Cashed up diary, week four: 22yo’s ‘easy’ way to get rich

A 22-year-old who is still living at home with her parents hopes this plan can see her move into her own place and travel overseas in less than three years.

By the age of 25, I’m going to be a millionaire, own at least one house in Sydney and will be able to fully retire from the workforce to spend the rest of my days sipping on pina coladas as the sun sets in Santorini, Greece.

OK, so this might not be the most realistic financial goal to set for what I want to achieve three years from now.

But I’m following the advice of finance expert Ben Nash, who got me to complete a worksheet in this week’s Cashed up challenge.

“Three years from today, for you to be completely blown away with the financial position you’re in, what would you want to see, feel, or have happen?” he asked in this week’s money course.

To achieve my (soon-to-be) millionaire status, Mr Nash said it was time to use the three Rs, and he wasn’t talking about rest, recuperation and relaxation.

Alex wants to travel to Santorini some day soon.

“This exercise is called ‘Three R’s’, which stands for Reality, Roadblocks, and Results,” the cash guru explained. “It will help you focus on what success with money looks like to you (results).

“Then you’ll get honest about where you are today (reality).

“And the final step will help you clarify the things standing between where you are now and where you want to be (roadblocks).”

OK, so considering I still live at home and I’ve been in the full-time workforce for less than a year, it might be time to lower my expectations a bit. But not entirely.

Using Mr Nash’s advice, I might still be able to achieve part of those goals by my 25th birthday.

I filled out his worksheet (and was immediately triggered as I remembered geography homework in high school). But when I was done, suddenly everything was looking way more possible.

Bring on Santorini.

But where do I even start? Keep it simple, stupid, according to Mr Nash.

“Think about starting with the lowest-hanging fruit – a roadblock that’s easy to clear while still making a big impact on being able to get the results you want. Pick this roadblock and set up an action plan to clear it,” he wrote.

For me, step one of my plan will be to get my budgeting and savings in order. Luckily, the last three weeks of the Cashed Up course has helped me out with that.

If I can manage to save harder, then I might be able to jet off to Santorini (especially now that international borders are opening up) as well as secure a home loan in the distant future.

And let’s be honest, if I can jump on the Sydney property ladder, I’ll be a millionaire in no time at the rate the market is going.

Easy peasy, am I right?

Get Cashed Up

Created by financial advisor Ben Nash, Cashed Up is news.com.au‘s free six-week course to help Aussies get their finances in check. Those who sign up to the budget bootcamp get weekly, step-by-step challenges to improve their financial fitness.

By the end of the six weeks, participants will have set a budget, created a savings plan, learned how to invest, and sorted their superannuation. The interactive course can be started at any time and aims to empower participants to make more informed financial decisions.