$85k pa and living pay chq to pay chq

[DavidMc]

I think the trick is to spend those first couple years after finishing school super frugal, living at home and saving like crazy.

No CDs, movies, eating out at all. Crappy $4k car. 2 years of that even on a basic wage is enough for an IP deposit.

Once you have your first IP (mid 20's) then you can go pay packet to pay packet if you wish because you started early enough. Obviously you'll get there quicker through saving.

 

[Deltaberry]

Nah. The only people aren't doing it are slackers.

Uni students can easily expect 100k. It's much more common than you think

Well it is more common than you think.

All my mates have cracked 100k by 28, many at around 22 or so.

The point of my post was that amongst these friends, at least 3 have less than 20k savings

 

[Deltaberry]

What profession? Hahaha... anyone I see here with 6 figures salary and in their mid 20s are working stupid hours. I'm going to be 25... hopefully will hit that 6 figures thingi without having less time

More like 30 hours a week.

I'd be expecting high 6 figures if I had to work some of the hours you're talking about.

 

[Deltaberry]

Now I'm confused. I thought he was talking about students.

But basically, it's not uncommon as you say for those jobs to have those salaries. But you have to work long hours to get them.

I'm a town planner. I graduated at just the right time in the market and rode the wave. Plus, worked hard.

I was talking about my friends who are all 26+. Just saying that even as a student I was on 80k. I'm not even counting their passive income from rent.

As for long hours? Who knows. From the sounds of it, some people will get pretty angry if they knew abt the hours.

 

[sanj]

I think the trick is to spend those first couple years after finishing school super frugal, living at home and saving like crazy.

No CDs, movies, eating out at all. Crappy $4k car. 2 years of that even on a basic wage is enough for an IP deposit.

Once you have your first IP (mid 20's) then you can go pay packet to pay packet if you wish because you started early enough. Obviously you'll get there quicker through saving.

or start a business or invest in one or in shares or in something else.

property isnt the only way and imo buy and hold resi property is a pretty slow way to do things unless you happen to catch a big wave. certainly can and does work but im more interested in having my cake and eating it too.

 

[BayView]

More like 30 hours a week.

I'd be expecting high 6 figures if I had to work some of the hours you're talking about.

What is this industry/job you keep referring to in this thread that has amazing hours and pay at a young age?

 

[LoneWolf]

Just saying that even as a student I was on 80k. I'm not even counting their passive income from rent.

What exactly did you do to earn 80k a year while as as student?
Mining? Medical?

I know accountants / lawyers etc? who still don't earn that much money after years of practice

And on the side note I know someone who personally owns 500 properties across AU/NZ alone

 

[fokas]

I'd also like to know what industry and what degrees are providing $80k whilst being a student.

Nah. The only people aren't doing it are slackers.

Uni students can easily expect 100k. It's much more common than you think

Not every uni student can work in the mining industry or be a "town designer".

You have touched on an interesting point about Gen Y though by saying they can "easily expect"... I think that relates quite well to the mentality that a lot of Gen Y have about being owed something and being able to fall into easy work... and consequently leading on to living pay week-by-week without any investments to show for it.

 

[Ideo]

I'd also like to know what industry and what degrees are providing $80k whilst being a student.


Not every uni student can work in the mining industry or be a "town designer".

You have touched on an interesting point about Gen Y though by saying they can "easily expect"... I think that relates quite well to the mentality that a lot of Gen Y have about being owed something and being able to fall into easy work... and consequently leading on to living pay week-by-week without any investments to show for it.

My tongue was firmly in my cheek. It is hugely uncommon. I am gen y. Just. I worked bloody hard to get where I am.

 

[Aaron_C]

My tongue was firmly in my cheek. It is hugely uncommon. I am gen y. Just. I worked bloody hard to get where I am.

Yes but you are self employed now. Can't really compare that to your typical Gen Y who is PAYG. I know lots of people who earn 6 figures at mid 20s. I also know many who are just on 50-60k. The difference? Not that much - the guys on 50k work pretty hard too. Sometimes it is luck and being at the right place at the right time.

 

[Ideo]

Yes but you are self employed now. Can't really compare that to your typical Gen Y who is PAYG. I know lots of people who earn 6 figures at mid 20s. I also know many who are just on 50-60k. The difference? Not that much - the guys on 50k work pretty hard too. Sometimes it is luck and being at the right place at the right time.

Very true actually. I graduated at just the right time - I rode the wave of the property boom from 02 on basically, when there was a lot of things happening and no planners to do it.

I worked hard, but anyone above average in the industry at my age could do the same thing, and many did.

 

[gottabespotless]

What exactly did you do to earn 80k a year while as as student?

Deltaberry, please answer this question. I'd love to know so that I can give my kids some good advice and save myself some money in the future .

The only 'students' I've ever known who have more than 2 cents to rub together are those who support themselves by working the usual poo-kicker jobs at fast food, retail, etc while studying full-time (and also earning a lot of respect and admiration from me) or those with their hands out to wealthy parents.

 

[The Fence]

I'd also like to know Delta...?

We are waiting with baited breath !

Should be good...

I might have a guess if I may....Footballer..?

 

[spanna]

For the first 3 years of my Uni life I worked 3 days a week doing data processing for an exploration company, I also worked away with that same company during my Uni holidays... Would have been pretty close to 80K I also know a few others that did the same, didnt have alot of free time though. No Uni partys for me!

 

[Indifference]

I'd also like to know Delta...?

We are waiting with baited breath !

Should be good...

I might have a guess if I may....Footballer..?

There is another way.... scholarships or employer funded/supported study..... this can push income to ~150k+ in the right circumstances....

Life has many paths... many of which are hidden to most! But not because they are a secret....

 

[The Fence]

For the first 3 years of my Uni life I worked 3 days a week....see rest above.

Easier than football and with no spare time to play up, Id say that's a good disciplined outcome, well done and fair enough!

 

[weg]

Bright young chartered accountant i know in his second year at a large well known firm was earning 55K last year, and his fiance a lawyer recently employed by a large well know legal firm (who employed only 3 of their graduates this year) is on about the same.

Mother of the son reports both are working their butts off, and says 2 of her sons friends who are less ambitious and went into government jobs are earning more while doing less.

It's hit and miss (luck) with some jobs but 100K as a student??

 

[The Fence]

There is another way.... Always another way.

Life has many paths... many of which are hidden to most! But not because they are a secret....

Yes agreed.....not what you know but who you know also counts big time...

 

[TPI]

Maybe 200k is the new 100k?

Gen Y... what say you?

 

[spanna]

Maybe 200k is the new 100k?

Gen Y... what say you?

300s the new 100!!!........