much it is going up by every year I may have to remortgage and find more money for their living expenses.

Only Hobart is doing well, mainly as a result of restrictive planning laws.

If you had bought in 2006 in Hobart, you would have done very well. Real estate in Hobart would have gone up at least double or possibly triple since 2006.

PR privileges is the same as a citizen except you cannot vote in all elections or work as a federal public servant (state public servants and local councils are usually okay but every state law is different).

Have you ever considered investing in SG ?

Do you pay taxes on your worldwide investment returns to the ATO ?

Another way of funding for kids' education is by investing into a country with a currency that has a strong tendency for appreciation. You continue to ride on that currency's strength.

I sent my family out when they were young, so that they could experience what it is like in an international community, and order that they they could mingle. Somehow, I feel that sending them out when they reach pre-U age is a bit too late. But that's just my opinions,...

Of course, sending them out earlier will consume more resources because we will start to spend for their studies and their living expenses t younger age, compared to against when they reach pre-U age. Whatever spent earlier could then have been saved up for spending in later years.

However, I opted for the first choice.

My decision to invest in foreign countries has been a great help to me towards financing the above responsibility.

which foreign country / countries? US/Singapore/Australia/NZ?

Singapore, Canada and Australia.

Can you further explain how you sent your kids overseas when they are younger? Sent to relatives or boarding school?

Comparing with Seattle and SF, kv property is petty, not worth the time and effort. Rental income in u.s should be more than sufficient for students expenses (exclude school fees). For school fees, you could always sell one property if needed.

It is always wise to invest in stocks or/and property in country where one intend to send children for further education to mitigate forex and inflation risks.

With wealth, one could live or retire in town, city or county of choice.

This post has been edited by icemanfx: Jul 27 2019, 04:53 PM

I think SG is a great place to invest but most of my wealth is tied up in my super (which i am paying 15% tax on investment earnings now). Once i retire, i will pay 0% tax on investment earnings (as i am over my preservation age) - this is the best thing for retirees in Aust as all earnings inside super are tax-free. There is no limit on how much you can withdraw (tax-free) once you have reached 60 (fully-retired).

However, I still have to pay tax on my investments outside super - i try not to sell now as i have to add the capital gain as income and is taxed at my marginal tax rate (37%). I probably won't sell those investments outside super unless i really have to. I estimate my super should give me enough income to live on upon retirement. My wife also has quite a fair bit of super which she has started drawing (as she is fully retired now)- she is so happy as after so many years of working, she is seeing the rewards of her hard work.

In the overseas, compared to property, I would rather invest in equities and exchange-related instruments which I could liquidate at a moment's notice. The changing dynamics of the legislation also poses a risk to property investors.

But that's just me,...

Generally, it is wise to invest in the same country,... but I have experienced a new thing here. I discovered it is better to invest and earn the SGD, compared to earning the AUD to finance my family in AU. The AUD has weakened against the SGD, and is continuing to do so.

Not only with wealth,... but with wealth that can be accounted for, and that financial insts are willing to accept for savings and investing today. Wealth that your filling-in of the FATCA and CRS Forms can support the authenticity of,... and wealth that, when you're filling-in the forms when opening accts, you can answer all questions favourably-in.

Otherwise, the FI may not accept your acct-opening.