The Incompetent Investor

Tuesday, August 27, 2019

Chapter 17 - "Portfolio Update - Jumping Crocodiles" $163,014 (+3,274)

August 27, 2019
Chapter 17 - "Portfolio Update - Jumping Crocodiles" $163,014 (+3,274)

G'day, How is everybody doing? I have a ripper entry for you this month with some sweet photos, and some personal wins, which I am glad to share.


Life Updates 

In regards to our housing situation, we are moving from our current suburb ($2500 per month) to a larger home, with more land at $1800 per month. We always intended living in our current rental to ensure our son qualified for the zoning requirements for the school he now attends. It was ranked amongst the top three public schools here in the Northern Territory. Surprisingly, his literacy levels advanced very fast relative to the local Melbourne school he attended. Not sure if that is based solely on, the teacher to student ratio, but it has seemed to have a positive effect.



I am going to make a bigger attempt to share photos of the NT with you, as I believe this will give you a more worthwhile experience as opposed to simply reading net worth updates. In truth, I find it a bit self-centred just posting your ‘stats’ (with the exceptional of the more in-depth bloggers who provide reviews, market commentary and so on). The NT is also a beautiful place. I reckon it is the best-kept secret of Australia. If you come to Darwin, you have to go the boat cruise referred to as ‘jumping crocodiles’ in Adelaide River. It was an amazing experience. Highly recommend you check it out if you ever get up to the top end.
   


Back to the point of the purpose of this blog, I do not write this blog to seek validation or attention, or make an income from it, but rather, this blog really is just a case study at its core. We often read of many 30 year old’s already at $500,000, or 1,000,000, and it can often be a little bit discouraging at times. With that in mind, it can be very destructive to your quality of life if you continually compare yourself to others. 

Sure, in the name of the competitive spirit, it is natural to some degree, but it can become dangerous if you become fanatical about it. You will end miserable. Try not to do it. The only reason I decided to share my numbers is to show that people around Australia, like myself, can get to a better place financially. I would like to think of this blog as a longitudinal study. Best way to demonstrate the purpose of these blog posts.

I do not claim to make good financial decisions – even today. For better or worse, let us see what happens.



On a more positive note, I recently was successful for a 2-year contract, with a pay increase, with management duties. Talk about being grateful. I recall reading recently on Pete Wargent’s blog that the NT was in a recession (do not quote me on this).What I will say is there are definitely many shops closing down in the Darwin region. In addition, there are plenty of vacant properties. For this very reason, I am very happy to have employment for at least the next 2 years.

By then, hopefully, the Australian economy has picked up and we have gotten through any market challenges locally and abroad. Further to this, the good news is I can continue investing once our debt is paid off. On the topic of debt, I am going to hold off paying it out this month (despite having the funds) as we need to get the current properly cleaned, fumigated, and some second hand furniture/appliances once we move into the new home. I will also need to wait for our bond to be returned for our current property ($2500).

Something I have noticed up in Darwin is the private second hand market is pretty hit and miss. A lot of the time, you would be better off buying things new from some of the bigger retailers. What I am trying to say is, some of the sellers are dreaming.

The wife is continuing to work at a medical clinic as a receptionist. Ruthless working culture down there. At the end of the day, she is pushing through it as she gets along really well with the girls she works with. It is also a 5-minute walk from our new home. She works part time (25-30 hours a week). 

The boss, or otherwise known as the practice owner, and a practicing GP at the clinic, manhandled her chair recently, and pushed her back into position (if you can visualise that), as he believed the wife was not doing any work (3-second sample size as he returned to the front desk). This would not phase me coming from an Army background, but the context is everything. In her line of work, it seemed a bit full on to be honest.

 Unsurprisingly, the turnover is extremely high, and these types of events are not uncommon towards other staff. This is the very reason why financial independence is so important. Had we been financial independent, she could simply walk away and leave a cucumber with some turmeric on his desk as a parting gift. Thankfully, my wife has the resilience of a warrior, so she will stick it out a bit longer and play it by ear.

Finally, the wife wants to buy some chickens that lay eggs. Our house often feels like a zoo and I have offered to run tours for family and friends who love animals. Between fostering, our own dogs, looking after client’s dogs, a cat, and potentially chickens, it certainly feels like a zoo at times. I love animals, but there is nothing worse than coming home after a long day of work to a mountain of shit on the floor. 

Our dogs have relatively good bladder/bowel control, but in rare occasions, shit deposits do happen, and they aint pretty. I know what you are thinking, why not leave them outside? Well, I have heard some horror stories of dogs being nabbed for dog fighting and all sorts of crazy stuff like that. We feel more comfortable keeping them indoors while we are out at work.

Alright, the bloody numbers. What we have all been waiting for I guess? Nothing exciting to report as not much has changed other than portfolio going down a fair bit with the recent market volatility. 

The Numbers



Cash: $5000 

Shares: $78,484 

Superannuation: $83,830 (in cash for the moment) 

Debt: $4300 (Vehicle & Father Phil) 


Disclaimer: The information on this website is general information and should not be taken as financial advise. I am simply documenting my journey and experience. I am also not a licensed Financial Adviser. You should always seek independent legal, financial, taxation and other advise that relates to your unique circumstances. The Incompetent Investor is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.


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Friday, July 12, 2019

Chapter 16 - "Portfolio Update - Found some Military Super" $159,740 (+$33,229)

July 12, 2019
Chapter 16 - "Portfolio Update - Found some Military Super" $159,740 (+$33,229)

G'day, how are we all doing? Everybody lodged their tax returns? 

If you want to skip a bit of banter and some life updates, head down to the "Debt" where the numbers kick in! 


The benefits of having trained dogs is you can put em in a drop and go about your business with plenty of distractions...

My wife lodged her return on the Friday, and we expect to receive about $3500. I will have to wait a few more weeks until I can lodge mine. I am waiting on one more group certificate which will be available mid July. Not quite sure I will get a refund given my income this financial year. Hopefully the Franking Credit's do some magic! 

The healthy debates have initiated on where these funds will be allocated. My wife is advocating for a cheap TV to watch some of the latest TV series as a family. We have made a compromise, a small amount will be directed towards a cheap ($300-500) second hand TV on the Facebook Market Place, and the remainder ($3000) will go into the Vehicle loan. Watching TV series on a laptop as a family just doesn't cut it anymore. We have pretty much smashed the vehicle loan, when we receive the wife's refund, it will be just about complete. The vehicle loan sits at $3700 as of today. I am really confident that we should have it paid off by August 15th at the latest. 

Work Update

Work is kicking along. I have about 2 and a half months remaining on my contract. Am I getting a bit worried? Not really. Worst case, I shall move over to full time study until I lock in another role. We are also slowly building our dog business up here in Darwin. There is a massive demand for it given it is quite a transient part of Australia. People often go on holiday's and go camping over the weekend. Plenty of business to be made up here in Darwin which is great to see. 

I recently applied for a graduate role at the Northern Territory Government. I was told approximately 300+ people applied. There were 8 positions. I was pretty gutted when I received the standard email advising me that I was not successful. I actually asked for feedback, and it was quite beneficial. The fella I spoke too gave me some tips on how to make my cover letter stronger next time I apply for future roles. I am glad I reached out. 

Lice Update

Following on from my last blog post, my head got attacked by super lice while I was in Melbourne. I am pleased to announce that the infestation is completely gone! If you did not read last month's blog, my mum's reaction was priceless - see below. 




On another topic, my son got us in a bit trouble with the neighbours recently. We live in a little community with townhouses. My son is a terrible speller (meaning he could not spell South Africa - more on that in a moment), and an advocate for equality and peace. 

However, he did write something on the neighbours letter box (something along the lines of "come back to me") which got him framed by another kid. Another kid in the local area wrote something as well, right next to my sons writing. It read "Go back to South Africa". Safe to say they were pretty furious, and I don't blame them. 

Being from a multicultural background ourselves, and my son growing up with a South African grandma and grandpa (not blood related), I absolutely denied my sons involvement. Anyway, it is pretty awkward now. I can sense they strategically plan their trips outside when they need to go outside. I just go for it. I tried to reach out, but got nothing back. It is what it is! Unfortunate given the kids were good mates and they played outside for hours. 

Alright, Net Worth update! I recently set up my gov account, and I found out I had $32, 214 superannuation sitting with Military Super. Good news right! Gives us a nice little boost. Let's get the most toxic part of the post out of the way. The Debt! 

Debt

Nissan X-Trail: $3700 (-$1000) - Interest Rate 12%  

Father Phil: $600 ($100) 

Total Debt: $4300

As noted above, the car loan will be obliterated as soon as that tax return comes in. Pretty proud of the family unit having smashing this loan out in less than 5 months. As soon as this all the debt is paid out, we will commence building an emergency account! 

Share Portfolio & Super

Shares: $80,201 (+825)

I received a dividend from ANZ on the 1st of July for $435.43

Superannuation: $83,839 (+$33,229



Net Worth

$159,740

As noted above, received a huge boost mostly because of finding some superannuation. Complete ignorance on my part. 

That is it from me. Slowly getting there. It is a slow grind, but it what it is! At 32, I only hope that when we hit 45, we shall be in a good position. And as I always say, worst case if we are not prepared, we shall just eat chick peas and lentils! As long as we have reasonable health ha ha! 

Peace!




Disclaimer: I have an extremely poor track record with picking individual shares. I also do not have the ability to digest complex financial reports to make informed decisions around buying into individual shares. Also, the information on this website is general information and should not be taken as financial advise. I am simply documenting my journey and experience. I am also not a licensed Financial Adviser. You should also seek independent legal, financial, taxation and other advise that relates to your unique circumstances. The Incompetent Investor is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website. 

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Friday, June 21, 2019

Chapter 15 - "Portfolio Update - Strong Month" $126,511 (+$6,390)

June 21, 2019
Chapter 15 - "Portfolio Update - Strong Month" $126,511 (+$6,390)

G'day! What is scarn on? Hope you have all been well. I thought I would just throw out another monthly update to keep you all in the loop.



Life Update – Skip this section if you don’t care

It has been a pretty uneventful month. My contract at work is finishing up in 3 months so I am going to start looking around very shortly. I checked in with my boss just to give her the heads up and remain as transparent as possible. 

She was once again very supportive. I’ve been pretty lucky in this regard. I’ve made a couple of mistakes at work lately; and it has been stressing me out a fair bit as I am really invested in this role.

The wife got a new job at a medical clinic on a rate of $25 per hour at a casual rate. Pretty bloody shit for the work they put in, but hey, we are grateful she has a job. She also has made pretty good friends with some of the staff there, so she appears to be enjoying herself. She does however seem to be more determined to finish her Nursing degree. She has completed 5 of 24 units at this stage.

Apart from work, I recently went down to Melbourne for some on campus requirements at Monash University. It was bloody freezing! I don’t own many jumpers, so I had to borrow some warm clothes from my father and cousin.

Unfortunately, I picked up some lice in my head while I was down there too. The itch became so overpowering that I suspected I was infected! I got some heavy-duty shampoo and exterminated them quick smart! Disclaimer: It is completely gone now! 


I attempted to pin it on my dad, and my mum was in shock. She is an absolute clean freak! I thought it was pretty funny ha ha. Any opportunity to cause a bit of fun controversy! 

In regard to my son and his school, he is finding it a bit hard. A random boy from his school called me and my wife ‘dumb’, not sure if he knew about my previous investment decisions, but my son wasn’t too happy and pushed his head. Bless him for his loyalty. 

Got the old phone call and had to have a sit down with the fella. It was sweet his loyalty, but maintained it was not the solution when dealing with trolls!

Alright - down to business. The numbers. That is what we all want to hear about yeah? 

Shares

Portfolio Value as of 21/6/2019: $79, 376 (+$4,220).

I received a dividend from UOS for the amount of $107.48.

I expect to receive a dividend from ANZ on the 1/7/2019.
 

Debt

Nissan X-Trail: $4,700 ($1,300) – Interest Rate 12%

Father Phil: $700 – No payment was made this month as my father paid 50% towards flights for my son this coming school holidays to stay in Melbourne from Darwin. The tickets were approximately $800. 

Grateful my father helped me out here to send my son down so he can spend time with the family. 

Net Worth Update

Total: $126,511 (+$6,390

Break Down  
Shares: $79,376
Super: $52,535
Debt: $5,400


It was a pretty strong month. It was mostly thanks to the election win and the all ords being at multi year highs. Will the bull market continue? No flipping idea. I shall keep chipping away for the next 15-20 years and see what happens. If all fails, we shall be eating healthy dhal and rice every day! 

Cheers and have a good weekend! 



Disclaimer: I have an extremely poor track record with picking individual shares. I also do not have the ability to digest complex financial reports to make informed decisions around buying into individual shares. Also, the information on this website is general information and should not be taken as financial advise. I am simply documenting my journey and experience. I am also not a licensed Financial Adviser. You should also seek independent legal, financial, taxation and other advise that relates to your unique circumstances. The Incompetent Investor is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website. 
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Thursday, May 16, 2019

Chapter 14 - "Portfolio Update - Strewth, put Petrol in a Diesel Vehicle" $120,121 (+$1896)

May 16, 2019
Chapter 14 - "Portfolio Update - Strewth, put Petrol in a Diesel Vehicle" $120,121 (+$1896)
Strewth, it is that time of the month again. The year is going pretty bloody 
fast ay. The New Financial Year is fast approaching!


Work & Life Update – Skip this section if you want the straight up numbers update.
I have had an interesting month. I recently filled up the diesel work vehicle with petrol. My only defence was I have the exact same (Nissan X-Trail) vehicle as the work vehicle (including the grade and colour). My mind was in autopilot that morning, and I made a major stuff up. 

Once I acknowledged the error, I sat in the car and pondered life, during peak hour fuel stops (8:30AM), with a rough looking fella with a beard to his knees parked behind me. In the end, I told the fella that he is going to have to get around me somehow. The fella grunted as if I had ruined his week, given the inconvenience caused on a Monday morning.  I did a quick google to discover I should avoid driving the vehicle at all costs. I ended up putting the vehicle in neutral and attempted to push the car out of the way (as directed by staff at the service station). 

I struggled to push it up a slight incline. Most people watched on as I struggled ha ha. It was a Monday morning, so I do not blame them for not wanting to help. Who could be effed?

I called my boss, and explained the situation, and to my surprise, my boss was quite understanding. Thank goodness, although, it was an embarrassing mistake.

I was in the clear, and yet, 2 weeks later, I took the vehicle through the car wash, and forgot to remove the work magnets. The magnets are currently missing in action. I felt terrible.

On a positive note, my wife and son return to Darwin tomorrow morning at 5AM from their trip in India. I sent my wife over with $1000 spending money. I was a bit worried that it may not go very far, however, the wife was able to spend it on gifts, food, get her teeth repaired and more. It got me thinking, what if we could FIRE in India 3-6 months of the year when that day comes.

Being born and bred in Australia, I believe we live in the best country in the world. However, the cost of living is high depending on where you would like to settle. Therefore, spending some time abroad in a country where healthcare, accommodation and food is affordable relative to Australian dollars; might be a viable option to enjoy a good quality of life. It is just a thought, and something I need not worry about for some years given we are not in a position to FIRE just yet!

Work is fairly tense. I am learning that jobs that depend on collaboration can sometimes hit brick walls if you get no responses via email and so on. In addition, many providers in the human services sector are under resourced and simply do not have enough hours in the day to meet all their demands. Naturally, as a competitive person, I want to succeed in my role, so it can be tough.  It is a fine art balancing how much you follow somebody up; at the risk of being shut out completely (which is particularly relevant in remote areas).

I just keep reminding myself to be grateful that I have a job, and that many people do not have that opportunity. Furthermore, I try to live by the motto ‘just keep showing up every day’.

Shares
Portfolio Value as of 16/5/2019: $75,156 ($-894)
I expect to receive a dividend from ANZ for $435.43 on the 1st of July 2019.
I have made no additional share purchases this month.

Debt
Nissan X-Trail: $6000 (-$2000) – Interest Rate 12% Projected Completion August 2019
Father Phil: $700 (-$100) – Interest Rate 0% Projected Completion December 2019
A payment of $2000 was paid into the vehicle. This amount will likely increase when the wife resumes work (which I suspect will be very shortly).
A further $100 was sent to Father Phil.

Net Worth Update
Total: $120,121 (+$1896)
Break Down
Shares: $75,156 (-$894)
Super: $51,665 (+$665)
Emergency: $0
Debt: -$6,700 (-$2100)
The boost here was due to wiping out the loan vehicle a further $2000.
The Shares have been hit in recent weeks, which wiped out about -$894 from the share portfolio.
In any case, it is nice to see some movement to the upside, even if it is mostly attributed to superannuation and debt reduction.
Note: In case you are unaware, I am including super in my net worth updates moving forward after receiving this feedback from the community.

Summary
That is about it really. Glad we had some upward momentum in terms of the numbers, and the debt continues to reduce quite significantly. We have managed to pay down 40% of the loan.
Hope you are all doing well!
I continue to fight demons around immediate gratification (gaming computer). The theory behind immediate gratification is problematic, and I can truly see how it can suck people in so easily! In hindsight, After Pay & Zip Pay were great bets for those who got on that train early.
Until next-time FAM!
Cheers
The Incompetent Investor  

Disclaimer: I have an extremely poor track record with picking individual shares. I also do not have the ability to digest complex financial reports to make informed decisions around buying into individual shares. Also, the information on this website is general information and should not be taken as financial advise. I am simply documenting my journey and experience. I am also not a licensed Financial Adviser. You should also seek independent legal, financial, taxation and other advise that relates to your unique circumstances. The Incompetent Investor is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website. 

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Friday, April 26, 2019

Chapter 13 - “Portfolio Update - Reflection & Including Super” May 2019 Update Net Worth $118,225 (+$54250 - Due to including Superannuation in NW)

April 26, 2019
Chapter 13 - “Portfolio Update - Reflection & Including Super” May 2019 Update Net Worth $118,225 (+$54250 - Due to including Superannuation in NW)
G’day! Firstly, I would like to thank you all for the feedback you provided in my previous blog post. If you want some context, refer to https://www.reddit.com/r/fiaustralia/comments/b9aduq/chapter_12_portfolio_update_family_is_in_darwin/



I received quite a lot of positive feedback as well as constructive criticism. I also received some straight up negative feedback, some even condescending. I am not going to lie; I was awake relatively late that night thinking about it quite a bit.

My wife insisted I go to sleep that night, but to no avail. I was refreshing the blog post for a number of hours. Rather silly in hindsight.

I have realised a couple of things. Firstly, when you are going to display all your cards on the table transparently, it is to be expected to receive some harsh feedback. Although, this feedback can do a number of things. It can inspire you, it can also provide you with an opportunity to self-reflect, and give you the reality check you may actually need and deserve. Furthermore, there may be readers who have walked this path before, or are currently walking it. Therefore, the direct feedback may help others beyond myself. Who knows?

They typically say the best friend is the person who has the sack to tell you something you do not want to hear. If I could just conclude that I realise FI is at the core a numbers game. However, sometimes, and I am sure others can relate, putting family, safety, and even love before numbers is a more fulfilling way to progress towards FI. 

Mathematically, it made no sense for my family to join me in Darwin (we were saving like bosses); and yet, while our Emergency Funds & Net Worth took a hit, I feel happier than I did before. Anyway – moving on, time for an update on my current circumstances & numbers. Before I do that, I am pleased to announce that I recently purchased a $3000 gaming computer...

Just kidding! A reddit poster in my previous post advised me he/she would whack me over the head if I purchased a gaming computer. I laughed when they wrote this, and their comments are ingrained in my mind lol! Thank you for this.

Work Situation


My current contract expires at the end of September 2019. At this stage, I have not been provided confirmation on whether or not the role (which is funded dependent) will continue at this stage. I am not too worried here as I’ve always found work, and I am willing to do anything in the interim should I need to do a role nobody wants to do.

If anybody has any suggestions or feedback here, please do share them. For instance, should I start applying for new roles 3 months out from the end date? 

My wife recently was offered a job just prior to leaving to India. The role is suitable for her circumstances. The role offers 20-25 hours a week, which will work well with her current study commitments (Bachelor of Nursing). The only downside is she will be compensated $25 p/h. The wife intends to graduate in 2.5 Years. I suspect this will help considerably in the rat race.

Shares


Portfolio Value as of 26/4/2019: $76,050

I expect to receive a special dividend payment from MLT for $0.0250 per share on the 30th of April 2019.

Total Dividend: $205.54: Milton 30th of April 2019; Franked $143.88, Franking Credits $61.66.

I have made no additional share purchases this month.



Debt


Nissan X-Trail: $8000 (-$2000) – Interest Rate 12% Project Completion: July 

2019 Father Phil: $800 (-$100) – Interest Rate 0%, Projected Completion: December 2019 

A payment of $2000 was paid into the Vehicle loan. 

The repayment amount will increase upon my wife resuming work upon her return from India. 

A further $100 was sent to Father Phil.

Net Worth Update

$118,225 (+$3250+$51,000 super). 

The boost here is a result of the stock market (nearing 6400 points) and repaying some of the vehicle off. Last time we got close to this high was in 2015 & 2018. 

Otherwise, it dates back all the way to 2007 (which saw almost 6700 points). Interesting times ahead.

Life Update

I have commenced my Masters in Social Work. I also wanted to share with you a good book called “Can't Hurt Me: Master Your Mind and Defy the Odds”. Check out the reviews- https://www.amazon.com/Cant-Hurt-Me-Master-Your-ebook/dp/B07H453KGH. It is awesome. 

I believe this book has direct benefits towards FI. For instance, it could be related to starting a business, studying, saving, getting fit, paying off debt, waking up early, really anything. It truly is an awesome book, and it is unsurprising that it received exceptional reviews.

Super

Combined Super $51,000 

Thank you all. Hope you had an awesome Anzac Day yesterday, followed by a relaxing weekend. For those not FI yet, how good was the Easter break and not having to work? It was refreshing.

Catch you in the next update!




Disclaimer: I have an extremely poor track record with picking individual shares. I also do not have the ability to digest complex financial reports to make informed decisions around buying into individual shares. Also, the information on this website is general information and should not be taken as financial advise. I am simply documenting my journey and experience. I am also not a licensed Financial Adviser. You should also seek independent legal, financial, taxation and other advise that relates to your unique circumstances. The Incompetent Investor is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website. 



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Thursday, April 4, 2019

Chapter 12 - “Portfolio Update - Family is in Darwin” April 2019 Update Net Worth $64,000 (-$-12118)

April 04, 2019
Chapter 12 - “Portfolio Update - Family is in Darwin” April 2019 Update Net Worth $64,000 (-$-12118)

G’day all,




I will be covering the following topics in this update. If you want to skip the life story, head down to the Family Networth Update. I've also thrown in some photos of the animals at various points of the journey. 
-          Intro
-          New Car  
-          Life Update
-          New Debts
-          Goals
-          Networth Update
Intro
It has been a number of weeks since I have last posted.

Straight up I will admit that there was a reluctance to post given our recent hit to the family’s net worth.

I feel like the purpose of a FIRE blog is to progressively move forwards. And yet, we have been progressively moving backwards ha ha.

One day though, I will reflect back on this blog, and direct my son to some of my early lessons and mistakes I made. At the end of the day, we are all dealt different hands (jobs, health, career opportunities, life events & more), and thus we should make the best out of the situation in which we live.

I want to share the hard times, the mistakes, and hopefully, EVENTUALLY, the good times when we are in a much better place financially.

I completely appreciate that there are plenty of bloggers who are well on their way to FIRE. I’ve learnt so much from SMA, Firebug, FI Explorer, Flamingo FI to name a few. I take comfort knowing that my strategy aligns with some of other bloggers.  

Where this blog stands out perhaps is that I am not that far along in our journey. For that reason, this blog may resonate with those who are just getting started.

It may also resonate with those well on their way as well as it serves as a reminder that they too had to face challenges during their journey to FI.

2008 Honda Accord Euro Medically Discharged

My beloved hail damaged, dinted machine, sunscreen stained metal finally had its day.

The vehicle that served me so well for so many years decided to throw in the towel as I flew back from Darwin to Melbourne. Just a few days earlier, my wife had the vehicle serviced, had the battery changed, and had new tyres fitted.

Unfortunately, a couple days before departure, the vehicle was regularly overheating.
This was happening very occasionally prior to the recent major service.

We figured after a major service, it would be resolved. Driving through central Australia was probably not a good idea. This region frequently reaches up to 40 degrees.  

All the recent repairs cost the family $1000 (battery, tyres & major service).

I arrived in Melbourne on a Thursday night, and we had to leave on the Monday morning to reach Alice Springs for some meetings I had set up for work.

In other words, we had to keep moving and I was not comfortable driving up to Darwin in the Honda.

People legitimately perish in the outback for various reasons, and the car was adding to my already well-established anxiety. Heck, I cannot even change a tyre. I am useless in that respect. Thank the lord for YouTube tutorials. I did a couple tutorials before we left.

To cut a long story short, I had 2 days (Friday & Saturday) to get a vehicle organised from a dealership. Private sale would take too long, and we did not have sufficient savings to cover the cost of moving and a second hand reliable vehicle.

We head out to our local Nissan dealership up in Ferntree Gully and found a Nissan X-Trail 2009 Ti 4WD for $12,000 with 95,000 KMs. 


We ended up taking it without much deliberation. I was in a tough spot and made an executive decision. I was the perfect target for my fellow Indian salesman.

We also ended up painfully trading the Honda in for $2000, so we effectively made $1000 on the vehicle after the recent repairs and maintenance costs. 

It was an absolute disaster. The dealership got the better end of the stick here. I have no doubt the vehicle will be repaired and sold for $4000-$5000.

We did have a healthy savings balance. Our savings went from a healthy amount, down to almost $0. Last time I checked, I had $120 in our saving account.
Much of the cash was directed towards a bond rental payment (which was quite substantial as I moved into a affluent suburb to ensure my son qualified for the catchment schooling zone), one month rent in advance, removalist costs, and some flights, new passports & visas organised for India (wife’s mum is unwell).
In the end, I had to take out a $10,000 loan on an interest rate of 12% pa through Nissan Finance. I was hoping to get a 4WD for about $8000. Unfortunately, I did not have time to travel dealership to dealership with our departure day nearing.

It was definitely an impulsive buy, and it is what it is now. Thankfully, the car drove to Darwin beautifully. It did not miss a beat.

In case you are wondering, we explored rentals but it was not worth it. We also had two dogs, a cat, and a child to transport to Darwin. They all did awesome by the way.

Summary
-          $10,000 loan
-          Savings wiped out
-          Royal Comission has an impact on my ability to borrow. Lending almost fell through
-          Nissan X Trail 2009; 95,000kms



Life Update
I have started my Masters in Social Work at Monash University in an attempt to one-day move into some roles that suit my personality and skillset.  

My wife has also resumed her study. She is studying nursing part time through Charles Darwin University.

Work is going good; I have a great boss who is flexible around medical and personal appointments. There are definitely some challenges like any job. My role depends a lot on collaboration, without it, some parts of my work fall apart. 

My work is also dependent on funding which means I may be unemployed later in the year.
Wife is currently unemployed and struggling to find work as quick as she would hope. The terrain in Darwin is new to my wife who is usually snapped up in entry-level type roles relatively fast back in Melbourne.

The economy has definitely slowed down in Darwin, which may prove disastrous in terms of timing the reuniting of our family. 

I have spoken to quite a number of locals, and many have stated their mortgage is worth more than their house. I wonder at what point is it worth buying in Darwin?

Once again, it puts my situation into perspective. Here I am worrying about a few consecutive months of progress towards FI.


New Debts
Father Phil aka my dad - $1000
Nissan X-Trail 2009 - $10,000
Total: $11,000

Goals 2019
  • Prioritise the vehicle loan and get it paid down by Dec 2019.  
  • Secure work should current role end in September
  • Revamp Blog site
  • Gaming Computer (I do not NEED it, but I would LIKE it as I spend a lot of time on the computer for pass time).
  • Kick-Start Dog Training Business (Wife had a well-established business in Melbourne with well over 30 5-Star Positive reviews on Facebook). If you are unaware, I had to move to Darwin (a warmer climate) for health reasons.



Net worth Update April 2019  -  $64,000

Unsurprisingly, the net worth took a massive hit this month with our savings going into the relocation costs. 

In addition, the new debts have set us back a bit. I was fixating quite a bit on the decline in progress, but it is done now and we need to keep moving forward.



Disclaimer: I have an extremely poor track record with picking individual shares. I also do not have the ability to digest complex financial reports to make informed decisions around buying into individual shares. Also, the information on this website is general information and should not be taken as financial advise. I am simply documenting my journey and experience. I am also not a licensed Financial Adviser. You should also seek independent legal, financial, taxation and other advise that relates to your unique circumstances. The Incompetent Investor is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website. 



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