- May 17, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Seeking Financial Advice in Australia
Hi everyone, I am seeking your valuable insights and advice on the best financial habits, tips, and strategies that have helped you achieve financial freedom in Australia. As a resident of Cairns, I am particularly interested in hearing from individuals who may have specific insights tailored to this region. Your input is greatly appreciated, and I am eager to learn from your experiences.
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 ****** just grabbed a
My tip. You don’t need a $80k car.
You get 100% off the price of anything you decide not to buy.
Learn to not give a shit what other people think.
1. Study hard and get a high paying job.
2. Marry right.
3. Buy what you need.
4. If you need it, look for the best product that meets you need for the lowest price.
5. Time is money.
6. Floss.
[deleted]
If you want to make wealth, be consistent
All the numptys on here saying donât buy during volatile times or sell shares to put in your offsets are the ones who miss out
Invest consistently, ignore the noise, future you will thank you.
Live below your means.
Worry about being rich not looking rich
In terms of a habit.. although technically not really a habit lol, more of a set it up and forget – Setup an automatic savings from your pay, something like 5 or 10% of your pay to automatically go to a savings account that you don’t look at and do your best to forget its there. Some employers will let you have 10% of your pay go to a different account which is a good way to go, but a simple automatic transfer on the day you get paid works fine.
This is the same basic premise a lot of people well understand, put money away 1st and live off the rest, most people will live to what they earn, and by taking that money out before you really see it, you live off 90% of what you earn instead.
Doesn’t actually take that long, and you have a nice safety net of savings, and it’s amazing what that can do to improve your mental health and reduce stress, simply having a emergency safety net if things don’t go to plan.
Along the same lines.. easy to understand but hard to actually be diligent and follow.. never borrowing money for non-investment things, especially things like cars or holidays (aside from a house as that’s near impossible to save 100% of) and always spending less than you earn is the simplest way to make a huge difference to your life in the long run.
If you really want to spend more? find a way to earn more.
Prepare a budget and stick to it.
If you get paid monthly, pay all your expenses monthly including those which are paid or billed quarterly eg. rates/electricity/water/etc. If your quarterly bill is $300, pay $100 each month. Then when you finally get your quarterly bill, it’ll be something like zero or something small (or in credit). For things you can’t necessarily prepay, put those funds in a separate account. Once you’re done, you have the remaining which is your spend for the month on other things (shopping, fuel, etc).
Pack your lunch. Drink coffee in the office. Stuff like that. You can save $$ all over the place.
Before spending money on expensive binoculars, try being closer to the thing you want to observe.
Check your superannuation.
With the 12% contributions coming into effect by July 2025 a minimum wage worker could have over 1m in super after 40 years assuming 8% growth.
An indirect tip but find out who your real friends are and cut out the deadweight. This means less partying, dinners and only going to birthdays for real friends that you actually care about. Saves $$ in the long run.
Don’t marry the wrong person.
Don’t repeat the mistake.
Once you’ve found someone whom you can live an agreeable and peaceful life and accumulate some wealth together just enjoy what you’ve got.
Pirate any media you consume.
Learn how to cook. If youâre good at cooking, going out for dinner becomes much less appealing when you know you can make something just as good at home.
For Cairns specifically:
When you’re getting into a new hobby don’t invest in all the gear (diving, camping, 4WD etc) until you know that you’re really committed to it. I know the cost of gear rental stings, but so does buying something you’ll barely use.
These outdoor hobbies that seem mostly free can get very expensive, so rent, borrow or buy cheap for as long as you can until you know it’s an investment rather than future crap sitting in your garage.
I guess this could apply to most hobbies anywhere, but especially in Cairns and similar places I’ve seen it a lot.
Marry right. Amen to that.
My Nonno always said “if your father is poor, its not your fault. If your father in law is poor, that’s your fault”.
Forget that $300 atm withdrawal at 10pm…, go-to bed instead.
Born to a wealthy family
Lazy Tax – Shop for best deal every year on all your bills
I sometimes manually empty the dust bags on my robot vacuum to save buying another $5 bag
best one i can do is buy ingredients for stuff you’re actually going to use all of.
Don’t have shit sitting around being unused. Don’t just load of the trolley with whatever. Plan out your meals for the week and buy EXACTLY what you need for it. You’ll be surprised how much you save by doing this.
I spend $200 a month on groceries simply following this method.
Simple things.
1. Pay off bills per month
2. May off and cancel all credit cards.
3. Shop at fruit markets and local butchers.
Unless you can eventually land a job that pays over $150k, I would say donât do uni. Do a trade. 4 years of getting paid as opposed to 4 years to accrue $10s of thousands in debt. Unless youâre on scholarship of course.
Come away from your trade with the ability to earn $150k plus immediately to eventually start your own business. The possibilities are endless
Get your workplace to add in 10% of your pretax wage into your super right now!
Cook at home… No dine out…
Between the ages of 15 and 25 boost your super. Once you buy a house pay it down as fast as possible. Drive a car you need not you want. Keep you house well maintained.
Save at least $100 a week
Donât get a car loan
Invest your money and make it work harder
Get financial advice from professionals not Redditđ
Audit your subscriptions every few months.
Gym, entertainment, apps etc. If they aren’t providing value then STOP PAYING FOR THEM.
Dollar cost averaging and let it compound
get a good job
marry someone who also has a good job
dont get divorced
Have multiple accounts, and arrange for your pay to be automatically split among them based on your budget. I have 4.
One is for expenses that will come up annually or less. (Rates, home insurance, personal expenses)
One is for expenses that come up quarterly or monthly (health insurance, union fees, electricity and water bill, flights home)
One is for flexible expenses that come up monthly. (Stuff for the home. Groceries. Fuel. Myki. The nice conditioner.)
And the last one is generic and fun. It’s literally just everything that’s left over, so I know how much I have to go on the beers.
More importantly, money can overflow from the bottom up. So, if I don’t spend money in the big account, it can be transferred up and into the monthly expense account, and maybe I can buy a nice photo frame or cover a larger fuel bill. If that gets too large, it goes to the quarterly account, and maybe I get an extra trip to see my family. Or maybe it eventually winds up in the annual account, and I can spend it to one day have my tits done.
Pay yourself first.
Put an amount into an investment each pay. It doesnât have to be a kings ransom.
My tip.
Spend the time you want to spend complaining about what you canât do to see if you can make it happen. The biggest whiners Iâve seen online are also the highest posters online and doing the least amount to make it happen.
Direct debit your electicity bill in advance if you can. I pay $30 a week and don’t notice it. Much better than a $500-$600 bill post Christmas.
Wrap your willy.Â
Additional super contributions. You should really try and max it out as soon as possible. It guarantees a comfortable retirement.
Investment returns are irrelevant compared to savings for the first decade or so of your working life.
You’ll need to save for more than a decade for your average investment returns to be on par with your saving rate, even longer if the amount you save increases over time.
Its still worth investing but it’s not nearly as impactful as savings despite getting much more attention.
Pay yourself first into an account that is harder to access than your everyday
Think about costs in hours of work, not dollar amounts (if you can think post tax do so, but pre tax works somewhat). Is this thing worth 1, 2, 3 or more hours of my time? If not, don’t buy it.
Do a no spend month or quarter, it helps break habits.
Learn to cook and enjoy a meal at home – cooked with loveđ«¶Light a candle. Serve with favourite wine if applicable.
If you have the time Iâd recommend shopping around for different banks for savings accounts, there are defs some that better than others regularly but my advice is check 1-2 times a year to make sure youâre getting the most out of your savings. Same with Super but I think you could incur taxes if you transfer between funds? Iâm not 100% sure on that one.
Before anything, understand where your money is going. Know what you’re spending where. Cut what is unnecessary and constantly reevaluate the expanse. You don’t owe any loyalty to any corporation, so any time you get a renewal, shop around. Most of them will charge you more for paying monthly too so consider that.
Only once you understand your daily finances can you actually start to make any actual change.
The best daily tip is to meal plan. Every time you let that lettuce go soggy in the fridge you chuck money out. Plan the week, shop only what you need and freeze leftovers or make them for lunch the next day.
Get the basics right – earn more than you spend, don’t take on debt for non investment assets, pay attention to what you’re spending on and don’t pay the lazy tax etc.
This website has been a game changer for me regarding investing [https://passiveinvestingaustralia.com/](https://passiveinvestingaustralia.com/)
inverse trade /r/ausfinance
The most I ever spent on a car before age 50 was 17k. I do not negatively gear because it makes no sense Investing to lose money. Similarly it makes no sense Leasing a car to lose money. Itâs hard enough to make money let alone when you are explicitly trying to lose it. I live in a suburb that straddles the definition of âsuburbâ vs âghetto.â And donât use drugs, even nicotine.
Quit drinking, it adds up. Or just get drunk every day from December to February then go dry the rest of the year.
My tip: use a version of the bucket system, including priority in paying off smaller credit loans before tackling larger ones – refinance credit debt if possible.
Do your research on financial decisions. Dont jump do what your friend did or what the newspapers are saying. Research decisions for your own specific circumstances. Learn how things work, understand the truth of your finances, look up ATO regulations, learn basic financial calculations etc
Work hard
Learn sales
Spend less than you earn
Let the momentum slowly build