The Barefoot Investor by Pape Scott;

Author:Pape, Scott; [Pape, Scott]
Language: eng
Format: epub
Publisher: John Wiley & Sons, Incorporated
Published: 2022-04-07T00:00:00+00:00

Want to get there faster?

First, read ‘How to double your income’ on page 109 again, and start swinging on that trapeze.

Second, save like crazy. Here's an example. In 2020, the average full-time pre-tax wage in Australia was $86 252, or $5502 a month in the hand (excluding super). So a couple both earning average wages could live off one income (very frugally) and save a $100 000 deposit in less than 19 months.

But hold your horses.

Saving a deposit is like the Socceroos beating Togo to qualify for the World Cup. It's the beginning of the campaign, not the end. In other words, you want your mind to be set on owning your home outright, rather than just limping over the line with a deposit.

So don't set up impossible savings targets that you won't be able to sustain in the long run.

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