This post is based on an interview we conducted with Noah in June 2019.
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.
Where do you live? Leichhardt
Please tell us a bit about yourself.
I’m a carpenter from Sydney, and I’m into festivals, partying, and motorbikes.
What is your current net worth?
Assets: My only assets would be my car and motorbike at about $8,000 and $3,500 respectively.
Tell us a bit about your career:
I’m a site supervisor for a building company. I’ve been doing that full-time for about 12 years, aside from going travelling.
Do you have income sources outside of your job? If so, how much do you earn from each and how did you develop them?
Nah, not really.
What advice do you have for people who want to earn more money?
Get a qualification, put in the extra hours if needed, and work hard.
What is your savings rate? And how has it changed over time?
I don’t think about it too much. I might put somewhere between $500 to $1,000 a week. Whatever I don’t spend.
Do you have a budget?
Not really. I just spend what I want. My rent is $150 a week including bills. After tax I make about $2,000 a week. I don’t spend much a week.
Do you make purchase decisions carefully, or are you loose with your money?
I’m pretty laid back. I’m not that good with my money; I should have way more than I do.
How is your work-life balance?
I work pretty hard but I play pretty hard.
What is your favourite thing to spend money on?
Going out. Alcohol, basically.
What has been your best investment?
My qualification for my trade. Travel, too.
How are you building wealth?
I’m not really. But I’m aiming to buy an investment property soon. My plan is to save a bit more, then see how much I can borrow. I want to buy something where the rent will pay itself off.
What are your main roadblocks? And how are you addressing them?
Do you have a target net worth you want?
Not really. I’m actually just about to change jobs; I’ll be moving to Lord Howe Island. I’ll be living in a resort and doing general handyman stuff, so everything’s included. I’ll be earning a lot less, but I’ll have no expenses. The new job is gonna pay for everything (other than alcohol).
If you could start again, what would you do differently?
Don’t be so overgenerous to people who aren’t gonna return the generosity.
What mistakes have you made along the way that others can learn from?
I’m a sole trader. Keep on top of your tax. It can build up and come as a shock.
Do you have any worries about retirement? If so, how are you planning to address them?
How are you learning about building wealth?
My dad was an accountant before he retired, so he’s given me some advice. Not that I took it in as much as I should have.
Do you give to charity? If you do, what percent of time/money do you give?
Yes, I give about $20 a month.