A baby boomer millionaire has told young Australians they too could have cash one day if they don’t buy designer clothes and takeaway coffee.
Rising house prices combined with a cost of living crisis have left many young Australians wondering how they will achieve the great Australian dream of home ownership.
But a 75-year-old man with $2 million in the bank has said it is possible to own not just one, but several properties, if people would stop wasting their hard-earned money on meaningless goods and services.
‘You’re wearing a branded t-shirt. We never buy brand name t-shirts. You wear designer shoes. “We never buy designer shoes,” he said when he was stopped on a Sydney street by a young woman filming a TikTok for property investment company Coposit.
‘So, you have this pressure on you to maintain a certain style. That style costs money, believe me, it costs money.
“It must be difficult for young people today to live that lifestyle and at the same time save for a property.”
I also didn’t understand why so many people were happy to pay $7 for a coffee every morning when they could bring it from home.
The 75-year-old said in a TikTok video that he bought his first investment property 25 years ago after purchasing a two-bedroom apartment.
A 75-year-old man has questioned not only the cost of living crisis but also why people spend their money on unnecessary items while complaining about the difficulties of buying a house.
Once the apartment went up in value, he used the equity to buy another property.
He continued with the same method until he owned 10 properties before selling them to help create his $2 million fortune.
However, he admitted things were easier when he started because property prices have risen so much in the last decade.
“To buy a property for, say, $750,000, you need a $200,000 deposit,” he said.
The average mortgage loan amount in 1984 was only $42,277, which is equivalent to $154,641 in today’s figures.
Homeowners in the mid-1980s spent $418 a month on their mortgage, which is equivalent to $1,529 today.
Despite the difficulties of the current environment, the 75-year-old also stated that the cost of living crisis does not exist.
“There is no cost-of-living crisis,” he said.

Despite the difficulties of the current environment, the 75-year-old also claimed that the cost of living crisis was non-existent (pictured, a queue outside a rental in Sydney)
‘I look at all these luxury stores and I know there’s only a certain group of people that go into them, but I look at the people and see how well you’re dressed, and so on.
“And I think if people change some of their priorities, getting into the real estate market might be a little easier.”
Many TikTokkers took aim at the boomer, claiming he was “out of touch.”
“The proof is that you can have a lot in the bank and have no idea what’s going on,” one wrote.
“At this point, why bother trying to explain things to older people?” said another.
‘Some of what you say is correct, but even people living on the bare minimum can find it difficult to buy property. “I think he’s a little disconnected,” added another.