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

  • gimmebubbletea on 26/06/2025 - 15:40

    I was very recently at your stage in life actually. I was 28 when i quit my 200k/year job to start my own business with the hopes of building generational wealth. my partner was making around the same as me as well (and she's 2 years younger), and got made redundant and we're both working on our own businesses. the revenue covers our living expenses and mortgage and we're just investing in our own skills so we can get better at providing more value to people and getting paid more and more for it (well, that's the plan anyways - who knows if we'll ever achieve it).

    If i were you, instead of investing in the SMP500, I'll invest in the S-ME 500 (pun) and build a business. It's 1000x harder than investing in crypto, ETFs, property etc, but it also yields 1000x better results. Just have to stick it out for longer.

    • tenpercent on 26/06/2025 - 16:11

      Well done. What business / industries are you both in?

      • gimmebubbletea on 26/06/2025 - 21:04
        +1

        Thank you tenpercent. I was in law, she was in finance. I'm now in digital marketing and she's in real estate.

        • netjock on 28/06/2025 - 10:31

          Most people only have the skills for a Jim's franchise.

          • gimmebubbletea on 29/06/2025 - 20:59

            @netjock: doesn't matter what skills you start off with. Everyone can learn (but not many have the will to continue learning and check-out of learning once tertiary education ends),

  • Alexxx on 26/06/2025 - 15:45

    Buy a house now and use debt recycling to buy EFTs (use buyback from dividends for now to save on brokerage). Put some money each paycheck into super (you only need enough money to get you from 40-67 outside of super).

    In 10 years time you have options.

    Sell house and use equity to buy outright in a cheaper city then live off EFTs (dividends+ partial selling).

    Sell shares to pay off house then work part time in jobs you like.

    Most importantly find a partner that has the same investment views as you. If you have a partner that wants new cars, living in an expensive area, and who can't save money you are in for a bad time.

  • tenpercent on 26/06/2025 - 16:09
    -1

    You don't have an achieveable goal yet. You have a vague dream. An undefined goal is unreachable.

    Step 1: Define (very specifically) for yourself what financially secure means. Define it in words and define it with numbers.
    Do you want a PPoR paid off?
    Do you want to be earning a certain amount of money (make sure to account for inflation)?
    Do you want to be working a certain number of days per week?
    What will all of your expenses be (make sure to account for inflation)?
    Do you want a certain amount of wealth passively invested in stocks and bonds as well or just a certain amount of dividends?
    Will your potential future wife be earning as much as you, more, less? Will she stop earning while having kids and for how long? Will you take time off working to raise your kids?

    Step 2. Quantify each sub-goal (e.g. building up a share portfolio worth $X by 203#; e.g. owning a home in <location of your desire> worth approx $Y in today's market and fully paid off by 203#; e.g. be earning $Z but only working 3 days a week by 203#; etc).
    Then work backwards to the present to determine how much you need to invest, save, earn, spend, etc year by year to get there. Be conservative in your assumptions (i.e. don't assume your investments are going to make 20% p.a. every year for 10 years straight). Make sure to consider all personal expenses and budget for dating and wedding and honeymoon and having kids. You don't know the timing so you could model a few different scenarios.
    Considering your tight timeframe and depending what "financially secure in the next 10 years" actually means to you, you may need to approach this as if you were a business and model all your cashflows, income, expenses, assets, debts.

    Step 3: Re-assess if your goals are realistic to achieve in the timeframe. Do you need to adjust your goals? Can you increase your income to make your goals feasible? Can you cut back expenses now while you are single to make your goals more feasible? Do you need to extend your timeframe for certain sub-goals?

    In the interim, while you work on your plan, you could invest in ETFs, minimise your expenses, and maximise your income. There's plenty of good info here https://passiveinvestingaustralia.com/

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

    Huge with a lot of variability.

    My take:
    - House: If you are currently looking to buy a house in the next 3 years, probably best to keep your savings in savings. If the plan is longer than, consider investing a large chunk of your savings (depending on your risk appetite).
    - Investing: Because of the first goal, you want to de-risk losses on your investments. i'd recommend index funds (like ASX: VAS or ASX: a200 - which are the top 300/200 companies in Australia | IVV, VGS (u'll pay US tax with this one), VTS, which will expose your to the NASDAQ). If you go down this pathway, I'd highly recommend getting your own financial advice to tailor what you do. My first stop would be to Rask.com.au and potentially even exploring Rask Invest and whether it suits you, particularly if you're new to investing. Stay away from Crypto unless you understand it. much to be won and more to be lost. Crypto has no tangibility (unlike investing in shares, where you own a share of the business). Take a Core/Satellite strategy. I always wish i started earlier.
    - Education: for every dollar spent on education (regardless of what it is), it will pay the most dividends of any other investment you make. Always invest in this.
    - Partner: There is no better more meaningful path you can take in life than finding your special someone and having kids with them. Invest in being the best person you can be, not finding the 'right' partner. Learn to be kind, strong, competent and learn to always deliver on what you say you will.

  • SpicyStew on 26/06/2025 - 19:44
    +1

    savings in the bank yes.

    learn about money first or you end up losing it all

    you're asking about making money on a site that is primarily about spending money

  • firedmadman on 26/06/2025 - 21:24
    +2

    Dear OP, I strongly suggest you read "Your Money Or Your Life" by Vicki Robins, that book will change your life and set you on the right course to financial independence. This book is the genesis of the FIRE movement. Also "The Millionaire Next Door" Thomas Stanley is pretty good as well.
    It is possible to attain financial independence in Australia if you set your mind to it. We are the lucky country with a myriad of opportunity.
    How my wife and I did it is having a good education (finance and law), getting good jobs after graduating and working hard. We maximised our income, minimised our expenses and invested the surplus. We are both migrants with not much money to our names when we first came to Sydney, Australia.
    We saved more than 80% of our after tax income and invested the remainder into property, shares (ETF), bonds and maxed out our concessional super contribution. Between the two of us our passive investments (rent and interest income) exceed our living expenses and we can retire right now (in our early 40s) if we wanted to.
    My advice, find a place to live in first if you are renting. In getting a principal place of residence as your first investment, rent out the rooms or even better, get a property with a granny flat. Rent it all out and stay in one room. Pay down your mortgage more than the minimum repayment, this will cut down the life of your loan drastically. Diversify and maximise your income stream. Cut down your expenses to the max, don't buy stuff you don't need, be creative in reducing your expenses, e.g. cutting down unused subscriptions, cooking in batch, eat less meat and 'gourmet' stuff, less eating out (better for health too), drive less fancy cars (prado or an yaris will still get you from A to B), use public transport even better. Change jobs every 3-5 years to maximise opportunity or start your own business or side hustles. Find a partner with similar goals and values this will be the best emotional and financial decision you can make in your life. There is nothing wrong in being single if you can't find someone with the right values and motivation. Don't keep up with the Jones (they are all steeped in debt). This is your own project and you don't need to get anybody's approval or validation.
    Slowly but surely, the day will come when your passive income will exceed your income.This will be a marathon, not a sprint. Just stay the course!

    • Enterz on 27/06/2025 - 07:44

      tldr be thrifty, invest, pay down loans quick to save on interest

  • welcomeUniverseWorld on 26/06/2025 - 22:31

    At 30, you do not have a wife. At 40, do you expect to stay wifeless? Bro.. with wife .. comes further expenses.. including child, home etc..

    • Protractor on 26/06/2025 - 23:16

      Apparently according the millionaire bloke above you, everybody else is the loser in this scenario. Guy goes online for advice on short term wealth, on a forum about bargains. They're basically living with/off family, and planning to have one sans a partner, and be able to churn near new cars,holidays galore and doesn't want to work. The only way this can happen per OP, is lotto,criminality,Nigerian Prince, finding a fortune under their bed,or benevolent millionaire rello leaving it in their will.
      Hilarious stuff.

      • netjock on 28/06/2025 - 10:33

        Most of these forum posts are either looking for confirmation bias or trying to sort through some much information to make sense.

        There was a guy who wanted to pay for tax advice but couldn't find a tax agent with time so thought they'd get advice from here.

        • Protractor on 28/06/2025 - 10:37

          A growing number are just taking the piss.

  • dfg555 on 26/06/2025 - 23:11

    Just stocks and crypto. I got lucky during 2020 and now retired.

    • topherboi on 29/06/2025 - 08:40
      +1

      So your financial advice is to get lucky? Gotcha.

  • morebunnings on 27/06/2025 - 01:54

    Its a long slog. Find some good friends and get into hobbies and habits that keep you healthy and are not money pits, or you'll just be fighting an uphill battle every day and end up unhappy and burnt out.

  • Cheap Gamer on 27/06/2025 - 07:02

    Got rich parents in their 80s? We're living in an inheritocracy now, and it'll only get worse.

  • Enterz on 27/06/2025 - 07:42

    I would look into the FIRE movement and join the local Facebook groups. Personally, I learned how to invest in shares via Intelligent Investor and Barefoot Investor (don't take all his advice to heart though as he dumbs stuff down) made enough for a deposit on a flat, paid that off in ten years then upgraded to a house.

  • Muppet Detector on 27/06/2025 - 09:11

    My experience has taught me that what looks financially secure now, probably looks a whole lot different in ten years time and it will more than likely look completely different again ten years after that and so on.

    One thing you can always count on is that just when you think that things are calming down and going as planned for a while, so you take your foot off the pedal to sit back, take stock, savour your achievements and maybe even begin to think about what next?

    Nine times out of ten I can guarantee you that there is at least one curve ball coming your way, ready to knock you flat on your bum, push the wind out of your sails and trample every last shred of confidence and self respect you once had into a cess pit filled with bull manure and swarming with flies.

    On a much more pleasant note, there are many ways you can protect yourself from any of these things ever happening, or at least be prepared for their arrival and have as many protections as you can in place.

    1) Even when I didn't really know how I was going to get what I wanted, I surrounded myself with extremely wise and knowledgeable people and I watched and listened to what they did and I asked them a lot of questions

    2) SURROUND YOURSELF WITH EXPERTS and learn from them. Especially important if there is an area you're not familiar with. Find out what they did to get where they are. Research the founding stories and journeys of the likes of Richard Branson, Gary Merchant, Bill Gates etc

    3) REFER TO EXPERTS: even if you think you know a bit about what you're doing, employ someone in whatever field you lack knowledge, who really does.

    My favourites were an accountant, solicitor, bank manager, insurance agent and my dad and grandfather.

    4) DISTINGUISH BETWEEN WANTS AND NEEDS

    Additionally, you've already got a head start, you're on OzBargain, but wealth creation requires a whole bigger step up than that. It's time to school Scrooge McDuck and teach him how to recycle.

    Things like
    if in walking distance- walk
    that used bag or envelope made out of paper - rip it up and now it's a note book
    treat all of your possessions well/take care of them/ engage in practises that prolong their use. This might look like a sheet over your good lounge when home alone, to keeping carpets and furnishings out of direct sunlight.

    Will be a zillion more ways to save money around.

    INSURANCE
    Insurance always was and continues to be one of my favourite ways to spend money.

    For sure, there have been times when I've been tempted to self insure, and on some things I probably could have. But the problem arises when more than one disastrous event happens at the same time as another one, or they continue to happen back to back for years never giving you a moment's notice to catch your breath.

    Life is just so more pleasant when you can call someone else to deal with whatever the latest catastrophe is whilst you get on with your life.

    EXPECT THE UNEXPECTED
    And plan for it.
    Everything costs money, and usually a lot more than you planned for.

    1) Marriage costs money
    2) wedding jewellery costs money
    3) honeymoon costs money

    4) Divorce rate is high
    5) Divorce costs money

    6) Sickness and accidents happen. Some sicknesses are expensive with ongoing expensive treatment.Same for accidents which can also lead to disability and death

    7) Death is expensive.

    8) Children are expensive. Even when they are little, they cost a king's ransom in food, nappies, washing and childcare

    And that's if they're well..

    A burst eardrum can cost thousands. And then there's broken bones and rehab and illnesses and diseases that cos tens and tens of thousands of dollars.

    Educate those kids
    Feed, clothe, socialise
    Extra curricular activities

    ……
    Soooo, you want all that you reckon, and some sort of plan to accumulate wealth?

  • pnt on 27/06/2025 - 09:42

    For your goals (wife,kids, prado, good work/life balance in 10 years), I think stay in work, be friendly and meet new people, stay healthy, and build your skills and career so you are indispensable so you can negotiate a good work life balance (with your current or other employers). For savings, live within your means and save a "sensible" portion depending on your future financial plans/retirement. For investment, no one knows where future asset values will be, so it is a personal choice to follow the common pathways of either saving cash for a house deposit, or investing in index ETFs, and then do your best to stop worrying and forgive yourself about your choice wherever it takes you.

  • redfox1200 on 27/06/2025 - 09:56

    i would invest what you can afford into ASTS now. it will be a $500+ stock in about 2-3 years

  • SwarlesBarkley on 27/06/2025 - 13:45

    If you're already 30 with no partner and your goal is to have a wife and kids, that would be the most immediate focus for me. From a pure numbers perspective, the dating pool is already small (assuming you want somebody around the same age) and will only dwindle as the years go past.

    Invest in you.

    Money you will make later in life assuming you have a decent career path.

  • The Wololo Wombat on 27/06/2025 - 15:36
    +1

    As a teacher who's built a $6m net worth before the age of 35, the best way to build the kind of wealth you're after (in Australia w/o existing wealth) is through property investment, as you can leverage debt.

    The ship hasn't sailed. I'm still buying with 7-8% yield in/near capital cities as a min benchmark. Haters going to hate, but haters ain't me. In fact, the best way to currently build property wealth is by building dual key places, or granny flats on existing homes, which is adding to the housing supply (net positive).

    Don't listen to others' advice unless they've been successful. If you're not sure, ask them. Also, no amount of money or experiences trumps having a loving family - go for a wife and kids too, just make sure she shares your core values. Travel a lot too, especially when young. You can do it all.

    • liongalahad on 27/06/2025 - 16:49
      +1

      Wow how does a teacher builds a $6m fortune before 35? Only through property? Did you have a kickstart form parents etc or it's all from your teacher salary? Does your net worth include your wife's and if so did she contribute to this equally?

      • The Wololo Wombat on 27/06/2025 - 18:27

        Nah, all myself. No kick start. Lived at home paying board till I was mid 20s which helped. To be clear, I did misrepresent my financial position above - I only own around 2.5m of the portfolio (rest is debt - yes I’ve got 3.5m in debt lol) but the equity is increasing six figures each year due to inflation and the debt only goes down - until my next purchase that is, lol.

        Bought a few using my wife’s salary - not for the $$ but for increased borrowing capacity (also a teacher), but she’s a stay at home mum now. Lived overseas on $40k take home each during Covid too lol - travelled to 70 counties.

        Thing is with property, if you neutrally or positively gear,. You can leverage debt. So if you save 25k with 20k making up a 5% deposit on a 400k property and it goes up 50k in a year, you’ve made 200% gain on investment. That’s what people don’t realise. You don’t calculate gain on the assets, you calculate it based on your initial investment.

        Don’t buy nice houses. Buy good investments. Don’t accept rejection from banks, keep trying till you get the loan you need.

        Then refinance using the equity gain to buy the next without a deposit. Rise and repeat and suddenly you’re making min six figures in capital gain just based on the RBAs target inflation (and properly has been way above the target inflation)

        I started on literally 12k and it’s gone from there. PM me and I’ll share an interview I did about my story if you’re interested.

        Can’t lose when the entire system is on your side. And believe me, we’re unlike other nations - the ENTIRE system is on your side. I didn’t realise it at the time. A lot of advice online is American advice - property is not the same there.

        • Protractor on 27/06/2025 - 22:45

          No kick start. Lived at home paying board till I was mid 20s which helped.

          That's a substantial kick start, darling.
          Love that you admit how perverse and exploitative the RE investment scam is re tax. Duly noted.

          • The Wololo Wombat on 28/06/2025 - 10:13
            +2

            @Protractor: While you criticise me, making yourself feel better… others are PMing me seeking advice…I wonder which group will achieve long-term financial success?

            I agree that the system here should change. I'm actually voting against my own interests in that regards - well actually it's for my interests… I actually want to live in a much more equal society where excess productivity is invested into more productive assets, and I'm happy to be poorer to achieve that… I'm comfortable with the decisions I've made, and the net positive increase in housing supply I've created.

        • SpicyStew on 28/06/2025 - 11:30

          America has a high s&p market cap meaning America actually works and creates valuable products and services and protects the land you practically live off

          more like girl power

      • netjock on 28/06/2025 - 10:36

        It is stories like these that keep property investors going. Imagine trying to get that kind of multiples.

        Average house prices are around $800k so you either have assume you start at 25yo and property price doubles in 10 years. You'd need to buy $3m of property with say $2.7m mortgage and pay it over over 10 years.

        • The Wololo Wombat on 28/06/2025 - 10:55

          I just bought, literally this week, a property for ~$450k in Brisbane that I just rented out at $700 pw. That's an 8% yield.

          It's not too late. It seems you don't understand how the strategy of property investing I've detailed here actually works.

    • May4th on 28/06/2025 - 11:51

      well done. agreed time with family and financial freedom to spend doing the things you want is the end goal, everything else is noise

  • dixy on 27/06/2025 - 16:27

    Invest a small portion in Crypto's.

  • adgnetworks on 27/06/2025 - 21:58
    -1

    There's a school of thought that buying a Mercedes has a high yield of investment opportunity.

    • topherboi on 28/06/2025 - 08:04

      Dead horse.

  • Aerith-Waifu on 28/06/2025 - 03:24
    +3

    Finding a partner you guys said, guess many of you have not heard about divorce eh…………

    • May4th on 28/06/2025 - 09:08
      +2

      I mean, if you are the broke partner, you can only end up ahead..

  • kaleidoscope on 28/06/2025 - 15:27
    +1

    OP wants textbook happiness and financial security which i'm afraid does not exist or hard to find in the modern days. Everyone's journey is different.
    - make more contributions towards your super while you can
    - evaluate where most of your money goes and decide if that is worth it or are there better ways around it
    - no harm on owning a rental property that does not put you too much under pressure and if that does not seem right you can always sell it few years down.
    - if you want kids by the time your 40s and have no wife or partner, that's probably where I'd start at as those are big and complicated decisions that take time and probably will cost you a fair bit as well in the process =) (weddings / celebrations / kids expenses… )

    Being in my later 30s i can say, the true happiness lies in maintaining and adhering to a simpler life, with less and less of material wealth (personal / sentimental/ etc..) and spend more time with people you love and care. cheers!

  • poopman98 on 29/06/2025 - 10:28

    Your only way out is to build a business. No way around it. Investing can help but you will not achieve 'freedom' in 10 years.
    Be careful asking for financial freedom advice from a website where people probably prioritise saving money over EARNING money. Take it all with a grain of salt. Most people are average at best.

  • screensaver on 29/06/2025 - 12:29

    Aim for property and investment property, for passive income down the line. and your tenant will pay it off for you too. Don't buy property at auction, it's a ripoff, but sell at auction.

  • nikey2k27 on 29/06/2025 - 13:40

    owning a property pay that (profanity) off quickly as you can then EFT or investment house share and money into super. i work part now have other income now hard work in past by a house and own it.

  • perthhunter on 29/06/2025 - 17:22

    OP should focus on getting into the property market asap because of the power of leverage and compound growth. I tell young people that I mentor they should keep an eye on the significant changes to the First Home Guarantee in Jan26. And use a buyer's agent if you're unsure what property to buy.

    We're in a world of an ever-increasing monetary base due to money printing, which will lead to asset price inflation. And asset owners are taxed much more favourably (if at all) compared to salary earners. It'll be tough to keep up with escalating asset prices without using leverage and building up your asset pool early. And once you have built up sufficient equity, you can acquire subsequent properties with a 105% loan - i.e. not using any of your own cash.

    That's my path to financial freedom in my 40s. Now I have half my equity in houses and the other half in shares. It'd have taken much longer without leverage. If you do the cash-on-cash return comparisons, you'll see that an investment-grade property + leverage just blows away many other types of asset classes.

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