(Closed) Any Aussie bees amazed at how much US bees seem to have in savings?

posted 4 years ago in Money
Post # 241
1247 posts
Bumble bee
  • Wedding: September 2017

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emmabird :  we put money away each month into a mutual fund. Anywhere between $1-2k/month. Keeping $5k in an account wouldn’t be nearly enough for us. This sounds braggy, but I don’t mean it that way. We make many large purchases each month. We own a construction company and we’re paying $20k+ a month in pay roll plus all of the building supplies and paying other contractors we use. Plus we currently have two mortgages (but only for 30 more days because I just sold one yesterday 😄). We’re doing alright lol but thank you for the tips 😊

Post # 242
125 posts
Blushing bee

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marriedbliss : true,  it definitely could be a very slippery slope. Definitely not go a&e unless it’s emergency. There is currently that, sometimes only two strikes, depending on the referral and if they notified or not. I dont think taking the bursary has helped, despite them thinking it will. They pile on the shit and take away any pros.

Post # 243
4464 posts
Honey bee
  • Wedding: December 2014

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curiouscat2017 :  I agree with your points. Also, I know quite a few children of wealthy families and most are not good with money at all, but they know they don’t have to be because their parents will save them. These people barely work, but spend like $500 on a t shirt, it’s ridiculous. I do think it makes a difference though as to whether the parents started out wealthy or struggled to get there themselves. The parents that started out with nothing tend to be better at instilling those values in their children, but it gets diluted over successive generations of wealth. I can definitely see the difference with the people that I know.

I would also like to add that another advantage of having wealthy parents is that safety net. College kids who have to work to pay their school fees and rent can’t take really great unpaid internships or volunteer opportunities to improve their resume and network. They also probably will have to jump on the first job offered after they graduate, rather than being able to take a few months to find what may be a better position. Without the safety net of knowing that your parents can support you, you can’t take as many risks when it comes to your career. 

Post # 244
138 posts
Blushing bee
  • Wedding: November 2016

Hey I’m an Aussie! My husband and I own an (old) car but have paid off half our mortgage. We have about 15k in shares and never have more than 2k in savings. We put every spare bit of money into building up an emergency fund in our offset account or putting more into our share fund. We are 30 and 31. Money sitting in a savings account in AU is useless as inflation is higher than the interest rates on those accounts. We live very frugally and always have because my husband comes from a family of accountants and also we want to start a family soon. laughing

Post # 245
825 posts
Busy bee
  • Wedding: July 2012

I’m an Aussie, but originally from Canada. I actually find quite the opposite – DH and I, as wll as many of our friends in Australia are quite financially comfortable, while I find my friends from Canada and the US to be constantly scraping by. It could just be who I know and coincidental though.

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