October 23, 2019

The Magic Number, Revealed

Category: Manage Finances
A very interesting statistic came to light in the recent Australian Talks National survey, in which more than 50,000 Australians took part.

While there were many fascinating insights in the report, one of the most interesting ones to me was the magic number of $3000.

It seems that those people who earn $3000 a week or more worry less about pretty much everything. The worries that the rest of Australia listed they were grappling with included loneliness, crime, job security, getting older and cost of living.

In reverse, the only thing that the magic $3000 folk worried about more than other Australians was work-life balance. I read this with great interest. I have always wondered what the magic number is. The figure, financially, that people can hold up as the amount that could help their worries disappear.

Well, according to this survey, $3000 a week is it.

That seems like an awful lot. When 80% of Australia earns $80,000 or less, there can’t be too many Australians who are not particularly worried about the state of their world. And with 700 Australians retiring every day, we all march into the great unknown of an uncertain local economy and global environment. It seems the worries of this aging nation are going to continue to grow.

Other big issues facing Australians, according to the survey, varied state by state – the survey showed that in NSW, water was the biggest issue of national concern. In Victoria it was cost of living, while Tasmanians cited drug and alcohol abuse as the biggest concern they have.

The other big issue which haunted over 45% of all the people in the survey was housing affordability. Most people believe they won’t be able to afford to own their own home one day, and it scares the hell out of them.

So Australia as a nation has a lot of changing to do – about the way we think about home ownership, how we regard our retirement plans (push them back is the logical way of thinking about it) and how we deal with an ever-increasing epidemic of drug and alcohol abuse.

This problem is surely about people trying to escape their worries and circumstances – and leaves a legacy that is hard to change when the next generation has grown up in that environment. We are, and have always been, the lucky country. But it cannot be just lucky for those earning $3000 or more a week.

It has to be a shared good fortune. How this unfolds will be a challenge for us all.

Until next time,


Leave a Comment

  • From Kids Debit Card on Changing Conversations You Need to Have with Your Kids

    The goal of the following article is to assist parents have meaningful conversations with their children about money and financial literacy by providing them with practical guidance and useful recommendations. The author discusses goal-setting, budgeting, saving, and investing, and offers advice on how to have these discussions with people of varying ages. The essay is informative and easy to read, making it a valuable tool for parents who want to teach their children about money.

    For More Info:-https://busykid.com/kids-debit-card/

    • From admin on Changing Conversations You Need to Have with Your Kids

      Thanks for your comments!

  • From Gale Pickles on It Was the Best of Times, It Was the Worst of Times

    So enjoyed this, I will share if that’s okay with you, many of my friends will benefit from your journey.
    Many Blessings for 2023

  • From ScottViabe on Three ways to embrace change to improve your life

    Hi all! This is a good site.

  • From David Horton on How Finfluencers are teaching millennials and Gen Z about money

    And once again the regulator finds a way to stop ordinary people from getting advice by placing high costs on people who do the right thing. If a finfluencer is actually trying to scam someone, it would not be hard to operate outside Australian jurisdiction.

    • From admin on How Finfluencers are teaching millennials and Gen Z about money

      They definitely have a place. People need advice and many are working on it to be more accessible. Watch this space!

  • From Camelia on IT'S NOT TOO LATE FOR YOU

    It’s never too late to learn something new and to start all over again. Unless you’re dead, you can do it.

    • From admin on IT'S NOT TOO LATE FOR YOU

      So true

Each day I wake up excited to inspire everyday people to open up and take control of their money, regardless of their history, goals, or savings amount. About Vanessa >>


Discover a new way of seeing
life & money.

Download the first 3 chapters for free


Related Articles

Can a ‘saver’ truly love an ‘entertainer’?

“Now this is more like it!” Stacy declared as she stepped onto the generous balcony of the penthouse apartment. With uninterrupted water views, it would be perfect for entertaining. Paul released her fingertips as she twirled onto the balcony....

The Raw + Honest Conversation You Need to Have with Your Financial Adviser

We avoid conversations about money with those closest to us for a long time, but many of us leave consulting a professional until it’s too late. If you’ve made it this far, congratulations! Getting real about your finances...

Why 7 Minutes a Day Can Change Your Life

I have spent my career making educational content that explains concepts in financial services easier to understand and relate to. Have I succeeded? I have people who tell me their savings got them through COVID. I've had people say they got a...

Chapter 2: The Eye-Opening + Confronting Conversation You Need to Have with Your Partner

A couple of man drinking coffee and discussing

If you’ve lied to your partner about money—sneaky credit card use, being deceptive about how much you paid for something, buying shoes or stocks without telling, secretly slipping some extra cash to the kids when you said you wouldn’t—you aren’t alone.