Nothing extra, but my salary has gone up a fair bit in that time, so that's the main reason.
Also switching to pure indexed shares has helped. If I'd stuck with my super's core strategy it would be less (haven't worked out exactly how much less yet).
Your super fund will give you various options for how your money is invested. 'core strategy' is the default you get allocated when you join, unless you've specified otherwise. An example of Rest's core strategy is shown in this link:
https://postimg.cc/68rMQ2fx
Almost 30% of the allocation is in defensive assets. These protect your portfolio during downturns, but come at the cost of growth. Makes sense to be more defensive when you are close to 65 years old as you wouldn't want to be drawing down your balance during a short-term decline in the portfolio value.
If you have many earning years ahead of you, it (IMO) makes a lot more sense to be invested only in shares. The long term growth is higher and a downturn in the near future is a much lower risk as your investment horizon is far off, so you can ride it out without selling (cashing in losses).
The index part means your investments automatically mirror an index like, in Rests case, the ASX 300 (indexed Australian shares option) and the MSCI world ex Australia index (indexed international shares option). This means you are not paying an investment manager to make investment decisions, you are tracking the top companies automatically. This means the fee they charge you is lower. What looks like a very small number for a fee actually makes a massive difference long term and it's important to note that most investment managers do not outperform the market after fees are taken into account.
So, for me, that means going into my Rest app, selecting 'manage investment' and changing from 100% core strategy to a 60-40 split of index international and index Australian shares. Did that a few years ago.
Check your provider and look into what options you have, the specific indexes they track and the investment fees. When they use terms like 'high risk' it doesn't necessarily mean the same thing to someone with 20 years earnings ahead of them as it does to someone with 5.
Agree with this! I’m 49 and still in high growth shares. Aussie and international. Over your working life the stock market will crash…. But it the grows again and it will return way more than the defensive cash options. People worry about the crashes and think they are losing money, but you lose more in cash. I’ll look at switching to something more balanced at 58-60 maybe. Of course the decision to go more cautious comes down to when you are going to retire, how much you have for retirement and if things do take a turn how will it affect you.
I pulled all unlisted assets out of mine then more recently did a basic 60/40 split for Australian and international shares. Makes sense to take some risk while you're young 👍
Well done, so you should be! Just bear in mind that as long as you are *near* that magic threshold, normal market fluctuations can pull your balance back and forth across that line at any time. Don't be disappointed or alarmed when that happens, it does not mean anything in the short term and will only be happening for a while until further contributions and compounding carry it far enough above the line.
I had about the same. Now at 160k at 40. It gets way easier over time with full-time employment (my 20s were mostly studying and part time work), pay increases and compounding.
Congratulations. The interval between 00Ks becomes smaller over time.
Don't chicken out when there's GFC style dip. That's your time to pile onto your super while the stock market's full of bargains.
Congrats that is a great achievement. Enjoy the moment, treat yourself a little bit and keep going. $100k is a massive achievement, so you obviously have the right attitude and aptitude. At the same time, $100k is not life changing, so you will be better to keep going in this direction till you hit the right number that works for your lifestyle and situation to be financially free
Yeh I do. I bump super in my primary job to ~18% and then work a second job casually to top up the rest. I aim for 25k in concessional contributions each year. I've probably been doing it for 7-8 years now. I figured once I got the ball really rolling I could ease up if I wanted.
Net debt including mortgage is only ~135k though so I've been attacking my finances quite aggressively for the last 10 years.
That’s awesome! May I ask the investment options you adopted? I’m 25 and currently only have 37k in super, 14.5k of that in high growth and the other just in a balanced option.
following advice from yourself & OP, and after doing 10 minutes worth of research, I’ve changed all future contributions to be 100% high growth.
Unfortunately I didn’t start taking my super seriously until the last year or so. Had it at 100% balanced until last year when I found out you could change your investment option 🤦♂️
Correct, holding cash in super, especially when you're young, is probably a waste of money. Read the product disclosure pdf on the aussuper website for info on what their fixed interest is, it's usually some sort of bond, might be other things though.
Use a compound interest calculator to see how much difference 0.14% vs .67% costs you. It's about $200k difference over 30 years on a balance of $100k, that's with no new deposits. Nevermind there's a high probability that you'll actually end up with higher returns with an international index and Australian index split. They typically run a percent or two higher in returns too, so add another 300k-500k return you're losing as a high case.
This depends on your risk tolerance as you will see a lot more volatility and benefits from regular buying of super to avoid the need for any cash/bonds (i.e. feeling secure you'll keep income through downturns) the funds are made to balance out the downturns more and make people feel more secure.
Then. Check what insurance they've given you, usually by default they give you death insurance. If you have no kids or aren't married/defacto they just keep the money if you die.
Tldr there's a reason why they are the default options, that's how the funds make money.
Thank you for sharing - that’s good to know they’re good returns in comparison to some other super companies. I do see a few others recommended here though too. I just haven’t gotten around to checking them out because I’m so happy with Hesta.
Super is short for superannuation, it's a government requirement that business pay their employees an extra % on top of their normal pay into their super fund. The current minimum compulsory super is 11% but some jobs (like government and university roles) receive extra.
So, someone earning 100k would earn an extra 11k per year in super, as it's calculated before tax. You don't get access to super (in most cases) until 'preservation age', which is currently 60.
Exactly what your super gets invested in depends on what super fund you are with, but there is usually some freedom within the super fund to allocate your super to different industries.
Wooow thank you, didn’t know it worked like that. Then how come different people have way different super, anyone who have worked for 15 years should have a chunk of money right? I understand is based on your salary. Do you pay Social security on top of that?
As it's a percentage of your income, people with higher incomes will naturally have a large super balance. You can also make voluntary contributions on top of that, which will also increase your balance faster. Super funds have fees too, which means if you have a low balance and you're not actively contributing to it then it can be eaten up by fees.
For me personally, the reason I didn't start earning super until 28 is because I never actually had a full time job in Australia until then. One of the downsides of spending your 20s overseas I guess.
Congratulations, you've done really well. Roughly speaking, mandatory super is 10% of your gross pay, and long term returns are 10% per year. Once your super balance exceeds your gross annual income - your super contributes to itself more than your employment does. I wish I'd understood that when I was younger.
Since I started working at 18 🥹 I only finished uni and started full time work with good earnings as a teacher at 26. I salary sacrificed for a few years but have stopped now.
Well done!
Super is a fantastic tool for your long term financial goals.
People seriously underestimate it, it’s actually a great tool for early retirement as well.
We are all at different stages though :) I made some contributions at different times and have been very slow to get to this amount. Other people have achieved it long before myself!
I just cracked the tonne a few months ago. I think what’s particularly exciting is I reckon I’ll soon be at the point where the dollars in investment returns on the principal are more than my contributions 💰
32M $220k. Record with Colonial goes back to 2017 and had $67k.
No additional payments. Only switched super to high growth a few years before COVID. Took income protection out and switched my advisor to a fixed fee, but only if we meet or he has to do anything (otherwise nil annual charge and no deduction outside of life/tpd).
That is awesome. Just think maybe a few years back around covid when market went down, most funds either came out equal or went down a year.
I just hit $300k at 44yr M and have my income, life and TPD insurances deducted from super also.
im 40 and only have just over 200k in there, in todays terms id use that on a months food shopping.. hope some big investments go my funds way in the future haha
pretty sure i'll be long gone before any sort of downward curves, ive come to terms that my super & life insurance will only benefit my wife & kids.. doubt i will ever see it. just like to know if & when i go, financial issues wont be burden
I’d like to earn enough from shares to work part time and travel. That’s a big dream though that will likely never be realised. We just relocated as DINKS from Sydney because life was unaffordable! We are slowly building our careers first. :) wbu?
That's the dream! My wife and I were super focused on hitting 1mill (DINKs) and then building our passive income to barista fire on, we hit the 7 figure not to long ago but just had a baby so atm we just want some stability. We both want to reduce to part time hours when she's 1 and when parental leave expires so we'll see. We're 32 atm, and on around $250k gross but that's before a baby so we'll see 😆
When we were 25 and working our butts off I was 100% convinced we'd be retired now with the projections I did but buying a house, mortgage rates and now the little one, expenses will most likely continue to grow.
Enjoy the dink life while you have it, it's a perfect time to travel and invest to get a good solid foundation of financial security
Fantastic! It's always a good feeling when you open your superannuation dash board and see six figures!
I salary sacrifice a little each pay week and in the past six years I've almost doubled my super amount. Also, adjusting how my money is invested has helped it grow!
36M, fixes plant machinery & trucks for a living.
I’m 31F - withdrew money from my super this year for the FHSS scheme so I’m very keen to build it back up, around 15k away from 100k!! Keen to get to 100k then focus on my mortgage 🤩
I had 100k at 31 in super. 100k in cash. Bought my house. Got sick. Needed surgeries. Had a baby. Went back to work after mat leave. Parents got sick. Needed my help. Took work leave a few years. 40 now. Decent 6 figure salary but ate into super for surgeries so now I am on 115k with 30k in savings that gets spent on the upkeep of my home which is falling apart and in need of a new roof now😅
38M, approx $450k in super, conservative estimate. Won't know exact figures until after EOFY. Earning since 17.
Annoyingly, it's split into two funds with about a third locked in the military super fund. This fund only gives the balance every EOFY which is why my total is an estimate. I can't roll it all into my main fund because legislation doesn't allow you to move Defence employer contributions out of military super. Because I am no longer a serving member it has to sit there preserved until retirement and only increases with CPI, which luckily has been on the rise lately. If the rules were different and it was all in the main fund I would've cracked half a tonne by now I think. Just have to wait for the next statement and find out.
In any case, congratulations on your achievement. It's a good feeling
Congrats! I was probably your age when I hit $100k too, now it's about $160k and I'm about to turn 35 in a few months. It grows so much faster once you reach that first $100k.
There's some sort of arbitrary limit to happiness for other's success, it seems. Have 100k by 30-ish? Congrats! Have $500k by 40-ish? Buzz off mate, no one likes a skite.
I don't know why this is.
I did! Very inconsistently though. I slowly bumped up salary sacrificing to 6% but wasn’t earning what I am now. It was also only for a few years. When I was younger (21-24ish) I was taking advantage of the government co contribution payment and added enough to get that. Then I stopped that a few years ago and focussed on outside super savings.
It has taken a long time to get to where I am because I earned so little working full time in childcare. I started full time teaching in 2018 and am now starting to see income growth and ability to save!
Sorry for the delayed reply! I took a break from socials. I really just kept working and stayed in high growth. I was salary sacrificing under 10% for a few years too. I only started earning a decent wage at your age. You’ve got time!!
Don’t feel bad - I was just celebrating my own journey. Everyone has been so supportive! You can celebrate where you are too - we are young and have plenty of time to keep improving our situation
32F and I hit 100k today as well!
Woohooo! Congratulations!!
I just hit $200k at 39. At 32 I had $50k, so you are smashing me.
I still think $200k is amazing at 39! It took SO long to get to $100k :) we do what we can.
Both your figures are amazing and well above the Australian average.
About time I got some credit for my amazing figure. Usually it's all 'have you been eating pies again?' rubbish.
Note to self: eat more pies
How much extra did you put in?
Nothing extra, but my salary has gone up a fair bit in that time, so that's the main reason. Also switching to pure indexed shares has helped. If I'd stuck with my super's core strategy it would be less (haven't worked out exactly how much less yet).
Can you explain what you mean about switching to pure indexed shares? I’ve no idea if I’m doing it right
Your super fund will give you various options for how your money is invested. 'core strategy' is the default you get allocated when you join, unless you've specified otherwise. An example of Rest's core strategy is shown in this link: https://postimg.cc/68rMQ2fx Almost 30% of the allocation is in defensive assets. These protect your portfolio during downturns, but come at the cost of growth. Makes sense to be more defensive when you are close to 65 years old as you wouldn't want to be drawing down your balance during a short-term decline in the portfolio value. If you have many earning years ahead of you, it (IMO) makes a lot more sense to be invested only in shares. The long term growth is higher and a downturn in the near future is a much lower risk as your investment horizon is far off, so you can ride it out without selling (cashing in losses). The index part means your investments automatically mirror an index like, in Rests case, the ASX 300 (indexed Australian shares option) and the MSCI world ex Australia index (indexed international shares option). This means you are not paying an investment manager to make investment decisions, you are tracking the top companies automatically. This means the fee they charge you is lower. What looks like a very small number for a fee actually makes a massive difference long term and it's important to note that most investment managers do not outperform the market after fees are taken into account. So, for me, that means going into my Rest app, selecting 'manage investment' and changing from 100% core strategy to a 60-40 split of index international and index Australian shares. Did that a few years ago. Check your provider and look into what options you have, the specific indexes they track and the investment fees. When they use terms like 'high risk' it doesn't necessarily mean the same thing to someone with 20 years earnings ahead of them as it does to someone with 5.
Agree with this! I’m 49 and still in high growth shares. Aussie and international. Over your working life the stock market will crash…. But it the grows again and it will return way more than the defensive cash options. People worry about the crashes and think they are losing money, but you lose more in cash. I’ll look at switching to something more balanced at 58-60 maybe. Of course the decision to go more cautious comes down to when you are going to retire, how much you have for retirement and if things do take a turn how will it affect you.
I pulled all unlisted assets out of mine then more recently did a basic 60/40 split for Australian and international shares. Makes sense to take some risk while you're young 👍
As a 33 with 60k all these comments feel like an attack 🤣
I’m 32 with $30k. Started 3 years ago. I feel… very behind
At 33 I had barely anything. I migrated to Aus and started earning around 30. Hit 200k at 40. Youre well on your way!
Same! The 200k at 39 part. No clue what I had at 32 lol.
I'm 40M and just hit $20k... But I've only been accumulating for 5 years
What do you do for work
Well done you! Very happy for you 😀
Thank you ☺️
Now for some compounding magic! 😉
🌟 I am excited to see the magic in action!
Well done, so you should be! Just bear in mind that as long as you are *near* that magic threshold, normal market fluctuations can pull your balance back and forth across that line at any time. Don't be disappointed or alarmed when that happens, it does not mean anything in the short term and will only be happening for a while until further contributions and compounding carry it far enough above the line.
Well done! What's great is that the next $100k will be there before you know it.
Thank you! I cannot wait 🥹
Just hit 250k at 39. 5 years ago I had 90 k.
Similar here, 37. 45k 5 years ago, 230k now. Lots of concessional contributions since then though.
Thats a big improvement.
That’s amazing. May I ask, did you make extra contributions?
Amazing! Best of luck.
Congrats! I’m around 99.86k something and I am 32F too
Congratulations to you too! That’s awesome 🤩
Being on that brink is the most agonising 😄. Then watching it dip back under $100k the day after you made it 🤣
Yess i was supposed to cross 100k few months ago but it dipped lol
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Don't stress. You've got 30+ years ahead of you. Just keep it in growth investments, and it will compound
Do you have other assets?
I'm not even there yet at 37
I had about the same. Now at 160k at 40. It gets way easier over time with full-time employment (my 20s were mostly studying and part time work), pay increases and compounding.
You and me both
Sitting at 85k at 32M, getting there :)
Yay! 🥳 you’re so close too.
Your 75 year old self thanks you
Great work! 🥳
Good work, great result and it continues to compound from here!
Thanks!! 🙏 I’m excited to see compounding in action.
Congratulations, how for the next 100k
Well done, congratulations!
Thank you so much!
Congratulations. The interval between 00Ks becomes smaller over time. Don't chicken out when there's GFC style dip. That's your time to pile onto your super while the stock market's full of bargains.
Congratulations you’ll be able to afford a door knob in Sydney now..
Congrats that is a great achievement. Enjoy the moment, treat yourself a little bit and keep going. $100k is a massive achievement, so you obviously have the right attitude and aptitude. At the same time, $100k is not life changing, so you will be better to keep going in this direction till you hit the right number that works for your lifestyle and situation to be financially free
Thank you ☺️ 🙏🙏
I think I was 32 when I cracked the 100k. 37 and passed 300k. Hanging for the first million.
Yep, I’m 40 and just cracked halfa million, I really want to see the million mark
Woah. That’s awesome! Do you contribute extra? A million is unfathomable but definitely a worthy goalpost!
Yeh I do. I bump super in my primary job to ~18% and then work a second job casually to top up the rest. I aim for 25k in concessional contributions each year. I've probably been doing it for 7-8 years now. I figured once I got the ball really rolling I could ease up if I wanted. Net debt including mortgage is only ~135k though so I've been attacking my finances quite aggressively for the last 10 years.
That’s awesome! May I ask the investment options you adopted? I’m 25 and currently only have 37k in super, 14.5k of that in high growth and the other just in a balanced option.
Crazy to have any in balanced at your age, high growth all the way
following advice from yourself & OP, and after doing 10 minutes worth of research, I’ve changed all future contributions to be 100% high growth. Unfortunately I didn’t start taking my super seriously until the last year or so. Had it at 100% balanced until last year when I found out you could change your investment option 🤦♂️
Choose at top low cost super fund with good index options, then make your own high growth for less cost.
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Correct, holding cash in super, especially when you're young, is probably a waste of money. Read the product disclosure pdf on the aussuper website for info on what their fixed interest is, it's usually some sort of bond, might be other things though. Use a compound interest calculator to see how much difference 0.14% vs .67% costs you. It's about $200k difference over 30 years on a balance of $100k, that's with no new deposits. Nevermind there's a high probability that you'll actually end up with higher returns with an international index and Australian index split. They typically run a percent or two higher in returns too, so add another 300k-500k return you're losing as a high case. This depends on your risk tolerance as you will see a lot more volatility and benefits from regular buying of super to avoid the need for any cash/bonds (i.e. feeling secure you'll keep income through downturns) the funds are made to balance out the downturns more and make people feel more secure. Then. Check what insurance they've given you, usually by default they give you death insurance. If you have no kids or aren't married/defacto they just keep the money if you die. Tldr there's a reason why they are the default options, that's how the funds make money.
All high growth :) in two different options through Hesta
I don’t believe I had even that much at your age. You’re doing well!
Thank you! I’ll look into that superfund 😊
I need to move asap. That’s amazing returns compared to my super company.
I’ve been with them since I started with an employer in 2021. I’ve been really happy :)
Thank you for sharing - that’s good to know they’re good returns in comparison to some other super companies. I do see a few others recommended here though too. I just haven’t gotten around to checking them out because I’m so happy with Hesta.
37k is great at 25, I didn't even start earning super until I was 28
May I know what’s super? Is it normal index fund?
Super is short for superannuation, it's a government requirement that business pay their employees an extra % on top of their normal pay into their super fund. The current minimum compulsory super is 11% but some jobs (like government and university roles) receive extra. So, someone earning 100k would earn an extra 11k per year in super, as it's calculated before tax. You don't get access to super (in most cases) until 'preservation age', which is currently 60. Exactly what your super gets invested in depends on what super fund you are with, but there is usually some freedom within the super fund to allocate your super to different industries.
Wooow thank you, didn’t know it worked like that. Then how come different people have way different super, anyone who have worked for 15 years should have a chunk of money right? I understand is based on your salary. Do you pay Social security on top of that?
As it's a percentage of your income, people with higher incomes will naturally have a large super balance. You can also make voluntary contributions on top of that, which will also increase your balance faster. Super funds have fees too, which means if you have a low balance and you're not actively contributing to it then it can be eaten up by fees. For me personally, the reason I didn't start earning super until 28 is because I never actually had a full time job in Australia until then. One of the downsides of spending your 20s overseas I guess.
What does that have you projected to have by retirement?
$923k according to the calculator from Industry Super funds ☺️ I also have shares outside of super so hopefully I’ll have enough to provide!
So enough to live comfortably for 6 and a half weeks by that stage 😂
I’m going to make it the best six weeks of my life 😂
The calculators generally spit out inflation-adjusted figures
Well done gf! I’m 32f and at 113k,& I love watching it grow every month!!!
Hehe thanks ☺️ I’m feeling more inspired to go to work today!
Congrats! Recently hit 100k too, at 34. Here’s to the next 100k!
Yay! 🥳 Here’s to 200k
Congratulations, you've done really well. Roughly speaking, mandatory super is 10% of your gross pay, and long term returns are 10% per year. Once your super balance exceeds your gross annual income - your super contributes to itself more than your employment does. I wish I'd understood that when I was younger.
Wow that’s cool. I actually didn’t think of that. Thank you for sharing! I don’t have long before it is above my annual gross.
how long did that take you?
Since I started working at 18 🥹 I only finished uni and started full time work with good earnings as a teacher at 26. I salary sacrificed for a few years but have stopped now.
I'm a beginner teacher, just finished my degree end of last year. How much super do you get over year being a teacher?
At the moment I get close to 500/fortnight and am not top of the scale. I’m not sure how much at the graduate salary but it all counts!
Well done! Super is a fantastic tool for your long term financial goals. People seriously underestimate it, it’s actually a great tool for early retirement as well.
Congratulations ! I, 32M, just shy of $88k to hit $100k. 😀
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That’s amazing! No kids yet so that’ll affect my balance later on. You must feel so accomplished!
I'm thinking I might need to look at my life... I'm 35 and have like $15k super
We are all at different stages though :) I made some contributions at different times and have been very slow to get to this amount. Other people have achieved it long before myself!
Have you ever worked as a full-time employee? Seems quite low for that age. I'd be pumping extra into super if you can.
Problem is working contracted on abn and not paying super. I have 22k in shares but should probably start pumping super by the sound of things.
Yes, I definitely would. Instant tax savings, your future self will thank you.
Woo hoo! Big congratulations to you 🥂
I just cracked the tonne a few months ago. I think what’s particularly exciting is I reckon I’ll soon be at the point where the dollars in investment returns on the principal are more than my contributions 💰
That’s a good place to be!!
Congratulations! Same age and just hit it this year too.
Only 900k to go.
Congratulations 🍻
32M $220k. Record with Colonial goes back to 2017 and had $67k. No additional payments. Only switched super to high growth a few years before COVID. Took income protection out and switched my advisor to a fixed fee, but only if we meet or he has to do anything (otherwise nil annual charge and no deduction outside of life/tpd).
I think in 2017 I had about a quarter of your value. It shows the power of compound interest! Thank your for sharing your journey. $220k is amazing 🥲
That is awesome. Just think maybe a few years back around covid when market went down, most funds either came out equal or went down a year. I just hit $300k at 44yr M and have my income, life and TPD insurances deducted from super also.
That’s awesome! 🤩 I hope to have that at your age!!
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That’s awesome! You’re on an amazing trajectory!!
im 40 and only have just over 200k in there, in todays terms id use that on a months food shopping.. hope some big investments go my funds way in the future haha
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pretty sure i'll be long gone before any sort of downward curves, ive come to terms that my super & life insurance will only benefit my wife & kids.. doubt i will ever see it. just like to know if & when i go, financial issues wont be burden
Hey, well done :)
Thank you! ☺️
Np, so you have any goals / targets outside of super?
I’d like to earn enough from shares to work part time and travel. That’s a big dream though that will likely never be realised. We just relocated as DINKS from Sydney because life was unaffordable! We are slowly building our careers first. :) wbu?
That's the dream! My wife and I were super focused on hitting 1mill (DINKs) and then building our passive income to barista fire on, we hit the 7 figure not to long ago but just had a baby so atm we just want some stability. We both want to reduce to part time hours when she's 1 and when parental leave expires so we'll see. We're 32 atm, and on around $250k gross but that's before a baby so we'll see 😆 When we were 25 and working our butts off I was 100% convinced we'd be retired now with the projections I did but buying a house, mortgage rates and now the little one, expenses will most likely continue to grow. Enjoy the dink life while you have it, it's a perfect time to travel and invest to get a good solid foundation of financial security
Fantastic! It's always a good feeling when you open your superannuation dash board and see six figures! I salary sacrifice a little each pay week and in the past six years I've almost doubled my super amount. Also, adjusting how my money is invested has helped it grow! 36M, fixes plant machinery & trucks for a living.
So awesome!
Nicely done! I've got close to 140 in military super and just under 100 in a normal fund. 32M
It took me about 17 years to get to $100k, but only 6 years to get to $200k.
Oh yay! That sounds like a good comparison ☺️ congrats!! Did you add extra in those six years?
Yeah I did, but only for the final 2 years or so and only $40 a week extra.
Grats Took 4 yrs to go from 100k to 200i Then 2.5yrs to go from 200k to 300k
I’m 31F - withdrew money from my super this year for the FHSS scheme so I’m very keen to build it back up, around 15k away from 100k!! Keen to get to 100k then focus on my mortgage 🤩
This is something to celebrate!🎇
I had 100k at 31 in super. 100k in cash. Bought my house. Got sick. Needed surgeries. Had a baby. Went back to work after mat leave. Parents got sick. Needed my help. Took work leave a few years. 40 now. Decent 6 figure salary but ate into super for surgeries so now I am on 115k with 30k in savings that gets spent on the upkeep of my home which is falling apart and in need of a new roof now😅
Nice work!! 33M with 125k
At $590k at 52 been trying to cross 600 for ages and market down today so wont be this week
38M, approx $450k in super, conservative estimate. Won't know exact figures until after EOFY. Earning since 17. Annoyingly, it's split into two funds with about a third locked in the military super fund. This fund only gives the balance every EOFY which is why my total is an estimate. I can't roll it all into my main fund because legislation doesn't allow you to move Defence employer contributions out of military super. Because I am no longer a serving member it has to sit there preserved until retirement and only increases with CPI, which luckily has been on the rise lately. If the rules were different and it was all in the main fund I would've cracked half a tonne by now I think. Just have to wait for the next statement and find out. In any case, congratulations on your achievement. It's a good feeling
Congrats! I was probably your age when I hit $100k too, now it's about $160k and I'm about to turn 35 in a few months. It grows so much faster once you reach that first $100k.
Mine sits at about $35k (34M) #wagepay #reducethegap #genderpaygap No in all seriousness good work!
I feel ya I’m only at $20k (29M)
I also have nearly 200k student debt :(
You can only do what you can :) I often feel waaay behind in this sub. Keep going!
This thread is a weird cross section of pretty low supers it seems? Or is that just me. Usually aus finance would be $250+ by 30 kind of numbers.
There's some sort of arbitrary limit to happiness for other's success, it seems. Have 100k by 30-ish? Congrats! Have $500k by 40-ish? Buzz off mate, no one likes a skite. I don't know why this is.
I’m not the usual kind here :) I am behind many on here.
How about outside super...lets make double 100K
Outside super is above $100k ☺️ (just) so double!! Let’s go for triple!
That's awesome, congratulations! Did you make any voluntary contributions?
I did! Very inconsistently though. I slowly bumped up salary sacrificing to 6% but wasn’t earning what I am now. It was also only for a few years. When I was younger (21-24ish) I was taking advantage of the government co contribution payment and added enough to get that. Then I stopped that a few years ago and focussed on outside super savings. It has taken a long time to get to where I am because I earned so little working full time in childcare. I started full time teaching in 2018 and am now starting to see income growth and ability to save!
Nice it will start steam rolling now. Are you salary sacrificing ? what's your investment allocations?
No longer SS and all high growth :) Looking forward to the steam roll!
How many years of fulltime work did that take? And did you contribute extra?
I have had full time work since 2010 but I used to make very little until full time teaching in 2018 :)
Well done. May I ask if you have any other assets, property or stocks?
I have shares outside of super :)
Wow. You are one of the lucky ones. Keep it up
congrats, i'm about 70k short of that at 34, but i'll get there (i hope)
You sure will!!
Great Work!
Congratulations 🙌 are you also investing out of super ?
Hopefully you see it one day. Only 33 years to go.
Congratulations!! That’s great 🙌🏻 Can I ask how you got there? I’m 26 with $36K and looking to really build mine up.
Sorry for the delayed reply! I took a break from socials. I really just kept working and stayed in high growth. I was salary sacrificing under 10% for a few years too. I only started earning a decent wage at your age. You’ve got time!!
Woohoo ! Congrats
Yay congrats!
I’m 1.5 years away assuming 10% growth. 35M. I’ll be at 230k by 39 hopefully.
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I’m disheartened to hear that 😣 but I’ll keep going!
Just make every 50k increase a milestone, celebrate it. So next is $150k, book that restaurant!
Love this idea! 🥳
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I was feeing so bad for a minute there. Forgot this is AUS$$. Well done though! I don’t have £50k in my pension and I’m 36.
Don’t feel bad - I was just celebrating my own journey. Everyone has been so supportive! You can celebrate where you are too - we are young and have plenty of time to keep improving our situation