New Year, same bogan. Here’s a brief summary of my progress so far.
With $500 to my name and a giant debt from Uni, I started saving in May 2014. By putting away about 60% of my income when I’ve actually had work, I’ve been able to invest quite a bit. Thanks to me, shares in Fantastic noodles have gone through the bloody roof. Chicken flavour of course.
How I do it is pretty simple: me pay goes into one account, and then I set it up with this you beaut feature that sends 60% to savings, 25% to rent, and 15% to a spending account. This way I know what goes where and I can keep on top of it all! Every now and then I’ll invest some of the savings and bob’s your uncle. I started this a couple of years ago when I had finally started working full-time hours.
Before I knew it, it was the end of 2014 and I found myself losing my job – “Merry Christmas ya bogan” they said. I was unemployed for a few months and that set me right back.
By the end of 2015 I had found another job that paid less per hour but after 3 months there I bought my first house nonetheless. It was a you beaut ripper – the cheapest one in the metro area. Four walls, a door, what more could ya want. By the end of 2016 I had two houses (doubling my total number of walls), got my first pay rise, and began a share portfolio to kick on with. This is how it’s tracking.
2 freestanding houses on large >600 sqm blocks, worth $455K with $385K debt. Interest only loans. Equity: $70K
$20,202 in just five individual companies. Average dividend is 4.9%.
$5,142 in an offset account, saving me 4.2% in interest.
Total net worth: $95,344
100K is just around the corner and I hope to reach it by the end of Feb. Job security is looking a little shaky so we’ll play it by ear. Unemployment sounds so beautiful when I think of all the free time I’d have. I also spent too much money on Xmas but still.. I might buy a motorbike for the hell of it.
COUNTDOWN: 53 Months Until I’m 30
It’s now been 32 months since I started investing & my net worth has grown at an average of $2,963 a month. At this rate, I have a projected net worth of $252,429 by the time I turn 30. Which is good, but not great.
Assuming ~$180K of that will be in stocks, I’d need to withdraw 5.6% p.a to cover the necessities.
This doesn’t factor in any potential pay rises, increases in rental income or equity, nor does it include my super, HECS debt, or my fully sick V8.