Finding funds to invest

Post on: 2 Август, 2015 No Comment

Question: I used the budget tool at moneymanager.smh and find that if I cut expenditure to the bone I have $27 per week left spare each week? We are a couple in our 50s and have an income of around $35000 net pa which is not about to change any time soon.

I read the »Ask Noel» letters each week in my local paper and am often amazed at the huge incomes and assets some people have at their disposal.

How can we ever buy shares. investment properties or become self funded retirees, when replacing our 25 year old Holden Commodore or saving for a holiday is just a pipe dream?

We must obviously be doing something wrong but I have no idea what. Your advice would be valued.

Answer: I sympathise with your position but I have seen people on low incomes amass large portfolios usually by cutting personal expenses to the bone and by starting earlier.

I suggest you start by checking out the Richest Man in Babylon by George Clason at your local library — it contains the fundamental principles of living within your means. It is then a matter of thinking up ways to earn some more money or ways to cut back on your expenses. There are usually a plethora of articles about ways to do this in the daily press and online.

MoneyManager — MoneySense

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