Hi all,
#Background
Started working full time 4 months ago after graduating from college. Have always been relatively frugal, though this is now more pronounced post-MMM. I'm looking to achieve FI in 8 years. Live in Melbourne, Australia.
#CurrentStatus
Have an investment property (mortgage of $200k), with the repayments balanced by the rental income.
Earning ~$75k p.a.
Have $20k in a savings account.
Current savings rate is about 80% (living with my parents).
#Question
What can I do to accelerate my path to FI? I don't think I can hit a more aggressive savings rate, and I'm not sure how to best use my savings to compound.
Should the next phase be looking at investment options?
I've already purchased one investment property, but am reluctant to invest again in Australia given the property prices.
Would be grateful for some advice.
Sammy