‘Money was tight growing up, but I saved and invested, so I have choices’

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‘Money was tight growing up, but I saved and invested, so I have choices’

By Nina Hendy

Money was tight growing up for Beau Arfi, 27. After his parents split, he was raised by his mother, who ran her own small business.

“No-one wants to see their mum worry about bills and try and keep food on the table. Watching her struggle was a big motivator for me to make the most of my money when I started earning,” he says.

Beau Arfi learned the financial ropes at a young age.

Beau Arfi learned the financial ropes at a young age.

The experience provided him with an important lesson to not fritter away money. “I had a bit of a scarcity mindset. I’ve always saved and refuse to waste money,” he says.

Beau was also spurred on early in life by the lifestyle of a family friend, who was a property developer.

“Their family lived a good life in terms of being able to travel and eat well. They didn’t have the stress that my family experienced,” he recalls.

The influence rubbed off on him. He learned the financial ropes at a young age, then forged a career in property management, before moving on to mortgage broking and finance.

‘I don’t get stressed because I know that I can always sell something if things get too tough.’

Beau Arfi

His initial job opened his eyes to the benefits of property ownership. By age 19, he had a healthy deposit saved and wanted to invest in the property market. He could not afford much, so opted for a house in regional Ballarat – much cheaper than Melbourne – in 2013. He paid just $134,000 and rented it for $220 a week.

Regional property prices have since boomed – particularly over the past two years on the back of a major demographic shift away from capital cities amid the COVID-19 pandemic.

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Conversely, he also has investments in shares and cryptocurrency, most of which have taken big hits, he says.

Beau went on to purchase two more investment properties in Ballarat, along with car spaces in CBD Melbourne for $35,000 each, which he rents out for $400 a month.

He has endured some tough times during the pandemic, reducing rents and having to chip in the difference on his investment loans.

There have been times when he says he has been down to his last $50, but his ability to save meant he did not worry. “I don’t get stressed because I know that I can always sell something if things get too tough,” he says.

Beau lived at home until last year, enabling him to save up enough to purchase his first home in Bulleen, near Melbourne.

“I was very lucky because I didn’t have to pay rent at home, so that was a huge advantage. I spent almost no money while living there.”

Beau Arfi

Age: 27
Location: Bulleen, Melbourne.
Salary: $120,000 plus super.
Living arrangements: Alone as an owner-occupier.

  • Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.

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