Hi all,
Ok so here is the details
- Australia
- Mortgage with $490,000 owing
- Wife with 80-100k year job (not much super)
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2 kids
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Myself (age:34) employed earning $100,000 year
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2nd job earning $500-$750 a week extra
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Current super $160,000 (17% employer + 7% me contributions) - Super really good
Now an option for a redundancy has come up. I can get $100,000 after tax and turn my second job into full time. To make this feasible i would need to double my current 2nd jobs income...but this shouldnt be a problem based on initial estimates.
Current job...dont really like, but dont hate Current second job...really enjoy it, but could be "grass is greener" syndrome
If i put the redundancy payout into my home loan, i save an extra $160,000 in interest over the term of the loan (and reduce it by 9 years). As extra, the money that i would have put in super from my current job, i would funnel straight into the home loan to pay it off even quicker (with the plan to invest in another property down the track)
My question is this: Apart from missing out on the awesome Super contributions from my current employer, what other danger areas would i be suceptable from by taking the payout and switching careers?
Has anyone been in a loosly similar situation and can offer advice on how it went for them?
Note: Im heading to a financial planner to get another opinion...but i would just like to get people thoughts on this first to help me prepare for the planner.
Submitted October 01, 2017 at 07:21AM by swarmski http://ift.tt/2xTbVrY
