Dad who owns EIGHT homes says he struggles to get by on $300Okay a yr

0

A father claims his $300,000-a-year income is too little to live on – despite spending $500 on earrings for his baby daughter.

Phil, a 31-year-old IT sales and development manager based in Melbourne, earns more than three times the national average and has a portfolio of eight investment properties.

But despite his relatively high income, the father-of-one said ‘life would be impossible’ if he earned anything less.

‘I wouldn’t say we live a luxurious life at all,’ he told news.com.au.

Phil has been working in his current position for six years and works on a commission based salary, but said this only just covers maintaining his lifestyle, family requirements and property portfolio.

Each month, he and his wife spend $8,000 on mortgage repayments and $,1000 on supermarket purchases.

Personal expenses amount to $300 for coffee and takeaway, $250 with a personal trainer and his wife, who is currently on maternity leave, takes $1000 as a personal allowance.

Phil said a combination of lifestyle and investment commitments means he is under pressure to maintain his high income.

‘My partner has said that if people came to our house (in Clayton, Victoria) they wouldn’t believe we earn the money that I do.’

But Phil said there are disadvantages of falling into a high income bracket, such as no government benefits, childcare assistance and the add-on costs associated with his investment properties across Victoria.

‘While my income sounds like a lot of money, not having any assistance or welfare brings it down very quickly and people don’t factor that in,’ he said. 

Do you think Phil is struggling financially?

Do you think Phil is struggling financially?

Now share your opinion

At the end of the month, Phil said there isn’t a lot of money left over.

Since the couple got together seven years ago, Phil said they have only been on two holidays and don’t spend much on luxury items. 

Although he did admit: ‘If I want something, I will buy it for me or my family. For example, my daughter turned six months old, so I bought her a $500 pair of earrings … If there’s a new iPhone that comes out, I will buy it because I want it.’  

In a similar case, Toby*, 40, and his wife Leanne* said their gross income of $215,000 a year wasn’t enough to cover the expenses for his young family who ‘struggle to make ends meet’ each month.

Earning $80,000 and $75,000 each, Toby claimed the couple are only able to save around $5,950 each year and do not lead a life of luxury.   

‘Everyone has different circumstances, but we do not live a life of luxury. There’s no big holidays, or boats or houses. Our biggest expenses are education for our son, transportation and our personal loans each month,’ he said. 

According to McCrindle research, the average household earns just under $110,000 per annum, while the top one in five earn in excess of $260,000.

On the other end of the spectrum, the bottom one in five households take home a little over $23,000.     

 

Share.

Leave A Reply