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On the Money with Mintwell: Liv

A careful spender, though not sure her partner would agree…

We are back with the much-anticipated 'On the Money' series, and we are excited to bring you a brand new one today. Remember to reach out to us at any time if you wish to better your financial situation, our expert team is at the ready to get you on your way to a prosperous financial future!

Posted: 30/09/2021

Meet Liv!

Name: Liv
Age: 27 years young

Where do you live: Rushcutters Bay, Sydney

What is your current net worth?  $58,000k give or take, I also part-own an investment property/apartment with a mate in Double Bay which I rent out.

Any debts?  A $2000 credit card limit

On the Money with Mintwell: Liv

‘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!

Please meet Liv…

What is your current net worth, Liv? 

$58,000k give or take, I also part-own an investment property/apartment with a mate in Double Bay which I rent out.

Any debts? 

I’ve just paid off my university debt in London, so can happily say I’m 100% debt-free. I have also never owned a credit card.

Tell us a bit about your career:

At university, I studied bio-med, so my background has always been in maths and science. I’m currently about to start my PhD at UNSW focusing on human longevity which I’ve always been so compelled by. To make money now, I currently day trade, have property income and recently got lucky in crypto. I think in future, once I’ve finished my PhD, I’ll get into a biotech start-up. Who knows I might start one myself.

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

Think differently about money and make it work for you. For me, I realised from a young age that I wasn’t prepared to slave away to make my money- I’ve actually never worked a full day in a company or job before. I guess I’m not typical that way. I learnt early on about passive income, trading and investing which is what has allowed me to become financially free from a very early age. My advice would be that a job alone probably won’t make you rich, you’ve got to think outside of the box. Oh, and read more!

How much do you save? 

I rarely have money sitting in my bank account, it’s all in investments, shares, etc. I don’t want my money to depreciate sitting in a bank account! I’m not a big spender though, so I guess I would say I save 60% if not more of any of my income.

Do you have a budget? 

Not like a by-the-book budget, no. I am someone who will be strategic with my money but also, I don’t like being too frugal. I’m smart about my money but I’m lenient.

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

Ha! I used to be highly impulsive. I love high-fashion and beautiful things so it can be hard to tame my wants at times. Overall, I would say I’m now a careful spender… I’m not sure if my partner would agree though!

How is your work-life balance? 

Well, depending on how you see it I don’t really “work” (as in I don’t have a typical job). I put time aside each day to exercise, trade, read, learn and I think the balance I’ve achieved in my life suits me. I’m happy. 

What is your favourite thing to spend money on? 

Experiences and travel for sure. Hard at the moment with the way things are but usually I love to travel and learn about different ways of life. Experience will always trump material things for me.

Do you have a target net worth? 

The sky is the limit. I wouldn’t set myself a target net worth as I believe that anything is possible.

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

My mum is a venture capitalist, I’ve learned a heck of a lot from her. She’s definitely shaped the way I think about wealth and how to live life in general. I would say her influence is what has made me A-typical in the way I think about work and wealth creation. It’s been since a very young age.

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

Nothing, the way I see it is if you’re happy, you’re doing something right. Everything is a learning curve, and you can always start fresh tomorrow.

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

Totally, age, in general, scares me (maybe why I’m doing a PhD in longevity). In terms of money, I am not too concerned. I have a fund that I manage specifically for when I’m older and I won’t touch it till I need it.

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

I think more people need to be wary of super, especially people working full-time who are young. It’s easy to not pay attention. I guess because people often neglect to think about the future, I don’t know?

Do you have life insurance?

No, if I’m frank I’ve never even considered this.

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

As I mentioned before, my mum was a massive influence on the way I see wealth and how to build it for yourself. She taught me a lot of what I know, but also she gifted me an abstract perspective on what wealth actually is. Wealth is also about time and freedom. Two things people tend to forget about! I also read a LOT of books and believe that they can be your best teacher (especially if you don’t have access to other resources).

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

I do, my mum and dad have always given to charity and this was a major topic of discussion in my family when I grew up (the idea of giving back). I don’t believe in individual wealth, because I believe it’s our duty to do better for others too. I currently sponsor a young girl through World Vision and will continue to do as much as I can in the future. Put it this way, if I was as rich as Jeff Bezos the world would be a different place ha!

 

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

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