Hate to revive an old thread... but thought I'd add my 2.2cents
Most are saying work hard.. but that's 0.0005% of it, I'd say work smarter not harder. I got kicked out of school in Yr10 ~15yrs Old, and worked in a cafe doing 65-75hrs per week... getting $290pw "smokes were like 2.80-3.20 per pack (DAMN this is like 15years ago )... by the time i was 18 I'd saved about $25K, I planned to borrow about another 15K and buy a 928 Porsche... till my dad sat me down and plainly explained the pro's & cons compared to buying a house... So I bought my first property @18 for $110K with a ~20K deposit, the people I bought it off liuved in it for the next 7-8years paying 90% mortgage for me. The rest of my savings went into doing up an old XW GT Mock up we had sitting around...
Today that first property I bought is worth around 350-380K, and considering the tax benefits, it's cost me bugger all to maintain!! I could never have saved ~250K in 15years... The difference between what I owe and what it's worth is called "EQUITY MATE ;)" of which ~80% of the property value is considered cash (so long as you can maintain the repayments) which you can use to re-invest or spoil yourself with eg: new GTR etc..
We've all heard the saying "If only I knew back then what I know now!".. So I'd say to those saving for a dream car like a 928 or a GTR, maybe hold off... buy something half decent but not pocket draining, wait 2-3years & use the "EQUITY MATE" to cover the cost of your car.
EDIT:>> Most importantly... It's like a snowball effect, sacrificing the first 2-4years puts you in a +POSITIVE position that's only gets bigger and faster... alternatively you could borrow 10, 20 or 30K and hope to pay it off in 3-5years, whilst the property next door which you could have bought for 250K is worth 300K+ by the time you've paid your car off, and spent all your $$ on making it RICE *cough* I mean Nice.
**note: I'm not advising anyone to do the above, so please see your accountant who-ever for professional advice**
My names meshmesh and this is my story.bigpond.com