Quote:
Originally Posted by johnt
Well, I guess it's a bit of a balance. Those of us with a mortgage now have a bit more spare cash, only to pay it back some other way due to the drop in the dollar. (oh and that Medicare levy increase coming up!). Yes, that famous comment "so much i want and so little money to get it with" must be one of the most universally applicable statements, as it must be scalable to any level of income.
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Fortunately, some of us don't have a mortgage and back when I did, I was paying over 12%, but admittedly, on a lower amount of borrowing than most people have today.
Unfortunately, for self funded retirees, the interest rate drop is hurting them, badly.
Not much point in having money in the bank any more, which is why I am off to the states in July for 6 weeks (is it July yet
). Fortunately, I took a punt that the exchange rates would drop, so bought lots of US dollars. The very next day, they started dropping, so I was lucky.......for a change. Actually, luck had nothing to do with it really, it was an educated guess at the direction it was going. Just lucky I did when I did.
Cheers Peter