Anyone bagging QF?
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Zonker, for your benefit I have re-calculated based on your prediction for the AUD. Since you seem so intent on bringing other variables (-ive gearing etc) into the formula, I have put below a rough guide of what I would do had I joined in mid this year, at the same time as our soon to be 767 F/O at QF.
All calculations are in AUD at 5.5 to 1, and after tax.
2000 First year, $64,000. Housing is paid for by CX to a max of $3800/month as an S/O
2001 Second Year $74,000
2002 About half way through year 3 I would expect to be promoted to junior F/O, pay becomes $101,000, Having saved wisely, I put my hard earned $55,000 from the previous 2 and a half years plus a personal loan, and mortgage to purchase a property valued at $550,000. This is all mortgaged over a period of 7 1/2 years. The company now gives me a housing allowance of $87,000/year. I also get a small tax concession.
6 months later, I become a full F/O, and am now on $130,000.
When my wife unexpectedly falls pregnant, I am astounded at the cost of childbirth in HK (about $5000), but relieved to know that CX pays 90% of tuition for my child in HK, or 75% if I choose to send them to boarding school overseas.
So lets look to year 2010. Assume my salary has not increased, I am still an F/O, and the dollar has stayed at 5.5 to 1 as a result of G.W. Bush’s bizzare desire to spend the entire US budget surplus in Australia. I have been at CX for 10 years.
Aside from the $55,000 which I contributed, my $550,000 apartment has now been paid off completely by Cathay and I have earnt $1.15 mill with an extra $200,000 contributed toward my retirement fund. I have not paid one cent of my own money toward rent.
Do you see where I`m coming from?
I`m not saying it`s the bees nuts, but is this so little that I am considering packing up and going to QF?
As an aside, if you really do think the AUD is going to strengthen 30% against the US, make sure you have your –ive gearing intrest rate fixed as they will probably sky rocket. (just trying to help)
Oh, just read your second post, sorry for calling the rate $65k, figured 45% was a good call for the tax, but obviously a bit ott. Sorry that my estimate was 25% wrong. And I am sure you will recognise the chronology of my post and your SUBSUQUENT tax office post.
Please bear in mind that I`m not the one saying A is better than B, I just stating why I and others aren`t leaping at QF.
As for the 76 F/O thing, that’s the example EHD put forward, and seemed better than your 3 year S/O figure so that`s what I used.
Finally…. Take it easy champ, you`re gunna blow a brain vessel if you get so wound up about this sort of stuff. Cheers
[This message has been edited by jtr (edited 08 December 2000).]
All calculations are in AUD at 5.5 to 1, and after tax.
2000 First year, $64,000. Housing is paid for by CX to a max of $3800/month as an S/O
2001 Second Year $74,000
2002 About half way through year 3 I would expect to be promoted to junior F/O, pay becomes $101,000, Having saved wisely, I put my hard earned $55,000 from the previous 2 and a half years plus a personal loan, and mortgage to purchase a property valued at $550,000. This is all mortgaged over a period of 7 1/2 years. The company now gives me a housing allowance of $87,000/year. I also get a small tax concession.
6 months later, I become a full F/O, and am now on $130,000.
When my wife unexpectedly falls pregnant, I am astounded at the cost of childbirth in HK (about $5000), but relieved to know that CX pays 90% of tuition for my child in HK, or 75% if I choose to send them to boarding school overseas.
So lets look to year 2010. Assume my salary has not increased, I am still an F/O, and the dollar has stayed at 5.5 to 1 as a result of G.W. Bush’s bizzare desire to spend the entire US budget surplus in Australia. I have been at CX for 10 years.
Aside from the $55,000 which I contributed, my $550,000 apartment has now been paid off completely by Cathay and I have earnt $1.15 mill with an extra $200,000 contributed toward my retirement fund. I have not paid one cent of my own money toward rent.
Do you see where I`m coming from?
I`m not saying it`s the bees nuts, but is this so little that I am considering packing up and going to QF?
As an aside, if you really do think the AUD is going to strengthen 30% against the US, make sure you have your –ive gearing intrest rate fixed as they will probably sky rocket. (just trying to help)
Oh, just read your second post, sorry for calling the rate $65k, figured 45% was a good call for the tax, but obviously a bit ott. Sorry that my estimate was 25% wrong. And I am sure you will recognise the chronology of my post and your SUBSUQUENT tax office post.
Please bear in mind that I`m not the one saying A is better than B, I just stating why I and others aren`t leaping at QF.
As for the 76 F/O thing, that’s the example EHD put forward, and seemed better than your 3 year S/O figure so that`s what I used.
Finally…. Take it easy champ, you`re gunna blow a brain vessel if you get so wound up about this sort of stuff. Cheers
[This message has been edited by jtr (edited 08 December 2000).]
