How Have You Progressed Financially over The past 5 Years?

Lneilpatrickharris on 07/05/2017 - 23:52

I came to Australia at the age of 18 in 2012 to study (as a PR). Back then, I was broke as hell and used to eat tuna sandwiches all day everyday. Sometimes I'd add ketchup if I was feeling fancy. When my friends went for a night out they'd typically drop $100 easily, I'd be the guy who'd spend no more than $10. I've come a long way since then, accumulating wealth whilst saving every penny where possible. My question is, how has the Ozbargain community done over the past 5 years? Here's my breakdown:

Financial year Assessable income Change in salary Description
FY12 $3,825 NA Year I came to Australia, started studying
FY13 $23,519 515% Studying
FY14 $24,545 4% Studying
FY15 $51,826 111% Finished uni, working full time for the other half year
FY16 $77,188 49% First full year working
FY17 $113,798 47% Second full year working

Needless to say, I'm off tuna sandwiches

Financial

Comments

  • Kommyht on 08/05/2017 - 00:16
    +1

    You've done well saving and working up to higher incomes the last 3 years.

    I've been building up my investment property portfolio over the past 5 years (slightly negatively geared mostly) while income has only risen the past two years. Probably started at $40k 5 years ago, to breaching six figures this financial year thanks to some luck and networking. Very similiar vein to your FY15-17.

    • neilpatrickharris on 08/05/2017 - 00:37

      Thanks! Bet it felt great cracking 6 figures!

      • Kommyht on 08/05/2017 - 07:54
        +3

        It's a good feeling, though I try to avoid lifestyle creep and keep the same frugal spending habits that got me so far in the first place. Very ironic given I'm a luxury product marketer.

  • [Deactivated] on 08/05/2017 - 00:25

    You've done very well!
    Were your last 2 financial years 2 different jobs?
    BTW assessable income can drop a lot if you own properties with negative gearing, if you consider that a good thing :)

    • neilpatrickharris on 08/05/2017 - 00:34

      Yes, I got a higher paying grad job that started in FY15 after finishing uni. My income here includes negative gearing from a property I got in FY16 and another positively geared one in FY17.

  • Freshie on 08/05/2017 - 02:48

    Admirable efforts!
    I'm curious… Do you by any chance know how those mates that spent 100$ every night out have ended up doing financially?

    • neilpatrickharris on 08/05/2017 - 08:52
      +3

      Most of my friends work in the big 4 accounting firms and are on a 50-60k package. That being said, they all still live with their parents so can save a lot by not paying rent. Granted, whatever they've saved up they tend to spend on big holidays or avocado sandwiches. None of them seem to be interested in seriously saving up for a home, perhaps because their parents already have property here? I knew I was sick of renting a room during my uni days so that really incentivised me to work towards a place of my own.

      • mick123 on 08/05/2017 - 10:15
        +1

        well done on your success..

        but I doubt anyone in the top 4 accounting firms make less than $80k, except maybe a first year, in that case,they would get that big jump just like yourself.. so I am sure they would be fine..

  • [Deactivated] on 08/05/2017 - 08:14

    Needless to say, I'm off tuna sandwiches

    did you start eating HJs voucher specials?

  • kasp on 08/05/2017 - 08:20
    +2

    Bloody hell I am doing significantly better than everyone I know and well you are just earning more than me and I am 10 years your senior. Having said that I just moved my way into management in a multinational company so I am setting myself up very nicely. You are doing amazingly, keep it up and well my best advice is don't change your spending too much because of extra money. Granted improve your lifestyle as life is worth living but spend well within your means.

    However I had the housing boom kinda add a million dollars to my finances so I can't whinge too much. :P

  • activ8newbs on 08/05/2017 - 08:33
    +2

    Awesome work! I can't get over that huge jump from $51k to 77k, then to $113k.

    What work do you do?

    You should be really proud of yourself - I'm 21 at the moment…currently earning about $43k and I really admire/look up to your perforamnce.

    • neilpatrickharris on 08/05/2017 - 09:08

      I work in banking. Just a note, this includes investment income as well so not all from my job. Don't be afraid to send your cv out to everyone when applying for a grad jobs. I honestly thought I stood no chance at getting the job I currently have. The first grad offer I received was about 20k less than what my current company had offered me. I only received the offer two months after accepting the first one (which I then had to turn down).

      • activ8newbs on 08/05/2017 - 09:43
        -1

        Interesting. I currently work in banking, and soon moving to Accg at a big 4 firm. I can only dream of that sort of income growth with that little experience (2 years)

  • [Deactivated] on 08/05/2017 - 08:57

    Ah, two properties in sydney one in fy16 and another in fy17 (family help I assume). You've started out ahead, and you'll stay ahead. So don't worry too much.

    Not being jealous or putting op down (am frugal migrant, living decent comfortably too), its a free market. Its good to have sensible saving habits but to benchmark yourself against somebody who has 2 (recently bought) properties in sydney by the age of 23 is unrealistic. OP will probably have a third property in 5 years (at least).

    • neilpatrickharris on 08/05/2017 - 10:47

      Yes, I borrowed a bit of money from my younger sister to buy my second property. Definitely looking at a third property in the next 2 years. I've got two apartments but it's always been my dream to have a house.

      • Kommyht on 08/05/2017 - 14:31

        Check out a forum called "property chat". Great community for growing your property portfolio from people who have more postiviely geared investments than fingers.

      • kasp on 08/05/2017 - 16:17

        What you say you are 23 years old yet you could borrow money from your younger sister to buy a house.

        Sorry but this sounds like you are just feeding us bullshit now.

        • neilpatrickharris on 08/05/2017 - 18:35

          I'm 24 turning 25. I have no reason to lie, doesn't benefit me in any way. My sister didn't go to uni and has just been working in retail the whole time.

        • Kommyht on 08/05/2017 - 21:38

          Uni is waste back in my day (08), mates who went on be sparkies and plumbing apprenticeships straight out of high school were rolling in money by the time I graduated with a nice student loan and a piece of paper.

  • Ryanek on 08/05/2017 - 09:23

    Well done mate. Not that there's anything wrong with Tuna sandwiches.

  • narcoleptic-haze on 08/05/2017 - 09:56

    Well, my rent has gone up, my bills have gone up, and my fuel costs have gone up. My pay however, has stayed the same.

  • BuyoTheCat on 08/05/2017 - 12:02

    Good job (literally and figuratively) mate and congratulation.

    While it is good to be frugal, you have come to a point there you are entitled to enjoy the fruits of your labour.
    Treat yourself every now and then.

  • AlienC on 08/05/2017 - 12:36
    +1

    I went from negative money to negative money and now that I have found Ozbargain I have rats and potatoes thanks Ozbargain you saved my life

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