Hi All,
My wife and I are considering moving to
Australia because of our
current political, economic and
safety problems in SA and will probably make a final decision at the end of the year when we go check it out.
Anyways we thought that it would be a good time before actually moving to take a cruising sabbatical (for who knows how long, but around 18months+) even if we do end up staying in SA.
We are currently very early 30s and if we do go cruising we will leave our jobs around June 2021 and cross the Atlantic at the end of that year (if all goes according to plan).
All of our
money is in Rands but I will convert to USD to make it easier for everyone to follow. When we quit our jobs we should have approximately $750 000 completely liquid as we don't own any assets, I plan to find a
liveaboard and get it sorted for max $200 000 (and I want a small cat so that's another story).
Basically im asking for opinions and advise on what you think would be the best way to live off the remaining $550 000 without losing too much net wealth. I don't really want to buy rental properties as it would be difficult to manage from the other side of the world and we might be moving. I have always managed my own savings (not amazingly) but over the last few years our stock market has been doing very poorly. Currently most of my capital is in
money market funds which get a max return of about 7.8%. If I had to put all of our remaining money into the highest performing funds after
income tax at about 16% between the two of us the monthly
income is roughly $3000. From all my
research that seems do-able as I am quite frugal and hands on when it comes to
maintenance.
A fixed deposit only looks better after 36 months. Another option is to give the funds to a financial investment company such as
ARC (South African Company) or similar who promise high returns but I really don't know anything about this and would have to
research it. Another option is to send my funds overseas and either get them into Aus Dollars if we decide to move there or US Dollars as it is used most widely in the areas we want to
cruise in. Both im sure will probably be doing better in relative terms than our rand in 5 years time
I do plan on seeing 1 or 2 financial advisors for opinions but hoping there are some knowledgeable ladies/gents who have done similar on here