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

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?

 

What is considered 'rich' to be in the 1%?

 

Thanks
How do we compare to other countries?

 

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

 

More incentive to stick with the property investment plan!

 

What is meant by "financially independent", independent of what?

 

1% have a different mindset

 

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

 

@Xenia how dare you say that! You couldn't possibly be onto something, could you......

 

99% of people believe this is unfair

 

Believe what is unfair mate?

 

Doesn't help that our culture has a stigma around talking finances. People seem to rather stick their heads in sand and avoid the problem until it's unavoidable

Riches to rags: A family made homeless over a tiny debt

 

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.

 

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.

 

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.

 

Yep. Those who don't have any debt.

 

This is so true

 

Eh?