Never take a loan out on a car. Best tip ever. Public transport for $50/week max (in Victoria anyway)….

Hi,

this may be a little out there for some people but it is really easy and has very low risk if you understand how it works

any spare cash i have i have been not putting in a bank account but investing in physical gold and silver. The reason is simple 'inflation'

Today i believe gold is quite expencive but its little brother silver is still very cheap and has many gains to go even at $25 ounce.
 I started putting my cash into silver when it was $12 ounce 2 years ago. Obviously the price has doubled since then. No bank account will give you those returns. In addition  when you account for the inflation level of 2.8% your really only gaining 2% interest in most savings accounts. Not the advertised 5%.

If you want to know more i sugest you goto http://www.goldsilver.com to read up on investing in precious metals.

Hey Gronk007,
Great comments!
I have employed all of these techniques, as well as deliberately "pooring" myself by putting money in a term deposit that I just can't touch, and then working out how I was going to get by. I did it as an exercise but once I found out that I could survive on far less than I ever thought possible, my dream of a retirement in my 40s turned from a laughable pipe-dream into a reality.
I'm 39 now and there's no way I'll be working in a full-time job (especially if I don't love it) when I'm 45.
It's the simple things that work the best, and you've provided a great list. Well done.
Cheers,
Den

A couple of 'general' things that might have been covered already:

1. Before buying anything, weigh it up by considering if it's a 'need' or a 'want'. If it's a 'need', then stop fretting over it, save your time, shop around for the best price and buy it. If it's a 'want', let it go. The only caveat here is when you 'want' something that would secure your health, wealth and happiness in the future, because in that case it really is more of a 'need' rather than a 'want'. I mean, don't you actually 'need' health, wealth and happiness when you're older? Nobody 'needs' to be miserable when they're in their golden years!

2. Consider your long-term goals, and then do anything possible (so long as morally correct) to reach that goal. Likewise, if anything is holding you back from reaching those goals, ditch it and look for something more productive. It's easy to get comfortable with things in life. For example, it's easier to stick to the same job that you've had for years but pays pittance rather than moving to a job that pays more but has a great unknown hidden in it. But if that pay rise is going to get you closer to your goal, then do it! There's hardly ever a win-win situation in life, but decisions always revolve around weighing up your options and deciding which has a greater overall advantage for your happiness.

These two general things might suggest a person be cold and harsh and to sell their soul, not to follow religion (if you have one) and not to help the poor. On the contrary, I'm suggesting that a person who is in better control of their life is much better poised to help and inspire others to do greater things, because they will look to you as a person who has done the hard yards and succeeded, and now you're helping others to do the same. It simply means doing your best to get what you want, and to get it quicker. Look at it this way, none of us are getting any younger.

Oh, and something else:

If you don't have enough cash stacked up to take a big loan for a house, or just not quite ready yet, read more into the stock market, study individual financial reports from the companies you're interested and buy wisely. Money made in the share market is a nice springboard into real estate. My Dad personally still prefers shares, but I'm going to play a bit of a game with him and go real estate instead!

There are also special savings plans that you can start, if you’re happy to wait a while… It’s called a First Home Savings Account and the government will put in 17c for every dollar you put into this account, up to $5k per year, plus you get interest. Furthermore, you’re taxed at 15% not your marginal rate. It’s a nice way to start saving, and there are other conditions but it’s worth investigating…

Den