In our 20s, most of us were just trying to figure out which two-minute noodles were the cheapest and make sure we had enough money in the bank for our monthly Netflix subscription.
But for Maddi Miller, she’s already buying her second home worth almost $504,573, while her savings account is bursting with more than $100,915 in it.
The young woman, who lives in the remote Western Australian town of Kalgoorlie, is making a killing creating online content, raking in around $47,093 a month.
While she admits she’s made more money since starting her online profile, Maddi told news.com.au she’s always been a big saver and a financially conscious kind of person.
“I have been working since I was 14 years old and I earn my own money,” she said.
“As a child, many of my friends came from richer backgrounds. Whenever I went to sleep over at someone’s house, I wanted the luxury they had.
“So, I started working with ass from a very young age. At 16 I was doing tattoos, at 17 I started an apprenticeship.
“After that, I worked at a leisure sports center and started my online presence when I was 18.”
Three months after her 18th birthday, Maddi bought her first home for $161,463.
Now 20, she just bought her second for $497,845 and is considering selling her first.
The nouveau riche homeowner, who makes money online including creating adult content, has already set her sights on her third property and would like to buy another in Perth.
“I thought about renting out my house, but I’ve decided to sell it and I’m planning to buy a workshop as an investment and rent it out to a mining company,” she explained.
“I’d like to have two or three houses, but I’m also super interested in investing in mining.
“But I’d like to buy at least one more, maybe in a bigger city like Perth next time.”
Maddi says that even though she’s making an eye-watering amount at her job, she knows exactly what to do with it and is extremely smart with her money.
Speaking about young people around her age, she feels most are “stupid” with money and don’t think about the future.
“I consider myself good with my money,” Maddi said.
“I have more than enough set aside for my tax bill, I pay my bills as soon as I get paid, and I create savings goals.
“As a young person myself, I think most young people are very stupid with money.
“That’s why they’ll never be able to afford a house.
“Especially where I live, everyone is more interested in drink and drugs than buying a house.
“But to be fair, it’s hard to stay motivated as a young person to set yourself up for the future when the government keeps screwing us over.
“My advice would be to keep your priorities straight and not let anyone use you for your wealth. No goal is too great.”
Unique challenge
Sydney financial expert Julian Finch of Finch Financial agrees that Gen Z doesn’t seem as smart with their money as the generations before them.
However, he said many of them are quite creative and intelligent with how they choose to accumulate cash and do not feel the need to adapt to the older population.
“Gen Z seems to think money just grows on trees,” he told news.com.au.
“They don’t seem to have much of a savings plan and when it comes to things like applying for finance, given their age, it’s usually in the middle of when they want to buy things like a new car or get a personal loans.
“A lot of times they have bad credit ratings because of unpaid cell phone bills or maybe unpaid utility bills.
“It is about the lack of understanding, where there have been many conversations about financial education and how it can be introduced at the school level.
“Of course, though, there’s a pretty poor savings record with this generation at the moment.
“I work with people across many different generations and this knowledge comes from helping Gen Zs get credit.”
Despite this, Mr. Finch has pointed out the unique skills and creative ways to make money from many Gen Z’s.
“Some are quite resourceful. For example, I know a teenage high school student who used to buy PRIME energy drinks from his local store and then sell them to his classmates for a profit,” he recalls.
“A classic story of supply and demand. Other ways of course are through TikTok or Instagram, where they generate content and get paid either in cash or merchandise to promote different things.
“It’s certainly interesting to see the different ways people can generate income in the new world.”
He added that there are some unique challenges that Gen Z must face, however he says that it is not completely impossible for this generation to move forward.
“Kids are now being bombarded with negativity, being told that the world is going to end because of climate change, that it’s too hard to buy a house, that everyone who came before them seems to have it easy, that that is not true.” he said.
“The truth is that every generation has had its own hurdles to jump, but if you work hard, take some risks and learn from your mistakes, success is waiting for you, but no one else can do it for you.”
#Gen #homeowner #people #age #afford #house #offers #blunt #advice
Image Source : nypost.com