How much you should have saved by the time you’re 30

Not everyone can be successful or fulfiled their desire future, it all comes down to a bit of luck, planning, timing and a whole lot of other factors.

it is not all about money management a lot of factors at play and when they all aligned it makes that much easier for a certain people at a certain point in time

some people are smart, work hard and highly qualified but can't seem to get ahead other
don't have a degree and way ahead and vice versa.

I got friend who I consider a lot smarter than I am and have good money habits but they cant make good investment decision, most are poor return or lose money due to either their mindset, fears or some other factor I don't know but I know for a facts lot of factors at play not just about saving or spending

 

One could argue that being highly qualified is an impediment to wealth!

 

My observation your personality has a lot to do with your success, all the other things either hinder or accelerate your path to success depend on how you utilise it

 

I'll tweak that a bit and say being highly 'intellectual' can certainly be a hindrance to wealth creation, assuming they were after that.

I've seen quite a few really intellectual folks analyse to death a property deal where in the end they always find reasons why they shouldn't buy.

 

Agreed- and probably understudied a bit I reckon.

But take your generation Leo (born 82 as you say)... would you have been better off to be a tradie, start working in 1998 and keep buying property as much as bank would lend?? Even for PPOR you would now be a millionaire just by spending ALL of the money that a bank would lend...

OR go to uni, finish 2005... start working 7 yrs later and even if you did some rudimentary analysis and didn't borrow the MAX from bank for PPOR you would still be long way behind.

Let alone being smarter for the GFC and having an idea of risk...

My point being. For the last 10 years in Sydney, best to be ignorant and just borrow max and buy as much as you can... no need to worry about risk, at all really! Rates going down etc..

Knowledge about interest rates cycles would have hurt you.

Whether ignorance is bliss is the best strategy for next 10 yrs is the question... also more fun to be ignorant and rich then smart and have to think about boring **** like downside risk haha

 

HI @Xavier,

I'll try to give my take on a few points.

Well there are many variables in all that. Essentially it all comes down to borrowing power. The higher your income, the more you can potentially borrow, the more you can potentially leverage to build a portfolio. Just which path you take, be it a tradie, or going to Uni etc is a personal choice based on many factors. So its hard to say what's 'better' than the other. Ultimately it all comes down to borrowing power. So the bigger the income (and the quicker) the better.

Well even assuming that's true for a second, you have the benefit of hindsight to come to that conclusion . In reality we don't have the benefit of hindsight, so we need to make the best decisions we can make given the set of circumstances at the time, and risk needs to be taken into account on all levels. If we knew what the future would bring then we can disregard risk factors and just go all out. But that is not a realistic set of parameters to work from.

Well if I'm being asked my opinion, I think particularly over the next 10 years it will be important to be as clued up, knowledgeable and strategic as ever when it comes to investing. I don't think you'd want to be 'ignorant' or too carefree and disregard risk because it will most likely come and bite you from behind rather quickly.

Just my opinion.

 

I'm not sure. Those kinds of jobs generally pay really badly (as you are competing with people from the likes of India etc and the employers expect to pay peanuts) unless you happen to be really well known and sought after. A public relations job in government, for example, would pay 70-120k depending on how much experience she has and where she works. Probably not a big salary to most on this forum but quite better than what she's getting.

 

Here are some tips
10 Life Rules for Millennials Serious About Becoming a Millionaire by 30


Love.... love this one by Grant Cardone


Save for the right reasons.

Here’s another tip from Cardone, “The only reason to save money is to invest it.” He suggests that you place your saved money into “into secured, sacred (untouchable) accounts.” Whatever you do, don’t tap into these accounts - even if it’s an emergency. You may be broke a couple of times throughout the year, but as mentioned above, in order to become a millionaire you have to make sacrifices

.... and have I mentioned before...networking is everything

Expand your network.

"In most cases, your net worth mirrors the level of your closest friends," explains Steve Siebold, author of How Rich People Think.

This may have been a challenge years ago, but you can now attend networking events in your area through sites like Meetup, attend webinars, follow successful people on social media, and subscribe to their newsletters. In other words, you don’t always have to mingle with successful people just in-person. You have the power to build relationships with millionaires online.