Your thoughts and advices on my financial track below, will be greatly appreciated:
Age: 30 years old male (no kids only a GF been with 1 year now)
Pay:
Job: stable (been working for the same company for 3 years now)
Goal: To be financially set and retire when I am 58 with a bit of passive income
Assets:
Shares = $14k
Savings = $0
Silver bullion = 20k
Car = valued at 20k
MISC = $2,000
House equity = $175k (House valued at $507k I still owe 335k on it)
Super annual fund = $16k (3% from my wage and employer contribute 3%)
Liabilities:
Home mortgage = $335k
Credit card debt = $4,000
The house I own has 3 bedrooms, I am renting out the 2 spare bedroom total monthly income $1,480.
Total monthly income (rent and salary) = $5,620
Total monthly expenses (Mortgage repayment,power,water,phone and internet,food,petrol,entertainment etc..) = APPROX $4,200
Monthly surplus of $ 1,420
Mortgage set out: Balance of $335k @ 5.79% (fixed for 1 more year) minimum monthly repayment $1,840, but I am paying a bit more than the minimum repayment so that I can pay it off faster saving myself 20 years and money on interest. I am currently paying $3,200 monthly.
My question is that should I keep going what I am doing? Or should I less my repayment and save the rest for another deposit on another house which I can rent out and that hopefully by the age of 55 both house will be paid off? Passive income plus my Super annual fund should be enough to live on?
My goal at the moment is to pay hard maybe increase the mortgage repayments it will cut another 2 years off. So by the age of 38-39 I should have a free hold house then I will have $4,620 of surplus cash monthly to save for another house or even use the equity of the house I paid off for another loan on a rental house.
Age: 30 years old male (no kids only a GF been with 1 year now)
Pay:
Job: stable (been working for the same company for 3 years now)
Goal: To be financially set and retire when I am 58 with a bit of passive income
Assets:
Shares = $14k
Savings = $0
Silver bullion = 20k
Car = valued at 20k
MISC = $2,000
House equity = $175k (House valued at $507k I still owe 335k on it)
Super annual fund = $16k (3% from my wage and employer contribute 3%)
Liabilities:
Home mortgage = $335k
Credit card debt = $4,000
The house I own has 3 bedrooms, I am renting out the 2 spare bedroom total monthly income $1,480.
Total monthly income (rent and salary) = $5,620
Total monthly expenses (Mortgage repayment,power,water,phone and internet,food,petrol,entertainment etc..) = APPROX $4,200
Monthly surplus of $ 1,420
Mortgage set out: Balance of $335k @ 5.79% (fixed for 1 more year) minimum monthly repayment $1,840, but I am paying a bit more than the minimum repayment so that I can pay it off faster saving myself 20 years and money on interest. I am currently paying $3,200 monthly.
My question is that should I keep going what I am doing? Or should I less my repayment and save the rest for another deposit on another house which I can rent out and that hopefully by the age of 55 both house will be paid off? Passive income plus my Super annual fund should be enough to live on?
My goal at the moment is to pay hard maybe increase the mortgage repayments it will cut another 2 years off. So by the age of 38-39 I should have a free hold house then I will have $4,620 of surplus cash monthly to save for another house or even use the equity of the house I paid off for another loan on a rental house.
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