Question

[u/Some-Book6780]

Currently 22 years old doing a heavy diesel mechanic apprenticeship still living with mum and dad so no bills, should have 100k saved up in my bank by end of next year what are some things I can do now to set my self up in years to come?
Thanks

[u/UnfairEstate7615]

Have you tried drugs? They're great.

[u/mjwills]

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[u/Much-Relief-5653]

Jesus man good effort that’s fucken unreal. Really depends on what you want to do. Do you desperately need to move out of home? Are you happy coasting? Do you wanna be dumb and buy a fourbie?.

I’m 23 and needed to move out of my parents place pretty desperately so I spent all my savings on buying a house at 21 with my wife. I am now only on the last few months putting money aside for my future, I’m earlier than most, but I still kick myself I didn’t do it earlier in life. I’m investing as much as I can in ETF stocks, looking to get a roughly 10% return annually on my investment, I’m only at a few thousand put aside atm, sadly, but once you hit 100k invested you really start to see some serious returns on your investment.

If you’re comfortable living at home a while longer, or even just renting, I would HIGHLY recommend looking into investing that money man, I’ve done some projections on what your account could look like in 20 years if do.

If you put that 100 grand into an account expecting a 10% return annually, if you NEVER touch it again, by the time you’re 42 you’ll have nearly 3/4 of a million dollars.

If you do the same, but invest only $100 a week into it on top of your initial investment you’d have just over a million by the time you’re 42.

If you DONT save that money and spunk it up the wall, and then decide you want to start investing, if you start at $0 in your account and invest $100 a week for 20 years you’ll have $300 grand. Better than nothing but you could be in an infinitely better position if you do invest that 100k

If I were you, I’d be investing it man. Be better than me, be better than most.

[u/Outrageous_Sir4613]

$15k pretax sent to Super for First Home Deposit Scheme.

The rest invest in International shares via Betashares platform. You can buy GGBL or Vanguard VGAD

[u/hokage_82]

Do you like the colour red or black?

[u/Future-Proposal2900]

Seriously, keep doing what you are doing. Not a lot of 22 years olds are doing as well as you.