Why $100k is no longer enough

Don’t expect to live the high life on $100,000.

ONCE upon a time, a six-figure income was considered the mark of a well-to-do Australian.

Cracking the magical $100,000 mark was a rite of passage that enabled a young professional to say with satisfaction: “I’ve made it.”

Today, what was once a milestone of the aspirational class has become the bare minimum for those who want to achieve the essentials of the Australian dream: home ownership, a good school for the kids and the occasional overseas trip. Not to mention topping up your superannuation to ensure you’ll have at least $1 million to retire on.

As would-be homeowners scramble to save for a deposit while rising property prices outpace their efforts at frugality, Australians are acutely aware of how far their salaries can stretch.

Multi-millionaire property mogul Tim Gurner has set chins wagging this week with his comments that young people need to “get realistic” about their expectations and cut down on coffee, smashed…

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