Recently, I was discussing retirement with a group of retirees. This group of retirees live in Sydney and I would consider them to be, in the main, healthy individuals who have worked to age 65, own their home and paid off their mortgage, paid taxes throughout their life and had a family of between 2 and 4 children.
I asked this group two questions. Firstly, “If you were advising a person in their 30s or 40s what would you recommend that they do now to plan for financial freedom, include some strategies that you implemented that you are glad that you did.”
The second question “ if they were back in their 30 or 40 today what would they have done differently from a financial perspective”.
The following is a summary of their response.
What they would do differently.
1. Start investing earlier — not just saving
‘When I was younger, we thought “saving” meant putting money in a term deposit. We didn’t really understand investing.
If I could go back, I’d have:
- Bought blue-chip shares early on and let compound dividends and capital growth do its thing.
- Contributed regularly, even small amounts.
- Avoided trying to “time the market” — time in the market really does beat timing the market.
Example: If I’d invested $200 a month from age 30 in a broad selection of Australian blue chip shares, I’d have hundreds of thousands more today compared to leaving it in the bank”.
2. Taken superannuation more seriously
“When you’re in your 30s or 40s, retirement feels a long way off, but super grows quietly in the background. I wish I’d:
- Salary sacrificed more consistently.
- Stayed in one good fund rather than having multiple small ones.
- Focused on an investment mix with more growth assets when I was younger — I was too conservative for too long.”
3. Paid off the mortgage sooner
“We used to treat the mortgage as a “forever” thing. Looking back, every extra payment counts.
If I had my time again, I’d:
- Have kept the same lifestyle after pay rises and thrown the extra income at the loan.
- Used an offset account smartly rather than letting cash sit in low-interest savings.
- A fully paid-off home in your 50s gives incredible freedom.”
4. Avoided lifestyle inflation
“We fell into the trap of upgrading everything as our income rose — cars, holidays, house size, gadgets.
If I’d just kept things simpler for longer, I’d have had more invested and less stress.
Financial freedom isn’t about having the fanciest stuff — it’s about having options.”
5. Had a clearer plan earlier
“We just “winged it” for most of our working lives. I wish I’d:
- Written down actual goals (retirement age, travel, income needs).
- Met with a financial adviser earlier to build a strategy.
- Checked in on progress each year instead of assuming it would all work out.”
What I’m Glad I Did
1. Bought a home
“It wasn’t always easy, but owning a home has been the biggest financial security in retirement. Even with the ups and downs, property gave us stability and equity to draw on later.”
2. Stayed out of “bad debt”
“We avoided credit card debt and didn’t borrow for cars or holidays. That made a huge difference. I’ve seen friends sink thousands into interest over the years”.
3. Invested in ourselves
“Spending money on education, skills, and careers was the best investment. Every pay rise or career shift compounded over time.”
4. Lived within our means
“We weren’t perfect, but we did save a portion of every pay packet. It gave us a buffer when life threw curveballs — job loss, illness, unexpected expenses.”
5. Taught the children about money
“We made sure our children understood the basics of saving, investing, and not overextending. It’s one of the best legacies you can pass on”.
The Key Takeaways for You (readers in your 30s–40s)
- Automate everything: Super top-ups, “blue-chip” share investments, debt repayments.
- Track your spending and savings rate — awareness changes behaviour. Learned how to budget properly; this should be taught at school.
- Insure what you can’t afford to lose: income protection, health, life.
- Think long-term: focus less on market noise, more on consistent habits.
- Plan for lifestyle freedom, not just retirement: aim for work to be optional well before pension age.
Should you require further information on formulating your goals and appropriate investment strategies, please feel free to contact Peter Quinn by submitting an enquiry or calling us on +61 2 9580 9166 to book an obligation-free appointment.
The information in this document does not consider your personal objectives, financial situation or needs, so you should consider its appropriateness regarding these factors before acting on it. It is important that your personal circumstances are taken into account before making any financial decision, and it is recommended that you seek assistance from your financial adviser.