In a world where the cost of living seems to be perpetually on the rise, the dream of home ownership is slipping further away for many Australians.

There are times when financial advice from those who have 'made it' are eagerly sought after.

However, one man's advice struck a nerve and opened discussions about the economic realities of Australians, even seniors, today.

Recently, an 83-year-old man was stopped on the streets by homebuyer assistance company, Coposit.

The interviewer asked about the man's financial status.

His response, captured in a video, was nothing short of astonishing.

'I have assets of about $40 million,' he declared.

The street interview now has over 110,000 views online. Image Credit: TikTok/Coposit

The interviewer, naturally curious, asked about how he accumulated such wealth.

'Work hard,' the man—a former lawyer turned property investor and hotelier—replied.

When the interviewer asked for money-saving tips, he suggested that young people should cut out unnecessary expenses like daily coffee and eating out.

'Just watch how you spend your pennies, that's the main thing,' he advised.

While the man's advice was short and sweet, it sparked multiple conversations among viewers.

Many pointed out that the economic landscape has drastically changed over the decades, making it much harder for young people to achieve financial stability.

'Why is it that they always think that by skipping coffee, people will suddenly have tens of thousands of extra dollars lying around?' one viewer asked.

'Buying up real estate, leveraging off that to buy more is not working hard; it's called greed,' another pointed out.

'The asset class denies entry by pushing up prices,' a third lamented.

'No one needs more than one house to live in or $40 million.'

'He is going to pass on $40 million of assets tax-free. We need to reward work by taxing inheritances,' a fourth argued.

Yet, not everyone was critical of the older man's perspective.

Some defended the man's viewpoint and compared today's spending habits with the past.

'Our generations didn't do Euro summers, Afterpay, Ubereats, credit cards, subscriptions, new cars, designer brands, expensive gym memberships, tap and go. It all adds up,' a woman claimed.

Watch the man's full interview here:

Source: @coposit_street/TikTok​

'He said he worked hard. Give the man a break, jealous people here,' another shared his opinion.

'People hear the same thing time and time again but fail to listen and act and just want to play the victim,' another argued.

The conversation around the man's wealth and advice showed several changes in Australian society, especially the changing nature of work and wealth.

The man's interview raised essential questions about how people value work, the impact of economic policy over time, and the advice seniors pass on to their future generations.

Key Takeaways

• An 83-year-old man sparked outrage on social media by suggesting young Australians to cut out non-essential spending.
• The man, who has amassed a $40 million fortune, revealed his wealth while being interviewed for a social media post.
• Critics argued that his advice was out of touch with the current economic challenges facing younger generations.
• Meanwhile, some defended his views and pointed out the lifestyle choices that could impact savings.

What do you think about this man's answer, and what do you think about the discussions surrounding this video? Please share your thoughts about this financial conundrum with us in the comments section below.

 

[MariaG]

I cant believe he divulged how wealthy he is. I would have told the interviewer to stick the none of their business question in the nearest opening that will need an endoscope to retrieve it.
I too am of the old school.
We worked hard until we saved enough to buy a block of land. No 1st home owner grants in those days. We built the home with our own hands, only contracting out things we were not allowed to do. I went in and did the owner builder course and was very proud to see that sign out front.
We moved in and only bought new furniture after we had saved for it. The first month, we were in sleeping bags. We watched a little portable TV. Our first dining table was a bunch of cardboard boxes covered by a cloth. Dining chairs were milk crates, curtains were old sheets, and bean bags were lounge chairs. Bit by bit we got there, without borrowing. While we were building, we lived in a 2 room shed at the back of the in-laws business.
I will say, those days were memorable, and very rewarding. We went through life appreciating every good thing we achieved.
I now live without my darling in an aged friendly home, debt free. He lived to see our plans come to fruition. He loved our home and died content.
I dont want for anything, but do not need too much. It saddens me to see the price of houses get out of reach. However, how many compromise on where their home is and how trendy it is? There are always two sides to a pancake that bear consideration.

 

[Leenie]

He just gave an honest answer and thought nothing of it ,as we were taught when growing up, something you don’t get these days.

 

[Gebdykes]

'If you look after the pennies, he pounds will take care of themselves' - an old but true saying!

 

[Viellarde]

I don’t like using the old 17% analogy yes it was tough but you could buy a house for $30000 or you could buy a Holden A9x for $10000 or three of them for the price of a house. 3 Toyota klugas is no where close to the price of a house today just saying.

You forgot to compare wages then and now. Also how many women did it alone and without superannuation. Different strokes for different folks in different times. Live within your means.