Okay, so bear with me, I'm NOT asking about how to make money as in 'go to work'
I've got that bit down pat, thanks haha and I DO NOT want get rich quick schemes or money making on the side surverys ect. I want to know how people, you know, adults, make the money they make work??
We dont come from a wealthy back ground so we work our arses off to make good coin and we dont waste our money, we do not recieve a government benefit at all so its full price everywhere, there's some weeks we live week to week, there's some that we dont. We're comfortable, but that's all we are. I'd really like to know how people use money smartly, is it investments, is it shares, is It SMSF, it is using a financial planner/advisor???
We have to be missing something here that we aren't doing that everyone else seems to be 🤣
Ps- we've done barefoot, it made no difference and again, politely, I don't want to know about your party plan, surveys ect lol
I just want to work and use money sensibly lol
Thanks all xx
How to make money?!
How to make money?!
Posted in:
IM's In Business, Money
8 Replies
It's living below your means. In my work I meet many older single men and they do not look like they have any money, drive an old ute, wear basic clothes whinge about the cost of a coffee but have thousands in the bank and own everything they have including homes. They grew up with nothing and are not used to spending money, gone with the traditional "no money" jobs like long haul truck driving and mining, as we all know these are very good paying jobs now so these guys have raked it in and not known what to do with it. That's the key to it all, to live below your means just like a business would have to spend less than what it makes to make it viable. If you are on a higher income the key is to bring your taxable income down as much as possible. I wouldn't touch shares myself because I don't know what I'm doing so that's a gamble, but I do have a raiz account but that's more of a long term, slow investment, not a get rich quick thing.
The people you see and you wonder how they are doing it, often have a lot of debt! Or they're lucky enough to have had a break along the way, maybe an inheritance, trust fund or big insurance payout.
It depends what your goals are. We invest in blue chip shares, paying down extra on our mortgage and putting extra into our super - the results won’t be seen for many years to come but they’re long term investments so that we can continue to live comfortably when we retire.
We follow barefoot to a degree and have zero debt (besides mortgage) and will continue to live within our means and save up for things so that we don’t ever go back into debt but we also allow for play money so we can go on our yearly holidays and buy some of our ‘wants’
You don’t know how much debt other people are in, and what help they are getting from other sources. It’s much easier to get ahead if your parents have given you a financial leg up!
It’s all about living beneath your means; every week. Then using the money you have in equity to maximise itself.
A financial planner can help with this, I have a broker who invests in stocks for me, he calls occasionally to ask if I want to sell/buy and I make maybe an extra 5k a year after taxes, but I don’t invest a lot so I’m put in front.
I have a small term deposit savings account and I also have some money invested into Bitcoin.
It’s all about making money work for you.
I pay all my bills yearly when able, as it saves money over the course of a year.
The key is two good incomes into one home. That changes things drastically from two low or one low wage. Life is expensive.
And people do get leg ups and they dont count it as like to claim to be independent. They live with family through uni or have family support, and help with childcare, and while they save for a home loan, it makes a big difference.
The Asian culture have it right. They all live together and all share in the investment of a home ( or homes) and business. They all carry one another when one can't and vice versa until the other is back on their feet. Everything is pooled and no one goes without during sickness or health. Our Weatern culture counterparts should learn a few leaves out of their books.
We have just started investing in shares. We have made an account with Comm Pocket. It is basic but for us it is something and we are starting small. We are learning as we go and it has so far been pretty easy.
We are interested in seeing how the companies we are investing in share their dividends and then we will look in to it a bit more
I haven't gone as far as investing yet (I know I should though) but although I don't have my money making more money there's a couple of little things I do to squeeze out every last cent the easy way.
My bank account has multiple online sub-accounts where every fortnight I transfer money to them (or just maintain a minimum balance).
I pay my savings first. Not a little bit of what's left. 10% of my net pay - first.
Then money for ongoing car bills (services, tyres, rego, RACQ). House bills (insurance, rates, water). Other bills (gas, power). Xmas account for gifts and groceries, vet bills (exotic pets are pretty exxy at the vet).
I hold the money in my accounts until the due date so I get the interest on it rather than paying bills off and giving it away to a business that doesn't need it. I make use of discount periods, rates/water/rego are always paid on the last day of the discount period. I pay yearly for things like RACQ roadside, insurance etc where a yearly total is less than breaking it down to monthly.
We return the 10c containers for change. I can do it here in town and I don't waste the trip, I'll do my grocery shop or fill the car at the same time so I would have had the car out anyway. It's worth $600-1000 per year for us. I use Puma fuel for a 4c/l discount (RACQ) and then use my receipt for a 4c/l discount at the IGA when I shop. I collect IGA and Flybys points. My partner used to look at me like I'm ridiculous, now not so much. He'll scan the IGA card for our points but he won't use a fuel docket. At about $4.80 per tank between the 2 of them I save about $125 per year. Not ground breaking money, better in my pocket though.
I hope any of this helps, not so much in growing your wealth but in having that little bit more free money to put towards your wealth creation project.