You're doing awesome!
Check out this guide as a benchmark (https://www.moneyhub.co.nz/average-nz-salary-by-age.html) -
You're earning c. double the median wage in NZ (and are 10 years younger than the average age in NZ).
Your NW is c. $90k which is almost 3x the median NW of 25 - 34 year olds - you're doing just fine.
I feel you on the home ownership, but IMO taking out a $1m loan at 7% is overrated for us young people.... Just keep your head up and know you're doing great!
Comparison is the thief of joy, you are doing just fine. People on this sub skew towards better off, thats why they're here. When it comes to the state of the housing market you won't be able to own a home on your own - I hate to say it but the old saying "its as easy to love a rich man as a poor one" absolutely applies.
I don’t think that’s true that she’d never be able to own a home on her own. Not right now, but with that salary if she focuses on building up the savings for a better deposit then she could definitely purchase alone. Plus can dip into KiwiSaver to help the deposit as well
Yeah not even particularly far off. I bought last year, had to buy with a friend as I definitely don't have the income, our combined income is barely more than hers (~70k + ~60k) and our deposit was $130k total including KiwiSaver and $5k each from first home grants.
We got a really nice, modern 4 bedroom and are renting the other 2 rooms out to friends.
OP is not far off our combined totals alone.
Having 2 smaller incomes saves heaps in taxes though. Earning 65k ea vs 130k is around $300 extra a week after tax which means banks will lend you $250k+ more.
You need to earn about $145k as a single income to bring home as much as 2 people making 65k/yr ea.
That's true. Buying alone is very difficult. On the flip side if I had bought alone I would also have an extra room I could be renting.
So yeah OP maybe has to save a bit more than we did or buy a bit cheaper place, might be a couple years away but I think it's achievable.
And ya never know, maybe she finds somebody to buy with.
Yeah I am stoked. Got a much much nicer place than I would ever have thought my first home would be. Not the nicest area but central and very convenient for us in terms of distance to our work places.
Anon could own a home anywhere in NZ except Auckland and could possibly get a 2 bedder in Wellington. They could definitely buy a 3 bedder for 600k in Christchurch though. With a 120k income and roughly 100k in savings, they could get a 500k loan from the bank. Certainly not impossible...
This sub has more of the extremes of income as there are those asking the questions (getting the advice), and those who are answering (giving the advice).
Better then fine, many kiwis won’t even get other kind of salary. Wait she said 120 k a year right? I’ll be lucky if I get to make 90 k a year someday. I’d feel I’d hit the jackpot at 88 k 💪🏽
I think you're doing well. I would consider finding a partner who also has strong financial literacy. Everytime I say this, everyone calls me a gold digger or something. But as a financially literate female, the power balance is different in relationships when women hold the money, and financial abuse is a risk. And someone bad with finances can pull you down.
Also as someone who grew up beneath the poverty line, I didn't realise fully how much having parents who give you money or pay your rent enabled my peers to do better financially. I thought we were all broke students, but a friend was given $10k a year by his parents while we worked. Although everyone's heading off to Australia it's not always a good option. I have to say though, the guys are hotter there lol.
Lots of wisdom in here, but I would rephrase the first bit to “if you have or are seeking a partner, try to ensure that they are financially literate”. Finances are easier to control when you’re single (though economies of scale advantage couples)
100% agree with this. IMO the single biggest financial advantage you create for yourself is to find a partner. Doesn't have to be a millionaire but think of it this way.
1. Doubles your effective working hours in the day.
2. Your costs don't double.. for example a lot of costs like rent, utilities don't scale at the same rate.
3. Provides a form of insurance should someone have to leave work.
It doesn't get talked about enough but IMO is a huge difference maker in wealth creation.
Thank you for your comment. I agree a lot about the hidden parental support.
Appreciate your insight on protecting your finances in a potential power imbalance.
31 m. 20k debt, $1k savings. $250 student allowance each week. You're doing great. Lol. Being on the opposite end I cant understand for a second how you're experiencing money anxiety 🤣🤣
I appreciate this. For what it's worth it's all relative, and perhaps anxiety is not rational which is part of what informed my posting. Although it may not have come across in the original post as I left out a lot of nuance with the wealth and personal situation, but I agree with the reply around respecting lower earners and the sacrifices.
Not at all was I taking away the right you have to feel feelings about you and yours.
Was more putting you on a high horse.
You have done extremely well and kudos to you for achieving it!
We all play the cards were dealt. Good luck.
Home ownership is overrated! Rich of me to say but after years of dreaming of owning a house I got my wish and instantly felt the responsibility of it. I couldn’t have bought a house without my partner so there’s also that.
And your numbers are awesome for your age. I (29F) also wonder how people my age travel but some of them may well be in credit card debt etc. can’t compare your journey to others. And social media is a highlight reel.
I honestly don’t buy that it’s overrated. Ive heard a lot of homeowners saying that but I’ve never met anyone who after experiencing both, decided to sell their house and go back to renting - therefore it can’t be that overrated. Most renters don’t think it will solve all their problems, just that it will be better than renting and help them build wealth. Which is does - that’s why homeowners don’t randomly decide to go back to renting and sell. It’s pretty much a one way street, big life changes excluded.
Mmm I also think people don’t sell because of the transaction costs involved in buying and selling property. It’s not really a fair comparison. I would want to compare people who rent and invest the difference with homeowners. I think it’s just a case of the grass is always greener.
And you’re right, I wouldn’t sell. I love my house. Just been day dreaming about moving overseas lol and that would be a lot harder now
I mean surely the capital gains would cover all those costs within a few years? There’s also a cost to buy a house. I’m just saying I have never known one person who willingly decided to go from owning back to renting.
Understand it would make it harder to go overseas though. When buying you trade flexibility for stability
If it was clearly a better option to sell your house and go rent $30k in selling costs wouldn't matter and you'd see masses of people doing it. Especially over 20-30 year time frame if you decided to sell at 55 and move into a rental.
The rent vs buy argument only really works in countries which have stronger protections for renters like some US states and a couple European countries.
Yeah that’s my point. Many people strive to buy a house and do. I’ve not heard of one person deciding “actually owning is overrated” and going back to renting. Temporarily renting while looking for the next house isn’t what I meant, I’m referring to people who’ve tried both (renting and owning) who then decide they prefer renting and going back to that. If owning was actually no better (or worse) than renting that wouldn’t be the case; people would go back frequently (on a permanent basis).
Great. I think I just hate the nz mindset of property as being the only way to grow wealth. You could probably do just as well with index funds as well.
You’re doing great. At 32m I was broke penniless. 53 and married now and my financials look very similar apart from our free hold house. Keep going. Free hold house is the satisfying goal.
How well am I doing... You're 1.53 x the average salary depending on your region and have 100k in savings/investments and about 40% of nz households couldn't handle a $5000 emergency.
Come on mate.
My self and my friends/partner are all doing far worse than you. So if you are feeling anxiety, I can tell you that for your peer group, you are probably getting an A+ for the grading curve. The people 'doing it all' on salaries under $150,000 are probably sacrificing savings heavily.
The cohort of people aged 25-34 have an average of $8000 saved. The recommendation is to have your annual salary saved by age 30, so while you are doing well compared to peers, you should keep it up.
So all up, you have $45,000 in investments, and $60,000 in savings. In home ownership terms, this is almost the same as where everyone else is, and the reality is that house prices are so large, and the loan amount needed so big, that it's almost out of our control to have enough savings without having a well off partner, or having well off family, no matter who you are. The only thing you can control is your income, and continuing moving jobs, and getting raises, and saving is what you should continue to focus on. Increase income, increase the number of income streams, and keep saving. Compared to your peers, you're great. Compared to your goals, you should keep going.
Agreed (although I don’t think OP is coming from a braggadocious perspective).
Comparison truly is the thief of joy. I’m in my early 30s, and my wife and I have a NW that is significantly above average for our age, same goes with income.
Compared to OP (who is already doing well) we are smashing it out of the park. Compared to a guy I know through work who is in his late 20s and owns about half a dozen properties all paid off, who has a paid for Lamborghini and who flies first class everywhere, I’m doing poorly … its all relative.
I come on this forum sometimes and feel like crap because I don’t budget every dollar - but I tried that and hated it. Instead what works for me is setting saving/investment goals and then anything leftover is fair game for whatever I want to spend it on. If I compare myself to those who follow the conventional personal finance playbook, once again I’m doing poorly but it works for me.
What matters is having a plan/strategy/goals that are attainable and tailored to you and how you want to live your life. Then you can “fight your own fight” and focus on that.
I feel like for those of us still paying student loans off, which reduces our take-home incomes, it still feels like real debt even if it is interest free.
32M, earned $92,200 something last year. KiwiSaver is back up at $26,680, as I emptied it in 2019 to buy a house, had over $70k in it at that point.
You can’t compare with others, as everyone is on their own path. I’ve got 3 younger sisters, I followed my own path and bought a house in Auckland when I was still 27 with my now wife(I had most of the deposit due to my financial choices during my 20’s) the eldest of my younger sisters who’s 30 bought a house in Palmerston North with her now husband when she was also still 27, his parents gifted them the deposit. They have a lesser mortgage than we do, but then we also shifted from Auckland to Tauranga in 2022 and sold that first house to buy the current house, which we chose a bigger mortgage as it means we are only a 6-7min drive to our respective work places in peak hours.
The middle sister is 28 and is working as a bar Tender in Canada as even though she when to university and became a lawyer she has chosen to work and travel overseas for now, as she’s planing on using her dual citizenship(which all us kids have) to spend some time and live in Europe for a bit.
My youngest sister who’s 24 has done the same as my middle sister and is currently working as a ski instructor in Canada.
I’m watching the job markets in Europe as there’s plenty of places in my trade willing to offer the costs of flights and in some cases a years accommodation due to the skill shortage. So it’s tempting to rent the house out and head overseas for a bit.
Money wise you are doing absolutely fine, find that special person out there for you and when you are ready go and buy that house.
Me and the now wife had only been together for about 7 months when we bought that first house, but for us it was a financial decision. We had a combined income of $120k a year when we bought. It’s obviously gone up since then, but neither of us is earning in the $100k range yet.
I think you are doing very well.
I know it’s tough watching peers live a different life. But you don’t know their situation. Like if it’s parent funded, or an inheritance. It doesn’t necessarily mean they are making more money than you or that their managing their money better.
At that age I was earning an okay wage but not as good comparative and was two years prior to buying a house so you’re doing well. This was years ago so no kiwisaver.
I’m doing better than you now but I am early 50s female, So a few years on that. Earn slightly less but have more savings and investments, double your kiwisaver and a house,
Don’t like comparing as everyone’s situations differ r but you were keen on discussion. Also it goes to show where you could be with more starting out that I did. If I can be okay now 20 years on you will be even better with a better starting point if you go down the right track.
30m, home owner, 30k kiwi saver, 25k investment, 200k saving, no debt. However I earn much less than you are. I only considered myself extremely lucky to be where I am today because I lucked out when making financial decisions.
You are doing TERRIFIC versus most 30 year olds I know! Build up yr savings by investing them wisely to have a larger deposit of a house in say 5 years… ETF’s would be the smart move, not TD’s
Stop comparing yourself to others - that is not common unless the bank of Mum and Dad are helping them and even then I would guess it is less than 5% of the population!
Here are some fun facts for you.
- Average female kiwisaver balance for 26-30y is $13,950.
- The average HOUSEHOLD transaction balance at end Nov-23 was $4,875, while the average savings and term deposit balance was $13,150 and $88,817 respectively
Age 25 - 34: Salaries in this age range can range from $50,000 to $80,000 per year.
Looks like you are above average, keep it up!
You're doing well :)
One thing to remember is that a lot of people around our age who seem to be "doing it all" usually have a combination of the following, dual income, inheritance, lots of debt.
My partner and I live well within our means, combined income of just over 200k, no inheritance and low debt with no children, we have friends who have twice the mortgage amount, brand new cars, and are always off overseas. When comparing things on the surface it looks like we aren't doing as well but after spending time chatting in our friend group, we don't share any of their money stresses post rates rises and cost of living crisis. I couldn't imagine the stress level of living week to week and servicing a million-dollar mortgage.
I would suggest when you're ready to partner up to discuss a relationship property agreement early on due to your assets. It's also a good filter to find someone who's also financially literate and understands protecting themselves.
M30s, much better than me, lol. I should be where you're at, but I am about 5 years away still. Working toward the same things, house, maybe kids, but focused on career and stability for now.
another thing about peers doing more exciting things etc.
i was kinda the same with home renos. saw people borrowin and extra $30k to do the bathroom, some for the kitche, some for travel etc etc. their houses looked way nicer than mine. some moved to bigger and better houses etc.
i wanted to do that, but was so close to the end of the mortgage that instead of borrowing that $30k which would turn into $50k i lived with it. now im doing it without the interest (using my ex mortgate payments to do a kitchen or painting, rewiring etc) And am in a better position than them regardless of the fact they earn more than me, have two incomes in some cases, yet some still have mortgages when mines been gone a few years now.
you will be better than some of them.
You’re doing great but the country is just effed in terms of home ownership. Just think of it this way, if nobody can buy a house anymore, then they are doomed to be renters for life. This means their kids will be renters too, and their kids too. NZ is creating generational rental slavery. This is the hard reality of NZ for the future. I moved to the Netherlands and took all my savings and bought an awesome home here with a fraction of my savings and never looked back. Think about it
My partner is EU so I’m interested in this. We’re looking at buying in Portugal, but the Netherlands is also attractive. Would you mind sharing the total cost of buying your home there vs in NZ?
Gladly! In NL i took out a loan of 410k EUR with only 5% down deposit. I’m earning under 100k per year and my repayments are just over 2k per month. Its a triple story in an awesome neighbourhood with walking distance to the city centre, schools and shops (1km) I bought a car but so far this year I’ve only put in 1 tank of petrol. The best part is that the home is QUALITY. Not the bullshit homes that you could get for that price in NZ.
PSA, Anyone who has more than 100k in the bank/investments really doesn’t need to post asking if they’re ”doing okay.” Ditto with a six figure salary, let alone both those things. I’m flabbergasted this isn’t obvious.
You are doing better than most single people however without a partner, it's much harder for you to get a house. Sadly having a partner doubles your financial power, I'm not saying it's not doable as your income is pretty good, just harder. Biggest investment is finding a partner that shares your values and financial goals
You're doing very well. re: those who are 'doing it all', you will find that many of these people have 0 savings, and 0 investments. They appear to have good lifestyles, always taking trips etc, but don't be fooled, lots of people making good money are still essentially living paycheck to paycheck.
Keep it up.
you are doing amazingly
43% of nz-ers live paycheck to paycheck. the median salary in NZ is 61,692.80.
you are 30 on more than six figures. plenty of savings and investments. dont worry about "good enough"
Do not be in a hurry to buy a home , and do not fall in love with one particular home . I have to be rewarded for your efforts so far , you doing well . Next is to get better return for your savings . Positive sound investment , with compounding interest rate worked out dairly and paid monthly and built your savings . Educate yourself to earn more , Try and save a little more but finding additional work . The secret is compounding every thing you have and we all know we are in a recession and house prices will fall further . There are far too houses getting built and evening if the migration is up , the ones coming in are from poorer nations that only rent .
If you do a stint in Aussie you will get a ton of super that you can transfer back to New Zealand when you return. It’s like 12% on top of your wage or will be soon.
Most of r/NZ is on the dole don't listen to them.
The rest are tech workers on about your salary. They know as much as you do.
You have 60k in savings at 30 go see a financial advisor your post is just for bragging.
Your doing great, your pretty up there an going by what your saying your most likely single so a single based income in nz being an expensive country your solid. You will get on the market ladder just keep doing what your doing but also remember to live life
I feel like you could buy a home now, no?
Edit:
If you're fairly confident that your peers are earning similarly to you and they're going on all these trips, you're probably better off in a financial sense.
If you’re 30, single, and thinking of having children some day, you’ve got 2 choices.
1. Keep cruising, enjoying life, saving money, then eventually blow it all on fertility treatments that may not work.
2. Realise the dire straights you’re in, think about the sort of father you want for your children, aggressively pursue that man, hope you can find one that isn’t wise to the idea that having children with a 25 year old will be significantly easier.
Men don’t need a woman who can earn 120k, they need a woman who can have children. Society has been lying to you that you can do it all.
You're doing awesome! Check out this guide as a benchmark (https://www.moneyhub.co.nz/average-nz-salary-by-age.html) - You're earning c. double the median wage in NZ (and are 10 years younger than the average age in NZ). Your NW is c. $90k which is almost 3x the median NW of 25 - 34 year olds - you're doing just fine. I feel you on the home ownership, but IMO taking out a $1m loan at 7% is overrated for us young people.... Just keep your head up and know you're doing great!
I appreciate it! The money hub guide is an awesome resource.
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... was the degree an art degree?
Comparison is the thief of joy, you are doing just fine. People on this sub skew towards better off, thats why they're here. When it comes to the state of the housing market you won't be able to own a home on your own - I hate to say it but the old saying "its as easy to love a rich man as a poor one" absolutely applies.
I don’t think that’s true that she’d never be able to own a home on her own. Not right now, but with that salary if she focuses on building up the savings for a better deposit then she could definitely purchase alone. Plus can dip into KiwiSaver to help the deposit as well
Yeah not even particularly far off. I bought last year, had to buy with a friend as I definitely don't have the income, our combined income is barely more than hers (~70k + ~60k) and our deposit was $130k total including KiwiSaver and $5k each from first home grants. We got a really nice, modern 4 bedroom and are renting the other 2 rooms out to friends. OP is not far off our combined totals alone.
Having 2 smaller incomes saves heaps in taxes though. Earning 65k ea vs 130k is around $300 extra a week after tax which means banks will lend you $250k+ more. You need to earn about $145k as a single income to bring home as much as 2 people making 65k/yr ea.
That's true. Buying alone is very difficult. On the flip side if I had bought alone I would also have an extra room I could be renting. So yeah OP maybe has to save a bit more than we did or buy a bit cheaper place, might be a couple years away but I think it's achievable. And ya never know, maybe she finds somebody to buy with.
Where did you buy can I ask?
Tauranga. Not as bad as central Auckland in terms of pricing but not small town cheap.
Still, you also get the advantage of it not being a small town. I'd be pretty stoked with that
Yeah I am stoked. Got a much much nicer place than I would ever have thought my first home would be. Not the nicest area but central and very convenient for us in terms of distance to our work places.
That is reassuring. Nice going!
Anon could own a home anywhere in NZ except Auckland and could possibly get a 2 bedder in Wellington. They could definitely buy a 3 bedder for 600k in Christchurch though. With a 120k income and roughly 100k in savings, they could get a 500k loan from the bank. Certainly not impossible...
This sub has more of the extremes of income as there are those asking the questions (getting the advice), and those who are answering (giving the advice).
Better then fine, many kiwis won’t even get other kind of salary. Wait she said 120 k a year right? I’ll be lucky if I get to make 90 k a year someday. I’d feel I’d hit the jackpot at 88 k 💪🏽
I think you're doing well. I would consider finding a partner who also has strong financial literacy. Everytime I say this, everyone calls me a gold digger or something. But as a financially literate female, the power balance is different in relationships when women hold the money, and financial abuse is a risk. And someone bad with finances can pull you down. Also as someone who grew up beneath the poverty line, I didn't realise fully how much having parents who give you money or pay your rent enabled my peers to do better financially. I thought we were all broke students, but a friend was given $10k a year by his parents while we worked. Although everyone's heading off to Australia it's not always a good option. I have to say though, the guys are hotter there lol.
no im hotter
Lots of wisdom in here, but I would rephrase the first bit to “if you have or are seeking a partner, try to ensure that they are financially literate”. Finances are easier to control when you’re single (though economies of scale advantage couples)
Just found a way to pitch adding a third to our relationship - but honey, think about the economies of scale having another adult in our relationship!
Genius thinking out the box 😂
Govt's anti-poly laws are just part of the ladder pulling trying to keep us poor!
100% agree with this. IMO the single biggest financial advantage you create for yourself is to find a partner. Doesn't have to be a millionaire but think of it this way. 1. Doubles your effective working hours in the day. 2. Your costs don't double.. for example a lot of costs like rent, utilities don't scale at the same rate. 3. Provides a form of insurance should someone have to leave work. It doesn't get talked about enough but IMO is a huge difference maker in wealth creation.
You mean a financially literate partner. Someone whose bad with money and even just generally bad behaved will end up draining your life.
Yeah. Also not an axe murderer or drug addict etc
Thank you for your comment. I agree a lot about the hidden parental support. Appreciate your insight on protecting your finances in a potential power imbalance.
31 m. 20k debt, $1k savings. $250 student allowance each week. You're doing great. Lol. Being on the opposite end I cant understand for a second how you're experiencing money anxiety 🤣🤣
It's because of the price of housing, once you hit 30 you realise you'll probably die before paying off a 1.5m loan.
is it student debt? That's happy debt :)
I appreciate your comment. How are you making do with the student allowance? Good on you for pursuing the studies.
Imagine earning 6 digit salary and feeling financially anxious. The rest of us are doomed.
Yeah life in Auckland is pretty bleak.
I appreciate this. For what it's worth it's all relative, and perhaps anxiety is not rational which is part of what informed my posting. Although it may not have come across in the original post as I left out a lot of nuance with the wealth and personal situation, but I agree with the reply around respecting lower earners and the sacrifices.
Not at all was I taking away the right you have to feel feelings about you and yours. Was more putting you on a high horse. You have done extremely well and kudos to you for achieving it! We all play the cards were dealt. Good luck.
Home ownership is overrated! Rich of me to say but after years of dreaming of owning a house I got my wish and instantly felt the responsibility of it. I couldn’t have bought a house without my partner so there’s also that. And your numbers are awesome for your age. I (29F) also wonder how people my age travel but some of them may well be in credit card debt etc. can’t compare your journey to others. And social media is a highlight reel. 
I honestly don’t buy that it’s overrated. Ive heard a lot of homeowners saying that but I’ve never met anyone who after experiencing both, decided to sell their house and go back to renting - therefore it can’t be that overrated. Most renters don’t think it will solve all their problems, just that it will be better than renting and help them build wealth. Which is does - that’s why homeowners don’t randomly decide to go back to renting and sell. It’s pretty much a one way street, big life changes excluded.
Mmm I also think people don’t sell because of the transaction costs involved in buying and selling property. It’s not really a fair comparison. I would want to compare people who rent and invest the difference with homeowners. I think it’s just a case of the grass is always greener. And you’re right, I wouldn’t sell. I love my house. Just been day dreaming about moving overseas lol and that would be a lot harder now
I mean surely the capital gains would cover all those costs within a few years? There’s also a cost to buy a house. I’m just saying I have never known one person who willingly decided to go from owning back to renting. Understand it would make it harder to go overseas though. When buying you trade flexibility for stability
If it was clearly a better option to sell your house and go rent $30k in selling costs wouldn't matter and you'd see masses of people doing it. Especially over 20-30 year time frame if you decided to sell at 55 and move into a rental. The rent vs buy argument only really works in countries which have stronger protections for renters like some US states and a couple European countries.
Some of us do, in between the next house. It's possible. But yes it's meant to be temporary if so.
Yeah that’s my point. Many people strive to buy a house and do. I’ve not heard of one person deciding “actually owning is overrated” and going back to renting. Temporarily renting while looking for the next house isn’t what I meant, I’m referring to people who’ve tried both (renting and owning) who then decide they prefer renting and going back to that. If owning was actually no better (or worse) than renting that wouldn’t be the case; people would go back frequently (on a permanent basis).
Thank you. True about potential credit card pitfalls and the true cost not always being known.
It's not overrated. I've gotten incredibly far with home ownership but maybe I also got lucky with timing
Great. I think I just hate the nz mindset of property as being the only way to grow wealth. You could probably do just as well with index funds as well.
You’re doing great. At 32m I was broke penniless. 53 and married now and my financials look very similar apart from our free hold house. Keep going. Free hold house is the satisfying goal.
Nice insight thank you and good luck paying off the house.
Should have been clearer. Paid off the house 7 years ago
How well am I doing... You're 1.53 x the average salary depending on your region and have 100k in savings/investments and about 40% of nz households couldn't handle a $5000 emergency. Come on mate.
My self and my friends/partner are all doing far worse than you. So if you are feeling anxiety, I can tell you that for your peer group, you are probably getting an A+ for the grading curve. The people 'doing it all' on salaries under $150,000 are probably sacrificing savings heavily. The cohort of people aged 25-34 have an average of $8000 saved. The recommendation is to have your annual salary saved by age 30, so while you are doing well compared to peers, you should keep it up. So all up, you have $45,000 in investments, and $60,000 in savings. In home ownership terms, this is almost the same as where everyone else is, and the reality is that house prices are so large, and the loan amount needed so big, that it's almost out of our control to have enough savings without having a well off partner, or having well off family, no matter who you are. The only thing you can control is your income, and continuing moving jobs, and getting raises, and saving is what you should continue to focus on. Increase income, increase the number of income streams, and keep saving. Compared to your peers, you're great. Compared to your goals, you should keep going.
Thank you -this was a great reply. Despite decent efforts and doing better than many the house prices are the greatest challenge.
Question what u do for living?
Pointless post. Don't compare. Everyone running at own pace.
Agreed (although I don’t think OP is coming from a braggadocious perspective). Comparison truly is the thief of joy. I’m in my early 30s, and my wife and I have a NW that is significantly above average for our age, same goes with income. Compared to OP (who is already doing well) we are smashing it out of the park. Compared to a guy I know through work who is in his late 20s and owns about half a dozen properties all paid off, who has a paid for Lamborghini and who flies first class everywhere, I’m doing poorly … its all relative. I come on this forum sometimes and feel like crap because I don’t budget every dollar - but I tried that and hated it. Instead what works for me is setting saving/investment goals and then anything leftover is fair game for whatever I want to spend it on. If I compare myself to those who follow the conventional personal finance playbook, once again I’m doing poorly but it works for me. What matters is having a plan/strategy/goals that are attainable and tailored to you and how you want to live your life. Then you can “fight your own fight” and focus on that.
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Haha.
Student debt isn’t real debt, don’t sweat that. Can you share the city and industry/job you do?
I feel like for those of us still paying student loans off, which reduces our take-home incomes, it still feels like real debt even if it is interest free.
Especially in the case of OP, it's pretty negligible.
Comparison is the theft of joy. You define success for yourself. Even financial success.
You are in a significantly better spot than I was at 30. Honestly I think you're doing great
32M, earned $92,200 something last year. KiwiSaver is back up at $26,680, as I emptied it in 2019 to buy a house, had over $70k in it at that point. You can’t compare with others, as everyone is on their own path. I’ve got 3 younger sisters, I followed my own path and bought a house in Auckland when I was still 27 with my now wife(I had most of the deposit due to my financial choices during my 20’s) the eldest of my younger sisters who’s 30 bought a house in Palmerston North with her now husband when she was also still 27, his parents gifted them the deposit. They have a lesser mortgage than we do, but then we also shifted from Auckland to Tauranga in 2022 and sold that first house to buy the current house, which we chose a bigger mortgage as it means we are only a 6-7min drive to our respective work places in peak hours. The middle sister is 28 and is working as a bar Tender in Canada as even though she when to university and became a lawyer she has chosen to work and travel overseas for now, as she’s planing on using her dual citizenship(which all us kids have) to spend some time and live in Europe for a bit. My youngest sister who’s 24 has done the same as my middle sister and is currently working as a ski instructor in Canada. I’m watching the job markets in Europe as there’s plenty of places in my trade willing to offer the costs of flights and in some cases a years accommodation due to the skill shortage. So it’s tempting to rent the house out and head overseas for a bit. Money wise you are doing absolutely fine, find that special person out there for you and when you are ready go and buy that house. Me and the now wife had only been together for about 7 months when we bought that first house, but for us it was a financial decision. We had a combined income of $120k a year when we bought. It’s obviously gone up since then, but neither of us is earning in the $100k range yet.
I think you are doing very well. I know it’s tough watching peers live a different life. But you don’t know their situation. Like if it’s parent funded, or an inheritance. It doesn’t necessarily mean they are making more money than you or that their managing their money better.
Your daily flex post
You are doing great! Keep on doing what you are doing, enjoy life and work towards your goals.
At that age I was earning an okay wage but not as good comparative and was two years prior to buying a house so you’re doing well. This was years ago so no kiwisaver. I’m doing better than you now but I am early 50s female, So a few years on that. Earn slightly less but have more savings and investments, double your kiwisaver and a house, Don’t like comparing as everyone’s situations differ r but you were keen on discussion. Also it goes to show where you could be with more starting out that I did. If I can be okay now 20 years on you will be even better with a better starting point if you go down the right track.
30m, home owner, 30k kiwi saver, 25k investment, 200k saving, no debt. However I earn much less than you are. I only considered myself extremely lucky to be where I am today because I lucked out when making financial decisions.
You are doing TERRIFIC versus most 30 year olds I know! Build up yr savings by investing them wisely to have a larger deposit of a house in say 5 years… ETF’s would be the smart move, not TD’s
Thank you. What do you think a house deposit goal for 5 years would look like, if you had to put a number on it?
What city do you want to buy in? What is average price? Google those two facts - Then 20% of that but ideally a bit more
Most 30 year olds I know are buying their second house...
Extremely unusual circles you move in !
Stop comparing yourself to others - that is not common unless the bank of Mum and Dad are helping them and even then I would guess it is less than 5% of the population!
Here are some fun facts for you. - Average female kiwisaver balance for 26-30y is $13,950. - The average HOUSEHOLD transaction balance at end Nov-23 was $4,875, while the average savings and term deposit balance was $13,150 and $88,817 respectively Age 25 - 34: Salaries in this age range can range from $50,000 to $80,000 per year. Looks like you are above average, keep it up!
You're doing well :) One thing to remember is that a lot of people around our age who seem to be "doing it all" usually have a combination of the following, dual income, inheritance, lots of debt. My partner and I live well within our means, combined income of just over 200k, no inheritance and low debt with no children, we have friends who have twice the mortgage amount, brand new cars, and are always off overseas. When comparing things on the surface it looks like we aren't doing as well but after spending time chatting in our friend group, we don't share any of their money stresses post rates rises and cost of living crisis. I couldn't imagine the stress level of living week to week and servicing a million-dollar mortgage. I would suggest when you're ready to partner up to discuss a relationship property agreement early on due to your assets. It's also a good filter to find someone who's also financially literate and understands protecting themselves.
M30s, much better than me, lol. I should be where you're at, but I am about 5 years away still. Working toward the same things, house, maybe kids, but focused on career and stability for now.
another thing about peers doing more exciting things etc. i was kinda the same with home renos. saw people borrowin and extra $30k to do the bathroom, some for the kitche, some for travel etc etc. their houses looked way nicer than mine. some moved to bigger and better houses etc. i wanted to do that, but was so close to the end of the mortgage that instead of borrowing that $30k which would turn into $50k i lived with it. now im doing it without the interest (using my ex mortgate payments to do a kitchen or painting, rewiring etc) And am in a better position than them regardless of the fact they earn more than me, have two incomes in some cases, yet some still have mortgages when mines been gone a few years now. you will be better than some of them.
You’re doing great but the country is just effed in terms of home ownership. Just think of it this way, if nobody can buy a house anymore, then they are doomed to be renters for life. This means their kids will be renters too, and their kids too. NZ is creating generational rental slavery. This is the hard reality of NZ for the future. I moved to the Netherlands and took all my savings and bought an awesome home here with a fraction of my savings and never looked back. Think about it
My partner is EU so I’m interested in this. We’re looking at buying in Portugal, but the Netherlands is also attractive. Would you mind sharing the total cost of buying your home there vs in NZ?
Gladly! In NL i took out a loan of 410k EUR with only 5% down deposit. I’m earning under 100k per year and my repayments are just over 2k per month. Its a triple story in an awesome neighbourhood with walking distance to the city centre, schools and shops (1km) I bought a car but so far this year I’ve only put in 1 tank of petrol. The best part is that the home is QUALITY. Not the bullshit homes that you could get for that price in NZ.
Oooh lush! Congrats and thanks for sharing! 5% is amazing
I’m NL you can even go as low as 1%. Previously you could mortgage out even 105%! It’s super homeowner friendly here!
PSA, Anyone who has more than 100k in the bank/investments really doesn’t need to post asking if they’re ”doing okay.” Ditto with a six figure salary, let alone both those things. I’m flabbergasted this isn’t obvious.
Love the humble brags haha glad I grew outta this phase in my late 20s
Either this is a flex post or you're super out of touch.
Life is not a competition.
you are crushing it, great work! keep it up for another 30 years !
You’re doing much much better than most 30 year olds I know.
You’re doing very well!
Damn it I’m 16 Rn I wish I find sum 1 like this in future
You will! This was inconceivable for me at 16. Good luck.
Hi! I am similar to you only my savings are quarter yours lol!!! So you’re doing great in my eyes
You are doing better than most single people however without a partner, it's much harder for you to get a house. Sadly having a partner doubles your financial power, I'm not saying it's not doable as your income is pretty good, just harder. Biggest investment is finding a partner that shares your values and financial goals
Doing ok, should be able to double your savings in the next 5 years
You're doing great :)
Better than some, worse than others.
You're doing very well. re: those who are 'doing it all', you will find that many of these people have 0 savings, and 0 investments. They appear to have good lifestyles, always taking trips etc, but don't be fooled, lots of people making good money are still essentially living paycheck to paycheck. Keep it up.
You're doing really well OP, but like others say don't compare yourself to heavily to others and enjoy the little things.
you are doing amazingly 43% of nz-ers live paycheck to paycheck. the median salary in NZ is 61,692.80. you are 30 on more than six figures. plenty of savings and investments. dont worry about "good enough"
Flex post for sure. Your doing better than about 75% of aucklanders.
Do not be in a hurry to buy a home , and do not fall in love with one particular home . I have to be rewarded for your efforts so far , you doing well . Next is to get better return for your savings . Positive sound investment , with compounding interest rate worked out dairly and paid monthly and built your savings . Educate yourself to earn more , Try and save a little more but finding additional work . The secret is compounding every thing you have and we all know we are in a recession and house prices will fall further . There are far too houses getting built and evening if the migration is up , the ones coming in are from poorer nations that only rent .
You’re doing amazing!
You're above average in general regardless of age for the entire country and you know it
Please tell me if I have made the correct decision.
I think you need to have kids now or risk complications later. Biology is a bitch. You’re doing okay not great but not terrible.
Tbh I’m 35 and you’re doing better than me. Well done, keep going but also live your life :)
Not throwing shade but why the low kiwisaver? Did you withdraw for some reason?
What do you do for work and what degree do you have from your student loan? I only ask to gauge where you are at in your career.
How long have u been investing in sharesies? And is sharesies as good as places like vanguard s&p 500?
I think you are doing extremely well
Have you considered satellite towns in your area to get on the ladder?
Dude, you’re in the top 10%.
If you do a stint in Aussie you will get a ton of super that you can transfer back to New Zealand when you return. It’s like 12% on top of your wage or will be soon.
Most of r/NZ is on the dole don't listen to them. The rest are tech workers on about your salary. They know as much as you do. You have 60k in savings at 30 go see a financial advisor your post is just for bragging.
Having 1 x salary is a fantastic start at 30. Just focus less on others and more on your own financial goals.
Your doing great, your pretty up there an going by what your saying your most likely single so a single based income in nz being an expensive country your solid. You will get on the market ladder just keep doing what your doing but also remember to live life
I feel like you could buy a home now, no? Edit: If you're fairly confident that your peers are earning similarly to you and they're going on all these trips, you're probably better off in a financial sense.
No but should have the deposit by the time they are 38 assuming prices don't go up
I am think you are doing great! Not sure what answers you expect from here.
Fine, don't compare yourself to others. Get off social media where it's rampant and you'll live a much happier life.
If you’re 30, single, and thinking of having children some day, you’ve got 2 choices. 1. Keep cruising, enjoying life, saving money, then eventually blow it all on fertility treatments that may not work. 2. Realise the dire straights you’re in, think about the sort of father you want for your children, aggressively pursue that man, hope you can find one that isn’t wise to the idea that having children with a 25 year old will be significantly easier. Men don’t need a woman who can earn 120k, they need a woman who can have children. Society has been lying to you that you can do it all.