How much money did you save and bank by the age of 25?
Just looking to see if im doing pretty good for myself on the overall average.
How Much Money Did You Save and Bank by The Age of 25?
Ltechguyau on 06/04/2017 - 22:03
Comments
@jenkemjunkie: why not. Completely relevant. Call me what ever you want mate. It's easy to see what you are doing here. I'll rather be a scab than a druggie or a rapist. Yes I deem these two things as below a normal level of a functioning human.
If you are putting out bull then of course I'm going to ask you for clarification on said bull to gauge where you fall on the matter. You have no right how to deem I conduct myself or spend my money. You are so pedantic to the point of ad nauseum.
I can give two hoots why you deem yourself as a prodigy of virtue or how succinctly you put word to paper. You don't know crap about me. I'm not taking anyone's freedom here. Simply using something the government deems I'm (as you put it) earmarked for
Feel like I'm going in circles with you. And if you want to talk about being dissonant, it's amazing looking at your previous posts and the utter shift you go from trolling to being helpful on here. Must be hard having a split personality disorder. One being a lowly troll and the other a high class bully lawyer
Mate, calm down. Who cares how he spends or decides to do with the money? Don't you have better things to worry about in your own life than disparage others? There are spenders and there are savers, at both extremes. It does not make him ineligible to be in receipt of payments. For all you know, he could have lived on the streets and been extremely frugal, for the sole purpose of being a saver, or for some other purpose, such as saving up for a down-payment for a house. You sound extremely salty mate.
I'll rather be a scab than a druggie or a rapist
A poignant display of the scab trying to wash that scab stink off.
Anyone can appear virtuous when they have to compare themselves to a rapist…even the guy trying to rid himself of his scab status.
'lowly trolling, high class lawyer'
sounds kind of endearing, you got nothing though, nothing can trump your scab personality.
For all you know, he could have lived on the streets…
but wait, there's more! More 'what ifs'…they're like movie plots here.
scab enabler, trying aimlessly to pull his scabby mate out of the hole he dwells.
Don't worry mate, you're safe, I still think you're better than a rapist too.
you have to declare any kind of savings when you're submitting a claim, you would of been rejected if you had submitted that amount.
you are either lying in this thread or lying to centrelink
The process for me was I had a phone interview with one of their agents and everything stated prior on their online process (at the centrelink office along with my bank accounts and current assets) where discussed on the phone. She told me I would be in a waiting period due to the amount of assets and whatnot. They then said I needed to attend a job agency which I have been doing for the better half of a year.
Maybe it changed. Do you have the full details?
EDIT: Just logged into mygov and every savings account along with the amount of each and total assets in all present in their system.
Even though he probably does get it through the dubious legal loophole methods, that is, the limitation of the 'liquid assets test threshold'. It would not take someone from the government much at all to submit a 'position paper' on him in the alternative that him receiving such a payment equates to a 'wealth sustaining scheme' and does not agree with Australia's policy on social security which is defined as "an income support system that is designed to be a safety net for people unable to support themselves without calling on the resources of the community"
Be prepared to erode that house deposit for a lawyer to argue why you sitting on $95K should be eligible to receive NewStart because the rules say so. The first thing a lawyer will tell you is that certain axioms trump eligibility rules. From the government lawyers I know that work in policy, they call it the smell test.
@jenkemjunkie: and lawyers deserve every penny they make don't they? How about you start working for Centrelink fraud department? I bet they would highly value your input.
So Centrelink wrong in this case? You are arguing semantics. Are you against every single person that receives Centrelink? If they deem it as an eligibility where do you come off? You love debating just for the sake of debating don't you?
Can you please do the same for the politicians please. I'm sure they 100% earn that amount without any nefarious acts.
Would you be willing to discuss this over IM? It's gotten way off topic
I already work closely with the federal government mate and yes my input is quite valued..it's not the department of human services - yep Centrelink(which is fortunate for your sake) but we do work closely with them.
@LittleKatie: That's a little racist of you to denigrate one's race like that. But no, Im not asian.
Look, as described above they obviously deem me as eligible. If they didnt offer me the payment so be it. But Im not defrauding them by claiming an injury or having shown I'm divorced from my spouse yet living in the same home. And I havent lied about anything. If they cancel my payment so be it.
Opinions aside, this is what the current system is. Dont like it? Take it up with them. Too butthurt? Write to your member of parliament.
Currently 22, with 75k in the bank and on track for 90k by end of year.
im 20 and i have 40k saved up, havnt worked at all, mostly from youth allowance (student) from the government
which government LOL?
Government of Zimbabwe he has $0.50 Australian dollars.
Must be the child of Bronwyn Bishop.
spent about 100k on half deposit on unit (Syd), plus car, plus vacations. 30k left over.
100K+ which went into an investment property that same year
I believe I had about $80K. All self-earnt and I was late bloomer with working - Did part-time/casual for 18-19 then lived overseas for a year (with uni) then began part-time working at 22, began full time closer to 23. Had $80K by 26 definitely.
60k (I'm 25). Just graduated from my 7th year of uni last year, starting working this year, bought a new car and spent 3 months travelling Europe.
…i'll bite. How on earth do you have $60k after travel, car, and uni, and only just started working??
Sorry, I meant I started working full time this year. I've been working part time for 5 years before that (10 hours/week during uni, up to 30-40 hours/week during breaks). Moved out for the last two years for placement, but before that was living with parents.
That is still an almost-unbelievable number. You must have saved almost every single cent you made. European holiday ($20k?), car ($20k?), uni ($40k?), rent for last 2 years (15k?) but then working part/full time for 7 years (150k after tax?). And that's before food, entertainment, petrol, mobile phone, transport etc
I'm sorry to nitpick but I am now just trying to get it. My OCD/numbers side is acting up and trying to make sense of it all
Just turned 25 last December..
I'm pretty much at $0. I've spent all my savings moving over to Berlin to do my Master's degree 2 years ago and am almost finished (it's free in Germany - $48,000 per year for the same course at Sydney Uni). I earn some money over there but spend pretty much all of it as I go on general expenses and travel (I've been to Italy 4 times last year, as well as China, Thailand, Australia to visit 3 times, and countless other countries in Europe). I've travelled everywhere in Europe now minus Scandinavia (too expensive for a student).And.. I don't regret any of it!
Who needs money when you're 25? Have fun while you're young, flexible and without a mortgage or kids! I've got plenty of time for that crap when I'm older.
i envy your europe travel list as i've only been to maybe 5-6 countries there myself, but you gotta have some financial cushioning in case of emergencies otherwise you could get fakked
Nor should you mate…enjoy it!
I had (profanity) all at that age. As soon as it came in it went out.
Sounds like Indian spicy curry.
Currently 19, have 38k saved
Currently 3049 have 15 ratlords and 12 spicy memes in my memebank.
i could smell the bullshit from this thread before I even turned my computer on
You're just jealous that you didn't have $500k banked + three water front mansions and a 99.99% pure gold Death Star by the time you were 25. Ordinary people can do it, as is proven on this forum.
There's hardly anything good in this thread; Whirlpool would be 90% have $500k saved by age 25 given everyone is on 6 figures.
Haha, Whirlpool is classic.
Big fat zero, caught up later.
60k at 25
I was broke at 25. I think I actually needed to live off credit card debt while I found a job that could get my head back above the water. Ah, university days.
Didnt hold down any form of employment till age 26. There were reasons. 7 years later i had an apartment and a block of land paid off.
70 K at age 21. Then spent pretty much all of it on wedding, honeymoon, home purchase and renovation.
Currently have $12345.67. Balancing earning and spending to retain magic number.
Should probably target $1,234,567.89
$52
$3,800.00 worth of Funko Pop Vinyl's.
How do you guys have so much money at the age of 25? Did you guys rely on you parents or did you guys work on your own?
I starve myself, I do not go out, I do not buy anything, I feel like I will run out of time to make friends.
E.g:
I have money, but no friends nor time.
I have friends, but no time nor money.
I have time, I have no money nor friends.HELP :(
Probably best to start a new thread for some traffic
Yeah you are correct sir/miss! I am sorry
Finish school at 17. To 25 is 8 years of potential income.
Even at $25,000 a year that should be $200,000 of income.
$50,000 which would be more average for a 'career job' would be $400,000.
Even saving 10% which is an arguably low rate, is $40,000.I presume you work and live in a rental property? How much do you make per annum?
If your rents too much consider getting flatmates or moving somewhere cheaper.
You dont need to live like a hermit. Go do things with friends that dont involve money.
Dont buy things you dont need. Dont update your wardrobe every few months.
Keep eating out to a minimum.
Just be forthcoming with yourself. Ask those friends for advice. They are there for a reason
Forgot to mention. If you dont smoke or drink theres a healthy amount right there
Nigerian Prince?
The biggest difference between people these days seems to be those that used their parents as a crutch, and those that didn't have that luxury.
Being able to live rent free, with almost free food, almost free transport (borrow parents car), allows you to save massively and very easily. $20k a year can be saved that way and from age 18 to 25 you could easily save $140,000.
It disgusts me but that's a massive leg up in life some people have over others.
$16k at 21 years of age. I've only ever worked crappy 10 hour a week jobs throughout uni, but have managed to save up some money through careful budgeting and spending. Have had no help from the parents, although I still live at home so that's something.
Its more than something very admirable. Ive worked with people that blow their paycheck every week. Same circumstance as you
At 21 spent all my money I'd saved for 3 years on minimum wage (30k) on a near new car to enjoy my youth . Got a new job same time as the car and saved 25K since with minor budgeting. Plan to have 100K by 25 for a house and any extra into an investment portfolio because housing is bound to pop eventually and I dont want to be caught out.
TLDR;; 22 with 25k.
By the time i was 21 I had saved 45k… I was lucky in that I did not have to purchase a car. Though since moving out at 21 I havent been able to save much.
Currently 23. Have 110k in the bank.
I am still living with the parents though, if I was on my own I wouldn't have anywhere near the savings.
Lucky you to have Chinese parents :)
Is it because Chinese parents good at teaching their kids on how to save their hard earn money?
Not quite - its a combination of things - in OPs case its probably te fact that asian parents arent big on their kids moving out early thats the major factor (my guess).
My parents for example would not only encourage saving, but also not being wasteful. Taking advantage of any government tax break or other programs. Asian parents aren't big on their kids moving out early, nor dating early (lol). Theres heaps of other things too
At age 22, I returned from a 3-week trip to China with literally $20 to my name. I spent the last of my money on Haagen-Dazs in Shanghai.
Spent majority of what I earned on travelling. Aimed to do 25 countries before my 25th birthday and succeeded. Stopped travelling once I turned 25, started saving and bought a new car. No regrets.
Turned 26 recently and could easily have over $150k in savings by 25. But brought an investment property in a growing area 3 years ago and upgraded to a BMW recently (no regrets: big car-lover and not a big traveller, I'd rather spend my money on a nice car than blow it all on expensive overseas trips). Also helping out my parents with their mortgage.
No credit card debit. Been working part-time at uni and been working full-time since finishing uni. Also have a side business in addition to my full-time work.
Where did you bring the investment property?
-20k due to credit cards and the Pokies. Lol Yep
at age 25, just got my PR…looking for job, renting a 2 bedder with 4000 in bank account to last for the rest of the year…..
tree fiddy
About half a million, but the bank won't let me withdraw it until I prove I have several men I can trust and a host of improvised weapons
When 25 I was like 200k in debt. Don't go to uni guys lol.
My I ask how you racked up that amount of debt? I'm not perfect graduated with 15K debt in 2003. Then tried to help a friend that drained 15,000 out of the bank account. Then at 30 started a family. Now 35 and have 70k for a deposit for a house well supporting my wife and two kids.
Personally I'm really hate these types of threads. Congratulations to the 20 year old's who have worked hard or got a good job out of high school and saved a significant amount of money. Although don't mind me if i kick the tire.
May be an uni overseas.
An american student we were having drinks with recently was contemplating ordering another cocktail, "When ever i hestitate to buy something i remind myself its just a drop in the ocean compared to my uni debt" lol
24yo, about 30k + HECS, final year at uni and working full time next year. Moving back with the parents next year and hopefully saving for a house deposit.
should have about $200 mil by next month, given i can settle my liaison with this random Prince who emailed me.
I had about 30k at that time. Now 27 and I have 70k. Got my first full time job about a year and a half ago and that consistency has helped me save a lot more easily. Got a hecs debt of about 14k though.
24, Uni student, living away from home and have saved about $5000 in the last six months. I'd have more but I've been helping family with money troubles. Hoping to have at least $15,000 saved up by the big 25.
Rent, food and HECS is where most of my wage goes, with another $50 a fortnight on video games or music.
I'd like to invest my savings, but I don't know anything about working stocks. :/
For for a survey i think
For those with HECS debts, i'd look at them as a badge of honour.
They are beautiful things.
They reflect your fortunate status in having imposed yourself on a higher education establishment.
They do not grow in real terms (though there were attempts by the Abbott to change that), you only need to pay if your income hits a certain threshold, and to top it off they die with you.
They are therefore unlikely to stop you doing anything - like take out loans and stuff.
They are unlike any other debt you will ever have.They are without doubt gods gift.
I'm pretty sure your HECS debt is taken into consideration when applying for a home loan, no?
Sure it would, but owing $50k in HECS is nothing like owing $50k on a car…
I'm 22 and I have $30500. But I have been on a few trips which is awesome. I would have more if I worked as an Accountant and kept the job I had whilst I was at uni but I decided to join the family business.
$25k First Home Savers Account. Now 27 with 20% equity in 1 and 10% in other
I'm 23 and I have like $85 in the bank and $15 in loose change.
About $900k
800k in equity and 100k in shares and fixed income securitiesI saved around $100k working summer jobs while I was at uni and not spending scholarship money. I was careful with my money but still had a good time e.g. $9 goon sack between two would be all I spent on a night out, lived in uni accomodation etc.
I bought my first property two weeks after finishing uni and starting full time at the place I had my cadetship (finished uni at 21). I then bought a property every 9-12 months until I was 27, I'm now 29.
I've read a few comments on this thread about how people like me are going to lose everything when the market falls. I owe just under 50% of the current value of these properties so the market would have to half for me to begin getting worried, of course that is a 50% reduction in value AND rental yields. I must admit I'm a little worried this could happen but given the opportunity I would do the same again.
Welcome aboard!
Frewgal joined OzBargain.
Welcome aboard!
2 hours 13 min agoLong time reader first time poster.
good job! keep up the good work!
Nice work! What do you work as if you don't mind me asking?
I don't mind, I'm in engineering.
Location, and landed properties with no/low strata and location.
Well done on saving so much. Are you 27/28+?
$0.00
You might also want to consider a couple more questions for the savings question to be more relevant.
- live with parents? Y/N
- Tuition Debt HECS Y/N
- Are your parents Rich? Y/N
- Do you have a good pay job i.e.$80k+ Y/N?
- Do you have a GF/BF? Y/N
Probably $0.
Most money back then went to university, accomodation (no staying at parents), food, expenses, etc. Juggling 2 or 3 jobs while studying and paying rent was absolutely shithouse. Then there was HECS debt looming over you afterwards
Lived at home until late 20s so I was able to save up a fair amount. Had enough to buy a car, paid off remainder of HECS debt (about $20k) and ended up with about $200k in savings. Have since (2010) bought about $17k in shares and have my own house paid outright. Im no doubt an outlier.
The classic Aussie way is to piss all your money away at the pub every weekend for the whole of your 20's. What you lose in financial stability, you gain in pool playing prowess and occasional one night stand!
It's in the negatives, lets not look that way. I worked most weekends, but my industry doesn't pay - only in experience, exposure and networking opps. Not living at home.
supporting my parents $1k a fortnight for the mortgage and stuff; $5k in the bank for myself i guess
about $100k @ 25, used them for deposit to bought 2 rural properties
I had like 50k when I was 25, then bought a house for myself. since then never been managed to go more then 4 k ever.
In between from 25 till now got brand new SUV, got married traveled Europe twice.
Looking at few people post who have/had 100+ k made me depressed. Am I doing something wrong?
Yes comparing yourself with others. Find your own way. Live you own life. Decide what you value in life and make decisions accordingly. You can't have it all/everything.
Grew up on a Centrelink household, left the house at age of 19 (for legit reasons) with only Centrelink and studies to support myself. Been a struggle but I was able get a part time retail job while studying and landed myself a full time job in the past couple months. Age 22.
I'm going to be honest, I've only about $1k in my bank at the moment. Kinda dumb founded by the people who are my age or younger and have tens of thousands in savings, but they may have better money spending habits and probably grew up in a better situation than me.
@Hahuh:
We don't need to talk scenarios when we are actually talking about you. You can't wash yourself of that scab title.
The scab that deems he is entitled to government handouts because he doesn't want to touch his $95K because he's earmarked that for a house. What a weak 'hard done by argument'
The scab that then tries the simpleton 'holier than thou' binary scenario argument. Trying to justify his entitlement with the amazing cognitive dissonance going on in his brain…no-one cares how you spend your money, or that you think you live a puritan lifestyle so you are better than those that live a life of vice, and thus deem yourself worthy of government money… but hey, you're not actually spending your money.
The difference here is you're asking questions, querying my thoughts on issues that don't pertain to the simple facts you've divulged about yourself. You don't need me to write a positivist v natural justice legal critique of social security law.
you are a scab, that gets government money, because you don't want to spend your own, which you have plenty of