Early retirement / FIRE

[Nerf Herder]

Without arguing right or wrong as in the end it’s all interpretation and degrees of confidence. So I hear ya re gloomy outlook.

That said, have you just described what every downturn feels like at the very beginning ... To a good chunk of the populace? What would the 1% do?

Buy in DOOM ... sell in BOOM ...

The other adage I like is “... when the mums and dads are jumping in [or out] do the opposite ...”

The George Costanza school of investment is otherwise known as Contrarianism.

believe me it takes a lot of conviction to follow through ... particularly if your wife is the exact polar opposite and a house or warehouse is a lot harder to hide then a new Rascal

 

[frenchman]

I've recenty started full time work after only being a bike shop bitch previously and spending years studying. I'm looking to set up a budget/Financial overview spreadsheet or tracker. One place where I can keep track of money earnt, spent, invested and taxes etc. Are there any good templates, apps or programs for this that I can use?

I think this is a good place to post being financially related

I’ve been using PocketSmith. It takes a lot of work to set up ( you have to enter the last 12 months of spending into it in order for it to forecast your budgets) but it has been great. It is a monthly subscription approx $10-12 per month. Once you have set up it will sync with your bank accounts and allow you to budget and plan.
I’m sure you could get an excel spreadsheets that’ll do the same thing however.

 

[Kerplunk]

Without arguing right or wrong as in the end it’s all interpretation and degrees of confidence. So I hear ya re gloomy outlook.

That said, have you just described what every downturn feels like at the very beginning ... To a good chunk of the populace? What would the 1% do?

Buy in DOOM ... sell in BOOM ...

The other adage I like is “... when the mums and dads are jumping in [or out] do the opposite ...”

The George Costanza school of investment is otherwise known as Contrarianism.

believe me it takes a lot of conviction to follow through ... particularly if your wife is the exact polar opposite and a house or warehouse is a lot harder to hide then a new Rascal

I’m not arguing one way or the other either, if you knew what you were doing there has been great money to be made in shares the last few weeks. Pretty dam risky, a mate of mine lost 10k in a day trying to buy in the dips..
The only thing I am arguing is this downturn doesn’t really have a logical end point. If we don‘t get a vaccine then the waves of this virus could go for 3 - 5 years.. I don’t recall reading anywhere about any other downturn needing a miracle cure to get out of it’s economic woes.. The vaccine might not be the endgame though, we might end up suppressing the virus and letting it become part of the normal viruses floating around our environment.. Either way how do we get out of this into a fast v shaped recovery boom scenario without a cure? China is hardly flying out of recovery..

 

[Elbo]

I've recenty started full time work after only being a bike shop bitch previously and spending years studying. I'm looking to set up a budget/Financial overview spreadsheet or tracker. One place where I can keep track of money earnt, spent, invested and taxes etc. Are there any good templates, apps or programs for this that I can use?

I think this is a good place to post being financially related

Congratulations! I know the feeling after spinning spanners for 5 years in bike shops.
I feel like a salesman given the amount of spruiking I do for Scott Pape, aka the Barefoot Investor, but I've found his 'set and forget' approach is much easier to follow and therefore more likely that you'll succeed in sticking to your goals.
Personally, I've found that the more I try to micro-manage my finances, the harder it gets. You're in this for the long-haul, so think about whether in 12 months time, you'll still be arsed punching in all your expenses on an excel spreadsheet. It's much easier to set something up once and not have to think about it or make decisions every day or every week.

If you've got a solid understanding of compound interest and the time value of money, you're halfway there.

Buying a coffee every day isn't likely to break the bank or send you off the rails for your plans, but being in a super fund that charges you 1% more than a low cost fund, will make many thousands of dollars difference to your finances after 30 years of compounding.

 

[tubby74]

being in a super fund that charges you 1% more than a low cost fund

the young uns in particular need to check what insurance they are paying for there. no spouse or kids you really dont need life insurance in your super, and that will add up over time

 

[wesdadude]

Now's a great time to invest! Next month will be as well, and the month after that and the one after too… I don't care what it's worth now, just that it will be more in fourty years.

Max out the super for the full tax advantage. Pick the low cost index options. Don't pay for insurance you don't need. Simple.

 

[pink poodle]

Im getting into toilet paper futures.