I feel like you would benefit from looking into the first home super saving scheme (FHSSS). You can put extra money into super to lower taxes and you can then take it out when buying your first home. (Deposit 15k per year up to 50k total). It’s got the double benefit of lowering taxes and saving for a house deposit with pretax money.
I've thought about this before! It's a bit tricky having lots of contract jobs in a year and needing to set up salary sacrificing for a new job each time, so I haven't bit the bullet yet - I also like having my money available in case I change my mind about buying. It's definitely a great scheme though!!
My income varies because I’m a freelance Production Coordinator in Film & TV, so it can change job to job. I don’t have a salary like normal jobs but my income per yet sits anywhere from $85k-$110k 😊
@@SophArmstrong Thank you very much. Knowing your income evolution and the percentage of which you invest/save would help understand your finance strategy.
@@SophArmstrongI’ve had $80-100k sitting in savings for years waiting to buy a house. It’s much wiser to know how much you’ll have than not know (even if there’s a potential opportunity cost). My partner and I are both Australians in Media and our incomes can be unpredictable. I’m 30, she’s 27. My only differing thoughts to what you’ve said, would be to invest as ethically as possible. Anytime there’s an ethical ETF alternative, please try to select that one as it drives positive change at an enormous level and often comes with a very similar return. There are more ethical banks, super and investment options than others - seek it out! Also as someone in media, look into industry relevant investments such as NEC or SEK (channel 9/Stan or Seek), these are companies that support the media industry more than most in Australia (although you may already do these things - I’m just supporting/raising that idea). Not advice, just ideas, all the best on your financial and creative ventures.
I feel like you would benefit from looking into the first home super saving scheme (FHSSS). You can put extra money into super to lower taxes and you can then take it out when buying your first home. (Deposit 15k per year up to 50k total). It’s got the double benefit of lowering taxes and saving for a house deposit with pretax money.
I've thought about this before! It's a bit tricky having lots of contract jobs in a year and needing to set up salary sacrificing for a new job each time, so I haven't bit the bullet yet - I also like having my money available in case I change my mind about buying. It's definitely a great scheme though!!
youre doing awesome love it!
@@RealwithGod510 Aw thank you! Appreciate it 🙏🏼🙏🏼
Great job Sophia!
Thank you!
good job! way better then me at 27! :) but how is net worth lower then total assets ? 😀 nvm mind, i forgot the hex thingy :D
Thank you!! Yeah it's just my HECs that is the factor pulling my net worth down unfortunately! 😌
Maybe I missed it but what is your income?
My income varies because I’m a freelance Production Coordinator in Film & TV, so it can change job to job. I don’t have a salary like normal jobs but my income per yet sits anywhere from $85k-$110k 😊
@@SophArmstrong Thank you very much. Knowing your income evolution and the percentage of which you invest/save would help understand your finance strategy.
Give Bitcoin a look. If you’re obsessed with finance and money, Bitcoin will change your entire life outlook if you start to dig and learn. 🍻
You have way too much money in Savings. Should be like 2 months rent in saving. The rest should be invested either Super or ETFs.
As I said in the video I plan to be able to purchase a home in the next couple of years so need that cash saved 😊
@@SophArmstrongI’ve had $80-100k sitting in savings for years waiting to buy a house.
It’s much wiser to know how much you’ll have than not know (even if there’s a potential opportunity cost).
My partner and I are both Australians in Media and our incomes can be unpredictable.
I’m 30, she’s 27.
My only differing thoughts to what you’ve said, would be to invest as ethically as possible.
Anytime there’s an ethical ETF alternative, please try to select that one as it drives positive change at an enormous level and often comes with a very similar return.
There are more ethical banks, super and investment options than others - seek it out!
Also as someone in media, look into industry relevant investments such as NEC or SEK (channel 9/Stan or Seek), these are companies that support the media industry more than most in Australia (although you may already do these things - I’m just supporting/raising that idea).
Not advice, just ideas, all the best on your financial and creative ventures.