The more you earn the more you spend .... So. budgeting is the key.
My wife & I spent 8 years in the Pacific Islands doing volunteern work & came back to Aus in 2000. When we came back we had $8k to our name, enough to buy a car.
I took up a full time job & she worked 30 hours p/w. We made a tight budget that had us living off her wage, and banked all of mine. We did this for 4 years. In 2002 we picked up a cheap piece of land in Melbourne (a back yard subdivided into a battle axe block) In 2004 we had enough cash to owner build a nice townhouse on it. In the interim I had been investing a portion of the savings in the market
After completing the project I had about $35k left over
So with a tight budget, we went from $8 in the bank in 2000, to owning our own townhouse 30k out from the Melbourne CBD ... freehold, in 2004.
I then traded the $35k ... added more spare cash over the next 2 years & gave up work in 2006 to trade full-time. Have never looked back.
The key is a good budget. Also, if you know the markets, then forget about paying off the mortgage. A mortgage is a cheap loan!! Keep it, and use the extra funds to put into the market. With smart market investing & trading you could pay off the $250k morgage in no time.
