Were you between 20-35 how would you allocate your first 100k saved?

  • Hanrahan@slrpnk.netEnglish
    2·
    4 days ago

    Depends on your accommodation now, if you have cheap accomodation buy a rental, claim the interest as a tax deduction, do the DIY repairs and maintence on the place yourself, buy where you know the market, not some random far away town.

    Maybe spend some on a better education PHd, Masters or whatever ? Should lead to higher income going foward.

    Put some in Super and claim the deduction (check how much you can for your concessional contribution (current concessional cap- employer contribuitons = max amount) , nothing else like it to turbo charge that amount ; time and compounding interest and it reduces your tax by claiming the deduction amd forces you not to take it out.

    Be frugal, keep saving and investing.

    I started at 19 with shares and retired at 40, am now 60. So it depends what it is you want out of life ? i wanted my time to be mine to do as I want, i also had zero interest in having kids. My only regret in life was not retiring earlier. It really depends what you want out of life as well, ie buy a flash car, or whatever ?

    I am NOT a investment advisor, so grain of salt.

    • awaysaway@sh.itjust.worksOPEnglish
      1·
      4 days ago

      This is the dream for me really. Alas I am nearly 10 years later to the starting line than you.

      Approximately 30% of my income goes to cost of living and with the rest I’d say I invest about 30% and the rest sits in a HYSA at 5.2% interest. Generally pretty frugal while allowing meaningful trips and travel.

      I find the home ownership pieces wildly daunting as I do not know the market anywhere and am a firm believer in “past performance is no guarantee of future success” so i remain skeptical of infinite growth in housing.

      Anyways thanks for the thoughts mate!

  • Nath@aussie.zone
    4·
    6 days ago

    I might buck the trend a little here: I did spend my early money on a house. However, I never travelled the world in those days. I have always regretted it.

    If we’re talking $100k in the 90’s when I was actually 20-30, I could put $70k on a house, rent it out, set up with the rental income and $15k of my money covering the first year or so of payments.

    Take the remaining $15k and go on an epic backpacking adventure around the globe.

    $100k these days wouldn’t be enough to do this, though.

    • butters@aussie.zoneEnglish
      2·
      5 days ago

      2nd putting money aside for fun experiences. Doesn’t have to be much but saving for a house is a long, arduous, sometimes soul sucking process. It’s good to have those experiences first.

  • No1@aussie.zone
    3·
    5 days ago

    I am not a financial or tax advisor, and none of the following is financial nor tax advice.

    1. Get a financial and tax advisor instead of asking rando’s on the internet.
    2. Reduce debt. No credit card debt/personal loans. Reduce/offset property loans. HECS etc maybe consider differently.
    3. House deposit, if home ownership is a goal.
    4. Super voluntary contributions and claim tax deductions, possibly up to 30K a year.

    Good luck

  • melbaboutown@aussie.zone
    2·
    5 days ago

    House deposit and begin paying it off. TAFE fees. Dental work or saving for future dental. Or just have it as a safety net while continuing to work and try to amass more. Reliable secondhand car to open up more job opportunities.

    Very boring survival mode goals, sorry