Free financial advice----------ask lon

Lon · Post by **Lon** » Sun Jun 01, 2014 2:09 pm

Since there is no Forum Topic on Finance or Money Management I have decided to share my vast knowledge and experience with members and guests by starting a ASK LON THREAD

Bruv · Post by **Bruv** » Sun Jun 01, 2014 2:21 pm

Lon;1456159 wrote: Since there is no Forum Topic on Finance or Money Management I have decided to share my vast knowledge and experience with members and guests by starting a ASK LON THREAD

Where have you been ? I'v been worried about you.

Best you get over to the minimum wage thread and sort them out.

Lon · Post by **Lon** » Sun Jun 01, 2014 2:57 pm

Been doing a bit of traveling Bruv and have just sold our California home, moved to a different city, downsized to a two bedroom apartment and all the kufuffle that goes with it.

Thanks for your concern.

Post by **Oscar Namechange** » Sun Jun 01, 2014 3:26 pm

That's weird man. I was wondering where you were only very recently. I thought maybe you were still In New Zealand. Anyway good to see you back Sir.

Lon · Post by **Lon** » Sun Jun 01, 2014 3:51 pm

Oscar Farage;1456177 wrote: That's weird man. I was wondering where you were only very recently. I thought maybe you were still In New Zealand. Anyway good to see you back Sir.

Thank you Oscar, please no Sir, Lon is fine.

along-for-the-ride · Post by **along-for-the-ride** » Sun Jun 01, 2014 5:26 pm

Welcome back, Lon!

I would like to share some financial advice. Save your change. Hubby and I had done this for several months, took the change to those public machines, and found out we had over $500.00.

fuzzywuzzy · Post by **fuzzywuzzy** » Sun Jun 01, 2014 9:52 pm

Lon;1456159 wrote: Since there is no Forum Topic on Finance or Money Management I have decided to share my vast knowledge and experience with members and guests by starting a ASK LON THREAD

okay Lon .............what he hell do I do with my super (it's over a 100 grand) (just) and I have other spread out all over the place...........it's just too hard . suggestions please.

Lon · Post by **Lon** » Sun Jun 01, 2014 10:06 pm

The answer to your question really depends on a number of things. Your age. Is anyone dependent on you for support. Your health. Do you currently have a job. Do you have any debt. These questions and a number of others, all of a personal nature would have to be known to give you an intelligent answer.

fuzzywuzzy · Post by **fuzzywuzzy** » Sun Jun 01, 2014 10:07 pm

along-for-the-ride;1456185 wrote: Welcome back, Lon!

I would like to share some financial advice. Save your change. Hubby and I had done this for several months, took the change to those public machines, and found out we had over $500.00.

They had a segment on radio as to what people had put aside in change over long periods of time. Young people were saying they had bought cars .... older people were saying they paid for holidays . The list went on . One young bloke who had saved one and two dollar coins over a period of some years had a deposit for a house.

I'm all for it . I hate banks and I found out recently banks don't like me. I use banks for the essential wage payment to go into, but only because I have to . I've never had a credit card or taken out a loan. So they don't like me very much, I'm not a good customer. :/

Something banks have begun to do though. Change counting machines, but here's the catch....... you don't get the money, it has to go straight into your account. So suddenly you have to explain a lump sum payment into your bank account to the tax office.

I decided a long time ago that if a bank says not to hold your money under the mattress ..............then that's exactly what you do

fuzzywuzzy · Post by **fuzzywuzzy** » Sun Jun 01, 2014 10:12 pm

Lon;1456198 wrote: The answer to your question really depends on a number of things. Your age. Is anyone dependent on you for support. Your health. Do you currently have a job. Do you have any debt. These questions and a number of others, all of a personal nature would have to be known to give you an intelligent answer.

I can't access it for another ten years. Not that I want to ..so that gives my age ........on death it goes to my three boys after funeral expenses etc . Health is mediocre. About to begin work. Debt, under three grand.

I was hoping you could give me advice on where to put it...........self managed ? industry fund or private fund? .............compound interest? etc.

Lon · Post by **Lon** » Sun Jun 01, 2014 10:25 pm

What is your tolerance for financial risk. Are you conservative or a risk taker? WestPac for example appears to give pretty decent interest rates on time deposits. Far better than what is available from U.S. Banks. My wife has several accounts of this kind. She is conservative and not a risk taker.

fuzzywuzzy · Post by **fuzzywuzzy** » Sun Jun 01, 2014 10:39 pm

To be honest Lon, it's where I'm coming from ................I have no idea.

I do know of a bloke who didn't understand his super and his accountant put him in the high risk area .......which was a hell of a nice surprise when he eventually needed his super but he didn't know it was in a high risk ...........it could have easily gone the other way . I keep looking at he fees etc and thinking I'm not going to have anything left in ten years. and I'm being spruiked by all and sundry super funds.

Should I ask the advice of an accountant or what?

Lon · Post by **Lon** » Mon Jun 02, 2014 9:27 am

My advice Fuzzy would be for you to contact someone in your area regarding all the ins and outs of SUPER as it pertains to you. Ask them how they would be compensated for their advice ---Commission-- Flat Fee--Hourly Rate and then get a second opinion. Good luck.

Post by **Oscar Namechange** » Mon Jun 02, 2014 9:31 am

Lon;1456180 wrote: Thank you Oscar, please no Sir, Lon is fine. I only use Sir to an elite few...those who have earned my respect.

My new horse Is running In a Nursery horse race Friday, Now how much shall I wager ?

Post by **LarsMac** » Mon Jun 02, 2014 12:53 pm

My Uncle Patrice always said that free advice is worth what you pay for it.

Wandrin · Post by **Wandrin** » Tue Jun 03, 2014 9:01 am

LarsMac;1456230 wrote: My Uncle Patrice always said that free advice is worth what you pay for it.

On the other hand, some of the free advice I've gotten over the years has been far more valuable than the advice I've paid for.

Lon · Post by **Lon** » Tue Jun 03, 2014 9:09 am

LarsMac;1456230 wrote: My Uncle Patrice always said that free advice is worth what you pay for it.

People can pay for lots of advice that isn't worth a damn and winds up costing them Big Time. It all depends on who is giving the advice and what their motivation is.

Post by **LarsMac** » Tue Jun 03, 2014 11:02 am

Wandrin;1456309 wrote: On the other hand, some of the free advice I've gotten over the years has been far more valuable than the advice I've paid for.

Lon;1456310 wrote: People can pay for lots of advice that isn't worth a damn and winds up costing them Big Time. It all depends on who is giving the advice and what their motivation is.

I do not disagree. Just sayin'

Wandrin · Post by **Wandrin** » Tue Jun 03, 2014 5:22 pm

Managed mutual funds vs sector ETFs vs index funds? Or all of the above?