Following 50/30/20 rule you have $1030 a month to play with. Just don't have a life outside punting. Happy days.
https://www.news.com.au/finance/work...a33895ca1c0953
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Following 50/30/20 rule you have $1030 a month to play with. Just don't have a life outside punting. Happy days.
https://www.news.com.au/finance/work...a33895ca1c0953
If you calculate "Rich" in terms of income you probably are not. If you calculate "Rich" in terms of surplus appreciating assets you might be.
You probably need to earn $150,000 these days to cover the general cost of living if there is a mortgage or your renting it drains too much money on lower incomes. Just be sensible when punting with your budget don't over pay. Things are only going to get more expensive to. Anyone on lower income probably needs credit cards to keep up with the cost of everything. Hopefully the cost of punting does not go up. There's a price point where ones going to stop paying when punting gets to pricey.
Income without assets or savings is living paycheque to paycheque. You may feel rich but if you get the tap on the shoulder by HR you're f-cked. Back when I was earning below average income I learned how to save up as much as I can and buy assets. I'm not in the property market yet other than a small amount of REITS but once interest rates fall I'm considering it.Quote:
Originally Posted by priapus1966
correct make sure u save away MIN 1 x ur annual salary before tax, if you an 2 years ur fking laughing, it will cover everythign else and give you freedom and peace of mind and the ability to weather tuff times punting while others a scrambling and worryingQuote:
Originally Posted by peripel