Thank you. I don't really want to talk about my earnings here but someone recently said I was in the 1%. Maybe true ( although sometimes I feel like maybe top 10%), I travel 1st class.
What I will tell you is that place in Chelsea ( I see you wanted the area) was worth £1,3, bought it for £1,1 and had 85% mortgage. Now it's worth £1,6K. and mortgage is now £700K. This mortgage alone was just shy of £1 mil - so it was scary on paper but Was too excited about my purchase I Put on a brave face..
Another flat is btl worth £400K with £195K mortgage although Took out some equity (after I bought the mil property) and now mortgage is £260K. NW4
The mortgage free property - 4 bed house, outside flat and swimming pool- not in uk-(became mortgage free 6 years ago) is worth £250K
I will tell you, when I bought the last two mentioned within a year of each other, I was on roughly 80K. I had no holidays (luckily my job is demanding so kept me too busy to travel)and all my salary went into hanging on to my properties. Ironically, all 3 places where bought to live in- so that helped when times where hard.
I had no formula. Just passionate about my job and working hard so earning money which was needed elsewhere. Now I read that paying a lotto your earnings into acquiring assets is key to making money- I just did it on my own as wanted the homes. With the most recent purchase, I read: 'When young, buy the biggest house you can afford on the best street' It's what I did- was tough but held on To it.
So, I agree with your advice to the young ones. Only now I am traveling (just returned from5 months abroad- one of which was spent travelling. Bought first designer handbag and designer shoes and smart clothes after I bought the first 2 properties. Then bought more handbags and shoes in between and then bought last place knowing I was going to have no spare cash. Bought more designer clothes at 3 year mark- spoilt myself from the equity release although used £15k on double glazing windows so all properties are EPC C. Just added a few more handbags (where the last bags I really wanted!) on the 5th year mark.
Meaning if you prioritise holidays ( work was just too busy for me to travel as I would have liked- have made up for it since), eating out, designer handbags etc before a property, you will struggle to get on the ladder. As it is, I am so used to being cash poor and asset rich as that all Have known. So I still budget. Luckily I prefer home made meals although have expensive skin care ( just Kielh's- I don't do facials as sensitive skin). I also kept the gym membership all those years, but now have a hot tub at home.