Coronavirus (Covid19)

[Wedgie]

I'm actually drinking less and saving shitloads of money. Haven't been drunk once! No working till 3am, no dealing with fights and hold ups.
Starting to get a bit bored but that will be alleviated soon as I'm going to buy a new gaming pc with the money I've saved already.
Watched 2 movies, the 2017 SANFL Prelim and walked the dogs today, hard life. About to give the missus' PS3 a go which has sat unused for years.
Add to that I'll be able to pull out super I've accrued in my new career tax free to pay for my Europe trip next year which means no saving needed.
(Never worried about putting it into my retirement plans as my current super pension is more than enough)
Life in isolation isn't too bad! Certainly will remember the year I turned 50!

[Q.]

Easy for me to say, but absolutely avoid pilfering your super in the current (crashed) investment market. Find other ways if you can.

The Govt. is avoiding responsibility by making people do this instead of providing fiscal support.

Definitely worth thinking about.

The fact the super is tax free compared to taking out Annual Leave/LSL is slightly leaning me towards that.

What is the $20K worth in 30 years time after you account for investment earnings and compound interest?

[Spargo]

Easy for me to say, but absolutely avoid pilfering your super in the current (crashed) investment market. Find other ways if you can.

The Govt. is avoiding responsibility by making people do this instead of providing fiscal support.

Definitely worth thinking about.

The fact the super is tax free compared to taking out Annual Leave/LSL is slightly leaning me towards that.

What is the $20K worth in 30 years time after you account for investment earnings and compound interest?

An example from Hostplus;
According to modelling by SuperRatings, for a 25 year old, taking $10k out of their super now & $10k in July, this would’ve grown into a balance of approximately $134,700 at age 67 or $58,800 in today’s dollars.
(Assuming a 5% return before fees & taxes based on ASIC’s MoneySmart calculator)

[heater31]

[quote="whufc"]Understand some won't agree.

Just found I cant claim any Centrelink money for being dropped down to 0.6 until I have used all my Annual Leave and Long Service Leave first.

That sucks. There pretty much goes our holiday once this crisis is over.

Personally feel permenant employees have been a tad screwed over during this period.

If you go to .6 you can access your super though? Only need a 20% reductuction in wages to qualify for this. Not that it's a particularly good time to sell out of your investments whilst they are down.
But could possibly get $10,000 before July and $10,000 after July.

Yeah I believe I could but probably need to take some more advice on whether it is advisable touching my super.

Easy for me to say, but absolutely avoid pilfering your super in the current (crashed) investment market. Find other ways if you can.

The Govt. is avoiding responsibility by making people do this instead of providing fiscal support.

Definitely worth thinking about.

The fact the super is tax free compared to taking out Annual Leave/LSL is slightly leaning me towards that.[/quote]Then when things get better salary sacrifice to get back the amount taken out....

[amber_fluid]

Well, working from home and trying to sell a home during this shitfight has resulted in me drinking more...

Try and limit your drinking mate despite it being hard. Drinking only solves the problem very short term and will cause more problems in the long run.

Easier said than done i know.

Don’t listen to these buffoons, alcohol fixes everything!!

[whufc]

Easy for me to say, but absolutely avoid pilfering your super in the current (crashed) investment market. Find other ways if you can.

The Govt. is avoiding responsibility by making people do this instead of providing fiscal support.

Definitely worth thinking about.

The fact the super is tax free compared to taking out Annual Leave/LSL is slightly leaning me towards that.

What is the $20K worth in 30 years time after you account for investment earnings and compound interest?

Yeah i definitely wouldnt need to take any more than $10k at most.

I would definitely need to increase my payments into super when i get back to working.

Still not sure what the best option is to be honest.

[Jimmy_041]

Fecking idiots

An American couple will escape punishment despite fleeing the state while awaiting coronavirus test results that later proved they were infected with COVID-19.

In a move condemned by authorities as “irresponsible”, the infected pair last week vanished from their Barossa Valley accommodation, despite being quarantined.

Their decision to defy pleas to remain in isolation while sick and contagious has disappointed senior SA Health officials and angered locals.

The couple, who have not been identified, were among a 20-member US tour group sightseeing in Adelaide and the Barossa, during which they visited local wineries. Most of the tour members are now virus-stricken as SA Health investigates possible links to a Lyndoch-based case cluster.

While it remains unclear where the couple travelled to, authorities said because the pair had left South Australia, they would not face charges.

Under state law, anyone found to have intentionally or recklessly caused a “material risk” to public health – and if they can reasonably understand their actions might cause problems for others – face up to five years’ jail, or fines of between $25,000 and $250,000.

In a statement to The Advertiser, the state’s top public health doctor warned that people must follow orders.

“For the safety of the community, patients are instructed to remain in isolation until their COVID-19 results have been communicated to them,” said SA’s Chief Public Health Officer Associate Professor Dr Nicola Spurrier. “No order is placed on an individual unless there is reason to believe they will not abide by the direction.

“We are aware of two individuals tested for COVID-19 who left South Australia prior to their test results returning.

“The action of the individuals was irresponsible. However, given they are no longer in the country, no further action will be taken.”

Sources say that after some of the tourists in the party fell ill and had COVID-19 tests, the couple left despite having not received their results. They were not under guard and are said to have travelled interstate before boarding a flight to their undisclosed home base.

SA Health would not disclose any further information, including locations, dates or their flights, citing privacy.

While at least 16 of the remaining tour group have tested positive, another two returned negative tests.

Most of the group remain in isolation in their Barossa Valley accommodation, which is not being revealed for security reasons. Complex management declined to comment.

At least two workers have tested positive from the Lyndoch Hill winery, 66km north-east of Adelaide, which is at the centre of a “small cluster” of three cases. Anyone who visited the winery from Saturday last week is urged to quarantine and seek urgent tests.

Dr Spurrier revealed SA Health had received reports of people “not doing the right thing” while investigators had discovered several concerning cases, though she was pleased with the majority of the public: “If you are in quarantine, you must stay (there) … I need to stress the importance of that.”

[Q.]

Easy for me to say, but absolutely avoid pilfering your super in the current (crashed) investment market. Find other ways if you can.

The Govt. is avoiding responsibility by making people do this instead of providing fiscal support.

Definitely worth thinking about.

The fact the super is tax free compared to taking out Annual Leave/LSL is slightly leaning me towards that.

What is the $20K worth in 30 years time after you account for investment earnings and compound interest?

An example from Hostplus;
According to modelling by SuperRatings, for a 25 year old, taking $10k out of their super now & $10k in July, this would’ve grown into a balance of approximately $134,700 at age 67 or $58,800 in today’s dollars.
(Assuming a 5% return before fees & taxes based on ASIC’s MoneySmart calculator)

Thanks Spargo. The figures sum up why it's a bad policy in lieu of the Govt. just providing fiscal support to taxpayers who've earned the right to a safety net.

[LMA]

Assuming you get a 5% return. That aint happening anytime soon.

[Bandit]

I know there are more important things to get on with but the two yanks that fled quarantine need to be punished in some way. What is the point of every croweaters good work in isolation when these knobs just take the piss. To say we cant punish them because they are no longer in the state only encourages this type of activity which is such a dog act. Also whats with the report of 11 people not being at home when quarantine officers checked in vic? People really are selfish.

[Q.]

Assuming you get a 5% return. That aint happening anytime soon.

It's a long game. 5% is conservative over that time-frame.

[Oaksnaf]

Japan 1989.... Markets don't always get back to their peak.

Until they do........... So it comes down to time available to hold your position + what you are willing to risk. The new trading generation of today, will expect to see the market rebound quickly. Because they have no memory of 08 and how long it took US/AUS markets to surpass the peak.

At the moment for many companies it is about survival.

[JK]

Did we close our borders before or after the Seppo Barossa Fugwits decided to fly the coop?

[LMA]

Assuming you get a 5% return. That aint happening anytime soon.

It's a long game. 5% is conservative over that time-frame.

I have no intentions of withdrawing any but I can sleep at night knowing that I'm not losing another 20k in 3 weeks by switching to low risk cash, when the time is right I'll switch back to higher risk growth.

For those who have lost jobs, I would expect that the banks will only extend their hand for so long so taking out their super is the only option for survival, this can't be denied or criticised.

[Q.]

Japan 1989.... Markets don't always get back to their peak.

Until they do........... So it comes down to time available to hold your position + what you are willing to risk. The new trading generation of today, will expect to see the market rebound quickly. Because they have no memory of 08 and how long it took US/AUS markets to surpass the peak.

At the moment for many companies it is about survival.

ASX200 was slow, but steady. S&P500 recovery was impressive.

[Q.]

Assuming you get a 5% return. That aint happening anytime soon.

It's a long game. 5% is conservative over that time-frame.

I have no intentions of withdrawing any but I can sleep at night knowing that I'm not losing another 20k in 3 weeks by switching to low risk cash, when the time is right I'll switch back to higher risk growth.

For those who have lost jobs, I would expect that the banks will only extend their hand for so long so taking out their super is the only option for survival, this can't be denied or criticised.

As a last resort yes, but if there was a proper safety net in place a person should not have to come to that choice.

[Dutchy]

Assuming you get a 5% return. That aint happening anytime soon.

It's a long game. 5% is conservative over that time-frame.

I have no intentions of withdrawing any but I can sleep at night knowing that I'm not losing another 20k in 3 weeks by switching to low risk cash, when the time is right I'll switch back to higher risk growth.

For those who have lost jobs, I would expect that the banks will only extend their hand for so long so taking out their super is the only option for survival, this can't be denied or criticised.

Are you close to retirement age? If not IMO it is silly to revert out of high growth right now, if we have hit the bottom the returns are going to be excellent from here on in. Its all a personal choice and comfort level though and I would be making sure you got some advice before pulling trigger.

I agree with Q, returns should be well over 5% incoming years.

[Q.]

Are you close to retirement age? If not IMO it is silly to revert out of high growth right now, if we have hit the bottom the returns are going to be excellent from here on in. Its all a personal choice and comfort level though and I would be making sure you got some advice before pulling trigger.

I agree with Q, returns should be well over 5% incoming years.

Great point.

The best piece of advice I saw recently for young people:

If you’re 25 years old, the market volatility is meaningless. Your financial capital is insignificant relative to your human capital. There’ll be umpteen market cycles before you retire. Ignore the media hysteria.

[Pag]

Are you close to retirement age? If not IMO it is silly to revert out of high growth right now, if we have hit the bottom the returns are going to be excellent from here on in. Its all a personal choice and comfort level though and I would be making sure you got some advice before pulling trigger.

I agree with Q, returns should be well over 5% incoming years.

Great point.

The best piece of advice I saw recently for young people:

If you’re 25 years old, the market volatility is meaningless. Your financial capital is insignificant relative to your human capital. There’ll be umpteen market cycles before you retire. Ignore the media hysteria.

Agree with this.

We were looking at moving house soon, I think the property market will affect young people (either positively or negatively depending on their situation) more than super at this point.

[whufc]

Thanks for all the responses guys.

I'm definitely a live for the moment kind of guy so sometimes i need that big term perspective thrown at me.

Hard part im dealing with at the moment is i have had one break from work in 15 years (4 week holiday to the US 7 years ago). I had literally worked my ass off to get two lots of long service leave and a substantial amount of annual leave. Summers are our peak times and for the last 15 years i have average 40-50 weeks everyday through summer, never taken a Christmas break or anything like that. Even to save the amount we have i havent drank in 12 months and me and the partner have only eaten out on two occasions.

The thought of dwindling all my annual leave/ LSL away to survive now and not getting a proper 'rest / holiday' from work for another 5+ years scares the living shit out of me.

For my own mental sanity i need a clear cut from work for a period of time.

Please keep in mind this is based on the current situation being the same for the next 6-9 months which i personally think it will be.