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An Australian fund manager responsible for a portfolio worth more than $21 billion is frustrated with the lack of public support for people doing it tough but says there are certain tactics that can be used to help gain financial independence.
"The reality is there's pain going on out there, there's no doubt about it," Paul Huggins, director and CEO of Hamilton Chase, said.
"The most frustrating part about it with me is the lack of government interest on both sides… I don't necessarily want the free kicks – I know the system.
"But the people that are out there, particularly young people… the pressure on those kids, it's just phenomenal."
Huggins has recently released his first book, Intelligent Leverage, in a bid to pass on the lessons he's learnt from a lifetime of making money and help what he describes as the "astonishing" figure of just 1.5 per cent of people in the Western world making it to financial independence.
"I wrote the book to share the experience of what I've done," he said.
"I started at the age of 17 with less than seven grand in my bank account. And now I manage $21 billion of high net worth clients and retail money.
"I did it a different way. Not to anyone's handbook and certainly not prescribed by government."
In particular, Huggins says it's important for people to look beyond superannuation as a means of setting themselves up.
"So many people, because the government said or their employer said or their neighbour said 'put your money into super, tuck it into super', just threw it into super or property," he said.
"But there is life after super. It's a good vehicle, but not the only vehicle.
"It's certainly not my only vehicle."
He points to the investment property market as something people rarely regret getting into, in part because it helps avoid "the killer" of non-deductible debt.
"The baby boomers that I've looked after – there's probably over 8000 – we can talk super and pensions all you like," he said
"But if you put 500 of them in a room and said, 'Do you wish you had bought another house or two, knowing what you know now?', they'd all stand up."
Huggins also says the share market can provide opportunities, but that it's crucial to invest in proven performers rather than recently established companies.
"I'm talking about blue-chip stocks, quality stocks like Google, Microsoft, Nvidia, all the big players," he said.
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