My Goal Is to Be Financially Secure in The Next 10 Years

OrangeCounty on 25/06/2025 - 19:21
Last edited 25/06/2025 - 22:29 by 1 other user

May the POWER of Ozbargainers on here guide me on the path to success.

Long time reader on here,

I would love to hear your thoughts on how if you were my age (30) you would change up things to become financially set. My goal right now is simple, I have no wife, no partner, work in a stable job 145k give or take. No assets, savings in the bank yes.

What would you do if you were me in Sydney. How would you structure your investing skills to work? Invest in ETFs as I read in some forums on here, Invests in shares, property? Or should I buy those Tiktok courses of Amazon FBA, or high ticket sales and let the money drain in hopes to build wealth when in reality it is building their wealth (i.e. those selling the courses in the lambo)

My dream is plain and simple, to be quite frankly I want to reduce time from work after 10 years time, take care of my future kids, be there for them at awards, birthdays, celebrations. Travel with the family overseas reasonably once a year. I would buy a 2 year old car every 5 years give or take. I like Landcruiser parado's.

Would my dream be possible if I make the right moves? Has anyone here been able to invest and reduce time and work and not depend on working everyday to make ends meet? How did you make your money work for you?

Financial

Comments

  • JIMB0 on 25/06/2025 - 19:59
    +2

    How much savings have you got? Buy a house first before investing and stay away from scams, the Lambos in those videos are all rented.

    • OrangeCounty on 26/06/2025 - 16:04

      Enough to by an investment property in Sydney.

      • jasiano on 26/06/2025 - 17:32
        +1

        if you can afford an investment property and actually make money on rent vs mortgage/loan/expenses (positive gearing) or get close to break even then that is a win, then take the surplus and put into a reasonably reliable ETF or some blue(ish) chip shares that pay some good dividends to reinvest.. CBA comes to mind

        Negatively gearing an investment is all well and good to reduce your taxable income but unless it's making an actual difference to your real net income (eg. dropping you down a tax bracket or medicare levy %) you are still spending more than you make.. fine for a bit but long term it's all about growing your asset/cash base.

      • Protractor on 27/06/2025 - 10:14

        LOL.
        What a garden shed or block of units?

  • Protractor on 25/06/2025 - 20:01
    +7

    Sell the Parado and retire, they're as rare as rocking horse shit.

    The rest of your post is like a teenage dream. Best of luck, but it's a fantasy novel.

    • JIMB0 on 25/06/2025 - 20:22
      -1

      Work hard and you can have it. Australia is the land of opportunity after all.

      • Protractor on 25/06/2025 - 20:25
        -1

        Nostalgic.

        Ppl who work hard, don't need to 'ask hard'.
        They just get on with it.

    • OrangeCounty on 26/06/2025 - 16:05

      Can the teenage dream become a reality? Or shall I work to 80 and make ends meet daily.

      • hothed on 26/06/2025 - 19:59
        +1

        If you have 0 assets at 30, on 145k wage, you have a much bigger spending problem to resolve first.

        On that wage, as a single, you'll need 20 years of solid saving and investing.

        If you just max super every year then you can get that growing quickly by itself. Then start saving a small amount outside super.

        Work hard, save hard. Then relocate somewhere cheaper to retire. (Regional or another state).

      • Protractor on 27/06/2025 - 10:15

        It would need to a real persons dream first. And this dream? No.

      • LFO on 27/06/2025 - 10:15

        Can the teenage dream become a reality?

        Depends of the dream. Flying with a red cape will never be one of them.

        But back to "financial security": the biggest problem is that the more you (we … really) have the more we will want or wish to have.

        Today you are dreaming of certain things, mostly material things, but tomorrow you might wish bigger and better (material) things self-forcing yourself to never stop earning.

        Read about the first and original Jean Paul Getty Sr. Retired at 21(20?, 18?) with more than a million USD in savings … just to be back working, settled in a hotel in Paris. And then unstoppable work-earnings-wealth-expenses-wives-the_lot.

        Either you are satisfied or not. Nothing to do with "financial security".

  • HamBoi69 on 25/06/2025 - 20:03
    +1

    Do you work for Westpac?

    • Protractor on 25/06/2025 - 20:10

      Do they only hire day dreamers?

    • OrangeCounty on 26/06/2025 - 16:05

      So random.

  • MS Paint on 25/06/2025 - 20:10
    +1

    No assets, savings in the bank

    This makes no sense.

    • Protractor on 25/06/2025 - 20:23
      +1

      When a new member 'impossible dream' post ends with multiple questions in the last paragraph, it never makes sense.It's not meant.But boy, it's a real familiar pattern. Lot's of new members with fanciful salmon pate smelling posts,lately.

    • OrangeCounty on 26/06/2025 - 16:05

      I mean assets as in property and shares, sorry, new to this.

  • McMaferMur on 25/06/2025 - 20:21
    +6

    have no wife, no partner.

    Keep that way. Thats the only advise you need to follow.

    • Protractor on 25/06/2025 - 20:33
      +1

      There goes the family / kids component.Bonus is holidays will be cheaper. Maybe he can buy a cpl of duty free kids OS, and skip the messy parent,family part??

      • McMaferMur on 25/06/2025 - 20:35
        +1

        Duh… the issues are the kids, you are investing a lot till they are 24yo and then they move out not paying back a cent…

        • Protractor on 25/06/2025 - 20:36

          Sounds like OP is a future billionaire/ *and daddy though. There has to be a way!

          Everyone else is a…….Oh wait

        • Jolakot on 25/06/2025 - 20:37
          +7

          Did you pay back your parents?

          • McMaferMur on 25/06/2025 - 20:38

            @Jolakot: No. Thats why i knew. And i try to tell op not to experience it.

            • Jolakot on 25/06/2025 - 20:41
              +2

              @McMaferMur: Maybe you should be the change that you want to see in the world. Should be easy with the savings from not having kids!

    • jackspratt on 26/06/2025 - 13:45

      Thats the only advise you need to follow.

      And learn to spell.

    • OrangeCounty on 26/06/2025 - 16:06

      Haha, interesting perspective.

  • mskeggs on 25/06/2025 - 20:24
    +40

    Big decisions that ended up being important financially:
    - get a well paid job I enjoy doing
    - get married
    - buy a home
    - economise on things that soak up income
    - avoid "keeping up with the Jones'"

    And things that ended up being good for my lifestyle
    - take a pay cut for a better job (3 times so far)
    - decline promotions that would make work unpleasant
    - find a job with good WFH flexibility
    - move out of the city
    - have cool kids
    - get involved in lots of community activities

    Of your plans, the only thing I think is dumb is buying 2yro Toyota Prados regularly. Our one did 360k before it got in a smash, and there was zero reason to upgrade it in the decade we had it.

    The path to what you want doesn't involve FIRE or tiktok investing clubs, it involves getting on your bike to make the non-financial things happen, and then controlling your own spending desires so you can live happily on a bit less.

    • donbot on 26/06/2025 - 10:39

      This x1000

      • Frosty17 on 26/06/2025 - 15:26

        Times x9000

    • OrangeCounty on 26/06/2025 - 16:06
      -1

      Thanks for the thought.

    • frewer on 26/06/2025 - 19:23
      +1

      What is cool kids means ?

      Every time I ask my children to do dishes, tidy up, vacuum etc. It is a hit and miss, they're 7yo and 6yo

      • Protractor on 27/06/2025 - 11:07
        +3

        They should be coal mining and chimney cleaning by now.

        • frewer on 27/06/2025 - 11:53

          Pfff that's old way, mordern way is Roblox

      • MikeyD333 on 27/06/2025 - 18:25
        +1

        doing chores doesnt make your kids cool just FYI but it being hit and miss, my advice that you likely already know is you need to make these activities seem like anything else but a chore, make it fun somehow, see who can wash as many dishes, or team work, son on dishes, daughter on drying duties, theyll learn key skills, as well as instill in them the notion of being a part of a family and everyone does their bit to help.

        resind their toys and or screen time and bargain it with them, when you do the dishes than you can watch X etc etc

  • MonkEE on 25/06/2025 - 21:00
    +1

    Work for 10 years and save a good portion. Move to a town further further out.

  • Protractor on 25/06/2025 - 21:08
    -7

    Follow the Trump (et al) mantra.

    Shill baby,shill!

  • Wiadro on 25/06/2025 - 21:39
    -7

    145k lol

    • liongalahad on 27/06/2025 - 16:43

      why lol? Im genuinely curious

  • ihbh on 25/06/2025 - 23:02
    +1

    Would my dream be possible if I make the right moves?

    Depends what you mean by the right moves:

    1. Fluke it like win the lottery or happen to put heaps into a 10 bagger. Yes possible but remote.
    2. Invest consistently - not possible in 10 years.

    Scenario 2. is not possible because people who've done it started learning in their late teens/early 20s. They made mistakes as part of their learning, which you will. Some also earned a lot more than you (incl. AWE adjusted); some earned more and were far more financially savvy, etc.

    Travel with the family overseas reasonably once a year. I would buy a 2 year old car every 5 years give or take. I like Landcruiser parado's.

    Noob comment. For example, in some parts of Sydney, the median house price is $1m and others it's $4/5m. I'd rather own a reliable 20 year car and live in one of the $4/5m suburbs than trade cars every 5 years and live in the $1m suburbs, but that's me and we're all different. I realise you haven't given an indication of the suburb.

  • p1 ama on 25/06/2025 - 23:24
    +28

    I would love to hear your thoughts on how if you were my age (30) you would change up things to become financially set. My goal right now is simple, I have no wife, no partner, work in a stable job 145k give or take. No assets, savings in the bank yes.

    I would say that your goal is not "simple" at all, because you haven't even begun to define what you mean by "financially set", this could mean a whole host of different things to different people, e.g. are you looking to have a long-term stable job with good work-life balance that you can see yourself in for a long time, or do you want to look for a career path with lots of opportunities for you to take risks and land a high-paying role, or are you looking to retire early…etc.?

    You need to define what you mean by "financially set", for some people, this literally means that income > expenses, whereas for others, it could mean having enough in investments to look after their future generations into perpetuity.

    What would you do if you were me in Sydney. How would you structure your investing skills to work? Invest in ETFs as I read in some forums on here, Invests in shares, property?

    It depends - for someone with your income level and age, ETFs are a good way to go - easy to get into, easy to setup an automated investment plan that makes it convenient to put away your money, taxation is easy to manage, easy to sell if you ever need, and the lowest possible transaction costs out of any of the major investment classes.

    For property, you need to know what you are doing - most people make money in property because of high leverage, and gaining asset values on their PPOR, which is not taxed when they go onto sell it. I wouldn't suggest property unless you're quite sure of what you want - transaction costs are very high (e.g. stamp duty, selling fees, conveyancing…etc.), and it can be a difficult asset to get out of if you need to (e.g. you decide to move overseas…etc.).

    Or should I buy those Tiktok courses of Amazon FBA, or high ticket sales and let the money drain in hopes to build wealth when in reality it is building their wealth (i.e. those selling the courses in the lambo)

    Oh god, please no.

    My dream is plain and simple, to be quite frankly I want to reduce time from work after 10 years time, take care of my future kids, be there for them at awards, birthdays, celebrations.

    Plenty of jobs give you the flexibility to do all of these things. Also worth thinking about what to do after your kids are in school, or once they're teenagers or adults.

    FWIW, it's difficult to give advice without understanding your work constraints - what industry you work in, what sort of job you do, what opportunities there are for flexible work, what the trade-offs are, and so on.

    For example, what are the options you've considered - perhaps there are high paying jobs where you need to work long hours, and if you're willing to take a pay cut, you can have a more flexible job. Maybe it's better to work in a more flexible job for 30 years than it is to burn yourself out in a higher paying job for 15 years. These are all things that you need to elaborate on if you want more refined advice.

    Travel with the family overseas reasonably once a year. I would buy a 2 year old car every 5 years give or take. I like Landcruiser parado's.

    Why Landcruiser Prados? It's just an oddly specific thing to be a non-negotiable.

    Would my dream be possible if I make the right moves? Has anyone here been able to invest and reduce time and work and not depend on working everyday to make ends meet? How did you make your money work for you?

    As above, it's impossible to say, because everyone's definition of "make ends meet" is different.

    I can share my own story - I used to work very, very hard. I graduated with a technical degree, and went to work in investment banking, and later on, in consulting and private equity. For over 6 years, I regularly worked 12+ hour days, sometimes weekends, regularly working from after dinner until midnight. The pay was great, and I thought I was providing for my family until some things happened in life that made me understand the fragility of life, and how easy it is to put things off and not live in the moment. I just thought that if I could do this for another 10 years, I could set up myself for life, but at some point I just couldn't do it anymore.

    I left my job, picked up a new hybrid role at a small company that paid less than half of what I was earning before but I was able to leverage a lot of my technical skill and combine that with business knowledge (think analytics SME role crossover with corporate strategy). However, I basically WFH almost every day, and I'm wrapping up most days by around 3pm, and head to pick up my son from school, and come home and do homework and play video games with him. In my spare time, I've picked up a lot of my old hobbies, learned some new skills, and try to support my wife in her career. It's also great that I get to work on some pretty cool things, including (back in the day), building a model of COVID-cases, which we were able to use to forecast product demand.

    I've had to make sacrifices - I moved further away from the city, but that's okay since I don't go to the city anymore. I've had to change some of my spending habits. Overall, as long as "money in > money out", then all is fine, and I'm not worried at all. One of my regrets is that I "wasted" a lot of my younger years working so hard that I didn't enjoy myself as much as I could have when I still had the health and wide-eyed optimism to do so. In a lot of these worlds, there's a "work hard, play hard" culture, which is the only real way of keeping yourself going but it's hard on your body, and even harder on your mind.

    Ultimately, I've given up the opportunity to "retire in 10 years", but ever since starting this job, I've never felt the want to retire anymore. I genuinely feel like I could keep going in this sort of role (or similar) until I'm 65+ and wouldn't feel like I'm missing out on life at all. I genuinely enjoy work in a way that I've not before, no stress, great fun, so much time and space to pursue my own interests and live my own life. I would almost feel bored without some work to do!

    There's no right and wrong way of looking at these things, and different people will come to different conclusions as to what works for them and their specific situation, and obviously their own personal ambition and capability. Whilst I get why people may wish to retire early, I do think that an excessive focus on just wanting to "work less" or not work at all is probably indicative of an unhealthy relationship with work. I get that not everyone can (or should) enjoy work, but everyone should be aware of and actively explore the options available to them, including alternative work that may better suit what they want in life.

    It's up to you to decide what it is that is most important to you.

      • JIMB0 on 26/06/2025 - 09:54
        +3

        He said don't exchange too much time for money, particularly your younger years as you'll miss out on having a life.

    • mskeggs on 26/06/2025 - 09:18
      +1

      Good thoughts here.

      • serpserpserp on 27/06/2025 - 23:08

        What?

        • mskeggs on 28/06/2025 - 07:13

          I think p1 ama shared some really good ideas.

    • May4th on 26/06/2025 - 10:02
      +2

      thanks for sharing. as with anything in life balance is the key. work too hard during your youth, you will have regrets. work too little during your youth, financial pressures will catch up with you and you will have regrets when you don't get to retire when health issues and family demand more of your time. not many people gets it right and those lucky few are few and far in between

    • donbot on 26/06/2025 - 10:52

      Out of interest, how old were you when you had the realisation that you just cant do this anymore? At age 30, I felt the same as you. Nearing 40 now with a wife & kids, I'm at the same realisation as you, but its taken me a bit longer to action it to get the balance right in the way that you have, with work being the hurdle to get right. Out of interest, you work til about 3pm - is it still a full time role or have you managed to reduce hours also?

      I wonder if its a maturity thing, or if it really becomes just a case that kids change everything and it takes some longer to realise and action changes that are needed to be truly content with what their situation is.

      Financial security is a big element of having the ability to make changes like this. Having good discipline and habits go a long way to making any significant changes such as you've described a long term success.

      • p1 ama on 26/06/2025 - 22:12
        +1

        Out of interest, how old were you when you had the realisation that you just cant do this anymore? At age 30, I felt the same as you. Nearing 40 now with a wife & kids, I'm at the same realisation as you, but its taken me a bit longer to action it to get the balance right in the way that you have, with work being the hurdle to get right.

        Similar age to you actually - think there's something around that sort of late-30s to early-40s age that prompts a lot of soul searching. Having a family, ticking off a lot of what I had wanted to do, experiencing the loss of a close family member for the first time…etc. I don't think these are unique experiences for me.

        Out of interest, you work til about 3pm - is it still a full time role or have you managed to reduce hours also?

        Full time role, but I'm smart about how I structure my day and I manage my stakeholders well. Obviously it's not "clocking off at 3pm on the dot", but it's an average. Obviously sometimes there are meetings in the late afternoon I can't avoid.

        I wonder if its a maturity thing, or if it really becomes just a case that kids change everything and it takes some longer to realise and action changes that are needed to be truly content with what their situation is.

        I think it's both, definitely a maturity thing. I think at some point, I just realised that what other people think of me doesn't matter at all, and chasing status and social standing, clicks and likes on social media, others' approval…etc. are just not worth me sacrificing my time (and my life) for.

        There's also an element of realising how silly the world can be - once I stepped away from the hype, I realised that I didn't need a Porsche and was happy driving a Toyota, didn't need a Rolex and was happy wearing a Seiko, didn't need to live in a "blue ribbon" suburb and was happy moving further out.

        Financial security is a big element of having the ability to make changes like this. Having good discipline and habits go a long way to making any significant changes such as you've described a long term success.

        I think the trick is to find a balance that you're happy with, and be content with not having "everything". I'm naturally a pretty disciplined person, so I think this definitely helps, but what I think is most important is just sketching out a plan that is realistic and that you would be happy living, and be open to jump off the hamster wheel (so to speak).

        Another big part of it is just getting off social media - too many people advocating completely unsustainable lifestyles, whether it be retire early, all manners of get rich quick schemes, flexible Lamborghinis, whatever else. It's just toxic really.

    • ihbh on 26/06/2025 - 13:17
      +1

      went to work in investment banking, and later on, in consulting and private equity. For over 6 years, I regularly worked 12+ hour days, sometimes weekends, regularly working from after dinner until midnight

      You were a bludger mate. /s

      Let me share one of my own stories. Around 11pm one night, I was going back to the hotel with an investment banking analyst that was supporting us on some due diligence work in Singapore. I can count the number of days I've ever worked this late easily on one hand (this time it was due to the restrictions of when the data room was open). Anyway, the analyst told me that he usually started work at 9am. I thought you lazy bugger, that's when I normally start, but I don't work in investment banking! And that he caught a cab home every night, … because they got a cabcharge voucher equivalent after 10pm (I can't remember the exact time). And that tonight was early for him; he usually left after midnight.

      I had just turned 30 the year before and after hearing all this, started to give life advice to someone probably in the mid-20s, including financial advice … investing, etc.

      a technical degree, and went to work in investment banking, and later on, in consulting and private equity

      The pay-off in these industries is to make partner or near it. The danger for people with a technical degree that get hired is that the person is smart and analytical, but probably won't have the sales/interpersonal skills to win business/schmooze clients. Also, there are a lot of smart people in these industries. The system sucks them in early in their career, works them like a dog for a couple of years, then spits them out, and replaces them with someone similar.

      Anyone who thinks of going into this area needs to be strategic with their career and have a plan and assess their progress and course correct if necessary - that is, be proactive, rather than reactive due to sth happening to them. Also, doing an MBA at a good school helps you connect with others for advice, experience and opportunities.

      E.g. my brother did commerce/law, was a BCG analyst, they paid for his HBS MBA, left not long after finishing (had to pay them back), joined MS and worked in product, when he couldn't get a country manager role, gave it up and with a couple of HBS friends started their own private equity firm in a developing country two decades ago and are doing very well.

      • p1 ama on 26/06/2025 - 22:22
        +2

        Anyway, the analyst told me that he usually started work at 9am. I thought you lazy bugger, that's when I normally start, but I don't work in investment banking!

        To be fair, investment banking (and most professional services) is not an early morning job. In fact, I always found my mornings to be quiet, you don't get the barrage of work coming in from client counterparts, VPs / MDs…etc. until quite late on in the day, then they expect to have it turned around by "end of day".

        It's just a late night kind of job. There were some crazy people I worked with who did the whole "I'll do it in the morning" thing, and end up waking up at like 4am or whatever, but I was never one of those people. Very often, I was in the office at like 9.30am (and even have time to stroll around to grab a coffee).

        You were much more likely to find me working at 12am than at 9am, funnily enough.

        Anyone who thinks of going into this area needs to be strategic with their career and have a plan and assess their progress and course correct if necessary - that is, be proactive, rather than reactive due to sth happening to them. Also, doing an MBA at a good school helps you connect with others for advice, experience and opportunities.

        Yes, agree completely.

        There's also just value to leveraging your name brand. There's lots of corporate development or strategy teams for mid-market corporates who would jump at the opportunity to hire someone from the likes of a GS / MS / JPM, or high-end consulting firm.

        It's probably an option that many at the Analyst / Associate level should consider, but you're in an environment that is so hyper-competitive that it's easy to get a chip on your shoulder, and not want to consider becoming a Corporate Development Manager (or equivalent) at some ASX20-50, where work is slow and you're just writing strategy papers, doing random (easy) financial models, market analysis…etc. most of the time until the executive decide to pursue an acquisition.

        E.g. my brother did commerce/law, was a BCG analyst, they paid for his HBS MBA, left not long after finishing (had to pay them back), joined MS and worked in product, when he couldn't get a country manager role, gave it up and with a couple of HBS friends started their own private equity firm in a developing country two decades ago and are doing very well.

        Good on him, sounds like a life well lived.

        There are times where I question whether I should have taken the punt and done something exciting, but then I remember that I had the opportunity to read a book with my son tonight, and I'm at ease with my decision.

        • ihbh on 26/06/2025 - 22:55

          I remember that I had the opportunity to read a book with my son tonight, and I'm at ease with my decision.

          Related to this, I've thought I have enough compared to many people and I'm pretty sustainably focused and not wasteful. The marginal value of working is not much compared to spending time with the family and working on my health and hobbies.

          Good on him, sounds like a life well lived.

          He's got a few screws loose in his head, but at least he's at the top and can manage his time. He's got far more than enough to retire many times over, but spends 6 months in the US with his family and six months across the pacific overseeing the businesses. His wife has to have a hired teacher/helper for the kids. He's supposed to be trying to sell the whole business to wrap up and move home permanently (Aus or US) but keeps on buying businesses to add to the portfolio. My SIL said yesterday when we caught up he better have a hobby when he retires.

        • serpserpserp on 27/06/2025 - 23:09

          What?

    • OrangeCounty on 26/06/2025 - 16:16
      +1

      Thank you P1 ama, I really appreciate your thoughts and your experiences. For me, I don't want to work 5 days a week in a job that I am exchanging time for money, I want to enjoy more time later on to do other things in life which I enjoy. I'm not looking for a way out, and be lazy. Just more time with family, friends, travel, and experience the world for what it is. I'm glad you found a job you liked, took a pay cut. But in the end its still working. I don't enjoy what I do, I'm feeling overwhelmed and burnt out with a lot of pressure on my shoulders. In the job I work, moving would mean very similar pay with similar expectations, so not earning much more. Thank you for sharing your experiences.

      • mskeggs on 26/06/2025 - 17:34

        I don't enjoy what I do, I'm feeling overwhelmed and burnt out with a lot of pressure on my shoulders. In the job I work, moving would mean very similar pay with similar expectations, so not earning much more.

        I've felt like that before, but I also suggest you are wrong if you think the only options are the same job/pay/expectations.
        The trick is working out how to slide toward the place you want to be.
        One place you might like to be is working part time at this sucky job you have. But another might be working full time at a job you really like. Working out how to get to work you enjoy is time consuming and requires determination, but is worth it.

        And then maybe in 10 years you are actually weighing up whether part time at a job you love beats full time at a job you love.

      • p1 ama on 26/06/2025 - 22:34

        But in the end its still working.

        Unless you inherit your wealth, or are extremely lucky (e.g. win the lottery, punted on ETH when it was $1, or whatever else), you will need to work.

        You can choose how you do it - e.g. do you want to work harder now and save / invest more, or work less now but work for longer, or work less if you're happy with less…etc.

        I don't enjoy what I do, I'm feeling overwhelmed and burnt out with a lot of pressure on my shoulders.

        Have you seen a GP or psychologist to discuss your mental health and whether there are underlying factors to how you are feeling (e.g. anxiety, depression…etc.)?

        In the job I work, moving would mean very similar pay with similar expectations, so not earning much more.

        Have you looked at other roles where you have transferrable skills, or perhaps other workplaces with better environments.

        Seems like this is just a nihilism and dread, as opposed to any analysis on your part about other workplaces, unless you are really suggesting that you've done your due diligence, and literally every single workplace is shit.

        Ultimately, it's hard for anyone to give you any further advice without any details on what sort of job you're in or what sort of industry you work in. Understand the motive of maintaining anonymity, but unless what you're working in is some ultra-niche field, there's likely tens of thousands of people who also work in that sort of role and / or industry in Australia.

      • tenpercent on 27/06/2025 - 15:17

        It could be the company you're at. Is it their culture to overburden their employees with more work than is reasonable? Is there always high employee turnover?
        Maybe you should join the turnover. You might find you could take a small pay cut or get the same pay but with better work life balance and less stress if you go work elsewhere.

        Also, and I don't know if its relevant but you did say you were feeling burnt out, don't be a yes man. Learn to say "no" to colleagues and superiors when the request is not mission critical, when it is not your responsibility and when you have a full load of work already. Be honest about why you're saying no. If the boss asks you to do more and more and more, tell him/her you have a full load of work already and that if they want you to do it you will need to offload something else to have time for it. And don't let them dangle promotions in front of you either. Many managers use promises of or insinuations about promotions to incentivise you to use your own personal time to do more work.

    • Prosp24 on 29/06/2025 - 10:38

      Great comment!

      I can completely relate,

      You can live an easy and comfortable life or a challenging and rewarding one, there are no right or wrong answers.

      OP seems to see a job as more of a means-to-an-end (a dreadful chore to earn more money to somehow race to early retirement). This destination based mindset seems narrow and unfulfilling and suggests burnout, and too much prioritisation of money and work.

      It usually doesnt matter how high your income is but also how long you can sustain it (i.e. base wealth = income x time). Can you imagine forcing yourself to work here for years?

      Reality is you're unlikely to make enough in the next 10 years of a conventional job to fund the next 40-50 years of your living here, especially if you plan to spend recklessly. A longer time horizon is more realistic (e.g. 25 yrs), more of a marathon and less of a sprint

      A more healthy way of thinking of a job is as a sustainable way to contribute to society, that gives you purpose, meaning, and recognition from peers.

      Being financially savy and avoiding bad financial decisions early in life gives you more freedom of choice for what work u choose to take on later. People who enjoy what they do never work a day in their life

      Finding the right balance is key, if everyone could take shortcuts and retire early who would be available to service society? I'm often comforted to recognise that doctors, lawyers and others with larger responsibilities are also in the same boat if not worse, no matter how much they make.

  • morse on 26/06/2025 - 02:50

    How much do you have in savings? Where are you living now? Renting? Or at home with parents?

    Given that you’re interested in having a family I would look buying a principal place of residence. If you want to get something that is family suitable you could rent out a couple of rooms to supplement mortgage payments until you find a partner. Or you could start with a smaller place and flip it and upgrade when/if you are ready to start a family. Buying a place as a couple certainly makes things more achievable, but as it might take time to find the right person, you could consider getting in a bit earlier.

    On the future wife and family front, a few things to consider. Everyone I know who has a successful and enduring marriage has just met their partner, fallen in love and then gotten married. Kids may come, or not come, but they’ve found each other first and then the rest has fallen into place. What I mean by this is that I wouldn’t recommend making trying to find a partner a project so you can achieve your goals of having a family. Obviously you’ve got to get out there and meet people if having a family is what you want, but there’s no guarantees you’ll find someone and the timing of when you might get married or that you will definitely have children. I’ve seen people fixated on this goal end up being financially exploited, relationships breakdown etc. Another thing I’ve noticed amongst my friends that have had successful and enduring relationships is that both of the couple are family equal in terms of income, savings,spending habits, structure of family of origin etc. When I met my now husband we both had a similar income, savings, had travelled a bit independently, had previous longish term relationships etc.I wouldn’t say this is essential, but it certainly makes it easier. You know that someone isn’t interested in you for your money and there’s some security that if you buy a place together you’re equal contributors.

    • OrangeCounty on 26/06/2025 - 16:22

      Appreciate the thought, currently renting for $200pw at my relatives house.

      • hothed on 26/06/2025 - 20:05
        +1

        Stay there forever until they kick you out. You should be saving heaps of cash.

        • Protractor on 26/06/2025 - 23:10

          I've seen this sitcom. OP is Robbie

  • Porker on 26/06/2025 - 07:48

    It's a good goal to have. How achievable it is really depends on so many more factors than you have listed.

    Eg. Quality of lifestyle, housing, on-going source of income (even passive) can be influenced by many things. Plus kids and family are a BIG expense.

    Financial savvy and knowledge would also be an important factor.

  • ForkSnorter on 26/06/2025 - 07:51
    +5

    Not sure how you're earning $145k at age 30 when you can't even put a couple of paragraphs together without heaps of grammar mistakes and bad English. All you have to do is stick it into chatGPT or MS Word and it will fix it for you.

  • Ade99 on 26/06/2025 - 09:11

    Win the lotto 🤔If that does not work do you want to stay in Sidney or move to another city / country? Renting is dead money as the price can go up at any time unless you use the spare $$$ to buy shares / other asset classes. If you cannot buy in your dream location how about buying a bread and butter property where you can afford and renting it out. It pays for itself and if judiciously purchased may even increase in value……300K new Australians need some where to live and in theory will also be cashed up in order to get a visa (and pay your mortgage).

    • Hardlyworkin on 26/06/2025 - 11:23

      Renting provides a roof over your head, not sure what is dead about having shelter. Also gives the potential to live somewhere where you may not be able to buy or live different places more easily.

    • JIMB0 on 26/06/2025 - 11:35
      +1

      Interest payments are also dead money.

      • tenpercent on 26/06/2025 - 20:14
        +1

        But at least interest payments are the primary source of inflation just ahead of increased demand due to imported population increases.

    • topherboi on 28/06/2025 - 08:21

      do you want to stay in Sidney or move to another city / country?

      Who is Sidney and why would OP want to move with them?

  • SlickMick on 26/06/2025 - 09:21
    +1

    1) The best PPOR you can afford (best being best location and most likely to appreciate) - with offset account
    2) $30Kpa concessional contribution to super - the cheapest index-tracking fund available (SMSF buying ETFs if necessary) (and catch up past 5 years if haven't already)
    3) Pay of PPOR (in offset account) as fast as you can
    4) Renovate or upgrade PPOR and repeat.

    You can live off the equity in your offset account until you retire.

    Investments outside super aren't tax effective. The only exception is if you want to negative gear to reduce income tax. But that doesn't last long and then you're stuck with CGT so do the maths.

    Can't help you with finding the wife and having kids.

  • May4th on 26/06/2025 - 09:25
    +1

    the best advice is boring advice
    maximise your income, avoid bracket creep and live frugally (not cheaply), maximise saving ratio, be patient and let compounding to the job

  • capslock on 26/06/2025 - 09:40
    +1

    Ah the innocence of youth. I had similar dreams at 30 but that's all they ended up being, dreams…

  • rambutann on 26/06/2025 - 10:04
    +13

    I've essentially achieved what you are wanting to achieve but between the age of 20 to 30 (currently 30).
    I have the wife (+ the wedding we wanted), house, new car, motorbike, clapped out Landcruiser, job i want, kid on the way, working part time, holidays, savings etc etc.

    It takes years of living like an ultra ozbargainer, but at some point you flip and start to spend money on your life - for me that was about 8-9 years of tightass living.
    When I say tightass, I dont mean doing nothing with my life, but I didn't eat out, I didn't waste money on vehicles.. but I spent money on travel and spending time with friends.
    In saying that, I would still be staying in cheap accomodation - i'd still stay in a hostel if it made sense..

    It's much easier to start at a young age because going backwards in life is hard, and by the time you're 30 you're a bit more set in your ways, but here's how I did it and probably what I would do if I had to start again.

    Step 1: Cost reduction - set a goal to save 50-60% of your income - it will be a challenge but its possible if you're serious about achieving what has been outlined:

    • Move into the cheapest housing scenario possible. Large share house - get that cost right down.
    • If possible, reduce vehicle costs. For the first 9 years of this journey my wife had 2 different vehicles - one that was worth sub $5k for the first 7 years, then one that was worth about $20k for the final 2 years. I only ever rode a motorbike until recently where I added a clapped out 80 series landcruiser to the mix so I dont have to ride in the rain. Vehicles are one of the biggest ways to waste money.. they depreciate like crazy.. I'm in a financial position where I no longer care about this, but for the majority of this journey I avoided the impact of vehicle depreciation as much as possible.
    • Set a target for meal costs, for me I always had a target of spending less than $5 per meal, but thats a bit more challenging nowadays, but I also earnt a fraction of your salary for the majority of this journey.
    • Reduce costs wherever you can on areas that don't bring you joy. Continue to spend in areas that do bring you joy. If you don't know what brings you joy, you need to work on yourself and work that out - a lot of people spend a lot of money in a lot of areas to have small snippets of joy, but they don't truly know what brings them joy.

    Step 2: Build wealth.

    • Focus your energy on finding a partner (I have been with my now-wife for 12 years) - this is the most important thing you can do - if you get the right partner who is on the same page as you, this is the best way to accelerate your wealth because you can split your cost of living AND double your household income (even if you're saving separately). Further to this, you have someone who will push you to do better. Ideally this partner would earn a similar salary to yourself, or at least be motivated to find a way to do so.
    • Invest in something.. I can't specifically recommend anything but i'll explain my journey. I purchased a 70's build 1 bedroom apartment when I was 20, lived in it for a year, then rented it out (it was positively geared), my wife then purchased a 70's build 1 bedroom apartment, we lived in that for a few years before renting it out (also positively geared), I continued to save and purchased a 1 bedroom unit as an investment (positively geared also), we eventually purchased a 2 bedroom unit as our PPOR, before selling all 4 properties and buying a large 70's build house and renovating it.
      Most people say 'yOu DoNt GeT MuCh CaPiTaL GrOwTh FrOm A 1 BeDrooM aParTmeNT' - which is true - but they are low stress and come with much less risk. In my case, we paid down $200k worth of the principle amount on the loans just through owning the properties and paying the mortgage, and saw about $150k in capital growth across all 3 properties, but this still gave us about $300k in cash by the time agents were paid and all properties were sold - i'd say this took around $50k of upfront cash investment as I took out a loan against the first property to buy the unit. This was achieved over an 8 year period. $50k to $300k in 8 years aint bad.
    • If you'll get paid more at an alternative place of employment, move and take the extra money. You don't get significant salary increases by staying in the one 'stable' job. Towards the end of this journey you can focus more on getting the relaxing job (this is the current position im in), but the start of this journey is about getting paid as much as possible.

    Step 3: Transition to relaxation
    - In my case, we sold all properties, got married, and purchased the PPOR.
    - I was promoted at work, instead of increasing my pay, I negotiated to remain on the same pay but only work 32 hours a week.

    None of this is easy, especially given that you're starting in your early 30's, but its possible.
    Having the right partner who builds you up and doesn't drain your wealth is probably the key factor here..
    Let me know if you have any questions~

  • charkwayteo on 26/06/2025 - 10:31
    +2

    Didn't really do anything fancy both my wife and I met at work early 20s both very middle class families. 36 now in Sydney..I earned less than you but I got into the property market around 25… bought a studio apartment, then a 2 bedder and some shares during covid, sold it all to get a house.

    We're about 16months off paying off the house we bought 3 yrs ago, after that honestly it's just money in the bank. We don't drink, don't smoke, have one Kid honestly it hasn't been hard …IMO the hardest part of all is being stable, consistent, and finding a good partner. I got mates who make big bucks who just can't save..my 2 brothers for example both earn more than me ($190k works with Ergon and another earns around what you earn, around 150s boilermaker)… both of them own nothing other than a hilux lol.

    Don't over think it. Start off just trying to get in the property market with anything and go from there. If you get an apartment though check the body corp situation, make sure they have a healthy sinking fund and the building is solid.

  • Protractor on 26/06/2025 - 10:43

    New OP really giving valuable feedback.

  • netjock on 26/06/2025 - 11:18

    Find a good financial advisor. Or else someone good with maths who can figure out how much you need to save put into which investments that will generate a return and cashflow. It is all about cashflow. No point having a $1m IP that is returning 10% capital return a year even if fully paid off because you can't realise the cash (sure you can refinance and draw equity but you need a job to support the repayments)

    The system is built in a way to ensure everyone is working to pay for stuff and be taxed not saying you can't get out of it.

    I try to help small business people be financially secure but most of them just want to do small time tax avoidance (take the cash and spend it all on themselves rather than paying the tax and getting it into the system so it can grow), or their lifestyle inflation overtakes their business profits (growing is hard and putting cash back in with uncertain results, so they prefer to just spend it, that Merc is guaranteed to depreciate).

    • ihbh on 27/06/2025 - 09:09

      No point having a $1m IP that is returning 10% capital return a year even if fully paid off because you can't realise the cash (sure you can refinance and draw equity but you need a job to support the repayments)

      The system is built in a way to ensure everyone is working to pay for stuff and be taxed not saying you can't get out of it.

      Those two sentences are an oxymoron. :)

      If you can't realise the cash or only through a loan, you don't get taxed on the CG (and rental yields are piddly), and the second sentence…

      • netjock on 27/06/2025 - 17:22

        If you realise the cash through a loan / refinance unless it is for investment purposes it is non tax deductible defeating the purpose.

        I don't go into detail because it is free advice. People pay good money for my time.

        • ihbh on 27/06/2025 - 19:52

          People pay good money for my time.

          Not the people who've retired early, while you're still working.

          • netjock on 28/06/2025 - 10:29
            +1

            @ihbh: I had a guy who tried to sell me the retire early mentorship thing. Most of it is expensive courses to make money.

            Just like property investment courses. If the experts at those courses have made so much money on deals why they selling it for $3k to each student? You don't see Warren Buffett doing stock tip news letters.

            There is only a few ways to genuinely retire early.

            There is also a way to coast your way until you hit preservation age on your super etc. Some of it is about making the right amount of money and putting it away.

            If you think the rental yield on houses is 7% like commercial property then house prices halve. How much easier would it be to buy IP and retire on the cashflow. The system is designed to keep you perpetually in debt and working.

            With a tweak you could be financially secure. That is my job.

            I threw $300k into my super before 35yo. Take 8.5% return (after 15% tax on returns) without adding another cent. At 65yo you'd have $3.5m.

            • ihbh on 28/06/2025 - 11:54

              @netjock:

              If you think the rental yield on houses is 7% like commercial property then house prices halve. How much easier would it be to buy IP and retire on the cashflow. The system is designed to keep you perpetually in debt and working.

              Totally agree - it's reliant on bubble CGs. But just need to check Japan and China to see what happens when bubbles pop.

              I threw $300k into my super before 35yo. Take 8.5% return (after 15% tax on returns) without adding another cent. At 65yo you'd have $3.5m.

              Agree again. (Don't forget cost of living inflation.)

              0.3*1.085^30=$3.467m

              • netjock on 28/06/2025 - 12:33

                @ihbh:

                Totally agree - it's reliant on bubble CGs

                What people don't think about is if you need to sell then pay your CGT then what you going to do flick it into the sharemarket? Might as well go all in shares in the first instance.

                Agree again. (Don't forget cost of living inflation.)

                The cost of living problem is interesting. Most people end up living in a $1.5m property with 4BR as a couple with 2 empty rooms. But nobody thinks long term. Also people need to look at their own basket of costs and inflation.

                I always ask people to think of the outcomes and we can sort out the steps to get there. I'd rather have $3.5m in shares (worse now thanks to the proposed super super tax on over $3m) than 3 investment properties if I want to be traveling during the Australian winter in Europe every year. I don't want the property manager calling me because the tenants locked themselves out or a toilet is clogged and there is a $1k emergency plumbing bill. Worse is I head 6 months after settlement they found the roof has leaks and a $20k bill to retile the whole roof.

  • Sammy2000 on 26/06/2025 - 11:26
    +4

    Kids = money pit

    • trapper on 26/06/2025 - 13:36
      +1

      Wife

      • SpicyStew on 26/06/2025 - 19:37
        +1

        Divorce fees, Spousal Support, Child support

        • Protractor on 26/06/2025 - 23:11

          Mum and Dad (landlords / guardians) will cough up.
          FYOV

      • ihbh on 28/06/2025 - 11:55

        Cheaper than having to pay for a root all the time.

  • jedimaster on 26/06/2025 - 12:23
    +1

    wrong forum, ask here
    https://www.reddit.com/r/AusFinance/

  • trapper on 26/06/2025 - 13:30
    +5

    I have no wife, no partner, work in a stable job 145k give or take.

    You currently have the highest disposable income you will ever have in your life.

    Your income will get higher - but will never come close to keeping up with the expenses once you have a wife and family.

    Cut your expenses to the bone now and you can probably save 80k a year if you really push it.

  • cashless on 26/06/2025 - 13:30

    Looks like yet another “flex & ghost” post

    • zubzub on 26/06/2025 - 14:14
      +2

      Username checks out.

      • cappy on 26/06/2025 - 23:47
        +1

        surely this is just the average ozbargainer and not a flex

    • JIMB0 on 27/06/2025 - 09:15
      +5

      Only $140k a year and no assets, pfft. That's not a flex, it's a cry for help.

      • zubzub on 27/06/2025 - 16:19

        lol, exactly what I thought.

  • Gdsamp on 26/06/2025 - 14:01

    NGMI

  • JimB on 26/06/2025 - 14:17

    Did anyone else read the start of this in this voice 'By the Power of Greyskull…'

  • Quarter Pounder on 26/06/2025 - 14:42

    i'm 16 with 40 grand in the bank - no idea what to do with it, apart from letting it sit in a HISA at 4.5%.

    • Frosty17 on 26/06/2025 - 15:28

      Save for property through super/keep HISA, start investing a chunk through ETFs (VGS, VGA), and keep some for travel.

    • trapper on 26/06/2025 - 16:56

      Did you earn it somehow, or it is one off inheritance thing etc?

      • Quarter Pounder on 27/06/2025 - 23:33

        Did you earn it somehow

        Yeah, started an e-commerse business, paired with earnings from my fast food job. Still have to pay tax on it though in a few days.

    • montorola on 27/06/2025 - 10:10
      +2

      i'm 16 with 40 grand in the bank

      Found the youth crime suspect lol

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