For all of you guys on over $50k – wow. I am on just over $40k, the highest I have been on and thought I was raking it in [
]- BUT – I am a good saver. Take my own lunch to work, don’t spend it all on grog etc etc. And as a single female have managed to buy 3 properties, and when I started (not that long ago) I was on less than $35k. Have worked in country towns with miners who were on huge $$$’s and they still couldn’t save a cent, here I was earning nothing compared to them and managed to save. Used to think how rich I’d be if I had been on their money, but hey, I have 3 properties and most of those guys are still nursing their beers at the bar and wondering why they have nothing.So – I guess that what a good wage is – is relative really.. So richmond, be happy with what you have and make the most of it.
And – congrats on the job.
Go the Swans! We will be in the finals for sure…
Well be thankful that we have a job and time to invest.
Hey, congrats on the job! I would like a new job too, however, I think that I am too comfortable where I am. I think that I could jump jobs and earn like 20k more, however, I think that I would actually have to start doing some work! here, I spend half my time on the net, and if I happen to find a nice IP while I am at it.. )…(I hope none of my employers see this)[
]I could earn much, much more than 20k, and I am doing way, way less.. (I found my last set of units while at ‘work’ and it has recently over doubled, plus giving me a small but passive income)..
so all in all, I think that I am better off earning less and doing less and finding IPs in the meantime…
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Tomorrow, you might wish you started today.
#####################it’s not the amount of your salary, it’s what you do with the amount.
Spend more than you earn on consumer goods and lifestyle and you’ll always be broke, even if you earn 3 million a year.
Spend less than you earn and invest a portion of it (say 10-20 percent) at 15 percent p/a (reinvesting the profits) and you’ll get richer and richer.
over many years even a millionaire. Contrary to popular belief you don’t need to start with much as long as you keep doing it over time.the exact figures are from Steve’s other site
http://www.wealthtipsonline.com.au
see ‘personal’ and the ‘secret number one’
it basically says, if you are earning 40K a year and you are 40 years old and start investing $310 per month (9.8 percent of your income) at 15 percent and keep investing the returns, you’ll be a millionaire by the time you retire.
cool huh?
Obviously if while simultaneously doing this with credit card debt at 17 percent which you never pay off you’re going backwards there as fast as you’re going forwards with the investing. So the other key is to eliminate ‘consumer’ debt as quickly as possible *first*. Then spend less than you earn to stay in that situation forever.
Congrats Richmond!
Agree – it’s what’s you do with it that counts.
I blew heaps travelling around the globe in my 20’s while earning $50K+ and now am working hard to make up for it, but I do value life experiences highly too, it’s not all about money.
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MelHi Mel…
I agree it’s not all about money… I think it’s possible to be careful with the folding stuff, while not being too much of a tightwad. I did a bit of o/s travelling myself, and I wouldn’t trade any of it for anything. There has to be some balance… denying yourself too much causes needless stress I reckon, but it’s different strokes for different folks…
westan, I don’t think ed will be looking over his shoulder too much at me!
cheers
rIf anyone is looking for a 2nd job there are plenty of security job I know that Coles Meyer have just got a new nation wide contract out It’s good if you like standing around not been able to apprehend people that borrow things from the shop
pay is $13 /26 per hour
aaronHey Richmond.
Big congrats on the news job mate.
I was working alongside an anaesthetist one day a few years back and she said to me something along the lines.. that if people put their minds to it they could have everything they wanted.
Yeah I thought..full time anaesthetist,50yrs old,single, no kids what do you know about the real world!
But I admit it.. I’m starting to believe she had someting there.
I saved for 4 years…to go o/s. Yep and it was worth it.
That’s what you do guys, say no to things to get what you want. And Kimmy you’re the classic example. [:X] Congrats to you too
Oh and regular wage for family I’d say 60k- 70k would be about right.
Rita []I am on a commision bassed wage so it changes from month to month being a real estate agent. And am expecting my first baby due 28th oct cant wait. But i survive well and can invest on less than 40k at the moment. I just work on a min amount what i earn over that goes in to investing.
BrettHey all,
I think any amount that one can save on and live on is a good amount to earn.With welfare being what it is today it is hard to say that $xxxx is better or worse because the person on a leser income may receive childcare, etc from the government (which is never a calculated figure for the amount earned). In saying this I am lucky that I have a good job that pays well and we don’t have t rely on the govt of the day changing the rules.
It would be interesting to see how a family on $35K scratches up to a family on $70K both with two kids at childcare, govt payments, etc.
Wish I had the brains and the nouse to do it but alas I do not.
As it is I am happy where I am and looking forward to where I will be tomorrow.
Enjoy
AD [:0)]
(Andrew)“Character cannot be developed in ease and quiet. Only through experience of trial and suffering can the soul be strengthened, ambition inspired, and success achieved.”
Good on you Kimmy,
Youve got it made…A good saver with 3 IPs. [
]I love hearing those stories. It gives the rest of us hope.
Kind regards
Rob [
]With 6 years med school, a diploma and an extremely gruelling set of specialist exams (much, much harder than ANYTHING at medical school), I am NOWHERE NEAR $100K a year. We are in the hoepital system for ten or more years after we graduate and are hence public servants so earn very modest salaries. Just wanted to dispel annoying and inflated ideas about how much doctors earn!!
Apollonia
Yes and NO tax deductions. Property investing’s the way to go []
Cheers RitaIt isn’t often you hear a bombers fan say this but “Well done Richmond” [
]I think typically no matter how much you earn you always want more. I have climbed the ladder in my industry and you always adjust to your new pay level. Even when I got a 13K pa rise in pay it only took about 6 months to think…well it’s good but more would be better. I saved lots but you always want more [}
]There is also the tax brackets to take into account, I have a friend who was on the same salary as me but decided because he was in the top tax bracket to work part time. He has every Wednesday off and earns maybe $50 less per week than me while still being in the top bracket.
Having said that paying tax takes a pounding in this forum at times. I would like to say that it is an important part of our society. I have read some recent articles that suggest the wealthy in Australia are very selfish. Big business and rich individuals in America and the UK contribute a great deal of money to charities, welfare etc. In this country I think they do about half as much of that. If people want to save on taxes, fine but make sure you give something back to society. The fact is in many cases if you have an abundance of something (money for example), it is coming out of someone else’s pocket somewhere. They don’t just print more of the stuff for you.
*gets off soapbox*
McDeyessCongrats Richmond.[
]Congrats Richmond! Too bad I choose not to have a telly so can’t watch your efforts
‘good’ salary?
Leaving aside Arty’s comment that there is no such thing ; ) for a single person receiving no govt benefits, $20-25k is very modest and permits only limited savings ($2-5k annually?). Maybe add a bit for Sydney where rents are higher.
If we boost it up to $30-35k, a single person should be able to buy their own home in at least parts of the smaller capital cities. Syd/Melbourne is tough for them, so these people would be better off renting their PPOR. If you’re really focussed, saving $5-10k per year should be doable.
Anything more would require creative thinking, eg sharing a place, or buying a 5br house and taking in 4 lodgers to pay the mortgage.
But overall this is not a bad income level – if you have good savings, you should be able to get enough finance for about 3 country cf+ IPs which would be an excellent start and boost your income to near $45k!
But to answer the question, my nomination for what’s a ‘good’ salary would be around the $40k mark for a single person.
Peter
All those salaries sounds good.
I know this going to sound like a cliche but the saying is true.
“It’s not how much money you earn but how you use the money you’ve got.”
I have so many friends who are perfect examples of this.
Cheers All,
Teylu“Has anything you’ve done, made your life Better?”
(American History X)Dear All,
It’s not how much you earned is matter, it is depending on how you spend it. If you earned $250k and spended $251k then you have to work out how to get the extra $1k.
Kind regards
Chandara
[Keep going, you’re nearly reach the end of financial freedom]it is so true that it’s what you save, not what you earn.
My partner and I are both 22. I earn in the mid-$50’s and he earns in the low $20’s. But, he managed to put down half the deposit on our first house in a major city, and although doesn’t contribute as much as me on the mortgage, his savings are around 70% of mine. you would think considering that he earns much less, he couldn’t save that much, but he does.
I’ve noticed males are better at refraining from spending than females. I have 35 pairs of shoes in my cupboard, he has probably 5. Just a good comparison to use.
My spending has gone up as my income has, but since I bought a house my savings have been extremely good for what I think they should be on my income.
we are a good example of how not to save. i have earnt 6 figures since my mid 20’s. but then took a year off to finish my masters (cost money) then worked overseas. my wife earns pretty good money too.
if anyone tells you living as an expat in asia is a great way to save then think again. we travelled alot, ate out alot, and generally saved about the same as when i earnt half the amount in australia.
bare in mind where i lived it cost about 10 bucks for a beer and a night out with yr partner would set you back atleast 250 bucks
refering to another topic if i was giving a young person some advise on saving i would say that apart from writing everything down that you spend, try and make a financial committment as early as possible. ie in yr early 20’s have an investment where you ‘must’ make monthly contributions. it ddoesnt have to be a huge amount
but i think its a good idea. not only will you save money but hopefully the asset will appreciate in value. so i wld get into a fund or buy a block of land or a cheap rental house etc etccheers
]- BUT – I am a good saver. Take my own lunch to work, don’t spend it all on grog etc etc. And as a single female have managed to buy 3 properties, and when I started (not that long ago) I was on less than $35k. Have worked in country towns with miners who were on huge $$$’s and they still couldn’t save a cent, here I was earning nothing compared to them and managed to save. Used to think how rich I’d be if I had been on their money, but hey, I have 3 properties and most of those guys are still nursing their beers at the bar and wondering why they have nothing.
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