TABLE OF CONTENTS
INTRODUCTION3
PERSONAL BUDGET3
credit card COMPARISON3
VIRGIN CREDIT CARD4
MONTHLY EXPENSES4
TRADE IN5
TOYOTA COROLLA5
MAZDA 6 PURCHASE5
INVESTMENTS5
SUPERANNUATION5
OVERSEAS TRIP – 10 YEARS6
YEPPOON HOME6
BEENLEIGH HOME6
BIBLIOGRAPHY8
INTERNET8
APPENDIX10
Introduction
PERSONAL BUDGET
CREDIT CARD COMPARISON
Mr. Bernard Fanning has many options regarding credit card selections and which credit card would be best for his personal needs. The credit cards that were researched to help Mr. Fanning find the right credit card for him included Commonwealth Bank credit cards, Suncorp Metway credit cards, American Express credit cards and Virgin credit cards. After researching the different types of credit cards that these banks offered, it came down to their standard credit cards which were best suited for Mr. Fanning. Standard credit cards were chosen as Mr. Fanning would only be using his credit card from time to time. Standard credit cards that were offered from the banks mentioned above were all involved with a cheap interest rate deal and all with a 55 day interest free period. Other credit cards that were put on offer by the different banks included platinum and gold credit cards. These cards would not be as virtuous as standard credit cards as they assign higher interest rates. The comparison table below demonstrates the difference between all four of the banks standard credit cards including interest rate, annual fee, and balance transfer.
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The comparison graph below indicates the difference between interest rates among the four standard credit cards.
VIRGIN CREDIT CARD
Although all four of the credit cards had reasonably the same interest rates and interest free days, the card that would be ideal for Mr. Fanning is the Virgin credit card which offers him a 0% interest rate for the first six months. Unlike the other researched credit cards, Virgin has no annual fee which would save him on average $50 per year. Mr. Fanning is assured a low ongoing interest rate which at present is 12.99% p.a. Virgin credit cards also offer a low balance transfer which starts of for the first six months as 0%.
MONTHLY EXPENSES
Monthly expenses that Mr. Fanning is advised to place onto his virgin credit card include his over the phone payments. Over the phone payments include electricity bills and electricity bills. Mr. Fanning may also include other necessities of interest which may include his entertainment costs. Mr. Fanning’s credit card limit is set at $1000 per month. This is due to the fact that Mr. Fanning will be able to afford this much debt on his credit card and would be able to pay it of on a monthly basis. Monthly repayments of up to $800 can be made by Mr. Fanning as he will not always spend $1000 on his credit card. Mr. Fanning will also have a 55 day interest free period which would be an adequate amount of time to help him pay of his debts without having to pay interest on the items that he has bought.
TRADE IN
TOYOTA COROLLA
Mr. Fanning’s 1992 Toyota Corolla can get a trade in for a maximum price of $700 to $2100. This is the trade in price for a Toyota Corolla CSi Hatchback 5dr Auto 4sp 1.6i, which was found on Redbook.com. The trade in price of the Toyota Corolla is based on the Km it had done up until now. An advantage of Mr. Fanning trading in his Toyota Corolla is that the money that he is gets from this s
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MAZDA 6 PURCHASE
INVESTMENTS
Mr. Fanning’s total monthly income at the end of each month is not used and therefore left there and the remaining balance is brought forward at the beginning the next month. On average, there is a total of $1210 each month. Mr. Fanning is able to use this money towards investing in shares which will (if he invests in a stable company) help his money increase. There are many companies which are listed with the Australian Stock Exchange (ASX) which Mr. Fanning is able to invest with. By investing in a stable company that has shares listed in the ASX, Mr. Fanning will be able to keep those shares for as long as he would like. Investing in shares now, will help Mr. Fanning with his future goals. The money from the stock investment can be used towards putting it away for his superannuation, or it can help him with his trip overseas in 10 years time.
SUPERANNUATION
Superannuation is the payment that is used by retired people. Mr. Fanning is able to put away money from the inheritance for his superannuation. The money will grow in his account with interest. To start his superannuation account, Mr. Fanning is able to deposit $5000 from the inheritance. Monthly deposits of $100 will ensure that when it is time for Mr.
OVERSEAS TRIP – 10 YEARS
Mr. Fanning has shown interest in taking a holiday which at present is valued at $10 000. Assuming the inflation rate of the coming years remains at a constant 4% per annum, in ten years the value of the holiday would have gone up by nearly $5000. the price of the holiday is increased which not only means that Mr. Fanning is to save more but also to put away more money to reach is future goal of taking a overseas holiday.
YEPPOON HOME
A home in Yeppoon was found and was an ideal price as well. The house is double storey, with only a short walk to the beach. The house has four bedrooms, two bathrooms and one garage. With the money from the inheritance, Mr. Fanning is able to pay a deposit on the house and borrow a loan from Wizard Home loans for the remainder of the price. After referring to appendix c, it states that 100% of the loan is given to homes valued up to $500 000.
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When It Was A Game have been a fan of the game of baseball for 25 years. I played little league baseball for Ocean View Little League in Huntington Beach, California in the early 1980 s, and four years of high school baseball at Ocean View High in the late 80 s to the early 90 s. Baseball has been an intricate part of my life ever since. While thumbing through a box in my garage the other day, I ...
An affordable price home was found in Yeppoon. This house contained four bedrooms, one garage, and two bathrooms and was a short walk to the beach. Mr. Fanning is able to afford this home if he would like to use the money from his inheritance for the deposit. An affordable 10% deposit can be made from the inheritance money and will ensure that Mr. Fanning will be able to get a suitable loan for up to 30 years in a bid to pay of the rest of the mortgage. Wizard home loans have offered to give Mr. Fanning a fixed 7.35 % interest for five years.
BEENLEIGH HOME
Mr. Fanning owns a house in Beenleigh which has three bedrooms; one lock up garage and one bathroom (refer to appendix).
After researching the appropriate rental figure on this property, it has been worked out that Mr. Fanning is able to get $250-$300 a week in rent for his Beenleigh home. Mr. Fanning is able to use this property as an investment solution as it brings in a weekly income. The mortgage on the house in Beenleigh can be paid of by the inheritance. This ensures that Mr. Fanning will have no debts on the Beenleigh home when he gives it up for rent and moves to Yeppoon.
Bibliography
INTERNET
APPENDIX
