dumb investing...live on bread and water, page-2

  1. jantimot
    30,924 Posts.
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    03/05/12
    21:12
    Post #: 10129696
    Bread and water? I don't get it.

    The both earn $80k. After tax, medicare and flood levies that's just over $60k each take home pay, plus say $15k rental income.If they are on the variable rate, then they'll be paying about 7%, which is $21k/yr on the IP (on which they'll get tax relief) and $34k/yr on the home. $55k/yr total. That leaves $80k to pay off interest and live.
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