How can I grow my wealth faster on a single income with long work hours?

C

CdrShibx

New Member
What actions do people take to improve their finances while working full time?

I'm 29, work 8–12 hour days, 6 days a week, and feel stuck. Single income, two young kids. I take home $4,300–$5,500 a fortnight. After bills, I keep about $1,200.

I put spare cash on the mortgage—$543,137 owed, property valued $750k–$910k. I hold ETFs: Commbank $968, Raiz $3,088. Still, I feel I'm not doing enough for my family.

Any guidance or advice? I considered a financial advisor but hear mixed opinions.

Cheers in advance, legends.
 
You're doing great. Lots of people your age don't have your income or a house yet.

Consider investing in a few different stocks. It can make your finances more diverse. I tried this myself, and it helped me feel like I was making more progress.

Keep it simple pick a couple of stocks you believe in. That's all it takes to get started.
 
Stop paying extra down on your mortgage. Put that money into an investment property.

An investment property will grow in value far quicker than you can pay down your loan by adding extra money each week.

Sell the investment property in a few years. Use the proceeds to pay down your mortgage with a large sum.
 
Hey, you're doing great!

Just a heads up: if you've got any spare money, make sure it's in an offset account not a redraw.

And don't stress too much about those shares. Three grand won't change anything.

What you'd want to do is either get into some leveraged shares, like Gearing or GGUS, or leverage into an investment property.

So basically, you're young and you've got a lot of time. Leverage is what'll really make you wealthy in 20 years. That $3k in shares might turn into $50k by the time you retire but that'll barely buy you a full tank of petrol iin 2060.
 
I'm in pretty much the same boat as you, mate 11 day fortnight, roughly the same pay (with overtime depending on the week). I'm almost 31, with two kids plus a stepchild, no child support. Got a similar mortgage, but $115k in the offset account. My wife’s acr is a Patrol that’s less than two years old. My ride is a brand new Triton with all the extras. The kids have every toy they could dream of motorbikes each, plus electric ones and every console they could want. I feel like I'm doing okay, but that guilt is always there, thinking I could do better.
 
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