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WWYD - Money (long)
Well, only 5 days til Dave gets here (even though he leaves in 3)! We have a bit of a dilemma though. ?As most of you are aware, the world economy is pretty much down right now. Australia's market depends a lot on the US market. With the Dow being the way it is right now the value of the Aussie dollar has really dropped.?
When I came back to the US in August the exchange rate was around 92 UScents to an aussie dollar. With the economy the way it is, the current exchange rate is hovering around 68-72 UScents to the aussie dollar.?
I'm torn about what to do when Dave comes. Originally, he was going to bring the rest of our savings over with him (I brought most of it over when I came b/c we bought a car). But now I just don't know what to do. We aren't getting a good exchange rate. Let's say, for example, that we were to bring over $5,000AUD. In August, that would have meant we would have had about $4,600USD. Now, it will only be around $3,500USD.
WWYD? Would you bring it over now and take the loss or leave it in the hopes that the aussie dollar will rebound and get it sent over then??
I'm stuck.?
Re: WWYD - Money (long)
i honestly don't know...it is such a crap situation....
i might at least wait a few weeks for the bailout money to have some effect...but i would definitely keep my eye on things....
If it's your savings, and you don't immediately need it, I'd leave it. There's a huge difference between $4600 and $3500. I'd get pissed if I lost that much money in exchange rates.
agreed. I think if you at least can wait it out til past the new year you might see some changes.
If it makes you feel better my 401K in the 18mos that I've been here has plummetted -28%.
Thanks for the opinions! I think we will wait. I might get him to bring over a little money and leave the rest in hopes that the dollar will rebound.
Aubie, I'm sorry about your 401k. At least you have lots of time until you retire. I haven't even looked at my retirement account in Australia (my entire professional life was in Oz so all my retirement is sitting there right now). I honestly don't want want to know. I have a good 25 years to build it up though. *sigh*
I hate that for both of you!!! The economy is horrible right now. I agree with PP though and if you don't need it leave it. almost all the economists say that it should rebound. GL!!!!