‘Spend before they have the money’: 53-year-old millionaire divides with advice

A 53-year-old with over a million in savings has claimed Aussies can “reduce” the stress on themselves during the cost of living crisis.

A 53-year-old millionaire says Aussies can “reduce” the financial strain on themselves during the cost of living crisis.

Coposit St, an app that helps Aussies save up for home loans, has launched a successful social media series in which the team stops and asks everyday Aussies how much they have in savings.

When a man was stopped in Sydney’s CBD, he explained that he had been semi-retired for over a decade, but used to work in risk and investigations for big companies.

The man said he had between $1 and $2 million in savings, and when asked his advice on how to save, he claimed most people live “outside of the means,” stopping them from accumulating assets.

“Particularly younger people. They spend before they have the money or they do it on credit of Afterpay,” he claimed.

“My advice is live within your means now, so you can be more comfortable later on in life”

He advised young people to pay off mortgage and credit card debt and to follow the “if you can’t afford it, don’t buy it” method.

He said he has over a million in savings. Picture: TikTok/Coposit St,

He is semi-retired. Picture: TikTok/Coposit St,

The 53-year-old said that the cost of living crisis is “out of control” and the government should help Aussies, but people also need to change their habits.

“My most unpopular opinion, is listening to first world problems. The cost of living is one of them; a lot of people can do things for themselves to reduce the strain on themselves,” he said.

Naturally, when a millionaire gives out financial advice, it always stirs up debate.

While some Aussies claimed he was wise, others scoffed at the advice and argued it was “tone deaf”.

One responded to the clip and claimed “young people can’t get a house unless they come from wealth. Very out of touch.”

Another said that if the man’s millions were taken away, the “narrative” would change very quickly but one replied and argued that the 53-year-old clearly “worked hard” for what he has and clearly had to make sacrifices along the way.

Aussies debate his comments. Picture: iStock

Someone else said the man used “a lot of words” to explain he bought a home in Sydney when they were way cheaper.

A young Aussie jumped in and said she agreed with the 53-year-old and claimed “hard work” got her a house at 21.

Similarly, another said that the man had a point because people mistake “basic needs for creature comforts”, and one claimed the clip people would get “triggered” by the man’s advice.

Someone else said the 53-year-old’s advice was out of touch with reality, and one claimed people are going to throw a “hissy fit” over the man’s claims but they’d do well to “shut up and listen”

Originally published as ‘Spend before they have the money’: 53-year-old millionaire divides with advice