I can think of a few stand out moments from 1993; Haddaway asks a very important question ‘What Is Love?’, Lenny Kravitz and Lisa Bonet called it quits, and most importantly it was the year of my birth!
There is no denying I’m a part of Generation Y – often living beyond my means, sometimes lacking a little patience and always having an accurate opinion on everything! This doesn’t happen often, but I’m going to admit that there was something I was no expert on; property investment. It wasn’t until I started working at Blue Wealth that I realised how achievable owning my very own piece of Australia was in my mid 20s.
Admittedly, I struggle with deciphering between my wants and needs and occasionally I splash my money in the wrong places, but the knowledge I now have on property investment helps me prioritise. Despite the media constantly telling me that I’m ‘priced out’ particularly in our capital cities, I’ve learnt that it is easier to get my foot in the property investment door than what I anticipated.
The biggest thing standing in the way of many Australians my age is saving for a deposit. Here’s how I’m doing it:
- I’ve stopped buying lunch and coffee. I was shocked when I sat down and calculated how much I was spending on food per week, in excess of $85, that’s almost $4,500 a year
- I plan to live at home for a few more years
- I opened a term deposit bank account which I transfer money into every pay cycle. This eliminates the impulsive purchasing that I may have given into previously. Not having easy access to money has really helped with my discipline
When the time comes, I’ll be choosing to rent where I’d prefer to live as opposed to buy where I can afford. By doing that I can more easily invest in an area with the best growth potential without sacrificing my lifestyle.
I won’t be wasting my time not working to create my future, that’s why I’ve built a plan to get me there.