Long time reader of the Blog and Forum, thought I would share my journey to financial independence and also hear thoughts from others
Savings: $100,000 @ 3.75%
Investment Portfolio: $2000
Board: $100 fortnightly
Food: $70 weekly
Entertainment: $20 weekly
Vehicle expenses: Nil, company vehicle
My current gross salary is $57,000, but last FY I grossed $84,000 due to OT and travel for work. This year I am due for a promotion due to up-skilling which should see a jump to $60,000.
With expenses, I am lucky and young enough to have the opportunity to utilise a spare bedroom for minimal rent. I also have a company vehicle and use my bike or feet to get around outside of work. Entertainment is not a huge expense because my spare time is spent reading/studying, running, or spending time at home with family (read: BBQ).
Retirement-wise, I am from Australia where we have a Superannuation Scheme, which dictates that my employer contribute 9.75% of my salary to an un-touchable Super account. My current balance is at $12,000.
As for future-planning, I am about to commence MBA studies (estimated total cost over 2-3 years @ $20,000) and further industry certifications to chase a nicer pay packet. (Currently employed as a tradesman).
I'm anticipating some raised eyebrows at the large amount of cash. This was originally going to be a home deposit, and may still be used for that. I'm waiting out a few more months while my organisation has a structural change and when I am confident that I'm safe, will look to invest the money into a low-cost index fund along the lines of Vanguard Australia.
Any opinions would be much appreciated and I endeavour to keep interested folks up to date monthly at the latest.
Much love from Down Under