$85k pa and living pay chq to pay chq

[coastal]

http://www.news.com.au/money/cost-o...to-pay-cheque/comments-fnagkbpv-1226746813694

I was reading this article...people need to their priorities in order. This is about 65 k net. Surely one can save at least half of this if they are single

 

[oc1]

http://www.news.com.au/money/cost-o...to-pay-cheque/comments-fnagkbpv-1226746813694

I was reading this article...people need to their priorities in order. This is about 65 k net. Surely one can save at least half of this if they are single

Foolish isn't? Their life. Once "working" wears thin things may change.

It isn't a true reflection on everyone in that age bracket though. My younger bro does those things mentioned in the article (in his 20's) but saves half his wage and is onto his first development soon.

Oscar

 

[Kinnon Bell]

Fine with me. More people to rent my houses.

I stopped reading the comments when I read this

"gen Y not of Sydney Posted at 2:57 PM October 25, 2013

#YOLO as long as you have enough money to pay the minimum repayments on the credit card it's all good, infact the bank loves me so much they regularly send me balance increases on my credit card. it's free money"

 

[coastal]

If I was on 85k pa, I would be able to do some serious damage...property investing wise that is

 

[oc1]

Fine with me. More people to rent my houses.

I stopped reading the comments when I read this

"gen Y not of Sydney Posted at 2:57 PM October 25, 2013

#YOLO as long as you have enough money to pay the minimum repayments on the credit card it's all good, infact the bank loves me so much they regularly send me balance increases on my credit card. it's free money"

What!! Man that's gold!!

 

[pursefattener]

Nothing has changed really I reckon . People have been making a hash of money habits ever since money was invented and really you need people like this to create opportunities for the rest of us .

Play the board game cash flow 101 and you can win the game of money what ever your occupation

 

[Spades]

I was pretty much living pay cheque to pay cheque up until late 30's.It was only when i split with my ex that i change my habits.
Some people need a 'lightbulb' moment or a nudge to change there mindset.
In my case,my ex done me a favour

 

[norwoodman]

Some of the guys I went to uni with are out in the mines as engineers earning >$120k gross p.a. and still have not been able to save much money. They seem to forever have new toys or going on holidays. Something something about mindset and habits when it comes to saving and finances. I went to uni and don't even make 2/3rds of that.

I do wonder though, how much further along I'd be in my investing career had I not gone to uni - seems like the ones who start earliest are the ones who jump straight into multiple/full time jobs straight out of high school. I reckon I know more people about my age (24) who own property that didn't go to uni than those that did.

 

[EN710]

http://www.news.com.au/money/cost-o...to-pay-cheque/comments-fnagkbpv-1226746813694

I was reading this article...people need to their priorities in order. This is about 65 k net. Surely one can save at least half of this if they are single

They might save up to 50% depends on where they live. E.g. if working and living in Sydney, probably a bit less as rent took quite a chunk. Nevertheless, that article makes Gen Y looks really bad (I'm gen Y). I know many others who earn less and still able to save at least 10-20% salary, or send money to their family or just bought their first house.

 

[TMNT]

Not trying to bring up the man vs woman debate

but anyone notice how Lucy, sara, Tegan are all female,

and teh only male mentioned, Tom 27,
already owns his own apartment

 

[Spades]

He owns an apartment - thanks to money he saved while living with his parents and a savvy girlfriend who works in real estate - but he currently finds his $85,000 salary sees him living pay cheque to pay cheque.

..........

 

[TMNT]

I was pretty much living pay cheque to pay cheque up until late 30's.It was only when i split with my ex that i change my habits.
Some people need a 'lightbulb' moment or a nudge to change there mindset.
In my case,my ex done me a favour

wow, are you my twin brother!?!?!!?!?

I posted somewhere a while ago, that im in my late 30s,
had 1 ip before I got married, got cheated on, she took 70% ish of the property, despite living rent free in it, that gave me my lightbulb moment,and since then I have 10+ IPs

 

[Spades]

wow, are you my twin brother!?!?!!?!?

I posted somewhere a while ago, that im in my late 30s,
had 1 ip before I got married, got cheated on, she took 70% ish of the property, despite living rent free in it, that gave me my lightbulb moment,and since then I have 10+ IPs

Ha,Maybe in a previous lifetime.

I had nothing when i left my ex and bought a prop a year later.Just bought another and if you knew my background,you'd think what the fluffy ducks.

 

[DaveM]

Nothing has changed really I reckon . People have been making a hash of money habits ever since money was invented and really you need people like this to create opportunities for the rest of us

Pretty much yep. Transfer of wealth from the financially incompetent to the financially competent is the core of wealth creation

 

[cimbom]

What!! Man that's gold!!

I'd say they're trolling

 

[Deltaberry]

When I started working and was on a similar but slightly higher pay packet, I saved 95% of my salary.

I've never used a credit card in my life.

 

[The Fence]

I do wonder though, how much further along I'd be in my investing career had I not gone to uni - seems like the ones who start earliest are the ones who jump straight into multiple/full time jobs straight out of high school. I reckon I know more people about my age (24) who own property that didn't go to uni than those that did.

No wonder when the likes of certain profs and most of their associates are delivering the message to uni students. Only some will see through it, most wont.

But that's life, the doers who get out and gain "experience" in the real world of investing have it all over the intellectuals who rely too heavily on text books. Not ALL, just some...

Just an opinion based on whom Ive met in along the way.

 

[TMNT]

No wonder when the likes of certain profs and most of their associates are delivering the message to uni students. Only some will see through it, most wont.

But that's life, the doers who get out and gain "experience" in the real world of investing have it all over the intellectuals who rely too heavily on text books. Not ALL, just some...

Just an opinion based on whom Ive met in along the way.

well if you dont go to uni,you start working when you are 17 or 18,

there foreyou can save up a deposit within a year or two or three

if yougo to uni, uni takes 3-5 years of which you study and maybe have a part time job,

going to be pretty ahrd to save up a deposit while in uni unless you have rich parents or unless you have most of it before you go to uni

 

[BayView]

Some of the guys I went to uni with are out in the mines as engineers earning >$120k gross p.a. and still have not been able to save much money. They seem to forever have new toys or going on holidays.

my BIL worked in the S.A mines for two and half years.

Earning close to $140k.

When he first started, I said to him; "pretend you are still in your 60k job and sock the rest away and smash yer home loan....it's the best opportunity you've ever had."

And so forth.

Fast forward to now; not at the mines anymore and has advanced the financial bottom line....zip.

I don't talk finance with anyone anymore - maybe here and that's it.

 

[Richard Feynman]

my BIL worked in the S.A mines for two and half years.

Earning close to $140k.

When he first started, I said to him; "pretend you are still in your 60k job and sock the rest away and smash yer home loan....it's the best opportunity you've ever had."

$140k is $50k pa net more.. if he'd have done that, $125k. Great impact on a home loan of any size.

Shame he didn't grab the chance..