How Long to Make/Save a Million Dollars?

For making or spending?:D

"Spending" or investing One mil would not go far in the inner sections in Sydney-Melbourne-Brisbane,,for property just depends "IF" that million stays the same in 2 years time,some people think they know I don't..
 
Never realized Romania was struggling so much.

Many of the former Eastern Block countries have done pretty well. Poland, Hungary, the various Baltic states, not to mention Czecho/slovakia etc

Here I was thinking Romania did okay after Ceausescu, a friend who had been there told me that many residents acquired their properties post Ceausescu. He is European and has worked in many countries and views Australia as backward and uncivilized as a young country

Romania still seems to have some good yield and growth prospects according to him, he talked of Bucharest
 
Bought first PPoR in 1985, at aged 24, with a debt of $60k and equity (at initial purchase of approx $16k).

Hit $1 mill in equity approx 2009 (before buying the workshop). Made loads of mistakes and poor financial habits to a degree along the way as well.

Has gone backwards currently though. :eek::rolleyes: (might be better than I thought if we were to reval the PPoR hasn't been done since build 4 years ago)

Could have done it ($1mill equity) a lot sooner had I found this site when I bought the first PPoR.

Anyone with a decent job, has bought their first property by 25 years old or younger, who knows this site - should do it by 30 years old...35 if you don't want the pressure to over-accomplish. :D
 
Last edited:
Hmm started working in around 2008. With a bit of luck investing in equity and property markets and a reasonable income etc, hit it at around late 2010.
 
I mean, it's fairly easy to reach 1mil in equity these days, you just buy a decent PPOR and you probably either already there or half way there
But, you may only have 1% of that 1mil equity
 
Lost me there

How do you only have 1% ?

What I meant here is the % of equity that you own vs % that the bank owns?

You can buy a 1 million PPOR, let's say with 1% deposit, yes the PPOR is yours, but you really cannot claim that you have earned 1 million in equity? No? The bank owns it
 
What I meant here is the % of equity that you own vs % that the bank owns?

You can buy a 1 million PPOR, let's say with 1% deposit, yes the PPOR is yours, but you really cannot claim that you have earned 1 million in equity? No? The bank owns it

I think you might be confusing assets and equity?

If you have a $1m house with an $800K loan, you have:

$1m assets
$800k liabilities
$200k equity
 
IF i had a mil,i'd retire tomorrow,actually i'd retire on 200k no probs and just do some odd jobs and volunteering.F the stress when you can live the life you want.
 
Anyone with a decent job, has bought their first property by 25 years old or younger, who knows this site - should do it by 30 years old...35 if you don't want the pressure to over-accomplish. :D

Looks like I'm underachieving again... meh :D

Halfway there, wife isn't really a risk taker unfortunately
 
I would love to read your [abridged] story Bayview. You're one of the few people tough enough to write about the downs as well as the ups.
At least you knew where you were going and reached the 1M mark. Shows that you could do it again. And you have a great PPOR which'll probably 'bring it home' in due course.
 
Back
Top