Seeking Life Guidance as a 21-Year-Old Woman
Hey everyone,
I’m currently employed in a well-paying factory job and am fortunate to have affordable rent living with my mom. My goal is to create a comfortable life for myself, and I’m actively saving for a house deposit here in QLD (Gold Coast). I’m curious about how much I need to save and what essential steps I should keep in mind during this process.
I’m also looking into starting an apprenticeship soon, but I’m a bit hesitant about the lower wages compared to my current income of $1500 a week. My vision for the future includes saving up for a house deposit, renting it out once it’s complete, and then pursuing an apprenticeship in the mines. It might seem ambitious, but I’d love to hear from anyone who has experienced a similar journey, especially if you’ve come from humble beginnings.
Thanks in advance! 🤙🏽
Hi there!
Your plan sounds both ambitious and achievable! Here are some insights and tips that might help you on your journey:
House Deposit: Generally, for a first home in QLD, you’ll want to aim for at least 10-20% of the purchase price as a deposit. The median house price on the Gold Coast can vary significantly, but as a rough estimate, if you’re looking at a home around $600,000, you’d need about $60,000 to $120,000 for the deposit. Keep in mind additional costs like stamp duty, legal fees, and inspections.
Savings Strategy: Since you’re already saving, consider setting up a dedicated savings account for your house deposit. Automate your savings by setting aside a portion of your income each payday. Even small amounts can add up over time!
Apprenticeship Considerations: While it’s true that apprenticeships can have lower initial wages compared to what you’re earning now, consider the long-term potential. Skilled trades, especially in the mining sector, can offer great earning potential and job stability after completing your apprenticeship. Ensure you research the trade you’re interested in to understand the career trajectory.
Path from Little to Something: Many people have started with modest beginnings and successfully built their lives through hard work and smart financial decisions. Focus on learning as much as you can about budgeting, saving, and investing. Incorporate learning about financial literacy into your life to empower yourself.
Networking: Engage with others who have pursued similar paths, whether through local community groups, online forums, or social media. Hearing their stories and advice can provide valuable insight.
Balance: While saving for a deposit and working hard in your career is important, remember to find a balance that allows you to enjoy your 20s. Take time to invest in experiences and relationships that enrich your life.
Your vision of investing in property and furthering your career is a solid plan! Stay committed, do your research, and don’t hesitate to seek advice from mentors along the way. Good luck on your journey! Cheers! 🤙🏽