Gen Z, Millennials, Boomers: Who’s Actually Winning the Wealth Game?

The Struggle for Stability

My family’s journey began with immense challenges. 

We moved to Australia with no savings, fallback plan, or assets. Shortly after our arrival, my father was diagnosed with a terminal illness. 

This period of intense hardship instilled in me a drive to secure financial stability. 

It made me realise the importance of having assets, especially real estate, as a safety net.

The Asian Hunger for Wealth: More Than Just Money

One thing I’ve noticed is the distinct attitude towards wealth within the Asian community. 

For us, it’s not just accumulating money. 

It’s running away from the pain and trauma of poverty and instability that many of our families have experienced. 

This drive is about making the most of opportunities, something that perhaps second or third-generation locals who haven’t experienced similar hardships might not feel as intensely.

My real estate journey started modestly. I remember buying a pizza after paying rent felt like a luxury. 

Despite the challenges, I was determined to enter the real estate market. 

I recall visiting open houses and dreaming of owning a property, but I felt it was an unreachable goal at the time. 

However, I remained focused, knowing that owning property was critical for long-term security.

Young Asians Challenging Conventional Views on Money

There’s a shift happening in the mindset of younger Asians regarding wealth. 

While traditionally, the focus was on accumulating assets for security, younger generations, influenced by experiences like the COVID-19 pandemic, are starting to balance the need for financial security with the desire to enjoy life now. 

It’s a fascinating evolution in our collective narrative about money and assets.

The real challenge for young people today is finding the balance between securing our future and enjoying our present. 

It’s not choosing one over the other but finding ways to do both. 

For example, I’ve had to make tough decisions about spending and saving, realising that every choice impacts my financial goals.

Buying Your First Property

I strongly believe in the power of real estate as an investment. 

For young people just starting their careers, buying a piece of property, no matter how small, can be a crucial first step. 

It acts as an insurance policy for your future. 

Even if it’s not your dream home, owning a property gives you a foundation to build upon.

Wealth building is an art that involves more than just your first property investment. 

It’s expanding your portfolio, understanding market dynamics, and making informed decisions. 

The journey from buying your first property to acquiring multiple assets requires patience, research, and, sometimes, learning from mistakes.

The key to leveraging real estate effectively lies in understanding market trends and making strategic choices. 

It’s about buying properties, managing them wisely, and planning for long-term growth. 

This includes understanding when to sell, when to hold, and how to balance your portfolio for optimal returns.

Conclusion: My Ongoing Journey in Real Estate and Wealth 

My journey in real estate and wealth building is ongoing. 

I’ve learned that success in this field isn’t just about the number of properties you own, but how well you manage your investments and adapt to changing circumstances. 

It’s a journey of constant learning, adapting, and growing. 

And for anyone starting out, remember: the first step is always the hardest but also the most crucial.