Redundancy money to spend

G

Goldhamster

New Member
Hi Guys/Girls,

I got made redundant the other day and am expecting 6 months worth of pay in a few weeks.
Some of it I have set aside for a course that would allow me to teach for a RTO. There is also a better than 60:40 chance that I have secured myself a new job yesterday.
Which leaves me with the question ,what do I do with the money? I do not want to lock it up straight away but would like to keep some liquid in case the transitioning phase doesn't pan out the way I envision it.
I run my own SMSF and have some physical.

What would you do ?

Thanks
 
Pay off any debt you have get out of the system, or put it into unallocated silver and double your money by the end of the year then pay of any debt and get out of the system, set a mental stop loss as to when you would sell unallocated if price goes down then pay of debt and get out of the system. :)


Edit (Not Financial Advice) :)
 
I am with dagsgarrett, pay down debt.

Not so sure about the unallocated doubling at the end of the year but if it does then I am laughing.
 
Pay credit card, store debt, car debt etc only. Don't put it into a mortgage if you have one or super.

Keep enough cash for 3 months expenditure.

If there is anything left over then you can invest it or put it into an offset if you have one.
 
Suggest doing nothing until you actually have started a new job and are sure it will last
 
Great feedback guys/gals.
There is no debt to pay off and I am curious as to why you advise against putting some into my SMSF ? What are the dis/advantages ? Does the government match my contributions ?

Thanks
 
Go on a holiday or treat yourself to something you've always wanted or wanted to do. Spend some quality time with friends and family. Even a visit to someone you haven't seen in a long time can be very rewarding.
A good opportunity to get 6 months of supplies if you feel there may be some type of event in the future.
 
Once it's in your super.... it's very VERY hard to get out.... for a long time.

IMO You're better off investing it yourself (outside of your SMSF) because if you ever need it, you can sell the investment and use your wealth elsewhere. You can't do that if it's locked away in a Super Investment. (unless you're on really hard times..i.e. permanently disabled.

No, the Govt won't match your contributions. They only do that for that 1st home saver's account 'thingy'.
 
Actually I think they match $1000 contibution with $500 if you're under the taxable line.
 
JulieW said:
Actually I think they match $1000 contibution with $500 if you're under the taxable line.
Click to expand...

Correct once again...

Eligibility for the super co-contribution

http://www.ato.gov.au/Individuals/Super/In-detail/Contributions/Super-co-contribution/

You will be eligible for the super co-contribution if you can answer yes to all of the following:
you made one or more eligible personal super contributions to your super account during the financial year
you pass the two income tests your total income for the financial year is less than the higher income threshold ($48,516 for 2013-140
Click to expand...

here's the calculator for the co-contribution

http://calculators.ato.gov.au/scripts/axos/axos.asp?CONTEXT=&KBS=superc_calc.xr4&go=ok
 
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