Marketing manager Queenie Tan with a net worth of $350k reveals money mistakes to stop making

A 24-year-old marketing manager who managed to gain a net worth of more than $347,000 in five years has shared the money mistakes she’s stopped making.

Queenie Tan, from Sydney, said her financial success gradually accumulated after she started researching and investing when she was 19.

She now has a diverse financial portfolio after purchasing her first property in 2019 worth $500,000 with a $100,000 deposit. 

Queenie is also educating young people about saving money and investing their cash on her Instagram page and YouTube channel.

In her latest clip, she revealed the four financial mistakes she now avoids.

Queenie Tan, 24, has managed to gain a net worth of over $347k in five years shared the money mistakes she stopped making

1. Stop buying cheap or bad quality devices and appliances

The first mistake Queenie revealed she has stopped making is buying cheap or bad quality devices. 

When the 24-year-old moved into her apartment in 2019, she mainly bought good quality tech and appliances like her oven, stove top, dishwasher and coffee machine.

But when it came to her rangehood exhaust fan, Queenie said she thought she could get away with the cheapest one available – and she regrets it.

‘We probably saved $100 by buying the cheaper model and I know I’m going to have to replace it as it doesn’t do its job,’ Queenie posted on Instagram.

‘I think it’s a much better financial decision to spend a little bit more on something that will last you a longer amount of time.’

She added: ‘If you buy something once, then you won’t have to buy it three, four or even five times.’

The first mistake Queenie (pictured) revealed she has stopped making after years of learning is only buying cheap or bad quality devices, as you'll only need to replace them

The first mistake Queenie (pictured) revealed she has stopped making after years of learning is only buying cheap or bad quality devices, as you'll only need to replace them

The first mistake Queenie (pictured) revealed she has stopped making after years of learning is only buying cheap or bad quality devices, as you’ll only need to replace them

2. There’s a difference between being frugal and being cheap

The second lesson that Queenie said she has learned over the years is that there’s a big difference between being frugal and being cheap.

‘I strive to be frugal at all times,’ Queenie said.

‘I try to get the best deal, I try to reduce my bills, especially when it comes to things like the internet, electricity and phone.’

But this doesn’t mean that you need to be cheap with your family, friends or whatever matters to you.  

The 24-year-old said she regularly pays for her friends’ and family’s lunch or coffee, and also likes to spend money on holidays because that is where she places her value.

She then saves in areas where she can, like her bills and any frivolous purchases such as shopping from corner stores instead of the supermarket.

3. Invest in items that will appreciate in value

When it comes to what you should and shouldn’t invest in, Queenie said she tries to  spend her cash on things that will appreciate in value, rather than depreciate.  

‘Things like furniture and cars depreciate really quickly,’ she said.

‘I am a big Facebook Marketplace fan for furniture and always buy second-hand cars.

‘When I’m looking for new furniture, I always head over to Facebook Marketplace because furniture depreciates rapidly and something that is brand new can sell for 50 per cent less than what it was bought for almost as soon as it gets home.’ 

Queenie said she invests in stocks and shares as well as property, as she knows that they will increase over time.

‘Some assets that I like to buy quite regularly are ETFs,’ she said.

An exchange-traded fund is a type of investment fund and exchange-traded product.

ETFs give you a way to buy and sell a basket of assets without having to buy all the components individually, and they often have lower fees than other types of funds.

Queenie also invests in property, in the hope that it will give her passive income in the future.

Finally, Queenie (pictured) explained you should always live below your means if you want to end up rich - try not increasing your lifestyle when you get a raise

Finally, Queenie (pictured) explained you should always live below your means if you want to end up rich – try not increasing your lifestyle when you get a raise 

4. Live below your means 

Finally, Queenie explained you should always live below your means if you want to end up financially successful.

‘I know it can be really tempting to go out there and treat yourself as soon as you start earning extra money, but I think it’s important to avoid increasing your lifestyle all that much when you get a raise,’ Queenie said. 

Queenie said by doing this, you can save and invest a lot more money for your future – and potentially retire early. 

Through listening to audiobooks, Queenie (pictured) quickly learnt investing was the key to generating a passive income to work towards achieving financial flexibility and freedom

Through listening to audiobooks, Queenie (pictured) quickly learnt investing was the key to generating a passive income to work towards achieving financial flexibility and freedom

Speaking previously to FEMAIL, Queenie revealed how she built her wealth.

Through listening to audiobooks, Queenie quickly learnt investing was the key to generating a passive income to work towards achieving financial flexibility and freedom. 

Each month Queenie is able to invest up to $5,000 through her six sources of income as well as using the equity from the apartment.

Queenie admitted she dropped out of her marketing degree and decided to apply for jobs, as she was living from pay cheque to pay cheque and earning only $400 per week.

‘When I was 19 and moved out of home I had no savings and working only covered the bare minimum, so I decided to take a chance to drop out of university – thankfully it paid off,’ she said.

The impressive net worth is calculated by the total number of assets, minus any debt.

She said these assets include her property value, stock and cryptocurrency portfolio, offset account, savings and superannuation. The home loan debt of $455,000 is the only liability.

Queenie’s financial portfolio is diverse but mainly consists of Exchange-Traded Funds (ETFs) through CMC Markets – a platform that allows users to buy both Australian and international shares for low brokerage fees.

She also uses a platform called Stake to buy US stocks as it’s ‘user friendly’ and also has low brokerage fees.

Alternative Australian ETF platforms that are known to be helpful for beginners include the Raiz, Spaceship and the CommSec pocket app.

‘I invest $5,000 each month to maintain a balance and usually try to track the market before buying,’ she said.   

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