At the age of 22, Harry made a remarkable achievement: he bought $1.2 million worth of property. It’s not something you hear every day, and yet, for Harry, now a 25-year-old buyer’s advocate, it was the result of years of goal-setting, hard work, and intentional sacrifices. In this episode of the Get Rich Slow Club podcast, we’re diving into Harry’s journey – what he sacrificed, the steps he took, and a few lessons from his experience.

Harry’s understanding of money came from an interesting contrast between his parents. After they separated when he was young, Harry lived in two very different financial worlds. One of his parents was financially savvy, earning a good income, saving, and investing . The other struggled, living paycheque to paycheque.

“One week I'd be living in a nice home in a nice suburb with someone who really understands money. And the other week I'd be living in a rental property that we were scraping by to pay rent for,” Harry says.

This exposure to both lifestyles gave Harry a unique perspective on money. He saw the benefits of being smart with finances and the consequences of poor money management. He credits this early experience as one of the key influences on his approach to financial education and goal-setting today.

The importance of goal-setting

From a young age, Harry’s mum instilled the importance of setting goals. “Every year it was: 'What are your goals for this year? And how are you going to achieve them?'” Harry recalls. But these weren’t just vague aspirations. His mum encouraged him to break his goals down into actionable steps, holding him accountable along the way.

At 14, Harry got his first job at Coles, and he began saving. Over time, he started to think bigger. He knew he wanted to buy property , but achieving that required more than a part-time job at a supermarket.

“Once I decided I wanted to save for a house , I realised: 'I can’t save this with one job',” Harry says. So, he picked up a second job working in a hotel. By working up to 65 hours a week, Harry was able to save $40,000 for a deposit in just 18 months.

Making sacrifices to achieve a big goal

Sacrifice was a big part of Harry’s strategy. In his gap year, while most of his friends were spending their savings on trips to Europe, Harry was stacking shelves, working shifts at a hotel, and stashing away every dollar he could.

“I worked Christmas, Boxing Day, all the public holidays… I just doubled down,” he says.

But for Harry, it wasn’t just about saving money – it was about being intentional with every spending decision. He cut back on socialising, going out, and unnecessary expenses.

“When you’re 18, it’s much more socially acceptable to say: ‘I can’t go out to dinner tonight, I don’t have the money,’” Harry says. He highlights that it’s easier to make these sacrifices when you’re young.

Harry’s story underscores a key lesson: the earlier you start sacrificing, the sooner you might achieve your financial goals. Whether it’s cutting back on unnecessary spending, working more hours, or living at home longer to save on rent, Harry stresses that short-term sacrifices may lead to long-term gains.

Buying the right property

Harry wasn’t just saving for any property. He had a clear plan in mind: he wanted to buy a property he could subdivide and develop. His criteria were specific. The block needed to be at least 650 square metres, with space to build at the back, a wide driveway for access, and a house in rentable condition at the front.

After six months of searching, Harry found the perfect investment property – a three-bedroom, one-bathroom house in Glenorchy, Hobart. It wasn’t much to look at from the outside, but Harry saw its potential.

“The ad was so ugly. If you didn’t get to see what it looked like inside, you’d almost think it was close to a knockdown,” Harry says.

Because the property was so unattractive from the street, it didn’t attract much attention. Harry bought it on the same day it was listed for $440,000.

The benefits of leveraging and development

Harry didn’t stop there. After renting out the front house for $450 a week, which covered his mortgage payments at the time, he set his sights on developing the back of the property. His plan was to build a unit at the rear, adding value to the block.

Building wasn’t without its challenges. “I was so out of my depth,” Harry admits. But he outsourced the approval process to a builder, who managed everything.

Construction costs also came in higher than expected – Harry ended up spending $350,000 instead of the planned $198,000. But he received $45,000 in government grants due to the COVID-19 building stimulus, which helped cover the costs.

Once the back unit was built, the value of the entire property jumped to $700,000, giving Harry an impressive $400,000 in equity. He later sold the front property for $605,000, achieving a significant return on his investment.

Lessons learned

Harry’s journey wasn’t easy, but it was incredibly rewarding. He emphasises the importance of having a clear plan and sticking to it, even when it’s hard.

"My dad is experienced in the property world, so I was really lucky to have him on my side,” says Harry. “It was a privileged position to have someone in my corner who knew that type of thing.”

For those who don’t have that guidance, Harry suggests seeking professional advice, like a buyer’s advocate.

When it comes to saving for a deposit, Harry’s advice is simple: start as early as possible and be prepared to make sacrifices.

“If you’re 18, now is the best time to sacrifice. It’s socially acceptable, and it’s the time to set yourself up for the future,” he says.

Final thoughts

Buying property at a young age isn’t easy, but Harry’s story proves that it may be possible. It’s about setting clear goals, making intentional sacrifices, and being smart about the type of property you buy. The key takeaway? Sacrifice now for a future that’s worth it.

As Harry says: “No matter how old you are, the best time to start sacrificing is now.”

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Happy investing!