TPD PAID NOW WHAT

Discussion in 'Superannuation, SMSF & Personal Insurance' started by Knowledge is power..., 18th Nov, 2017.

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  1. Knowledge is power...

    Knowledge is power... New Member

    Joined:
    18th Nov, 2017
    Posts:
    1
    Location:
    QLD
    Hi there I have been paid out by TPD of late and i am also on DSP WITH A F/T CARER AND I HAVE NO IDEA WHAT TO DO NOW AS I HAVE SOMEWHERE NEAR$300K JUST SITTING AND I AM NEEDING TO GET SOME SORT OF DUAL LIVING ALTHOUGH NOT NEARLY ENOUGH FOR ME TO DO THAT AM I ABLE TO GAIN ANY INFO OR KNOWLEDGE ON WHAT WOULD BE MY BEST NEXT STEP I WOULD BE GRATEFUL.
    KIND REGARDS
    Desperate carer and mother
     
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  2. twisted strategies

    twisted strategies Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    1,461
    Location:
    QLD
    crikey , am not completely in the same boat as you ( single and no dependents , for one )

    but lets start with some things you can do over the weekend .

    FIRST find yourself a reliable calculator ( cheap and a little solar panel are great but check the accuracy of your phone app if you have to ).

    next pencil and paper ( and eraser ).

    sad fact one .. there is no perfect plan , but there will be one that is best for you , finding will be hard, but not impossible .

    find out what you need to keep you DSP , i am guessing keeping your health-care card will be ESSENTIAL ( getting rich quick but unleashing those medical bills can be a BAD option )

    next,
    list the skills ( and knowledge ) you still have left .. mother and carer have .different skills to what is commonly prized .. but different can be your advantage as well .

    so you have you skills listed ( don't be discouraged) , think of ways you can apply them to investing THERE WILL BE PLACES

    next TIME-FRAME since you already have an income stream ( DSP ) , where do you need to be in 5 or 10 years time ( and do you need to have that plan able to extend longer )

    you do need a plan , but it also has to be flexible ( so written on paper not carved in stone ).

    (in my opinion ) there are not many sensible places to park money at the moment , so learning and heavy thinking might be your best option ( keeping the cash net egg relatively safe .)

    ALL INVESTING INVOLVES RISK ( some less than others , but there is risk hiding there somewhere )

    if ' in the bank ' was absolutely safe ... why does the government guarantee $250,000 ( per ADI ) ??? the unthinkable can happen .

    don't let desperation make you hurry unproductively , take a deep breath and turn into calm determination .

    you will make some mistakes , but try to learn from them quickly , i prefer to learn from the mistakes of others ( history ) not everything repeats exactly , but you can see trends and likely escape routes ( and damage control strategies )

    you are probably thinking $300k isn't enough , but losing that $300k will be worse , even on your morale , so avoiding total loss is STRONGLY suggested ( but even the giants like Alan Bond can go bankrupt , so avoiding total loss is not so easy no matter how many $$$s you started with )

    deep breath .. you have asked the question ,where there are a lot of skilled and clever folk , you have made an important step

    BTW welcome to InvestChat

    InvestChat has a sibling forum PropertyChat ( but i am not a member of that forum )

    if you are thinking of investing in LICs member austing has posted some amazing stuff ( but not just on LICs )

    good luck
     
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