australian-moneyYesterday, I wrote a post on The Importance of Enjoying Life Right Now, and ended up doing some interesting research on the lifestyle of Australia. While the post helps you forget about financial woes, I ended up learning a lot about the country overall.

Today, I thought it would be a great idea to do a follow up post about making money in Australia. Just in case you read yesterday’s post and thought it might be a good idea to move there, this post will help shed some light on the financials of doing so.

While the lifestyle is more relaxed, and people generally love sports and enjoyment, the financials will have you packing your bags, or perhaps not…

High Minimum Wage

In the United States, the minimum wage is $7.25. In Australia, it is $16.88!  So, you’ll be earning a lot more for what you do? Yes and no. While your dollar does go further in Australia, you’re opportunity seems to be just slightly limited in a broader scale.

Comparing Macroeconomics

If you’re working at the minimum wage, you’ll probably want to pack up your bags and move over to Australia. However, at a national level, the US wins almost everywhere else. The US GDP is $15.6 Trillion. While in Australia, the GDP is merely $1.5 Trillion.

Okay, well the US has a larger population. So, no big deal, right? Actually, the US is also has a higher earnings per capita.

Now, let’s bring it back to what really matters to you. If you’re working in Australia and you want to buy a home, can you do it? How long will it take you to pay off a home? And what will your lifestyle be like?

Buying Homes In Australia

Warning: house flippers may not want to read this. There is recent speculation that the housing market in Australia is entering a bubble. With fast increasing home prices, it is a sellers market. If you’re planning on working at the minimum wage in Australia, you might find that you’re having a hard time saving the money you need to pay for a down payment. Furthermore, you may have a difficult time securing a long. And once you do get a loan, you’ll need an advanced home repayment calculator to see how long it will take you to pay it off. The problem is, with prices escalating, you might find that it takes you many years with higher interest rates to pay off your home.

So, while Australia does have a higher life expectancy, at least for now. The current market conditions might be suggesting a lifestyle somewhere warm in the United States. With a lower priced housing market, now might be the time to sell in Australia and buy in the US.

Yes, you’ll get paid more hourly in Australia. But, it really depends on what you do. Do you plan to work on the minimum wage you whole life? Or, are you interested in taking advantage of business opportunities to take control of your own financial situation? If you’re reading this blog, I would think you fall with the latter like myself. I’ll be staying in the United States, but won’t be earning a minimum wage. Will you?

The Importance of Enjoying Life Right Now

by Admin on April 2, 2014

Most of the time, I spend time concerning myself about one thing: money. Partially, that’s why I started to this website, WhereIsMyDollar.com to give other like myself, a leg up on managing personal finances. I figured, I just might help someone else being concerned about money and finally start living!

australian-sunset

There is a point where you need to stop concerning yourself with the past and the future. You need to just live for right now. But, it’s easier said than done right?

Well, since I live in the United States, where everything is geared around capitalism and making money, I thought it would be a good idea to take inspiration from a country that generally knows how to enjoy life, like Australia. The lifestyle is…

Diverse

Originally, inhabited by Aboriginal and Torres Strait Islanders, the Australian population is now made up of migrants from over 200 countries. The influx of migrants make the overall population open to differences and change. After all, those who migrated, where most likely seeking a better life for themselves and their families. Clearly, they wanted to earn more money, escape unpleasant conditions or make for a new start. Regardless, the were ready to live in the present and make a bold decision to move. No doubt, the country has a history of taking action and living for the present.

Tasteful

Because there is so much diversity, it’s hard to say what is the “Australian Cuisine.” However, it is much easier to describe it as delicious. If you’re to enjoy your life right now, one way is to start eating well. In Australia, they have all types of cuisines for a healthy lifestyle. And from Asian/Indian to European, there are many blends now available. Some people call it “fusion” restaurants. But, if you think about it, all foods have influences from somewhere else. The exchange of food innovation, combined with easy access to fresh produce, makes Australia’s dining an experience for life.

Informal

In Australia, the informal lifestyle makes it easier to enjoy your life in the here and now. Maybe it’s the types of clothing people wear. Generally, people dress for comfort. Or, perhaps, its the warm climate that lends to the more relaxed lifestyle. If you were to compare life insurance quotes in Australia, you would find the rates to be very interesting. This is probably because people are more relaxed overall. And as we know, a more relaxed lifestyle leads to enjoyment and higher life expectancy. Plus, when you’re enjoying your life, you’ll want to live as long as you can.

So want to stop worrying about money? Maybe, you’ll want to consider living your life by enjoying right now. Using a little inspiration from Australia, we can all embrace the culture around us, try some new dishes and take some time to relax. In the end, we’ll have a much better lifestyle and improved longevity.

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