Paycheck to paycheck
Hi, looking for some guidance on how to simplify the situation and get some breathing space. I am 43M, single income, wife SAHM, one toddler. Moved to Australia 8 years back.
Current salary is A$343k pa + super + 10k RSUs. Though base is 250k paid fortnightly. Have two IPs, both being negatively geared cost me in total 25k pa (of which i get 20% or so back in tax refund - as properties are jointly owned by me and my wife). Both the properties were bought as PPOR but when I moved cities they became IP. The properties are worth 2.2m, with outstanding loan of 1.1m. I rent currently in a 3rd city. Have a shares portfolio of 40k as well.
The problem is that with this inflation, i still find myself struggling to make ends meet month by month, unless I dig into my savings (from the annual bonus that I get, close to 35-45K after tax). Do not feel HIE at all.
I have tried to get some professional financial advice, but one FA told me that we can only help you if you can spare a $1000 a month, and another said that we can not advice on property but can advise you on your finances and tax. I am looking for someone who can help me take some good decisions to 1)- create some breathing space in my monthly expense 2)- Advise on if I should carry the two IPs or simplify/cash out.
PS: i am very grateful and understand that there are so many people who are much worse off and are finding it difficult to buy everyday essentials. My frustration is that even with my income i am living paycheck to paycheck, so what do i need to do differently.