Hi all. I do not know what to do in terms of how I save/invest my money. I do not want to be povo in life. I am 20, and I am starting a new job with salary of $52k. I live at home with minimum board and other expenses and while it’s really tempting to move out as some other friends are doing I know it will set me back heaps considering I have the chance to set myself up now before I MUST waste money on the cost of living.
Was thinking of buying a apartment in the city and having it rented out/paying it off while I’m at home, then I can sell it later on or move in myself. I have done more research and I’m wondering whether investing in property may be a bad decision for me as it’s effort and whether I should just put most of my money into something like a diversified managed portfolio that invests 90% in the ASX/ 10% cash (Since I am young, I think it’s okay to be a bit more aggressive as I have time on my side) There’s so much information out there and it all seems to confusing and it makes me feel frustrated not knowing what to do with money. I have 30 year old friends, I have spoken to them. They all bought their cars, their clothes, their depreciating assets. They are all still renters. They are all povo and have as much in the bank as I do now even on high salary! Might be good to get my nice car now but I don’t want to have regrets in 10 years time and feel sick in the stomach when I add up every dollar that has been burnt
Was thinking of buying a apartment in the city and having it rented out/paying it off while I’m at home, then I can sell it later on or move in myself. I have done more research and I’m wondering whether investing in property may be a bad decision for me as it’s effort and whether I should just put most of my money into something like a diversified managed portfolio that invests 90% in the ASX/ 10% cash (Since I am young, I think it’s okay to be a bit more aggressive as I have time on my side) There’s so much information out there and it all seems to confusing and it makes me feel frustrated not knowing what to do with money. I have 30 year old friends, I have spoken to them. They all bought their cars, their clothes, their depreciating assets. They are all still renters. They are all povo and have as much in the bank as I do now even on high salary! Might be good to get my nice car now but I don’t want to have regrets in 10 years time and feel sick in the stomach when I add up every dollar that has been burnt