43M - I have caught up a little but not enough!
Hey all,
Thanks to everyone who comments and posts here — it’s been great reading along.
Throughout my 30s I fought my way out of a seriously bad financial situation. It was a tough time — I was in massive debt, and not the good kind tied to an asset.
If anyone is currently in that situation: keep fighting, keep being disciplined, you will get there. As Rocky Balboa said, “keep moving forward.”
One thing being in debt taught me was how to be frugal and how to save. Once the debt was paid off, all I’ve done since is save. I now have $120k in savings and earn $135k a year, but my job is on fairly shaky ground — I’d guess I have 2 years left, maybe a bit longer. I don’t think I’ll be able to earn that kind of money again, since I don’t have technical skills. I’ve been with the same employer for 10 years, so I’ll get a decent bump from long service leave or redundancy if it comes to that. I also have $250k in super.
I have no dependents. At my age, do you think I should buy a small apartment for myself and just hammer the mortgage? I’m not a first home buyer, so upfront costs on a $550k apartment would be about $100k, leaving me with roughly a $30k buffer if I bought in the next few months.
Honestly, I’d rent forever if it were more stable — but I don’t want to be hunting for rentals at 55 or 60.
I understand apartments aren’t great investments, but it suits my lifestyle and it’s what I can afford. I’d be very cautious about strata fees & building issues
Recap
43M
120k in savings and counting
135k per annum salary
250k in super
Any suggestions?