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  • Writer's pictureReal Finance

Top 10 tips for creating wealth by 30

Updated: Jul 19, 2022

Here are our Founder’s top 10 tips for creating wealth to achieve financial freedom by the age of 30!

From an early age, our Founder, David Chehade was determined to follow in his father’s footsteps of achieving financial freedom, (and sustainably creating wealth) by the age of 30. This was achieved by factoring in and implementing numerous measures which will be discussed today.

How it began…

David has said, “that as a young person, I always wondered why is it that my father is able to stop working and have the ability to do what it is he wants to do at that age; while some people are stuck in the cycle of working right up to the age of 70 and live off the pension."

With that in mind, David turned to buying an investment property at the young age of 19. During that time, he was also enriching his knowledge on finance with a Bachelor of Commerce and majoring in Finance, Accounting, and Financial Planning. Additionally, he attained a real estate license.

From the knowledge he gained he was able to leverage from his investment property and grow his portfolio. Thus, resulting in him achieving financial freedom by the age of 30.

Since then, David has dedicated his time and efforts to supporting a greater number of Australians with creating wealth and proving the power of real estate investment.

In honour of David’s devotion and hard work, we’ll be sharing some of his favourite tips that can help young people with creating wealth by the time that they reach 30.

Implementing goals and strategies

Like David, you can make your goals come true.

When creating goals, you want to be concise when creating them. While doing so, it’s important to break them down and understand the strategies it’ll require to achieve them.

David is a great advocate for the SMART formula when creating finance related goals. If you’ve been following our articles for a little while, these are goals that are; Specific, Measurable, Achievable, Realistic and Timely.

Once these goals have been established, you need to look at them from short-, medium- and long-term perspectives. Then strategize how you’re going to achieve them.

Developing a budget is important for creating wealth
Developing a budget is important for creating wealth

Create a budget and make sure your strict with it

After you’ve created your goals and strategies, you may benefit from creating a budget. Budgets are one of the most efficient tools used by people who’re looking for ways to save money or creating wealth. Nonetheless, creating a budget is the easy part. Sticking to it is the true test of control.

Monitor your bank account

If you want to achieve financial freedom, you must monitor your bank accounts. We’d suggest making it a daily habit. Review all your bank accounts and be aware of your incoming and outgoing expenses.

Monitoring your bank account can also help you to identify unnecessary outgoings and help you to implement measures to stop that from reoccurring.

Save funds to invest

As soon as you start earning an earned income, it’s important that you start saving. As a young person, it’s important to find ways to save money that you can use towards investing in assets or investments that can produce higher earnings and gains.

When saving, it’s important to put aside at least 20% of your income. However, the more you save means that you can start using these funds to invest, sooner.

Build a war chest

When saving, you may also benefit from establishing a savings account that can act as an emergency fund. An emergency fund or war chest (as we like to call it) is six months’ worth of savings that can be accumulated for uncertain time. Examples of instances where a war chest could come in handy are:

- Losing a job

- Ceased income due to illness or injury

- To cover unexpected medical costs

- Family emergencies

Become strategic with daily spending

Sit down and look at where your daily spending is dispersed. Then, identify where it is that you’re spending money that you could cut down on and find smarter solutions that encourages saving.

Examples include:

- Switch out spending on takeout and other meals and find ways to save by cooking at home

- Review your power and water consumption and look for opportunities to cut back on them. i.e.

i. Turn off power switches when not in use

ii. Repair leaking taps and hoses

iii. Turn off fans and air conditioning when they’re not in use

iv. Switch to solar alternatives

v. Review deals on power, electricity, phone, and internet providers

Seek out the income you desire

If you require more money to achieve your goals, seek a job that offers the income you desire. This can help you to fast-track your savings that can be utilised to purchase investment opportunities, such as buying an investment property.

Further to this, value your time and expertise by seeking the income you feel that you deserve. You’re truly your own number one advocate.

Get wealth creation experts in your corner

On your pursuit to investing and building wealth for financial freedom, it’s recommended to surround yourself with experts on the subject matter.

Employing a Finance Specialist, Property Specialist, and other qualified professionals (accountants, financial planners, solicitors etc.) will provide you with clear direction and will eliminate much of the hard and stressful work associated with achieving financial goals.

Contribute savings towards smart investments

Once you’ve saved a decent portion of funds and consulted the right professionals, it may benefit you to contribute them towards smart investments. Our investment of choice is real estate investments.

When buying an investment property, your asset is less volatile to market fluctuations (in comparison to other investment opportunities). When you purchase property in a good location, you’ll generally find the capital growth increases over time.

Additionally, REIF are providing our clients with real estate opportunities that provide great returns from a cash-flow positive (rental income) and capital growth perspective.

Leverage your investments

Once you start investing in real estate, its important to regularly look for opportunities to leverage your investments. A qualified Finance Specialist and Property Team can consult their panel of lenders to valuate the existing value of your property(ies) and your equity position. Thus, they can provide you with the knowledge you need to leverage and add to your portfolio.

Starting your journey to creating wealth by 30

If investing in real estate is a method that you wish to utilise in building the wealth you require by the age of 30, REIF are here to help! For eight years we’ve been supporting thousands of clients with investing in property that allows them to build wealth for a financially free future.

Click on the button below to book a free Investment Strategy session with our team and see how we can support your goals.

In the video below, David Chehade (our CEO) explains more tips that can help you to achieve financial freedom.

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