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Some Facts - Where most Australians are Financially......

Discussion in 'General Property Chat' started by MTR, 9th Mar, 2016.

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  1. MTR

    MTR Well-Known Member Premium Member

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    Probably already know this, that is why we are here:)..........

    Here are the facts of where most Australians are financially.

    • most Australians today spend 107% of their incomes.
    • bureau of statics report that only 3% of Australians will be financially independent at the age 65, while only 1% will be considered rich.
    • 82% of Australians currently retire on a pension.
    • 8 out of 10 Australians don't believe they have enough super to retire comfortably.
    • 13% will rely on inheritance.
    • 28% will sell off personal assets.
    • 42% still looking for answers?
     
  2. mrdobalina

    mrdobalina Well-Known Member

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    What is considered 'rich' to be in the 1%?
     
  3. Big Daddy

    Big Daddy Well-Known Member

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    Thanks
    How do we compare to other countries?
     
  4. Jade Barnett

    Jade Barnett New Member

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    May I ask where you got the stats from? Not questioning them just interested to find out the source?
     
  5. Magnet

    Magnet Well-Known Member

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    More incentive to stick with the property investment plan!
     
  6. Random Username

    Random Username Well-Known Member

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    What is meant by "financially independent", independent of what?
     
  7. Xenia

    Xenia Adelaide Property Manager Business Member

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    1% have a different mindset
     
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  8. Leo2413

    Leo2413 Well-Known Member Premium Member

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    No surprises here. The long term outlook is not financially nice for many, to say the least.
     
  9. Leo2413

    Leo2413 Well-Known Member Premium Member

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    @Xenia how dare you say that! You couldn't possibly be onto something, could you......:p
     
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  10. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    She'll be right maaate

    Catch runoff a whole generation

    Ta

    Rolf
     
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  11. Big Will

    Big Will Well-Known Member

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    99% of people believe this is unfair
     
  12. Leo2413

    Leo2413 Well-Known Member Premium Member

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    Believe what is unfair mate?
     
  13. Big Will

    Big Will Well-Known Member

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    [​IMG]
     
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  14. bobbyj

    bobbyj Well-Known Member

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  15. jaybean

    jaybean Well-Known Member

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    Inheritance is the best. There's this point most people like that reach where they realise the miscalculation they've made. They spend their 20's and 30's with an air of relaxation too them. Then they hit this point where it dawns on them that not only is it not guaranteed, but there is a void of about 10-30 years before they see a dime - they'll be well on their road to retirement before they see any of it. It's hilariously tragic when you see people making six figure salaries like this.
     
  16. jpcashflow

    jpcashflow Well-Known Member Business Member

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    I don't really follow stats, the most important thing is to know where you are, where you want to be and how you are going to do that.
     
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  17. Big Will

    Big Will Well-Known Member

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    I started my journey before I left school but really started gaining knowledge at the age of 18 and kept building. A work mate of mine is 2 years older than me and is just about to settle on his first unit for him to live in yet he has been living at home his whole life.

    In life generally speaking we all have to 'work' a certain amount of time before we can retire comfortably (not including inheritance), lets pick 50,000 hours. If you choose to work 5 hours a day 5 days a week for 40 weeks a year it will take you 50 years to get there.

    If you 'work' 8 hours a day 6 days a week for 48 weeks you will get there in about 22 years. If you 'work' 12 hours a day 7 days a week 52 weeks a year it will take you about 12 years.

    Work is either working for a job or working on yourself, so you can speed up the 'work' by investing in yourself (gaining knowledge) or you can even get a second vehicle to help you cover 2x the amount of 'work' time as it works for you. So if you are able to 'work' 30 hours a day 5 days a week for 52 weeks you can get there in just over 6 years.

    Now maybe the hours are 100,000 or 200,000 I don't know what the magic number is but if you want to party 20 hours a day and work 4 hours good luck retiring comfortably.
     
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  18. barnes

    barnes Well-Known Member

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    Yep. Those who don't have any debt. :)
     
  19. jpcashflow

    jpcashflow Well-Known Member Business Member

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    This is so true :)
     
  20. mrdobalina

    mrdobalina Well-Known Member

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    Eh?
     
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