A retiree who has millions in savings has divided with his advice

A man has revealed how much he has in savings and then divided with his wild cost of living take.

A 75-year-old multi-millionaire retiree has divided with his advice to young Aussies.

Property App, Coposit, has started a successful social media series where they hit the streets and ask Aussies how much they have in savings.

A man went viral after he was approached in Sydney and shared that he had $2 million in savings after selling a string of investment properties.

The 75-year-old attributed his financial success to “hard work” and smart investments that allowed him to amass wealth.

He advised that he managed to build financial wealth by “taking risks” but also living frugally.

He said he ‘worked hard’ for what he has. Picture: TikTok/coposit_street

The man has roughly $2 million in savings. Picture: TikTok/coposit_street

The man then outlined how he managed to become a millionaire.

He started out by buying a two-bedroom apartment that slowly increased in value and once he had enough equity in that he bought another and then it snowballed until him and his wife had 10 investment properties.

He pointed out that his success wasn’t without risk. He’d invested through both the pandemic and the global financial crisis in 2007.

The man explained that when you invest, you have to accept the fact that it “might come good and it might not come good. “

In his case, it has worked out, and he said that after selling some investment properties, he made millions.

“When we sold those we made a lot of profit hence how we have $2 million in the bank now,” he said.

The 75-year-old said there are ‘risks’ when building wealth. Picture: iStock

Things took a turn when he was asked what advice he’d give young Aussies struggling to get into the property market, and he offered some pretty stark advice.

“My world and your world are totally different,” he said.

He then spoke to the young woman interviewing him and claimed she was wearing a “brand name” shirt which is something he said he “never bought” when he was younger.

The man observed that she was also wearing “brand name” shoes, and he claimed that when he was young, he never bought branded shoes.

“You have this pressure on you to maintain a certain lifestyle and that certain lifestyle costs money,” he said.

He said young people have a ‘pressure’ to maintain a certain lifestyle. Picture: TikTok/coposit_street

He said buying coffee wasn’t normal when he was younger. Picture: TikTok/coposit_street

The retiree also said that when he was younger, “we never had coffee shops,” and if he wanted to have a coffee at work, he’d make it himself at work, not go out and spend $5.

“Nowadays everyone goes down and buys a latte or a cappuccino,” he pointed out.

Ultimately, the man argued that there are so many “competing” normalised costs, like paying a large monthly phone bill and multiple streaming services and that makes it harder for young people to get ahead.

“So for young people today to manage that lifestyle and to save for a property at the same time must be difficult now,” he said.

He then ventured into the cost of living crisis, claiming it wasn’t as bad as some people think.

“People keep talking about a cost of living crisis but I’ll disagree strongly. There is no cost of living crisis,” he said.

Instead, he said that young Aussies need to change their “priorities,” which would make it easier to get into the property market.

He did however acknowledge that people have to save up sometimes $200,000 buy a property and hat is an “a lot of money” and saving up that amount from a basic salary did seem impossible.

“I don’t know how you’re going to do it,” he said.

He did say that saving up so much money to buy was hard. Picture: iStock

The man said he hadn’t provided any financial “assistance” in helping his own children enter the property market.

“We came from the school of hard knocks and we had to do it the hard way and we taught our children how to budget and economies and made them independent.

In fact, he said that when they “sort of” offered some help to their daughter, but she “rejected it.”.

The man’s advice and cost-of-living theory immediately caused debate online, with some young people feeling the retiree didn’t fully understand their plight and others siding with him.

One said the man’s theory was the “realest” they’d ever heard, and another noted he had some “good points”, but some of his remarks were “out of touch”.

One said some of what he was saying was “correct,” but there are people who are really struggling right now.

Someone else said they make six figures and can’t afford a house, and another said a block of chocolate is now $6 on special, but they haven’t had a wage increase in years, and they added, “What are you on about, mate?”

One said the man’s take was “ignorance” and the remarks were a “slap in the face.” Another joked that once they stop buying coffee, they’ll be able to afford a home.

Originally published as A retiree who has millions in savings has divided with his advice