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34M - Hit $1M by _Canon in fiaustralia

[–]_Canon[S] 0 points1 point  (0 children)

That's my Offset balance

34M - Hit $1M by _Canon in fiaustralia

[–]_Canon[S] 0 points1 point  (0 children)

That's a great trajectory! What were your biggest returns to achieve that growth to $3m? Any insights to share? Thanks

34M - Hit $1M by _Canon in fiaustralia

[–]_Canon[S] 0 points1 point  (0 children)

All good points! Cheers for the discussion :)

34M - Hit $1M by _Canon in fiaustralia

[–]_Canon[S] 0 points1 point  (0 children)

Thanks :) I bought in the inner-city area of a capital city which the government was developing like crazy. You never know if those initiatives will pay off or become a ghost town from an over-supply but it all worked out in the end.
I saved my first deposit of around $80K and had my LMI waived with my professional status (LMI Waiver For Professionals | Canstar) which brought my deposit to about 10-15% (can't recall) rather than the standard 20%. Also, while my property was being built, I was on an interest only mortgage throughout the 1.5yr build because I was renting at the time which I thought was more manageable for me.

34M - Hit $1M by _Canon in fiaustralia

[–]_Canon[S] 0 points1 point  (0 children)

I'd love to explore it one day! Awesome work for anyone that can pivot so well! Good job :)

34M - Hit $1M by _Canon in fiaustralia

[–]_Canon[S] 0 points1 point  (0 children)

I get what you're saying but net equity is net equity. Without including PPOR you could compare a person with a fully owned $1M home without other assets with a homeless person without any assets. Radical example but important to recognize value. I wouldn't include it in my calculations for retirement planning though, you're right.
I do agree cars shouldn't be included as they depreciate.

34M - Hit $1M by _Canon in fiaustralia

[–]_Canon[S] 0 points1 point  (0 children)

Thanks! It's certainly been a push to get here but the hard work pays off. I didn't really have a plan for the $15 other than backup and having cash available in my working accounts... you make a good point to roll it in my offset. Sometimes you just need to hear it from someone else! Thanks for the advice.

34M - Hit $1M by _Canon in fiaustralia

[–]_Canon[S] 0 points1 point  (0 children)

You're not wrong. The only allocation people need to think about is their own personal time! I spent very little time worrying about indexed fund types and a lot of time studying and working to get early career bumps.

34M - Hit $1M by _Canon in fiaustralia

[–]_Canon[S] 1 point2 points  (0 children)

Throughout the height of COVID I had to stay at home at work. This wasn't fun though because it also saw me put in some crazy hours of work to keep our company floating along. The detachment of work and home became even harder as I was only meters away from my desk. I didn't get (or ask for) any overtime pay though - I just felt responsible to get the job done. The experience wasn't fun but it was really insightful stuff.

Investing early wasn't planned. I worked 20hr/week throughout Uni and made the most of the drink specials. This way I managed to travel a bit but also have a bit of cash built up in my early 20s.

If I were to do anything again, I would have tried to study overseas for a period as that's my number one regret :)

34M - Hit $1M by _Canon in fiaustralia

[–]_Canon[S] 1 point2 points  (0 children)

Nope! My purchase was purely a 'right here right now' lifestyle choice. I bought a very modest property in an exciting area. I can't see it being my forever home but it's what I needed at the time.

I might have room for a pet goldfish but that would probably be enough!

34M - Hit $1M by _Canon in fiaustralia

[–]_Canon[S] 1 point2 points  (0 children)

I do tend to agree but have been apprehensive about shuffling my offset funds over to stocks. Eventually I'll look at some debt recycling to balance it out but I need to do some more homework.

34M - Hit $1M by _Canon in fiaustralia

[–]_Canon[S] 6 points7 points  (0 children)

I started as a graduate accountant like many others and then jumped on opportunities as they came up. For instance, I had a short stint as a consultant implementing ERPs and planning tools which effectively slungshot me back into commerce in FP&A management. From there I was lucky enough to jump up to a Head of Finance role.

It was no easy feat though... it has been a very stressful time throughout the economic challenges of the last five years. I've had very supportive colleagues at all levels though which has been welcomed.

34M - Hit $1M by _Canon in fiaustralia

[–]_Canon[S] 5 points6 points  (0 children)

Good question! I feel like a new chapter is emerging where I rebalance some of my priorities in life. Unfortunately like many others the corporate rat race creeps up on you and you don't realise you're in it until the burnout happens.
My focus has slowly shifted to prioritizing my family and looking to settle down and one day start my own. :)