SerBillNubboi
New Member
Morning legends. Keen to hear your thoughts on which financial path I should take.
44, single. Been in and out of FIFO/offshore for 20 years. Latest stint coming up to 4 years. Managed to get into a half-decent financial position and I’m ready to pull the pin offshore. It’s eating my soul tbh – I’m struggling with my mental health being away, missing out on life, maintaining friendships (don’t even get me started on relationships), not to mention the sterile environment when I’m away for work. To pull the pin I need to reduce debt and pay down my PPOR. I’m done being a sparky – eyeing off a new career that won’t pay as well, but I’m ready for the challenge.
PPOR (Sunshine Coast): $1.5m value, $960k loan.
IP (Perth): $1.2m value, $595k loan.
Shares & crypto: $350k.
Capital losses to.roll forward: $180k.
I’ve got the PPOR set up as dual occ, getting $650/wk while I live downstairs in my little zen den.
The IP is a 1027m² triplex street front development block with a house rented out for $750/wk. This was the retirement plan. It’s had substantial growth in 2 years. Cash invested was about $110k (12% deposit, stamp duty, buyers agent fee).
Crypto/shares are mostly speculative tbh. Crypto: BTC, ETH I’m up, but all my other alts are 80% down (more capital losses). Shares: heavy in LTR and RAC. Been holding LTR since 5c (now ~$2.40) and avg buy-in for RAC is $1.90 (now ~$2.60). If RAC’s trials from their patented drug bisantrene come through, the potential buyout figure is in the multiple billions (based on expected sales and previous biotech buyouts). But could also lose the lot. Risk vs reward is huge. Cash invested is about $200k over crypto/shares.
As I get older, my tolerance for the speculative play is reducing.
Tbh, debating between selling the IP and reducing debt from $1.55m to less than $500k (PPOR) and still hold the speculative assets, OR sell the speculative assets (maybe still hold $10k of RAC) and get debt down to about $1.2m ($600k PPOR & $595k IP).
Looking to action this before the CGT discount changes come into play.
Thoughts??
44, single. Been in and out of FIFO/offshore for 20 years. Latest stint coming up to 4 years. Managed to get into a half-decent financial position and I’m ready to pull the pin offshore. It’s eating my soul tbh – I’m struggling with my mental health being away, missing out on life, maintaining friendships (don’t even get me started on relationships), not to mention the sterile environment when I’m away for work. To pull the pin I need to reduce debt and pay down my PPOR. I’m done being a sparky – eyeing off a new career that won’t pay as well, but I’m ready for the challenge.
PPOR (Sunshine Coast): $1.5m value, $960k loan.
IP (Perth): $1.2m value, $595k loan.
Shares & crypto: $350k.
Capital losses to.roll forward: $180k.
I’ve got the PPOR set up as dual occ, getting $650/wk while I live downstairs in my little zen den.
The IP is a 1027m² triplex street front development block with a house rented out for $750/wk. This was the retirement plan. It’s had substantial growth in 2 years. Cash invested was about $110k (12% deposit, stamp duty, buyers agent fee).
Crypto/shares are mostly speculative tbh. Crypto: BTC, ETH I’m up, but all my other alts are 80% down (more capital losses). Shares: heavy in LTR and RAC. Been holding LTR since 5c (now ~$2.40) and avg buy-in for RAC is $1.90 (now ~$2.60). If RAC’s trials from their patented drug bisantrene come through, the potential buyout figure is in the multiple billions (based on expected sales and previous biotech buyouts). But could also lose the lot. Risk vs reward is huge. Cash invested is about $200k over crypto/shares.
As I get older, my tolerance for the speculative play is reducing.
Tbh, debating between selling the IP and reducing debt from $1.55m to less than $500k (PPOR) and still hold the speculative assets, OR sell the speculative assets (maybe still hold $10k of RAC) and get debt down to about $1.2m ($600k PPOR & $595k IP).
Looking to action this before the CGT discount changes come into play.
Thoughts??
