I'm a recent graduate who has just commenced my first job, earning $60,000 before tax. I currently live with my parents. Are there any particular steps I need to take to start saving for a house?
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In this situation, cash flow is king. Getting into good habits early will provide huge benefits now and in the future. Recent entrants to the workforce will be well placed to set up an automated cashflow strategy to give them the lifestyle outcomes they want today and set themselves up for the future.
Getting clear on your cash flow targets will provide a huge motivation boost to stick to your plans, and make it much more likely you'll get the results you want.
Depending on what you want to do as a next steps with your money, this is also a good time to get started with a regular investment plan. Albert Einstein called compound interest the greatest invention of mankind, and he was a pretty smart guy. When you start making any money moves, initial momentum is the hardest to build so start sooner and you're going to build traction faster.
Also getting into the swing of making a regular investment will get you into good habits and mean you always pay yourself first so you don't fall into the trap of relying on your income to support your lifestyle.
When you have time on your side, you just need to be smart and make things easy to get the money and lifestyle outcomes you want in the future.
Automate everything. Be smart. Avoid failure and minimise risk. Do this and you'll be the master of your own destiny in short time!
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