There is no mortal sin that some nation would use for branding themselves. Like when we think of French - we imagine adultery, German - belly worship, Russians alcohol abuse, British..... Well,you know yourself.
It seems like here in Australia we want to brand ourselves not only as beer worshipers, but (what is much worse) - "savers"
Saving is a mortal sin not only because of its religious and social harm (it is a combination of covetousness and miserliness. It is an act of refusing fruits of labour of other people), but most of all it is anti-scientific.
Every man, woman and their pet should have read the most fundamental economic science publication. If you did not read it, you would have no foggiest idea of what is money and how economy works in reality.
You perhaps know the book I am talking about. "Das Kapital" by comrade Karl Marx. The centrepiece of it is the Law of "surplus value". For an average Joe Blogg it simply reads like "No one ever has become rich by working for someone else or by saving".
The only way to get financial freedom is either to exploit other people (run business - 1% success rate. 99% of "businesses" fail) or use other's people money (borrowing to purchase income producing appreciating assets). Some people borrow to buy shares (pseudo-assets - and with 10% success rate gain financial freedom). Or you can buy "real estate" it has called "real" for a reason.
In real estate game success rate is about 99% (1% of participants did not get brain transplants in time).
Media trumpets the (not so) young lady who accumulated $140K by the age of 29. What a miserable result.
I would not take you through techniques of how to buy hous with none of your own money. I would tell you the story of my son.
He is now 25. When he turned 18, his grandma (in a hope to get a glass of water from him when she will be on a death bed) gave a little baby $10,000 so he can buy a second hand car. Yep. He naturally bought a brand new sparkling vehicle. For $3000. What had added the spark was a hail damage that hit car dealership a month earlier.
Cut the long story short, 4 kilos of body filler and 10 liters of paint later the car started to spark the right way.
But we do not talk about the car. Baby went on a tour and in SA came across the place called Thompsons Beach. These days waterfront blocks of land were selling at the region of $10K. Using his negotiating skills (he can negotiate anybody to a painful death) he convinced the owner to part with their lot for $6,500 (what's left of grandma's money).
Seller naturally lost part of his sanity and part of his hair as a result, but then everybody was happy. To my baby's surprise in 12 months seller came back even with less sanity and hair and offered to buy land back for $25,000. Unusual? Not really. For some reason land at Thompson's beach skyrocketed and noe was worth a hundred grand. Seller was given bottle of vodka and sent to pull the rest of the hair out.
For the newly created equity my baby borrowed $90K and built a 3 bedder. Now he rents it out, and it brings quiet slightly more rent than he pays mortgage. Recent valuation has come at $320K. 320 minus 90 that he owes gives $230K of "net worth".
It seems to me that $230K by age of 25 is slightly better than $140K by the age of 29.
There is only one problem with that. Baby boy has drawn $200K out of his house two years ago. And borrowed... How much you can borrow using $200K at 95% LVR? Do you know? This would be your home work.
I only would say that he borrowed to buy several houses at NSW Central Coast. And they doubled in price since than.
Hopefully this will help you to stay away from abominable sin of saving.