This post is based on an interview we conducted with Dom in December 2024.
Real Money Talk is our series where we interview Australians from all walks of life about their personal finances. The views expressed are those of the interviewees, based on their experiences with money, and as such are not necessarily representative of Spaceship's views.
We have changed the name of the interviewee for their privacy.
Overview
Name: Dom
Age: 39
Where do you live? Brisbane, Australia
Please tell us a bit about yourself.
I’m Dom, an IT professional and entrepreneur based in Brisbane.
I migrated to Australia as an international student and now run a business specialising in custom software development, IT consulting, and data analytics for the construction, mining, and energy industries.
Beyond work, I’m passionate about personal finance and investing, with a focus on building long-term wealth for my family and achieving financial independence. (FIRE)
What's your current net worth?
~ almost $3 million
How does it break down?
- Shares: $1.1 million
- Super: $215,000
- Home: $1.5 million
- Investment property: $950,000
- Commercial retail: $130,000
- Bank savings: $290,000
Do you have any debts?
NO LOANS except investment property and mortgage.
How did you build your net worth?
I’ve built my net worth by saving 80% of my income for investments and living off my wife’s salary.
I started with $500 a week, investing in Vanguard ETFs, and during the COVID boom, I ventured into direct shares (mostly blue chip) as most were on a huge discount price, which helped me achieve significant returns.
As my income grew, I consistently increased my SIP (systematic investment plan) instead of spending on unnecessary things.
I love new tech but only upgrade every 2-3 years, and I prioritise family time by traveling abroad once a year.
Over the past decade, I’ve visited ten countries, proving it’s possible to grow wealth while enjoying life.
Earn
Tell us a bit about your career.
I’m an engineer with two postgraduate degrees in IT and Information Systems Management.
My career began in Australia as an international student, and I’ve since built a successful IT business specialising in custom software development, IT consulting, and data analytics for the construction, mining, and energy industries.
Do you have any income sources outside your job? How much do you earn from each and how did you develop them?
Yes, I have multiple income sources outside my job, including:
- ETFs and Stocks: Last year, I earned approximately $30,000 in dividends from my portfolio.
- PMS: High-growth investments with strong returns.
- Real Estate: Rental income of $1,100 per week from a duplex house, providing solid yields.
Every month when I received my salary, I wasn’t sure how to invest, so I started with low-fee ETFs.
Being a strong believer in the tech industry, I’ve heavily invested in tech-focused funds.
I began with just $500 a week and increased my contributions by 10% annually.
All my extra income is split — half goes into shares, and the other half funds our annual holidays.
Now, we’re gradually shifting focus toward paying off our mortgage.
What’s been important for you to learn about money?
To start by saving and investing consistently, even if it’s just $500 a week or even $100.
It may not seem like much, but once you understand the power of compounding, you’ll see how impactful it can be.
Use an online compounding calculator to explore its potential. Live within a budget, spend quality time with your family, and remember—you’re not just building wealth, you’re building freedom. Freedom to live life on your own terms.
Also, to not underestimate the tax advantages, especially with super. (I think) if you don’t need extra money now, consider contributing to your super—it can be incredibly tax-effective and it’s still your money, so it’s not going anywhere.
Sit with your partner or family, make a plan, and stay consistent.
Investing is a slow journey, so don’t stress about market ups and downs.
As the saying goes, “The best time to plant a tree was 20 years ago. The second-best time is now.” Start today.
Save
What's your savings rate? How has it changed over time?
My savings rate is 80% of my income, which I allocate to investments while living off my wife’s salary.
I started with a modest rate when I began working, saving $500 a week, and increased it by 10% annually as my income grew.
Over time, I’ve focused on maintaining a high savings rate by avoiding lifestyle inflation and prioritising long-term goals.
Do you have a budget?
Yes.
How much do you spend per year?
Approx $70,000.
Do you make purchase decisions carefully, or are you loose with your money?
I make purchase decisions carefully and often delay buying by a week to sit on it and think.
I focus on essentials and long-term value, avoiding unnecessary expenses, but I do allow room for occasional splurges on tech upgrades and family holidays, all within a budget.
How is your work-life balance?
I mostly work from home given my industry.
What's your favourite thing to spend money on?
Travel.
Invest
How do you invest?
I invest primarily in ETFs, with 60% allocated to funds, and 40% in direct shares, focusing on small and mid-cap companies.
My wife works for an international company that offers employee shares with a matching program, so we max that out every year to take full advantage of the free shares.
(I’m) also looking for another property to diversify.
What's been your best investment?
An ETF.
What’s been your worst investment?
A tech stock. I got on this share when it was $12 and now it’s around $2. I forgot to put a stop loss but I learnt my lesson now.
What’s been your overall return?
Given my mix portfolio I have been getting 15% CAGR since 2017.
How are you building wealth?
I’m building wealth through regular investments.
I’ve set up a brokerage account that automatically takes money from my bank every week to buy ETFs, making investing effortless.
I also invest in micro-investment platforms like Spaceship and Raiz, which help me stay consistent and diversified.
What are your main roadblocks to building wealth? How are you addressing them?
My main roadblocks to building wealth are market volatility and balancing long-term investments with short-term goals like paying off the mortgage and family expenses.
I address these by sticking to regular investments, automating contributions to ETFs, and maintaining a budget to avoid unnecessary spending.
I also diversify across ETFs, direct shares, and superannuation to manage risks while steadily building wealth.
I follow the 80(investment) /20 (expenses) rule. If required I do make adjustments to this. I had a couple of months where I skipped my weekly payment but as soon as I can I start regular investments again and get back on track.
Do you have a target net worth you want?
Yes, my target net worth is $10 million by the age of 50, excluding my primary residence.
This goal is focused on achieving financial freedom while continuing to grow wealth for my family.
I know it’s ambitious, but I believe in the magic of compounding and staying consistent with my investments to make it happen.
Behaviour
When did you make your first significant behavioural shift towards wealth building?
When I was 25 and living in shared accommodation, I met a guy who meticulously tracked all his expenses in a diary.
Curious, I asked him why, and he explained he was saving for a house.
That conversation was a wake-up call for me, inspiring me to start tracking my own finances and focus on saving for the future.
By the time I turned 30, I had saved $100,000 — enough for a down payment on my first home. Since that day, I’ve never looked back.
If you could start again, what would you do differently?
If I could start again, I’d begin investing with my very first salary.
No one taught me the power of compounding or financial education in school, and I wish I had known how impactful starting early can be.
But I’ve learned from this and now teach my kids about finance and investing.
Both of them are already investing their birthday money in their Spaceship accounts, and I contribute regularly for them every week.
It’s never too early to start building good habits.
What are some mistakes you’ve made along the way?
One of my biggest mistakes was chasing speculative stocks early on without proper research, which led to unnecessary losses.
I also delayed investing when I first started earning, not realising the power of compounding.
Another was underestimating the importance of diversification initially.
These taught me the value of consistency, patience, and sticking to a well-thought-out plan.
Start early, do your research, and focus on long-term growth.
Do you have any worries about retirement? If so, how are you planning to address them?
I am not worried at all as I have already crossed my FIRE number .
How are you learning about building wealth?
I’ve learned about building wealth through a mix of observing others, reading books, and practical experience as my wealth grew.
Now, I manage all financial affairs very carefully, focusing on tax planning, superannuation, and strategic investments to maximise growth and efficiency.
I also pass this knowledge to my kids so they can start early and build strong financial habits.
Do you give to charity? If so, what percentage of your time/money do you give?
Yes I donate $200 every month to Life Ed Qld who help provide health and wellbeing education to children in Queensland.
We want to hear your Real Money Talk!
At Spaceship we’re big believers in sharing our money stories. We want to hear yours, too. In our ongoing Real Money Talk series, members of our community share what they’ve learned about managing money. We’d love you to take part. Here’s a link to our Real Money Talk survey where you can share your story.
