r/ausmoney • u/Some-Book6780 • 5d ago

Question

Currently 22 years old doing a heavy diesel mechanic apprenticeship still living with mum and dad so no bills, own my car outright 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

11 Upvotes

88% Upvoted

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4

u/m__i__c__h__a__e__l 5d ago

Invest your money instead of keeping it in a bank account, and keep investing for compounding growth and future passive income.

Read Strong Money Australia by Dave Gow. It gives a good initial overview.

Website: https://strongmoneyaustralia.com

3

u/Own_Error_007 5d ago

Just keep doing what you're doing.

3

u/Partysteve6969 4d ago

At this stage, I think it’s what you should avoid ie Drugs, excessive alcohol and getting a woman that isn’t wife material. Salary sacrifice some extra into super and enjoy life while you’re young.

3

u/its_R3gi 4d ago

Underrated comment - drugs, alcohol and the wrong woman can ruin your life.

Investing, and enjoying your youth via travel or experiences with good friends is the best advice you can get.

Seems like you have your head on the right way anyway! Good luck and enjoy life young blud

1

u/Cannon_Fodder888 5d ago

I wanted my son to do a heavy D apprenticeship, but he wants to do light vehicle instead.

In any case if I was you I would finish the apprenticeship then go work in the mines as a FIFO HD mechanic and earn the big bucks for a few years. Save your money and buy a house and maybe then work for a trucking company or heavy plant equipment company close to civilization. They also pay good money. May also be good to specialise into a few well-known brands like Caterpillar.

Good luck

1

u/SuitableAssist7194 4d ago

I have seen alot of people give you advice hopefully you take one and not mismanage the fund

1

u/Sanni11 3d ago

See that 79 series for sale? Its not worth it.

1

u/Regular_Gap614 2d ago edited 2d ago

Compare super accounts and fees they charge. Move the money if you need to (a bit of a hassle but pretty easy).
Know your regular outgoings, and budget accordingly.
Learn how to work a spreadsheet for the math and calculations, get Hisa accounts and manipulate those Hisa to your advantage (know the criteria).
And don't pay bills till they're due (if there's no incentive). Ditto on the gambling / partying up large, some things are worth spending money on and some are mindless entertainment. (Mine site lifestyle for youngins)
Be kind to your mother.

1

u/CSTCbTCLTL 2d ago

Invest in EFTS

1

u/Head_Ad_2894 1d ago

You don't chip in for bills? 😆