How much money did you save and bank by the age of 25?
Just looking to see if im doing pretty good for myself on the overall average.
How Much Money Did You Save and Bank by The Age of 25?
Ltechguyau on 06/04/2017 - 22:03
Comments
We buy ozbargain-front-page-deals that we dont need , with the spare money that we have no clue what to invest to (if you're Whirlpool alike user) / with the money that supposed to be paid for bank mortgage, to satisfy our underpant Tight-Arseness by feeling High & Comfortable after we got the best front-page deals.
-$10,000 living the ski bum life in Canada
Hey, it might bring you greater (non-monetary) value than aggressive saving could have.
If you can sustain it, more power to you :)yep don't regret it one bit. Lived there for 2 years and feel like my friends did nothing in that time. Reminded me I didn't need money to be happy.
Does my TAZO collection count as assets?
Back in the day I was hoping to invest in a Magic card collection, unfortunately that didn't pan out :p
Why is the OP permanently in the Penalty Box? First post and no comments.
Naughty OP.
Probably using a second account
Lol second account but same IP.
I was poor at age of 25, due to mortgage :(
Thats not poor
May be if it's car mortgage :)
For a 80k car…
but I felt poor, everyone going out, holidaying, and I'm stuck!
Haha, reading some of the comments, I though this was Whirlpool :P
Um, not as good as some I see. At 25 in mid 70's, still in the RAAF working for peanuts, I had a few classic cars and $1000's in tools. I think the biggest number I can recall at 25 was my bankcard debt.
I had 25k when i turned 25 but only 5k when i turned 26. got married before i turned 26 and spent most of the money on wedding and honeymoon. No regrets at all
Haha exactttt same situation with me right now! Hoping for no regrets lol
IF your significant other is "worth it" i'm sure you will have no regrets. I consider the cost of our wedding and honeymoon an "investment" :)
Nothing, 25 is a time to be spending cash and bankrolling crazy projects. Saving money is for when you've got commitments.
2 Investment Properties (Loan $750K Property Value $1M, Equity around $250K), around 40K in offset.
I don't think this is a good way to gauge the norm. The majority of people who reply will be at one extreme or the other. And it doesn't really matter what others are doing, do what works for you.
I agree, also those who have done well(or been gifted money) are more likely to be boastful where as the ordinary folks won't be as forthcoming. Also lifestyle considerations are immeasurable, is the poster with 2 investment properties living at home with mum better off than a person with no equity in their own home with a wife and kids? Maybe…maybe not depends on what you want in life and when you want it.
Not 25 yet, but nothing. In this day and age, unless you lucked into making big money or stay with the rents it just isn't going to happen. Had a friend who bought his own house right out of high school thanks to his mining apprenticeship with a starting pay of 60k, horrible for your health and work/life balance though, I would never do it.
Zero, but happily over-educated and well-traveled, each of which has been pretty useful ever since.
Well fed on smashed avocado too perhaps? =D
Well fed, yes, but i'm not into avocado, smashed or otherwise.
Actually thanks for the reminder. I've been meaning to read this stupid git - i'm assuming he's the one who started this smashed avocado crap. I've also managed to read this which was much more fun.
If you've got a good job and it pays good money and you have security in relation to that job, then you can go to the bank and you can borrow money and that's readily affordable.
Ok Mr Joe hockey
Lol yeah!
Not sure but I am sitting on some pretty rare Pokemon cards.
Not enough
Not much but I spent all my money on stuff and holidays. Bank account probably peaked at about 10K. I was still in University and was only working part time on and off over the years. I had gone on a 2-3 week international holiday every year as well as 1-2 domestic holidays every year. Had my own car fully paid off (~28K) and about 15K worth of photography gear (was my main hobby and I did freelance work). I was living with my parents and didn't pay rent/board.
All my savings are ammunition and guns.
All you had to do was follow the damn train, CJ!
Gee the ATO have really started using devious means to work out who's worth auditing.
Why dont you say how you are doing first?
50,000 ENE and a huge HECS debt
-42000$
Student loan debt
None
of your business!
Then don't bother
posting!
Tree
Fiddy
Man I wish I lived in an era of financial prosperity like a lot of you lol
or just lie.
A bit over $100k. Mostly ETFs and small amount of cash. I never had any job until my 3rd year of uni, so this is all from working since then.
I'm 24 atm and have been working for about a year. I've got 9k in a dedicated savings account but I am supporting my partner while he is finishing uni.
Just an $80,000 high yielding car.
Were you also working for Westpac at the time?
Yes, I was working there for a short period, as an investment analyst. Then I rage quit as my car wasn't getting enough attention.
Should get into the rice importing business I hear it's good atm.
You deserve more.
I bought my first house at 26 and paid off at 32 :)
How much was it?
5 enneloops or 3 schmeckles.
internet me: i had $5000,000 and was dating jessica alba
real me: $0 eating migoren watching animeMan ninja…
finally a real person
Turned 25 recently, had about $110k in savings then.
HECS debt about $30k though
Do you still get discounts for lump sum HECS payments? Back many years ago they would give you a 15% discount for a lump sum payment of $500 or more which is not bad compared to bank interest.
Yep at the time there were large (at least 10 not sure exact %) discounts on HECS upfront payments. These no longer apply.
Didn't have the money at the time so didn't use it. HECS is now effectively a low interest loan.
I'm not talking about paying up front. They did have good discounts for paying up front but I deferred mine too as I didn't have the cash. Once I was working I could pay a lump sum of $500 or more (on top of what they automatically took from my pay) and get a 15% discount on that. That's a good ROI.
I only mentioned it because you were all cashed up and had a reasonable debt.
If you had a plan to invest the $110K and get a return better the "effectively a low interest loan", then, cool.
Unfortunately the discount for voluntary lump sum repayment was 5% last year and is now also completely abolished.
15% is definitely good ROI though, if that were still around I'd probably take some advantage of it.
At one point between 24 and 25 years of age I had 4k. I then married and moved to Straya with 3k still in savings. I had -25k last year around March at the age of 38. I am now a zero sum hero, and I know sumtinwong.
I know the feel bro.
Currently 22 with 11k banked. No gf to drain the bank though.
25 but almost 26 soon. Just bought a house with my partner last week. We saved about $100k each for that 20% deposit but I did blow about $25k while on exchange for a year.
Oh boy, so pumped for our mortgage life now!
About $600k, invested heavily in mining during the boom. Managed to get two properties quite young thanks to luck.
Had about $30k, worked in a job paying $40-45k (BEFORE tax) for three years. When to live in the UK for two years and came back with around $10k still and about 5k pounds.
Didnt really have my first real career gig until 24 so im well behind most people in the comments.
There's so many variables
If you had parents helping/paying your way, 80k+
If you were doing it on your own, 20k+
Also if you are in a relationship where you are the main income earner with kids = <$1k
Yep, my answer to techguy is that it really depends esp for that age.
Money wise I'd say I was doing ok. But too many variables, as my first job was quite late into Uni. I would've behind on average … but I lived at home.
From my own experiences and observations though, those who started earlier doing it alone are generally better off - financially perhaps no better (maybe even worse) but in overall "life".
I get the sentiment but I had around $80K at that age with no help from my parents, centrelink family and I've never earnt more than $40K a year (saves money not having to pay back the HECS loan ;) :P )
NO help from parents? At all?
Define help? They gave me a roof over my head and paid for meals till I moved out at 21, but they also took the centrelink youth allowance as bond - so you could argue I paid for that roof over my head from the age of 16 … They did also drive me to work from 18 through 19 and I lived with my grandma (paying for rent and food) for 6 months. When I moved in with my grandma at 22 I had $1K in my bank account which is what spurned me to get my poop into gear.
$150k
24 almost 25, no savings. Spent 42k and backpacked USA, Europe, Asia for two and a half years
You are awesome my friend. You have lived the past.
23 years old and 29K however I've been working full time for 16 months now
Everyone lives in their own timezone. What you achieve at 25 may be what others have at 30-35.
My income is still less than $50k p.a. and still struggling to obtain a permit to stay here.
I had more than $40k cash & a decent 4WD at 25 (1 year ago) purely by saving, budgeting & Ozbargaining (I've never invested my real money) although I owed parents $70k for education (thanks to being an international student down under).
At the end of the day, downsizing & budgeting is the key: 'Sharing accommodation with >5ppl, using cheap phone, small car, learning some DIYs, sacrificing some certain convenience will get you there'.
Honestly I'm not so sure focusing on the amount you have saved is a good measure of how well you are doing, although it is still important. In my opinion, as long as you are not in debt and have enough money to sustain the lifestyle you want, or enough money to be able to achieve a lifestyle goal, you are fine.
i had 25 dollars.
I just turned 22, I've got 95k
:)26 in may. I have around 95K. I started working at 20 casually. Grandpa gave me 50k. Im jobless at the moment and on Centrelink.
Oh I also have a 2011 Yaris bought new
you have 95K in savings and you're on Centrelink? LOL
Centrelink doesnt look at your savings. They simply dont care. So you want me to burn my deposit? Guess what been there done that. Whats the point of wasting all my money, being jobless then knocking on centrelinks door? Think its a faster process having nothing than something?
Ill just like to add the people conversations I have experienced whilst attending the meetings at centrelink. One guy had two properties and the lady exclaimed you arent entitled to benefits. She practically had to yell at the man because he was so adament. Another was told it looks like he has income and why he didnt declare that to the office. He then calls someone and explains how they found him out (it was in another language). Trust me when I have something to my name that they cant take, I wont be knocking on that door ever again
no-one gives a shit if its for your house deposit…having 95K earmarked for a 'house deposit' and you can't even 'support' yourself?…you're a straight up entitled scab.
@jenkemjunkie: How am I entitled? Ive worked for yeard and supported people on benefits. They know everything in relation to my income and assets and have deemed me as eligible. Newstart is designed for people like me. Have read of it on their website. If it doesn't appeal to you, that's fine. Dont apply for it. Go live under your parents teet. Go troll elsewhere
you haven't worked hard mate…you were gifted cash…and you're a scab…and probably one of those 'cry poor broke students' … with $95K in the bank! Haha!
Sure you're entitled by the rules. But is it ethical?..not if you have $95K
People would have more admiration for someone whose parents support them than someone sitting on $95K and living on the tax payers dime…you're a real aussie battler mate. Fair dinkum!
@jenkemjunkie: I never equated my efficacy of work with the duration of said work. Im not a "cry baby poor broke student" as you put it. What do you care if I was handed money or not?
In your preious posts you state you are a lawyer comming from an immigrant family and going on about platitudes yet are sonmehow in the possition to chastise me.
You're clutching at straws.
The position is simple. I'm not the one with a life being underwritten by the government whilst sitting on $95K.
@jenkemjunkie: I profess you are all to right mr lawyer. Very adept at what you do. Now is this enough for you to leave me alone and stalk your next victim?
I really don't see the problem.. He is entitled to Centrelink while searching for employment. Why would you spend your own money that you might need very shortly for a house deposit? that is just plain insanity. it might be different if the figure breached what is stated in the asset test when applying which I believe is somewhere around 300k (without looking it up) but 95k is small fry that fast evaporates when you have no income.
The question is whether he actively pursuing work that determines whether he is a bludger or not. The figure in his account is almost irrelevant.
Your outrage is misdirected mate… I bet you watch A current Affair every night and froth at the mouth. If you wanna get pissed off then try releasing your vitriol toward the mismanagement of tax payer funds of a far far far far greater magnitude.. Have a look for at what our government spends involving themselves in pointless foreign aggression supporting the evil empire for the purpose of regime change… just to start with.
Welfare is peanuts.
There is no upper limit cut off in the liquid assets test. Sorry mate.
and $95K is an awful lot. Full time retail managers get what 50K at best BEFORE tax a year?
The scab is whinging about politician perks yet what he is doing shows he is cut exactly from the same cloth the politicians are.
@Bullion78: Thank you. I think what Jenkem here is arguing is morals and whatnot (rich coming from a so called lawyer). As I stated below, I would have zero issue if they cut me off. I had contemplated whether I should go in for the assessment for more than 8 months. I have been very forthcoming with them and have laid out everything.
I dont hate the guy but he makes it impossible to like his character from the posts his put on oz bargain (even going so far as to defraud a certain store to get extra perks).
I have had the insight to save with my limited capabilities in the job market. I have had people shit on me for this very fact because something as the idea of storing something and not spending it on crap and vices even though they make way more than me somehow makes me a horrible person.
If he thinks what I do is reprehensible, then hes not doing his job right working with the department.
"a lawyer with no morals and he should go 'under his parents teet' "
Says the scab sitting on $95K on Newstart scrambling at the lawyer/no morals argument. When it comes from you…I still seem pretty noble.
Heres a scenario for you.
Person A: works for 10 years. Saves up 140K then is made redundant
Person B: works for 10 years. Same job, same position, same pay. But decides to spend all their savings on holidays, drugs, parties and strippers.
So by your logic, person B deserves a higher cut because by your reasoning they dont have any accrued funds for a rainy day.
Now compound the issue. Who do you think will be more likely to not stop going for government aid? The person that is trying to better themselves, or the one with no personal responsibility wasting every penny they earn on booze?
Are you also against students getting Youth Allowance?Your nobility is relative. You may seem very noble to yourself but others may perceive your actions and the way you live/conduct yourself as trash
Don't compare yourself to others to gauge how well you are doing financially, it will only bring misery & stress.
Find your own path & focus on that instead.