Millionaire advises young Australians to live within means

A millionaire who retired at 43 has shared important financial advice for young Australians. The 53-year-old revealed he has savings between $1 million and $2 million, which he accumulated from a job in risk investigations. He stresses the importance of living within one’s means. He warns that many young people fall into a financial trap by spending money they do not have, often using credit cards or payment plans like Afterpay. His key advice is to avoid unnecessary purchases and focus on saving. He noted that interest from credit card debt could be better used for building wealth. The man also criticized the rising cost of living in Australia. He suggested that government support should help people be self-sufficient, rather than create dependency. He believes that promoting local production could improve the economy. He discussed the high prices of everyday items and services. For example, he mentioned that if energy costs were lower, it would help reduce prices for food and transportation. Responses to his advice were mixed. Some appreciated his perspective, while others felt he was out of touch with the challenges young people face in buying homes. Despite the criticism, he emphasized that young people should prioritize their financial habits now for a better future.