My Money Goals by Age 30

Hey guys, welcome back to the channel! In this video, I'm going to be talking about my personal financial goals that I'm trying to achieve before I'm 30. It's kind of funny: I've never really spoken about this in depth on the channel before what I'm actually trying to achieve, which is kind of strange because all the time on the channel, I'm talking about ways to make more money—whether it be investing, or passive income, personal finance-related topics.

But obviously, you don't want making more money to be the end goal, right? There's no point being the richest person in the cemetery; it just doesn't mean anything. Otherwise, you just spend your whole life accumulating little pieces of paper or plastic. Here in Australia, it just doesn't make sense. So in this video, I'm going to be breaking down my personal motivations for trying to build wealth and make more money, and specifically what I am trying to achieve before I turn 30. So let's get stuck into it. [Music]

So let's start talking about it. What am I trying to achieve before I'm 30 years old? What are my long-term goals? Well, in all honesty, I don't actually make particularly long-term goals. I definitely have long-term aspirations, which I guess is what this video is going to be about, but I typically don't set goals that go out further than like a year or two. There are a couple of reasons for that. The first being that, you know, life is very malleable; it changes. It can change very, very quickly, and you know, given a five-year time period, your life can go from one extreme to the other. So I really don't set goals that are longer than, you know, one or two years.

The second reason that I don't set ultra long-term goals is also because, you know, five or ten years down the track is so far away that a lot of people, when they set those long-term goals, they really don't take them seriously. They don't even take the time to break them down into smaller, more achievable steps and work towards them. They just say, "Yeah, I want to be a millionaire in 10 years," and it's just such a lofty goal, and it's so far away that they never really take it seriously.

The third reason I don't like to set really long-term goals is because, you know, hitting long-term goals a lot of times is an excuse for people to stop what they're doing, which I just never want to do. I never want to be that person that just sits down and goes, "That's it, I'm done." I never want to be that person. You think about someone that's got this long-term goal of losing 20 kilos or 30 kilos; like they might break that down, work really hard over three, four, five years or whatever, they might get there, they might lose 30 kilos, but as soon as they've kind of hit that goal, then they just stop. That's why you see so many people, when they lose big chunks of weight in like a year or two, they've just stacked on the kilos again because, you know, they hit their long-term goal, and they just stopped.

So I guess that's why I don't like to set really long-term goals. And these what I'm going to talk about, they're not really long-term goals; they're like aspirations. They're things that I would like to achieve, but I'm certainly not, you know, being super religious and trying to absolutely hit these no matter what because there's just so many variables. But having said that, let's get stuck into it.

The first goal that—well, let's talk about the main goal that I am trying to achieve personally before I'm 30—is to just create a financial launch pad for the rest of my life. So I, you know, I don't plan on living on some Greek island lavishly by the time I'm 30. Really, what I want to achieve before I'm 30 is just to get everything sorted and try and get myself in a place of financial independence so that for my 30s, and my 40s, my 50s, my 60s, I can just launch to do whatever I want to do, whatever business I want to start, whatever I want to work on, I can just work on that.

So to me, that's why I—you know, you might be surprised: one of my long-term goals isn't even to, you know, have a share portfolio worth x amount of dollars. That's not actually even one of my long-term goals. I talk about investing, and I love stock market investing, but it's not actually a long-term goal of mine. I have much more, I suppose, practical long-term goals that I want to achieve, and the first one being by the time I'm 30, I want to have a house that's mine, that's fully paid off.

So that, you know, the reasons behind that is not because, you know, I just want to kick up my feet and retire; but the reasons behind that is because I want to eliminate the things that tie people down. So I want to eliminate expenses such as, you know, whether it be rent or mortgage. I want to eliminate those. You know, I love the idea of sticking solar panels on the roof, having a big solar array, sticking a couple of batteries in the garage on the outside of the house so that you also eliminate electricity costs. So that's really my first big goal. I want to get that, you know, it doesn't—I'm not trying to live in some McMansion, you know, but I just want to have a place that I can call my own that doesn't eat away at my bank account.

I don't have to keep paying rent, or I don't have to keep paying mortgage, or I don't have to keep paying electricity bills. So that's kind of a very practical way to think about it for me. I want to try and achieve that because there are so many practical benefits of not having to pay those expenses that go a long way to achieving financial independence.

And then from there, the second big goal that I've got alongside having a fully paid off house is having a fully paid off electric vehicle. And I already know you guys will already know what I want in this category. I'm going to get a Model 3, a Tesla Model 3, and yeah, I hope that by the time I'm 30 that I have it fully paid off. There are a couple more reasons why this is very much a practical purchase in order to kind of set myself up on this financial launch pad. It's not just because I want a Tesla and Tesla's a luxury car and I want to toot and impress all my friends and blah blah. There are those very practical reasons.

Number one: okay, basically no servicing costs—that's awesome! Because one of the big problems with just the cars that you know guzzle up petrol and spit out fumes is that all those mechanical working parts, they need servicing. So electric vehicles, obviously, you really don't have to service them that much. So definitely, I want the Model 3 for the servicing cost just to eliminate another big expense. And then the other big expense is fuel, right? Fuel—you don't have to pay for fuel! How good is that? Especially in somewhere like, you know, somewhere like the ACT! I can charge it, you know? I know that because ACT is 100% renewable, I'm literally just running a car off of sunlight! How cool is that? Or hydro or wind power, but a renewable energy source. I mean, that to me is just so awesome!

But electricity is also very, very cheap, right? So whether it be supercharging or the idea behind getting the solar array and the batteries on the place that I want is that hopefully, I can just charge my car from renewable energy, actually in my own garage—like that would be the dream! So that's my second big financial goal: is to get that Model 3 Tesla paid off.

And then there's the other bonus. First of all, another bonus is that eventually hopefully I can go on to Tesla insurance, which keeps insurance costs very low because obviously they know exactly how you drive the vehicle. Obviously, I don't drive like a lunatic, so hopefully that would mean my insurance cost through Tesla insurance, the tailored insurance product, would be very low.

And then the last big reason why I specifically want a Tesla is because of the full self-driving, because of that eventual robo-taxi network. So while it doesn't really make much sense right now because they're just so expensive, in the future, when the robo-taxi network is up and running and autonomous vehicles have gotten the tick, I can just let that Tesla go cart people around town just like a taxi, and I can just generate passive income. I mean, that sounds awesome to me, and it just helps push me further towards financial freedom.

So they're really the two big things that I want to achieve—they're my aspirational financial goals before I'm 30: have that house paid off, have that electric vehicle paid off, and I think that eliminates a lot of common expenses. I mean, after I've done those two things, then the only income I need to generate really just needs to cover food, leisure, those sort of other expenses. But, you know, house paid off, you know, no electricity costs, no fuel costs—that goes a long way to setting yourself up for financial freedom.

But that's really what I'm trying to achieve. There's a reason why I chose those two goals over something like, you know, having a million dollar share portfolio or something like that, and the reason is, as I was touching on before, they are very practical goals that actually help me achieve that financial independence. You could argue that a share portfolio also helps because you can generate passive income which can pay for your expenses, but overall, I just like the idea of having very minimal expenses, having that launch pad where even if whatever I do for the rest of my life fails, then I'm still going to be okay because I've got that fallback. I've got a way to get around, and I've got a place, I've got a, you know, a roof over my head at night.

So they're really the two main financial goals that I have. The reason that I want to create this financial launch pad for myself is because I'm not the type of person that's just going to sit still, and you know, as soon as possible, I'm just going to retire whenever I can. That's totally not me! I'm always going to be someone that's trying to build something, make an impact, make some sort of change, and that's what I plan to do now.

Because this is so far away still, I still haven't quite nutted out the nitty-gritty of what I'm trying to do here, but I just want to devote a large majority of my life to trying to change some issue that I care deeply about. That's really what I aim to do, and I think the most likely way I'm going to do that is through some sort of bigger business. For instance, like I said, I still haven't quite figured out what I'm going to do—this is a long way away—but some of the, you know, I'm really, really excited about the future of renewable energy.

Okay, obviously, I'm a big believer, you know, that we need to solve the climate change issue. So one of the ideas I've had is I like the idea that Tesla are currently running, where they actually do the monthly subscription solar service where you can just chuck up solar panels on your roof. You don’t have to pay for the solar panels; you just pay Tesla a monthly fee, and then you just instantly start printing money, right? So you pay the fee to Tesla each month, and then anything on top of that, you just get to keep that passive income.

So that's an idea that I really like. I'd like to do something maybe in the solar space because I think there's huge potential. Obviously, just look at how many roofs are out there. I mean, there's so much potential for home solar still. But another thing I've always been really interested in is things like transport, and particularly things like, you know, I really like exploring the hyperloop technology. I think this is a huge goal, and this is almost completely unrealistic, but I'd love to be involved in bringing the concepts of hyperloop to Australia—a place where, you know, we have really high costs of air travel because it's almost always the way we have to go about it—it's like a monopoly almost.

So I'd love to create much, much faster, safer, better, renewable ground travel that's obviously really fast, really economical, that actually can rival air travel. I think that would be absolutely awesome! Can you just imagine if we had a hyperloop going from Cairns all the way down the east coast to Melbourne, across to Adelaide, across to Perth? I think that would be so awesome!

And you know, there are also really big, you know, commercial, industrial applications. Like, you could make these big hyperloop pods for transporting cargo. Obviously, in Australia, there is so much like mining of various minerals. You could have these big hyperloops transporting, you know, tons of cargo. I think the future is just really interesting!

And the other reason I'm super interested in hyperloops and that sort of stuff is because the best land-based mass transit is trains. Trains—we invented trains in the 1800s! Like, come on! It's the 21st century; we need to do something a little bit better than the old train. So there are some of the ideas that I kind of have floating around loosely in my head.

But yeah, the real reason that I want to get those financial goals ticked off is just to have that launch pad to be able to throw as much income as I possibly can, throw as much of my time I can just throw into doing something big, something hopefully significant, that really makes a real-world change. It shifts the needle in something—that's obviously my goal. That would be awesome! And that's really if I can get myself to that financial launch pad, I would just be so happy to try and work on something big for the rest of my life.

So that's kind of my financial goals, I suppose. That's what I'm working towards. But definitely, I'm definitely focused in the near term, in the next five—four and a half years. I'm like 25 and a half now, so I've only got four and a half years till I'm 30. So I've currently got a net worth of roughly $250,000.

So with—I think I can do it! I think I can do the house paid off and have the Model 3 paid off. I reckon I can do it before I'm 30. It's going to be, yeah, it's a challenge, but you know, I'm always someone that likes to try and achieve the highest goals I possibly can. So I don't know; we'll see how we go! It'll be interesting. Maybe I'll keep going with YouTube for many, many years into the future. We can come back to this point and look at whether I achieved that goal or not.

But anyway, guys, that is it for today! They're my financial goals. I hope you enjoyed this video; this is something that, yeah, I don't really talk about. I'd love to hear your financial goals as well, particularly if you're maybe someone around my age as well—25, you know, mid-20s. What are your financial goals? I'd love to hear from you guys, so make sure you let me know. Drop that stuff down in the comments section below. Leave a like on the video if you enjoyed it or if you found it useful.

Thanks for listening! This is kind of just like an off-the-cuff, like I've just got my notebook in front of me—I've taken like just a couple of notes—whereas usually I've got pages and pages and pages of notes that I run off of. But anyway, that's it for this video. I'm rambling now. Thanks very much for watching, guys! Check out Profitful if you're interested; links are down in the description below. But that'll do me for today. Thanks for watching, and I'll see you guys in the next video!

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