An overachieving 24-year-old marketing manager who had $13,000 worth of debt has shared how she managed to pay it off and gain a net worth of more than $347,000 in five years.
Queenie Tan, from Sydney, said her financial success gradually accumulated over time after she started researching and investing when she was 19.
‘I’ve always been good at saving money, but investing was completely new to me and was something I was interested in learning more about,’ she told FEMAIL.
Through listening to audiobooks, Queenie quickly learnt investing was the key to generating a passive income to work towards achieving financial flexibility and freedom.
She now has a diverse financial portfolio and an impressive net worth that she shares with her partner, as they purchased their first property together in 2019 worth $500,000 with a $100,000 deposit.
Each month Queenie is able to invest up to $5,000 through her six sources of income as well as using the equity from the apartment.
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Queenie admitted she dropped out of her marketing degree and decided to apply for jobs, as she was living from pay check to pay check and earning only $400 per week.
‘When I was 19 and moved out of home I had no savings and working only covered the bare minimum, so I decided to take a chance to drop out of university – thankfully it paid off,’ she said.
The impressive net worth is calculated by the total number of assets, minus any debt.
She said these assets include her property value, stock and cryptocurrency portfolio, Offset account, savings and superannuation, but the home loan debt of $455,000 is the only liability.
‘Side hustles’ to boost annual income:
Dog walking or baby sitting
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Different investing options:
Exchange-traded fund (ETFs)
Australian Stock Market – ASX200
US Stock Market – S&P500
Queenie’s financial portfolio is diverse but mainly consists of Exchange-Traded Funds (ETFs) through CMC Markets – a platform that allows users to buy both Australian and international shares for low brokerage fees.
She also uses a platform called Stake to buy US stocks as it’s ‘user friendly’ and also has low brokerage fees.
Alternative Australian ETF platforms that are known to be helpful for beginners include the Raiz, Spaceship and the CommSec pocket app.
‘I invest $5,000 each month to maintain a balance and usually try to track the market before buying,’ she said.
Queenie is able to invest $5,000 each month as she lives below her means, saves or invests 60 per cent of her annual income and has six sources of income.
In addition to her high manager position, she also does freelance marketing work, operates YouTube ads, has a fake eyelash e-commerce business as well as dividends in companies.
‘Achieving financial goals is a process that takes time, and I’ve found tracking my monthly spend is very helpful,’ she said.
When it comes to saving more money, it’s essential to spend less than you earn, have a goal in mind, track your expenses and consider what your priorities are without sacrificing too much.
While Queenie and her partner currently live in the one-bedroom apartment, they are hoping to purchase an investment property in future.
‘The more I learnt about investing, the more excited I became because it’s something that can be used to become financially free,’ she said.
‘For that reason, I think investing is so important for young people to learn about rather than avoid.’
Queenie hopes by the time she’s 35 she’ll have enough money to only work part-time and gain back time she would’ve spent working.
QUEENIE’S TIPS TO SAVE MORE MONEY
* Live below your means and spend less than you earn per week
* Track your finances each week/month
* Consider your priorities and what you need to spend money on
* Consider what you can remove from your weekly spendings – such as buying coffee or lunch every day
* Avoid buying the latest products or technology
* Buy on sale
* Only buy what you need, not what you want