I would like to know what do you have at the end of the year in bank accounts (after paying loan repayments and receiving tax returns etc)?
I have always thought of what is a good saving every year? What is really achievable and know it also depends on how much you earn and how many family members you have etc etc? But I guess at the end how much you save also matters!!
1st time post, so take it easy!!
PS: I dont work for ATO/Centrelink/AusGov
That's it, hand in your "Asian Card".
I’m a faulty asian :(
Nice Try ATO. Don't think we'll fall for your username. BOOMER!
ALL ON BLACK!
ALL ON ETH
SHIBA*
*2 days ago
no wonder you're part of the pay to pay gang
That’s more to do with my addiction to the other type of addictions. Pokies, darts and loose women.
100,000,000 sats.
Can you please put $5 as a poll option?
Didn't work Centrelink, I'm telling you NOTHING.
word count = 7 + 12 months = you now owe centrelink $1900
unless you can provide payslips from…. pulling a number out of a robohat: 2008
Ato?
Probably would have been better to use percentages of salary as opposed to dollar figures.
I don't think it matters. Most people will just pick the option which says they save 100% of their salary.
True, 100% would probably get a lot of votes but I doubt all the other options would have 0 votes on them.
Is there any point in having ‘savings’ if you have a home loan. Better to put the money in there to pay it off quicker? I would argue that repayments of principal are equivalent to savings in any case as your net worth increases by that amount.
Loan interest rates are 2.0%. The SPX and other assets can make that in a day.
The best time to pay off debt is after death.
Are you Evergrande's financial advisor?
Evergrande crashing is an opportunity. The more they default, the harder they fall. They going bankrupt would send markets tumbling and the best time to buy cheap assets.
End of financial year or end of calendar year?
It’s non of your business !
Step 3) How much you do save, depends moreso on how much you can save.
For instance, a woman with only a $50k earnings, but very little expenses (ie No Rent, No Car, etc etc) might actually be able to get away with saving $40k of that easily. Whereas, a man with say an $80k earnings, but has to pay for everything and maybe supporting some people too, well he might be lucky to getaway with saving only $10k.
Step 2) How much you can save, depends on how much you earn. It is not too concerned about your expenses.
Someone with horrible spending (eg more than $20k on luxuries) will usually still save more money than someone who is frugal (eg under $2k on luxuries), when we have wealth gaps similar (or larger!) to the Median Figures ($49k) versus the ($91k) Average Figures based on ABS.
Step 4) How much you retire with, depends on how early/well you have invested your savings.
If your savings sat for most of their duration, it would have withered away most of its value due to inflation. Or if your savings was implemented into something that is either taxed-high, has large expenses, or yields little gains… well, this again could erode your savings or stop it from growing properly. Whereas, investing into an asset for the long-term, which has acceptable gains, no expenses, and little taxation concern… those will be things that grow savings into retirement.
Step 1) How much you earn, depends on your wisdom and choices.
You can work very very hard at High School, then very very hard at University, only to get into a financially poor career. Or you can figure out what goal you want early, how to achieve it, work towards it, and be much more financially healthy. Best of both worlds, you can choose to be both intelligent and wise, and create value for society, use leverage, and make more money than you dreamed about. Worst-case scenario would be to waste your youth and achieve nothing substantial either, and arrive at your older years without any savings (or lots of debt) whilst seeing your peers thriving, and you think to yourself I Wish I Had / What If ?
Step 0) Making average/great choices, depends on many factors out of your control.
Like living in a safe nation. Having options. Fairness in your community. Actually having good mentors (coach or parents). Being born without genetic defects. Being born at all. There's many small things that add up which are not in your control, or at least not totally, so we need to have the humility to recognise these challenges in ourselves and our fellow man, so that we do not judge people superficially based on their retirement, savings, or income alone.
For instance, a woman with only a $50k earnings, but very little expenses (ie No Rent, No Car, etc etc) might actually be able to get away with saving $40k of that easily. Whereas, a man with say an $80k earnings, but has to pay for everything and maybe supporting some people too, well he might be lucky to getaway with saving only $10k.
Damnnnn! Someone is going to get negged to oblivion for saying this! lol 🤣
I'm definitely grabbing popcorn, ready for the responses!
For sure, mate.
I think he forgot to say how much his white picket fence costs him in this equation…
Initially I wrote both as "a person", but didn't sound right.
Then I wrote it as a "new graduate" and a "seasoned worker" as that is what I had in mind, but also didn't roll off the tongue too well.
…then I said screw it, let's change it up, go a different direction, and see how people respond to it. And they have not disappointed.
The intelligible persons would be able to understand the concept that I've laid out, without letting their own biases getting them bogged down/being politically correct. At the end of it, I don't care about the things you can't control (ie, gender, age, race, height, genetics, etc etc) and hope people can reach their potential and become rich in more ways than just money.
@Kangal: From what you're saying, is that your original post didn't align to your biases, so you needed to change it up and amp up the troll factor.
Yea, it's definitely everyone else in life that's against you.
@ColtNoir: Nah, you're still new here. You'll get the gist of my posts and other regular folks posts (eg/ jv, spackbace, etc).
Give it some time ; )
I'll answer your question seriously OP since I'm not providing numbers anyway.
I don't save money in a bank account. Either it all goes directly to my mortgage each month or it gets invested in to shares and crypto. I have some emergency funds and released equity but that's it.
no $17?
Poll went pretty much as expected.
Remember don't just save. Invest too. Savings account interest can't even beat inflation now.
Should be an options for:
Net position, < $0 (in debt, e.g. due to mortgage)