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On the Money with Mintwell: Jamie

Jamie: A a newly licenced plumber of 2 years…

'On the Money' is a series where we interview real people and ask the questions you want to know about their money situation (good and bad), and how they got there. Insightful, fun and something to get you thinking about how you could change a few things for yourself to be more money savvy. Let's go!

Posted: 24/08/2021

Meet Jamie!

Name: Jamie
Age: 27
Where do you live: Padstow, NSW
What is your current net worth?  $65,000
Any debts?  A $2000 credit card limit

Tell us a bit about your career, Jamie:

I’m a newly licenced plumber having completed my apprenticeship 2 years ago. I work most Mondays to Saturdays for a large plumbing & gas fitting organisation. I also pick up extra work, after hours and on days off for a pipe freezing business servicing emergency works.

What advice do you have for people who want to earn more money?

The savings I’ve accumulated over the last two years have purely come from having two things: a budget a savings target, and knowing exactly what I can spend and what I should be saving.

How much do you save?

I’m saving 50% of my wage every week and if anything positive has come from the lockdown period, it’s been less socialising which has meant less spending.

Do you have a budget?

I do. Outside of my commitments (utilities, phone, groceries and pocket money) I will generally allocate what I can then use for spending and what will be kept aside in a savings fund.

Would you say you’re an impulse buyer or are you a careful spender?

I’m definitely an impulse buyer which is why having set savings and spending goals works for me the best. In my earlier years I thought saving was hard, when in-fact it isn’t, I just didn’t have a definitive plan and budget to work to.

How is your work-life balance? 

I would say it has been more weighted towards work rather than play at the moment, but it’s working out well as during restrictions there hasn’t been much to distract me, so picking up more shifts and accepting more jobs from my company has meant I can save a little more and also have some extra pocket money to treat myself.

What is your favourite thing to spend money on?

Weekends away with friends and family and sports attire.

Do you have a target net worth? 

Right now no, not a net worth target.. but I do want to buy a property. It’s been a dream of mine for many years but since learning to save it’s become a goal.

When did you make your first significant behavioural shift towards wealth-building? 

When I became a ticketed plumber and saw my first wage land.

If you could start again, what would you do differently?

Finished my education sooner.

Do you have any worries about retirement? If so, how are you planning to address them?

I don’t. 27 years young!

Is superannuation important to you in this point in your life?

I haven’t really thought about Superannuation before but I know that if I stay healthy and working it will naturally accumulate.

Do you have life insurance?

Yes I do. Working with Gas and Electricity it was something my old bosses all had so I did the same.

How are you learning about building wealth? Is it from family, books, forced to learn as wealth grew, etc.?

My main influence has been seeing my seniors at work over the years build their wealth as their careers have advanced.

Do you give to charity? If you do, what percent of time/money do you give?

I’m not an active donor but I make the effort to always say yes and give what I can at every charity request – my sporting club fundraisers, tafe raffles, client requests etc.

End of interview.
We’d like to thank Jamie for taking the time to participate in this series (please note names were changed to maintain anonymity). 

How we assisted Jamie in his next steps…

Since recently participating in our ‘On the Money’ series, Jamie had a free consultation with one of our expert financial advisors at Mintwell to help him better his financial situation. Jamie’s superannuation with Mintwell has outperformed all industry funds over a one and three year time period.  He has even invested in his first property, opting for a high growth property that is doubling his returns!

Would you like to get on top of your money situation? Book a free consultation with one of our advisors, we can get you started with a tailored, personal financial review to set you on your way to a highly affluent and prosperous financial future. We are here to help everyday Australians actualise the lifestyle they’ve always dreamt of.

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