Perth TikToker Charlie Ehlers shares personal finance tips and ‘mistakes to avoid’ after saving $200k

By Jessica Stone On Oct 17, 2022

A Perth TikToker who saved more than $200,000 by the time he was a 26-year-old has revealed the “money rules” he lives by.

Charlie Ehlers regularly posts personal finance tips about everything from interest rates to how he “almost” went broke, and some of his videos have racked up over 700,000 views.

In a recent TikTok the 28-year-old revealed what he’s learnt from nearly 10 years of investing.

But he warns some of the rules will ruffle a few feathers.

“Here are some money rules I follow as someone in my 20s who’s been investing for almost 10 years now,” Ehlers said.

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One of his things to avoid was Afterpay and other pay-later services.

“They are f…… atrocities,” he said

“You don’t need them, you shouldn’t need them.”

Ehlers also said to steer clear of designer brands because they “target broke people who want to look rich”.

“Your Louis Vuitton, your Gucci. These brands have mastered your psychology,” he said.

“I don’t judge, if that’s what you wanna be, that’s fine. Just letting you know there are brands that are just as good where you’re not paying for the brand name.”

When it comes to a night out, he’s a firm believer in having a few bevvies at home.

“If you’re someone who will go and spend $150-$200 on a night out on drinks, but then you complain about fuel prices, rent and interest rates…you’re idiotic,” he said.

“Pre-drink then spend $20-$50 out.”

But he got “controversial” when it comes to university.

“Here’s where it gets controversial,” he said.

“Don’t go to uni unless you’re keen on a profession.

“Too many people go into debt to get a degree they don’t use. If you’re getting a degree, do it because you want to be in that profession.”

Perhaps Ehlers’ most controversial opinion was on home ownership.

“Don’t buy a home. Unless you’ve sat down and gone through all the numbers of what it cost to run and own a home, you’re not allowed to comment on that point,” he said.

“I would personally buy a home if I could turn it into a cash-flowing asset, which most don’t because a home purchase is usually a lifestyle choice. It’s an emotional decision.

“I would buy a home if I had a family and we wanted a specific place for a very specific reason. But to build wealth, buying a home to live in is not the answer.’

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