A millionaire baby boomer has told young Aussies that they too could be flushed with cash one day if they didn’t spend what they had on unnecessary things like branded clothes.
Soaring house prices combined with a cost-of-living crisis has left many young Aussies wondering how they’ll ever achieve the great Australian dream of owning a home.
But a 75-year-old with $2million in the bank has said owning not just one, but multiple properties is achievable if people stopped wasting their hard-earned cash on meaningless goods and services.
‘You’re wearing a brand t-shirt. We never bought brand t-shirts. You’re wearing brand shoes. We never bought brand shoes,’ he said when stopped in a Sydney street by a young woman filming a TikTok for property investment company Coposit.
‘So, you have this pressure on you to maintain a certain style. That certain style costs money, believe me, it costs money.
‘For young people today to manage that lifestyle and to save for a property at the same time, must be difficult.’
He also didn’t understand why so many people were happy to pay $7 for a coffee each morning when they could just bring it from home.
The 75-year-old said in a TikTok video he bought his first investment property 25 years ago after buying a two-bedroom apartment.
A 75-year-old has questioned not only the cost-of-living crisis, but why people spend their money on unnecessary items while complaining about the difficulties of buying a home
Once the apartment went up in value he used the equity to buy another property.
He continued the same method until he had 10 properties before selling them off to help create his $2millon fortune.
However, he admitted things were easier when he started because property prices have risen so much in the past decade.
‘To buy into a property, say, at $750,000, you need a $200,000 deposit,’ he said.
The average home loan amount in 1984 was just $42,277, which works out to be $154,641 in today’s figures.
Homeowners in mid 1980s were spending $418 per month on their mortgage which works out to be $1,529 today.
Despite the difficulties of today’s environment, the 75-year-old also claimed the cost-of-living crisis was non-existent.
‘There is no cost-of-living crisis,’ he said.
Despite the difficulties of today’s environment, the 75-year-old also claimed the cost-of-living crisis was non-existent (pictured, a queue outside a Sydney rental)
‘I look at all these high-end stores, and I know that there’s only a certain group of people that go into them, but I’m looking at people, and look how well you’re dressed, and so on.
‘And I think that if people change some of their priorities, getting into the property market might be a bit easier.’
Many TikTokkers took aim at the boomer, claiming he was ‘out of touch’.
‘Proof you can have plenty in the bank and have no idea what is going on,’ one wrote.
‘At this point why bother trying to explain to older people,’ said another.
‘Some of what he is saying is correct but even people living on the bare essentials can struggle to buy a property. He’s a bit out of touch I think,’ added another.
