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this post was submitted on 29 Sep 2023
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I was starting with aroud $45k usd before taxes. I live in Australia, one of the most expensive countries. But instead of complaining and saying that math doesn't work I made it work. For years I was saving on everything, putting away every penny on managed fund. It didn't give me huge interest but at least I didn't lose on inflation. Fast forward 7 years and I'm about to buy two houses.
It's all about mindset, dedication and knowledge. And no, this isn't moving debt to the future. It's working around the debt, it's making the debt to work for you. Again, talk to a real money guy and he/she will explain you how it works.
Cost of living, rent, and taxes are all lower in Australia than US on average. Also median income is higher in Australia.
And where did you live? Did you have room mate or live with family?
Melbourne - expensive city to live in and I was living with my wife. The $45k was a household income.
And what was your rent?
It was somewhere around 1500 USD per month. On top of that I had to pay for overpriced health insurance (required by my visa - additional few hundred dollars per month) and I had a huge loan I took to move to Australia (visa costs, moving my stuff across the world, car, etc.). In total I was paying around 2300 USD per month, and I still had to pay for utilities and food.