This week I completed Units 6 and 7.
"Lifetime Health Cover makes joining after the age of 30 worthwhile"
Comment: A remark which highlights something that I can apply in my future to save money and plan to establish once at the correct age.
"Keep receipts, photographs of items and asset register to provide evidence for a claim"
Comment: A routine I have already established with regards to the expense tracker for this course, will serve me well as I apply it to the contents of my house in the future.
"If you can't afford to buy, you can't afford a car"
Comment: This refers to 3rd Party Property Insurance, which seems to me like the most important insurance that can be b0ught with regards to vehicle insurance.
'Keep savings for car/holiday completely seperate to these 'investments'"
Comment: In regards to superannuation, this advice was quite interesting, but raised the question of where to keep the savings for car/holiday? If you keep them in an everyday account they are likely to be spent, and if you put them in a savings account the interest accrued from this account will be nullified when u withdraw the funds to pay for the car/holiday.
''Difficult to consolidate multiple accounts into one fund"
Comment: In regards to having multiple superannuation funds which is applicable to me. I believe I have super kept in multiple accounts, and my parents want me to divert these funds into a single account under Westpac, the company my mum works for. For future thoughts, completing this task may not be straightforward
Monday, December 14, 2009
Sunday, December 6, 2009
Week One Reflection
'Save little, save often'
Comment: This tip from Chapter 1 has somewhat become my motto for this course. I've employed this by depositing small amounts from my everyday account into my savings account and planning to make a larger deposit just before my next pay day.
'Deferring saving - spend at a later date'
Comment: Much of my savings which I defined as 'savings' were actually literally deferred savings, which was concerning as I realised I was merely saving to buy items at a later date, rather than permanently saving my money.
'Pay with cash (feels more expensive than using an eftpos card)'
Comment: I found this remark to be quite true as I experimented with purchasing with cash and purchasing with eftpos.
'Theory development & Conceptual Thinking / Enterprise Control'
Comment: The two DELI's that I believe are most applicable to me, with possible traces of Quantative Analysis.
'STAR response for behavioural questions asked in interviews'
Comment: Quite an effective and efficient way to answer questions directly while providing enough information to the interviewer.
'Disadvantage of owning a property is not being divisible'
Comment: I found this quite interesting, although painful when realising how obvious this statement was.
'Co-investing with a family member - creative ways to own a home'
Comment: This was the most applicable and most likely outcome when I reach this stage. My parents who are interested in purchasing more properties for investment purposes would most likely allow me to rent out an apartment they invest in.
'Most banks lend 90% of property value'
Comment: This remark came from Unit 4C - Before making an offer. I found this interesting as the rough knowledge of knowing how much to save up as a deposit was becoming more and more clear.
'Agent is on seller's side'
Comment: Interesting as it is quite true, although not obvious to many customers.
'10% less than asking price'
Comment: Found this to be interesting along with the combination with banks lending 90% of property value, giving greater knowledge of how much to save for a deposit.
'Strongly recommend against buying property with defacto partner'
Comment: Quite ironic considering plans that were jokingly made between myself and my long-term girlfriend.
'Zero deposit with "Family Guarantee"'
Comment: A feature that I am almost certain that I will be utilising when the time is right, as parents have almost paid off the current house we live in and are working on paying off their current investment property.
Comment: This tip from Chapter 1 has somewhat become my motto for this course. I've employed this by depositing small amounts from my everyday account into my savings account and planning to make a larger deposit just before my next pay day.
'Deferring saving - spend at a later date'
Comment: Much of my savings which I defined as 'savings' were actually literally deferred savings, which was concerning as I realised I was merely saving to buy items at a later date, rather than permanently saving my money.
'Pay with cash (feels more expensive than using an eftpos card)'
Comment: I found this remark to be quite true as I experimented with purchasing with cash and purchasing with eftpos.
'Theory development & Conceptual Thinking / Enterprise Control'
Comment: The two DELI's that I believe are most applicable to me, with possible traces of Quantative Analysis.
'STAR response for behavioural questions asked in interviews'
Comment: Quite an effective and efficient way to answer questions directly while providing enough information to the interviewer.
'Disadvantage of owning a property is not being divisible'
Comment: I found this quite interesting, although painful when realising how obvious this statement was.
'Co-investing with a family member - creative ways to own a home'
Comment: This was the most applicable and most likely outcome when I reach this stage. My parents who are interested in purchasing more properties for investment purposes would most likely allow me to rent out an apartment they invest in.
'Most banks lend 90% of property value'
Comment: This remark came from Unit 4C - Before making an offer. I found this interesting as the rough knowledge of knowing how much to save up as a deposit was becoming more and more clear.
'Agent is on seller's side'
Comment: Interesting as it is quite true, although not obvious to many customers.
'10% less than asking price'
Comment: Found this to be interesting along with the combination with banks lending 90% of property value, giving greater knowledge of how much to save for a deposit.
'Strongly recommend against buying property with defacto partner'
Comment: Quite ironic considering plans that were jokingly made between myself and my long-term girlfriend.
'Zero deposit with "Family Guarantee"'
Comment: A feature that I am almost certain that I will be utilising when the time is right, as parents have almost paid off the current house we live in and are working on paying off their current investment property.
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