Finance Content Creator Michael Ko Shares: ‘Half of My Income is Devoted to the Mortgage’

Introducing “Pay Day” – a new column by ABC that aims to break the taboo around personal finance and spark conversations about money matters. In this edition, we feature Michael Ko, a popular finance content creator with over 15,000 subscribers on YouTube.

Michael shares valuable money advice he would give to his younger self – steer clear of “bad” debt and start investing early and consistently for a secure financial future. Reflecting on his financial situation, Michael describes it as comfortable, with access to necessities and desired non-necessities.

Growing up, money was not openly discussed in Michael’s family, but he was encouraged to save and work towards owning a house. When asked about his first paycheque, Michael recalls working at Woolies and likely spending it on lunch or a movie ticket.

Currently, a significant portion of Michael’s income goes towards his mortgage, but he admits to splurging on home renovations and upgrades, such as motorised blinds and curtains. Despite keeping financial discussions at work to a minimum, Michael believes in the power of transparency for better financial outcomes.

With three bank accounts to manage his finances, including a transaction account, high-interest savings account, and emergency fund, Michael emphasizes the importance of avoiding unnecessary expenses to achieve financial happiness. His biggest financial achievement? Investing time and effort into educating himself on finance.

If he could advise his 18-year-old self, Michael would stress the importance of avoiding bad debt and investing early for a more comfortable future. Subscribe to Michael’s YouTube channel for more financial insights and tips.