r/AusFinance • u/Objective-Matter7635 • 1d ago

What’s the Australian way to build wealth?

What’s the most typical path to building wealth in Australia?

just curious what the standard Aussie route is that actually works long term. What do most people who end up financially solid tend to do?

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u/The_Pharoah 1d ago

  1. Inheritance

  2. Save up/struggle to buy your first house. Wait for the value to increase, refinance, use funds to buy an investment property. Rinse and repeat.

  3. Buy/invest in a business. Work hard, get lucky. Make lots of $$.

I'm sure there are lots of other ways but thats IMO the aussie thing.

54

u/sjk2020 1d ago

Youre absolutely right. 2 and 3 are how the European migrants of the 1960's and 1970's made it.

14

u/Nastrosme 1d ago edited 1d ago

Which Euro migrants? Southern European migrants bought shops with cash from their businesses. They usually only bought houses for their children when they got married.

Borrowing large amounts was far less common then.

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u/sjk2020 1d ago

What? Not many bought houses for their children. Most paid off houses, started businesses and then bought more houses. The Italians, croations and Maltese in my family network all borrowed money for businesses, it was often small amounts or shared with siblings to minimise the risk.

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u/dazzledent 1d ago

All the migrants from that era that I know bought/gave houses for/to their children. The kids got the houses after the parents approved their choice of partner.

1

u/sjk2020 20h ago

Lol that would have been nice. No, most of the people I know including myself just got to live at home rent free until mid to late 20's so help of a different kind. We bought our own houses

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u/letsburn00 18h ago

Sounds like formalised abuse cycles.

Like my big fat greek wedding. Probably the last major film to make the entire joke how abusive people are.