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To put things into perspective, 99% of Warren Buffett's wealth (which is $154.5 billion as of 2025) was acquired after he turned 65 years old. He is currently 94. It is certainly not easy, but it clearly demonstrates the power of saving and investing wisely and let compounding do the rest. To achieve this, you should conduct your own research and speak with the right people (tax agent, mortgage brokers financial planner etc......)

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Tax

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For some people, taxes can make up one-third of their expenses. Another significant expense is rent or mortgage repayments.

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Although tax isn't as "exciting" as investing, it provides a guaranteed return by reducing your tax liability. However, it's crucial to do this legally and with the right professional support.

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Proper tax management isn't just about saving money—it also ensures peace of mind. The last thing you want is to worry about the government coming after you for money, leading to tax audits, meetings, and potentially even court proceedings.

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Read more about tax residency here

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Superannuation Account

 

Your first thought may be to open an investment account with a bank and start depositing money to purchase shares. Well, I believe your first step should be to look at your retirement account. If you're in Australia, that means your superannuation account.

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Do you have two superannuation accounts? What are your year-on-year returns? How is your allocation structured? If you're unsure about these answers, then this is where you should begin and get things in order.

 

By the time you turn 30, if you have $100K in your super and make no further contributions, you could still become a millionaire. Don’t believe me? Try using a compound interest calculator (assuming a 7% investment return year on year). Subject to your situation, continue working and contributing to your super (even if I'm self-employed) is usually a good idea.

 

Once your retirement account is in order, the next step is to assess your debts.

• Do you still owe money on the laptop or phone you're using to read this blog?

• How much interest are you paying for it? Is there a cheaper option?

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Investment options

 

Logically, it makes sense to pay off loans with the highest interest rates first. The next step might be to start investing—whether in shares or property. I’ve written about the different levers you can use to purchase your first property here. Historically (over the past 100 years), property prices continue to increased, though there was a housing bubble in the U.S. that burst in 2008. I suggest researching this further.

 

If you're considering buying a house, interest rates will be an important factor. How much can you borrow? Where can you buy? Are you planning to rentvesting?

 

When it comes to shares, you can start with as little as $500 by opening a share account with any bank. But the big question is: which stocks should you buy? Do you have the time to analyze individual stocks like Warren Buffett? I assume you don't, might as well stick to your career (if you can see the potential of making more money in the future).

 

If you don’t have the time to analyze individual stocks, consider researching ETFs (Exchange-Traded Funds). A popular strategy is "dollar-cost averaging," where you consistently invest a fixed amount each month, quarter, or semi-annually into a specific ETF. Definaly, do a lot of researching before you put your money into ETF and index funds.

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FIRE Movement

 

Does ETFs work? Look up "FIRE" (Financial Independence, Retire Early) investors such as Captain FI, Aussie Firebug, and Strong Money Australia. Reviewing their investment portfolios can help you understand how they achieved financial independence and the freedom to "choose" their lifestyle—though the definition of freedom varies for everyone.

I have written about my thoughts on the FIRE movement here

 

I’m not telling you to invest in ETFs immediately or avoid purchasing a property. Your financial decisions should be based on your unique situation and goals.

 

Take the time to think it through and seek advice from the right people before proceeding.

 

Take care!