This post is based on an interview we conducted with Finn in May 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: Finn
Age: 30
Where do you live? Brisbane
Please tell us a bit about yourself.
I am a typical Pacific Islander, early 30s, who is a big fan of trying new things in life. I live with my partner in Brisbane, figuring ourselves out in this city and what to do next in life.
What's your current net worth?
$45,000
How does it break down?
- Shares: $38,000
- Real estate: $500 (if BrickX counts)
- Savings: $13,000
- Crypto: $2,000 (on average).
Do you have any debts?
Dental Braces -$,4000.
I don't have a debt to my current car, but the maintenance is definitely wiping me out.
How did you build your net worth?
Investing in myself careerwise. Personal studying to increase my value in the workplace. General saving, I know I would have saved a lot more but there was just a lot of moving houses, investing in the wrong things, car breaking down, or no AC etc. My partner keeps me calm before I start spending on stupid things.
Earn
Tell us a bit about your career.
I am a mechanical engineer who has worked in the mining industry. I also worked in an engineering consultancy for water/wastewater, then moved on to a space company in Australia and now have transitioned to a structural consultancy.
Do you have any income sources outside your job? How much do you earn from each and how did you develop them?
I did used to work as a food courier for a few months. Collected a couple hundred a week. Now I just don't have as much time and gotta prioritise resting and chilling with my partner and friends.
What’s been important for you to learn about money?
Follow your hunch. If something feels slightly dodgy then it most likely is. Don't invest in a friend's crypto coin because they’re convinced it’s the next Bitcoin based on advice from their relative (who is not a trader whatsoever). You can also invest in yourself by studying and increasing your value in your career there to increase your primary income.
Save
What's your savings rate? How has it changed over time?
My savings rate is getting better. The bump in income goes straight to my savings. It's $400 to savings at the moment
Do you have a budget?
The budget is usually whatever is left after paying for bills, transferring to savings and investing. I am usually left with about $1,000 a fortnight.
How much do you spend per year?
$40,000 roughly.
Do you make purchase decisions carefully, or are you loose with your money?
Depends. Decisions are made carefully based on the duration I plan to use the item and the quality of it every time it's used.
How is your work-life balance?
It is much better now. I prioritise work life balance, which is why I left my previous role.
What's your favourite thing to spend money on?
Food, clothes, trips overseas.
Invest
How do you invest?
I don't do as much research as I should. I invest in ETFs but also the brands that I enjoy.
What's been your best investment?
My best investment is actually using Spaceship Voyager. I started in 2019 and have been adding money monthly into it. I’ve also used other investment apps like Douugh and Sharesies. There are good returns across them all.
What’s been your worst investment?
Crypto coins and unreliable people.
What’s been your overall return?
I'd say about $7-8 grand.
How are you building wealth?
I've been creating auto transfers from my personal account straight to investments and savings.
The rest of the money leftover is used for splurge and unknown bills.
Right now just looking at possible jobs I can do on the weekend.
What are your main roadblocks to building wealth? How are you addressing them?
Roadblock is my lack of discipline when it comes to the convenience of eating out or cooking at home. I order Uber more times than I should.
Do you have a target net worth you want?
$800,000 is my target.
Behaviour
When did you make your first significant behavioural shift towards wealth building?
After my first paycheck straight after uni. I want to do better so that I can be financially free and choose what I want to do in life.
If you could start again, what would you do differently?
Learn how to negotiate. Invest early. Don't follow trends. It's okay to say no. Don't invest in friends who have a history of not putting in effort.
What are some mistakes you’ve made along the way?
A mistake was investing in Crypto without any background knowledge. Always do your research.
Do you have any worries about retirement? If so, how are you planning to address them?
No worries so far. Just working to save and invest. Keen to be financially free and have the choice to invest early.
How are you learning about building wealth?
It is primarily reading books: The Barefoot investor, The Richest Man in Babylon, Rich Dad, Poor Dad etc. My parents and their siblings are never great at savings. Even though they have great jobs, there are alot of bills, expensive cultural and church events that put their situations barely above water and living paycheck to paycheck. I choose to not live like that and have to change.
Do you give to charity? If so, what percentage of your time/money do you give?
No.
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.
